TACOMA, Wash., Jan. 28, 2016 /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 February
24, 2016 to shareholders of record as of the close of
business on February 10, 2016.
In addition, the Board of Directors declared a special cash
dividend of $0.20 per common share,
and per common share equivalent for holders of preferred stock,
which will also be paid on February 24,
2016 to shareholders of record as of the close of business
on February 10, 2016.
This is an 11% increase from the $0.18 special cash dividend paid during the
fourth quarter 2015.
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 eighth consecutive quarter. Along
with our regular dividend, the special dividend constitutes a
payout ratio of 83% for the quarter and a dividend yield of 5.3%
based on our closing price on January 27,
2016."
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 locations
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 2016 Forbes list of best banks in the country for the
fifth 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.
These forward looking statements include, but are not limited to,
descriptions of 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"
or the negative of these words or 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 risks and uncertainties,
many of which are outside our control, 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, (as applicable), 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 could significantly
reduce net interest income 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 which speak only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by the federal securities laws. 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,
|
|
Executive Vice
President
|
|
and Chief Financial
Officer
|
|
(253)
593-8304
|
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SOURCE Columbia Banking System, Inc.