Columbia Banking System Q3 Profit Increases, Beats Estimates

(RTTNews) - Columbia Banking System (COLB) released a profit for its third quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $146.2 million, or $0.70 per share. This compares with $135.8 million, or $0.65 per share, in last year's third quarter.

Excluding items, Columbia Banking System reported adjusted earnings of $0.69 per share for the period.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 10.5% to $430.2 million from $480.9 million last year.

Columbia Banking System earnings at a glance (GAAP) :

-Earnings (Q3): $146.2 Mln. vs. $135.8 Mln. last year. -EPS (Q3): $0.70 vs. $0.65 last year. -Revenue (Q3): $430.2 Mln vs. $480.9 Mln last year.