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Originally published January 24, 2013 at 11:58 AM | Page modified January 25, 2013 at 6:30 AM

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Columbia Bank posts $13.5M profit, boosts dividend

The parent company of Columbia Bank in Tacoma reported fourth-quarter net income of $13.5 million and increased its dividend by a penny a share.

Seattle Times business staff

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The parent company of Tacoma’s Columbia Bank said fourth-quarter net income slipped to $13.5 million, or 34 cents a share, from $14.8 million, or 37 cents a share, in the same period a year ago.

The company said the decline was due to its government-assisted acquisition of three failed banks in 2011, which gave it a one-time earnings boost a year ago.

Over the year, total deposits grew 6 percent to $4.04 billion, while loans not covered by the government grew 8 percent.

A cash dividend of 10 cents a share, up from 9 cents a share last quarter, will be paid on Feb. 20 to shareholders of record on Feb. 6.

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