Printer Friendly

COLUMBIA BANKING SYSTEM INC. REPORTS INCREASED THIRD-QUARTER EARNINGS

COLUMBIA BANKING SYSTEM INC. REPORTS INCREASED THIRD-QUARTER EARNINGS
 BELLEVUE, Wash., Nov. 2 /PRNewswire/ -- Columbia Banking System Inc. (NASDAQ: COLB), the holding company for Columbia Bank, FSB, and its subsidiary mortgage company, Columbia First Service, reported 1992 third-quarter earnings of $253,000 -- an increase of $245,000 from the same period last year. The announcement was made today by A.G. Espe, chairman of Columbia Banking System.
 Earnings for the nine months ending Sept. 30, 1992, were $837,000, a 52-percent increase from $552,000 for the nine months ending Sept. 30, 1991. Per-share earnings, adjusted to reflect a two-for-one split effective March 1992, were $1.05 for the nine months ending Sept. 30, 1992, compared to $1.04 for the nine months ending Sept. 30, 1991. The 1992 results also reflect the additional average shares outstanding from the stock offering completed in July 1992. Earnings per share amounted to 22 cents for 1992 third quarter, compared
to 2 cents for 1991 third quarter. Net interest income for 1992 third quarter was $969,000, up $403,000 -- an increase of 71 percent from $566,000 for the same period last year. For the first nine months of 1992, net interest income was $2.58 million, an increase of 58 percent from $1.63 million for the first nine months of 1991.
 "Our commercial and consumer loan segments continue the strong growth started earlier this year," said Espe. "We are focusing on delivering loan products to our targeted business customers and professional individuals."
 Commercial loans, at more than $11 million, increased 35 percent during the quarter, while consumer loans grew to $3.7 million during the same period. Total loans were $105 million at Sept. 30, 1992, an increase of 54 percent from $68 million at Sept. 30, 1991.
 One- to four-family residential loans at Sept. 30, 1992, were at $67 million, 34 percent above the comparable date in 1991. Such loans are generated primarily through Columbia Bank's mortgage banking subsidiary, Columbia First Service, either for portfolio, or for sale in the secondary market. Columbia First Service, which began operations in Bellevue in May, acquired the mortgage capabilities of the former Drake Mortgage of Bellevue and Seattle in Sept. 1992.
 Total assets at Sept. 30, 1992, were $133.8 million, an increase of $11.1 million since June 30, 1992, representing a 9-percent increase. Compared to Sept. 30, 1991, total assets increased 53 percent from $87.6 million.
 "Our continued growth reflects our commitment to our business plan," said Espe. "We expect to be a $500-million to $1-billion institution within a few years. This quarter's growth takes us another step closer to achieving that
goal. Each of our markets is contributing to that growth." At Sept. 30, 1992, the reserve for possible loan losses was $1.2 million, or 167 percent of nonperforming loans, and 1.16 percent of total loans. Other real estate owned was $2.9 million at Sept. 30, 1992, unchanged from June 30, 1992. More than 80 percent of the dollars in other real estate owned is centered in one property, which the bank is seeking to sell, and which generates reasonable net operating income.
 Total consolidated equity at Sept. 30, 1992, was $10.2 million, compared with $9.5 million at June 30, 1992, and $4.8 million at year-end 1991. "Our strong capital position enables us to continue with our plan for internal and external growth through acquisitions," said Espe. "Management is optimistic regarding the future of our company."
 Columbia Banking System Inc.'s sole subsidiary, Columbia Bank, is a federal savings bank with four offices in western Washington -- two in Longview, one in Woodland and one in Bellevue.
 COLUMBIA BANKING SYSTEM INC.
 CONSOLIDATED INCOME STATEMENT
 Sept. 30, 1992
 (In thousands, except per-share data)
 Three Months Three Months Nine Months Nine Months
 Ended Sept. 30: 1992 1991 1992 1991
 Interest income:
 Loans and mortgage-
 backed securities $2,451 $1,882 $6,865 $5,574
 Investments 170 105 353 330
 Total interest
 income 2,621 1,987 7,218 5,904
 Interest Expense:
 Deposits 1,077 1,032 3,184 3,173
 Advances from Federal
 Home Loan Bank 330 275 969 762
 Other borrowings 245 114 485 337
 Total interest
 expense 1,652 1,421 4,638 4,272
 Net interest income 969 566 2,580 1,632
 Provision for
 loan losses 60 0 130 0
 Net interest income
 after provision
 for loan losses 909 566 2,450 1,632
 Non-interest income:
 Service charges and
 other fees 55 144 284 347
 Income from real
 estate activities,
 net 105 59 180 320
 Gains on sale of
 real estate owned 6 5 89 305
 Gain on sale of
 branch (17) 0 64 5
 Other 117 18 220 23
 Total non-interest
 income 266 226 837 1,000
 Non-interest expense:
 Compensation and
 employee benefits 384 393 1,065 1,041
 Occupancy for company
 operations 175 64 323 270
 Data processing 29 33 124 99
 Other 316 294 920 651
 Total non-interest
 expense 904 784 2,432 2,061
 Income before taxes 271 8 855 571
 Provision for income
 taxes 18 0 18 19
 Net income $ 253 $ 8 $ 837 $ 552
 Net income per share:
 Primary $ 0.22 $ 0.02 $ 1.05 $ 1.04
 Fully diluted $ 0.22 -- $ 0.99 --
 COLUMBIA BANKING SYSTEM INC.
 CONSOLIDATED BALANCE SHEET
 Sept. 30, 1992
 (In thousands)
 Sept. 30, Dec. 31,
 1992 1991
 ASSETS
 Cash and cash equivalents:
 Cash and due from banks $ 4,215 $ 1,570
 Interest-bearing deposits with
 Federal Home Loan Bank 3,326 6,944
 Total cash and cash equivalents 7,541 8,514
 Investment securities, at cost 5,261 5,792
 Short-term investments, at market 5,590 --
 Loans receivable, net of allowance for
 estimated losses on loans of
 $1,228,000 and $1,127,000,
 respectively 104,838 78,192
 Real estate owned 2,892 2,523
 Premises and equipment, net 4,461 3,238
 Other assets 3,181 2,091
 Total assets $133,764 $100,350
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities:
 Deposits $ 92,843 $ 75,334
 Advances from Federal Home Loan Bank 20,000 15,000
 Other liabilities 793 1,124
 Subordinated capital note 4,197 4,117
 Convertible subordinated notes 5,750 --
 Total liabilities 123,583 95,575
 Shareholders' Equity:
 Preferred stock, no par value;
 2,000,000 shares authorized,
 ne? issued -- --
 Common stock, no par value;
 10,000,000 shares authorized;
 1,135,740 and 531,000 issued
 and outstanding, respectively 7,418 2,848
 Retained earnings 2,763 1,927
 Total shareholders' equity 10,181 4,775
 Total liabilities and
 shareholders' equity $133,764 $100,350
 COLUMBIA BANKING SYSTEM
 FINANCIAL HIGHLIGHTS
 (Unaudited, in thousands, except per-share data)
 Third Quarter Nine Months
 Ended Sept. 30: 1992 1991 1992 1991
 Interest income $2,621 $1,987 $7,218 $5,904
 Interest expense $1,652 $1,421 $4,638 $4,272
 Net interest income after
 provision for loan losses $ 909 $ 566 $2,450 $1,62?
 Other income $ 266 $ 226 $ 837 $1,000
 Other expense $ 904 $ 784 $2,432 $2,061
 Income before income taxes $ 271 $ 8 $ 855 $ 571
 Net income $ 253 $ 8 $ 837 $ 552
 Net income per share:
 Primary $ 0.22 $ 0.02 $ 1.05 $ 1.04
 Fully diluted $ 0.22 -- $ 0.99 --
 Weighted average shares
 outstanding 1,172,575 531,000 794,849 531,000
 Sept. 30, Dec. 31,
 1992 1991
 Total assets $133,764 $100,350
 Net loans receivable $104,838 $ 78,192
 Shareholders' equity $ 10,181 $ 4,775
 Book value per share $ 8.96 $ 8.99
 -0- 11/2/92 R
 /CONTACT: Gayle Cloud of Cloud Public Relations, 206-453-5583, for Columbia Banking System Inc.; or A.G. Espe, chairman, 206-646-5370, or J. Mike Dunn, vice president, director of Marketing, 206-646-5373 (days) or 206-488-4874 (evenings), both of Columbia Banking System/
 (COLB) CO: Columbia Banking Systems Inc.; Columbia Bank, FSB ST: Washington IN: FIN SU: ERN


SW-LM -- SE001 -- 1529 11/02/92 10:58 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 2, 1992
Words:1313
Previous Article:CARNIVAL ANNOUNCES INNOVATIVE YEAR-ROUND DEEPLY DISCOUNTED PRICING
Next Article:SCIOS NOVA INC. REACQUIRES RIGHTS TO RECOMBINANT HUMAN LUNG SURFACTANT
Topics:


Related Articles
COLUMBIA BANKING SYSTEM REPORTS 46-PERCENT INCREASE IN 1993 FIRST-QUARTER EARNINGS
COLUMBIA BANKING SYSTEM INC. REPORTS THIRD QUARTER RESULTS
COLUMBIA BANKING SYSTEM REPORTS SIGNIFICANT GROWTH IN 1993
COLUMBIA BANKING SYSTEM ATTAINS PROFITABILITY; FIRST REPORT OF EARNINGS SINCE MAJOR PIERCE COUNTY EXPANSION
COLUMBIA BANKING SYSTEM ANNOUNCES FOURTH QUARTER 1994 EARNINGS; NET INCOME INCREASES SIGNIFICANTLY FROM THIRD QUARTER
COLUMBIA BANKING SYSTEM ANNOUNCES FIRST QUARTER 1995 EARNINGS
COLUMBIA BANKING SYSTEM REPORTS STRONG THIRD QUARTER PERFORMANCE
COLUMBIA BANKING SYSTEM ANNOUNCES STRONG FIRST QUARTER PERFORMANCE
Columbia Banking System Announces Strong Earnings Growth in 1996; Fourth Quarter Net Income Up 34% From 1995
Columbia Banking System Reports Third Quarter Results: Record Earnings and Strong Overall Performance

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters