Columbia Banking reports Q2 operating EPS 81c, consensus 93c

Reports Q2 Tangible book value per common share $15.02. Reports Q2 net charge-offs were 0.30% of average loans and leases (annualized) and centered in the FinPac portfolio. “Our teams continued to drive success during the second quarter, which was characterized by further integration progress and relationship-focused business activity,” said Clint Stein, President and CEO. “We successfully completed planned branch consolidations during the quarter, and though merger-related expenses continued to impact our reported results, we remain on track to achieve our guided cost-savings expectations by the end of the third quarter, with additional opportunities already identified. We are not immune to quantitative actions affecting industry deposit balances and contributing to the modest remix of our deposit base. However, our talented associates, service-driven operating model, and expansion in newer markets provide us with the opportunities and resources to retain our favorable placement within the industry.”