Business
COLUMBIA BANKING SYSTEM, INC. REPORTS SECOND QUARTER 2023 RESULTS
Second Quarter 2023 Results Net income of $133 million, or $0.64 per common shareOperating net income of $169 million, or $0.81 per common share1Consolidated
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"Second Quarter 2023 Results\nNet income of $133 million, or $0.64 per common shareOperating net income of $169 million, or $0.81 per common share1Consolidated asset balances of $54 billion at quarter endLoan balances of $37 billion and deposit balances of $41 billion at quarter endEstimated CET1 and total capital ratios of 9.1% and 11.1% at quarter endPORTLAND, Ore., July 19, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \n \nCOLUMBIA BANKING SYSTEM, INC. REPORTS SECOND QUARTER 2023 RESULTS\n$0.64\n$0.81\n$23.16\n$15.02\nEarnings per diluted common share\nOperating earnings per diluted common share 1\nBook value per common share\nTangible book value per common share 1\n \nCEO Commentary\n\"Our teams continued to drive success during the second quarter, which was characterized by further integration progress and relationship-focused business activity,\" said Clint Stein, President and CEO. \"We successfully completed planned branch consolidations during the quarter, and though merger-related expenses continued to impact our reported results, we remain on track to achieve our guided cost-savings expectations by the end of the third quarter, with additional opportunities already identified. We are not immune to quantitative actions affecting industry deposit balances and contributing to the modest remix of our deposit base. However, our talented associates, service-driven operating model, and expansion in newer markets provide us with the opportunities and resources to retain our favorable placement within the industry.\"\n–Clint Stein, President and CEO of Columbia Banking System, Inc.\n \n2Q23 HIGHLIGHTS (COMPARED TO 1Q23)\nNet Interest Income and NIM\n• Net interest income increased by $109 million or 29% on a linked-quarter basis due to the full quarter run rate as a combined organization, which offset the impact of higher funding costs related to deposit and liability mix shift and rising interest rates.\n• Net interest margin was 3.93%, down 15 basis points from the prior quarter. Excluding purchase accounting accretion and amortization, net interest margin was 3.32%, down 41 basis points from the prior quarter due primarily to higher funding costs.\nNon-Interest Income and Expense\n• Non-interest income decreased by $15 million due primarily to a $24 million linked-quarter unfavorable change related to cumulative non-merger f...