Columbia Banking: Q2 Earnings Snapshot
By AP News
Published - Jul 19, 2023, 04:15 PM ET
Last Updated - Jul 19, 2023, 04:15 PM EDT
TACOMA, Wash. (AP) — TACOMA, Wash. (AP) — Columbia Banking System Inc. (COLB) on Wednesday reported second-quarter profit of $133.4 million.
The Tacoma, Washington-based bank said it had earnings of 64 cents per share. Earnings, adjusted for one-time gains and costs, were 81 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The bank holding company posted revenue of $715.4 million in the period. Its revenue net of interest expense was $523.7 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $582.6 million.
