Columbia Banking System Inc

NASDAQ:COLBUnited States

Apr 25, 2024

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• -- Earnings Flash (COLB) COLUMBIA BANKING SYSTEM Posts Q1 EPS $0.59, vs. Street Est of $0.53, from 4:04PM ET on Thursday Apr 25, 2024 by MT Newswires

  4:04PM ET on Thursday Apr 25, 2024 by MT Newswires
  Companies Mentioned: COLB
  04:04 PM EDT, 04/25/2024 (MT Newswires) -- ...

• COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2024 RESULTS, from 4:02PM ET on Thursday Apr 25, 2024 by PR Newswire

  4:02PM ET on Thursday Apr 25, 2024 by PR Newswire
  Companies Mentioned: COLB

  https://mma.prnewswire.com/media/2011229/Columbia_Banking_System_Logo.jpg

  Organizational Update

  Columbia Banking System, Inc. ("Columbia," "we," or "our") conducted an enterprise-wide evaluation of our operations during the first quarter of 2024. The full-scale review resulted in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. These changes are expected to be carried out during the second and third quarters of 2024. Please refer to the Q1 2024 Earnings Presentation for additional details.

• COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2024 RESULTS, from 4:02PM ET on Thursday Apr 25, 2024 by Dow Jones

  4:02PM ET on Thursday Apr 25, 2024 by Dow Jones
  Companies Mentioned: COLB
  Net Interest Income (1) t $ 424,344 $ 454,730 $ 482,031 $ 485,168 $ 375,369 (7) % 13 % Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3) u=l-r 57,336 63,757 70,900 67,960 28,239 (10) % 103 % Less: Acquired loan accretion - credit related (3) c 5,119 5,430 6,370 7,100 3,806 (6) % 34 % --------------- --------------- --------------- --------------- ------------------ Adjusted net interest income (1) v=t-u-c $ 361,889 $ 385,543 $ 404,761 $ 410,108 $ 343,324 (6) % 5 % =============== =============== =============== =============== ================== Average loans and leases aa 37,597,101 37,333,310 37,050,518 37,169,315 29,998,630 1 % 25 % Average taxable securities ab 8,081,003 7,903,053 8,356,165 8,656,147 4,960,966 2 % 63 % Average non-taxable securities ac 851,342 809,551 844,417 865,278 437,020 5 % 95 % Average interest-earning assets ad 48,280,787 47,838,229 48,981,105 49,442,518 37,055,705 1 % 30 % Average interest-bearing deposits ae 27,742,579 26,622,343 25,121,745 24,494,717 19,496,551 4 % 42 % Average interest-bearing liabilities af 32,318,653 31,226,600 31,413,978 31,372,416 22,548,264 3 % 43 % nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." (1) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. (3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued (Unaudited) ----------------------------------------------------------------------------------------- Quarter Ended % Change ----------------------------------------- --------------- Mar Dec Jun Year 31, 31, Sep 30, 30, Mar 31, Seq. over ($ in thousands) 2024 2023 2023 2023 2023 Quarter Year ------ ------ -------- ------ ------- Average yield on loans a / and leases aa 6.13 % 6.13 % 6.08 % 5.95 % 5.55 % -- 0.58 Less: Acquired loan accretion - rate b / related (2),(3) aa 0.25 % 0.29 % 0.31 % 0.33 % 0.16 % (0.04) 0.09 Less: Acquired loan accretion - credit c / related (3) aa 0.05 % 0.06 % 0.07 % 0.08 % 0.05 % (0.01) -- ------ ------ -------- ------ ------- Adjusted average yield d / on loans and leases aa 5.83 % 5.78 % 5.70 % 5.54 % 5.34 % 0.05 0.49 ====== ====== ======== ====== ======= Average yield on e / taxable securities ab 3.90 % 4.19 % 4.07 % 3.77 % 3.26 % (0.29) 0.64 Less: Acquired taxable securities accretion f / - rate related ab 1.57 % 1.72 % 1.86 % 1.61 % 1.26 % (0.15) 0.31 ------ ------ -------- ------ ------- Adjusted average yield g / on taxable securities ab 2.33 % 2.47 % 2.21 % 2.16 % 2.00 % (0.14) 0.33 ====== ====== ======== ====== ======= Average yield on non-taxable securities h / (1) ac 3.71 % 3.99 % 3.83 % 3.70 % 3.72 % (0.28) (0.01) Less: Acquired non-taxable securities accretion i / - rate related ac 1.07 % 1.13 % 1.07 % 1.05 % 0.84 % (0.06) 0.23 ------ ------ -------- ------ ------- Adjusted yield on non-taxable securities j / (1) ac 2.64 % 2.86 % 2.76 % 2.65 % 2.88 % (0.22) (0.24) ====== ====== ======== ====== ======= Average yield on interest-earning k / assets (1) ad 5.69 % 5.75 % 5.65 % 5.48 % 5.19 % (0.06) 0.50 Less: Acquired loan and securities accretion - rate l / related ad 0.48 % 0.53 % 0.57 % 0.55 % 0.31 % (0.05) 0.17 Less: Acquired loan accretion - credit c / related ad 0.04 % 0.05 % 0.05 % 0.06 % 0.04 % (0.01) -- ------ ------ -------- ------ ------- Adjusted average yield on interest-earning m / assets (1) ad 5.17 % 5.17 % 5.03 % 4.87 % 4.84 % -- 0.33 ====== ====== ======== ====== ======= Average rate on interest-bearing n / deposits ae 2.88 % 2.54 % 2.01 % 1.64 % 1.32 % 0.34 1.56 Less: Acquired deposit o / accretion ae -- % -- % (0.01) % -- % -- % -- -- ------ ------ -------- ------ ------- Adjusted average rate on interest-bearing p / deposits ae 2.88 % 2.54 % 2.02 % 1.64 % 1.32 % 0.34 1.56 ====== ====== ======== ====== ======= Average rate on interest-bearing q / liabilities af 3.25 % 3.02 % 2.72 % 2.45 % 1.82 % 0.23 1.43 Less: Acquired interest-bearing liabilities accretion r / (2) af -- % -- % (0.01) % -- % -- % -- -- ------ ------ -------- ------ ------- Adjusted average rate on interest-bearing s / liabilities af 3.25 % 3.02 % 2.73 % 2.45 % 1.82 % 0.23 1.43 ====== ====== ======== ====== ======= t / Net interest margin (1) ad 3.52 % 3.78 % 3.91 % 3.93 % 4.08 % (0.26) (0.56) Less: Acquired loan, securities, and interest-bearing liabilities accretion u / - rate related (3) ad 0.48 % 0.53 % 0.58 % 0.55 % 0.31 % (0.05) 0.17 Less: Acquired loan accretion - credit c / related (3) ad 0.04 % 0.05 % 0.05 % 0.06 % 0.04 % (0.01) -- ------ ------ -------- ------ ------- Adjusted net interest v / margin (1) ad 3.00 % 3.20 % 3.28 % 3.32 % 3.73 % (0.20) (0.73) ====== ====== ======== ====== ======= (1) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. (3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at closing.