Business
Columbia Banking System Announces Third Quarter 2021 Results
TACOMA, Wash., Oct. 28, 2021 /PRNewswire/ -- Notable Items for Third Quarter 2021 Quarterly net income of $53.0 million and diluted earnings per share of
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"TACOMA, Wash., Oct. 28, 2021 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nNotable Items for Third Quarter 2021\nQuarterly net income of $53.0 million and diluted earnings per share of $0.74 Total loans, net of PPP loans, increased $183.2 million, or 8% annualized1 Strong loan production of $366.2 million Deposits increased $608.0 million, or 16% annualized Net interest margin of 3.17%, an increase of 1 basis point from the linked quarter Nonperforming assets to period-end assets ratio decreased to 0.13% Loan balances subject to deferral declined 20% from June 30, 2021Clint 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 third quarter 2021 earnings, \"Third quarter performance was very good on all fronts. Our bankers worked hard to serve our clients, which directly translated into robust balance sheet growth, improved credit quality, expanding pipelines, stable noninterest income and well-controlled expenses.\"\nBalance Sheet\nTotal assets at September 30, 2021 were $18.60 billion, an increase of $589.0 million from the linked quarter. Loans were $9.52 billion, down $171.7 million from June 30, 2021 as loan originations of $366.2 million were offset by loan payments. Total Paycheck Protection Program (\"PPP\") loans decreased from $691.9 million at June 30, 2021 to $337.0 million at September 30, 2021. The remaining PPP loans balance consisted of $53.8 million from the first round in 2020 and $283.2 million from the second round in 2021. Debt securities in total were $6.91 billion, an increase of $692.3 million from $6.21 billion at June 30, 2021. The increase was mostly a result of purchases during the quarter partially offset by principal paydowns. Total deposits at September 30, 2021 were $15.95 billion, an increase of $608.0 million from June 30, 2021 largely due to an increase in demand and other noninterest-bearing deposits. The deposit mix remained fairly consistent from June 30, 2021 with 50% noninterest-bearing and 50% interest-bearing.\nChris Merrywell, Columbia's Executive Vice President and Chief Operating Officer, stated, \"We won new business during the quarter expanding both loans and deposits, with non-PPP loan and total deposit annualized growth of 8% and 16%, resp...