Columbia Banking Q2 net income rises
COLB•Outlook
The company did not provide specific financial guidance for the current or future periods.
Quarterly results
US regional bank's Q2 net income rose 37% yr/yr to $208 mln, with EPS unchanged at $0.73.
Net interest income fell $5 mln from Q1 due to income reversals and balance sheet deleveraging.
The company repurchased $199 mln of common stock during the quarter.
Result drivers and key details
- Interest income reversals - Net interest income fell due in part to $4 mln of interest income reversals and modest balance sheet deleveraging.
- Non-interest income - Non-interest income rose, driven by higher treasury management and card-based fees, and $3 mln in death benefit proceeds.
- Expense reductions - Non-interest expense decreased, reflecting lower merger expense and acquisition-related cost savings.
Key details
