COLB · Columbia Banking System, Inc.

Columbia Banking System reported first quarter 2026 results that reflect continued execution on strategic priorities, including balance sheet optimization and capital return. Net income on a GAAP basis was $192 million ($0.66 diluted EPS), down from $209 million ($0.72) in the prior quarter, primarily due to $17 million in non-repeating net interest income items (a $12 million benefit from premium amortization on acquired time deposits and a $5 million accelerated loan repayment). Operating net income, which excludes merger and restructuring costs, was $209 million ($0.72 diluted EPS). Net interest income decreased $33 million quarter-over-quarter to $594 million, with net interest margin declining 10 basis points to 3.96%, as the prior quarter's margin benefited from the non-repeating items. Non-interest income fell $7 million to $83 million, driven by lower swap, syndication, and international banking revenue following strong prior-quarter performance and typical first-quarter seasonality. Non-interest expense declined $18 million to $394 million, reflecting lower merger expense and realization of acquisition-related cost savings. Credit quality metrics showed some deterioration: net charge-offs were 0.30% of average loans (annualized) versus 0.25% in the prior quarter, and non-performing assets increased to 0.40% of total assets from 0.30%, driven by an agricultural industry relationship. The provision for credit losses was $28 million, up from $23 million. Capital ratios remained strong, with an estimated CET1 ratio of 11.5% and total risk-based capital ratio of 13.3%. Columbia returned $200 million to shareholders through share repurchases and paid a quarterly dividend of $0.37 per share. Management expressed confidence in earnings durability and ongoing capital generation, highlighting progress in commercial loan growth and deposit campaigns.