Columbia Banking System Posts $220M Third-Quarter Net Income
COLB sits 21% above its 52-week low of $24.75.
Summary
Columbia Banking System reported third-quarter net income of $220 million, per Dow Jones Newswires, with earnings per share of 78 cents and adjusted EPS of 82 cents. That compares with $208 million in Q2, so the bottom line grew sequentially. The Q2 report also flagged rising non-performing assets and shrinking loans and deposits, so the quality of this quarter's earnings — margin, credit costs, and whether the balance sheet stabilized — matters more than the headline number; net interest margin was 4.11%, up 18 basis points from Q2, and the company authorized a new $1.2 billion buyback. It also completed the prior buyback with 23.3M shares repurchased at an average $29.88. The release lands on the date the company pre-announced in its September 30 8-K, with a conference call to follow.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Columbia's net interest margin was 4.11%, up 18 basis points from Q2, and it completed the prior buyback with 23.3M shares repurchased at an average $29.88.
At the time of this announcement, COLB was trading at $29.86 on NASDAQ in the Finance sector, with a market capitalization of approximately $8.4B. The 52-week trading range was $24.75 to $33.68. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.