Columbia Banking System (COLB)
NASDAQ:COLB
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Columbia Banking System
(NASDAQ:COLB)
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Rating:75Outperform
Price Target:
$33.00
â–²(11.37% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by improving financial performance (strong cash conversion, better profitability and growth trends, and a de-risking balance sheet) and supportive valuation (low P/E and ~5% dividend yield). The earnings call added confidence via NIM expansion guidance, synergy progress, and continued buybacks, while the technical picture is only moderate and credit/capital-headwind items temper the upside.
Positive Factors
Strong free cash flow conversion
Consistent FCF nearly matching net income demonstrates durable earnings quality and internal funding capacity. High cash conversion supports capital returns, dividend sustainability, and reinvestment without relying on wholesale funding, reducing refinancing risk and bolstering long-term financial flexibility.
Negative Factors
Modest capital ratio decline
Aggressive buybacks and dividends have reduced capital buffers modestly, tightening regulatory headroom. Over the medium term this constrains excess-capital flexibility for organic growth or buffering credit stress, and may force a tradeoff between shareholder returns and prudential capital cushions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow conversion
Consistent FCF nearly matching net income demonstrates durable earnings quality and internal funding capacity. High cash conversion supports capital returns, dividend sustainability, and reinvestment without relying on wholesale funding, reducing refinancing risk and bolstering long-term financial flexibility.
Read all positive factors
Columbia Banking System (COLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.58B
Dividend Yield5.07%
Average Volume (3M)2.62M
Price to Earnings (P/E)13.2
Beta (1Y)1.05
Revenue Growth15.07%
EPS Growth5.80%
CountryUS
Employees4,721
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.52
Shares Outstanding289,490,360
10 Day Avg. Volume2,254,133
30 Day Avg. Volume2,618,242
Financial Highlights & Ratios
PEG Ratio-1.54
Price to Book (P/B)1.05
Price to Sales (P/S)2.57
P/FCF Ratio11.69
Enterprise Value/Market Cap1.22
Enterprise Value/Revenue3.12
Enterprise Value/Gross Profit4.53
Enterprise Value/Ebitda10.56
Forecast
1Y Price Target
$31.75Price Target Upside7.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)3.06
Revenue Forecast (FY)$2.78B
Columbia Banking System Business Overview & Revenue Model
Company Description
Columbia Banking System, Inc. operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in the United States. It offers personal bank...
How the Company Makes Money
Columbia Banking System primarily makes money through traditional banking activities. Its largest earnings driver is typically net interest income: the company earns interest and fees on loans and other interest-earning assets (such as investment ...
Columbia Banking System Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operating picture: strong year-over-year operating income growth (PPNR +45%, operating net income +50%), robust loan origination (+38% YoY), significant noninterest income growth (+44% YoY), successful Pacific Premier integration and early realization of synergies (~80% achieved), and continued capital returns (Q1 buybacks of $200 million) while maintaining capital ratios above regulatory minima. Headwinds were largely seasonal or localized—Q1 NIM compression driven by seasonality (expected to reverse), a modest, isolated ag credit loss, slight capital ratio decline from aggressive buybacks, and transactional loan runoff that management expects to replace with higher-return relationship lending. Overall, highlights materially outweigh the contained lowlights.Positive Updates
Earnings and Operating Profitability
Reported GAAP EPS of $0.66 and operating EPS of $0.72. On an operating basis, pre-provision net revenue increased 45% and operating net income increased 50% year-over-year, reflecting acquisition impact plus disciplined expense management.
Negative Updates
Quarterly NIM Pressure and Seasonality
NIM declined from 4.06% in Q4 to 3.96% in Q1 (10 bps QoQ), driven by seasonal deposit outflows and higher average reliance on brokered and FHLB funding during the quarter (average reliance up ~7% vs Q4). Management notes Q1 is a seasonal low watermark for NIM.
Read all updates
Q1-2026 Updates
Positive
Negative
Earnings and Operating Profitability
Reported GAAP EPS of $0.66 and operating EPS of $0.72. On an operating basis, pre-provision net revenue increased 45% and operating net income increased 50% year-over-year, reflecting acquisition impact plus disciplined expense management.
Read all positive updates
Company Guidance
The company guided to continued balance-sheet optimization and capital return while providing specific near-term metrics: Q1 GAAP EPS was $0.66 (operating EPS $0.72), pre‑provision net revenue and operating net income were up 45% and 50% YoY, average earning assets were $60.8B, and NIM was 3.96% (management expects to cross >4% in Q2 and to modestly expand thereafter); over $6B of loans repricing in the next 12 months was noted. Q1 noninterest income was $83M GAAP ($81M operating) within the $80–$85M guide and expected in the low‑to‑mid‑$80M range in Q2; operating noninterest expense was $369M (run‑rate $328M ex‑$41M intangible amortization) with Q2 ex‑CDI guidance of $335–$345M and CDI amortization ~ $40M/quarter; $102M of $127M targeted synergies have been realized. Credit provision was $28M, ACL coverage was 1.00% of loans (1.28% including acquired loan credit discounts), and capital ratios were CET1 11.5% and total risk‑based 13.3% (down ~30 bps sequentially) with excess capital ~ $500M and $400M remaining repurchase authorization; the company repurchased 6.5M shares ($200M) in Q1 and expects buybacks of $150–$200M per quarter. Operational metrics highlighted: Q1 originations $1.2B (up 38% YoY), total loans $47.7B, total deposits $53.5B (customer balances +$110M quarter‑end, brokered deposits down $760M), ROAA ~1.3% and ROTCE >15%, and management expects ~$1.0–$1.25B of transactional loan runoff over the year (requiring ~4–5% core loan growth to keep balances flat).Columbia Banking System Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.35B | 3.21B | 2.97B | 2.74B | 1.35B | 1.32B |
| Gross Profit | 2.31B | 2.17B | 1.82B | 1.78B | 1.19B | 1.32B |
| EBITDA | 991.44M | 895.31M | 868.62M | 615.45M | 478.88M | 589.66M |
| Net Income | 655.42M | 550.03M | 533.67M | 348.71M | 336.75M | 420.30M |
Balance Sheet | ||||||
| Total Assets | 66.03B | 67.22B | 51.58B | 52.17B | 31.85B | 30.64B |
| Cash, Cash Equivalents and Short-Term Investments | 577.00M | 511.00M | 2.08B | 10.99B | 4.49B | 6.63B |
| Total Debt | 3.99B | 4.01B | 3.90B | 4.76B | 1.72B | 975.13M |
| Total Liabilities | 58.36B | 59.38B | 46.46B | 47.18B | 29.37B | 27.89B |
| Stockholders Equity | 7.66B | 7.84B | 5.12B | 5.00B | 2.48B | 2.75B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 706.00M | 623.20M | 669.84M | 1.04B | 647.25M |
| Operating Cash Flow | 1.12B | 746.00M | 658.87M | 669.84M | 1.07B | 662.72M |
| Investing Cash Flow | 2.03B | 2.17B | 114.57M | 501.74M | -3.53B | -1.53B |
| Financing Cash Flow | -3.13B | -2.42B | -1.06B | -303.69M | 1.00B | 1.06B |
Columbia Banking System Technical Analysis
Positive
29.63
Price Trends
28.48
Positive
28.57
Positive
27.23
Positive
Market Momentum
0.21
Negative
56.75
Neutral
54.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COLB, the sentiment is Positive. The current price of 29.63 is above the 20-day moving average (MA) of 29.11, above the 50-day MA of 28.48, and above the 200-day MA of 27.23, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 56.75 is Neutral, neither overbought nor oversold. The STOCH value of 54.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $8.58B | 13.16 | 9.16% | 5.07% | 15.07% | 5.80% | |
75 Outperform | $6.22B | 10.76 | 8.77% | 2.73% | 3.99% | 27.92% | |
73 Outperform | $5.49B | 7.57 | 11.63% | 3.68% | 0.67% | 0.52% | |
72 Outperform | $5.39B | 11.02 | 11.29% | 2.85% | 0.57% | 15.88% | |
71 Outperform | $6.19B | 23.20 | 6.83% | 2.89% | 18.22% | 14.79% | |
69 Neutral | $7.63B | 11.67 | 8.49% | 3.69% | -0.22% | 62.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
COLB
Columbia Banking System
29.64
7.76
35.47%
OZK
Bank OZK
48.39
5.91
13.92%
FNB
F.N.B.
17.48
4.09
30.56%
GBCI
Glacier Bancorp
47.55
7.63
19.12%
HOMB
Home Bancshares
26.76
-0.54
-1.97%
VLY
Valley National Bancorp
13.77
5.48
66.10%
Columbia Banking System Corporate Events
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,...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Columbia Banking System Reports Solid First-Quarter 2026 Results
Positive
Apr 23, 2026
On April 23, 2026, Columbia Banking System, Inc. reported first-quarter 2026 results showing net income of $192 million and operating net income of $209 million, with diluted EPS of $0.66 and operating diluted EPS of $0.72. Management highlighted ...
Business Operations and StrategyFinancial Disclosures
Columbia Banking System Schedules First-Quarter 2026 Earnings Release
Neutral
Mar 31, 2026
On March 31, 2026, Columbia Banking System, Inc. announced it will release its first quarter 2026 financial results on Thursday, April 23, 2026, after the market close. The bank holding company will host a conference call for investors and analyst...
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.