10-Q · May 5, 2026
Columbia Banking System reported a solid first quarter with revenues of $677 million and diluted EPS of $0.72, both ahead of expectations, leading to a positive sentiment overall. Although net interest income dipped due…
Earnings analysis · 10-Q
COLB earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Columbia delivered sequential EPS growth, with diluted EPS of $0.73 versus $0.66 in Q1, supported by completed Pacific Premier cost savings and stronger fee income; total Q2 revenue was flat at $677 million.…
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Columbia delivered sequential EPS growth, with diluted EPS of $0.73 versus $0.66 in Q1, supported by completed Pacific Premier cost savings and stronger fee income; total Q2 revenue was flat at $677 million. Year-to-date profitability and margin trends improved substantially versus 2025, but Q2 NIM contracted 3 basis points and revenue missed the supplied consensus estimate. The principal offset is deteriorating reported credit quality, alongside a funding mix that reduced brokered deposits but increased FHLB advances.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.73
What stood out
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Revenue stable sequentially at $677 million
Q2 revenue was $677 million, comprising $589 million of net interest income and $88 million of non-interest income. Revenue was effectively flat sequentially: net interest income declined $5 million while fee income increased $5 million versus Q1.
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EPS increased 11% sequentially
Diluted EPS rose to $0.73 in Q2 from $0.66 in Q1, while net income increased $16 million to $208 million. The improvement was driven principally by a $19 million sequential reduction in non-interest expense.
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Acquisition cost savings improved expenses
Non-interest expense fell 5% sequentially to $375 million, led by a $15 million reduction in merger and restructuring expense. Management states all previously disclosed Pacific Premier cost savings had been realized as of June 30, 2026.
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Year-to-date margin expanded despite Q2 dip
Year-to-date net interest margin expanded to 3.94% from 3.67% a year earlier, as the cost of interest-bearing liabilities fell 56 basis points to 2.23%. Q2 NIM was modestly lower sequentially, at 3.93% versus 3.96%, due principally to interest-income reversals.
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Wholesale-deposit reliance declined
The balance sheet continues to be optimized: brokered deposits declined to $978 million, or 2% of deposits, from $2.4 billion, or 4%, at year-end. Available liquidity totaled $25.6 billion, equal to 49% of total deposits.
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Commercial growth offsets planned loan runoff
Commercial loans and leases grew $460 million from year-end to $12.4 billion, while total loans and leases declined $610 million to $47.2 billion as lower-yielding transactional loans ran off. Management expects the portfolio to keep shifting toward relationship-based lending.
What to watch
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Non-performing assets increased sharply
Credit quality weakened: non-performing assets increased to $273 million, or 0.42% of assets, from $200 million, or 0.30%, at December 31, 2025. Non-performing loans rose to $268 million from $198 million, primarily tied to a single agricultural relationship.
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Funding mix relies more on short-term FHLB debt
Deposit optimization has increased near-term borrowing exposure: deposits fell $2.2 billion to $52.1 billion while FHLB advances rose to $4.3 billion from $3.2 billion. All $4.3 billion of FHLB advances mature within one year.
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No formal risk-factor update; CRE remains material
The company reported no material change in risk factors from its Form 10-K for the year ended December 31, 2025. Nevertheless, its $27.0 billion CRE portfolio includes $3.6 billion of office loans and $11.2 billion of multifamily loans, leaving results sensitive to commercial real-estate and refinancing conditions.
Management's outlook
The 10-Q contains no explicit numeric revenue or EPS guidance. Management expects liquidity at both the Bank and parent company to remain satisfactory through 2026, while noting deposit balances may fluctuate due to pricing pressure and customer behavior.
Earlier filings 4
10-K · February 26, 2026
Columbia completed its acquisition of Pacific Premier on August 31, 2025 and unified branding to "Columbia Bank" effective September 1, 2025, expanding its footprint (including into Texas via an HOA office). The company…
10-Q · May 6, 2025
Columbia reported total revenue of $491,372,000 and diluted EPS of $0.41 for the quarter ended March 31, 2025. Net interest income was stable at $424,995,000 while non-interest income rose to $66,377,000, but a…
10-Q · August 3, 2023
Columbia Banking System reported a Q2 2023 quarter driven by merger-related scale: total revenue (net interest income plus non‑interest income) was $523,653,000 and net income was $133,377,000, with diluted EPS of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.