COLB

Columbia Banking System is a Western US regional bank working through the integration of its all-stock acquisition of Pacific Premier, completed August 31, 2025 (Pacific Premier holders received 0.9150 Columbia shares each). That deal explains the headline numbers. Net income rose to $550M from $534M, but diluted EPS fell 9.8% to $2.30 because the share count jumped 41% on stock issued for the acquisition — management states explicitly the EPS decline 'was driven by an increase in weighted-average diluted common shares outstanding.' Total assets grew 29.6% to $66.8B and equity 53.2% to $7.84B as the combined balance sheet consolidated.

The underlying bank is performing reasonably: net interest income rose to $2.0B from $1.7B and net interest margin expanded to 3.83% (from 3.57%) on lower funding costs and a favorable deposit mix shift. Credit quality is sound — non-performing assets were just 0.30% of total assets. However, FY2025 earnings were burdened by one-time costs: a $124M increase in merger/restructuring expense (to $148M) and a $55M legal-settlement accrual, with only partial recognition of the targeted Pacific Premier cost savings late in the year. (Note: the XBRL 'revenue' tag of $177M captures only fee revenue, not net interest income, so the derived P/S and net-margin figures are not meaningful for a bank.)