Columbia Banking reports Q3 EPS 79c, consensus 73c

Clint Stein, President and CEO of Columbia Banking System said, “Our teams remain focused on their customers and communities as we continue to drive balanced growth for the organization,” said Clint Stein, President and CEO. “We are back to business as usual, and our third quarter results highlight stabilizing customer deposit trends, relationship-driven growth in our loan portfolio and customer-based fee income, and a smaller impact from merger-related expense that affect our reported results. We achieved $140 million in annualized net merger-related cost savings through quarter end, surpassing our originally announced target of $135 million despite continued investment in our growing franchise, which includes the opening of our first branch in Utah during the third quarter. Our talented associates, expanding footprint, and customer-focused business model enable us to continue to win business and drive shareholder value.”