The following is a summary of the Columbia Banking System, Inc. (COLB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Columbia Banking System reported a Q1 EPS of $0.59 and an operating EPS of $0.65 per share, resulting in an operating return on average tangible equity of 16%.

• Company showed a net interest margin of 3.52%, with loan growth and deposit growth of $200 million and $100 million, respectively.

• $17 million was provisioned for credit losses, while expenses for the quarter totalled $288 million.

• Company is expected to record a restructuring charge of approximately $13 million as non-operating expense in Q2.

• A witnessed decrease in commercial rates and a rise in commercial real estate rates.

• There was a $14 million charge off due to an internal fraud incident.

Business Progress:

• Columbia Banking system has concluded its integration marking a year since their merger, and has begun operational effectiveness work. This resulted in a reduction of 233 persons from their workforce.

• The company plans to lower the CD base rates and anticipates growth in deposit from FinPac and multifamily portfolios.

• FinPac continues to perform as expected and the bank anticipates a fall in losses by the third quarter.

• Two new retail locations are to be opened in the Phoenix Metropolitan market and strategic changes have been made in the commercial banking services.

• The company is recalibrating to focus on an 8% TCE ratio, from its current 6.6%.

• Fee income growth is noticed in treasury management, commercial card, and international banking indicating a promising growth.

• Anticipated progress in mortgage and wealth sectors and strategic plans in expanding into new markets are counterpart of restructuring their home lending group.

More details: Columbia Banking System IR

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