Core Viewpoint - Columbia Banking System, Inc. will participate in the 2026 RBC Capital Markets Global Financial Institutions Conference, scheduled for March 11, 2026, at 4:00 p.m. ET, where they will present forward-looking statements [1]. Company Overview - Columbia Banking System, Inc. is headquartered in Tacoma, Washington, and is the parent company of Columbia Bank, which is recognized as the largest bank headquartered in the Northwest and one of the largest in the West, with a presence in multiple states including Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington [1]. - Columbia Bank offers a comprehensive range of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing, along with investment and wealth management services through Columbia Wealth Management [1].

Core Viewpoint - Columbia Banking System, Inc. has announced a quarterly cash dividend of $0.37 per common share, payable on March 16, 2026, to shareholders of record as of February 27, 2026 [1] Company Overview - Columbia Banking System, Inc. is headquartered in Tacoma, Washington, and is the parent company of Columbia Bank, which is recognized as the largest bank headquartered in the Northwest and one of the largest in the West [1] - Columbia Bank operates in multiple states including Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington, offering a full suite of services such as retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing [1] - The bank also provides investment and wealth management services, as well as healthcare and private banking through Columbia Wealth Management [1]

Core Insights - Columbia Banking (COLB) has expanded its presence to eight Western states with approximately 350 branches, utilizing a relationship-first model that integrates commercial, small business, consumer, and wealth teams. The company's shares have outperformed the industry over the past six months, supported by four consecutive earnings beats [1] Non-Interest Income and Capital Strength - COLB's non-interest income is diversifying, with treasury, card, and trust services playing a more significant role, while strong capital positions enable an aggressive share buyback plan [2] - The acquisition of Pacific Premier has enhanced COLB's Western footprint, leading to increased cross-selling opportunities in treasury, card, and trust services. In 2025, these services accounted for nearly 34% of non-interest income, indicating a shift towards more stable fee income streams [3][4] Margin Improvement - COLB's net interest margin (NIM) improved from 3.64% in Q4 2024 to 4.06% in Q4 2025, as deposit costs decreased and reliance on wholesale funding was reduced. Management aims to maintain a NIM above 4% by mid-2026 [5][8] - As of December 31, 2025, total deposits reached $54.2 billion, with a focus on non-interest-bearing and money market accounts, which is expected to support NIM expansion even as policy rates decline [6] Loan Portfolio Strategy - The company is strategically reducing approximately $8 billion in inherited transactional credits, primarily in multifamily loans, over eight quarters starting Q3 2025, shifting focus towards relationship-driven commercial and industrial lending and owner-occupied commercial real estate [9][10] Cost Savings and Operating Leverage - The Pacific Premier acquisition is projected to yield $127 million in annualized cost savings, with $63 million already realized by the end of 2025. Full cost savings are expected by the end of Q2 2026 [11] - Operating expenses are projected to be between $335 million and $345 million in the first half of 2026, with a gradual decline anticipated in the latter half, setting the stage for long-term earnings growth [12] Capital Deployment and Share Repurchase - As of December 31, 2025, COLB's CET1 ratio was 11.8% and total risk-based capital ratio was 13.6%, allowing for increased share repurchases and higher dividend payouts. The board has authorized up to $700 million in repurchases through late 2026, with plans to repurchase $150-$200 million quarterly [13][14] Competitive Landscape - COLB's office exposure is 8% of loans, with potential repricing challenges over multiple years. Non-performing assets have increased slightly, but reserves and discounts provide a buffer [15] - COLB currently holds a Zacks Rank 3 (Hold), indicating a balanced risk-reward profile amid improving momentum trends. Competitors in the region include East West Bancorp and Western Alliance, which also hold a Zacks Rank 3 [16][17]

Core Insights - Columbia Banking (COLB) ended 2025 with improved funding structure, stable spreads, and an expanded presence in the Western U.S. following the acquisition of Pacific Premier [1] - The net interest margin (NIM) for Q4 2025 reached 4.06%, an increase of 42 basis points year-over-year, driven by lower deposit costs and reduced reliance on higher-cost wholesale funding [1][10] - Net interest income (NII) rose by 43% year-over-year in the first full quarter after the merger, supported by lower funding costs and a broader range of earning assets [1] Funding and Margin Outlook - Management anticipates NIM to increase each quarter in 2026, potentially exceeding 4% in Q2 or Q3 as deposit balances recover and balance sheet optimization continues [2] - The bank aims to maintain NIM as rates decline, with deposit betas targeted around half and proactive repricing strategies in place [2] Loan Portfolio Management - Columbia Banking is reducing approximately $8 billion in inherited multi-family balances over eight quarters starting from Q3 2025, which will limit headline loan growth through 2027 [3] - The focus is shifting towards relationship-driven commercial and industrial loans and owner-occupied commercial real estate, which are expected to generate deposits and fees [3] Fee Income and Revenue Diversification - Treasury management and commercial card fees saw year-over-year increases in 2025, with significant growth in financial services, trust, and international banking revenues [5] - Card, financial services, and trust now account for nearly 34% of non-interest income, providing stability as loan growth slows [5] Strategic Enhancements Post-Acquisition - The acquisition of Pacific Premier has expanded Columbia Banking's service offerings, including homeowners association banking and custodial trust services, leading to over 1,200 cross-sell referrals since the merger [6] Expense Management and Operational Efficiency - Expense normalization is crucial following the first-quarter system conversion, with anticipated operating expenses (excluding amortization) of $335-$345 million in Q1 and Q2, normalizing by Q3 as savings from the Pacific Premier integration are fully realized [7] Market Competition and Credit Quality - Monitoring deposit trends is essential as competition remains high, with large national banks and digital competitors potentially exerting pricing pressure on NIM [8] - Credit quality is another area of concern, with increased loss content in small-ticket leasing and office loans comprising 8% of total loans, although overall credit metrics remain manageable [9]

Core Insights - Columbia Banking (COLB) has shown recovery with four consecutive quarterly earnings beats and a strengthened presence in the Western market following the acquisition of Pacific Premier in August 2025 [1][10] - The short-term outlook is rated Zacks Rank 3 (Hold), indicating steady estimate momentum rather than acceleration [1] - Core trends suggest improving margins and capital deployment strategies extending into 2026 [1] Valuation Metrics - COLB shares are currently trading at 9.65x forward 12-month earnings, compared to 10.46x for industry peers, 17.25x for the broader Finance sector, and 23.24x for the S&P 500 [2] - The five-year median P/E for COLB is 9.24x, indicating a modest discount relative to peers but consistent with its historical valuation [2] Dividend and Income - The dividend yield for COLB stands at approximately 5.0%, following a 2.8% increase to 37 cents per share announced in November 2025, enhancing total-return appeal [4] - Fee income has improved, with growth in treasury management and commercial card fees, supported by new platforms from Pacific Premier [7] Near-Term Financial Projections - Management projects a net interest margin (NIM) of 3.90-3.95% for Q1, with expected net interest income of $600 million [5][10] - Operating expenses (excluding amortization) are anticipated to be between $335-$345 million in the first two quarters, with a reduction expected in Q3 as synergies from the Pacific Premier acquisition are realized [5] Margin and Capital Management - NIM improved to 4.06% in Q4 2025 due to reduced deposit costs and wholesale funding, with projections for NIM to trend higher throughout 2026 [6] - Capital ratios have increased, allowing for enhanced buybacks and a higher dividend, with nearly $600 million remaining under the repurchase program and plans to buy back $150-$200 million per quarter in 2026 [8][10] Competitive Context - COLB's valuation is compared to peers such as East West Bancorp (EWBC) and Banner Corporation (BANR), both holding a Zacks Rank 3, with EWBC trading at a P/E of 11.12x and BANR at 10.59x [13] - The current valuation of COLB at 9.65x forward earnings and a yield of around 5% suggests a balanced near-term risk-reward profile [14]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers [1] - He has authored a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis (2026 Edition)" available on Amazon [1] - Anthony has a background in business and information systems, having worked at Charles Schwab in the IT department [1] - He operates his own boutique equities research firm, Albert Anthony & Company, remotely [1] - The author has participated in numerous business and innovation conferences and has hosted a program for Online Live TV Croatia [1] - He holds a B.A. in Political Science and various certifications including Microsoft Fundamentals and Risk Management specialization from CFI [1] - Anthony is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company and Industry Summary - Albert Anthony & Company is a Texas-registered business focused on equities research [1] - The firm provides general market commentary and research based on publicly available data [1] - The author does not engage with non-publicly traded companies, small cap stocks, or startup CEOs [1]

Group 1 - RBC Capital raised the price target on Columbia Banking (COLB) to $32 from $30 while maintaining a Sector Perform rating after the company's Q4 earnings exceeded expectations [1] - The comparisons in earnings were influenced by the acquisition of Pacific Premier, which closed on August 31st, but core trends showed solid performance with a favorable mix shift in assets, margin strength, and tight expense control [1] - Management indicated a slightly smaller balance sheet to start the year and a lower margin, but anticipates growth in both metrics after Q1 [1]

Core Viewpoint - Columbia Banking System Inc reported strong fourth-quarter earnings, exceeding analyst expectations in both earnings per share and sales figures [1][2]. Financial Performance - The company posted quarterly earnings of 82 cents per share, surpassing the analyst consensus estimate of 71 cents per share [1]. - Quarterly sales reached $717 million, exceeding the analyst consensus estimate of $696.191 million [1]. Management Commentary - CEO Clint Stein highlighted the strong performance as a culmination of a successful year, emphasizing disciplined balance sheet management and new customer relationships [2]. - The company is on track for a systems conversion that will enhance cost savings and improve operational efficiency by the third quarter [2]. - Investments made in 2025 are expected to strengthen the company's market position and long-term earnings potential [2]. Stock Performance and Analyst Ratings - Following the earnings announcement, Columbia Banking System shares fell by 1.8%, trading at $29.12 [2]. - RBC Capital analyst Jon G. Arfstrom maintained a Sector Perform rating and raised the price target from $30 to $32 [4]. - DA Davidson analyst Jeff Rulis maintained a Neutral rating and increased the price target from $30 to $32.5 [4].

Core Viewpoint - Columbia Banking System Inc reported strong fourth-quarter earnings, exceeding analyst expectations in both earnings per share and sales figures [1][2]. Financial Performance - The company posted quarterly earnings of 82 cents per share, surpassing the analyst consensus estimate of 71 cents per share [1]. - Quarterly sales reached $717 million, exceeding the analyst consensus estimate of $696.191 million [1]. Management Commentary - CEO Clint Stein highlighted the strong performance as a culmination of a successful year, emphasizing disciplined balance sheet management and new customer relationships [2]. - The company is on track for a systems conversion that will enhance cost savings and improve operational efficiency by the third quarter [2]. - Investments made in 2025 are expected to strengthen the company's market position and long-term earnings potential [2]. Stock Performance - Following the earnings announcement, Columbia Banking System shares fell by 1.8%, trading at $29.12 [2]. Analyst Ratings and Price Targets - RBC Capital analyst Jon G. Arfstrom maintained a Sector Perform rating and raised the price target from $30 to $32 [4]. - DA Davidson analyst Jeff Rulis maintained a Neutral rating and increased the price target from $30 to $32.5 [4].

Core Insights - Columbia Banking System (COLB) reported fourth-quarter 2025 operating earnings of 82 cents per share, exceeding the Zacks Consensus Estimate of 72 cents and up from 71 cents in the prior-year quarter [1][9] - The quarterly results included the first full-quarter contribution from the Pacific Premier deal, with higher net interest income (NII) and non-interest income, while lower provisions provided a positive impact despite higher non-interest expenses [2] Financial Performance - Total revenues for the quarter reached $717 million, a significant increase from $487 million in the prior-year quarter, surpassing the Zacks Consensus Estimate of $694.1 million [3] - For the full year 2025, total revenues rose 19% year over year to $2.32 billion, exceeding the consensus estimate of $2.28 billion [3] - NII was reported at $627 million, marking a 43% year-over-year increase, with a net interest margin of 4.06%, up 42 basis points [3] Non-Interest Income and Expenses - Non-interest income totaled $90 million, an 80% increase from $50 million a year ago, driven by higher service charges, financial services revenue, and bank-owned life insurance income [4] - Non-interest expenses rose to $412 million, a 54% increase year over year, attributed to higher costs across various categories and increased merger and restructuring charges [4] Efficiency and Credit Quality - The efficiency ratio was reported at 57.30%, up from 54.61% in the prior-year quarter, while the adjusted operating efficiency ratio improved to 51.39% from 52.51% [5] - The company recorded a provision for credit losses of $23 million, down from $28 million in the prior-year quarter, with net charge-offs at 0.25% of average loans and leases, a slight decrease from 0.27% [8] Loans and Deposits - As of December 31, 2025, loans and leases were $47.8 billion, reflecting a 1% sequential decline due to commercial development run-off and accelerated loan repayments [6] - Total deposits decreased by 3% sequentially to $54.2 billion, primarily due to intentional reductions in brokered deposits and seasonal declines in customer balances [7] Capital Ratios and Share Repurchases - As of December 31, 2025, the estimated total risk-based capital ratio improved to 13.6% from 12.8% in the corresponding period of 2024, with the common equity Tier 1 (CET1) ratio rising to 11.8% from 10.5% [10] - During the reported quarter, the company repurchased 3.7 million common shares at an average price of $27.07 [11] Strategic Outlook - The company's Western footprint, granular deposit base, and focus on relationship banking support NII and balanced fee income growth, while integration and amortization costs keep expenses elevated [12]