COLB - Why Columbia Banking System Stock Plunged Today
2024-01-25 17:38:00 ET
Shares of Columbia Banking System (NASDAQ: COLB) fell 21% on Thursday after the parent company of Umpqua Bank on Wednesday delivered disappointing fourth-quarter 2023 results relative to Wall Street's expectations.
On the bottom line, Columbia Banking's fourth-quarter operating earnings declined 43% year over year, to $0.44 per share, arriving significantly below consensus estimates for $0.79.
Columbia Banking CEO Clint Stein called it a "noisy" quarter, as lower expenses related to its now-complete merger with Umpqua Holdings were more than offset by one-time costs and a $33 million non-interest expense related to an FDIC special assessment recorded during the quarter. Columbia Banking also saw net interest income contract modestly on a sequential basis to $454 million (from $481 million last quarter) amid higher deposit costs.
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Why Columbia Banking System Stock Plunged Today