COLUMBIA BANKING SYSTEM, INC. 8-K
PositiveEarningsCEO/CFO changeRestructuring
Pacific Premier’s full-quarter contribution and lower funding costs lifted Q4 earnings; systems conversion and branch consolidations are set for Q1 2026.
Filed 2026-01-22 17:24 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with integration updates. Q4 earnings improved as Pacific Premier contributed a full quarter and funding costs fell; FY diluted EPS declined despite higher revenue and net income. Columbia expects systems conversion and branch consolidations in Q1 2026, with all related cost savings expected by 6/30/2026. Clint Stein became board chair on 1/22/2026; Maria Pope will serve as Lead Independent Director until the 2026 annual meeting, when Luis Machuca is expected to succeed her. Ivan Seda became CFO effective 12/31/2025.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue (GAAP) | $717M | $487M | 47% |
| Net income (GAAP) | $215M | $143M | 50% |
| Operating net income (non-GAAP) | $243M | $150M | 62% |
| Diluted EPS (GAAP) | $0.72 | $0.68 | 6% |
| Operating diluted EPS (non-GAAP) | $0.82 | $0.71 | 15% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue (GAAP) | $2.30B | $1.93B | 19% |
| Net income (GAAP) | $550M | $534M | 3% |
| Operating net income (non-GAAP) | $746M | $568M | 31% |
| Diluted EPS (GAAP) | $2.30 | $2.55 | -10% |
| Operating diluted EPS (non-GAAP) | $3.12 | $2.71 | 15% |
- Q4 net interest income was $627M, up $122M Q/Q; net interest margin rose 22 bp to 4.06%, helped by lower funding costs and two additional months as a combined company. Acquired time-deposit premium amortization contributed $12M to net interest income and was fully amortized by 12/31/2025. Provision expense was $23M vs $70M in Q3, which included Pacific Premier acquisition-related provision.
- Deposits fell $1.56B Q/Q to $54.2B, reflecting planned reductions in brokered and select public deposits and seasonal customer outflows; borrowings rose $0.9B to $3.2B. Cash and cash equivalents were $2.38B and available liquidity was $27.9B. Loans and leases were $47.8B, down $686M Q/Q amid transactional-loan runoff and repayments.
- Net charge-offs were 0.25% of average loans (annualized), vs 0.22% in Q3; non-performing assets were 0.30% of assets vs 0.29%. Columbia repurchased 3.7M shares for $100M at an average $27.07; period-end shares declined 1% Q/Q to 295.4M. Estimated CET1 ratio was 11.8%, up from 11.6%.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch completion of systems conversion and branch consolidations in Q1 2026 and realization of related cost savings by 6/30/2026.
- Columbia said it intends to continue returning excess capital through its existing repurchase authorization, which had $600M remaining at year-end.
The summary is written by an AI model reading the filing.
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