COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2025 RESULTS
TACOMA, Wash., Jan. 22, 2026 /PRNewswire/ --
$215 million
$243 million
$0.72
$0.82
Net income
Operating net income1
Earnings per common share -diluted
Operating earnings per common share - diluted1
CEO Commentary
"Our fourth quarter performance marked a strong end to a tremendous year for Columbia, reflecting continued momentum across ourbusinesses and our commitment to consistent, repeatable results," said Clint Stein, President and CEO. "Our operating performance wassupported by disciplined balance sheet management, new and expanding customer relationships, and the first full-quarter contributionfrom Pacific Premier. We remain on track for a seamless systems conversion later this quarter, which will enable us to fully realize deal-related cost savings and achieve a clean expense run rate by the third quarter. Investments made throughout 2025 strengthened our western footprint and enhanced our long-term earnings power, and we entered 2026 with healthy pipelines, solid capital generation, and a clear path to continued operational improvement, all in support of long-term value creation and ongoing capital return to our shareholders."
– Clint Stein, Chair, CEO & President of Columbia Banking System, Inc.
4Q25 HIGHLIGHTS (COMPARED TO 3Q25)
Net Interest Income andNIM
• Net interest income increased by $122 millionfrom the prior quarter, due to two additionalmonths operating as a combined company andlower interest expense due to favorable fundingmix trends
• Net interest margin was 4.06%, up 22 basispoints from the prior quarter, due to a favorablefunding mix shift following the reduction inhigher-cost funding sources during the priorquarter. The net interest margin also wasimpacted by two additional months operating as a combined company in the current period
Non-InterestIncome andExpense
• Non-interest income increased by $13 million.Excluding the impact of fair value and hedges,1 non-interest income increased by $16 million,due to two additional months operating as acombined company and an increase in customer fee income
• Non-interest expense increased by $19 million,due to two additional months operating as a combined company, partially offset by lowermerger expense
Credit Quality
• Net charge-offs were 0.25% of average loansand leases (annualized), compared to 0.22% forthe prior quarter
• Provision expense was $23 million, compared to$70 million for the prior quarter, which was driven by the acquisition of Pacific Premier inthe prior quarter
• Non-performing assets to total assets was 0.30%, compared to 0.29% as of September 30,2025
Capital
• Estimated total risk-based capital ratio of 13.6% and estimated common equity tier 1 risk-basedcapital ratio of 11.8%
• Declared a quarterly cash dividend of $0.37 percommon share on November 14, 2025, which was paid December 15, 2025
• Repurchased $100 million of common stockunder our current repurchase plan
Notable Items
• Executed three successful small business andretail campaigns during 2025, generating$1.3 billion in new deposits to the bank during the year. Our next campaign begins in February
4Q25 KEY FINANCIAL DATA
PERFORMANCE METRICS
4Q25
3Q25
4Q24
Return on average assets
1.27 %
0.67 %
1.10 %
Return on average common equity
10.92 %
6.19 %
10.91 %
Return on average tangible common equity1
15.24 %
8.58 %
15.41 %
Operating return on average assets1
1.44 %
1.42 %
1.15 %
Operating return on average common equity1
12.34 %
13.15 %
11.40 %
Operating return on average tangible common equity1
17.22 %
18.24 %
16.11 %
Net interest margin
4.06 %
3.84 %
3.64 %
Efficiency ratio
57.30 %
67.29 %
54.61 %
Operating efficiency ratio, as adjusted 1
51.39 %
52.32 %
52.51 %
INCOME STATEMENT
($ in millions, excl. per share data)
4Q25
3Q25
4Q24
Net interest income
$627
$505
$437
Provision for credit losses
$23
$70
$28
Non-interest income
$90
$77
$50
Non-interest expense
$412
$393
$267
Pre-provision net revenue1
$305
$189
$220
Operating pre-provision net revenue1
$342
$270
$229
Earnings per common share - diluted
$0.72
$0.40
$0.68
Operating earnings per common share - diluted1
$0.82
$0.85
$0.71
Dividends paid per share
$0.37
$0.36
$0.36
BALANCE SHEET
($ in millions, excl. per share data)
4Q25
3Q25
4Q24
Total assets
$66,832
$67,496
$51,576
Loans and leases
$47,776
$48,462
$37,681
Deposits
$54,211
$55,771
$41,721
Book value per common share
$26.54
$26.04
$24.43
Tangible book value per common share1
$19.11
$18.57
$17.20
Organizational UpdateColumbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and integration efforts continue to progress smoothly. We remain on track to complete the systems conversion and branch consolidations during the first quarter of 2026. We continue to expect to realize all related cost savings by June 30, 2026.
The Columbia Board of Directors elected Clint Stein, President and Chief Executive Officer, to also serve as Chair of the Board, effective January 22, 2026, as previously announced. Maria Pope, the immediate past Chair of the Board, was also appointed, effective the same date, to serve as Lead Independent Director until the Company's 2026 annual meeting of shareholders. Following the annual meeting, Luis Machuca, the current Chair of the Company's Nominating and Governance Committee, will succeed Ms. Pope as Lead Independent Director. The Board's actions reflect its confidence in Mr. Stein's leadership and are intended to support continuity, accountability, and strong governance as Columbia executes on its long-term strategic priorities. "Clint has demonstrated steady, disciplined leadership and a clear strategic vision for Columbia," said Ms. Pope. "Combining the roles of Chair and CEO at this time will enhance alignment between the Board and management, further strengthening our ability to deliver long-term value for shareholders while remaining firmly committed to strong, independent oversight."
Ivan Seda assumed the role of Executive Vice President, Chief Financial Officer, effective December 31, 2025, as previously announced. Mr. Seda joined Columbia in August 2025 as Executive Vice President, Deputy Chief Financial Officer, supporting a seamless leadership transition. "Ivan's first five months with Columbia have already delivered meaningful contributions, and he has transitioned smoothly into his expanded role," stated Mr. Stein. "Recent strategic actions, including our acquisition of Pacific Premier and ongoing balance sheet optimization, have positioned Columbia for an exciting future. We have the resources, talent, and vision to excel across every market we serve, and I am confident Ivan will play a key role in driving consistent, repeatable performance and long-term value creation for our shareholders."
Net Interest IncomeNet interest income was $627 million for the fourth quarter of 2025, up $122 million from the prior quarter. The increase largely reflects the impact of two additional months operating as a combined company in the current period. Lower interest expense due to a favorable shift in Columbia's funding mix during the prior quarter also contributed to the increase, as did an additional $5 million in interest income related to an accelerated loan repayment.
Columbia's net interest margin was 4.06% for the fourth quarter of 2025, up 22 basis points from the third quarter of 2025. Net interest margin benefited from lower funding costs, due to an increase in customer deposits and corresponding reduction in higher-cost funding sources during the third quarter. The net interest margin also was impacted by two additional months operating as a combined company, which includes an 8-basis point benefit related to the amortization of a premium on acquired time deposits, as described in the following paragraph, and a 3-basis point benefit related to an accelerated loan repayment.
The cost of interest-bearing deposits decreased 35 basis points from the prior quarter to 2.08% for the fourth quarter of 2025. The cost of interest-bearing deposits benefited from the amortization of a premium related to Pacific Premier's time deposits, which contributed $12 million to net interest income during the fourth quarter of 2025, compared to $4 million during the third quarter of 2025, favorably impacting deposit rates in each quarter. The premium was fully amortized as of December 31, 2025. Excluding this impact, the cost of interest-bearing deposits was 2.20% for the fourth quarter of 2025, compared to 2.09% for the month of December and 2.06% as of December 31, 2025. The declining cost of deposits reflects our proactive management of deposit rates ahead of and following reductions to the federal fund rates.
Columbia's cost of interest-bearing liabilities decreased 38 basis points from the prior quarter to 2.27% for the fourth quarter of 2025. Excluding the previously discussed premium amortization, the cost of interest-bearing liabilities was 2.38% for the fourth quarter of 2025, compared to 2.28% for both the month of December and as of December 31 2025. Please refer to the Q4 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest IncomeNon-interest income was $90 million for the fourth quarter of 2025, up $13 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value gain of $2 million for the fourth quarter, compared to a net fair value gain of $5 million for the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $88 million2 for the fourth quarter of 2025, up $16 million between periods, as Pacific Premier contributed an additional $13 million to the quarter's run rate. Customer fee income, including swap and international banking revenue, drove the remainder of the increase.
Non-interest ExpenseNon-interest expense was $412 million for the fourth quarter of 2025, up $19 million from the prior quarter, as two additional months operating as a combined company more than offset lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, a $5 million reversal of prior FDIC assessment expense, and $4 million of other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $373 million2, up $66 million from the prior quarter, as Pacific Premier contributed an additional $62 million to the fourth quarter, as compared to the prior quarter's run rate. The Pacific Premier run rate includes deal-related cost savings. Other miscellaneous expenses, including marketing and software costs, contributed to the increase. Please refer to the Q4 2025 Earnings Presentation for additional expense details.
Balance SheetTotal consolidated assets were $66.8 billion as of December 31, 2025, compared to $67.5 billion as of September 30, 2025. The decrease reflects balance sheet optimization activity and an accelerated level of loan repayments. Cash and cash equivalents were $2.4 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.9 billion as of December 31, 2025, representing 42% of total assets, 51% of total deposits, and 141% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of December 31, 2025, compared to $11.0 billion as of September 30, 2025. The increase is due to the purchase of $246 million of investment securities, partially offset by paydowns. Please refer to the Q4 2025 Earnings Presentation for additional details related to our securities portfolio and liquidity position.
Gross loans and leases were $47.8 billion as of December 31, 2025, compared to $48.5 billion as of September 30, 2025. The decrease reflects continued run-off in commercial development and below-market-rate transactional loans, as well as the sale of $45 million in acquired loans risk rated special mention. Commercial loans increased by 6% on an annualized basis relative to September 30, 2025, partially offsetting contraction in other portfolios. "Our ability to generate relationship-based commercial business was strengthened by the addition of bankers from Pacific Premier," commented Tory Nixon, President of Columbia Bank. "Loan origination volume increased 17% from the prior quarter, and full-year 2025 volume was up 22% compared to 2024, resulting in strong commercial loan growth, offset by the intentional reduction in transactional loan balances and elevated prepayment activity during the fourth quarter." Please refer to the Q4 2025 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.
Total deposits were $54.2 billion as of December 31, 2025, compared to $55.8 billion as of September 30, 2025. The decrease reflects an intentional reduction in brokered and select public deposits, as alternative funding sources offered a more attractive interest rate. Seasonal reductions in customer deposit balances also contributed to the quarter's decline. "Momentum from the third quarter's exceptional customer deposit growth carried into the fourth quarter," stated Mr. Nixon. "However, balances followed seasonal norms in December, declining in the latter part of the month, due to company distributions, tax payments, and other year-end payouts." We utilized borrowings, which were $3.2 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025, to supplement funding needs. Please refer to the Q4 2025 Earnings Presentation for additional details related to deposit characteristics and flows.
Credit QualityThe allowance for credit losses ("ACL") was $485 million, or 1.02% of loans and leases, as of December 31, 2025, compared to $492 million, or 1.01% of loans and leases, as of September 30, 2025. The provision for credit losses was $23 million for the fourth quarter of 2025 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.
Net charge-offs were 0.25% of average loans and leases (annualized) for the fourth quarter of 2025, compared to 0.22% for the third quarter of 2025. Net charge-offs in the FinPac portfolio were $14 million in the fourth quarter, compared to $16 million in the third quarter. Net charge-offs excluding the FinPac portfolio were $16 million in the fourth quarter, compared to $6 million in the third quarter. Non-performing assets were $200 million, or 0.30% of total assets, as of December 31, 2025, compared to $199 million, or 0.29% of total assets, as of September 30, 2025. Please refer to the Q4 2025 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
CapitalColumbia's book value per common share was $26.54 as of December 31, 2025, compared to $26.04 as of September 30, 2025. During the fourth quarter, Columbia repurchased 3.7 million common shares under its current repurchase plan at an average price of $27.07. Book value was also impacted by a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(233) million as of December 31, 2025, compared to $(268) million as of the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on available-for-sale securities to $199 million as of December 31, 2025, compared to $240 million as of September 30, 2025. Tangible book value per common share3 was $19.11 as of December 31, 2025, compared to $18.57 as of September 30, 2025.
Columbia's estimated total risk-based capital ratio was 13.6% and its estimated common equity tier 1 risk-based capital ratio was 11.8% as of December 31, 2025, compared to 13.4% and 11.6%, respectively, as of September 30, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of December 31, 2025 are estimates, pending completion and filing of Columbia's regulatory reports.
Earnings Presentation and Conference Call InformationColumbia's Q4 2025 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its fourth quarter 2025 earnings conference call on January 22, 2025 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its fourth quarter 2025 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/r4vb6kw9/Register for the call: https://register-conf.media-server.com/register/BIea441cbeb5cf482194e96ffe3b448071Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc.Columbia Banking System, Inc. (NASDAQ:COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning western U.S. regional bank. Columbia Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.
Forward-Looking StatementsThis press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management's attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction, and (iv) shareholder litigation that could negatively impact our business and operations; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.
TABLE INDEX
Page
Consolidated Statements of Income
8
Consolidated Balance Sheets
9
Financial Highlights
11
Loan & Lease Portfolio Balances and Mix
12
Deposit Portfolio Balances and Mix
14
Credit Quality - Non-performing Assets
15
Credit Quality - Allowance for Credit Losses
16
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
18
Residential Mortgage Banking Activity
20
GAAP to Non-GAAP Reconciliation
22
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
% Change
($ in millions, shares in thousands)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
SeqQuarter
Yearover Year
Interest income:
Loans and leases
$ 722
$ 619
$ 564
$ 553
$ 572
17 %
26 %
Interest and dividends on investments:
Taxable
102
89
80
69
75
15 %
36 %
Exempt from federal income tax
12
8
7
7
7
50 %
71 %
Dividends
3
4
3
3
3
(25) %
— %
Temporary investments and interest bearing deposits
19
20
16
16
19
(5) %
— %
Total interest income
858
740
670
648
676
16 %
27 %
Interest expense:
Deposits
195
195
180
177
189
— %
3 %
Securities sold under agreement to repurchase andfederal funds purchased
1
1
1
1
1
— %
— %
Borrowings
27
30
35
36
40
(10) %
(33) %
Junior and other subordinated debentures
8
9
8
9
9
(11) %
(11) %
Total interest expense
231
235
224
223
239
(2) %
(3) %
Net interest income
627
505
446
425
437
24 %
43 %
Provision for credit losses
23
70
30
27
28
(67) %
(18) %
Non-interest income:
Service charges on deposits
24
21
20
19
18
14 %
33 %
Card-based fees
16
15
14
13
15
7 %
7 %
Financial services and trust revenue
15
9
6
5
5
67 %
200 %
Residential mortgage banking revenue, net
7
7
8
9
7
— %
— %
Gain (loss) on investment securities, net
2
2
—
2
(1)
— %
nm
Gain (loss) on loan and lease sales, net
1
—
—
—
(2)
nm
nm
Gain (loss) on loans held for investment, at fair value
—
4
—
7
(7)
(100) %
nm
BOLI income
9
6
5
5
5
50 %
80 %
Other income
16
13
12
6
10
23 %
60 %
Total non-interest income
90
77
65
66
50
17 %
80 %
Non-interest expense:
Salaries and employee benefits
201
171
155
145
142
18 %
42 %
Occupancy and equipment, net
67
54
47
48
47
24 %
43 %
Intangible amortization
42
31
26
28
29
35 %
45 %
FDIC assessments
4
8
8
8
8
(50) %
(50) %
Merger and restructuring expense
39
87
8
14
2
(55) %
nm
Legal settlement
—
—
—
55
—
nm
nm
Other expenses
59
42
34
42
39
40 %
51 %
Total non-interest expense
412
393
278
340
267
5 %
54 %
Income before provision for income taxes
282
119
203
124
192
137 %
47 %
Provision for income taxes
67
23
51
37
49
191 %
37 %
Net income
$ 215
$ 96
$ 152
$ 87
$ 143
124 %
50 %
Weighted average basic shares outstanding (inthousands)
295,376
237,838
209,125
208,800
208,548
24 %
42 %
Weighted average diluted shares outstanding (in thousands)
296,760
238,925
209,975
210,023
209,889
24 %
41 %
Earnings per common share, basic
$ 0.72
$ 0.40
$ 0.73
$ 0.41
$ 0.69
80 %
4 %
Earnings per common share, diluted
$ 0.72
$ 0.40
$ 0.73
$ 0.41
$ 0.68
80 %
6 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Year Ended
% Change
($ in millions, shares in thousands)
Dec 31, 2025
Dec 31, 2024
Year over Year
Interest income:
Loans and leases
$ 2,458
$ 2,320
6 %
Interest and dividends on investments:
Taxable
340
305
11 %
Exempt from federal income tax
34
28
21 %
Dividends
13
12
8 %
Temporary investments and interest bearing deposits
71
90
(21) %
Total interest income
2,916
2,755
6 %
Interest expense:
Deposits
747
803
(7) %
Securities sold under agreement to repurchase and federal funds purchased
4
5
(20) %
Borrowings
128
190
(33) %
Junior and other subordinated debentures
34
39
(13) %
Total interest expense
913
1,037
(12) %
Net interest income
2,003
1,718
17 %
Provision for credit losses
150
106
42 %
Non-interest income:
Service charges on deposits
84
72
17 %
Card-based fees
58
57
2 %
Financial services and trust revenue
35
20
75 %
Residential mortgage banking revenue, net
31
24
29 %
Gain on investment securities, net
6
—
nm
Gain (loss) on loan and lease sales, net
1
(3)
nm
Gain (loss) on loans held for investment, at fair value
11
(10)
nm
BOLI income
25
19
32 %
Other income
47
32
47 %
Total non-interest income
298
211
41 %
Non-interest expense:
Salaries and employee benefits
672
589
14 %
Occupancy and equipment, net
216
182
19 %
Intangible amortization
127
119
7 %
FDIC assessments
28
42
(33) %
Merger and restructuring expense
148
24
nm
Legal settlement
55
—
nm
Other expenses
177
148
20 %
Total non-interest expense
1,423
1,104
29 %
Income before provision for income taxes
728
719
1 %
Provision for income taxes
178
185
(4) %
Net income
$ 550
$ 534
3 %
Weighted average basic shares outstanding (in thousands)
238,022
208,463
14 %
Weighted average diluted shares outstanding (in thousands)
239,121
209,337
14 %
Earnings per common share, basic
$ 2.31
$ 2.56
(10) %
Earnings per common share, diluted
$ 2.30
$ 2.55
(10) %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
% Change
($ in millions, shares in thousands)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
SeqQuarter
Yearover Year
Assets:
Cash and due from banks
$ 511
$ 535
$ 608
$ 591
$ 497
(4) %
3 %
Interest-bearing cash and temporaryinvestments
1,869
1,808
1,334
1,481
1,381
3 %
35 %
Investment securities:
Equity and other, at fair value
113
112
93
92
78
1 %
45 %
Available for sale, at fair value
11,112
11,013
8,653
8,229
8,275
1 %
34 %
Held to maturity, at amortized cost
18
18
2
2
2
— %
nm
Loans held for sale
262
340
66
65
72
(23) %
264 %
Loans and leases
47,776
48,462
37,637
37,616
37,681
(1) %
27 %
Allowance for credit losses on loans and leases
(466)
(473)
(421)
(421)
(425)
(1) %
10 %
Net loans and leases
47,310
47,989
37,216
37,195
37,256
(1) %
27 %
Restricted equity securities
159
119
161
125
150
34 %
6 %
Premises and equipment, net
422
416
357
345
349
1 %
21 %
Goodwill
1,482
1,481
1,029
1,029
1,029
— %
44 %
Other intangible assets, net
712
754
430
456
484
(6) %
47 %
Bank-owned life insurance
1,218
1,199
705
701
694
2 %
76 %
Other assets
1,644
1,712
1,247
1,208
1,309
(4) %
26 %
Total assets
$ 66,832
$ 67,496
$ 51,901
$ 51,519
$ 51,576
(1) %
30 %
Liabilities:
Deposits
Non-interest-bearing
$ 17,419
$ 17,810
$ 13,220
$ 13,414
$ 13,308
(2) %
31 %
Interest-bearing
36,792
37,961
28,523
28,804
28,413
(3) %
29 %
Total deposits
54,211
55,771
41,743
42,218
41,721
(3) %
30 %
Securities sold under agreements to repurchase
207
167
191
192
237
24 %
(13) %
Borrowings
3,200
2,300
3,350
2,550
3,100
39 %
3 %
Junior subordinated debentures, at fair value
338
331
323
321
331
2 %
2 %
Junior and other subordinated debentures, at amortized cost
97
107
108
108
108
(9) %
(10) %
Other liabilities
939
1,030
844
892
961
(9) %
(2) %
Total liabilities
58,992
59,706
46,559
46,281
46,458
(1) %
27 %
Shareholders' equity:
Common stock
8,099
8,189
5,826
5,823
5,817
(1) %
39 %
Accumulated deficit
(26)
(131)
(151)
(227)
(237)
(80) %
(89) %
Accumulated other comprehensive loss
(233)
(268)
(333)
(358)
(462)
(13) %
(50) %
Total shareholders' equity
7,840
7,790
5,342
5,238
5,118
1 %
53 %
Total liabilities and shareholders' equity
$ 66,832
$ 67,496
$ 51,901
$ 51,519
$ 51,576
(1) %
30 %
Common shares outstanding at period end (inthousands)
295,422
299,147
210,213
210,112
209,536
(1) %
41 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Quarter Ended
% Change
Dec 31,2025
Sep 30, 2025
Jun 30,2025
Mar 31, 2025
Dec 31,2024
Seq. Quarter
Year over Year
Per Common Share Data:
Dividends
$ 0.37
$ 0.36
$ 0.36
$ 0.36
$ 0.36
3 %
3 %
Book value
$ 26.54
$ 26.04
$ 25.41
$ 24.93
$ 24.43
2 %
9 %
Tangible book value (1)
$ 19.11
$ 18.57
$ 18.47
$ 17.86
$ 17.20
3 %
11 %
Performance Ratios:
Efficiency ratio (2)
57.30 %
67.29 %
54.29 %
69.06 %
54.61 %
(9.99)
2.69
Non-interest expense to average assets (1)
2.44 %
2.74 %
2.16 %
2.68 %
2.06 %
(0.30)
0.38
Return on average assets ("ROAA")
1.27 %
0.67 %
1.19 %
0.68 %
1.10 %
0.60
0.17
Pre-provision net revenue ("PPNR") ROAA (1)
1.80 %
1.32 %
1.81 %
1.19 %
1.70 %
0.48
0.10
Return on average common equity
10.92 %
6.19 %
11.56 %
6.73 %
10.91 %
4.73
0.01
Return on average tangible common equity (1)
15.24 %
8.58 %
16.03 %
9.45 %
15.41 %
6.66
(0.17)
Performance Ratios - Operating:(1)
Operating efficiency ratio, as adjusted (1),(2)
51.39 %
52.32 %
51.79 %
55.11 %
52.51 %
(0.93)
(1.12)
Operating non-interest expense to average assets (1)
2.20 %
2.14 %
2.10 %
2.13 %
2.03 %
0.06
0.17
Operating ROAA (1)
1.44 %
1.42 %
1.25 %
1.10 %
1.15 %
0.02
0.29
Operating PPNR ROAA (1)
2.02 %
1.89 %
1.88 %
1.67 %
1.77 %
0.13
0.25
Operating return on average common equity (1)
12.34 %
13.15 %
12.16 %
10.87 %
11.40 %
(0.81)
0.94
Operating return on average tangible common equity (1)
17.22 %
18.24 %
16.85 %
15.26 %
16.11 %
(1.02)
1.11
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases
5.92 %
5.96 %
6.00 %
5.92 %
6.05 %
(0.04)
(0.13)
Yield on earning assets (2)
5.55 %
5.62 %
5.62 %
5.49 %
5.63 %
(0.07)
(0.08)
Cost of interest bearing deposits
2.08 %
2.43 %
2.52 %
2.52 %
2.66 %
(0.35)
(0.58)
Cost of interest bearing liabilities
2.27 %
2.65 %
2.78 %
2.80 %
2.98 %
(0.38)
(0.71)
Cost of total deposits
1.40 %
1.66 %
1.73 %
1.72 %
1.80 %
(0.26)
(0.40)
Cost of total funding (3)
1.57 %
1.87 %
1.98 %
1.99 %
2.09 %
(0.30)
(0.52)
Net interest margin (2)
4.06 %
3.84 %
3.75 %
3.60 %
3.64 %
0.22
0.42
Average interest bearing cash / Average interest earning assets
3.12 %
3.41 %
2.97 %
3.13 %
3.29 %
(0.29)
(0.17)
Average loans and leases / Average interest earning assets
78.12 %
78.39 %
78.64 %
78.93 %
78.42 %
(0.27)
(0.30)
Average loans and leases / Average total deposits
87.34 %
88.39 %
90.07 %
90.36 %
89.77 %
(1.05)
(2.43)
Average non-interest bearing deposits / Average total deposits
32.45 %
31.41 %
31.39 %
31.75 %
32.45 %
1.04
—
Average total deposits / Average ...
