Columbia Banking System in Tacoma, Wash., reported higher quarterly profits that reflected increased lending.
The $9.3 billion-asset company said in a press release Thursday that its second-quarter net income rose 15% from a year earlier to $25 million, or 44 cents a share.
Net interest income rose 1.3% to $82 million because. Total loans increased 8.9% to $6 billion, including a rise in Small Business Administration loans and mortgages. The net interest margin compressed by 31 basis points to 4.10%.
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Columbia Banking System in Tacoma, Wash., tapped organic growth and its purchase of Intermountain Community Bancorp to post higher quarterly profit.
April 23 -
Heritage Financial in Olympia, Wash., has agreed to an early termination of its Federal Deposit Insurance Corp. loss-share agreements for its purchase of two failed banks in 2010.
August 7 -
MultiCare Health Systems, a Tacoma, Wash.-based nonprofit, is the subject of a new report citing questionable billing practices and collection methods that leave some patients in endless cycles of debt.
April 10
Noninterest income rose 2.2% to $22 million, while noninterest expense fell 7% to $63.8 million.
The loan-loss provision rose 36% to $3.6 million.