Apr. 23 at 10:10 PM
$COLB
Columbia Banking reported a first-quarter Net Interest Margin (NIM) on a taxable-equivalent basis of 3.6%, surpassing the estimated 3.51% and the previous year’s 3.52%.
First-quarter earnings per share (EPS) stood at 41 cents, down from 59 cents year-over-year.
The company’s revenue increased by 3.7% year-over-year to
$491.4 million, beating the estimated
$483.3 million.
The provision for credit losses rose significantly by 60% year-over-year to
$27.4 million, slightly below the estimated
$29.3 million.
Customer deposits saw a significant increase during the first quarter, defying expected seasonal declines.
Tory Nixon, Umpqua Bank President, remarked that loan payoffs and a slower pace of origination contributed to a slight contraction of the loan portfolio.
