Columbia Banking System Inc. (COLB, Financial) filed Quarterly Report for the period ended 2012-09-30.
Columbia Banking System, Inc. has a market cap of $700.2 million; its shares were traded at around $17.77 with a P/E ratio of 14.7 and P/S ratio of 2.9. The dividend yield of Columbia Banking System, Inc. stocks is 2%.
Revenue (net interest income plus noninterest income) for the nine months ended September 30, 2012 was $204.5 million, 24% more than the same period in 2011. The increase in revenue was primarily due to the growth of the loan portfolio caused by substantial organic loan growth as well as the FDIC-assisted acquisitions completed during 2011.
At September 30, 2012, the Company held investment securities totaling $943.6 million compared to $1.03 billion at December 31, 2011. All of our securities are classified as available for sale and carried at fair value. The decrease in the investment securities portfolio from year-end is due to $167.4 million in maturities and sales of securities in the portfolio partially offset by $87.3 million in purchases. These securities are used by the Company as a component of its balance sheet management strategies. From time-to-time securities may be sold to reposition the portfolio in response to strategies developed by the Company s asset liability committee. In accordance with our investment strategy, management monitors market conditions with a view to realize gains on its available for sale securities portfolio when prudent.
At September 30, 2012, the market value of securities available for sale had an unrealized gain of $45.2 million compared to an unrealized gain of $40.6 million at December 31, 2011. The increase in the unrealized gain was the result of the fluctuations in interest rates as well as the increase in the fair value of the Greater Wenatchee Regional Events Center Public Facilities District bond discussed below. The Company does carry $53.9 million of investment securities with unrealized losses of $466 thousand; however, we do not consider these investment securities to be other-than-temporarily impaired. In the future, if the impairment is judged to be other-than-temporary, to the extent that the loss is determined to be credit-related, the cost basis of the individual impaired securities will be written down to fair value; the amount of the write-down could be included in earnings as a realized loss. The remaining non-credit-related impairment would be recorded to other comprehensive income.
Other Personal Property Owned: During the nine months ended September 30, 2012, noncovered OPPO declined $8.1 million primarily as a result of $4.8 million of OPPO sales and $2.3 million in write-downs recorded as expense in the consolidated statements of income. Also contributing to the decline in noncovered OPPO was the conversion of a $945 thousand item from OPPO to OREO during the second quarter.
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Columbia Banking System, Inc. has a market cap of $700.2 million; its shares were traded at around $17.77 with a P/E ratio of 14.7 and P/S ratio of 2.9. The dividend yield of Columbia Banking System, Inc. stocks is 2%.
Highlight of Business Operations:
Revenue (net interest income plus noninterest income) for the three months ended September 30, 2012 was $56.4 million, 16% less than the same period in 2011. The decrease in revenue was primarily a result of decreased net interest income arising from lower yields from assets acquired in three FDIC-assisted transactions completed in May and August 2011. For a more complete discussion of this topic, please refer to the net interest income section contained in the ensuing pages. Also contributing to the decrease in revenue was the $1.8 million gain on acquisition recorded during the third quarter of 2011 related to the Bank of Whitman acquisition.Revenue (net interest income plus noninterest income) for the nine months ended September 30, 2012 was $204.5 million, 24% more than the same period in 2011. The increase in revenue was primarily due to the growth of the loan portfolio caused by substantial organic loan growth as well as the FDIC-assisted acquisitions completed during 2011.
At September 30, 2012, the Company held investment securities totaling $943.6 million compared to $1.03 billion at December 31, 2011. All of our securities are classified as available for sale and carried at fair value. The decrease in the investment securities portfolio from year-end is due to $167.4 million in maturities and sales of securities in the portfolio partially offset by $87.3 million in purchases. These securities are used by the Company as a component of its balance sheet management strategies. From time-to-time securities may be sold to reposition the portfolio in response to strategies developed by the Company s asset liability committee. In accordance with our investment strategy, management monitors market conditions with a view to realize gains on its available for sale securities portfolio when prudent.
At September 30, 2012, the market value of securities available for sale had an unrealized gain of $45.2 million compared to an unrealized gain of $40.6 million at December 31, 2011. The increase in the unrealized gain was the result of the fluctuations in interest rates as well as the increase in the fair value of the Greater Wenatchee Regional Events Center Public Facilities District bond discussed below. The Company does carry $53.9 million of investment securities with unrealized losses of $466 thousand; however, we do not consider these investment securities to be other-than-temporarily impaired. In the future, if the impairment is judged to be other-than-temporary, to the extent that the loss is determined to be credit-related, the cost basis of the individual impaired securities will be written down to fair value; the amount of the write-down could be included in earnings as a realized loss. The remaining non-credit-related impairment would be recorded to other comprehensive income.
Other Personal Property Owned: During the nine months ended September 30, 2012, noncovered OPPO declined $8.1 million primarily as a result of $4.8 million of OPPO sales and $2.3 million in write-downs recorded as expense in the consolidated statements of income. Also contributing to the decline in noncovered OPPO was the conversion of a $945 thousand item from OPPO to OREO during the second quarter.
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