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Columbia Banking System
(NASDAQ:COLB)
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Rating:75Outperform
Price Target:
$32.00
â–²(4.81% Upside)
Action:Reiterated
Date:08/17/26
COLB scores well on fundamentals and shareholder return profile: improving TTM profitability and strong cash generation support the financial performance score, and valuation is helped by a moderate P/E and ~4.5% dividend yield. Technicals are favorable with price above key moving averages, though near-term momentum looks stretched (high Stochastics). The earnings call was constructive (expected NIM improvement, strong fee income, disciplined expenses), tempered by loan runoff/CRE payoff headwinds and competitive deposit pricing.
Positive Factors
Profitability and cash generation
Strong operating and free cash flow closely matching reported earnings supports the quality of profitability and provides internal funding capacity. Combined with improving net income and solid margins, this gives Columbia flexibility to invest, absorb normal credit costs, and return capital over the next several quarters.
Negative Factors
Loan contraction and runoff
Shrinking loans can restrain future net interest income and reduce the earning-asset base, particularly if replacement originations do not offset payoffs. Although some runoff is intentional, continued CRE payoffs and transactional maturities could make growth and margin improvement harder to sustain.
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Positive Factors
Negative Factors
Profitability and cash generation
Strong operating and free cash flow closely matching reported earnings supports the quality of profitability and provides internal funding capacity. Combined with improving net income and solid margins, this gives Columbia flexibility to invest, absorb normal credit costs, and return capital over the next several quarters.
Read all positive factors
Columbia Banking System (COLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.03B
Dividend Yield5.22%
Average Volume (3M)2.82M
Price to Earnings (P/E)11.3
Beta (1Y)1.03
Revenue Growth20.84%
EPS Growth-0.60%
CountryUS
Employees6,005
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.52
Shares Outstanding282,902,280
10 Day Avg. Volume2,726,825
30 Day Avg. Volume2,820,126
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)1.05
Price to Sales (P/S)2.57
P/FCF Ratio11.69
Enterprise Value/Market Cap1.67
Enterprise Value/Revenue3.76
Enterprise Value/Gross Profit5.30
Enterprise Value/Ebitda12.48
Forecast
1Y Price Target
$33.67Price Target Upside10.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)3.03
Revenue Forecast (FY)$2.74B
Columbia Banking System Business Overview & Revenue Model
Company Description
Columbia Banking System, Inc. operates as the bank holding company for Columbia Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-...
How the Company Makes Money
Columbia Banking System primarily earns money through traditional bank revenue streams. The largest driver is net interest income: the bank collects interest and fees on loans and other interest-earning assets (for example, commercial loans, consu...
Columbia Banking System Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call highlights strong execution on integration synergies, operating expense discipline, above-guidance fee income and active capital returns (buybacks/dividends), with clear progress on margin and profitability targets. Offsetting these positives are near-term headwinds from elevated CRE payoffs and transactional loan runoff that produced a modest decline in total loans and caused some NIM volatility tied to securities accounting. Management expects NIM improvements, continued fee growth and controlled expense trajectory, while maintaining conservative underwriting and capital-return focus.Positive Updates
Earnings Per Share and Operating Performance
Reported EPS of $0.73 and operating EPS of $0.76 for Q2. On an operating basis, pre-provision net revenue and operating net income increased 30% and 36% year-over-year, driven by the Pacific Premier addition, balance sheet optimization and disciplined expense management.
Negative Updates
Net Loan Contraction
Total loans declined to $47.2B from $47.7B (net reduction driven by elevated CRE payoffs and intentional runoff in the transactional book). Transactional book declined roughly $270M in the quarter and net loans were down about $500M quarter-over-quarter.
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Q2-2026 Updates
Positive
Negative
Earnings Per Share and Operating Performance
Reported EPS of $0.73 and operating EPS of $0.76 for Q2. On an operating basis, pre-provision net revenue and operating net income increased 30% and 36% year-over-year, driven by the Pacific Premier addition, balance sheet optimization and disciplined expense management.
Read all positive updates
Company Guidance
Management's guidance emphasized continued balance-sheet optimization and capital returns: Q2 EPS was $0.73 GAAP / $0.76 operating, average earning assets $60.3B, NIM printed 3.93% (adjusted flat to Q1 after a ~3 bps/$4M one‑time credit reversal and a ~4 bps securities accretion headwind), and management expects NIM to move beyond 4% later this year; noninterest income was $88M GAAP / $91M operating (above the $80–$85M guide) and is guided to the mid‑$80M range for Q3; operating noninterest expense was $366M (or $328M ex‑intangible amortization) with Q3 expense expected $330–$335M (CDI amortization trending down) and similar run‑rate into Q4, with normalized expense growth ~2% thereafter; provision was $27M, ACL coverage was 1.01% of loans (1.26% incl. acquired loan credit discount), ROAA >1.3% and ROTCE 16% in Q2, average originations $1.3B in Q2 (commercial origination +9% Q/Q, +49% YoY), net loans declined to $47.2B (transactional book down ~$270M in Q2, roughly $0.25B+/quarter expected with ~$3B repricing/maturing over 12 months), spot interest‑bearing deposit cost fell 4 bps to 1.94% (down‑beta ~60% though model 50%), deposit campaigns have generated nearly $1.5B YTD through July, CET1 11.6% / total risk‑based 13.4% with ~ $530M excess capital, tangible book $19.22 (up 1%), and share repurchases are expected $150–$200M in Q3 with ~$200M remaining on the current authorization as management evaluates further capital‑stack optimization.Columbia Banking System Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.56B | 3.21B | 2.97B | 2.74B | 1.35B | 1.32B |
| Gross Profit | 2.53B | 2.17B | 1.82B | 1.78B | 1.19B | 1.32B |
| EBITDA | 1.07B | 892.31M | 868.62M | 615.45M | 478.88M | 589.66M |
| Net Income | 711.00M | 550.03M | 533.67M | 348.71M | 336.75M | 420.30M |
Balance Sheet | ||||||
| Total Assets | 65.38B | 67.22B | 51.58B | 52.17B | 31.85B | 30.64B |
| Cash, Cash Equivalents and Short-Term Investments | 648.00M | 511.00M | 2.08B | 10.99B | 4.49B | 6.63B |
| Total Debt | 4.88B | 4.01B | 3.90B | 4.76B | 1.72B | 975.13M |
| Total Liabilities | 57.83B | 59.38B | 46.46B | 47.18B | 29.37B | 27.89B |
| Stockholders Equity | 7.55B | 7.84B | 5.12B | 5.00B | 2.48B | 2.75B |
Cash Flow | ||||||
| Free Cash Flow | 1.28B | 706.00M | 623.20M | 669.84M | 1.04B | 647.25M |
| Operating Cash Flow | 1.31B | 746.00M | 658.87M | 669.84M | 1.07B | 662.72M |
| Investing Cash Flow | 2.76B | 2.17B | 114.57M | 501.74M | -3.53B | -1.53B |
| Financing Cash Flow | -4.24B | -2.42B | -1.06B | -303.69M | 1.00B | 1.06B |
Columbia Banking System Technical Analysis
Negative
30.53
Price Trends
30.10
Negative
30.36
Negative
29.23
Negative
Market Momentum
-0.47
Positive
36.73
Neutral
29.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COLB, the sentiment is Negative. The current price of 30.53 is above the 20-day moving average (MA) of 29.18, above the 50-day MA of 30.10, and above the 200-day MA of 29.23, indicating a bearish trend. The MACD of -0.47 indicates Positive momentum. The RSI at 36.73 is Neutral, neither overbought nor oversold. The STOCH value of 29.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COLB.
Columbia Banking System Risk Analysis
Columbia Banking System disclosed 32 risk factors in its most recent earnings report. Columbia Banking System reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Columbia Banking System Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $8.03B | 11.28 | 9.22% | 5.22% | 20.84% | -0.60% | |
71 Outperform | $2.43B | 10.91 | 10.65% | 3.07% | 2.89% | 15.51% | |
68 Neutral | $1.11B | 12.81 | 7.69% | 3.57% | 17.16% | 47.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $3.29B | 10.62 | 9.55% | 5.45% | -5.41% | 45.98% | |
66 Neutral | $5.56B | 17.33 | 7.61% | 3.14% | 20.01% | 26.97% | |
65 Neutral | $2.18B | 9.01 | 8.50% | 3.67% | -4.62% | 21.13% |
* Financial Sector Average
COLB
Columbia Banking System
28.37
3.91
16.00%
BANR
Banner
66.43
6.69
11.19%
FIBK
First Interstate Bancsystem
34.52
4.89
16.50%
GBCI
Glacier Bancorp
42.73
-3.29
-7.14%
HFWA
Heritage Financial
27.16
4.96
22.33%
WAFD
Washington Federal
29.43
1.36
4.85%
Columbia Banking System Corporate Events
Business Operations and StrategyFinancial Disclosures
Columbia Banking System Schedules Q3 2026 Results Call
Neutral
Sep 30, 2026
On September 30, 2026, Columbia Banking System, Inc. announced it would release its third quarter 2026 financial results on Thursday, October 22, 2026, after the market close. The parent of Columbia Bank also scheduled a conference call for invest...
Dividends
Columbia Banking System Declares Quarterly Cash Dividend
Positive
Aug 14, 2026
On Aug. 14, 2026, Columbia Banking System, Inc., the parent of Columbia Bank, announced that its Board of Directors approved a quarterly cash dividend of $0.37 per common share. The dividend will be paid on Sept. 14, 2026, to shareholders of recor...
Business Operations and StrategyExecutive/Board Changes
Columbia Banking System adds veteran banker to board
Positive
Jul 30, 2026
Columbia Banking System, Inc. has appointed veteran banker Simone Lagomarsino to its Board of Directors, effective September 1, 2026, with the decision taken by the board on July 28 and announced publicly on July 30, 2026. She will serve on the En...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Columbia Banking System Reports Strong Second-Quarter 2026 Results
Positive
Jul 23, 2026
On July 23, 2026, Columbia Banking System, Inc. reported second-quarter 2026 results, posting net income of $208 million and operating net income of $217 million, with diluted earnings per share of $0.73 and operating diluted EPS of $0.76. Managem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.