COLB - Why Columbia Banking System Stock Crept Higher on Friday
2024-04-26 18:16:25 ET
Despite a mixed first quarter, investors gave the benefit of the doubt to Columbia Banking System (NASDAQ: COLB) on Friday. The Washington state-based company, arguably best known as the operator of the region's Umpqua Bank, managed to lift several of its more important metrics during the period. Its share price inched up by 0.6%, a rate slightly outpaced by the S&P 500 index's 1% rise.
After market hours Thursday, Columbia reported that its total revenue for the quarter was just under $474 million, representing a 10% increase over the first-quarter 2023 tally. More encouragingly, on a non-GAAP (generally accepted accounting principles) adjusted basis, its net income zoomed 89% higher to nearly $135 million ($0.65 per share).
Columbia's top line didn't meet the average analyst estimate of slightly less than $482 million. But the company well exceeded the consensus of $0.53-per-share adjusted net income.
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Why Columbia Banking System Stock Crept Higher on Friday