Columbia Banking Systems Inc - COLB STOCK NEWS

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.

Columbia Banking System, Inc. (NASDAQ: COLB) has announced it will report its fourth quarter and full-year 2022 financial results prior to market opening on January 24, 2023. Management plans to discuss these results in a conference call at 11:00 a.m. PT. Investors can register for the call to receive dial-in details or join via webcast. A replay will be available from January 25, 2023. Columbia, headquartered in Tacoma, Washington, operates as a full-service commercial bank across several states and has been recognized as one of America's Best Banks for nearly 11 years.

Columbia Banking System (NASDAQ: COLB) and Umpqua Holdings Corporation (NASDAQ: UMPQ) have received final FDIC approval for their merger, marking a significant step in their combination. The merger, expected to complete by the end of February 2023, will create one of the largest banks in the West with over $50 billion in assets and a presence in eight states. All necessary shareholder approvals were secured on January 26, 2022. After the merger, the new entity will operate under Columbia's name while maintaining Umpqua's banking brand.

Columbia Banking System and Umpqua Holdings Corporation have received FDIC approval for their merger, marking a significant milestone. This approval was the last necessary regulatory clearance, paving the way for the merger's completion by the end of February 2023. The combined entity will manage over $50 billion in assets, enhancing its presence across eight western states. Both companies have secured all required shareholder approvals. Columbia will operate under its name, while Umpqua Bank will retain its branding. The merger aims to unlock value for customers and shareholders alike.

Columbia Banking System is divesting three branches in Northern California to comply with the U.S. DOJ requirements related to its merger with Umpqua Holdings Corporation. The branches, containing approximately $128 million in deposits and $4 million in loans, will be sold to First Northern Bank. This transaction is expected to close in Q1 2023, pending regulatory approval. All employees will be retained by First Northern, and operations at these branches will continue. Columbia aims to serve the Northern California market through Umpqua Bank branches post-merger.

Columbia Banking System (NASDAQ: COLB) has announced the divestiture of seven branches in Washington and Oregon to 1st Security Bank (NASDAQ: FSBW) as part of a compliance requirement from the U.S. Department of Justice (DOJ) necessary for their pending merger with Umpqua Holdings. The deal involves approximately $510 million in deposits and $76 million in loans. The sale is set to finalize in the first quarter of 2023, subject to regulatory approvals. Retaining all employees, the transition aims to maintain service continuity for customers.

Columbia Bank, a subsidiary of Columbia Banking System, Inc. (NASDAQ: COLB), announced the expansion of its Commercial Lending Division into Arizona with the hiring of veteran banker Ryan Summers. With 14 years of experience, Summers will lead a team focused on providing comprehensive business lending services to small and medium-sized businesses. CEO Clint Stein emphasized that this move is part of Columbia's strategy to establish a premier regional bank in the West. The expansion aims to serve the dynamic Arizona market, enhancing local decision-making and leveraging Columbia's resources and technology.

Columbia Banking System (COLB) announced record quarterly net income of $64.9 million for Q3 2022, with a diluted earnings per share of $0.83. The net interest margin improved to 3.47%, driven by increased loan interest income. Total loans rose by 13% annualized, reaching $11.69 billion. Nonperforming assets fell to a historic low of 0.07% of total assets. Despite a decrease in total assets and deposits, the company is optimistic about ongoing merger integration with Umpqua Holdings.