TACOMA, Wash. (AP) — TACOMA, Wash. (AP) — Columbia Banking System Inc. (COLB) on Thursday reported first-quarter profit of $124.1 million.
The Tacoma, Washington-based bank said it had earnings of 59 cents per share. Earnings, adjusted for non-recurring costs, came to 65 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The bank holding company posted revenue of $734.6 million in the period. Its revenue net of interest expense was $473.7 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $478.4 million.
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