Columbia Banking reports Q3 operating EPS 69c, consensus 62c

Net interest margin was 3.56%, unchanged from the prior quarter. Tangible book value per share was $17.81 from $16.26 at previous quarter end. Estimated total risk-based capital ratio was 12.5% and estimated common equity tier 1 risk-based capital ratio was 10.3% as of September 30, vs. 12.2% and 10.0%, respectively, as of June 30. “Our Q3 results reflect our continued work and success as we strive toward top-quartile performance,” said Clint Stein, CEO. “Our recurring expense run rate reflects a 25% reduction in costs over the 18 months we have operated as a combined organization, as we eliminated redundancies and streamlined operations. Our teams’ dedication to driving value for our customers contributed to solid core deposit growth, even as deposit costs were reduced. Although loan balances contracted during the quarter, they reflect healthy customer activity and our focus on reducing transactional assets and their funding sources, as we regain Columbia’s placement as a top-performing bank that delivers long-term, consistent, repeatable results for our shareholders.”