Business
Columbia Banking System Announces Fourth Quarter and Full Year 2019 Results, and Quarterly and Special Cash Dividends
TACOMA, Wash., Jan. 23, 2020 /PRNewswire/ -- Highlights Record full year 2019 net income of $194.5 million and diluted earnings per share of $2.68 Fourth
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"TACOMA, Wash., Jan. 23, 2020 /PRNewswire/ --\n\n \n \n\n \nHighlights\nRecord full year 2019 net income of $194.5 million and diluted earnings per share of $2.68 Fourth Quarter net income of $46.1 million; diluted earnings per share of $0.64 Record full year loan production of $1.58 billion and fourth quarter loan production of $427.0 million Nonperforming assets to period end assets ratio improved for the eighth consecutive quarter to 0.24% Exceeded our five-year fund-raising milestone, raising more than $1.0 million for local communities through our annual Warm Hearts fund-raiser Successfully completed leadership transition as planned Regular and special cash dividends declared of $0.28 and $0.22 per share, respectivelyClint Stein, President and Chief Executive Officer of Columbia Banking System, Inc. and Columbia Bank (NASDAQ: COLB) (\"Columbia\"), said today upon the release of Columbia's fourth quarter 2019 earnings, \"I want to thank the entire team for a remarkable year in which we had record net income, despite the three rate cuts that occurred during the year. We also had record loan production in addition to progressing on a number of strategic initiatives. It is a testament to our bench strength and our succession planning process that we were able to have these results while going through a leadership transition during the fourth quarter.\"\nBalance Sheet\nTotal assets at December 31, 2019 were $14.08 billion, an increase of $321.8 million from the linked quarter. Loans were $8.74 billion, down $12.9 million from September 30, 2019 as a result of loan originations of $427.0 million offset by a decrease in seasonal line utilization and payments. Securities available for sale were $3.75 billion at December 31, 2019, an increase of $378.6 million from $3.37 billion at September 30, 2019. Total deposits at December 31, 2019 were $10.68 billion, a decrease of $171.0 million from September 30, 2019 principally due to a decrease of $328.6 million in public funds, excluding certificates of deposit. Deposit mix remained fairly consistent from September 30, 2019 with 50% noninterest-bearing and 50% interest-bearing. The average cost of total deposits for the quarter was 21 basis points, a decrease of 5 basis points from the third quarter of 2019. For additional information regarding this calculation, see the \"Net Interest Mar...