Columbia Banking System Reports Strong Third Quarter Earnings

Columbia Banking System reported third-quarter financial results that surpassed analyst expectations, posting adjusted earnings per share of $0.82 and revenue of $695 million. Net income rose to $220 million, a sharp increase from the $96 million reported during the same period last year.

Net interest income grew 22% year-over-year to $615 million, supported by higher income on investment securities and loans combined with lower funding costs. Total deposits increased to $52.7 billion, though gross loans and leases fell to $46.9 billion as the company experienced commercial real estate payoffs and the runoff of below-market-rate loans.

Following the earnings report, the company's board authorized a new $1.2 billion share repurchase program. This follows the completion of a previous plan that saw the bank buy back 6.5 million shares. Chairman, CEO and President Clint Steindl attributed the results to consistent execution and active balance sheet management.