COLUMBIA BANKING SYSTEM, INC. 8-K

Summary

Q3 2026 results showed higher profitability as net interest income rose and expenses declined. The board authorized up to $1.2B in new common-stock repurchases after completing the prior program.

Key Figures

• Higher loan and securities income and lower funding costs lifted Q3 net interest income to $615M, up $26M Q/Q. The 18 bp Q/Q increase in net interest margin also reflected favorable funding mix and higher yields; accelerated repayments of two acquired loans added $5M and 3 bp. Lower merger expense helped reduce non-interest expense by $5M Q/Q; provision for credit losses rose to $33M from $27M.
• Period-end deposits rose $684M Q/Q to $52.7B, while gross loans and leases declined $251M to $46.9B amid transactional-loan runoff and elevated payoffs. Customer deposit growth helped reduce wholesale funding sources by $1.5B; total available liquidity was $26.0B, or 40% of assets. Book value per share fell 4% Q/Q to $25.62, primarily as accumulated other comprehensive loss widened to $(708)M.
• Columbia Bank issued $250M principal amount of subordinated notes due 2036, with a 6.721% fixed rate for five years, then a rate of the Five-Year U.S. Treasury Rate plus 195 bp. The company intends to use part of the proceeds to redeem approximately $240M principal amount of junior subordinated debentures in Q4 2026 and early 2027. The prior repurchase plan bought 6.5M shares in Q3 at an average $30.65, representing 2.3% of outstanding shares; across the plan, 23.3M shares were repurchased at an average $29.88, equal to 7.8% of shares outstanding as of 9/30/2025.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch whether customer deposit growth and relationship-based commercial lending offset continued transactional-loan runoff in coming quarters.
• Track the planned junior-debt redemptions through early 2027.