Columbia Banking (COLB) Jumps 6.3% as Investors Cheer Q2 Income

We recently published 10 Shares Explode as Earnings Impress. Columbia Banking System Inc. (NASDAQ:COLB) is one of the best-performing stocks on Friday.

Shares of Columbia Banking increased by 6.30 percent on Friday to close at $24.82 apiece as investors loaded positions following an impressive earnings performance in the first half of the year.

In its earnings release, Columbia Banking System Inc. (NASDAQ:COLB) said its net income rose by 27 percent to $152 million from $120 million in the same period last year.

Net interest income grew by 4 percent to $446 million from $427 million year-on-year amid higher interest income from loans and investment securities and relatively stable funding costs.

On the other hand, non-interest income climbed by 44 percent to $64.46 million from $44.7 million in the same period last year.

“Commercial loan growth outpaced runoff in transactional portfolios while the net interest margin benefited from loan repricing, controlled deposit pricing, and a rebound in securities yields. Continued expense discipline further supported our strong performance, even as we continue to reinvest in our growing franchise—opening three new branches and planning for the closing of our Pacific Premier acquisition,” said Columbia Banking System Inc. (NASDAQ:COLB) President and CEO Clint Stein.

Source: pixabay

“While customer deposits declined due to normal seasonal activity and increased cash usage, our Business Bank of Choice strategy continues to attract new relationships. We remain laser focused on delivering top-quartile performance and enhancing long-term tangible book value while returning excess capital to our shareholders,” he added.