Columbia Bank - COLB STOCK NEWS

Columbia Bank, headquartered in Tacoma, Washington, has promoted Rachel Fischer to Senior Vice President and Director of Data, Model, and Cyber Risk Governance. With three years at the bank, Fischer has been instrumental in developing the model risk program and enhancing data culture. She aims to establish robust data management and governance while improving cybersecurity practices. Fischer holds a bachelor's degree in Chemistry and a master's in Economics, alongside Financial Risk Manager credentials. Columbia Bank has been recognized as one of America's Best Banks by Forbes for ten consecutive years.

Columbia Banking System (NASDAQ: COLB) has signed a definitive agreement to merge with Bank of Commerce Holdings (NASDAQ: BOCH) in an all-stock transaction valued at approximately $266 million, or $15.72 per share, marking Columbia's entry into the California market. The merger is expected to yield 3% and 4% earnings per share accretion in 2022 and 2023, respectively. Combined, they will operate over 150 branches and possess $19 billion in assets across Washington, Oregon, Idaho, and California. The transaction awaits regulatory and shareholder approval, expected to close in Q4 2021.

Columbia Bank has promoted Juancarlos Martinez to Senior Vice President and Chief Information Security Officer. With 17 years at Columbia Bank, including 15 in information security, Martinez is tasked with leading the growing Information Security Department. His promotion highlights the importance the bank places on security, especially as digital offerings expand. Martinez holds Certified Information Security Manager and Certified Information System Security Professional credentials, underscoring his expertise in safeguarding customer and bank data.

Columbia Bank has announced $75,000 in grants as part of its annual Warm Homes grant campaign. The funds, totaling $25,000 each, will support three organizations in Idaho, Oregon, and Washington focused on affordable housing solutions. Since the campaign's inception, Columbia has contributed over $300,000. The recipients include Jesse Tree, Community Supported Shelters, and The Coffee Oasis, all dedicated to preventing eviction and homelessness. Columbia Bank continues to demonstrate a commitment to addressing regional housing crises through innovative solutions.

Columbia Banking System reported a net income of $51.9 million and diluted earnings per share of $0.73 for Q1 2021. Net loans increased by $248.7 million (3%), while deposits surged by $897.6 million (6%). The net interest margin fell to 3.31%, down 21 basis points from the previous quarter. The ratio of nonperforming assets decreased to 0.20%. Additionally, the bank declared a regular cash dividend of $0.28 per share. CEO Clint Stein highlighted strong momentum in loan production and deposit inflows amid ongoing pandemic challenges.

Columbia Banking System, Inc. (NASDAQ: COLB) will report its first-quarter 2021 financial results before the market opens on April 29, 2021. A conference call to discuss these results is scheduled for 10:00 a.m. PT (1:00 p.m. ET) on the same day. Interested parties can join via a webcast or dial in using the toll-free number (833) 301-1160 with the conference ID 2249249. Columbia is recognized for its customer service, having received top rankings in customer satisfaction and named one of Washington's Best Workplaces.

Columbia Banking System reported a strong financial performance for Q4 and FY 2020, achieving a net income of $154.2 million and diluted earnings per share of $2.17. The fourth quarter net income was $58.3 million with earnings per share of $0.82. Deposits rose by $269.6 million in Q4 and $3.19 billion year-over-year. The company declared a regular cash dividend of $0.28 per share, payable on February 24, 2021. Overall, the bank's total assets increased to $16.58 billion with a stable net interest margin of 3.52%.

Columbia Banking System (NASDAQ: COLB) will announce its fourth quarter and full-year 2020 financial results on January 28, 2021, before market opens. A conference call discussing these results is scheduled for 10:00 a.m. PT (1:00 p.m. ET). Interested participants can join via a live-streamed web event or a toll-free dial-in. Columbia Bank is recognized for its customer satisfaction, ranking #1 in the Northwest by J.D. Power in 2020. The bank has been listed as one of Washington's Best Workplaces multiple times and is noted for its stability in the banking sector.

Columbia Bank raised $315,025 during its sixth annual Warm Hearts Winter Drive, benefiting over 65 homeless shelters in the Northwest. Since 2015, the initiative has collected nearly $1.5 million in donations, including thousands of warm clothing items. The drive saw participation from customers, employees, and community members across Washington, Oregon, and Idaho. Columbia's CEO, Clint Stein, emphasized the program's significance, especially during the pandemic. The bank has consistently received high rankings for customer satisfaction and workplace quality.