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Columbia Banking System profit rises YOY in Q3; net interest margin slips

Tacoma, Wash.-based Columbia Banking System Inc. reported third-quarter net income of $50.7 million, or 70 cents per share, up from $46.4 million, or 63 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the second quarter was 59 cents.

Net interest margin on a tax-equivalent basis for the third quarter was 4.14%, down from 4.40% in the previous quarter and 4.37% in the year-ago period.

Net interest income for the quarter was $122.5 million, slipping from $122.8 million in the same period last year. Noninterest income rose to $28.0 million from $21.0 million in the year-ago period.

Provision for loan and lease losses for the third quarter fell year over year to $299,000 from $3.2 million.

Net total loans for the quarter stood at $8.67 billion, up from $8.57 billion in the previous quarter and $8.43 billion in the year-ago quarter.

Total deposits as of Sept. 30 stood at $10.86 billion, up from $10.21 billion as of June 30 and $10.60 billion a year ago.