Columbia Banking System reported net income of $192 million for Q1 2026 and operating net income of $209 million, translating to diluted EPS of $0.66 and operating EPS of $0.72. Return on average assets was 1.18% and return on average common equity was 10.00%, compared to 1.27% and 10.92% in Q4 2025 respectively.

Net interest income declined $33 million to $594 million, reflecting the absence of $17 million in premium amortization on acquired time deposits and an accelerated loan repayment benefit. Net interest margin contracted 10 basis points to 3.96%, offset by a more profitable balance sheet mix despite lower average earning assets.

Non-interest income decreased by $7 million due to lower swap, syndication and international banking revenue, while non-interest expense fell $18 million mainly from reduced merger costs and acquisition-related savings. Net charge-offs rose to 0.30% of average loans, with provision expense at $28 million and non-performing assets at 0.40% of total assets.

The bank declared a quarterly common dividend of $0.37 per share and repurchased $200 million of common stock under its current plan, supporting capital returns while maintaining a 13.3% total risk-based capital ratio and 11.5% CET1 ratio. A small business and retail campaign generated $450 million in new deposits through mid-April.