Columbia Banking System (COLB) Misses Q1 EPS by 24c

Columbia Banking System (NASDAQ: COLB) reported Q1 EPS of $0.20, $0.24 worse than the analyst estimate of $0.44.

Chris Merrywell, Columbia's Executive Vice President and Chief Operating Officer, stated, "The first quarter proved to be a positive quarter for loan growth driven by production and seasonal line utilization. Our bankers were on track for record first quarter loan production through the first two months, even though the first quarter is historically the weakest quarter of the year. Our teams did an excellent job of pivoting and adapting to our clients' needs as our new reality set in during the last month of the quarter. The decrease in interest rates helped to drive down the cost of deposits to levels close to historic lows."

For earnings history and earnings-related data on Columbia Banking System (COLB) click here.

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