Columbia Bancorp tightens belt
The Dalles-based Columbia Bancorp is tightening its belt after lower earnings in the first quarter of 2008, according to the parent company of Columbia River Bank, which has 22 branches Washington and Oregon.
First quarter net income was down $2.3 million from the first quarter of 2007 to $1.2 million, or 12 cents per diluted share. Revenue for the quarter was down 2 percent to $15.3 million.
Total assets increased 3 percent last year to $1 billion. Residential and construction real estate loans were up 7 percent to $902.4 million, but flat loan numbers are expected for the short-term.
Cowlitz Bancorp sees first quarter drop
Net income for Longview-based Cowlitz Bancorp dropped while non-performing assets jumped in first quarter 2008. Cowlitz Bancorp is the parent company of Cowlitz Bank, which operates locally as Bay Bank.
Quarterly net income fell 29.4 percent from the same period last year to $902,000, or 18 cents per diluted share.
First-quarter non-performing assets spiked from $1.7 million in 2007 to $13.2 million, totaling 2.56 percent of Cowlitz’ assets. Ninety-eight percent of those assets came from four land acquisition and development loan relationships, according to the company.
Total assets were up 18 percent over first quarter 2007 to $548.5 million, and total loans increased 14 percent to $415.5 million. Total deposits increased 20 percent to $472.3 million.
Pacific Continental gains in first quarter
Earnings were up in the first quarter of 2008 for Eugene-based Pacific Continental Corp., which has a branch in Vancouver.
The bank’s net income was $3.1 million, up 2 percent from first quarter 2007. Earnings per diluted share were at 26 cents, up 4 percent.
Operating revenue for the quarter increased to $12.6 million, up 12.1 percent from 2007. Average loans increased $72.2 million, or 9.4 percent more than last year, while the net interest margin held at 5.23 percent.
The company credited the growth to increasing loans and a stable net interest margin.
Wells Fargo nets $2 billion
Wells Fargo saw net income of $2 billion in first quarter of 2008.
Revenue for the quarter was at a record $10.6 billion, up 12 percent from last year and up 14 percent from the fourth quarter of 2007. Diluted earnings were at 60 cents per share. Average loans were up 19 percent from last year and up 10 percent from the previous quarter.
Banner declares quarterly dividend
Banner Corp., the Walla Walla-based parent company of Banner and Islanders banks, declared a first-quarter dividend of 20 cents April 23.
The regular quarterly dividend was equal to the previous quarter’s and will be paid July 10 to shareholders of record on June 30.
Banner has paid 51 consecutive quarterly dividends since 1996. The $4.5 billion company operates in Washington, Oregon and Idaho.
CCU makes donations at new branch
With the opening of its new Washougal branch April 22, Columbia Credit Union donated $3,000 to environmental organizations.
Washougal Parks received $2,000 to help with improvements at Hathaway Park. A check for $1,000 went to education programs of the Steigerwald Lake National Wildlife Refuge on the border of Clark and Skamania counties.
The new branch at The Crossing retail development in Washougal, earned Leadership in Energy and Environmental Design certification.
