Columbia Banking System (COLB) Tops Q1 EPS by 2c

Columbia Banking System (NASDAQ: COLB) reported Q1 EPS of $0.63, $0.02 better than the analyst estimate of $0.61.

• Record first quarter net income of $45.9 million and diluted earnings per share of $0.63
• Net loans increased $129.3 million, or 6.2% on an annualized basis from record first quarter loan production of $365.8 million
• Net interest margin of 4.32%, a decrease of 4 basis points from the fourth quarter of 2018; operating net interest margin(1) remained stable at 4.33%
• Nonperforming assets to period end assets ratio improved to 0.45%
• Regular cash dividend and the special cash dividend declared were $0.28 and $0.14, respectively, with the ability to repurchase up to 2.9 million shares, or approximately 4% of outstanding shares

Hadley Robbins, President and Chief Executive Officer of Columbia Banking System and Columbia Bank, said today upon the release of Columbia's first quarter 2019 earnings, "I would like to take this opportunity to express my appreciation for the high level of collaboration and commitment of our employees in creating value for our customers and shareholders. Their collective efforts represent the most significant catalyst in generating the record level of net income and earnings per share posted in the first quarter."

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

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