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Columbia Banking System Surpasses Q1 Expectations With Acquisition Synergies and Buyback Momentum Columbia Banking System reported Q1 2026 net income of $192 million and non-GAAP earnings of $0.72 per share, above analyst expectations by 5%.
Revenue for the quarter increased 40.2% year over year, supported by higher net interest income, fee income, and the impact of the Pacific Premier acquisition.
Integration of the $2.4 billion Pacific Premier deal is largely complete, with systems conversions and branch consolidations finished. Full cost savings are targeted by June 30, 2026, and the company returned $200 million via share repurchases in the quarter under a $700 million authorization.
For investors, the key takeaway is that Columbia is pairing growth in commercial lending and deposits with execution on its acquisition of Pacific Premier. Management is emphasizing relationship-focused commercial lending and balance sheet optimization instead of focusing on short-term, transactional balances, while still holding to margin and efficiency targets amid higher expenses, provisions, and weaker credit metrics.
The accelerated buyback and ongoing integration synergies indicate that management is prioritizing capital return alongside cost discipline and margin management. Investors watching Columbia may want to monitor how quickly the remaining synergies affect expenses, how credit metrics develop after the recent pressure, and whether the bank maintains its stated profitability focus as it continues to integrate the Pacific Premier acquisition. Reported Earnings • Apr 24
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$0.66 (up from US$0.41 in 1Q 2025). Revenue: US$649.0m (up 40% from 1Q 2025). Net income: US$192.0m (up 122% from 1Q 2025). Profit margin: 30% (up from 19% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Announcement • Apr 24
Columbia Banking System, Inc. Reports Unaudited Net Charge Offs for the First Quarter Ended March 31, 2026 Columbia Banking System, Inc. reported Unaudited Net charge offs for the first quarter ended March 31, 2026. For the period, the company reported total net charge-offs of $35 million compared to $30 million for the same period a year ago. Announcement • Apr 01
Columbia Banking System, Inc., Annual General Meeting, May 14, 2026 Columbia Banking System, Inc., Annual General Meeting, May 14, 2026. Announcement • Mar 31
Columbia Banking System, Inc. to Report Q1, 2026 Results on Apr 23, 2026 Columbia Banking System, Inc. announced that they will report Q1, 2026 results After-Market on Apr 23, 2026 Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$2.31. Revenue: US$2.15b (up 18% from FY 2024). Net income: US$549.0m (up 2.8% from FY 2024). Profit margin: 26% (down from 29% in FY 2024). Net interest margin (NIM): 3.83% (up from 3.57% in FY 2024). Non-performing loans: 0.41% (down from 0.44% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Banks industry in the US. Declared Dividend • Feb 19
Fourth quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 27th February 2026 Payment date: 16th March 2026 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (65% payout ratio) and is expected to be covered in 3 years' time (41% forecast payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 23
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$2.31. Revenue: US$2.15b (up 18% from FY 2024). Net income: US$550.0m (up 3.1% from FY 2024). Profit margin: 26% (down from 29% in FY 2024). Net interest margin (NIM): 3.83% (up from 3.57% in FY 2024). Non-performing loans: 0.41% (down from 0.44% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in the US. Announcement • Jan 23
Columbia Banking System, Inc. Reports Unaudited Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Columbia Banking System, Inc. reported unaudited net charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported total net charge-offs of $30 millions compared to $25 millions a year ago. Announcement • Jan 22
Columbia Banking System, Inc. Announces Board Appointments Columbia Banking System, Inc. announced that its Board of Directors has elected Clint Stein, Columbia's President and Chief Executive Officer, to the additional role of Chair of the Board of Directors, effective January 22, 2026. Maria Pope, the immediate past Chair of the Board, was appointed, effective the same date, to serve as Lead Independent Director until Columbia's 2026 annual meeting of shareholders. Following the annual meeting, Luis Machuca, the current Chair of Columbia's Nominating and Governance Committee, will succeed Ms. Pope as Lead Independent Director. As Lead Independent Director, Ms. Pope will preside over executive sessions of the independent directors; serve as a liaison between the independent directors and the Chair and CEO; be available for direct engagement with shareholders and other stakeholders, as appropriate; and carry out the other duties of the Lead Independent Director as set forth in Columbia's Corporate Governance Policy. Through acquisition, Ms. Pope and Mr. Machuca have served on the Columbia Board of Directors since 2014 and 2010, respectively. Mr. Stein has served as President, Chief Executive Officer and a member of the Board of Directors of Columbia since 2020. Announcement • Dec 31
Columbia Banking System, Inc. to Report Q4, 2025 Results on Jan 22, 2026 Columbia Banking System, Inc. announced that they will report Q4, 2025 results After-Market on Jan 22, 2026 Announcement • Nov 22
Columbia Banking System, Inc. and Columbia Bank Announces Executive Changes Effective as of the end of business on November 19, 2025, Lisa M. White ceased serving as Executive Vice President, Principal Accounting Officer and Corporate Controller of Columbia Banking System, Inc. and its subsidiary Columbia Bank (collectively, the Company). Effective as of November 20, 2025, Brock Lakely was appointed as Executive Vice President, Chief Accounting Officer and Corporate Controller of the Company. In connection with his appointment as Executive Vice President, Chief Accounting Officer and Corporate Controller of the Company. Mr. Lakely, age 46, served from April 3, 2023 through November 19, 2024 as the Company’s Chief Audit Executive. He previously served as the Company’s Chief Accounting Officer from May 20, 2018 through April 3, 2023. Mr. Lakely is a Certified Public Accountant, and he began his career as an auditor at Ernst & Young LLP where he focused on the financial services industry. He earned his Bachelor of Business Administration in accounting from Southwestern Oklahoma State University and his Master of Business Administration from Oklahoma State University. Declared Dividend • Nov 17
Third quarter dividend increased to US$0.37 Dividend of US$0.37 is 2.8% higher than last year. Ex-date: 28th November 2025 Payment date: 15th December 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (16% payout ratio) and is expected to be well covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 45% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 14
Columbia Banking System Announces Increase to Common Share Dividend, Payable on December 15, 2025 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.37 per common share, representing a 3% increase to the most recent Columbia dividend declaration. The dividend is payable December 15, 2025, to shareholders of record as of November 28, 2025. Reported Earnings • Nov 02
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.40 (down from US$0.70 in 3Q 2024). Revenue: US$512.0m (up 9.5% from 3Q 2024). Net income: US$96.0m (down 34% from 3Q 2024). Profit margin: 19% (down from 31% in 3Q 2024). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Sep 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Sep 03
Columbia Banking System, Inc. Announces Board and Committee Appointments, Effective on August 31, 2025 Columbia Banking System, Inc. announced that due to Columbia Banking System, Inc. and Pacific Premier Bancorp, Inc. jointly announcing the closing of Columbia’s previously announced acquisition of Pacific Premier, the three former directors of Pacific Premier were appointed to serve as directors of Columbia, in each case effective as of the Effective Time: Steven R. Gardner, M. Christian Mitchell and Jaynie Miller Studenmund (such former directors of Pacific Premier, the “New Directors”). The following New Directors were appointed to the committees of the Board of Directors of Columbia, in each case effective as of the Effective Time: Audit Committee: M. Christian Mitchell. Compensation Committee: Jaynie Miller Studenmund. Enterprise Risk Management Committee: M. Christian Mitchell. Nominating and Governance Committee: Jaynie Miller Studenmund, Effective on August 31, 2025. Announcement • Sep 02
Columbia Banking System, Inc. (NasdaqGS:COLB) completed the acquisition of Pacific Premier Bancorp, Inc. (NasdaqGS:PPBI). Columbia Banking System, Inc. (NasdaqGS:COLB) entered into a definitive agreement to acquire Pacific Premier Bancorp, Inc. (NasdaqGS:PPBI) for $2.1 billion on April 23, 2025. Columbia Banking System, Inc. will exchange 0.9150 shares of its common stock to acquire all the outstanding shares of Pacific Premier Bancorp, Inc. The merger is valued $20.83 per Pacific Premier share, based on Columbia’s closing stock price of $22.77 on April 22, 2025. Following closing, Pacific Premier stockholders will own approximately 30% of Columbia’s outstanding shares of common stock. Three Pacific Premier directors, including Steve Gardner and two other current Pacific Premier directors to be mutually agreed by Columbia and Pacific Premier, will join the Columbia board upon the completion of the transaction. The transaction is projected to deliver mid-teens EPS accretion to Columbia (assuming fully phased-in cost savings), with tangible book value dilution earned back in three years (crossover method) under conservative transaction modeling assumptions. The combined company will be well positioned to achieve top-quartile profitability and operating metrics versus peers, including an anticipated 20% ROATCE and 1.4% ROAA in 2026, assuming fully phased-in cost savings. The transaction is projected to have 14% 2026E EPS accretion with tangible book value dilution earned back in three years (crossover method). The transaction is expected to have estimated full run-rate cost savings of $127 million or 30% of Pacific Premier's non-interest expense with net of transaction expenses of $146 million after-tax. The termination fee of $75 million is payable by both Pacific and Columbia.
The definitive merger agreement was unanimously approved by the Boards of Directors of Columbia and Pacific Premier. The transaction is subject to regulatory approvals, the expiration or termination of all statutory waiting periods and the approval by both Pacific and Columbia's shareholders. Pacific Premier shareholder will hold a special meeting on July 21, 2025 to approve the transaction. The transaction is expected to close in second half 2025. As of July 21, 2025 the transaction has received all required shareholder and stockholder approvals.
On August 5, 2025, the Board of Governors of the Federal Reserve System approved the application and on August 4, 2025, the Federal Deposit Insurance Corporation approved the application to complete the merger. Pacific Premier and Columbia previously received the required approval for the Bank Merger from the Oregon Department of Consumer and Business Services, Division of Financial Regulation. All required regulatory approvals to complete the Transaction have now been received. Subject to the satisfaction of the remaining customary closing conditions in the Merger Agreement, Pacific Premier and Columbia expect to close the Merger on or about August 31, 2025.
Bill Burgess, Adam Keefer and Michael Marting of Piper Sandler & Co. acted as financial advisor and fairness opinion provider to Columbia. Piper will receive an advisory fee of $21 million and $3 million for the opinion rendered. Patrick S. Brown of Sullivan & Cromwell LLP acted as legal advisor to Columbia. Keefe, Bruyette & Woods, Inc. acted as financial advisor and fairness opinion provider to Pacific. KBW will receive a fee of 1.10% of the merger consideration and $2 million for opinion rendered. Shawn Turner of Holland & Knight LLP acted as legal advisor to Pacific. Broadridge Financial Solutions, Inc. (NYSE:BR) acted as transfer agent to Columbia. D.F. King & Co., Inc. acted as information agent to Pacific Premier and will receive a fee of $17,500.
Columbia Banking System, Inc. (NasdaqGS:COLB) completed the acquisition of Pacific Premier Bancorp, Inc. (NasdaqGS:PPBI) on August 31, 2025. Announcement • Aug 29
Columbia Banking System, Inc. to Report Q3, 2025 Results on Oct 30, 2025 Columbia Banking System, Inc. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025 Declared Dividend • Aug 18
Second quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 29th August 2025 Payment date: 15th September 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
Columbia Banking System, Inc. Approves Quarterly Cash Dividend, Payable on September 15, 2025 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable September 15, 2025, to shareholders of record as of August 29, 2025. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.73 (up from US$0.58 in 2Q 2024). Revenue: US$481.5m (up 9.3% from 2Q 2024). Net income: US$152.4m (up 27% from 2Q 2024). Profit margin: 32% (up from 27% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Columbia Banking System, Inc. to Report Q2, 2025 Results on Jul 24, 2025 Columbia Banking System, Inc. announced that they will report Q2, 2025 results After-Market on Jul 24, 2025 Declared Dividend • May 19
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 30th May 2025 Payment date: 16th June 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (61% payout ratio) and is expected to be covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Columbia Banking System, Inc. Approves Quarterly Dividend, Payable on June 16, 2025 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable June 16, 2025, to shareholders of record as of May 30, 2025. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$1.98b to US$2.06b. EPS estimate fell from US$2.67 to US$2.34 per share. Net income forecast to grow 10% next year vs 13% growth forecast for Banks industry in the US. Consensus price target down from US$28.86 to US$27.32. Share price was steady at US$22.72 over the past week. Reported Earnings • Apr 24
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.41 (down from US$0.60 in 1Q 2024). Revenue: US$464.0m (up 1.6% from 1Q 2024). Net income: US$86.6m (down 30% from 1Q 2024). Profit margin: 19% (down from 27% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Announcement • Apr 05
Columbia Banking System, Inc., Annual General Meeting, May 15, 2025 Columbia Banking System, Inc., Annual General Meeting, May 15, 2025. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$20.78, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Banks industry in the US. Total loss to shareholders of 17% over the past three years. Announcement • Apr 03
Columbia Banking System, Inc. Announces Board Changes Columbia Banking System, Inc. announced on March 30, 2025, the board of directors of the company determined that Mr. Cort O’Haver, the Executive Chair of the Company’s board of directors, would no longer serve as Executive Chair, effective as of March 31, 2025. Mr. O’Haver became Executive Chair in connection with the merger of the Company and Umpqua Holdings Corporation, with a primary focus on helping ensure a successful integration of the two companies. The board determined that the integration of the two companies has been successfully achieved and that the governance structure adopted in connection with the merger is no longer required. The board previously eliminated certain merger-related governance provisions from the Company’s Amended and Restated Bylaws in November 2024. With completion of the integration, Mr. O’Haver has fulfilled his primary role with the Company and the role of Executive Chair has been eliminated. Also effective March 31, 2025, Mr. O’Haver resigned as a member of the board of directors of the Company and will no longer serve as a director or employee of the Company or any subsidiary. With the elimination of the Executive Chair position, the board elected director Maria Pope to serve as the independent, non-executive chair of the Company’s board of directors, effective April 1, 2025. Ms. Pope is president, chief executive officer and a member of the board of directors of Portland General Electric Company. She has served on the Company’s board since the merger was completed and previously served on the board of directors of Umpqua Holdings Corporation. She has extensive governance experience, having served on the boards of public companies and industry associations. Announcement • Mar 31
Columbia Banking System, Inc. to Report Q1, 2025 Results on Apr 24, 2025 Columbia Banking System, Inc. announced that they will report Q1, 2025 results After-Market on Apr 24, 2025 Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.56 (up from US$1.79 in FY 2023). Revenue: US$1.82b (up 2.2% from FY 2023). Net income: US$533.7m (up 53% from FY 2023). Profit margin: 29% (up from 20% in FY 2023). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 3.57% (down from 3.91% in FY 2023). Non-performing loans: 0.44% (up from 0.30% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Feb 18
Fourth quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 28th February 2025 Payment date: 17th March 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (62% payout ratio) and is expected to be covered in 3 years' time (49% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 14
Columbia Banking System, Inc. Approves Quarterly Dividend, Payable on March 17, 2025 Columbia Banking System, Inc. approved a quarterly cash dividend in the amount of $0.36 per common share, payable March 17, 2025, to shareholders of record as of February 28, 2025. Reported Earnings • Jan 24
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.56 (up from US$1.79 in FY 2023). Revenue: US$1.82b (up 2.2% from FY 2023). Net income: US$533.7m (up 53% from FY 2023). Profit margin: 29% (up from 20% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jan 24
Columbia Banking System, Inc. Reports Unaudited Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 Columbia Banking System, Inc. reported unaudited net charge-offs for the fourth quarter ended December 31, 2024. For the quarter, the company reported total net charge-offs of $25,655,000 compared to $28,872,000 a year ago. Announcement • Jan 01
Columbia Banking System, Inc. to Report Q4, 2024 Results on Jan 23, 2025 Columbia Banking System, Inc. announced that they will report Q4, 2024 results at 5:00 PM, US Eastern Standard Time on Jan 23, 2025 Declared Dividend • Nov 20
Third quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 29th November 2024 Payment date: 16th December 2024 Dividend yield will be 4.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (16% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 15
Columbia Banking System Announces Common Share Dividend, Payable on December 16, 2024 Columbia Banking System, Inc. parent company of Umpqua Bank, announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable December 16, 2024, to shareholders of record as of November 29, 2024. Price Target Changed • Oct 25
Price target increased by 8.3% to US$30.42 Up from US$28.08, the current price target is an average from 12 analysts. New target price is 9.0% above last closing price of US$27.90. Stock is up 45% over the past year. The company is forecast to post earnings per share of US$2.52 for next year compared to US$1.79 last year. Announcement • Oct 25
Columbia Banking System, Inc. Reports Unaudited Net Charge-Offs Results for the Third Quarter Ended September 30, 2024 Columbia Banking System, Inc. reported unaudited net charge-offs results for the third quarter ended September 30, 2024. For the quarter, the company reported total net charge-offs of $29,115,000 against $23,125,000 a year ago. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.70 (up from US$0.65 in 3Q 2023). Revenue: US$467.6m (down 4.2% from 3Q 2023). Net income: US$146.2m (up 7.6% from 3Q 2023). Profit margin: 31% (up from 28% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Columbia Banking System, Inc. to Report Q3, 2024 Results on Oct 24, 2024 Columbia Banking System, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 24, 2024 Declared Dividend • Aug 15
Second quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 23rd August 2024 Payment date: 9th September 2024 Dividend yield will be 6.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (63% payout ratio) and is expected to be covered in 3 years' time (53% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 13
Columbia Banking System Announces Quarterly Cash Dividend, Payable September 9, 2024 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable September 9, 2024, to shareholders of record as of August 23, 2024. Price Target Changed • Jul 28
Price target increased by 13% to US$24.46 Up from US$21.63, the current price target is an average from 12 analysts. New target price is 9.4% below last closing price of US$26.99. Stock is up 21% over the past year. The company is forecast to post earnings per share of US$2.41 for next year compared to US$1.79 last year. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.58 (down from US$0.64 in 2Q 2023). Revenue: US$440.3m (down 13% from 2Q 2023). Net income: US$120.1m (down 9.9% from 2Q 2023). Profit margin: 27% (up from 26% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.8%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$23.47, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 6.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$38.85 per share. Announcement • Jun 29
Columbia Banking System, Inc. to Report Q2, 2024 Results on Jul 25, 2024 Columbia Banking System, Inc. announced that they will report Q2, 2024 results at 5:00 PM, US Eastern Standard Time on Jul 25, 2024 Declared Dividend • May 15
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 23rd May 2024 Payment date: 10th June 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be covered in 3 years' time (54% forecast payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.8% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Columbia Banking System, Inc. Approves Quarterly Cash Dividend, Payable on June 10, 2024 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable June 10, 2024, to shareholders of record as of May 24, 2024. Reported Earnings • Apr 27
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.60 (up from US$0.09 loss in 1Q 2023). Revenue: US$456.6m (up 41% from 1Q 2023). Net income: US$124.1m (up US$138.1m from 1Q 2023). Profit margin: 27% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Apr 02
Columbia Banking System, Inc. to Report Q1, 2024 Results on Apr 25, 2024 Columbia Banking System, Inc. announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Announcement • Mar 28
Columbia Banking System, Inc., Annual General Meeting, May 08, 2024 Columbia Banking System, Inc., Annual General Meeting, May 08, 2024, at 10:00 Pacific Standard Time (Mexico). Agenda: To elect the 14 nominees for director named in the accompanying proxy statement to serve on the Board of Directors until the 2025 Annual Meeting of Shareholders or until their successors have been elected and have qualified; to approve, on an advisory basis, the compensation of the Company's named executive officers; to approve the 2024 Equity Incentive Plan; to approve an amendment to the Amended and Restated Employee Stock Purchase Plan; and to ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Reported Earnings • Feb 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$1.79. Revenue: US$1.78b (up 51% from FY 2022). Net income: US$348.7m (up 3.6% from FY 2022). Profit margin: 20% (down from 28% in FY 2022). Net interest margin (NIM): 3.91% (up from 3.62% in FY 2022). Non-performing loans: 0.30% (up from 0.22% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in the US. Upcoming Dividend • Feb 15
Upcoming dividend of US$0.36 per share at 7.7% yield Eligible shareholders must have bought the stock before 22 February 2024. Payment date: 11 March 2024. Trailing yield: 7.7%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.3%). Announcement • Feb 10
Columbia Banking System, Inc. Declares Quarterly Cash Dividend, Payable on March 11, 2024 Columbia Banking System, Inc., parent company of Umpqua Bank, announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable March 11, 2024, to shareholders of record as of February 23, 2024. New Risk • Jan 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (20% net profit margin). Price Target Changed • Jan 26
Price target decreased by 10% to US$26.33 Down from US$29.42, the current price target is an average from 12 analysts. New target price is 30% above last closing price of US$20.18. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$1.99 for next year compared to US$2.60 last year. Major Estimate Revision • Jan 26
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$2.11b to US$1.96b. EPS estimate also fell from US$3.10 per share to US$2.32 per share. Net income forecast to grow 38% next year vs 6.2% decline forecast for Banks industry in the US. Consensus price target down from US$29.42 to US$26.33. Share price fell 18% to US$20.18 over the past week. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$20.18, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Banks industry in the US. Total loss to shareholders of 7.4% over the past three years. Reported Earnings • Jan 25
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$1.79. Revenue: US$1.78b (up 51% from FY 2022). Net income: US$348.7m (up 3.6% from FY 2022). Profit margin: 20% (down from 28% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in the US. Announcement • Jan 25
Columbia Banking System, Inc. Reports Unaudited Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 Columbia Banking System, Inc. reported unaudited net charge-offs for the fourth quarter ended December 31, 2023. For the quarter, the company reported total net charge-offs of $28,872,000 compared to $12,510,000 a year ago. Announcement • Dec 30
Columbia Banking System, Inc. to Report Q4, 2023 Results on Jan 24, 2024 Columbia Banking System, Inc. announced that they will report Q4, 2023 results at 5:00 PM, US Eastern Standard Time on Jan 24, 2024 Price Target Changed • Dec 18
Price target increased by 7.4% to US$26.17 Up from US$24.38, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of US$26.64. Stock is down 10% over the past year. The company is forecast to post earnings per share of US$2.02 for next year compared to US$2.60 last year. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.65 (up from US$0.65 in 3Q 2022). Revenue: US$488.1m (up 69% from 3Q 2022). Net income: US$135.8m (up 62% from 3Q 2022). Profit margin: 28% (down from 29% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Columbia Banking System, Inc. to Report Q3, 2023 Results on Oct 18, 2023 Columbia Banking System, Inc. announced that they will report Q3, 2023 results After-Market on Oct 18, 2023 Announcement • Aug 15
Columbia Banking System, Inc. Declares Quarterly Cash Dividend, Payable on September 11, 2023 Columbia Banking System, Inc. announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable September 11, 2023, to shareholders of record as of August 25, 2023. 
