Columbia Banking System Reports Q4 EPS of $.32

Columbia Banking System, Inc. COLB today announced net income of $12.6 million for the quarter ended December 31, 2010, compared to net income applicable to common shareholders of $447 thousand for the same quarter of 2009. On a diluted earnings per common share basis, net income was $0.32 for the fourth quarter compared with net income of $0.02 per share a year earlier. These results were achieved while the Company added $3.8 million to the provision for loan losses, excluding covered loans, for the quarter ended December 31, 2010, compared to $15.0 million for the fourth quarter of 2009. During the fourth quarter, the Company recorded $5.6 million in provision expense on its acquired loan portfolios.