Columbia Banking System Q2 2024 Earnings Report

Net income of $120 million and operating net income of $140 million were reported.

Key Takeaways

Columbia Banking System reported second quarter results reflecting progress on targeted actions to improve financial performance and drive shareholder value. The successful execution of identified changes following enterprise-wide evaluations resulted in a lower recurring expense run rate and increased stabilization in the cost of customer deposits.

Net interest income expanded by $4 million on a linked-quarter basis due to higher income earned on loans and investment securities, including increased accretion income, partially offset by higher deposit costs.

Non-interest expense decreased by $8 million due to lower compensation and CDI amortization, modest decreases in other categories, and the first quarter's larger FDIC special assessment.

Net charge-offs were 0.32% of average loans and leases (annualized), compared to 0.47% in the prior quarter.

Opened first retail location in Phoenix, Arizona and first Financial Hub in Southern California, replacing an existing branch.