Columbia Banking System Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 25, 2018 at 08:02 pm
Share
Columbia Banking System reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. EPS fell to $0.23 in the December quarter, from $0.53 in the year-earlier period. Fourth quarter 2017 included $0.31 a share negative impact from deferred tax asset re-measurement and acquisition-related expenses. Net interest income increased to $106.2 million, from $85.7 million. Revenue expressed as the combination of net interest income and noninterest income amounted to $129.8 million. For the quarter, the company reported total interest income of $108,841,000 as compared to $86,734,000 for the same period last year. Income before income taxes was $40,851,000 as compared to $43,035,000 for the same period last year. Net Income was $15,728,000 as compared to $30,718,000 for the same period last year. Basic and diluted earnings per common share was $0.23 as compared to $0.53 for the same period last year.
For the year, the company reported total interest income of $374,746,000 as compared to $337,969,000 for the same period last year. Income before income taxes was $177,983,000 as compared to $149,781,000 for the same period last year. Net Income was $112,828,000 as compared to $104,866,000 for the same period last year. Basic and diluted earnings per common share was $1.86 as compared to $1.81 for the same period last year. Net Interest Income was $367,989,000 as compared to $333,619,000 for the same period last year.
Columbia Banking System, Inc. is the bank holding company for Umpqua Bank (the Bank). Through the Bank, the Company provides a broad range of banking, private banking, mortgage, and other financial services to corporate, institutional, small business, and individual customers. The bank offers specialized loans for corporate, middle market, and small business customers, including commercial lines of credit and term loans, and others. It offers deposit products, including non-interest-bearing checking accounts, analyzed business accounts, interest-bearing checking and savings accounts, money market accounts, insured cash sweep and other investment sweep solutions. The Bank also provides loans to individual borrowers for a variety of purposes, including secured and unsecured personal loans, home equity and personal lines of credit, and motor vehicle loans. The Bank primarily operates in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington State.