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27.04.2016 20:30
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Columbia Banking System Announces First Quarter 2016 Results
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PR Newswire
TACOMA, Wash., April 27, 2016
TACOMA, Wash., April 27, 2016 /PRNewswire/ -- Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank (NASDAQ: COLB) ("Columbia"), said today upon the release of Columbia's first quarter 2016 earnings, "Our reported earnings were muted by the last of the Intermountain acquisition expense, increased provision expense and lower accretion income. In the near term, the current rate environment is challenging for organic loan growth to fully offset the runoff in accretion income. Aside from our reported earnings, we had some very positive outcomes in the quarter. These include the highest first quarter loan production we have ever achieved, continued growth during what is historically our slowest quarter for deposit gathering, and meaningful expense control." Ms. Dressel continued, "Despite the uptick in provision expense for the quarter, we remain confident in the overall quality of our loan portfolio."
Balance Sheet
Total assets at March 31, 2016 were $9.04 billion, an increase of $84.2 million from December 31, 2015 as deposit account net inflows were used to fund loan growth and purchase investment securities. Loan growth of $62.3 million during the quarter was driven by strong loan originations of $254 million. Loan production was diversified across the portfolio sectors but centered in our commercial business sector. Securities were $2.20 billion at March 31, 2016, an increase of $26.0 million, or 1% from $2.17 billion at December 31, 2015. Total deposits at March 31, 2016 were $7.60 billion, an increase of $158.1 million from $7.44 billion at December 31, 2015. Core deposits comprised 96% of total deposits and were $7.29 billion at March 31, 2016, an increase of $157.2 million from December 31, 2015. The average rate on interest-bearing deposits and total deposits for the quarter was 0.07% and 0.04%, respectively, remaining unchanged from the fourth quarter of 2015.
Income Statement
Net Interest Income
Net interest income for the first quarter of 2016 was $80.2 million, a decrease of $1.6 million and $194 thousand from the linked and prior year first quarter, respectively. The linked quarter decrease was the result of one less day of interest accruals in the current quarter and a decline in incremental accretion income on loans, partially offset by higher loan volumes. The decrease from the prior year period is attributed to lower incremental accretion income, which in the current quarter is $2.8 million less than the first quarter of 2015. For additional information regarding net interest income, see the "Average Balances and Rates" table.
Noninterest Income
Noninterest income was $20.6 million for the first quarter of 2016, a decrease of $4.1 million compared to $24.7 million for the fourth quarter of 2015. The linked quarter decrease was primarily due to the $3.1 million accrual adjustment recorded during the fourth quarter of 2015 through other noninterest income related to the mortgage repurchase liability resulting from our acquisition of West Coast Bank. Additionally, income from interest rate contracts associated with commercial loan products was $428 thousand lower than the linked quarter.
Compared to the first quarter of 2015, noninterest income declined by $2.1 million primarily due to the change in FDIC loss-sharing asset, which accounted for $1.3 million of the decrease. In addition, other noninterest income was lower in the current quarter due to a $402 thousand decrease related to gains on disposals of loans.
The change in the FDIC loss-sharing asset has been a significant component of noninterest income, but over time the significance has diminished. The following table reflects the income statement components of the change in the FDIC loss-sharing asset:
| | | Three Months Ended | ||||||||||
| | | March 31, | | December 31, | | March 31, | ||||||
| | | 2016 | | 2015 | | 2015 | ||||||
| | | (in thousands) | ||||||||||
| Adjustments reflected in income | | | | | | | ||||||
| Amortization, net | | (1,332) | | | (1,098) | | | (2,294) | | |||
| Loan impairment | | 147 | | | 855 | | | 1,532 | | |||
| Sale of other real estate | | 144 | | | (484) | | | (420) | | |||
| Write-downs of other real estate | | 18 | | | 10 | | | 1,071 | | |||
| Other | | (80) | | | (314) | | | 261 | | |||
| Change in FDIC loss-sharing asset | | $ | (1,103) | | | $ | (1,031) | | | $ | 150 | |
| | | | | | | | | | | | | |
Noninterest Expense
Total noninterest expense for the first quarter of 2016 was $65.1 million, a decrease of $1.8 million compared to $66.9 million for the fourth quarter of 2015. After removing the effect of the acquisition-related expenses, which were predominantly related to occupancy in the current quarter, noninterest expense for the current quarter was $2.4 million lower than the fourth quarter of 2015 on the same basis. The decrease was due in part to $852 thousand higher occupancy costs recorded in the prior quarter related to the write-down of land pending sale, which was sold during the current quarter. Also contributing to the decrease was lower expense related to the FDIC clawback liability of $209 thousand during the current quarter compared to $813 thousand in the prior quarter. The linked quarter reduction in legal and professional expense was principally driven by higher fees incurred in the fourth quarter of 2015 for regulatory exams and filings.
Compared to the first quarter of 2015, noninterest expense decreased $1.7 million, or 2%, from $66.7 million. This decrease was due to lower compensation and benefits and was partially offset by higher net OREO expenses. OREO expenses were a net cost of $104 thousand in the current quarter but were a net benefit of $1.2 million in the first quarter of 2015.
Net Interest Margin ("NIM")
Columbia's net interest margin (tax equivalent) for the first quarter of 2016 was 4.13%, a decline of 12 and 26 basis points from the linked and prior year quarters, respectively. The decline was due to both lower incremental accretion on acquired loans and lower yielding originated loans. Incremental accretion income was $4.7 million in the current period compared to $7.5 million in the prior year quarter. Columbia's operating net interest margin (tax equivalent)(1) was 4.03% for the first quarter of 2016, a decrease of 6 basis points from 4.09% for the fourth quarter of 2015 and down 15 basis points compared to 4.18% for the first quarter of 2015 as a result of the continuing low interest rate environment.
The following table shows the impact to interest income resulting from income accretion on acquired loan portfolios as well as the net interest margin and operating net interest margin:
| | | Three Months Ended | ||||||||||||||||||
| | | March 31, | | December 31, | | September 30, | | June 30, | | March 31, | ||||||||||
| | | 2016 | | 2015 | | 2015 | | 2015 | | 2015 | ||||||||||
| | | (dollars in thousands) | ||||||||||||||||||
| Incremental accretion income due to: | | | | | | | | | | | ||||||||||
| FDIC purchased credit impaired loans | | $ | 1,657 | | | $ | 2,200 | | | $ | 2,082 | | | $ | 2,367 | | | $ | 2,447 | |
| Other FDIC acquired loans (2) | | — | | | 68 | | | 34 | | | 15 | | | 117 | | |||||
| Other acquired loans | | 3,073 | | | 3,746 | | | 4,293 | | | 4,889 | | | 4,934 | | |||||
| Incremental accretion income | | $ | 4,730 | | | $ | 6,014 | | | $ | 6,409 Werbung Mehr Nachrichten zur Columbia Banking System Inc Aktie kostenlos abonnieren
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