TACOMA, Wash. - Columbia Banking System, Inc. (NASDAQ: NASDAQ: COLB ) reported fourth quarter 2024 earnings that beat analyst expectations, while revenue came in slightly below estimates.
The bank holding company posted adjusted earnings per share of $0.71, surpassing the consensus estimate of $0.65. Net income for the quarter was $143.3 million.
Revenue totaled $487.1 million, just shy of the $489.0 million analysts were expecting.
"Our fourth quarter and 2024 results reflect significant strides toward top-quartile performance," said Clint Stein, President and CEO. "Our optimized expense base, improved pricing strategies, and targeted franchise investments have not only strengthened our financial position but also supported our commitment to deliver exceptional value to our customers and shareholders alike."
Net interest income increased by $7 million from the prior quarter to $437.4 million, as lower funding costs more than offset lower interest income. The net interest margin expanded to 3.64%, up 8 basis points sequentially.
Non-interest income decreased by $16 million to $49.7 million, primarily due to quarterly fluctuations in fair value accounting and hedges.
Total (EPA: TTEF ) loans grew to $37.7 billion, up slightly from $37.5 billion at the end of the third quarter. Deposits also increased modestly to $41.7 billion.
The bank declared a quarterly cash dividend of $0.36 per share.
Columbia Banking System shares were unchanged in after-hours trading following the earnings release.
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