Columbia Banking System inched higher in premarket trading on Thursday after the bank holding company reported higher-than-expected Q4 earnings, and raised its quarterly dividend.
EPS increased to $0.53 in the December quarter, from $0.46 a year earlier, topping the $0.49 average estimate of analysts surveyed by Capital IQ.
Q4 net interest income increased to $85.7 million from $81.8 million, while Q4 non-interest income fell to $22.3 million from $24.7 million. Q4 revenue totaled $108.0 million, below the analyst consensus of $111.6 million.
The company said on Thursday it increased its regular cash dividend by 10% to $0.22 per share. The dividend will be paid on February 22 to shareholders of record as of the close of business on Feb. 8.