Columbia Banking Systems Inc - COLB STOCK NEWS

On January 26, 2022, Columbia Banking System and Umpqua Holdings Corporation announced the receipt of all necessary shareholder approvals for their proposed merger. The overwhelming support indicates a positive outlook for the transaction, which aims to create a leading regional bank in the West. The companies expect to finalize the merger in mid-2022, pending regulatory approvals. This integration is seen as a significant milestone that will enhance shareholder value and expand opportunities for customers and communities.

Columbia Banking System reported a record net income of $202.8 million for 2021, achieving $2.78 in diluted earnings per share. The fourth quarter net income was $42.9 million with $0.55 per share, after a $0.12 impact from acquisition-related expenses. The company completed its acquisition of Bank of Commerce Holdings and announced a merger with Umpqua Holdings Corporation. A regular cash dividend of $0.30 per share is set for February 16, 2022.

Columbia Bank announced the addition of a five-person commercial banking team to its Seattle office, aiming to enhance its market presence. The team includes Robert Boswell, Jocelyn Stockton, Riley Gaffney, Anna DeCaterina, and Miranda Jones, each bringing extensive experience in commercial banking across various sectors. Chris Merrywell, COO, emphasized the need for skilled professionals to support the growth of middle-market companies in the Seattle area. This development aligns with Columbia's ongoing strategy to combine operations with Umpqua Bank, enhancing service offerings to clients.

Columbia Bank has raised a record $351,611 during its seventh annual Warm Hearts Winter Drive, aimed at supporting families facing homelessness in the Northwest and Northern California. This initiative has brought in over $1.8 million since its inception in 2015, with contributions of warm clothing and supplies from employees, customers, and community members benefiting over 65 shelters. Additionally, Columbia's recent expansion into California post-merger with Merchants Bank of Commerce has enhanced its community service efforts in the new market.

Columbia Banking System (NASDAQ: COLB) will report its fourth quarter and full-year 2021 financial results after market close on January 19, 2022. A conference call to discuss these results is scheduled for January 20, 2022, at 11:00 a.m. PT. Interested investors can join via a live-streamed web event or by dialing in using the toll-free number (833) 301-1160, with conference ID 8296055. Following the call, a replay will be available starting January 21, 2022. Columbia, based in Tacoma, Washington, is known for its strong workplace culture and has ranked highly among America's best banks.

Columbia Bank has promoted Heather Seppa to Market Region Manager for the Columbia/Willamette market in Oregon, effective December 22, 2021. Seppa, a 17-year veteran of the bank with over 30 years in the financial services sector, previously managed the Oregon Coast/Southwest Washington region. Her leadership is recognized for delivering exceptional results and enhancing customer relations. Columbia Bank has been acknowledged as one of Forbes 'America's Best Banks' for 10 consecutive years and is headquartered in Tacoma, Washington.

Columbia Bank, located in Tacoma, Washington, has launched its seventh annual Warm Hearts Winter Drive to support individuals facing homelessness. This initiative, which began in 2015, aims to raise over $250,000 and collect thousands of warm clothing items for over 65 local shelters across Washington, Oregon, Idaho, and now Northern California. The drive's expansion follows Columbia's recent acquisition of Merchants Bank of Commerce in Sacramento, marking its entrance into California. To date, the program has raised nearly $1.5 million in donations.

Columbia Banking System reported a strong third quarter 2021, with a net income of $53.0 million and diluted earnings per share of $0.74. Total loans increased by $183.2 million, and deposits grew by $608.0 million, reflecting robust loan production of $366.2 million. The net interest margin stood at 3.17%, stable from the previous quarter. Nonperforming assets to total assets ratio improved to 0.13%. Columbia announced a merger with Umpqua Holdings, creating the second largest regional bank on the West Coast.

Columbia Banking System (NASDAQ: COLB) will report its third quarter 2021 financial results on October 28, 2021, ahead of the market opening. A conference call to discuss these results is scheduled for 10:00 a.m. PT (1:00 p.m. ET). Investors can join via a webcast or a toll-free call using the provided conference ID. Columbia, recognized for outstanding customer satisfaction and workplace environment, is a full-service commercial bank operating in Washington, Oregon, Idaho, and California.