Columbia Banking reported third-quarter operating EPS of $0.82, up from $0.76 in the prior quarter, as net interest margin rose 18 basis points to 4.11%. Customer deposits rose to $52.7 billion, and deposit growth of $1.2 billion helped the bank cut wholesale funding by $1.5 billion. The company completed its previous buyback by repurchasing 6.5 million shares for $200 million in the quarter and received board approval for a new $1.2 billion repurchase plan with no expiration date. Non-performing assets fell to 0.39% of total assets, while tangible book value per share declined to $18.10 from $19.22, mainly due to higher other comprehensive losses from interest rate changes. Management guided to a net interest margin of about 4.05% for the fourth quarter, citing a modest negative carry from excess subordinated debt and seasonal deposit outflows.
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