TACOMA, Wash., Oct. 29, 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 November 25, 2015 to
shareholders of record as of the close of business on November 11, 2015.
In addition, the Board of Directors declared a special cash
dividend of $0.18 per common share,
and per common share equivalent for holders of preferred stock,
which will also be paid on November 25,
2015 to shareholders of record as of the close of business
on November 11, 2015.
This is a 13% increase from the $0.16
special cash dividend paid for the prior two quarters.
Melanie Dressel, President and
Chief Executive Officer noted, "We are pleased that our financial
performance and our current capital position allow us to pay a
special cash dividend for the seventh consecutive quarter. Along
with our regular dividend, the special dividend constitutes a
payout ratio of 80% for the quarter and a dividend yield of 4.2%
based on our closing price on October 28,
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
ninth consecutive year, the bank was named in 2015 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.