Columbia Banking Q2 net income $120M reported, $140M operating; EPS $0.57/$0.67

COLUMBIA BANKING SYSTEM, INC.

2024-Q2 EPS reported $1.17

Q2 2024 reported net income $120M ($0.57 diluted EPS); operating net income $140M ($0.67).
Pre-provision net revenue (operating) $219M; ROA (operating) 1.08%, ROTCE (operating) 16.96%.
Deposits $42B; CET1 ratio 9.9%; net charge-off rate 0.30% annualized; provision expense $31.8M.
Expects Q4 2024 core expense run rate $965M-$985M annualized; 91% of cost savings realized by June 30.
Launched targeted small business deposit campaigns; opened first retail location in Phoenix, AZ.

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