COLUMBIA BANKING SYSTEM, INC. 8-K

Summary

Q1 2026 results. Columbia reported higher Y/Y net income as Pacific Premier contributed to results and integration advanced; lower net interest income and higher credit costs weighed on the quarter. The systems conversion and nine branch consolidations are complete, while credit deterioration was attributed to an agricultural relationship.

Key Figures

• Net interest income was $594M, down $33M Q/Q; the prior quarter included $17M from acquired-deposit premium amortization and an accelerated loan repayment that did not recur. Lower average interest-earning assets also contributed, partly offset by a more profitable balance-sheet mix.
• Non-performing assets rose to $264M, or 0.40% of assets, from $200M, or 0.30%; annualized net charge-offs increased to 0.30% from 0.25%. The company attributed the increases to an agricultural relationship.
• Columbia repurchased $200M of stock, or 6.5M shares at an average $30.74 per share. Period-end shares outstanding fell 2% Q/Q to 289.5M. Deposits were $53.5B, including a $760M Q/Q reduction in brokered deposits; customer deposits increased $110M.

Guidance

• Pacific Premier-related cost savings: expects to realize all previously disclosed savings by 6/30/2026; amount not restated.

Investor Takeaways

• Watch for realization of the Pacific Premier-related cost savings by 6/30/2026.
• Credit trends following the agricultural-relationship deterioration remain a key monitor.
• The small-business and retail campaign brought nearly $450M in new deposits through mid-April and runs through 4/30/2026.