Columbia Banking System, Inc. reported a net income of $192 million for the first quarter of 2026, a significant increase from $87 million in the same period last year. This translates to earnings per diluted share of $0.66, up from $0.41 a year earlier. The growth in profitability is attributed to the acquisition of Pacific Premier, which bolstered both net interest income and non-interest income. Net interest income for the quarter was $594 million, reflecting a decrease from $629 million in the previous quarter, primarily due to lower average interest-earning asset balances and the absence of prior quarter benefits from time deposit premium amortization.
Total assets for Columbia Banking System stood at $66.0 billion as of March 31, 2026, down from $66.8 billion at the end of 2025. The decline is largely due to a strategic reduction in excess cash balances as part of the company's liquidity management strategy. Total loans and leases decreased slightly to $47.7 billion, driven by a runoff in below-market-rate transactional loans, although there was growth in commercial loans. Total deposits also fell to $53.5 billion, a decrease of $722 million, primarily due to a deliberate reduction in brokered deposits.
In terms of operational metrics, the company reported a non-performing loan ratio of 0.55% of total loans and leases, up from 0.41% at the end of 2025. The allowance for credit losses (ACL) was $478 million, a slight decrease from $485 million, reflecting updated economic forecasts and credit migration trends. The provision for credit losses for the quarter was $28 million, compared to $27 million in the same quarter last year, indicating a cautious approach to potential future losses.
Strategically, Columbia Banking System continues to integrate Pacific Premier, with ongoing efforts to realize cost synergies from the acquisition. The company has also initiated a share repurchase program, authorizing up to $700 million in stock buybacks, of which $200 million has been executed in the first quarter. Looking ahead, management anticipates that the liquidity positions will remain satisfactory through 2026, although fluctuations in deposit balances may occur due to market conditions. The company remains focused on optimizing its balance sheet and enhancing profitability through strategic investments and operational efficiencies.
About COLUMBIA BANKING SYSTEM, INC.
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