Columbia Banking System Inc. President and CEO Melanie Dressel said that the Tacoma, Wash.-based company will closely watch the developments resulting from the country's withdrawal from the Trans-Pacific Partnership, noting that Washington is the most trade-dependent state in the U.S. and that two of every five jobs in the state are linked to global trade.
"However, we note that our new President also emphasized the importance of trade in negotiating effective trade deals, so we'll just need to wait and see how this plays out," Dressel said Jan. 26 during the company's fourth-quarter 2016 earnings call, according to a transcript.
She hopes that the administration of President Trump will be taking a look at financial regulations to ensure that they are right-sized and balanced and serve the industry and country well.
The chief executive also talked about the $10-billion mark and the pending acquisition of Eugene, Ore.-based Pacific Continental Corp. by Columbia Banking, which had $9.51 billion in assets at Dec. 31, 2016.
"The Durbin impact, what we've talked about is it's about $9.5 million for Columbia on a standalone basis," CFO Clint Stein said. "When we add the impact of Pacific Continental, there's another $300,000. So it's approximately $10 million of pretax revenue that we would lose under the Durbin Amendment, likely beginning in the third quarter 2018."
Columbia Banking reported fourth-quarter 2016 net income of $30.7 million, or 53 cents per share, compared to the year-ago period's $26.7 million, or 46 cents per share.