The combination of NIM expansion to 4.11%, a $1.2B buyback (14% of market cap), and stable credit metrics signals accelerating earnings power. Watch Q4 for the impact of the sub-debt refinancing (replacing ~6.99% trust preferreds with 6.721% notes) and continued runoff of $7.1B in below-market-rate transactional loans that will reprice higher.
Price Chart
Executive Summary
Columbia Banking System reported Q3 2026 GAAP EPS of $0.78 (diluted) and operating EPS of $0.82, beating consensus of $0.80 by 2.5%. Net interest income rose 4% sequentially to $615M, driving NIM expansion of 18bp to 4.11%. The company completed its prior $700M buyback and announced a new $1.2B repurchase authorization, while issuing $250M in subordinated notes to refinance higher-cost trust preferreds. Credit quality remained stable with net charge-offs of 0.24% and NPAs declining to 0.39% of assets.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.78 vs $0.73 Q2 2026; operating diluted EPS $0.82 vs consensus $0.80
- Net interest income $615M, up $26M QoQ; NIM expanded 18bp to 4.11%
- Board authorized new $1.2B share repurchase program with no expiration date
- Completed prior buyback: 23.3M shares at $29.88 avg, 7.8% of shares outstanding
- Issued $250M subordinated notes at 6.721% to redeem ~$240M in trust preferreds
- Net charge-offs 0.24% of avg loans (annualized), stable vs 0.25% prior quarter
- Non-performing assets declined to 0.39% of total assets from 0.42% Q2 2026
- Customer deposits grew $1.2B QoQ; wholesale funding reduced by $1.5B
- Operating ROAA improved to 1.40% from 1.33% Q2 2026
- Tangible book value per share $18.10, down 6% QoQ due to AOCI hit from higher rates
Financial Impact
Net income $220M GAAP, $229M operating; EPS beat consensus by $0.02; $1.2B buyback authorization represents ~14% of market cap
Risk Factors
- AOCI loss ballooned to $708M from $310M QoQ due to rising rates, pressuring tangible book value
- Loan portfolio contracted 0.5% QoQ as transactional loan runoff outpaced commercial growth
- Provision expense increased to $33M from $27M Q2 2026
- Competitive pricing pressures in CRE lending may limit loan growth
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000887343-26-000184 |
| Document: colb2026q3earningspresen.htm | 0000887343-26-000184 |
| Document: colb-20261022.htm | 0000887343-26-000184 |
| Document: 0000887343-26-000184-index-headers.html | 0000887343-26-000184 |
| Document: 0000887343-26-000184-index.html | 0000887343-26-000184 |
| Document: 0000887343-26-000184.txt | 0000887343-26-000184 |
| 8-K Data (Synthetic) | 0000887343-26-000184 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $30.86 $31.06 | ▲ +0.66% | ▼ −0.05% | $31.06 (+0.66%) |
Oct 21, 2026 5d ago | Institutional Cluster | $29.89 $30.86 | ▲ +3.23% | ▲ +3.75% | $31.06 (+3.91%) |
Sep 30, 2026 26d ago | 8-K | $28.73 $28.92 | ▲ +0.66% | ▼ −0.08% | $31.06 (+8.11%) |
Aug 21, 2026 9w ago | Institutional Cluster | $30.81 $30.64 | ▼ −0.55% | ▼ −0.26% | $31.06 (+0.81%) |
Jul 30, 2026 12w ago | 8-K | $31.27 $31.50 | ▲ +0.74% | ▼ −0.69% | $31.06 (−0.67%) |
Jun 24, 2026 17w ago | Institutional Cluster | $31.53 $32.07 | ▲ +1.71% | ▲ +1.57% | $31.06 (−1.49%) |
Jun 11, 2026 19w ago | Institutional Cluster | $30.82 $31.31 | ▲ +1.59% | ▲ +1.05% | $31.06 (+0.78%) |
May 15, 2026 23w ago | 8-K | $28.77 $29.01 | ▲ +0.83% | ▲ +0.90% | $31.06 (+7.96%) |
Apr 23, 2026 26w ago | 8-K | $29.22 $29.85 | ▼ −2.16% | ▼ −1.99% | $31.06 (−6.30%) |
US Market Status
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