Columbia Bank parent reports lower 3Q profit
Columbia Bank’s parent company reported a lower third-quarter profit than a year ago, saying last year’s net income got a boost from an acquisition.
Seattle Times business staff
The parent company of Tacoma-based Columbia Bank on Thursday reported third-quarter profit of $11.9 million, or 30 cents a share, down from $18.9 million, or 48 cents a share, in the same period last year.
The company attributed the decline to 2011’s third-quarter profit getting a boost from its acquisition of a failed bank.
Bank officials said the company benefitted this quarter from a drop in nonperforming loans and higher income from merchant card services and bank fees.