Columbia Bank announced its second quarter 2017 results today, headlined by a record second quarter net income of $27.1 million.
That’s a 7 percent climb from last year’s second quarter net income of $25.4 million, although it is down from the bank’s first quarter earnings of $29.2 million.
Diluted earnings per share are at $0.47, again up from Q2 2016 ($0.44) but slightly down from the preceding quarter ($0.50).
“I'm pleased with our record setting earnings for the quarter, especially in light of the impact of the $2.4 million expense we recognized to terminate our FDIC loss sharing agreements, which when combined with the $1.0 million of acquisition-related expense recorded in the quarter, reduced our earnings per share by $0.04,” said Hadley Robbins, CEO of Columbia Bank.
“Our record first half 2017 earnings is a direct reflection on the efforts of our bankers, who remain focused on developing new relationships while deepening existing ones.”
Total assets at June 30, 2017 were $9.69 billion, an increase of $157.8 million from March 31, 2017. Loans grew $194.9 million during the quarter due to strong loan originations of $316.2 million and seasonal increases in line utilization.
Robbins also gave an update on Columbia’s merger with Pacific Continental.
“Our pending acquisition of Pacific Continental Corporation is progressing. As announced last month, we have received the required shareholder approvals to complete the merger. Once the remaining regulatory approvals are obtained, we look forward to joining these two great companies together to the benefit of our customers, shareholders and the communities we serve.”