Columbia Banking System, Inc. (NASDAQ:COLB) Q3 2024 Results Conference Call October 25, 2024 11:30 AM ET
Company Participants
Jacquelynne Bohlen - IR, Director
Clint Stein - President and CEO
Ronald Farnsworth - EVP and CFO
Frank Namdar - EVP and Chief Credit Officer
Torran Nixon - President, Commercial Banking of Umpqua Bank
Christopher Merrywell - President, Consumer Banking of Umpqua Bank
Conference Call Participants
Anthony Elian - JPMorgan
Chris McGratty - KBW
Timur Braziler - Wells Fargo
Andrew Terrell - Stephens
Jon Arfstrom - RBC Capital Markets
David Feaster - Raymond James
Matthew Clark - Piper Sandler
Operator
Welcome to the Columbia Banking System Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
At this time, I would like to introduce Jacque Bohlen, Investor Relations Director to begin the conference call.
Jacquelynne Bohlen
Thank you, Gigi. Good morning, everyone. Thank you for joining us as we review our third quarter results. The earnings release and corresponding presentation are available on our website at columbiabankingsystem.com.
During today's call, we will make forward-looking statements, which are subject to risks and uncertainties and are intended to be covered by the safe harbor provisions of federal securities law. For a list of factors that may cause actual results to differ materially from expectations, please refer to the disclosures contained within our SEC filings. We will also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliations provided in our earnings material.
We'll now hand the call over to Columbia's President and CEO, Clint Stein.
Clint Stein
Thank you, Jacque, and good morning, everyone. Our third quarter activities and results demonstrate our commitment and continued progress toward regaining long-term top quartile performance. We grew core deposits even as we reduced their costs. We also completed the near-term initiatives we detailed in April, and we continue to reinvest in our people, systems and processes to drive our franchise profitably forward.
When we spoke last quarter, I outlined the drivers of $270 million in merger to date gross expense reductions, and we fully achieved our target during the third quarter. Our operational effectiveness work eliminated redundancies and streamlined operations, making our organization more efficient. This work is enabling us to better serve our customers and our communities while enhancing long-term shareholder value.
Our gross expense saves represent double to $135 million we outlined at the announcement of the merger. The merger to date net savings of roughly $213 million accounts for $45 million of franchise expansion and reinvestments made leading up to and shortly after the merger close as well as the additional $12 million of investments planned in the coming months and quarters.