Columbia Banking System Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $77,209,000 against $54,898,000 a year ago. Net interest income increased primarily due to the interest and accretion income recorded during the fourth quarter of 2013 related to the West Coast acquisition, which closed on April 1, 2013. Income before income taxes was $27,884,000 against $18,804,000 a year ago. Net income was $19,973,000 or $0.38 per diluted share against $13,462,000 or $0.34 per diluted share a year ago. Return on average assets was 1.11% against 1.09% a year ago. Return on average common equity was 7.57% against 6.98% a year ago. The decline in net interest income was centered in loans and mostly due to the loan -- to the lower discount accretion income during the current quarter. Tangible book value per common share increased from $13.08 at the end of the third quarter to $13.30 at year end, and tangible common equity to tangible assets ratio was 10.04%.

For the full year, the company reported net interest income of $291,095,000 against $238,927,000 a year ago. Income before income taxes was $87,010,000 against $63,705,000 a year ago. Net income was $60,016,000 or $1.21 per diluted share against $46,143,000 or $1.16 per diluted share a year ago. Book value as December 31, 2013 was $20.50. Return on average assets was 0.92% against 0.96% a year ago. Return on average common equity was 6.14% against 6.06% a year ago.

For the fourth quarter ended December 31, 2013, the company reported net charge-offs of $1,464,000 against $1,633,000 a year ago.

The company expects a 2014 effective tax rate that approximates full year 2013 effective tax rate of 31%.