Columbia Banking System of Tacoma reported a third-quarter loss of $8.8 million, or 49 cents a share, largely because of stock it held in Freddie Mac and Fannie Mae.
Another Washington bank’s profits have taken a hit because of stock it held in Freddie Mac and Fannie Mae, which the federal government has taken over.
Columbia Banking System of Tacoma reported a third-quarter loss of $8.8 million, or 49 cents a share, down from a profit of $9.3 million a year ago.
The loss included a charge of $11.9 million because of the reduction in value of preferred stock it owned in Freddie Mac and Fannie Mae.
“The fundamentals of our business remain sound,” CEO Melanie Dressel said in a press release.
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Columbia recorded a $10.5 million provision for loan losses in the third quarter, up from $1.2 million a year ago.
The company charged off $18.7 million in bad loans in the first nine months of this year, up from $192,000 in the first nine months of 2007.
Melissa Allison: 206-464-3312 or email@example.com