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Mar 31, 2024
Columbia Banking System Q1 2024 Earnings Report
Columbia's first quarter results reflected progress on targeted actions to improve financial performance and drive shareholder value.
Key Takeaways
Columbia Banking System reported first quarter 2024 results with earnings per diluted common share of $0.59 and operating earnings per diluted common share of $0.65. The company's net interest income was $423.362 million and non-interest income was $50.357 million. The company focused on expense management and stabilizing deposit costs.
Net interest income decreased by $30 million on a linked-quarter basis due to higher deposit costs and lower income earned on investment securities.
Non-interest income decreased by $15 million due to the quarterly fluctuation in cumulative non-merger fair value accounting and hedges.
Non-interest expense decreased by $50 million due to lower discretionary spend and the fourth quarter's larger FDIC special assessment.
Net charge-offs were 0.47% of average loans and leases (annualized), compared to 0.31% in the prior quarter.
Forward Guidance
Columbia Banking System's organizational update is expected to result in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. These changes are expected to be carried out during the second and third quarters of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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