News & Analysis » US
Columbia Banking System Turns To Profit In Q2
July 29, 2010, Thursday, 17:28 GMT | 12:28 EST | 21:58 IST | 00:28 SGT
(RTTNews) - Columbia Banking System, Inc. (COLB) posted second-quarter net income of $3.9 million or $0.11 per share, compared with a net loss of $6.6 million or $0.37 per share in the same quarter last year.
Net-interest income increased by 43% to $40.7 million from $28.5 million, primarily due to the impact of the addition of Columbia River Bank and American Marine Bank loan portfolios.
Noninterest income was $13.2 million, compared to $7.0 million in the second quarter of last year.
The company's Board has announced a quarterly cash dividend of $0.01 per common share, which will be paid on August 25, 2010 to shareholders of record as of the close of business on August 11, 2010.
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