THIRD QUARTER HIGHLIGHTS - Net income of $8.3 million, up 5% from third
quarter 2005. - Earnings per diluted share of $0.52, up 4% from the same
period in 2005. - Total loans were $1.66 billion, an increase of 6% from
December 31, 2005. - Efficiency ratio improves to 58.81% - Core earnings
for first 9 months of 2006 increased 17%. - President & CEO Melanie Dressel
named one of Top 25 Most Powerful Women in Banking by U.S. Banker magazine
TACOMA, Wash., Oct. 26 /PRNewswire-FirstCall/ -- Columbia Banking
System, Inc. (Nasdaq: COLB) today announced earnings for the third quarter
2006 of $8.3 million, up 5% from $8.0 million for the third quarter of
2005. Earnings per share were $0.52 per diluted share, an increase of 4%
from $0.50 per diluted share one year ago. Return on average assets and
return on average equity for the third quarter 2006 were 1.32% and 13.88%,
respectively, compared to 1.36% and 14.45%, respectively, for the third
quarter of the prior year. Revenue (net interest income plus noninterest
income) was $30.5 million for the third quarter of 2006, up 2% from $29.8
million one year ago.
Net income for the nine months ended September 30, 2006 increased $2.8
million to $23.8 million, up 13% from $21.0 million for the first nine
months of 2005. On a diluted per share basis, net income for the nine
months ended September 30, 2006 was $1.47, compared with $1.33 for the same
period last year, an increase of 11%. Return on average assets and return
on average equity for the nine months ended September 30, 2006 were 1.29%
and 13.58%, respectively, compared to 1.23% and 13.30%, respectively for
the same period of 2005. Revenue for the nine months ended September 30,
2006 was $91.4 million, up 7% from $85.3 million for the first nine months
of 2005.
For the nine months ended September 30, 2006, core earnings were $24.5
million, an increase of 17% from $21.0 million for the nine months ended
September 30, 2005; core earnings on a diluted per share basis for the nine
months ended September 30, 2006 were $1.52 compared with $1.33 for the same
period in 2005, an increase of 14%. Columbia recorded mark-to-market
adjustments for interest rate floor instruments in the second and third
quarters of 2006. In July 2006, Columbia achieved hedge accounting
treatment for these instruments. Therefore, no future mark-to-market
adjustments to earnings will be necessary. Please refer to the table under
Core Financial Results.
Melanie Dressel, President & Chief Executive Officer said, "Our
earnings continued to improve as a result of loan growth, increased
interest income and effective expense management. Much of our focus this
year has been on managing the composition of our balance sheet to minimize
both interest rate and economic risks, as well as on the enhancement and
adaptability of our core systems, enabling us to aggressively pursue our
strategic plans going forward. As always, we have maintained our focus on
growing our core deposits by deepening our customer relationships. While we
are not immune to the industry-wide competition for low cost deposits and
the resulting pressure on our net interest margin, we have been able to
maintain a strong and stable core deposit base of over 72% of our total
deposits."
Ms. Dressel noted, "While the rate of loan growth this year has
moderated, we achieved 6% growth since year-end 2005. We have maintained a
diverse portfolio. In spite of the increasingly competitive lending
environment in all the markets we serve, we have seen 6% growth in our
commercial business loans and 8% growth in commercial real estate loans. As
we anticipate the end of the current credit cycle, we feel it is prudent to
maintain our discipline in both credit administration and in the
diversification of our loan portfolio."
At September 30, 2006, Columbia's total assets were $2.51 billion, an
increase of 5% from $2.38 billion at December 31, 2005. Total loans were
$1.66 billion at September 30, 2006, up 6% from $1.56 billion at year-end
2005, and 10% from $1.51 billion at September 30, 2005. Total deposits
increased to $2.02 billion during the first nine months of 2006, an
increase of 1% from December 31, 2005. Core deposits totaled $1.46 billion
at September 30, 2005, comprising 72% of total deposits.
Core Financial Results
Excluding the valuation adjustment for Columbia's interest rate floors,
core earnings for the third quarter 2006 were $7.9 million, compared to
$8.0 million for the third quarter of 2005. Core earnings were $0.49 per
diluted share, a decrease of 2% from $0.50 per diluted share one year ago.
For the nine months ended September 30, 2006, core earnings were $24.5
million, an increase of 17% from $21.0 million for the nine months ended
September 30, 2005; core earnings on a diluted per share basis for the nine
months ended September 30, 2006 was $1.52 compared with $1.33 for the same
period in 2005, an increase of 14%. Return on average assets and return on
average equity for first nine months of 2006 were 1.33% and 13.99%,
respectively, compared to 1.23% and 13.30%, respectively, for the period in
2005.
As noted above, core earnings for the third quarter 2006 were $7.9
million. Core earnings for the second quarter 2006, in which Columbia first
purchased the interest rate floors, were $8.4 million. Core earnings were
$0.49 per diluted share for the third quarter 2006, a decrease of 6% from
$0.52 per diluted share for the second quarter 2006, a result of
compression in the net interest margin.
The following tables reconcile GAAP net income to core earnings,
including per-share figures:
(Dollars in thousands, except per
Share data)
Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005
Net income $8,335 $7,952 $23,762 $21,048
Add (Subtract): Interest rate
floor mark-to-market, net of tax (397) -- 757 --
Core earnings $7,938 $7,952 $24,519 $21,048
Earnings per Diluted Share:
GAAP earnings $0.52 $0.50 $1.47 $1.33
Core earnings $0.49 $0.50 $1.52 $1.33
Three months ended
September 30, June 30,
2006 2006
Net income $8,335 $7,239
Add (Subtract): Interest rate
floor mark-to-market, net of tax (397) 1,153
Core earnings $7,938 $8,392
Earnings per Diluted Share:
GAAP earnings $0.52 $0.45
Core earnings $0.49 $0.52
Third Quarter 2006 Operating Results
Net Interest Income
Net interest income increased $1.1 million, or 5%, in the third quarter
2006 compared to the third quarter 2005. The increase is primarily due to
moderately increased loan volumes along with rising short-term interest
rates. Columbia's net interest margin decreased slightly to 4.41% in the
third quarter of 2006, from 4.45% for the same period in 2005 as slower
deposit growth resulted in increased reliance on higher cost deposits and
borrowings. For the three months and nine months ended September 30, 2006,
deposit and borrowing costs have increased faster than loan yields.
Average interest-earning assets increased to $2.29 billion, or 7%,
during the third quarter of 2006, compared with $2.14 billion during the
third quarter of 2005. The yield on average interest-earning assets
increased 95 basis points to 6.97% during the third quarter of 2006, from
6.02% for the same period in 2005. Average interest-bearing liabilities
increased to $1.80 billion from $1.65 billion last year. The cost of
average interest-bearing liabilities increased 123 basis points to 3.25% in
the third quarter of 2006, compared to 2.02% in the third quarter of 2005.
For the nine months ended September 30, 2006, net interest income
increased 9% to $73.0 million from $67.0 million for the same period last
year. During the first nine months of 2006, Columbia's net interest margin
increased to 4.51% from 4.39% for the same period of 2005. Average
interest- earning assets grew to $2.25 billion during the first nine months
of 2006, compared with $2.10 billion for the same period of 2005. The yield
on average interest-earning assets increased 99 basis points to 6.80%
during the first nine months of 2006, from 5.81% in 2005. In comparison,
average interest- bearing liabilities grew to $1.76 billion compared with
$1.64 billion for the first nine months of 2005. The cost of average
interest-bearing liabilities increased 111 basis points to 2.93% during the
first nine months of 2006, compared to 1.82% for the same period in 2005.
Noninterest income
Total noninterest income for the third quarter 2006 was $6.1 million, a
decrease of 6% from $6.5 million a year ago. The decrease is partially due
to decreases in merchant services fees, service charges on deposit accounts
and mortgage banking income. The gross volume for merchant card services
increased for the first nine months of 2006; however, the increased income
attributable to volume was offset by net fees paid to the card
associations. Total noninterest income for the first nine months of 2006
was $18.35 million, unchanged from $18.32 million for the same period of
2005. Decreases in mortgage banking income due to declining trends in
refinance activity and increases in competitive pricing in the secondary
market were offset by increases in service charges and other income.
Noninterest expense
Noninterest expense for the third quarter of 2006 was $18.1 million, a
decrease of 4% from $18.8 million for the same period in 2005. This
decrease is partially due to the valuation adjustment of the prime rate
floor instruments of $611,000, as well as decreases in data processing and
legal and professional services expenses.
Noninterest expense for the first nine months of 2006 was $57.6
million, an increase of 5% from $54.6 million for the same period of 2005.
The increase is primarily due to the prime rate floor market valuation
adjustment of $1.2 million as well as higher occupancy and advertising and
promotion expenses. Noninterest expense for the first nine months of 2006
excluding the valuation adjustment of the interest rate floors was $56.4
million, an increase of 3% from $54.6 million for the first nine months of
2005.
Nonperforming Assets and Loan Loss Provision
During the third quarter of 2006, the Company allocated $650,000 to its
provision for loan and lease losses, compared to $245,000 for the same
period in 2005. The increased allocation for the three months ending
September 30, 2006 is due to moderate loan growth during the period coupled
with an increase in loan charge-offs when compared to the third quarter of
2005. For the first nine months of 2006, the Company allocated $1.1 million
to its provision for loan and lease losses, compared to $1.5 million for
the same period in 2005. This decreased allocation is consistent with the
rate of loan growth for the first nine months of 2006 compared to the same
period in 2005. The ratio of the allowance for credit losses to
nonperforming loans was 427% at September 30, 2006 compared with 429% at
December 31, 2005 and 329% at September 30, 2005.
Expansion Activities
Ms. Dressel commented, "We are continuing our efforts to move our style
of banking into strategic new markets in the Pacific Northwest, either
through de novo growth or acquisition opportunities which will need to make
sense financially, be culturally compatible and present opportunities to
broaden our geographic footprint. We are currently expanding space in our
Seattle facility to accommodate new relationship managers in our King
County market. Next year, we are planning to move our Commerce Branch in
Longview to a considerably more visible and convenient location. Opening
new branches has become more challenging due to increasingly limited site
availability and increased time required for permitting and other issues.
However, in addition to our upcoming branch location in Lacey, scheduled to
open in the second quarter of 2007, our goal is to launch two branches each
year."
Columbia Banking System, Inc. is a Tacoma-based bank holding company
whose wholly owned bank 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 Tillamook
County: Manzanita. 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.
FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited Three Months Ended Nine Months Ended
(in thousands, except September 30, September 30,
per share amounts) 2006 2005 2006 2005
Earnings
Net interest income $24,405 $23,331 $73,013 $66,978
Provision for loan and
lease losses $650 $245 $1,115 $1,505
Noninterest income $6,108 $6,516 $18,348 $18,318
Noninterest expense $18,098 $18,793 $57,574 $54,584
Net income $8,335 $7,952 $23,762 $21,048
Per Share
Net income (basic) $0.52 $0.50 $1.49 $1.34
Net income (diluted) $0.52 $0.50 $1.47 $1.33
Averages
Total assets $2,504,371 $2,325,262 $2,458,431 $2,282,015
Interest-earning assets $2,290,351 $2,136,229 $2,250,192 $2,097,852
Loans $1,647,471 $1,534,281 $1,609,739 $1,481,255
Securities $627,821 $598,204 $630,895 $614,231
Deposits $1,975,103 $1,948,022 $1,960,387 $1,895,919
Core deposits $1,433,641 $1,451,054 $1,424,671 $1,409,299
Shareholders' Equity $238,272 $218,308 $234,015 $211,605
Financial Ratios
Return on average assets 1.32% 1.36% 1.29% 1.23%
Return on average equity 13.88% 14.45% 13.58% 13.30%
Return on average tangible
equity(1) 16.32% 17.35% 16.02% 16.08%
Average equity to average
assets 9.51% 9.39% 9.52% 9.27%
Net interest margin 4.41% 4.45% 4.51% 4.39%
Efficiency ratio (tax
equivalent)(2) 58.81% 61.26% 59.48% 62.21%
September 30, December 31,
Period end 2006 2005 2005
Total assets $2,507,450 $2,322,896 $2,377,322
Loans $1,655,809 $1,511,386 $1,564,704
Allowance for loan and
lease losses $20,926 $20,790 $20,829
Securities $611,497 $592,467 $585,332
Deposits $2,020,065 $1,992,238 $2,005,489
Core deposits $1,460,634 $1,493,925 $1,478,090
Shareholders' equity $245,801 $221,873 $226,242
Book value per share $15.32 $14.04 $14.29
Tangible book value per share $13.27 $11.93 $12.20
Nonperforming assets
Nonaccrual loans $4,101 $6,165 $4,733
Restructured loans 804 151 124
Personal property owned -- -- --
Real estate owned -- -- 18
Total nonperforming assets $4,905 $6,316 $4,875
Nonperforming loans to
period-end loans 0.30% 0.42% 0.31%
Nonperforming assets to
period-end assets 0.20% 0.27% 0.21%
Allowance for loan and lease
losses to period-end loans 1.26% 1.38% 1.33%
Allowance for loan and lease
losses to nonperforming loans 426.63% 329.16% 428.84%
Allowance for loan and lease
losses to nonperforming assets 426.63% 329.16% 427.26%
Net loan charge-offs $1,018(3) $596(4) $572(5)
(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 nine months ended September 30, 2006.
(4) For the nine months ended September 30, 2005.
(5) For the twelve months ended December 31, 2005.
FINANCIAL STATISTICS
Columbia Banking System, Inc. Period End
Unaudited September 30, December 31,
(in thousands) 2006 2005 2005
Loan Portfolio Composition
Commercial business $589,634 $556,098 $556,589
Leases 10,981 -- 14,385
Real Estate:
One-to-four family residential 49,507 51,399 74,930
Five or more family residential
and commercial 704,452 648,075 651,393
Total Real Estate 753,959 699,474 726,323
Real Estate Construction:
One-to-four family residential 77,093 33,075 41,033
Five or more family residential
and commercial 80,918 87,895 89,134
Total Real Estate Construction 158,011 120,970 130,167
Consumer 145,873 137,881 140,110
Subtotal loans 1,658,458 1,514,423 1,567,574
Less: Deferred loan fees (2,649) (3,037) (2,870)
Total loans $1,655,809 $1,511,386 $1,564,704
Loans held for sale $1,160 $6,704 $1,850
Deposit Composition
Demand and other noninterest
bearing $455,773 $463,560 $455,838
Interest bearing demand 395,281 343,198 339,686
Money market 495,933 571,934 563,973
Savings 113,647 116,808 118,604
Certificates of deposit 559,431 496,738 527,388
Total deposits $2,020,065 $1,992,238 $2,005,489
QUARTERLY FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands, Three Months Ended
except per Sep 30 Jun 30 Mar 31 Dec 31 Sept 30
share amounts) 2006 2006 2006 2005 2005
Earnings
Net interest
income $24,405 $24,302 $24,306 $23,934 $23,331
Provision for
loan and lease
losses $650 $250 $215 $15 $245
Noninterest
income $6,108 $6,267 $5,973 $6,468 $6,516
Noninterest
expense $18,098 $21,136 $18,340 $18,271 $18,793
Net income $8,335 $7,239 $8,188 $8,583 $7,952
Per Share
Net income
[basic] $0.52 $0.45 $0.52 $0.55 $0.50
Net income
[diluted] $0.52 $0.45 $0.51 $0.54 $0.50
Averages
Total assets $2,504,371 $2,480,585 $2,388,680 $2,316,654 $2,325,262
Interest-earning
assets $2,290,351 $2,268,259 $2,190,872 $2,116,345 $2,136,229
Loans $1,647,471 $1,613,253 $1,567,615 $1,534,068 $1,534,281
Securities $627,821 $645,343 $619,428 $579,177 $598,204
Deposits $1,975,103 $1,949,608 $1,955,851 $2,006,448 $1,948,022
Core deposits $1,433,641 $1,414,455 $1,425,442 $1,467,077 $1,451,054
Shareholders'
Equity $238,272 $232,614 $231,080 $223,538 $218,308
Financial Ratios
Return on
average assets 1.32% 1.17% 1.39% 1.47% 1.36%
Return on
average equity 13.88% 12.48% 14.37% 15.23% 14.45%
Return on
average tangible
equity 16.32% 14.77% 17.00% 18.17% 17.35%
Average equity
to average assets 9.51% 9.38% 9.67% 9.65% 9.39%
Net interest
margin 4.41% 4.47% 4.65% 4.61% 4.45%
Efficiency ratio
(tax equivalent) 58.81% 60.97% 58.64% 58.46% 61.26%
Period end
Total assets $2,507,450 $2,544,598 $2,460,453 $2,377,322 $2,322,896
Loans $1,655,809 $1,625,255 $1,595,262 $1,564,704 $1,511,386
Allowance for
loan and
lease losses $20,926 $20,990 $20,691 $20,829 $20,790
Securities $611,497 $650,955 $634,620 $585,332 $592,467
Deposits $2,020,065 $1,962,748 $1,990,363 $2,005,489 $1,992,238
Core deposits $1,460,634 $1,418,313 $1,455,390 $1,478,090 $1,493,925
Shareholders'
equity $245,801 $232,241 $231,137 $226,242 $221,873
Book value per
share $15.32 $14.49 $14.47 $14.29 $14.04
Tangible book
value per share $13.27 $12.44 $12.41 $12.20 $11.93
Nonperforming
assets
Nonaccrual
loans $4,101 $4,575 $5,115 $4,733 $6,165
Restructured
loans 804 1,197 1,146 124 151
Personal
property owned -- -- -- -- --
Real estate
owned -- -- 18 18 --
Total
nonperforming
assets $4,905 $5,772 $6,279 $4,875 $6,316
Nonperforming
loans to period-
end loans 0.30% 0.36% 0.39% 0.31% 0.42%
Nonperforming
assets to period-
end assets 0.20% 0.23% 0.26% 0.21% 0.27%
Allowance for
loan and lease
losses to period-
end loans 1.26% 1.29% 1.30% 1.33% 1.38%
Allowance for loan
and lease losses
to nonperforming
loans 426.63% 363.65% 330.47% 428.84% 329.16%
Allowance for loan
and lease losses
to nonperforming
assets 426.63% 363.65% 329.53% 427.26% 329.16%
Net loan charge-
offs (recoveries) $714 $(49) $353 $(24) $42
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Columbia Banking System, Inc.
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
(in thousands except per share) 2006 2005 2006 2005
Interest Income
Loans $32,010 $26,080 $90,982 $72,215
Taxable securities 5,019 4,532 15,185 13,680
Tax-exempt securities 1,944 1,112 5,124 3,304
Deposits with banks 174 31 306 55
Federal funds sold 19 -- 48 --
Total interest income 39,166 31,755 111,645 89,254
Interest Expense
Deposits 10,868 6,871 28,767 17,873
Federal Home Loan Bank advances 3,370 1,100 8,344 3,151
Long-term obligations 519 412 1,470 1,140
Other borrowings 4 41 51 112
Total interest expense 14,761 8,424 38,632 22,276
Net Interest Income 24,405 23,331 73,013 66,978
Provision for loan and lease
losses 650 245 1,115 1,505
Net interest income after
provision for loan and lease
losses 23,755 23,086 71,898 65,473
Noninterest Income
Service charges and other fees 2,891 2,955 8,632 8,388
Mortgage banking 141 189 397 947
Merchant services fees 2,154 2,355 6,366 6,392
Gain on sale of investment
securities, net -- -- 10 --
Bank owned life insurance ("BOLI") 427 400 1,260 1,184
Other 495 617 1,683 1,407
Total noninterest income 6,108 6,516 18,348 18,318
Noninterest Expense
Compensation and employee benefits 9,878 9,434 28,973 28,140
Occupancy 2,735 2,588 8,068 7,497
Merchant processing 881 906 2,552 2,454
Advertising and promotion 608 535 2,114 1,574
Data processing 475 733 1,795 2,169
Legal & professional services 580 891 1,547 2,589
Taxes, licenses & fees 637 529 1,873 1,480
Net cost (gain) of other real
estate owned -- 1 (11) (8)
Net cost (gain) of interest rate
floor instruments (611) -- 1,164 --
Other 2,915 3,176 9,499 8,689
Total noninterest expense 18,098 18,793 57,574 54,584
Income before income taxes 11,765 10,809 32,672 29,207
Provision for income taxes 3,430 2,857 8,910 8,159
Net Income $8,335 $7,952 $23,762 $21,048
Net income per common share:
Basic $.52 $.50 $1.49 $1.34
Diluted $.52 $.50 $1.47 $1.33
Dividend paid per common share $0.15 $.11 $0.42 $0.27
Average number of common shares
outstanding 15,981 15,746 15,931 15,672
Average number of diluted common
shares outstanding 16,143 15,940 16,135 15,852
CONSOLIDATED CONDENSED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
(in thousands) September 30, December 31,
2006 2005
Assets
Cash and due from banks $86,290 $96,787
Interest-earning deposits with banks 15,190 3,619
Federal funds sold 4,000 --
Total cash and cash equivalents 105,480 100,406
Securities available for sale at fair value
(amortized cost of $606,307 and $576,619
respectively) 598,847 572,355
Securities held to maturity at cost (fair value of
$2,248 and $2,587 respectively) 2,197 2,524
Federal Home Loan Bank stock 10,453 10,453
Loans held for sale 1,160 1,850
Loans, net of unearned income of ($2,649) and
($2,870) respectively 1,655,809 1,564,704
Less: allowance for loan and lease losses 20,926 20,829
Loans, net 1,634,883 1,543,875
Interest receivable 13,684 11,671
Premises and equipment, net 44,997 44,690
Real estate owned -- 18
Goodwill 29,723 29,723
Other assets 66,026 59,757
Total Assets $2,507,450 $2,377,322
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $455,773 $455,838
Interest-bearing 1,564,292 1,549,651
Total deposits 2,020,065 2,005,489
Federal Home Loan Bank advances 191,900 94,400
Other borrowings 699 2,572
Long-term subordinated debt 22,362 22,312
Other liabilities 26,623 26,307
Total liabilities 2,261,649 2,151,080
Shareholders' equity:
Preferred stock (no par value)
Authorized, 2 million shares; none outstanding
September 30, December 31,
Common stock (no par value) 2006 2005
Authorized shares 63,034 63,034
Issued and outstanding 16,047 15,831 166,420 162,973
Retained earnings 83,104 66,051
Accumulated other comprehensive income (3,723) (2,782)
Total shareholders' equity 245,801 226,242
Total Liabilities and Shareholders' Equity $2,507,450 $2,377,322
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
SOURCE Columbia Banking System, Inc.
 back to top
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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