Columbia Banking Systems Inc - COLB STOCK NEWS

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.

Columbia Banking System (NASDAQ: COLB) announced the appointments of Laura Alvarez Schrag and Tracy Mack-Askew to its Board of Directors, effective January 1, 2021. Their expertise in organizational development and operations is expected to enhance Columbia's strategic direction. Alvarez Schrag, with a background in human resources and consulting, and Mack-Askew, who specializes in operations for Daimler Trucks North America, bring valuable leadership experience from various sectors. Columbia is recognized for its strong community ties and commitment to customer satisfaction in the Northwest.

Columbia Bank has appointed Clint Gillum as the new SVP, Retail Market Manager for the Inland Northwest, covering eastern Washington, eastern Oregon, and northern and southern Idaho. Gillum brings over 16 years of experience from Wells Fargo, where he held various leadership roles. He holds a background in business management and finance from the University of Washington and is actively engaged in his community. Columbia Bank, headquartered in Tacoma, Washington, has been recognized for its customer satisfaction and commitment to the community.

Columbia Bank has launched its innovative NeighborHub branch in Boise, Idaho, emphasizing community engagement and modern banking solutions. Opened on September 28, 2020, this facility aims to enhance customer experience with mobile technology and interactive kiosks, fostering a welcoming environment. Columbia Bank has also pledged $100,000 to support local businesses impacted by the COVID-19 pandemic through its Pass It On Project. The NeighborHub blends banking with community activities, showcasing Columbia's commitment to Boise's economic growth and quality of life.

Columbia Bank, based in Tacoma, Washington, launched its sixth annual Warm Hearts Winter Drive on November 16, 2020, aimed at supporting homeless individuals and families in the Northwest. The bank plans to raise $250,000 and collect warm winter clothing for over 65 local shelters in Washington, Oregon, and Idaho. Since its inception in 2015, the drive has raised over $1 million. Columbia's CEO, Clint Stein, emphasized the importance of this initiative amid pandemic-related economic stresses. Donations can be made at Columbia Bank branches or online.

Columbia Banking System reported a net income of $44.7 million for Q3 2020, with diluted earnings per share at $0.63. Deposits rose by $468.8 million (4%), while net loans decreased by $83 million. The bank declared a cash dividend of $0.28 per share, to be paid on November 25, 2020. The net interest margin declined to 3.47%, down 17 basis points from the previous quarter. Nonperforming assets decreased to 0.29% of total assets. A share repurchase program for up to 3.5 million shares was also announced.