The following is a summary of the Columbia Banking System, Inc. (COLB) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 reported EPS was $0.70, with an operating EPS of $0.69.

• Operational expense was $268 million, reflecting efficiency initiatives and operational effectiveness, excluding CD amortization.

• Net interest margin remained stable at 3.56% despite declining interest rates.

• Interest-bearing deposit costs saw a significant reduction by the end of Q3, with spot costs as of September 30 at 2.74%.

Business Progress:

• Completed near-term initiatives outlined in April, increasing operational efficiency through redundancy elimination and streamlined operations.

• Strategic expansion into new markets such as Arizona, Colorado, and Utah with hiring experienced bankers and establishing new branches.

• Strong focus on relationship banking and customer retention with ongoing campaigns generating significant new deposits.

• Actively managing a shift from transactional to relationship-driven banking, with targeted reductions in transactional real estate loans.

Opportunities:

• Expanded geographic footprint through new branches and experienced hires in growth markets like Arizona and Utah.

• Increased focus on relationship-driven banking and reduction in transactional loan exposure to enhance customer retention and service quality.

• Implementation of new technological tools and an upgraded CRM system to improve operational efficiency and associate support.

Risks:

• Slower commercial loan growth due to strategic reduction in transactional real estate loans and general market conditions.

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