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Columbia Banking System in Tacoma, Wash., and First Business Financial Services in Madison, Wis., were among a sizable group of banking companies that completed acquisitions in recent days.
November 3 -
Astoria Financial in Lake Success, N.Y., topped Wall Street expectations despite a drop in revenue. The $15.5 billion-asset company reported a 39% decrease in net income from a year earlier, to $19.3 million.
April 23 -
At first glance Cardinal Financial in McLean, Va., blew away earnings expectations, rising 220% in the first quarter from the same time last year.
April 23
Columbia Banking System in Tacoma, Wash., tapped organic growth and its
The $8.6 billion-asset company said in a press release Wednesday that its first-quarter profit rose 23% from a year earlier, to $24.4 million. Earnings per share of 42 cents beat the average estimate of analysts polled by Bloomberg by 1 cent.
Net interest income rose 9%, to $80.4 million, though the net interest margin compressed by 46 basis points, to 4.39%.
Noninterest income jumped 63%, to $22.8 million, largely because of higher service charges and a $1.5 million gain from a change in the company's loss-sharing asset with the Federal Deposit Insurance Corp.
Noninterest expense rose 16%, to $66.7 million, reflecting higher compensation and benefit expenses tied to the Intermountain acquisition.
