Columbia Banking System posted net income of $208 million, up 37% from a year earlier; diluted EPS was $0.73, flat year over year.
Net interest income slipped 1% from the prior quarter to $589 million as net interest margin narrowed 0.03 percentage points to 3.93%.
Non-interest income rose 6% sequentially to $88 million, while non-interest expense fell 5% to $375 million on lower merger expense.
Total assets eased 1% from the prior quarter to $65.38 billion; deposits declined 3% to $52.06 billion as brokered and wholesale public balances were reduced.
Management cited disciplined expense management, balance sheet optimization, and capital returns; the bank repurchased $199 million of common stock.
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