TACOMA, Wash., July 28, 2016 /PRNewswire/ -- Columbia Banking System, Inc. (NASDAQ: COLB) announced today that a quarterly cash dividend of $0.20 per common share, and per common share equivalent for holders of preferred stock, will be paid on August 24, 2016 to shareholders of record as of the close of business on August 10, 2016. This is a 5% increase from the $0.19 regular cash dividend paid during the second quarter 2016 and an 11% increase from the $0.18 paid during the first quarter 2016.
In addition, the Board of Directors declared a special cash dividend of $0.19 per common share, and per common share equivalent for holders of preferred stock, which will also be paid on August 24, 2016 to shareholders of record as of the close of business on August 10, 2016.
Melanie Dressel, President and Chief Executive Officer noted, "Our financial performance provides us with the opportunity to increase our regular cash dividend for the second consecutive quarter. In addition, our current capital position allows us to pay a special cash dividend for the tenth consecutive quarter. The regular dividend combined with the special dividend constitutes a payout ratio of 89% for the quarter and a dividend yield of 5.2% based on the closing price of our stock on July 27, 2016."
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 tenth consecutive year, the bank was named in 2016 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.
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.