Columbia Bank announced its third quarter results today, with a third quarter net income of $40.8 million.
That’s up from both the $27.5 million the bank earned in the third quarter of last year, and the $27.1 million it took in during 2017 Q2.
“I'm very pleased with our financial performance this quarter,” said Hadley Robbins, president and CEO of Columbia Bank. “As evidenced by the growth in both loans and deposits, our financial results reflect the commitment of our bankers to build durable long-term relationships that lead to sustainable revenue streams.”
As Robbins referenced, the bank saw growth in loans (of $88.9 million) and deposits (of $269.3 million) from the second quarter. The loan growth was attributed strong loan originations of $255.2 million. Total deposits at the end of the quarter were $8.34 billion
Total assets at Sept. 30 were $9.81 billion, an increase of $129.5 million from June 30.
Robbins also touted developments in the bank’s digital presence, as well as its acquisition of Pacific Continental Bank.
“We are pleased to share the successful completion of our transition to the new Columbia Connect online banking platform,” he said. “The new system launched in July, providing customers with expanded mobile and tablet access while paving the way for future enhancements including bank to bank transfers, customer to customer transfers and a personal financial management suite.
“We are also looking forward to the upcoming close of our merger with Pacific Continental Corporation on Nov. 1, 2017. Teams at both banks have been working diligently to prepare a smooth transition for clients and employees. As a combined organization, we will continue to provide the customer-focused approach to banking that has been the hallmark of both brands.”