Columbia Bank’s parent reports profitable quarter
Friday, July 30, 2010
Columbia Banking System Inc., which operates Columbia Bank, on Thursday announced profits of $3.9 million, or 11 cents per share, for the quarter ending June 30.
The Tacoma-based bank added $13.5 million to its loan-loss reserves in this year’s second quarter. It also recorded one-time expenses related to the acquisition of Columbia River Bank earlier this year.
Columbia Banking System, which opened its first Vancouver branch in 2009, plans to continue its growth in Oregon and Washington, fueled in part by $229 million it raised by issuing new shares in the second quarter.
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