Columbia Bank posted a record first quarter net income of $29.2 million during 2017’s Q1, up 37 percent from the same quarter last year.
The Tacoma bank pulled a net income of $21.3 million during the first quarter of 2016. Columbia’s 2017 first quarter mark is down from the fourth quarter of 2016, when the company posted a net income of $30.7 million.
“From a performance standpoint, we had a very good quarter. Our record first quarter performance was driven, in part, by increased net interest income, modest provision for loan losses, and increased noninterest income,” said Hadley Robbins, interim CEO of Columbia Bank.
Total assets at the end of 2017 Q1 were $9.53 billion, an increase of $17.7 million from the previous quarter. Loans grew $14.7 million during the first quarter, as strong loan originations of $251.7 million were offset by payments. Loan production was diversified across the portfolio sectors, with growth primarily centered in commercial business and commercial real estate loans.
Total deposits at March 31, 2017 were $8.09 billion, an increase of $29.4 million from the end of 2016.
Meanwhile, the bank’s board is moving onward with the search for a permanent CEO after the death of Melanie Dressel earlier this year.
“We are actively evaluating both internal and external candidates to ensure the best possible individual to lead Columbia is placed in the role. At this stage of our search, it is too early to commit to a specific timeline for completing the process,” said William Weyerhaeuser, Chairman of the Board of Columbia.
“I am very proud of our team. The sudden passing of Melanie Dressel was a tragic loss for all of us; however, the strength of the culture Melanie built and epitomized so well shined in each of our team members when it mattered most. Our focus on caring for our customers, each other, and the communities we serve never wavered.”