$COLB

COLUMBIA BANKING SYSTEM INC

CIK:0000887343|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Interest and fees on loans and leases	$ 683	$ 564	$ 1,367	$ 1,117
Interest and dividends on investment securities:
Taxable	98	80	201	149
Exempt from federal income tax	12	7	24	14
Dividends	4	3	7	6
Interest on temporary investments and interest-bearing deposits	13	16	27	32
Total interest income	810	670	1,626	1,318
INTEREST EXPENSE
Interest on deposits	173	180	357	357
Interest on securities sold under agreement to repurchase and federal funds purchased	1	1	2	2
Interest on borrowings	39	35	69	71
Interest on junior and other subordinated debentures	8	8	15	17
Total interest expense	221	224	443	447
Net interest income	589	446	1,183	871
PROVISION FOR CREDIT LOSSES	27	30	55	57
Net interest income after provision for credit losses	562	416	1,128	814
NON-INTEREST INCOME
Residential mortgage banking revenue, net	7	8	19	17
(Loss) gain on investment securities, net	(1)	0	(1)	2
Gain on loan and lease sales, net	0	0	1	0
(Loss) gain on certain loans held for investment, at fair value	(1)	0	(3)	7
Bank-owned life insurance income	9	5	18	10
Other income	19	12	32	18
Total non-interest income	88	65	171	131
NON-INTEREST EXPENSE
Salaries and employee benefits	196	155	392	300
Occupancy and equipment, net	65	47	131	95
Communications	5	4	9	7
Marketing	5	3	10	6
Services	16	12	31	27
Deposit costs	14	2	28	4
FDIC assessments	9	8	18	16
Intangible amortization	38	26	79	54
Merger and restructuring expense	9	8	33	23
Legal settlement	0	0	0	55
Other expenses	18	13	38	31
Total non-interest expense	375	278	769	618
Income before provision for income taxes	275	203	530	327
Provision for income taxes	67	51	130	88
Net income	$ 208	$ 152	$ 400	$ 239
Earnings per common share:
Basic (in dollars per share)	$ 0.73	$ 0.73	$ 1.39	$ 1.14
Diluted (in dollars per share)	$ 0.73	$ 0.73	$ 1.38	$ 1.14
Weighted average number of common shares outstanding:
Basic (in shares)	285,558	209,125	288,130	208,964
Diluted (in shares)	286,472	209,975	289,212	209,965
Service charges on deposits
NON-INTEREST INCOME
Revenue from contract with customer	$ 23	$ 20	$ 43	$ 39
Card-based fees
NON-INTEREST INCOME
Revenue from contract with customer	17	14	32	27
Financial services and trust revenue
NON-INTEREST INCOME
Revenue from contract with customer	$ 15	$ 6	$ 30	$ 11

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 400	$ 239
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	55	57
Change in cash surrender value of bank-owned life insurance	(20)	(11)
Depreciation, amortization and accretion, net	47	31
Gain on sale of premises and equipment	(2)	(3)
Additions to residential mortgage servicing rights carried at fair value	(5)	(4)
Change in fair value of residential mortgage servicing rights carried at fair value	(1)	9
Stock-based compensation	19	16
Net change in fair value of equity and other investments	(14)	(13)
Loss (gain) on investment securities, net	1	(2)
Gain on sale of loans and leases, net	(8)	(6)
Change in fair value of loans held for sale	(15)	(1)
Origination of loans held for sale	(366)	(300)
Proceeds from sales of loans held for sale	650	322
Change in other assets and liabilities:
Net decrease in other assets	113	25
Net decrease in other liabilities	(65)	(130)
Net cash provided by operating activities	789	229
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities available for sale	(671)	(548)
Proceeds from investment securities available for sale	599	372
Purchases of restricted equity securities	(171)	(138)
Redemption of restricted equity securities	123	126
Net change in loans and leases	315	(33)
Proceeds from sales of loans and leases	167	8
Purchases of premises and equipment, net of proceeds from sales	(24)	(22)
Proceeds from bank-owned life insurance death benefits	11	2
Purchase of bank-owned life insurance	0	(3)
Other	2	2
Net cash provided by (used in) investing activities	351	(234)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposit liabilities	(2,155)	22
Net decrease in securities sold under agreements to repurchase	(18)	(45)
Proceeds from borrowings	8,050	5,525
Repayment of borrowings	(7,000)	(5,275)
Net proceeds from issuance of common stock under ESPP	2	1
Dividends paid on common stock	(212)	(150)
Repurchase and retirement of common stock	(418)	(9)
Net cash (used in) provided by financing activities	(1,751)	69
Net (decrease) increase in cash and cash equivalents	(611)	64
Cash and cash equivalents, beginning of period	2,380	1,878
Cash and cash equivalents, end of period	1,769	1,942
Cash paid during the period for:
Interest	452	440
Income taxes	55	85
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes	(76)	123
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes	(1)	6
Transfer of loans held for sale to loans held for investment	$ 20	$ 3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks (restricted cash of $3 and $4)	$ 648	$ 511
Interest-bearing cash and temporary investments (restricted cash of $13 and $12)	1,121	1,869
Total cash and cash equivalents	1,769	2,380
Investment securities
Equity and other, at fair value	126	113
Available for sale, at fair value	11,131	11,112
Held to maturity, at amortized cost	17	18
Loans held for sale	61	262
Loans and leases	47,166	47,776
Allowance for credit losses on loans and leases	(458)	(466)
Net loans and leases	46,708	47,310
Restricted equity securities	207	159
Premises and equipment, net	424	422
Goodwill	1,482	1,482
Other intangible assets, net	633	712
Bank-owned life insurance	1,227	1,218
Other assets	1,595	1,644
Total assets	65,380	66,832
Deposits
Non-interest-bearing	17,218	17,419
Interest-bearing	34,838	36,792
Total deposits	52,056	54,211
Securities sold under agreements to repurchase	189	207
Borrowings	4,250	3,200
Junior subordinated debentures, at fair value	339	338
Junior and other subordinated debentures, at amortized cost	97	97
Other liabilities	897	939
Total liabilities	57,828	58,992
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY
Preferred stock, no par value, shares authorized: 2,000, issued and outstanding: 0	0	0
Common stock, no par value, shares authorized in 2026 and 2025: 520,000; issued and outstanding: 282,817 in 2026 and 295,422 in 2025	7,702	8,099
Retained earnings (accumulated deficit)	160	(26)
Accumulated other comprehensive loss	(310)	(233)
Total shareholders' equity	7,552	7,840
Total liabilities and shareholders' equity	$ 65,380	$ 66,832