Business
Columbia Banking System Announces Fourth Quarter and Full Year 2021 Results and Quarterly Cash Dividend
TACOMA, Wash., Jan. 19, 2022 /PRNewswire/ -- Notable Items for Fourth Quarter 2021 and Fiscal Year 2021 Completed acquisition of Bank of Commerce Holdings
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"TACOMA, Wash., Jan. 19, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nNotable Items for Fourth Quarter 2021 and Fiscal Year 2021\nCompleted acquisition of Bank of Commerce Holdings Announced merger agreement with Umpqua Holdings Corporation Record full year 2021 net income of $202.8 million and diluted earnings per share of $2.78 Quarterly net income of $42.9 million and diluted earnings per share of $0.55, which included $0.12 per share negative impact from acquisition-related expenses Record fourth quarter loan production of $640.5 million and full year production of $2.56 billion Loan portfolio increased 12% from the prior quarter, annualized loan growth of 47%; adjusted annualized loan growth of 9% for the quarter1 Nonperforming assets to period-end assets ratio decreased to 0.11% Regular cash dividend declared of $0.30 per shareClint Stein, President and Chief Executive Officer of Columbia Banking System, Inc. (\"Columbia\", \"we\" or \"us\") and Columbia Bank (the \"Bank\") (NASDAQ: COLB), said today upon the release of Columbia's fourth quarter 2021 earnings, \"It's been a busy year capped off by a transformative fourth quarter. We completed the acquisition of Bank of Commerce Holdings on October 1st, and we signed a definitive agreement to combine with Umpqua Holdings Corporation on October 12th.\" He continued, \"Annual net income exceeded $200 million for the first time in our history, loan production was a new record, and momentum continues to build as a result of safely keeping our branches open and supporting our communities throughout the pandemic. When our clients needed us most, our bankers were there to meet their immediate needs and help them build for the future.\"\n1 Adjusted annualized loan growth is a non-GAAP financial measure. See the section titled \"Non-GAAP Financial Measures\" in this earnings release for the reconciliation of adjusted annualized quarterly loan growth. \nSignificant Influences on the Quarter Ended December 31, 2021\nBank of Commerce Holdings Acquisition\nOn October 1, 2021, we completed our acquisition of Bank of Commerce Holdings (\"Bank of Commerce\"). The table below summarizes the amounts recognized at the acquisition date for each major class of assets acquired and liabilities assumed:\nOctober 1, 2021\n(in thousands)\nMerger consideration\n$\n256,257\nIdentifiable net assets ac...