Business
Columbia Banking System Announces Second Quarter 2022 Results and Quarterly Cash Dividend
Notable Items for Second Quarter 2022 Quarterly net income of $58.8 million and diluted earnings per share of $0.75, which included $0.04 per share reduction
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"Notable Items for Second Quarter 2022\nQuarterly net income of $58.8 million and diluted earnings per share of $0.75, which included $0.04 per share reduction stemming from merger-related expensesRecord non-PPP loan production of $734.4 millionTotals loans increased 21% annualized to $11.32 billionNet interest margin of 3.16%, an increase of 4 basis points from the linked quarterNonperforming assets to period-end assets ratio decreased to historic low of 0.08%Regular cash dividend declared of $0.30 per shareTACOMA, Wash., July 21, 2022 /PRNewswire/ -- Clint Stein, President and Chief Executive Officer of Columbia Banking System, Inc. (\"Columbia\", \"we\" or \"us\") and Columbia Bank (the \"Bank\") (NASDAQ: COLB), said today upon the release of Columbia's second quarter 2022 earnings, \"Our bankers' continued hard work is reflected in our results for the quarter with exceptional production driving annualized loan growth of over 20 percent, strong fee income and outstanding credit metrics.\" He continued, \"Our investments in new and existing markets continue to pay dividends with respect to expanding our production capabilities.\"\n\n \n \n \n \n \n \n\n \nBalance Sheet\nTotal assets at June 30, 2022 were $20.56 billion, a decrease of $399.6 million from the linked quarter. Loans were $11.32 billion, up $562.7 million from March 31, 2022, mainly attributable to loan originations of $734.4 million partially offset by loan payments. Total Paycheck Protection Program (\"PPP\") loans decreased from $83.2 million at March 31, 2022 to $32.4 million at June 30, 2022. Debt securities in total were $7.27 billion, a decrease of $458.0 million from $7.73 billion at March 31, 2022 substantially driven by fair value movement related to the available-for-sale portfolio. Total deposits at June 30, 2022 were $17.96 billion, a decrease of $342.3 million from March 31, 2022. The deposit mix remained fairly consistent from March 31, 2022 with 49% noninterest-bearing and 51% interest-bearing.\nChris Merrywell, Columbia's Executive Vice President and Chief Operating Officer, stated, \"Our teams have been outwardly focused on building and expanding relationships with existing and new clients, generating new loan balances and related income.\" He continued, \"We are excited about the future with our recent expansion into the Salt Lake City market, whi...