Columbia Banking System (COLB) Q1 operating earnings late Wednesday of $0.67 per diluted share, up from $0.65 a year earlier.

Analysts polled by FactSet expected $0.64.

Revenue for the quarter ended March 31, expressed as the sum of net interest income and total noninterest income, was $491.4 million, up from $473.7 million a year earlier.

Analysts surveyed by FactSet expected $482.9 million.

Separately, Columbia Banking System said it will acquire Pacific Premier Bancorp in an all-stock transaction valued at about $2 billion. Pacific Premier shareholders will receive 0.9150 shares of Columbia common stock for each share held, representing a deal value of $20.83 per share.

The transaction, subject to customary closing conditions including regulatory approvals and the approval of both companies' stockholders, is expected to close in the second half of 2025.

Shares of Columbia Banking were down 2.4% in after-hours trading.