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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 25, 1999
Columbia Banking System, Inc.
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(Exact name of registrant as specified in its charter)
Washington
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(State or other jurisdiction of incorporation)
0-20288 91-1422237
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(Commission File Number) (IRS Employer Identification No.)
1102 Broadway Plaza
Tacoma, WA 98402
(Address of principal executive offices) (Zip Code)
(253) 305-1900
Registrant's telephone number, including area code
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FORM 8-K
COLUMBIA BANKING SYSTEM, INC.
Tacoma, Washington
March 25, 1999
Item 5. Other Events
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On March 25, 1999, Columbia Banking System, Inc. ("CBSI") announced
that first quarter earnings per share will fall short of consensus
estimates.
A copy pf CBSI's News Release containing the announcement is attached
as an exhibit to this report.
CBSI's common stock trades on the Nasdaq National Market tier of The
Nasdaq Stock Market under the symbol "COLB".
Item 7. Financial Statements and Exhibits
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(a) Financial statements - not applicable.
(b) Pro forma financial information - not applicable.
(c) Exhibits:
(20) News release issued by Columbia Banking System, Inc. dated
March 25, 1999.
-2-
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
COLUMBIA BANKING SYSTEM, INC.
(Registrant)
Date: March 25, 1999 By: /s/ W. W. Philip
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W. W. Philip, Chairman and
Chief Executive Officer
(3)
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EXHIBIT 20
FOR IMMEDIATE RELEASE
March 25, 1999
Contacts Gary Schminkey, Executive Vice President and Chief Financial Officer,
(253)-305-1966
COLUMBIA BANKING SYSTEM EXPECTS
LOWER FIRST QUARTER EARNINGS
TACOMA, Washington--Columbia Banking System, Inc. (Nasdaq: COLB) today
announced that its first quarter earnings per share will fall short of
consensus estimates of $0.26. In the late third quarter of 1998, Columbia
Bank occupied its new operations center and the cost of operations and
overhead associated with the new facility have exceeded budgeted amounts. In
addition, commercial loan growth in the first quarter was less than expected.
Bank management is taking steps to reduce costs, and is continuing to
emphasize quality asset growth and expansion of the Company's franchise. The
Company expects to benefit from the actions being taken, with the result that
the remaining quarters of 1999 should show improvement over the first quarter.
The Company's assets exceeded $1 billion in 1998. Its current outlook for
1999 is for continued strong loan and deposit growth. Management believes
it is too early to tell whether net income for the full year will achieve the
consensus estimate of $1.13 per share.
The information above is forward looking and involves risks and
uncertainties that could significantly affect expected results. Actual
results and the timing of certain events could differ materially from those
projected in the forward-looking statements due to a number of factors.
Specific factors include, among others, the effect of interest rate changes,
risks associated with bank acquisitions or opening new branches, expense
control and general economic conditions.
Columbia Bank is a Washington state-chartered full-service commercial bank
with 26 banking offices in Pierce, King, Cowlitz and Kitsap counties. It
is the sole subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB), a
Tacoma-based bank holding company.
