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New words:
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Removed:
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Financial report summary
?Management Discussion
- Columbia's financial results for any periods ended prior to February 28, 2023, the Merger Date, reflect UHC results only on a standalone basis. Accordingly, Columbia's reported financial results for the first quarter of 2023 reflect only UHC financial results through the closing of the Merger. As a result of these two factors, Columbia's financial results for the first quarter of 2023 may not be directly comparable to prior or future reported periods.
- The Company had net income of $124.1 million for the three months ended March 31, 2024, compared to net income of $93.5 million for the three months ended December 31, 2023. The increase in net income is mainly attributable to a decrease in non-interest expense and a decrease in provision for credit losses, partially offset by decreases in net interest income and non-interest income. The decrease of $49.7 million in non-interest expense is mainly due to a decrease in FDIC assessments, as a result of the FDIC special assessment of $32.9 million in the fourth quarter of 2023, as well as decreases in all categories as a result of lower discretionary spending and other expense items compared to expense items in the fourth quarter. The Company conducted an enterprise-wide evaluation of our operations during the first quarter of 2024, which resulted in consolidated positions, simplified reporting, and organizational structures. The changes are expected to be carried out in the second and third quarters of 2024 to achieve a core expense run rate for the fourth quarter of 2024 of $965 million to $985 million annualized. The expected core expense run rate excludes CDI amortization, merger-related expenses, exit and disposal costs, and the FDIC special assessment.
- The decrease of $37.8 million in provision for credit losses reflects changes in the economic assumptions used in credit models and a recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans. The decrease of $30.3 million in net interest income is due to higher interest expense driven by higher average rates and balances in interest-bearing liabilities, in addition to a decrease in interest income, largely driven by lower income earned on investment securities given slower prepayment activity. The Company is actively managing and selectively reducing deposit offered rates. The decrease of $15.2 million in non-interest income was primarily driven by quarterly fluctuations in fair value adjustments and MSR hedging activity.