Columbia Banking System, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013; Provides Effective Tax Rate Guidance for the Year 2014
January 23, 2014 at 09:15 am
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Columbia Banking System Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $77,209,000 against $54,898,000 a year ago. Net interest income increased primarily due to the interest and accretion income recorded during the fourth quarter of 2013 related to the West Coast acquisition, which closed on April 1, 2013. Income before income taxes was $27,884,000 against $18,804,000 a year ago. Net income was $19,973,000 or $0.38 per diluted share against $13,462,000 or $0.34 per diluted share a year ago. Return on average assets was 1.11% against 1.09% a year ago. Return on average common equity was 7.57% against 6.98% a year ago. The decline in net interest income was centered in loans and mostly due to the loan -- to the lower discount accretion income during the current quarter. Tangible book value per common share increased from $13.08 at the end of the third quarter to $13.30 at year end, and tangible common equity to tangible assets ratio was 10.04%.
For the full year, the company reported net interest income of $291,095,000 against $238,927,000 a year ago. Income before income taxes was $87,010,000 against $63,705,000 a year ago. Net income was $60,016,000 or $1.21 per diluted share against $46,143,000 or $1.16 per diluted share a year ago. Book value as December 31, 2013 was $20.50. Return on average assets was 0.92% against 0.96% a year ago. Return on average common equity was 6.14% against 6.06% a year ago.
For the fourth quarter ended December 31, 2013, the company reported net charge-offs of $1,464,000 against $1,633,000 a year ago.
The company expects a 2014 effective tax rate that approximates full year 2013 effective tax rate of 31%.
Columbia Banking System, Inc. is the bank holding company for Umpqua Bank (the Bank). Through the Bank, the Company provides a broad range of banking, private banking, mortgage, and other financial services to corporate, institutional, small business, and individual customers. The bank offers specialized loans for corporate, middle market, and small business customers, including commercial lines of credit and term loans, and others. It offers deposit products, including non-interest-bearing checking accounts, analyzed business accounts, interest-bearing checking and savings accounts, money market accounts, insured cash sweep and other investment sweep solutions. The Bank also provides loans to individual borrowers for a variety of purposes, including secured and unsecured personal loans, home equity and personal lines of credit, and motor vehicle loans. The Bank primarily operates in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington State.
Columbia Banking System, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013; Provides Effective Tax Rate Guidance for the Year 2014