Columbia Banking targets Q4 2024 core expense run rate $965M-$985M; FY23 operating EPS $2.66

COLUMBIA BANKING SYSTEM, INC.

FY 2023 operating net income $521M ($2.66 EPS); Q4 2023 operating net income $116M ($0.56 EPS).
Targets Q4 2024 core expense run rate of $965M-$985M annualized, excluding CDI amortization.
Closed 5 branches in Jan 2024; consolidated 47 branches in 2023 post-Umpqua merger.
Available liquidity $18.7B (45% of deposits, 138% of uninsured deposits) at Dec 31, 2023.
Plans to increase density in CA and other western markets; may reduce transactional assets when rates decline.

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