Columbia Banking System (COLB) has reported 37.35 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $29.20 million, or $0.50 a share in the quarter, compared with $21.26 million, or $0.37 a share for the same period last year. Revenue during the quarter grew 13.81 percent to $108.76 million from $95.56 million in the previous year period. Net interest income for the quarter rose 8.11 percent over the prior year period to $86.68 million. Non-interest income for the quarter rose 20.41 percent over the last year period to $24.86 million.
Columbia Banking System has made provision of $2.78 million for loan losses during the quarter, down 47.18 percent from $5.25 million in the same period last year.
Net interest margin improved 7 basis points to 4.20 percent in the quarter from 4.13 percent in the last year period. Efficiency ratio for the quarter improved to 59.95 percent from 62.63 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Hadley Robbins, Interim chief executive officer of Columbia Banking System and Columbia Bank (NASDAQ: COLB) (“Columbia”), said today upon the release of Columbia’s first quarter 2017 earnings, “From a performance standpoint, we had a very good quarter. Our record first quarter performance was driven, in part, by increased net interest income, modest provision for loan losses, and increased noninterest income.” Mr. Robbins continued, “I am very proud of our team. The sudden passing of Melanie Dressel was a tragic loss for all of us; however, the strength of the culture Melanie built and epitomized so well shined in each of our team members when it mattered most. Our focus on caring for our customers, each other, and the communities we serve never wavered."
Liabilities outpace assets growthTotal assets stood at $9,527.27 million as on Mar. 31, 2017, up 5.44 percent compared with $9,035.93 million on Mar. 31, 2016. On the other hand, total liabilities stood at $8,251.93 million as on Mar. 31, 2017, up 6.13 percent from $7,775.14 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $6,157.12 million as on Mar. 31, 2017, up 6.01 percent compared with $5,808.02 million on Mar. 31, 2016. Deposits stood at $8,088.83 million as on Mar. 31, 2017, up 6.47 percent compared with $7,596.95 million on Mar. 31, 2016. Investments stood at $2,331.36 million as on Mar. 31, 2017, up 6.64 percent or $145.19 million from year-ago. Shareholders equity stood at $1,275.34 million as on Mar. 31, 2017, up 1.15 percent or $14.56 million from year-ago.
Return on average assets moved up 28 basis points to 1.23 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity increased 250 basis points to 9.26 percent in the quarter from 6.76 percent in the last year period.
Nonperforming assets moved down 39.04 percent or $19.25 million to $30.07 million on Mar. 31, 2017 from $49.32 million on Mar. 31, 2016.
Average equity to average assets ratio was 13.32 percent for the quarter, down from 14.06 percent for the previous year quarter. Book value per share was $21.86 for the quarter, up 0.74 percent or $0.16 compared to $21.70 for the same period last year.
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