Columbia Banking System

COLB · Nasdaq · Financials · Financials, fiscal 2016 to 2025

COLB · Last close · October 26, 2026

$31.06

Columbia Banking System's revenue rose 19.3% to $2.3 billion in fiscal 2025. Net income was $550 million, up 3.0%. Its return on equity was 8.5%, down from 10.6% a year earlier. Its efficiency ratio was 61.8%, up from 57.2% a year earlier. It paid out $444 million in dividends and buybacks. The diluted share count rose 14.2%.

COLUMBIA BANKING SYSTEM, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000887343-26-000088 Updated October 18, 2026

Revenue

$2.3B

19.3%

Net income

$550M

3.0%

Return on equity

8.5%

2.1 pts

Return on tangible equity

11.9%

3.5 pts

Efficiency ratio

61.8%

4.6 pts

Market cap

$8.9B

Oct 26 close

P/E

12.1x

On $2.56 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 2.7% a year and net income 20.2% a year, as new shares raised the share count by 318% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Columbia Banking System yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Columbia Banking System's earnings per share of $2.56 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.8×, the middle of Columbia Banking System's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Frost Bank, BOK Financial, Old National Bank.

Earnings growth in the years ahead (% a year) Starts at Columbia Banking System's revenue growth over the last 3 years, 21.9% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $31.06
Value at this multiple, against the last close: —
Columbia Banking System's P/E at the last close: 12.1×

Company	Last close	Earnings per share	P/E today
Frost BankCFR	$158.58	$10.58	15.0×
Old National BankONB	$25.03	$1.95	12.8×
BOK FinancialBOKF	$129.03	$10.62	12.1×
Columbia Banking SystemCOLB	$31.06	$2.56	12.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	10,486	25,855	37,001	37,256	47,310
Deposits	18,010	27,066	41,607	41,721	54,211
Loans to deposits	58.2%	95.5%	88.9%	89.3%	87.3%
Provision for credit losses	−43	84	213	106	150
Provision to average loans	−0.4%	0.5%	0.7%	0.3%	0.3%
Total assets	20,945	31,849	52,174	51,576	66,832
Shareholders' equity	2,589	2,480	4,995	5,118	7,840

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $22,478 of Columbia Banking System shares on the open market, and 5 insiders sold $677,280, $127,932 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 30, 2026	Aaron James DeerEVP Chief Strategy/Innov Offcr	Bought	886	$25.37	$22,478	Form 4
Jun 8, 2026	Devine David MooreEVP Chief Marketing Officer	Sold	3,872	$29.78	$115,308	Form 4
Mar 13, 2026	Kumi Yamamoto BaruffiEVP General Counsel, Corp Sec	Sold	937	$26.23	$24,578	Form 4
Mar 13, 2026	Brock LakelyEVP, Chief Accounting Officer	Sold	211	$26.23	$5,535	Form 4
Mar 4, 2026	Torran B NixonSenior Executive VP	Sold plan	2,240	$28.85	$64,624	Form 4
Mar 3, 2026	Torran B NixonSenior Executive VP	Sold plan	2,241	$28.25	$63,308	Form 4
Jan 30, 2026	Steven R GardnerDirector	Sold	13,725	$29.43	$403,927	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Columbia Banking System side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Columbia Banking System	FY25	19.3%	23.9%	8.5%	11.9%	61.8%
Frost Bank	FY25	8.3%	29.0%	15.3%	15.7%	63.5%	Compare
BOK Financial	FY25	6.1%	26.6%	10.1%	12.3%	65.9%	Compare
Old National Bank	FY25	33.9%	26.5%	9.0%	13.4%	58.8%	Compare
Flagstar Bank	FY25	−19.2%	−8.6%	−2.2%	−2.9%	100.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	422	478	567	591	605	1,276	1,270	1,997	1,929	2,301
Revenue growth	1.3%	13.3%	18.7%	4.1%	2.4%	111.0%	−0.5%	57.3%	−3.4%	19.3%
Net interest income	334	368	479	493	500	920	1,070	1,793	1,718	2,003
Noninterest income	88	110	88	97	104	356	200	204	211	298
Noninterest expense	261	291	340	346	334	760	735	1,313	1,104	1,423
Provision for credit losses	—	—	—	—	—	−43	84	213	106	150
Net income	105	113	173	194	154	420	337	349	534	550
Diluted EPS (US$)	1.81	1.86	2.36	2.68	2.17	3.21	2.60	1.78	2.55	2.30
Diluted shares (millions)	57	60	72	72	71	131	130	196	209	239
Payouts
Dividends paid	89	51	83	102	96	184	182	270	300	335
Share buybacks	1	0	0	51	20	81	4	6	6	109
Balance sheet at fiscal year end
Loans, net	6,143	8,283	8,308	8,660	9,278	10,486	25,855	37,001	37,256	47,310
Deposits	8,059	10,532	10,458	10,685	13,870	18,010	27,066	41,607	41,721	54,211
Total assets	9,510	12,717	13,095	14,080	16,585	20,945	31,849	52,174	51,576	66,832
Shareholders' equity	1,251	1,950	2,034	2,160	2,348	2,589	2,480	4,995	5,118	7,840
Ratios
Return on equity	8.4%	7.0%	8.7%	9.3%	6.8%	17.0%	13.3%	9.3%	10.6%	8.5%
Return on tangible common equity	12.5%	11.4%	14.7%	15.1%	10.6%	25.6%	16.0%	12.0%	15.3%	11.9%
Return on assets	1.1%	1.0%	1.3%	1.4%	1.0%	2.2%	1.3%	0.8%	1.0%	0.9%
Efficiency ratio	61.9%	60.9%	60.0%	58.5%	55.3%	59.6%	57.9%	65.8%	57.2%	61.8%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Columbia Banking System's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Columbia Banking System.