TACOMA, Wash., April 22, 2015 /PRNewswire/ -- Columbia Banking
System, Inc. (NASDAQ: COLB) announced today that a quarterly cash
dividend of $0.18 per common share,
and per common share equivalent for holders of preferred stock,
will be paid on May 20, 2015 to
shareholders of record as of the close of business on May 6, 2015. This is a 13% increase from the
$0.16 cash dividend paid for the
prior quarter.
In addition, the Board of Directors declared a special cash
dividend of $0.16 per common share,
and per common share equivalent for holders of preferred stock,
which will also be paid on May 20,
2015 to shareholders of record as of the close of business
on May 6, 2015.
Melanie Dressel, President and
Chief Executive Officer noted, "As always, we are committed to
actively managing our capital position. We are pleased to pay
a special cash dividend for the fifth consecutive
quarter. Along with our regular dividend, the special dividend
constitutes a payout ratio of 81% for the quarter and a dividend
yield of 4.7% based on our closing price on April 21, 2015."
About Columbia
Headquartered in Tacoma,
Washington, Columbia Banking System, Inc. is the holding
company of Columbia Bank, a Washington
state-chartered full-service commercial bank, with over 150
branches throughout Washington,
Oregon and Idaho. For the
eighth consecutive year, the bank was named in 2014 as one
of Puget Sound Business Journal's "Washington's Best Workplaces."
Columbia ranked in the top 20 on
the 2015 Forbes list of best banks in the country, as well as
ranking the best in Washington and
second in the Pacific Northwest for the fourth year in a row.
More information about Columbia can be found on its website at
www.columbiabank.com.
Note Regarding Forward-Looking
Statements
This news release includes forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, which management believes are a benefit to
shareholders. These forward looking statements describe
Columbia's management's
expectations regarding future events and developments such as
future operating results, growth in loans and deposits, continued
success of Columbia's style of
banking and the strength of the local economy. The words "will,"
"believe," "expect," "intend," "should," and "anticipate" and words
of similar construction are intended in part to help identify
forward looking statements. Future events are difficult to predict,
and the expectations described above are necessarily subject to
risk and uncertainty that may cause actual results to differ
materially and adversely. In addition to discussions about risks
and uncertainties set forth from time to time in Columbia's filings with the Securities and
Exchange Commission, available at the SEC's website at
www.sec.gov and the Company's website at www.columbiabank.com,
including the "Risk Factors," "Business" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of our annual reports on Form 10-K and
quarterly reports on Form 10-Q, factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others, the
following: (1) local, national and international economic
conditions may be less favorable than expected or have a more
direct and pronounced effect on Columbia than expected and adversely affect
Columbia's ability to continue its
internal growth at historical rates and maintain the quality of its
earning assets; (2) changes in interest rates may reduce interest
margins more than expected and negatively affect funding sources;
(3) projected business increases following strategic expansion or
opening or acquiring new branches may be lower than expected; (4)
costs or difficulties related to the integration of acquisitions
may be greater than expected; (5) competitive pressure among
financial institutions may increase significantly; and (6)
legislation or regulatory requirements or changes may adversely
affect the businesses in which Columbia is engaged. We believe the
expectations reflected in our forward-looking statements are
reasonable, based on information available to us on the date
hereof. However, given the described uncertainties and risks, we
cannot guarantee our future performance or results of operations
and you should not place undue reliance on these forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The factors noted above and the risks
and uncertainties described in our SEC filings should be considered
when reading any forward-looking statements in this release.
Contacts:
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Melanie J.
Dressel,
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President
and
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Chief Executive
Officer
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(253)
305-1911
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Clint E.
Stein,
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Executive Vice
President
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and Chief Financial
Officer
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(253)
593-8304
|
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SOURCE Columbia Banking System, Inc.