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Sep 30, 2024
Columbia Banking System Q3 2024 Earnings Report
Reported third quarter results, reflecting continued progress towards top-quartile performance through expense reduction and customer value creation.
Key Takeaways
Columbia Banking System reported a net income of $146 million and operating net income of $143 million for the third quarter of 2024. The company's results reflect a 25% reduction in costs over the past 18 months and solid core deposit growth.
Net interest income increased by $3 million from the prior quarter.
Non-interest income increased by $21 million due to fluctuations in cumulative fair value accounting and hedges.
Non-interest expense decreased by $8 million due to lower restructuring expense and a decline in salary and wages expense.
Realized $82 million in annualized cost savings associated with recent operational initiatives as of September 30, 2024.
Forward Guidance
The company focused on strategic initiatives and cost savings, aiming for top-quartile performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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