Shareholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

On January 26, 2012, the Company declared a quarterly cash dividend of $0.08 per share and a special, one-time cash dividend of $0.29, payable on February 22, 2012 to shareholders of record as of the close of business on February 8, 2012. On April 25, 2012 the Company declared a quarterly cash dividend of $0.08 per share and a special, one-time cash dividend of $0.14, payable on May 23, 2012 to shareholders of record at the close of business May 9, 2012. On July 26, 2012 the Company declared a quarterly cash dividend of $0.09 per share and a special, one-time cash dividend of $0.21, payable on August 22, 2012 to shareholders of record at the close of business August 8, 2012. On October 25, 2012 the Company declared a quarterly cash dividend of $0.09 per share payable on November 21, 2012 to shareholders of record at the close of business November 7, 2012. Subsequent to year end, on January 24, 2013 the Company declared a quarterly cash dividend of $0.10 per share payable on February 20, 2013, to shareholders of record at the close of business on February 6, 2013.

The payment of cash dividends is subject to Federal regulatory requirements for capital levels and other restrictions. In addition, the cash dividends paid by Columbia Bank to the Company are subject to both Federal and State regulatory requirements.

Stock Repurchase Program

In October 2011, the Board of Directors authorized the repurchase of 2 million shares of Columbia common stock. The Company may purchase the shares from time to time in the open market or in private transactions, under conditions which allow such repurchases to be accretive to earnings per share while maintaining capital ratios that exceed the guidelines for a well-capitalized financial institution. No shares were repurchased under the stock repurchase program during 2012 or 2011.