Business
Columbia Banking System Announces Second Quarter 2020 Results and Quarterly Cash Dividend
Notable Items for Second Quarter 2020 -- Quarterly net income of $36.6 million and diluted earnings per share of $0.52 -- Net loans increased $838.6 million,
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"Notable Items for Second Quarter 2020\n -- Quarterly net income of $36.6 million and diluted earnings per share of $0.52\n -- Net loans increased $838.6 million, or 9% during the second quarter of 2020 from regular second quarter production of $295 million supplemented by Paycheck Protection Program loan originations\n -- Deposits increased $2.32 billion, or 21% during the second quarter of 2020\n -- Net interest margin of 3.64%, a decrease of 36 basis points from the linked quarter\n -- Nonperforming assets to period-end assets ratio remained stable at 0.34%\n -- Regular cash dividend declared of $0.28 per share\n\n\nTACOMA, Wash., July 23, 2020 /PRNewswire/ -- Clint 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 second quarter 2020 earnings, \"I'm proud of the accomplishments by our team of bankers during one of the most challenging quarters in our 27 year history. They came together to execute on our pandemic response plan while supporting each other through the professional and personal challenges of COVID-19.\" Mr. Stein continued, \"In addition, our bankers continued to support our clients and our communities through uninterrupted access to our banking services as well as our ongoing philanthropic activities.\"\n\n \n \n \n \n \n \n\n \nBalance Sheet\nTotal assets at June 30, 2020 were $15.92 billion, an increase of $1.88 billion from the linked quarter. Loans were $9.77 billion, up $838.6 million from March 31, 2020 as a result of loan originations of $1.26 billion partially offset by payments. Included in the loan originations for the quarter were $962.0 million of loans originated under the Paycheck Protection Program (\"PPP\"). Interest-earning deposits with banks were $880.2 million, an increase of $854.9 million from the linked quarter due to the surge in deposits. Debt securities available for sale were $3.69 billion at June 30, 2020, an increase of $140.7 million from $3.55 billion at March 31, 2020. Total deposits at June 30, 2020 were $13.13 billion, an increase of $2.32 billion from March 31, 2020 largely due to an increase of $1.40 billion in demand and other noninterest-bearing deposits. The deposit mix remained fairly consistent from March 31, 2020 with 51% noninterest-bearing and 49% inte...