PORTLAND, Ore. - (07/28/06) Internet services providerCorillian Corp. reported Thursday it had a $1.5 million, or threecents a share, in the second quarter, compared to a profit of $2.1million, or five cents a share, for the same period last year, asits cost of revenues almost doubled over the past year. Thecompany, which acquired InteliData Technologies Corp. last year,said revenues in the second quarter were $14.6 million, up 20% fromlast years second quarter. Second quarter highlights includecontracts with nine more financial institutions for thecompanys multifactor authentication solution and two newpayment warehouse deals.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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