Columbia Banking System Q1 2023 Earnings Report

Columbia Banking System reported first quarter 2023 results, which were impacted by merger-related expenses and purchase accounting adjustments, but highlighted a flexible balance sheet with solid liquidity and a diversified loan portfolio.

Key Takeaways

Columbia Banking System reported a net loss of $(14) million, or $(0.09) per common share, for the first quarter of 2023. Operating net income was $72 million, or $0.46 per common share. The results were impacted by purchase accounting adjustments and merger-related expenses, but the company successfully closed its merger with Umpqua Holdings Corporation and completed its core systems conversion.

Net loss of $(14) million, or $(0.09) per common share.

Operating net income of $72 million, or $0.46 per common share.

Successfully closed merger with Umpqua Holdings Corporation and completed core systems conversion.

Consolidated asset balances increased $22 billion to $54 billion at quarter end.