Columbia Banking posts $14M net loss in Q1, operating EPS $0.46; Umpqua merger closed

COLUMBIA BANKING SYSTEM, INC.

2023-Q1 EPS reported -$0.09

Net loss of $14M ($0.09 per share); operating net income of $72M ($0.46 per share).
Completed merger with Umpqua Holdings on Feb 28, core systems conversion on Mar 20.
Total assets $54.0B, loans $37.1B, deposits $41.6B; NIM 4.08% vs 4.01% prior qtr.
Provision for credit losses $105.5M includes $88M initial provision for non-PCD loans.
Merger-related expenses $116M; cost-savings target of $135M on track for end of Q3 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COLUMBIA BANKING SYSTEM, INC. reported first quarter 2023 results: net income $(14) million, EPS ($0.09) per common share.

Period: first quarter 2023
Net income: $(14) million
EPS: ($0.09) per common share
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0000887343-23-000214

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