Columbia Banking System (COLB) Tops Q2 EPS by 24c

Columbia Banking System (NASDAQ: COLB) reported Q2 EPS of $0.52, $0.24 better than the analyst estimate of $0.28.

"I'm proud of the accomplishments by our team of bankers during one of the most challenging quarters in our 27 year history. They came together to execute on our pandemic response plan while supporting each other through the professional and personal challenges of COVID-19." Mr. Stein continued, "In addition, our bankers continued to support our clients and our communities through uninterrupted access to our banking services as well as our ongoing philanthropic activities."

Chris Merrywell, Columbia's Executive Vice President and Chief Operating Officer, stated, "Our dedicated team of bankers worked tirelessly during the quarter assisting our clients with their PPP loan applications and loan deferral requests while providing an exceptional level of customer service during these challenging times. Their efforts resulted in robust growth in our balance sheet increasing both loans and deposits while also reducing our cost of deposits by 50%."

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

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