A Business at a Glance
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COLUMBIA BANKING SYSTEM, INC.
COLB
$7.4B
Mkt Cap
$31.15
-3.44%
COLUMBIA BANKING SYSTEM, INC. (COLB) has a current P/E ratio of 13.5, compared to its historical median P/E of 11.7. The stock is currently considered Fair based on its historical valuation range.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a 5-year average return on invested capital (ROIC) of 6.9%. This is below average and may indicate limited pricing power.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a market capitalization of $9.0B. It is classified as a mid-cap stock.
Yes, COLUMBIA BANKING SYSTEM, INC. (COLB) pays a dividend with a trailing twelve-month yield of 4.07%. The company also returns capital through share buybacks, with a buyback yield of 3.52%.
Based on historical P/E analysis, COLUMBIA BANKING SYSTEM, INC. (COLB) appears fair. The current P/E of 13.5 is 15% above its historical median of 11.7. The estimated fair value CAGR (P/E method) is -1.3%.
COLUMBIA BANKING SYSTEM, INC. (COLB) operates in the State Commercial Banks industry, within the Financials sector.
Columbia Banking System, Inc. is a regional bank holding company operating through Columbia Bank, serving customers across the western United States with a focus on relationship-based commercial lending, deposit gathering, and wealth management services. The company generates revenue primarily through net interest income on its loan and deposit portfolio, supplemented by non-interest fee income from wealth management, custodial trust, HOA banking, escrow, and other customer services. Columbia's business model emphasizes deep customer relationships and full-service banking solutions delivered through a network of branches and de novo locations in targeted markets, with particular strength in commercial and industrial lending and core deposit relationships. The company operates with a disciplined approach to credit quality and capital management, maintaining capital ratios well above regulatory minimums and targeting sustainable profitability improvement through balance sheet optimization, including the strategic rundown of lower-yielding transactional loan portfolios. Following its acquisition of Pacific Premier Bancorp in 2024, Columbia has expanded its geographic footprint and product capabilities, particularly in wealth management and specialized banking services, while pursuing cost synergies and revenue opportunities from the combined platform.
【Balance sheet optimization driving profitability】 Management expects the combined company to deliver improving profitability through continued balance sheet optimization, with net interest margin expanding sequentially throughout 2026 as customer deposit balances rebound and the transactional loan portfolio continues to amortize. The company anticipates relatively stable net loan portfolio balances in 2026 as commercial loan growth offsets contraction in the transactional portfolio, with core relationship lending providing the primary growth engine. Cost synergies from the Pacific Premier acquisition are expected to be fully realized by mid-2026, supporting operating leverage and disciplined expense management, while the company continues to invest in de novo branch expansion in targeted western markets and technology infrastructure. Management remains focused on generating excess capital and returning it to shareholders through share repurchases and dividends, with expectations for strong capital generation to continue supporting capital deployment flexibility.
| Metric | Target | Period |
|---|---|---|
| Share repurchases | $150-$200 million per quarter | 2026 |
| Transactional loan portfolio rundown | $1 billion-$1.25 billion | 2026 |
Share repurchases (2026): “We expect share repurchases to remain in the $150-$200 million range per quarter through our current authorization”
Transactional loan portfolio rundown (2026): “over the course of a year, out of that transactional, we're expecting $1 billion-$1.25 billion, that book to run down”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 3.2B | 3.0B | 2.7B | 1.3B | 1.3B |
| Net Income | 654M | 549M | 534M | 349M | 337M | 420M |
| EPS | $2.43 | $2.30 | $2.55 | $1.78 | $0.87 | $1.07 |
| Free Cash Flow | 1.1B | 706M | 623M | 629M | 1.0B | 647M |
| ROIC | 6.0% | 3.6% | 3.3% | 2.8% | 10.2% | 14.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.42 | 1.48 | 1.12 | 3.32 | 0.30 | 0.30 |
| Dividends/Share | $1.27 | $1.45 | $1.44 | $1.43 | $0.47 | $0.47 |
| Operating Income | 54M | 47M | 32M | 28M | 318M | 64M |
| Operating Margin | 2.2% | 1.5% | 1.1% | 1.0% | 23.6% | 4.8% |
| ROE | 8.5% | 8.5% | 10.6% | 9.3% | 13.3% | 17.0% |
| Shares Outstanding | 290M | 239M | 209M | 196M | 389M | 393M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 368M | 420M | 426M | 484M | 585M | 627M | 622M | 1.3B | 1.3B | 2.7B | 3.0B | 3.2B | 2.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 131M | 149M | 150M | 170M | 200M | 213M | 210M | 481M | 441M | 616M | 589M | 672M | 723M |
| EBIT | 118M | 142M | 150M | 178M | 212M | 242M | 192M | 64M | 318M | 28M | 32M | 47M | 54M |
| Op. Margin | 32.0% | 33.7% | 35.2% | 36.7% | 36.2% | 38.5% | 30.9% | 4.8% | 23.6% | 1.0% | 1.1% | 1.5% | 2.2% |
| Net Income | 82M | 99M | 105M | 113M | 173M | 194M | 154M | 420M | 337M | 349M | 534M | 549M | 654M |
| Net Margin | 22.2% | 23.5% | 24.6% | 23.3% | 29.5% | 31.0% | 24.8% | 31.9% | 25.0% | 12.7% | 18.0% | 17.1% | 26.3% |
| Non-Recurring | 4.0M | 0 | 0 | 0 | 0 | 0 | 0 | 574K | 2.7M | 31M | 3.0M | 7.0M | 7.0M |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 8.0% | 8.4% | 7.0% | 8.7% | 9.3% | 6.8% | 14.7% | 10.2% | 2.8% | 3.3% | 3.6% | 6.0% |
| ROE | 7.2% | 8.0% | 8.4% | 7.0% | 8.7% | 9.3% | 6.8% | 17.0% | 13.3% | 9.3% | 10.6% | 8.5% | 8.5% |
| ROA | 1.0% | 1.1% | 1.1% | 1.0% | 1.3% | 1.4% | 1.0% | 2.2% | 1.3% | 0.8% | 1.0% | 0.9% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 138M | 135M | 146M | 129M | 237M | 205M | 192M | 663M | 1.1B | 670M | 659M | 746M | 1.1B |
| Free Cash Flow | 125M | 127M | 141M | 122M | 226M | 196M | 184M | 647M | 1.0B | 629M | 623M | 706M | 1.1B |
| Owner Earnings | 124M | 118M | 129M | 111M | 218M | 185M | 171M | 620M | 1.0B | 508M | 489M | 572M | 959M |
| CapEx | 12M | 7.6M | 4.5M | 6.5M | 11M | 8.4M | 8.7M | 15M | 27M | 41M | 36M | 40M | 57M |
| Maint. CapEx | 11M | 12M | 12M | 9.8M | 10M | 10M | 11M | 31M | 28M | 144M | 150M | 141M | 127M |
| Growth CapEx | 1.6M | 0 | 0 | 0 | 928K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 11M | 12M | 12M | 9.8M | 10M | 10M | 11M | 31M | 28M | 144M | 150M | 141M | 127M |
| CapEx/OCF | 9.1% | 5.6% | 3.1% | 5.1% | 4.8% | 4.1% | 4.5% | 2.6% | 2.5% | N/A | 5.5% | 5.4% | 5.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 49M | 77M | 89M | 51M | 83M | 102M | 96M | 184M | 182M | 270M | 300M | 335M | 367M |
| Dividend Yield | 1.9% | 2.3% | 2.4% | 1.0% | 1.3% | 1.8% | 2.0% | 1.5% | 1.8% | 7.1% | 6.8% | 5.7% | 4.1% |
| Share Buybacks | 622K | 906K | 1.1M | 0 | 0 | 51M | 20M | 81M | 4.2M | 6.0M | 6.0M | 109M | 317M |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | N/A | 2.3% | 1.0% | N/A | 0.1% | 0.1% | 0.1% | 1.6% | 3.5% |
| Stock-Based Comp | 2.9M | 4.1M | 5.0M | 7.7M | 8.4M | 9.3M | 11M | 11M | 9.8M | 18M | 20M | 33M | 32M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -2.3B | -2.3B | -2.5B | -3.1B | -3.4B | -4.0B | -7.8B | -7.9B | -3.7B | 5.6B | -4.4B | -1.9B | -9.8B |
| Cash & Equiv. | 188M | 175M | 224M | 343M | 278M | 248M | 2.6B | 2.8B | 1.3B | 2.2B | 1.9B | 2.4B | 13.0B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 765M | 750M | 16.6B | 5.8B | 11.6B | 3.2B |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.30 | 0.30 | 3.32 | 1.12 | 1.48 | 0.42 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 1.2B | 1.2B | 1.3B | 1.9B | 2.0B | 2.2B | 2.3B | 2.6B | 2.5B | 5.0B | 5.1B | 7.8B | 7.7B |
| Total Assets | 8.6B | 9.0B | 9.5B | 12.7B | 13.1B | 14.1B | 16.6B | 20.9B | 31.8B | 52.2B | 51.6B | 66.8B | 66.0B |
| Total Liabilities | 7.4B | 7.7B | 8.3B | 10.8B | 11.1B | 11.9B | 14.2B | 18.4B | 29.4B | 47.2B | 46.5B | 59.0B | 58.4B |
| Intangibles | 30M | 24M | 18M | 58M | 46M | 35M | 27M | 35M | 4.7M | 604M | 484M | 712M | 671M |
| Retained Earnings | 234M | 256M | 272M | 337M | 427M | 520M | 575M | 694M | -544M | -468M | -237M | -26M | 59M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.51 | 0.57 | 0.60 | 0.62 | 0.79 | 0.89 | 0.72 | 1.07 | 0.87 | 1.78 | 2.55 | 2.30 | 2.43 |
| Owner EPS | 0.77 | 0.68 | 0.74 | 0.61 | 0.99 | 0.85 | 0.80 | 1.58 | 2.64 | 2.59 | 2.34 | 2.40 | 3.31 |
| Book Value | 7.63 | 7.16 | 7.20 | 10.71 | 9.25 | 9.92 | 11.01 | 6.59 | 6.38 | 25.48 | 24.44 | 32.85 | 26.47 |
| Cash Flow/Share | 0.85 | 0.78 | 0.84 | 0.71 | 1.08 | 0.94 | 0.90 | 1.69 | 2.74 | 3.42 | 3.15 | 3.13 | 2.70 |
| Dividends/Share | 0.31 | 0.45 | 0.51 | 0.29 | 0.38 | 0.47 | 0.45 | 0.47 | 0.47 | 1.43 | 1.44 | 1.45 | 1.27 |
| Shares Out. | 161.0M | 173.4M | 173.8M | 182.0M | 219.8M | 217.7M | 213.2M | 392.8M | 388.6M | 196.1M | 209.4M | 238.7M | 289.5M |
| Valuation | |||||||||||||
| P/E Ratio | 11.2 | 12.5 | 16.7 | 16.3 | 10.9 | 11.2 | 12.5 | 9.4 | 9.4 | 13.3 | 9.9 | 12.3 | 12.8 |
| P/FCF | 21.9 | 29.1 | 37.1 | 45.2 | 24.9 | 33.3 | 31.6 | 15.8 | 9.1 | 7.4 | 8.5 | 9.5 | 8.5 |
| EV/EBIT | N/A | N/A | 8.6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -14.8 |
| Price/Book | 0.7 | 1.0 | 1.4 | 0.9 | 0.9 | 1.0 | 0.8 | 0.7 | 1.3 | 0.9 | 1.0 | 0.9 | 1.2 |
| Price/Sales | 2.3 | 2.7 | 2.9 | 3.5 | 3.7 | 3.3 | 2.6 | 3.6 | 2.6 | 1.9 | 2.3 | 2.5 | 3.6 |
| FCF Yield | 13.7% | 10.3% | 8.1% | 6.6% | 12.0% | 9.0% | 9.5% | 34.0% | 32.8% | 13.5% | 11.7% | 10.5% | 11.8% |
| Market Cap | 913M | 1.2B | 1.7B | 1.8B | 1.9B | 2.2B | 1.9B | 1.9B | 3.2B | 4.7B | 5.3B | 6.8B | 9.0B |
| Avg. Price | 15.89 | 19.29 | 20.98 | 27.57 | 28.79 | 26.49 | 22.48 | 30.49 | 25.58 | 19.48 | 20.95 | 24.52 | 31.15 |
| Year-End Price | 17.02 | 21.34 | 30.16 | 30.33 | 25.61 | 30.05 | 27.16 | 26.07 | 24.44 | 23.74 | 25.37 | 28.24 | 31.15 |
COLUMBIA BANKING SYSTEM, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
COLUMBIA BANKING SYSTEM, INC. trades at 13.5x trailing earnings, compared to its 15-year median P/E of 11.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.0x vs a median of 20.4x. The company's 5-year average ROIC is 6.9%. Total shareholder yield (dividends + buybacks) is 7.6%. At current prices, the estimated annualized return to fair value is -1.0%.
COLUMBIA BANKING SYSTEM, INC. (COLB) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a net profit margin of 17.1%. This is a healthy margin.
COLUMBIA BANKING SYSTEM, INC. (COLB) generated $706 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a debt-to-equity ratio of 1.48. This indicates moderate leverage.
COLUMBIA BANKING SYSTEM, INC. (COLB) reported earnings per share (EPS) of $2.30 in its most recent fiscal year.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a return on equity (ROE) of 8.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for COLUMBIA BANKING SYSTEM, INC. (COLB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COLUMBIA BANKING SYSTEM, INC. (COLB) has a book value per share of $32.85, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the combined company to deliver improving profitability through continued balance sheet optimization, with net interest margin expanding sequentially throughout 2026 as customer deposit balances rebound and the transactional loan portfolio continues to amortize. The company anticipates relatively stable net loan portfolio balances in 2026 as commercial loan growth offsets contraction in the transactional portfolio, with core relationship lending providing the primary growth engine. Cost synergies from the Pacific Premier acquisition are expected to be fully realized by mid-2026, supporting operating leverage and disciplined expense management, while the company continues to invest in de novo branch expansion in targeted western markets and technology infrastructure. Management remains focused on generating excess capital and returning it to shareholders through share repurchases and dividends, with expectations for strong capital generation to continue supporting capital deployment flexibility.
Based on recent SEC filings and earnings calls, COLUMBIA BANKING SYSTEM, INC. (COLB) has provided the following forward guidance: Share repurchases: $150-$200 million per quarter (2026); Transactional loan portfolio rundown: $1 billion-$1.25 billion (2026).