Columbia Banking Systems Inc - COLB STOCK NEWS

Columbia Banking System reports a net loss of $14 million for Q1 2023, translating to $(0.09) per share, while operating net income stands at $72 million, or $0.46 per share. A successful merger with Umpqua Holdings has concluded, leading to total consolidated assets of $54 billion, up by $22 billion. Net interest income rose by 23% to $375 million, driven by higher interest rates and combined operations. However, non-interest expenses surged by $148 million due to merger costs. The estimated total risk-based capital ratio is 11.0%, signaling adequate capital levels post-merger. Credit quality remains stable with a net charge-off rate of 0.23%, although provisions for credit losses increased to $106 million. While deposit growth is strong, organic loan growth was modest, indicating sector challenges.

Columbia Banking System (Nasdaq: COLB) has announced that it will release its first quarter 2023 financial results on April 26, 2023, after market close. A conference call for investors and analysts is scheduled for 2:00 p.m. PT that same day, where the company will discuss its financial performance and recent activities. Participants can register online to receive dial-in details. Columbia, the parent company of Umpqua Bank, aims to leverage its combined assets of over $50 billion to enhance banking services across several states, following the merger with Umpqua Bank in March 2023.

Columbia Banking System and Umpqua Holdings have successfully merged, creating one of the largest banks in the West. This merger, finalized on February 28, 2023, positions the new entity among the top 30 U.S. banks. The combined institution has over $50 billion in assets and retains a strong community focus while enhancing service offerings. The merged bank commits $8.1 billion over five years to promote affordable homeownership and small business growth across an eight-state footprint. The merger allows for improved customer service through localized decision-making, while Umpqua's brand will represent the new organization.

Columbia Banking System (NASDAQ: COLB) announced that President and CEO Clint Stein will present at the Raymond James & Associates 44th Annual Institutional Investors Conference on March 8, 2023, at 11:00 a.m. Eastern Time. An audiocast and replay will be available on Columbia's investor relations website following the event. Columbia, headquartered in Tacoma, Washington, is a full-service commercial bank with operations in multiple states including Oregon, California, Idaho, Utah, and Arizona. The bank has been recognized by Forbes as one of "America's Best Banks" for nearly 12 consecutive years.

Columbia Banking System reported a record net income of $250.2 million for FY 2022, with diluted EPS at $3.20. Q4 net income reached $68.9 million and EPS of $0.88. The net interest margin increased to 3.64%, while loan production for Q4 stood at $402.5 million. The company plans to finalize its merger with Umpqua Holdings on February 28, 2023. A cash dividend of $0.30 per share will be paid to shareholders on February 21, 2023. Despite a decrease in total assets and loans, management emphasized strong annual growth and ongoing focus on client relationships.