HIGHLIGHTS
- Earnings for the year of $32.1 million, up 8% from $29.6 million in 2005.
- Diluted earnings per share for the year of $1.99, up 6% from 2005.
- Net interest margin expanded to 4.49%, up from 4.44% in 2005.
- Earnings for the quarter of $8.3 million, compared to $8.6 million for
4th quarter 2005.
- Diluted earnings per share for the quarter of $0.52, compared to $0.54
for the same period in 2005.
- Efficiency ratio improved to 57.41%
- Total assets at $2.55 billion, a 7% increase from 2005.
- Total loans increased $144 million, or 9%, from 2005.
- Stable core deposits at 73% of total deposits.
- Columbia Bank named Outstanding Philanthropic Corporation of 2006 by
Association of Fundraising Professionals
TACOMA, Wash., Jan. 25 /PRNewswire-FirstCall/ -- Columbia Banking
System, Inc. (Nasdaq: COLB) today announced net income of $8.3 million for
the quarter ended December 31, 2006, compared to $8.6 million for the same
quarter of 2005. On a diluted per share basis, net income for the quarter
was $0.52, a decline from $0.54 in 2005. Return on average assets and
return on average equity for the quarter were 1.31% and 13.28%,
respectively, compared to 1.47% and 15.23%, respectively, for the same
period in 2005. Revenue (net interest income plus noninterest income) was
$31.1 million for the fourth quarter of 2006, up 2% from $30.4 million one
year ago.
Melanie J. Dressel, President and Chief Executive Officer, said, "Our
momentum continued to build in the second half of 2006, as evidenced by
good growth in loans. Despite industry-wide challenges in attracting and
retaining low-cost deposits, we have continued to manage the pressure on
our net interest margin by maintaining a stable core deposit base, which
comprises 73% of our total deposits. While credit quality remained good, we
did increase our loan loss provision by $950,000 for the 4th quarter of
2006 as a result of loan growth and a $1.5 million loan charge-off on a
'legacy credit' dating back to 1999. We remain focused on increasing our
share of the market by building complete relationships with our customers
and continuing to leverage the strong infrastructure we have built. Our
significant investment in time and resources to enhance our core systems
has resulted in lower data processing expenses, as well as increased
flexibility in developing and implementing new products and services for
current and potential customers."
For the year ended December 31, 2006, net income increased $2.5 million
to $32.1 million, up 8% from $29.6 million for 2005. On a diluted per share
basis, earnings for the year were $1.99, an increase of 6% from $1.87 in
the prior year. Return on average assets and return on average equity for
the year were 1.30% and 13.50%, respectively, compared with 1.29% and
13.81% for 2005. Revenue for 2006 totaled $122.4 million, up 6% from $115.7
million for the year 2005. Total nonperforming assets decreased $1.4
million, or 29%, to $3.5 million at December 31, 2006.
Ms. Dressel continued, "We achieved loan growth of 9 percent, while
maintaining exceptional portfolio diversity." Mark Nelson, Executive Vice
President and Chief Banking Officer, added, "Columbia continues to attract
talented bankers who will help us capitalize on our existing advantages of
a balanced portfolio, core deposit mix and strong capital base. We recently
hired two new lending teams based in King County, including a four-person
commercial team in Bellevue and an experienced builder banking team. Our
balanced portfolio structure affords us the ability to consider new lending
relationships based on their merits without the constraints created by
excessive concentrations in any single category."
In November 2006, Columbia Bank was named 2006 Outstanding
Philanthropic Corporation by the Association of Fundraising Professionals,
Washington Chapter. In accepting the award on behalf of the bank, Melanie
Dressel praised Columbia bankers for their ongoing commitment, and said,
"We are only as strong as the communities we serve. Thank you for making a
real difference."
At December 31, 2006, Columbia's total assets were $2.55 billion, an
increase of 7% from $2.38 billion at December 31, 2005. Total loans were
$1.71 billion at December 31, 2006, up 9% from December 31, 2005, and total
securities increased $19.8 million to $605.1 million at December 31, 2006,
an increase of 3% from the prior year. Total deposits increased 1% from
December 31, 2005, ending at $2.02 billion at December 31, 2006. Core
deposits totaled $1.47 billion at year-end 2006, comprising 73% of total
deposits.
Core Financial Results
For the year ended December 31, 2006, core earnings were $32.9 million,
an increase of 11% from $29.6 million for the year ended December 31, 2005;
core earnings on a diluted per share basis for the year ended December 31,
2006 was $2.03 compared with $1.87 for the same period in 2005, an increase
of 9%. Core earnings exclude the interest rate floor valuation adjustments
which were taken in the second and third quarters of 2006. Return on
average assets and return on average equity for the year ended December 31,
2006 were 1.33% and 13.79%, respectively, compared to 1.29% and 13.81%,
respectively, for the period in 2005. For the quarter ended June 30, 2006
core earnings were $8.4 million with GAAP earnings of $7.2 million. For the
quarter ended September 30, 2006 core earnings were $7.9 million with GAAP
earnings of $8.3 million.
The following table reconciles GAAP net income to core earnings,
including per-share figures:
(Dollars in thousands, except per share data)
Twelve months ended December 31,
2006 2005
Net income $32,103 $29,631
Add: Interest rate floor
mark-to-market, net of tax 757 --
Core earnings $32,860 $29,631
Earnings per Diluted Share:
GAAP earnings $1.99 $1.87
Core earnings $2.03 $1.87
Operating Results
Quarter and Year-Ended December 31, 2006
Net Interest Income
Net interest income for the quarter increased 3% to $24.8 million, from
$23.9 million for the same quarter in 2005, primarily due to moderately
increased loan volumes. Columbia's net interest margin decreased to 4.43%
in the fourth quarter of 2006 from 4.61% for the same quarter last year;
however, it was an increase from 4.41% for the third quarter of 2006. The
compression on net interest margin resulted from increased competition for
loans, slower core deposit growth and an increasing reliance on higher cost
deposits and borrowings to fund loan growth. Total revenue was $31.1
million for the quarter, up 2% from $30.4 million in the same quarter of
2005.
Average interest-earning assets grew to $2.31 billion during the
quarter, an increase of 9% compared with $2.12 billion during the same
quarter of 2005. The yield on average interest-earning assets increased 75
basis points (a basis point equals 1/100 of 1%) to 7.05% during the quarter
compared with 6.30% during the same quarter of 2005. During the same
period, average interest-bearing liabilities were unchanged at $1.80
billion. The cost of average interest-bearing liabilities increased 116
basis points to 3.36% during the quarter, from 2.20% in the same quarter of
2005.
For the twelve months ended December 31, 2006, net interest income
increased 8% to $97.8 million from $90.9 million in 2005. During 2006, the
Company's net interest margin increased to 4.49% from 4.44% for 2005. Total
revenue for the year was $122.4 million, an increase of 6% from $115.7
million at year-end 2005. Average interest-earning assets grew to $2.27
billion during 2006, compared with $2.10 billion during 2005. The yield on
average interest-earning assets increased 94 basis points to 6.87% during
2006, from 5.93% in 2005. In comparison, average interest-bearing
liabilities grew to $1.77 billion compared with $1.64 billion for 2005. The
cost of average interest-bearing liabilities increased 113 basis points to
3.04% during 2006 from 1.91% in 2005.
Noninterest Income
Noninterest income for the quarter was $6.3 million, a decrease of
$144,000, or 2% from the same quarter in 2005. The decrease is primarily
due to decreases in mortgage banking income and a decline in merchant
services fees. The gross volume for merchant card services increased during
2006; however, the increased income attributable to volume was offset by
net fees paid to the card associations and several correspondent banking
relationships which were acquired and no longer using the service. For the
year, noninterest income was $24.7 million, a slight decrease from $24.8
million for 2005.
Noninterest Expense
Total noninterest expense for the quarter was $18.6 million, an
increase of 2% from $18.3 million for the same quarter in 2005. Noninterest
expense for the year was $76.1 million, an increase of 5% from $72.9
million from the prior year. Ms. Dressel commented, "These moderate
increases were primarily due to higher compensation, employee benefits, and
advertising and promotion expenses, partially offset by lower data
processing expenses.
Nonperforming Assets and Loan Loss Provision
During the fourth quarter of 2006, the Company allocated $950,000 to
its provision for loan and lease losses, compared to $15,000 for the same
period in 2005. The increased allocation for the three months ending
December 31, 2006 is due to loan growth during the period, coupled with an
increase in loan charge-offs when compared to the fourth quarter of 2005.
Net charge-offs in the fourth quarter were $1.7 million, compared to net
recoveries of $24,000 for the same period in 2005. The increase in net
charge offs was primarily centered in one "legacy credit" originated at
December of 1999, which was classified as non-performing in November of
2003. Based upon recently obtained information, management deemed it
prudent to recognize a partial loss on this loan as some of the assets
assigned to the bank as additional collateral became impaired and reduced
the book value of the loan to $1.1 million from $2.6 million during the
quarter ending December 31, 2006.
Management believes the balance to be collectible based upon the
remaining collateral which secures the loan. Ms. Dressel commented, "This
has been a protracted work-out situation spanning several years. Although
some recovery is possible, we felt the prudent action was to take the
charge-off based on the information we have today. The balance of the
bank's loan portfolio continues to perform extremely well with
non-performing loans at their lowest level in seven years." At December 31,
2006 non-performing loans were $3.5 million, or 0.20% of period end loans,
compared to $4.8 million, or 0.31% at December 31, 2005.
As a result of the decline in nonperforming loans and an increase in
the allowance for loan losses year-over-year, the ratio of the allowance
for credit losses to nonperforming assets was 579.94% at December 31, 2006,
compared with 427.26% at December 31, 2005. The reserve for loan losses
stood at $20.2 million, or 1.18%, of period end loans as of December 31,
2006 compared to $20.8 million, or 1.33%, as of December 31, 2005.
Management believes this level of reserve is appropriate based upon
analysis of the loan portfolio and the economic conditions in markets in
which the bank does business.
Expansion Activities
Ms. Dressel further noted, "Our stated goal is to expand our geographic
footprint throughout the Pacific Northwest with de novo branching and
strategic acquisitions that make economic sense for our shareholders. While
we opened no new branches in 2006, due to challenges in acquiring locations
that meet our criteria, we have several new branches in the pipeline. We
will move ahead with these expansion efforts, while continuing our strategy
of leveraging our strong base of branches in both Washington and Oregon. In
addition, our new remote deposit product will launch in early April,
providing current and potential business customers a convenient,
cost-effective method of making deposits without needing to leave their
place of business."
Conference Call
Columbia will discuss the quarterly and year-end results on a
conference call on Thursday, January 25, 2007 at 1:00 PST. Interested
investors, analysts, media representatives and the public are invited to
listen to this discussion by calling 1-866-404-2271; Conference ID code
5789817. A conference call replay will be available from approximately 3:00
p.m. PST on January 25 through midnight PST on Thursday, February 1, 2007.
The conference call replay can be accessed by dialing 1-800-642-1687 and
entering Conference ID code 5789817.
Annual Meeting of Shareholders
Columbia Banking System's Annual Meeting of Shareholders will be held
at 1:00 PST on April 25, 2007, at the Greater Tacoma Convention & Trade
Center; 1500 Broadway, Tacoma, Washington.
Columbia Banking System, Inc. is a Tacoma-based bank holding company
whose wholly owned banking subsidiaries are Columbia Bank and Bank of
Astoria. Columbia Bank is a Washington state-chartered full-service
commercial bank with 35 banking offices in Pierce, King, Cowlitz, Kitsap
and Thurston counties. Bank of Astoria, a federally insured commercial bank
headquartered in Astoria, Oregon, operates four branches in Clatsop County:
Astoria, Warrenton, Seaside and Cannon Beach; and one branch in Manzanita
in Tillamook County. More information about Columbia can be found on its
website at http://www.columbiabank.com .
Note Regarding Forward-Looking Statements
This news release includes forward looking statements, which management
believes are a benefit to shareholders. These forward looking statements
describe Columbia's management's expectations regarding future events and
developments such as future operating results, growth in loans and
deposits, continued success of Columbia's style of banking and the strength
of the local economy. The words "will," "believe," "expect," "should," and
"anticipate" and words of similar construction are intended in part to help
identify forward looking statements. Future events are difficult to
predict, and the expectations described above are necessarily subject to
risk and uncertainty that may cause actual results to differ materially and
adversely. In addition to discussions about risks and uncertainties set
forth from time to time in Columbia's filings with the SEC, factors that
may cause actual results to differ materially from those contemplated by
such forward looking statements include, among others, the following
possibilities: (1) local, national and international economic conditions
are less favorable than expected or have a more direct and pronounced
effect on Columbia than expected and adversely affect Columbia's ability to
continue its internal growth at historical rates and maintain the quality
of its earning assets; (2) changes in interest rates reduce interest
margins more than expected and negatively affect funding sources; (3)
projected business increases following strategic expansion or opening or
acquiring new branches are lower than expected; (4) costs or difficulties
related to the integration of acquisitions are greater than expected; (5)
competitive pressure among financial institutions increases significantly;
(6) legislation or regulatory requirements or changes adversely affect the
businesses in which Columbia is engaged.
Contacts:
Melanie J. Dressel, President and
Chief Executive Officer
253-305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
253-305-1966
FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands, Three Months Ended Twelve Months Ended
except per December 31, December 31,
share amounts) 2006 2005 2006 2005
Earnings
Net interest income $24,750 $23,934 $97,763 $90,912
Provision for loan
and lease losses $950 $15 $2,065 $1,520
Noninterest income $6,324 $6,468 $24,672 $24,786
Noninterest expense $18,560 $18,271 $76,134 $72,855
Net income $8,341 $8,583 $32,103 $29,631
Per Share
Net income (basic) $0.52 $0.55 $2.01 $1.89
Net income (diluted) $0.52 $0.54 $1.99 $1.87
Averages
Total assets $2,517,836 $2,316,654 $2,473,404 $2,290,746
Interest-earning
assets $2,310,502 $2,116,345 $2,265,393 $2,102,513
Loans $1,688,600 $1,534,068 $1,629,616 $1,494,567
Securities $602,075 $579,177 $623,631 $605,395
Deposits $ 2,024,108 $2,006,448 $1,976,448 $1,923,778
Core deposits $ 1,459,281 $1,467,077 $1,433,395 $1,423,862
Shareholders'
Equity $249,202 $223,538 $237,843 $214,612
Financial Ratios
Return on average
assets 1.31% 1.47% 1.30% 1.29%
Return on average
equity 13.28% 15.23% 13.50% 13.81%
Return on average
tangible equity (1) 15.49% 18.17% 15.88% 16.63%
Average equity to
average assets 9.90% 9.65% 9.62% 9.37%
Net interest margin 4.43% 4.61% 4.49% 4.44%
Efficiency ratio
(tax equivalent) (2) 57.41% 58.46% 58.95% 61.20%
December 31,
Period end 2006 2005
Total assets $2,553,131 $2,377,322
Loans $1,708,962 $1,564,704
Allowance for
loan and lease
losses $20,182 $20,829
Securities $605,133 $585,332
Deposits $2,023,351 $2,005,489
Core deposits $1,473,701 $1,478,090
Shareholders'
equity $252,347 $226,242
Book value per share $15.71 $14.29
Tangible book value
per share $13.68 $12.20
Nonperforming assets
Nonaccrual loans $2,414 $4,733
Restructured loans 1,066 124
Personal property
owned -- --
Other real estate owned -- 18
Total nonperforming
assets $3,480 $4,875
Nonperforming loans
to period-end loans
0.20% 0.31%
Nonperforming assets
to period-end assets 0.14% 0.21%
Allowance for loan and
lease losses to
period-end loans 1.18% 1.33%
Allowance for loan
and lease losses to
nonperforming loans 579.94% 428.84%
Allowance for loan
and lease losses to
nonperforming assets 579.94% 427.26%
Net loan charge-offs $2,712(3) $572(4)
(1) Annualized net income, excluding core deposit intangible asset
amortization, divided by average daily shareholders' equity, excluding
average goodwill and average core deposit intangible asset.
(2) Noninterest expense divided by the sum of net interest income and
noninterest income on a tax equivalent basis, excluding nonrecurring
income and expense, such as gains/losses on investment securities, net
cost (gain) of OREO and mark-to-market adjustments of interest rate
floor instruments.
(3) For the twelve months ended December 31, 2006.
(4)For the twelve months ended December 31, 2005.
FINANCIAL STATISTICS
Columbia Banking System, Inc. Period End
Unaudited December 31,
(in thousands) 2006 2005
Loan Portfolio Composition
Commercial business $608,636 $556,589
Leases 9,263 14,385
Real Estate:
One-to-four family residential 51,277 74,930
Five or more family residential
and commercial 687,635 651,393
Total Real Estate 738,912 726,323
Real Estate Construction:
One-to-four family residential 92,124 41,033
Five or more family residential
and commercial 115,185 89,134
Total Real Estate Construction 207,309 130,167
Consumer 147,782 140,110
Subtotal loans 1,711,902 1,567,574
Less: Deferred loan fees (2,940) (2,870)
Total loans $1,708,962 $1,564,704
Loans held for sale $933 $ 1,850
Deposit Composition
Demand and other noninterest bearing $432,293 $455,838
Interest bearing demand 414,198 339,686
Money market 516,415 563,973
Savings 110,795 118,604
Certificates of deposit 549,650 527,388
Total deposits $2,023,351 $2,005,489
QUARTERLY FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands, except per share amounts)
Three Months Ended
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31
2006 2006 2006 2006 2005
Earnings
Net interest
income $24,750 $24,405 $24,302 $24,306 $23,934
Provision
for loan
and lease
losses $950 $650 $250 $215 $15
Noninterest
income $6,324 $6,108 $6,267 $5,973 $6,468
Noninterest
expense $18,560 $18,098 $21,136 $18,340 $18,271
Net income $8,341 $8,335 $7,239 $8,188 $8,583
Per Share
Net income
[basic] $0.52 $0.52 $0.45 $0.52 $0.55
Net income
[diluted] $0.52 $0.52 $0.45 $0.51 $0.54
Averages
Total
assets $ 2,517,836 $2,504,371 $2,480,585 $2,388,680 $2,316,654
Interest
-earning
assets $2,310,502 $2,290,351 $2,268,259 $2,190,872 $2,116,345
Loans $1,688,600 $1,647,471 $1,613,253 $1,567,615 $1,534,068
Securities $602,075 $627,821 $645,343 $619,428 $579,177
Deposits $2,024,108 $1,975,103 $1,949,608 $1,955,851 $2,006,448
Core
deposits $1,459,281 $1,433,641 $1,414,455 $1,425,442 $1,467,077
Shareholders'
Equity $249,202 $238,272 $232,614 $231,080 $223,538
Financial Ratios
Return on
average
assets 1.31% 1.32% 1.17% 1.39% 1.47%
Return on
average
equity 13.28% 13.88% 12.48% 14.37% 15.23%
Return on
average
tangible
equity 15.49% 16.32% 14.77% 17.00% 18.17%
Average
equity to
average assets 9.90% 9.51% 9.38% 9.67% 9.65%
Net interest
margin 4.43% 4.41% 4.47% 4.65% 4.61%
Efficiency
ratio (tax
equivalent) 57.41% 58.81% 60.97% 58.64% 58.46%
Period end
Total
assets $2,553,131 $2,507,450 $2,544,598 $2,460,453 $2,377,322
Loans $1,708,962 $1,655,809 $1,625,255 $1,595,262 $1,564,704
Allowance
for loan
losses $20,182 $20,926 $20,990 $20,691 $20,829
Securities $605,133 $611,497 $650,955 $634,620 $585,332
Deposits $2,023,351 $2,020,065 $1,962,748 $1,990,363 $2,005,489
Core
deposits $1,473,701 $1,460,634 $1,418,313 $1,455,390 $1,478,090
Shareholders'
equity $252,347 $245,801 $232,241 $231,137 $226,242
Book value
per share $15.71 $15.32 $14.49 $14.47 $14.29
Tangible
book value
per share $13.68 $13.27 $12.44 $12.41 $12.20
Nonperforming
assets
Nonaccrual
loans $2,414 $4,101 $4,575 $5,115 $4,733
Restructured
loans 1,066 804 1,197 1,146 124
Personal
property owned -- -- -- -- --
Other real
estate owned -- -- -- 18 18
Total
nonperforming
assets $3,480 $4,905 $5,772 $6,279 $4,875
Nonperforming
loans to
period-end
loans 0.20% 0.30% 0.36% 0.39% 0.31%
Nonperforming
assets to
period-end
assets 0.14% 0.20% 0.23% 0.26% 0.21%
Allowance for
loan and lease
losses to
period-end
loans 1.18% 1.26% 1.29% 1.30% 1.33%
Allowance for
loan and
lease losses
to nonperforming
loans 579.94% 426.63% 363.65% 330.47% 428.84%
Allowance for
loan and lease
losses to
nonperforming
assets 579.94% 426.63% 363.65% 329.53% 427.26%
Net loan
(recoveries)
charge-offs $1,694 $714 $(49) $353 $(24)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
COLUMBIA BANKING SYSTEM, INC.
(Unaudited) Three Months Ended Twelve Months Ended
(in thousands except December 31, December 31,
per share) 2006 2005 2006 2005
Interest Income
Loans $33,016 $27,320 $123,998 $99,535
Taxable securities 4,823 4,455 20,008 18,079
Tax-exempt securities 1,918 1,148 7,042 4,452
Dividends on Federal
Home Loan Bank stock 10 -- 10 56
Federal funds sold
and deposits with banks 263 30 617 85
Total interest
income 40,030 32,953 151,675 122,207
Interest Expense
Deposits 12,071 8,110 40,838 25,983
Federal Home Loan
Bank advances 2,600 364 10,944 3,515
Long-term obligations 522 443 1,992 1,583
Other borrowings 87 102 138 214
Total interest
expense 15,280 9,019 53,912 31,295
Net Interest Income 24,750 23,934 97,763 90,912
Provision for loan
and lease losses 950 15 2,065 1,520
Net interest income
after provision for
loan and lease
losses 23,800 23,919 95,698 89,392
Noninterest Income
Service charges and
other fees 3,019 2,922 11,651 11,310
Mortgage banking 55 233 288 1,121
Merchant services fees 1,948 2,088 8,314 8,480
Gain on sale of
investment
securities, net 26 6 36 6
Bank owned life
insurance ("BOLI") 427 393 1,687 1,577
Other 849 826 2,696 2,292
Total noninterest
income 6,324 6,468 24,672 24,786
Noninterest Expense
Compensation and
employee benefits 9,796 9,145 38,769 37,285
Occupancy 2,692 2,610 10,760 10,107
Merchant processing 809 804 3,361 3,258
Advertising and
promotion 468 404 2,582 1,978
Data processing 519 735 2,314 2,904
Legal & professional
services 552 914 2,099 3,503
Taxes, licenses & fees 626 538 2,499 2,018
Net gain of other real
estate owned -- -- (11) (8)
Other 3,098 3,121 13,761 11,810
Total noninterest
expense 18,560 18,271 76,134 72,855
Income before income
taxes 11,564 12,116 44,236 41,323
Provision for income
taxes 3,223 3,533 12,133 11,692
Net Income $8,341 $8,583 $32,103 $29,631
Net income per
common share:
Basic $0.52 $0.55 $2.01 $1.89
Diluted $0.52 $0.54 $1.99 $1.87
Dividend paid per
common share $0.15 $0.12 $0.57 $0.39
Average number of
common shares
outstanding 15,988 15,813 15,946 15,708
Average number of
diluted common
shares outstanding 16,161 16,012 16,148 15,885
CONSOLIDATED CONDENSED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
(in thousands) December 31, December 31,
2006 2005
Assets
Cash and due from banks $76,365 $96,787
Interest-earning deposits with banks 13,979 3,619
Federal funds sold 14,000 --
Total cash and cash equivalents 104,344 100,406
Securities available for sale at fair value
(amortized cost of $598,703 and $576,619
respectively) 592,858 572,355
Securities held to maturity
(fair value of $1,871 and $2,587
respectively) 1,822 2,524
Federal Home Loan Bank stock 10,453 10,453
Loans held for sale 933 1,850
Loans, net of unearned income of ($2,940)
and ($2,870) respectively 1,708,962 1,564,704
Less: allowance for loan and lease losses 20,182 20,829
Loans, net 1,688,780 1,543,875
Interest receivable 12,549 11,671
Premises and equipment, net 44,635 44,690
Other real estate owned -- 18
Goodwill 29,723 29,723
Other assets 67,034 59,757
Total Assets $2,553,131 $2,377,322
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $432,293 $455,838
Interest-bearing 1,591,058 1,549,651
Total deposits 2,023,351 2,005,489
Short-term borrowing:
Federal Home Loan Bank advances 205,800 94,400
Securities sold under agreements to repurchase 20,000 - -
Other borrowings 198 2,572
Total short-term borrowing 225,998 96,972
Long-term subordinated debt 22,378 22,312
Other liabilities 29,057 26,307
Total liabilities 2,300,784 2,151,080
Shareholders' equity:
Preferred stock (no par value)
Authorized, 2 million shares; none outstanding
Common stock December 31, December 31,
(no par value) 2006 2005
Authorized shares 63,034 63,034
Issued and
outstanding 16,060 15,831 166,763 162,973
Retained earnings 89,037 66,051
Accumulated other
comprehensive income (3,453) (2,782)
Total shareholders' equity 252,347 226,242
Total Liabilities and Shareholders' Equity $2,553,131 $2,377,322
SOURCE Columbia Banking System, Inc.
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Related links:
http://www.columbiabank.com
CONTACT:
Melanie J. Dressel, President and Chief
Executive Officer, +1-253-305-1911, or Gary R. Schminkey,
Executive Vice President and Chief Financial Officer,
+1-253-305-1966, both of Columbia Banking System, Inc.
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