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Columbia Banking System
(NASDAQ:COLB)
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Rating:74Outperform
Price Target:
$36.00
â–²(15.57% Upside)
Action:Reiterated
Date:08/05/26
COLB scores well primarily on financial performance and valuation: improving TTM earnings/cash generation and an attractive combination of ~12.4x P/E with ~4.7% yield support the stock. The biggest offset is rising leverage and some cash-flow variability, while technicals are mixed (neutral RSI with slightly negative MACD). Earnings-call commentary was constructive on margins, fees, expenses, and capital return, but flagged near-term growth headwinds from loan runoff and deposit competition.
Positive Factors
Strong cash generation
Consistent TTM operating and free cash flow near $1.31B (about 100% of net income) indicates high earnings quality and durable internal funding. This cash convertibility supports dividends, buybacks and reinvestment, enhancing financial flexibility over the next several quarters.
Negative Factors
Rising leverage
A meaningful increase in debt and higher debt/equity weakens the balance-sheet buffer and reduces financial flexibility. Elevated leverage can amplify earnings volatility, constrain strategic options, and raise funding costs risk if market conditions deteriorate over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent TTM operating and free cash flow near $1.31B (about 100% of net income) indicates high earnings quality and durable internal funding. This cash convertibility supports dividends, buybacks and reinvestment, enhancing financial flexibility over the next several quarters.
Read all positive factors
Columbia Banking System (COLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.84B
Dividend Yield4.7%
Average Volume (3M)3.01M
Price to Earnings (P/E)12.4
Beta (1Y)1.11
Revenue Growth20.84%
EPS Growth-0.60%
CountryUS
Employees6,005
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.52
Shares Outstanding282,817,000
10 Day Avg. Volume3,293,324
30 Day Avg. Volume3,010,469
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$34.13Price Target Upside9.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
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 makes money primarily through its banking subsidiary by earning interest income and fee-based income.
1) Net interest income (core earnings driver): The bank generates revenue by lending and investing funds obtained from c...
Columbia Banking System Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 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.
Read all updates
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 | 1.09B | 895.31M | 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 | 1.76B | 706.00M | 623.20M | 669.84M | 1.04B | 647.25M |
| Operating Cash Flow | 1.80B | 746.00M | 658.87M | 669.84M | 1.07B | 662.72M |
| Investing Cash Flow | 2.87B | 2.17B | 114.57M | 501.74M | -3.53B | -1.53B |
| Financing Cash Flow | -5.12B | -2.42B | -1.06B | -303.69M | 1.00B | 1.06B |
Columbia Banking System Technical Analysis
Negative
31.15
Price Trends
31.22
Negative
29.75
Positive
28.70
Positive
Market Momentum
-0.07
Positive
44.56
Neutral
42.93
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 31.15 is below the 20-day moving average (MA) of 31.93, below the 50-day MA of 31.22, and above the 200-day MA of 28.70, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 44.56 is Neutral, neither overbought nor oversold. The STOCH value of 42.93 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $6.26B | 12.73 | 11.01% | 2.68% | 1.86% | 10.69% | |
76 Outperform | $5.82B | 8.31 | 11.21% | 3.70% | 0.67% | 0.52% | |
74 Outperform | $8.84B | 12.41 | 9.22% | 4.72% | 20.84% | -0.60% | |
74 Outperform | $6.73B | 11.18 | 8.94% | 2.57% | 2.69% | 30.63% | |
72 Outperform | $7.92B | 11.81 | 8.88% | 3.07% | 1.17% | 51.80% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $6.41B | 19.96 | 7.61% | 2.63% | 20.01% | 26.97% |
* Financial Sector Average
COLB
Columbia Banking System
31.03
8.56
38.11%
OZK
Bank OZK
51.59
5.96
13.06%
FNB
F.N.B.
18.97
4.64
32.40%
GBCI
Glacier Bancorp
48.50
6.08
14.34%
HOMB
Home Bancshares
30.83
4.09
15.28%
VLY
Valley National Bancorp
14.47
5.61
63.30%
Columbia Banking System Corporate Events
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...
Financial Disclosures
Columbia Banking System Schedules Second Quarter 2026 Results
Neutral
Jul 1, 2026
On June 30, 2026, Columbia Banking System, Inc. announced that it will release its second quarter 2026 financial results after the market closes on July 23, 2026. The parent of Columbia Bank will hold a conference call that same afternoon at 2:00 ...
Executive/Board ChangesShareholder Meetings
Columbia Banking System Shareholders Back Directors and Proposals
Positive
May 15, 2026
On May 14, 2026, Columbia Banking System, Inc. held its 2026 Annual Meeting of Shareholders, with 270,265,070 of 289,993,853 eligible shares represented in person or by proxy. Shareholders elected twelve directors to serve until the 2027 annual me...
Dividends
Columbia Banking System Declares Quarterly Cash Dividend
Positive
May 15, 2026
On May 15, 2026, Columbia Banking System, Inc. announced that its board of directors approved a quarterly cash dividend of $0.37 per common share. The dividend is scheduled to be paid on June 15, 2026, to shareholders of record as of May 29, 2026,...
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.