Columbia Bank posts $13.5M profit, boosts dividend
The parent company of Columbia Bank in Tacoma reported fourth-quarter net income of $13.5 million and increased its dividend by a penny a share.
Seattle Times business staff
The parent company of Tacoma’s Columbia Bank said fourth-quarter net income slipped to $13.5 million, or 34 cents a share, from $14.8 million, or 37 cents a share, in the same period a year ago.
The company said the decline was due to its government-assisted acquisition of three failed banks in 2011, which gave it a one-time earnings boost a year ago.
Over the year, total deposits grew 6 percent to $4.04 billion, while loans not covered by the government grew 8 percent.
A cash dividend of 10 cents a share, up from 9 cents a share last quarter, will be paid on Feb. 20 to shareholders of record on Feb. 6.