Columbia Banking System Inc (COLB) Reports Strong Q3 2023 Earnings
Net income of $136 million, or $0.65 per diluted common share
Operating net income of $164 million, or $0.79 per diluted common share
Consolidated asset balances of $52 billion at quarter end
Loan balances of $37 billion and deposit balances of $42 billion at quarter end
On October 18, 2023, Columbia Banking System Inc (NASDAQ:COLB) released its third quarter 2023 financial results. The company reported a net income of $136 million, or $0.65 per diluted common share, and an operating net income of $164 million, or $0.79 per diluted common share. The consolidated asset balances stood at $52 billion at the end of the quarter, with loan balances of $37 billion and deposit balances of $42 billion.
Financial Performance
Columbia Banking System Inc (NASDAQ:COLB) reported earnings per diluted common share of $0.65 and operating earnings per diluted common share of $0.79. The book value per common share was $22.21, and the tangible book value per common share was $14.22.
Our teams remain focused on their customers and communities as we continue to drive balanced growth for the organization," said Clint Stein, President and CEO. "We are back to business as usual, and our third quarter results highlight stabilizing customer deposit trends, relationship-driven growth in our loan portfolio and customer-based fee income, and a smaller impact from merger-related expense that affect our reported results."
Income Statement Highlights
The company's net interest income was $480,875, a slight decrease from the previous quarter's $483,975. The provision for credit losses stood at $36,737, while non-interest income increased to $43,981. Non-interest expense decreased to $304,147. The earnings per common share - diluted was $0.65, and the operating earnings per common share - diluted was $0.79.
Balance Sheet Overview
As of the third quarter of 2023, the total assets of Columbia Banking System Inc (NASDAQ:COLB) were $52.0 billion, a decrease from the second quarter's $53.6 billion. Loans and leases were $37.2 billion, and total deposits were $41.6 billion. The book value per common share was $22.21, and the tangible book value per share was $14.22.
Company's Outlook
Despite the challenges, Columbia Banking System Inc (NASDAQ:COLB) remains focused on driving balanced growth for the organization. The company's third quarter results highlight stabilizing customer deposit trends, relationship-driven growth in its loan portfolio, and customer-based fee income. The company also achieved $140 million in annualized net merger-related cost savings through the quarter end, surpassing its originally announced target of $135 million.
This article first appeared on GuruFocus.
