Columbia Banking Q3 net income $146M, EPS $0.70; announces $70M net cost savings

COLUMBIA BANKING SYSTEM, INC.

2024-Q3 EPS reported $1.87

Q3 2024 GAAP net income $146M ($0.70 diluted EPS); operating net income $143M ($0.69).
YTD 2024 GAAP net income $390M ($1.87 EPS); operating net income $418M ($2.00).
Completed cost review; identified $82M gross savings ($70M net). Q4 2024 core expense run rate expected $965M–$985M annualized.
Q3 net charge-offs 0.32% annualized; provision $28.8M. ACL $438M (1.17% of loans) plus $65M credit discount.
Total risk-based capital ratio 12.5%, CET1 10.3% as of Sep 30, 2024.

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