Columbia Banking System Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Impairment Charges for the Fourth Quarter of 2011
January 26, 2012 at 09:15 am
Share
Columbia Banking System Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income applicable to common shareholders of $14.8 million an increase of 17% compared to net income of $12.6 million. On a diluted earnings per common share basis, net income rose 16% to $0.37 for the fourth quarter, compared with net income of $0.32 per share a year earlier. Net interest income was $72.1 million, an increase of 86% from $38.8 million for the same quarter in 2010, primarily due to the impact of FDIC-assisted transactions. Return on average assets was 1.23% compared to 1.15% a year ago. Return on average common equity was 7.73% compared to 7.07% a year ago. Income before income taxes was $20.4 million compared to $10.3 million a year ago.
For the year 2011, the company reported net income applicable to common shareholders of $48.0 million, an increase of 86% from net income of $25.8 million for 2010. On a diluted per common share basis, net income for 2011 was $1.21 compared with a $0.72 a year earlier. Net interest income was $236.7 million compared to $164.8 million a year ago. Return on average assets was 1.07% compared to 0.72% a year ago. Return on average common equity was 6.57% compared to 4.15% a year ago. Book value per common share was $19.23 compared to $17.97 a year ago. Income before income taxes was $66 million compared to $33.1 million a year ago.
The company provided charge-offs for the fourth quarter of 2011. The company's net loan charge-offs were $2.1 million, compared to $5.1 million for the same period a year ago. Net charge-offs were primarily centered in commercial permanent real estate and commercial business loans.
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, 2011; Reports Impairment Charges for the Fourth Quarter of 2011