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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.
Columbia Banking System
Columbia Banking System
Forward Guidance
The company focused on strategic initiatives and cost savings, aiming for top-quartile performance.