At a glance
Columbia Banking System Inc is worth $8.69B, about 13 times its fiscal 2025 earnings. Revenue grew 19.3% to $2.30B in fiscal 2025, with 23.9% kept as profit; over 5 years it has grown 30.6% a year. It pays a 4.82% dividend yield, raised every year for at least 3 years, and returned $1.48B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.4% over the past year with dividends reinvested and +3.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.8% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 29 months after the lows.
The business in plain English
Columbia Banking System owns Columbia Bank, an Oregon state-chartered commercial bank whose deposits are insured, in whole or in part, by the FDIC, the federal deposit insurer. Most of its loans and deposits are in eight western states: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington. On August 31, 2025, it completed its purchase of Pacific Premier, speeding up its expansion in Southern California. On September 1, 2025, the bank and its wealth, trust and private banking units began using the single Columbia name.
Its strategy, which it calls "Business Bank of Choice," centers on companies of all sizes, their owners and employees, and local households. Business products include credit lines, term loans, commercial property and apartment-building loans, construction loans, government-backed small-business (SBA) loans and trade finance. Its FinPac subsidiary leases equipment to businesses. It also offers treasury management (cash and payment services for companies), mortgages, private banking and wealth management.
Columbia makes most of its money from net interest income: the gap between interest earned on loans and investments and interest paid on deposits and borrowings. In fiscal 2025, that produced $2.0 billion of its $2.3 billion in revenue, while fees and other noninterest income added $298 million. As of June 30, 2026, it held $46.7 billion of loans and $52.1 billion of deposits.
Price history
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COLB +20.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $677.0M, up 32.5% from a year earlier, and net income was $208.0M (+36.8%).
- For fiscal 2025, revenue was $2.30B (+19.3% year over year; +30.6% a year from FY2020 to FY2025) with a 23.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.6% good |
|---|---|
| Return on equity | 7% weak |
| Net income / revenue | 23.9% watch |
| Deposits | $52.06B |
| Loans | $46.71B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $604.6M | $154.2M | — |
| FY2021 | $1.28B | $420.3M | — |
| FY2022 | $1.27B | $336.8M | — |
| FY2023 | $2.00B | $349.0M | — |
| FY2024 | $1.93B | $534.0M | — |
| FY2025 | $2.30B | $550.0M | — |
Valuation snapshot
| Market value | $8.69B |
|---|---|
| P/E ratio | 13.4 |
| Dividend yield | 4.82% |
Rank among 1514 US companies
Market value at each year end
Columbia Banking System’s market value went from $5.56B at the end of 2023 to $8.69B on Oct 28, 2026, up 56%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.69B | +4.0% |
| 2025 | $8.36B | +47.7% |
| 2024 | $5.66B | +1.7% |
| 2023 | $5.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COLB price data to Oct 28, 2026 | +14.1% | +20.4% | +23.9% | +3.9% | +4.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.1% |
| 2025 | +9.4% |
| 2024 | +8.0% |
| 2023 | -5.2% |
| 2022 | -1.6% |
| 2021 | -4.1% |
| 2020 | -6.3% |
| 2019 | +18.2% |
| 2018 | -13.9% |
| 2017 | -0.6% |
| 2016 | +44.6% |
| 2015 | +22.9% |
| 2014 | +3.1% |
| 2013 | +56.0% |
| 2012 | -2.1% |
| 2011 | -7.1% |
| 2010 | +30.4% |
| 2009 | +36.5% |
| 2008 | -58.7% |
| 2007 | -13.4% |
| 2006 | +25.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.7% over that stretch · deepest drop along the way 84.7%, back to its old high 60.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.5% over that stretch · deepest drop along the way 43.8%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8% over that stretch · deepest drop along the way 25.2%, back to its old high 28.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($22K) and 9 sales ($444K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 29, 2026 | Steven R Gardner Director | sell | $157K |
| Jun 8, 2026 | Devine David Moore EVP Chief Marketing Officer | sell | $114K |
| Oct 29, 2026 | Steven R Gardner Director | sell | $70K |
| Oct 29, 2026 | Steven R Gardner Director | sell | $67K |
| Jun 30, 2026 | Aaron James Deer EVP Chief Strategy/Innov Offcr | buy | $22K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.8% | Mar 31, 2025 |
| Wellington Management Group LLP | 4.1% | Jun 30, 2026 |
ETFs with the most weight in COLB
| JPSV JPMorgan Active Small Cap Value ETF | 1.14% |
| KBE SPDR S&P Bank ETF | 1.04% |
| SEIS SEI Select Small Cap ETF | 0.82% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.75% |
| WDIV SPDR S&P Global Dividend ETF | 0.63% |
| HIDV AB US High Dividend ETF | 0.56% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.49% |
| LST Leuthold Select Industries ETF | 0.49% |
What could go wrong
- Pacific Premier integration and share dilution. Combining the banks could cost more or take longer than planned, and expected savings may fall short. Future deals or capital raises could add new shares, diluting existing owners.
- Heavy exposure to commercial real estate. A large share of its loans is secured by real estate, especially commercial real estate such as offices and apartment buildings. A slump in property values could cause loan losses beyond what its reserves cover.
- Tied to the western US economy. Most loans and deposits are in eight western states. A regional slowdown, falling property prices, or disasters such as earthquakes and fires could hurt borrowers and shrink deposits at the same time.
- Past vendor breach exposed customer data. In 2023, a breach of MOVEit file-sharing software at one of its vendors exposed names and Social Security or tax ID numbers; about 429,000 customers were notified. Future attacks could bring losses, fines and lawsuits.
- Rate swings and deposit flight. Net interest income supplied $2.0 billion of $2.3 billion in fiscal 2025 revenue. Rate swings can squeeze that income, and depositors may move money if rates shift or other banks fail, raising funding costs.
- Dividends are not guaranteed. The holding company relies on payouts from Columbia Bank for substantially all its revenue, and regulators can limit those payments. The company says it cannot assure any level of future dividends.
Recent events
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Columbia paid a dividend in each year from fiscal 2020 to 2025, but growth has been slow: dividends per share rose from $1.34 to $1.45, about 1.6% a year, with three straight increases. Dividends took 60.9% of fiscal 2025 net income (the payout ratio), and the yield was 4.82% as of October 28, 2026. The company says it cannot assure any level of future dividends. Buybacks totaled $109 million in fiscal 2025, but the share count rose about 260% between October 2021 and July 2026, so repurchases did little to offset new shares.
The stock has fallen hard in downturns. It dropped 84.7% in the 2008 financial crisis and took about five years from its low to recover. It fell 43.8% in the 2020 COVID crash, recovering in about 9.5 months, and 25.2% in 2022, taking about 29 months to recover. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Columbia Banking System make money?
Mostly from lending. In fiscal 2025, net interest income, the gap between interest earned on loans and investments and interest paid to depositors and lenders, made up $2.0 billion of its $2.3 billion in revenue. Fees and other noninterest income added $298 million. It lends to businesses of all sizes and to households, mainly in eight western states, and also offers equipment leasing, treasury management, mortgages and wealth management. Net income was $550 million after setting aside $150 million for expected loan losses.
Does Columbia Banking System raise its dividend every year?
Not every year, but it has raised it three years in a row. Dividends per share were $1.40 in both fiscal 2021 and 2022, then rose to $1.43, $1.44 and $1.45 in fiscal 2023 through 2025. Growth since fiscal 2020 works out to about 1.6% a year. Dividends took 60.9% of fiscal 2025 net income, and the yield was 4.82% as of October 28, 2026. The company says it cannot assure any level of future dividends.
Why did Columbia Banking System buy Pacific Premier?
Columbia says the deal, completed on August 31, 2025, sped up its expansion in Southern California and strengthened its presence in other western growth markets. On September 1, 2025, the bank began serving customers under the single Columbia Bank name. The company warns that cost savings and revenue gains may not be fully realized or may take longer than expected. Revenue for the quarter ended June 30, 2026, was $677 million, 32.5% more than a year earlier; the earlier quarter came before the deal closed.
How has COLB stock performed over the long run?
Modestly over long periods, with deep drops along the way. As of October 28, 2026, its price-based return was 20.4% over one year, about 3.9% a year over five years and about 4.6% a year over ten years, or 58% in total. The stock fell 84.7% in the 2008 financial crisis and took about five years from its low to recover. Its deepest drop in the three years to October 28, 2026, was 36.4%.
What is Columbia Banking System's P/E ratio?
About 13.4 as of October 28, 2026. The price-to-earnings (P/E) ratio compares the share price with yearly profit per share, here fiscal 2025 diluted earnings of $2.30. The company's stock market value was about $8.7 billion. Return on equity, profit as a share of shareholders' stake, was 7%. Diluted earnings per share fell from $2.55 in fiscal 2024 even though net income rose 3%, reflecting more shares outstanding.