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Tacoma’s Columbia Bank reports quarterly earnings up from 2010; board declares dividend of 6 cents per share

Post by C.R. Roberts / The News Tribune on July 28, 2011 at 11:39 am |
July 28, 2011 12:46 pm

The numbers continue to improve at the lagest Tacoma-based Bank.

Columbia Bank announced this morning that second-quarter income came in $8.6 million, more than double to the $3.9 million recorded in the same quarter last year.

Net income per-share for the quarter was 22 cents, double the 11 cents from 2010.

Columbia President and CEO Melanie Dressel noted in a statement that the bank acquired two failed state banks – Summit Bank of Burlington and First Heritage Bank of Snohomish County – during the quarter.

“We are continuing to implement one of our primary strategies, filling in our footprint between Seattle and Bellingham,” she said.

She said she was “pleased with solid loan growth during a weak economy.”

The Columbia board announced a 6-cent cash dividend for the quarter, up 20 percent from last wuarter.

The bank’s commercial business portfolio has grown some 5 percent so far this year, and commercial real estate loans have increased about 6 percent. Dressel said.

At the end of June, Columbia reported nonperforming assets – or loans gone sour – of $103.2 million, down from $114.7 million at the close of the first quarter and $131.9 million at the end of the second quarter in 2010. While adding $7.8 million in newly nonperforming assets during the second quarter, the bank placed $2.3 million in previously announced nonperforming loans back on accrual – or performing – status.

Columbia reported total assets for the period at $4.429 billion, up from $4.289 billion at the end of same quarter last year.

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