Columbia Banking System, Inc., holding company of Columbia Bank, on Thursday reported a profit of $447,000, or 2 cents per share, for the quarter ending Dec. 31.
That’s compared to a $1.3 million profit, or 7 cents per share, for the same quarter of 2008. The Tacoma-based bank last week announced its takeover of the failed Columbia River Bank, bringing the total branches to 73 in Washington and Oregon, with two in Vancouver. Overall in 2009, the bank posted an $8.4 million loss, compared to earnings of $5.5 million in 2008, due mostly to the $63.5 million set aside for its loan loss provision.
