-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GrOLXm76UzOXpKGpLrvC7R/1LJdU1wubMOSA1vBJdfXamuFUu1nqPW1ixbWkLwjD nVJVTe1JBpVB9e1LGyrZ5g== 0001072613-03-001666.txt : 20031024 0001072613-03-001666.hdr.sgml : 20031024 20031023195010 ACCESSION NUMBER: 0001072613-03-001666 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031023 ITEM INFORMATION: FILED AS OF DATE: 20031024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BANKING SYSTEM INC CENTRAL INDEX KEY: 0000887343 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911422237 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20288 FILM NUMBER: 03955057 BUSINESS ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 BUSINESS PHONE: 2533051900 MAIL ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 8-K 1 form8-k_12257.txt FORM 8-K DATED OCTOBER 23, 2003 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 23, 2003 COLUMBIA BANKING SYSTEM, INC. (Exact name of registrant as specified in its charter) Washington (State or other jurisdiction of incorporation) 0-20288 91-1422237 - ------------------------ ------------------------------- (Commission File Number) IRS Employer Identification No. 1301 A Street Tacoma, WA 98402 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (253) 305-1900 ================================================================================ Item 12. RESULTS OF OPERATIONS AND FINANCIAL RESULTS On October 23, 2003, we issued a press release announcing our third quarter 2003 financial results. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference in its entirety. Exhibits 99.1 Press Release dated October 23, 2003 announcing Third Quarter 2003 Financial Results. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 23, 2003 COLUMBIA BANKING SYSTEM, INC. By: /s/ Melanie J. Dressel ------------------------- Melanie J. Dressel Chief Executive Officer EX-99.1 3 exhibit99-1_12257.txt THIRD QUARTER 2003 EARNINGS PRESS RELEASE EXHIBIT 99.1 ------------ FOR IMMEDIATE RELEASE --------------------- October 23, 2003 Contacts: Melanie J. Dressel, President and Chief Executive Officer (253) 305-1911 Gary R. Schminkey, Executive Vice President and Chief Financial Officer (253) 305-1966 COLUMBIA BANKING SYSTEM ANNOUNCES SOLID THIRD QUARTER 2003 EARNINGS THIRD QUARTER HIGHLIGHTS o NET INCOME OF $4.9 MILLION, UP 33% FROM 3RD QUARTER 2002. o DILUTED EARNINGS PER SHARE OF $0.36, UP 29% FROM THE PRIOR YEAR. o NONINTEREST INCOME UP 10% AND 22% COMPARED TO 3RD QUARTER AND THE FIRST 9 MONTHS OF 2002, RESPECTIVELY. o AVERAGE CORE DEPOSIT GROWTH OF 17%, COMPARED WITH THE PRIOR YEAR. o TOTAL NONPERFORMING ASSETS DECREASED 58% FROM SEPTEMBER 30, 2002; ALLOWANCE FOR LOAN LOSSES TO NONPERFORMING ASSETS IMPROVED TO 226%. o ALLOWANCE FOR LOAN LOSSES TO TOTAL LOANS IMPROVED TO 1.90% FROM 1.58% A YEAR AGO. o RETURN ON EQUITY IMPROVED TO 13.56% FROM 11.66% IN 3RD QUARTER 2002. o RETURN ON ASSETS IMPROVED TO 1.16% FROM 0.91% IN 3RD QUARTER 2002. TACOMA, Washington---Columbia Banking System, Inc. (Nasdaq: COLB) today announced net income for the third quarter ended September 30, 2003 of $4.9 million, an increase of 33% compared to $3.7 million for the third quarter of 2002. For the same periods, earnings per share increased 29% to $0.36 per diluted share, from $0.28 per diluted share. Total nonperforming assets decreased $12.3 million, or 58%, from $21.3 million at September 30, 2002 to $9.0 million at September 30, 2003. Noninterest income for the third quarter 2003 was $6.0 million, an increase of 10% from $5.5 million for the third quarter 2002. Noninterest expense for the third quarter 2003 increased 5%, to $14.3 million, from $13.6 million a year ago, excluding a net gain on Other Real Estate Owned (OREO) in 2002. Net income for the nine months ended September 30, 2003 was $14.1 million, an increase of $7.7 million from net income of $6.4 million for the first nine months of 2002. On a diluted per share basis, net income for the nine months ended September 30, 2003 was $1.04, compared with $0.48 cents for the same period last year. This increase in net income is primarily due to significantly lower loan loss provisions than the prior year. Additionally, noninterest income for the first nine months of 2003 improved to $17.3 million, a 22% increase from $14.2 million the prior year. Noninterest expense for the first nine months of 2003 increased 1% to $42.0 million, compared to $41.5 million a year ago, excluding the net gain on OREO in 2002. "Our earnings improved again during the third quarter, despite the continued slow economy in the Pacific Northwest and a challenging interest rate environment," stated Melanie J. Dressel, President and Chief Executive Officer. "An ongoing challenge will be to continue to manage our net interest margin during this time of slow economic growth. We have been able to consistently lower our cost of funds and manage our net interest margin through our growth in core deposits. We are pleased that our core deposits have grown above the $1 billion milestone this year, and comprise 70% of our total deposits." Ms. Dressel further noted, "The quality of loans continued to improve, as well as the ratio of our allowance for loan losses to total loans of 1.90% and our coverage of nonperforming assets at 226%. In the third quarter 2003, the provision for loan losses was $250,000, as compared to $4.0 million for the same period in 2002. Nonperforming assets decreased 58% from September 30, 2002, largely due to payoffs and resolution of problem loans. In fact, we saw a net recovery of $87,000 this quarter. The allowance for loan losses to nonperforming assets improved to 226% from 87% a year ago. This dramatic decrease in nonperforming assets over the prior year reflects our ongoing focus on the quality of our loan portfolio. In light of this progress, we are comfortable with the current level of our loan coverage ratios." At September 30, 2003, Columbia's total assets were $1.70 billion, an increase of 2% from $1.66 billion at September 30, 2002. Total loans were $1.1 billion at September 30, 2003, down 8% from September 30, 2002, and total securities increased to $433.5 million at September 30, 2003, an increase of 71% from the prior year. Total deposits increased 6% from September 30, 2002, ending at $1.5 billion at September 30, 2003. Core deposits at September 30, 2003 were $1.1 billion, an increase of $125 million, or 13%, compared with 2002. 2 Ms. Dressel continued, "Investment securities grew this year in response to increased deposits coupled with soft loan demand. We continue to see a decrease in our total loans, primarily due to the slow economy combined with our judicious management of interest rate risk in our loan portfolio. Our customers are carrying lower balances on their lines of credit and continue to reduce inventory and pay down debt. In this economic environment, demand for commercial loans remains low while demand for long-term fixed commercial real estate loans is high. As compared to a year ago, outstanding loans are down $96.4 million, of which $32 million is due to decreases in line of credit usage, attributed to significant reductions in overall line balances. We also had $21 million in loans paid through problem loan resolutions and a reduction of $33 million resulting from our commitment to manage interest rate risk and our loan portfolio mix. Additionally, we maintain our position of prudently underwriting all commercial real estate loans by concentrating on shorter-term loans. Our overall loan portfolio remains well diversified." OPERATING RESULTS QUARTER ENDED SEPTEMBER 30, 2003 NET INTEREST INCOME Net interest income for the third quarter of 2003 decreased 5% to $15.5 million, from $16.2 million for the three months ended September 30, 2002. The decrease is primarily due to lower loan balances and yields, only partially offset by the growth in core deposits and the steps the Company has taken to manage its deposit costs. With the decreases in the prime rate since the fourth quarter 2002, and most recently the .25% drop in June 2003, the Company has experienced downward pressure on its net interest margin. Net interest margin decreased to 4.16% in the third quarter of 2003, from 4.52% for the same period last year. Average interest-earning assets grew to $1.51 billion, or 4%, during the third quarter of 2003, compared with $1.45 billion in the third quarter of 2002. The yield on average interest-earning assets decreased 101 basis points (a basis point equals 1/100 of 1%) to 5.35% during the third quarter of 2003 compared with 6.36% during the same period of 2002. In comparison, average interest-bearing liabilities were unchanged at $1.21 billion compared to a year ago. The cost of average interest-bearing liabilities decreased 73 basis points to 1.49% during the third quarter of 2003, from 2.22% in the same period of 2002. For the nine months ended September 30, 2003, net interest income remained unchanged at $47.6 million. During the first nine months of 2003, the Company's net interest margin decreased to 3 4.26% from 4.53% for the same period of 2002. Average interest-earning assets grew to $1.53 billion during the first nine months of 2003, compared with $1.43 billion for the same period of 2002. The yield on average interest-earning assets decreased 90 basis points to 5.63% during the first nine months of 2003, from 6.53% in 2002. In comparison, average interest-bearing liabilities grew to $1.24 billion compared with $1.19 billion for the first nine months of 2002. The cost of average interest-bearing liabilities decreased to 1.69% during the first nine months of 2003 from 2.39% in the same period of 2002. NONINTEREST INCOME Noninterest income increased $524,000 or 10% in the third quarter of 2003, and $3.1 million, or 22%, for the first nine months of 2003 compared with the same periods in 2002. Increases during the third quarter and first nine months of 2003 were primarily centered in mortgage banking, service charges and other fees, and merchant services income. Increases in service charges and other fees reflect growth in core deposits. Increases in merchant services income is due to the overall growth of the customer base, while mortgage banking increases were primarily due to continued low mortgage rates. Historically, new residential real estate loans to purchase homes have comprised a significant portion of mortgage banking originations. The record low interest rates of the last two years resulted in a larger percentage of home refinancing. The trend toward home refinancing has moderated recently as rates have begun to rise. NONINTEREST EXPENSE Total noninterest expense increased 5% to $14.3 million for the third quarter of 2003, and increased 1% to $42.0 million for the first nine months of 2003 compared with the same periods in 2002, excluding Net Costs (Gains) of Other Real Estate Owned (OREO) in 2002. During the third quarter of 2002, the Company received a one-time lease termination payment of $1.2 million from the tenant of a property included in OREO. Including this payment, total noninterest expense increased 15% from $12.5 million for the third quarter and increased 4% for the first nine months of 2002. The increase in noninterest expense is due primarily to volume-related expenses, such as merchant services and residential real estate activity. These types of expenses are more than offset by additional noninterest revenues. The Company's efficiency ratio (noninterest expense divided by the sum of net interest income and noninterest income on a tax equivalent basis, excluding nonrecurring income and expense) was 64.36% for the third quarter 2003 and 62.87% for first nine months of the year, compared to 61.86% 4 for the third quarter 2002 and 65.99% for the first nine months of 2002. The change in the Company's efficiency ratio is primarily due to growth in noninterest income and controlled noninterest expenses. "Ms. Dressel notes, "It's important during these economic times to continue to challenge ourselves to operate more efficiently and effectively, while maintaining our core value of customer service." NONPERFORMING ASSETS AND LOAN LOSS PROVISION The Company's provision for loan losses was $250,000 for third quarter 2003, compared with $4.0 million for third quarter 2002. For the quarter ended September 30, 2003 net loan recoveries amounted to $87,000 compared to net loan charge-offs of $1.4 million for the quarter ended September 30, 2002. For the first nine months ended September 30, 2003 and 2002, net loan charge-offs were $1.7 million and $9.4 million, respectively. The allowance for loan losses had a net increase of $1.9 million, to $20.3 million at September 30, 2003 as compared to quarter-end a year ago. The allowance for loan losses as a percentage of loans (excluding loans held for sale at each date) increased to 1.90% at September 30, 2003 as compared to 1.58% of loans at September 30, 2002, and 1.63% at year-end 2002. At September 30, 2003, the allowance for loan losses to nonperforming loans was 299% compared to 119% at September 30, 2002. The allowance for loan losses to nonperforming assets was 226% compared to 87% the prior year. Columbia Banking System, Inc. is a Tacoma-based bank holding company whose wholly owned subsidiary is Columbia Bank, a Washington state-chartered full-service commercial bank with 35 banking offices in Pierce, King, Cowlitz, Kitsap and Thurston counties. Columbia's stock trades on the Nasdaq Stock MarketSM under the symbol COLB. # # # NOTE REGARDING FORWARD-LOOKING STATEMENTS This news release includes forward looking statements, which management believes are a benefit to shareholders. These forward looking statements describe Columbia's management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia's style of banking and the strength of the local economy. The words "will," "believe," "expect," "should," and "anticipate" and words of similar construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia's filings with the SEC, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, 5 the following possibilities: (1) local, national and international economic conditions are less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which Columbia is engaged. 6
FINANCIAL STATISTICS COLUMBIA BANKING SYSTEM, INC. THREE MONTHS ENDED NINE MONTHS ENDED (unaudited) SEPTEMBER 30, SEPTEMBER 30, (in thousands, except per share amounts) 2003 2002 2003 2002 ---------- ---------- ---------- ---------- EARNINGS - -------- Net interest income $ 15,489 $ 16,219 $ 47,622 $ 47,702 Provision for loan loss 250 4,035 2,850 13,080 Noninterest income 6,032 5,508 17,320 14,192 Noninterest expense 14,291 12,473 42,029 40,318 Net income 4,895 3,687 14,091 6,413 PER SHARE - --------- Net income (basic) $ 0.37 $ 0.28 $ 1.05 $ 0.49 Net income (diluted) 0.36 0.28 1.04 0.48 AVERAGES - -------- Total assets $1,676,192 $1,607,831 $1,686,247 $1,578,217 Interest-earning assets 1,514,584 1,451,499 1,530,078 1,433,193 Loans 1,115,637 1,178,493 1,144,924 1,182,924 Securities 367,246 242,844 369,314 235,751 Deposits 1,496,116 1,378,396 1,466,697 1,329,295 Core deposits 1,044,124 893,548 994,980 862,713 Shareholders' Equity 143,208 125,421 139,625 122,397 FINANCIAL RATIOS - ---------------- Return on average assets 1.16% 0.91% 1.12% 0.54% Return on average equity 13.56% 11.66% 13.49% 7.01% Net interest margin 4.16% 4.52% 4.26% 4.53% Efficiency ratio (tax equivalent) (1) 64.36% 61.86% 62.87% 65.99% Average equity to average assets 8.54% 7.80% 8.28% 7.76% SEPTEMBER 30 SEPTEMBER 30 DECEMBER 31 PERIOD END 2003 2002 2002 - ---------- ---------- ---------- ---------- Total assets $1,698,956 $1,661,370 $1,699,613 Loans 1,071,201 1,167,633 1,175,853 Allowance for loan losses 20,331 18,426 19,171 Securities 433,460 253,114 337,412 Deposits 1,518,844 1,437,728 1,487,153 Core deposits 1,070,216 945,502 980,709 Shareholders' equity 144,528 127,699 132,384 Book value per share 10.79 9.63 9.95 NONPERFORMING ASSETS - -------------------- Nonaccrual loans $ 6,806 $ 15,027 $ 16,918 Restructured loans 425 187 Personal property owned 700 1,148 916 Real estate owned 1,503 4,681 130 ---------- ---------- ---------- Total nonperforming assets $ 9,009 $ 21,281 $ 18,151 Nonperforming loans to period-end loans: 0.64% 1.32% 1.45% Nonperforming assets to period-end assets: 0.53% 1.28% 1.07% Allowance for loan losses to period-end loans 1.90% 1.58% 1.63% Allowance for loan losses to nonperforming loans 298.72% 119.25% 112.08% Allowance for loan losses to nonperforming assets 225.67% 86.58% 105.62% Net loan charge-offs $ 1,690(2) $ 9,388(2) $ 11,343(3)
(1) Noninterest expense divided by the sum of net interest income and noninterest income on a tax equivalent basis, excluding nonrecurring income and expense, such as gains/losses on investment securities and net cost (gain) of OREO. (2) For the nine months ended September 30. (3) For the year ended December 31. 7
QUARTERLY FINANCIAL STATISTICS COLUMBIA BANKING SYSTEM, INC. THREE MONTHS ENDED ------------------------------------------------------------------------------ Unaudited Sept 30 Jun 30 Mar 31 Dec 31 Sept 30 (in thousands, except per share amounts) 2003 2003 2003 2002 2002 ---------- ---------- ---------- ---------- ---------- EARNINGS - -------- Net interest income $ 15,489 $ 16,114 $ 16,019 $ 16,587 $ 16,219 Provision for loan loss 250 1,000 1,600 2,700 4,035 Noninterest income 6,032 5,735 5,553 5,858 5,508 Noninterest expense 14,291 14,044 13,694 13,335 12,473 Net income 4,895 4,765 4,431 4,472 3,687 PER SHARE - --------- Net income [basic] 0.37 0.36 0.33 0.34 0.28 Net income [diluted] 0.36 0.35 0.33 0.33 0.28 AVERAGES - -------- Total assets 1,676,192 1,709,468 1,673,047 1,668,848 1,607,831 Interest-earning assets 1,514,584 1,554,936 1,520,782 1,518,118 1,451,499 Loans 1,115,637 1,143,862 1,175,935 1,186,886 1,178,493 Securities 367,246 404,914 335,432 280,358 242,844 Deposits 1,496,116 1,455,247 1,448,203 1,454,955 1,378,396 Core deposits 1,044,124 982,948 956,909 951,165 893,548 Shareholders' Equity 143,208 140,417 135,160 129,137 125,421 FINANCIAL RATIOS - ---------------- Return on average assets 1.16% 1.12% 1.07% 1.06% 0.91% Return on average equity 13.56% 13.61% 13.30% 13.74% 11.66% Net interest margin 4.16% 4.26% 4.37% 4.42% 4.52% Efficiency ratio (tax equivalent) 64.36% 62.43% 61.84% 60.22% 61.86% Average equity to average assets 8.54% 8.21% 8.08% 7.74% 7.80% PERIOD END - ---------- Total assets 1,698,956 1,724,798 1,758,587 1,699,613 1,661,370 Loans 1,071,201 1,098,675 1,146,527 1,175,853 1,167,633 Allowance for loan losses 20,331 19,994 19,272 19,171 18,426 Securities 433,460 385,971 426,088 337,412 253,114 Deposits 1,518,844 1,542,387 1,489,039 1,487,153 1,437,728 Core deposits 1,070,216 1,079,879 1,006,121 980,709 945,502 Shareholders' equity 144,528 144,871 137,594 132,384 127,699 Book value per share 10.79 10.82 10.32 9.95 9.63 NONPERFORMING ASSETS - -------------------- Nonaccrual loans 6,806 6,165 10,532 16,918 15,027 Restructured loans 50 130 187 425 Personal property owned 700 769 836 916 1,148 Real estate owned 1,503 2,547 2,500 130 4,681 ---------- ---------- ---------- ---------- ---------- Total nonperforming assets 9,009 9,531 13,998 18,151 21,281 Nonperforming loans to period-end loans 0.64% 0.57% 0.93% 1.45% 1.32% Nonperforming assets to period-end assets 0.53% 0.55% 0.80% 1.07% 1.28% Allowance for loan losses to period-end loans 1.90% 1.82% 1.68% 1.63% 1.58% Allowance for loan losses to nonperforming loans 298.72% 321.71% 180.75% 112.08% 119.25% Allowance for loan losses to nonperforming assets 225.67% 209.78% 137.68% 105.62% 86.58% Net loan (recoveries) charge-offs (87) 278 1,499 1,955 1,376
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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS Columbia Banking System, Inc. (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (in thousands except per share) 2003 2002 2003 2002 - --------------------------------------------------------------------------------------------------------------------------- INTEREST INCOME Loans $ 16,969 $ 19,976 $ 53,442 $ 60,384 Securities available for sale 2,945 2,814 9,599 8,356 Securities held to maturity 41 52 128 164 Deposits with banks 77 129 122 184 - -------------------------------------------------------------------------------------------------------------------------- Total interest income 20,032 22,971 63,291 69,088 INTEREST EXPENSE Deposits 4,260 6,020 14,236 18,834 Federal Home Loan Bank advances 16 427 616 1,632 Trust preferred obligations 267 305 817 920 - -------------------------------------------------------------------------------------------------------------------------- Total interest expense 4,543 6,752 15,669 21,386 - -------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 15,489 16,219 47,622 47,702 Provision for loan losses 250 4,035 2,850 13,080 - -------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 15,239 12,184 44,772 34,622 Noninterest Income Service charges and other fees 2,417 2,347 7,163 6,265 Mortgage banking 1,109 900 3,307 2,059 Merchant services fees 1,687 1,412 4,495 3,691 Gain on sale of investment securities, net 183 417 Bank owned life insurance (BOLI) 385 332 1,151 936 Other 434 334 1,204 824 - -------------------------------------------------------------------------------------------------------------------------- Total noninterest income 6,032 5,508 17,320 14,192 NONINTEREST EXPENSE Compensation and employee benefits 7,591 7,285 22,145 21,984 Occupancy 2,271 2,086 6,668 6,107 Merchant processing 707 584 1,841 1,507 Advertising and promotion 367 313 1,419 1,636 Data processing 509 446 1,425 1,378 Legal & Professional services 398 530 1,382 1,339 Taxes, licenses & fees 447 436 1,259 1,287 Net cost (gains) of OREO 61 (1,159) 98 (1,193) Other 1,940 1,952 5,792 6,273 - -------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 14,291 12,473 42,029 40,318 - -------------------------------------------------------------------------------------------------------------------------- Income before income taxes 6,980 5,219 20,063 8,496 Provision for income taxes 2,085 1,532 5,972 2,083 - -------------------------------------------------------------------------------------------------------------------------- NET INCOME $ 4,895 $ 3,687 $ 14,091 $ 6,413 ========================================================================================================================== Net income per common share: Basic $ 0.37 $ 0.28 $ 1.05 $ 0.49 Diluted 0.36 0.28 1.04 0.48 Dividend declared per common share 0.05 0.10 Average number of common shares outstanding 13,391 13,172 13,358 13,158 Average number of diluted common shares outstanding 13,592 13,325 13,519 13,307
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CONSOLIDATED CONDENSED BALANCE SHEETS COLUMBIA BANKING SYSTEM, INC. (Unaudited) SEPTEMBER 30, DECEMBER 31, (in thousands) 2003 2002 - ----------------------------------------------------------------------------------------------------------------- ASSETS Cash and due from banks $ 60,216 $ 67,058 Interest-earning deposits with banks 34,110 18,425 - ----------------------------------------------------------------------------------------------------------------- Total cash and cash equivalents 94,326 85,483 Securities available for sale at fair value (amortized cost of $419,964 and $320,499 respectively) 418,114 321,513 Securities held to maturity (fair value of $5,476 and $6,412 respectively) 5,307 6,192 Federal Home Loan Bank stock 10,039 9,707 Loans held for sale 18,227 22,102 Loans, net of unearned income of ($2,662) and ($2,625) respectively 1,071,201 1,175,853 Less: allowance for loan losses 20,331 19,171 - ----------------------------------------------------------------------------------------------------------------- Loans, net 1,050,870 1,156,682 Interest receivable 6,913 6,710 Premises and equipment, net 51,321 52,921 Real estate owned 1,503 130 Other 42,336 38,173 - ----------------------------------------------------------------------------------------------------------------- Total Assets $ 1,698,956 $ 1,699,613 ================================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 313,994 $ 299,862 Interest-bearing 1,204,850 1,187,291 - ----------------------------------------------------------------------------------------------------------------- Total deposits 1,518,844 1,487,153 Federal Home Loan Bank advances 46,470 Trust preferred obligations 21,482 21,433 Other liabilities 14,102 12,173 - ----------------------------------------------------------------------------------------------------------------- Total liabilities 1,554,428 1,567,229 Shareholders' equity: Preferred stock (no par value) Authorized, 2 million shares; none outstanding SEPTEMBER 30, DECEMBER 31, Common stock (no par value) 2003 2002 ------------ ------------ Authorized shares 60,032 60,032 Issued and outstanding 13,394 13,310 112,280 111,028 Retained earnings 33,450 20,696 Accumulated other comprehensive income - Unrealized (losses) gains on securities available for sale, net of tax (1,202) 660 - ----------------------------------------------------------------------------------------------------------------- Total shareholders' equity 144,528 132,384 - ----------------------------------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $ 1,698,956 $ 1,699,613 =================================================================================================================
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