Successful Acquisition of Pacific Premier
Columbia Banking Systems successfully closed its strategic acquisition of Pacific Premier, expanding its footprint to an 8-state Western region with approximately $68 billion in assets and nearly 10% deposit market share in the Northwest.
Strong Operating Performance
Operating PPNR increased by 12% from the second quarter and 22% from the prior year. This reflects Columbia's focus on profitability and balance sheet optimization, with one month including Pacific Premier's contribution.
Net Interest Margin Increase
Net interest margin expanded by 9 basis points to 3.84%, driven by customer deposit growth and balance sheet optimization, including the reduction of high-cost wholesale funding.
Share Repurchase Program Announcement
The Board of Directors authorized a $700 million share repurchase program, reflecting confidence in the strength of Columbia's balance sheet and enhanced capital position following the acquisition of Pac Premier.
Improved Capital Ratios
Regulatory capital ratios expanded with Tier 1 common at 11.6% and total risk-based capital ratio at 13.4%, well above long-term targets.