Columbia Banking System (NASDAQ: COLB) reported Q1 EPS of $0.73, $0.11 better than the analyst estimate of $0.62.

Clint Stein, President and Chief Executive Officer of Columbia Banking System, Inc. and Columbia Bank (COLB) ("Columbia"), said today upon the release of Columbia's first quarter 2021 earnings, "The momentum gained by our bankers at the end of 2020 accelerated during the quarter, resulting in record first-quarter, non-PPP loan production, exceptional deposit inflows, and record performance for the financial services group. Creating this momentum was intentional. Throughout the pandemic we remained forward-looking and focused on keeping our operations open safely while supporting the unique needs of both existing and new clients."

Mr. Stein continued, "I cannot be more proud of our team's efforts. Every one of our employees has helped our clients and communities weather the difficulties of an unprecedented year. During the quarter, we handled a higher number of PPP loan applications in the second round than we did in the first round, supporting existing and gaining new clients, and we handled the forgiveness process for first round PPP clients. Those not directly involved in the PPP program focused on growing our business. As the pandemic eases and communities fully reopen, we are well-positioned to take advantage of new opportunities."

For earnings history and earnings-related data on Columbia Banking System (COLB) click here.