Columbia Banking System (NASDAQ:COLB) shareholders approved all proposals presented at the company’s 2026 annual meeting, including the election of 12 directors, an advisory vote on executive compensation and the ratification of Deloitte & Touche as the company’s independent registered public accounting firm for the year ending Dec. 31, 2026.
Chair Clint Stein, who also chairs Columbia Bank, said preliminary results showed “a sufficient number of shares” voted in favor of each proposal. Columbia said final vote totals will be reported in a Form 8-K filing within four business days of the meeting.
Board Changes and Governance
Stein acknowledged the retirement of two longtime directors who were not nominated for re-election. Maria M. Pope, who served 13 years and was most recently lead independent director, and S. Mae Fujita Numata, who served 14 years and most recently chaired the Columbia Bank Trust Committee until its dissolution in December 2025, retired from the board effective at the meeting.
Stein said Luis Machuca, chair of the Nominating and Governance Committee, will serve as Columbia’s lead independent director following the annual meeting.
The board includes three former Pacific Premier Bancorp directors who joined Columbia in 2025 after the company completed its acquisition of Pacific Premier: Steven R. Gardner, the former chairman, chief executive officer and president of Pacific Premier; M. Christian Mitchell, who previously chaired Pacific Premier’s Audit Committee; and Jaynie Miller Studenmund, who chaired Pacific Premier’s Compensation Committee.
Stein Calls 2025 a “Defining Year”
Following the formal business portion of the meeting, Stein described 2025 as “a defining year” for Columbia, citing the completion of the Pacific Premier acquisition, the unification of its brands under the Columbia Bank name and progress in optimizing the balance sheet.
“With the acquisition of Pacific Premier, we completed our Western footprint and strengthened our presence across several key markets,” Stein said. He added that the brand unification brought “greater clarity” to the company’s identity and reinforced its position as a regional banking franchise across the West.
Stein said the company delivered solid earnings and returns in 2025 while strengthening its “sustainable earnings power” through balance sheet optimization. He said Columbia reduced wholesale funding sources, increased its mix of customer deposits and improved the quality and stability of its balance sheet.
The company also continued shifting its loan portfolio toward relationship-focused commercial lending. Stein said commercial and owner-occupied commercial real estate loans grew 26% in 2025, reflecting both organic growth and the addition of Pacific Premier. Those balances replaced runoff in below-market-rate transactional loans, including acquired low-coupon multifamily and single-family mortgage loans with no associated customer deposits.
Capital Returns and 2026 Priorities
Stein said Columbia’s actions contributed to net interest margin improvement and stronger profitability, helping generate excess capital. In October, the board authorized a $700 million share repurchase program. Stein said Columbia had returned $300 million to shareholders through the first quarter of 2026, including $100 million used for share repurchases during 2025.
The company also increased its quarterly cash dividend to $0.37 per share in November from $0.36 previously.
Looking to 2026, Stein said Columbia completed the Pacific Premier systems conversion in the first quarter and consolidated nine branches. He said the company is on track to fully realize acquisition-related cost savings by the end of June.
Columbia also plans to open branches in Colorado, Utah and Las Vegas this year, which Stein said will support balanced growth in deposits, loans and recurring fee income. He said the company continues to invest in technology, including artificial intelligence tools intended to improve efficiency and customer support.
Stein said AI is helping automate historically manual tasks such as reviewing and validating large volumes of data fields. He also said Columbia has added an AI-powered virtual assistant to help customers with routine administrative questions.
Questions on Acquisitions and Competition
During the shareholder question-and-answer portion, Stein was asked whether Columbia sees more opportunities to acquire private banks than public banks through tuck-in acquisitions. He said he does not view that as a meaningful opportunity for Columbia.
“PacPremier completed our Western footprint and we’re running the bank that we set out to build,” Stein said. While he said there may be opportunities for others to roll up small private banks, “I don’t see that as an opportunity that makes sense for us.”
In response to a question about competition from credit unions and private capital, Stein said Columbia’s target customers value relationship banking. He said credit unions do not offer the breadth of products, services or expertise that Columbia’s bankers provide as businesses grow. On private capital, he said it has a role in the financial industry, but Columbia’s desired customers typically do not need to access it.
“While it’s an industry headwind, I like our market position, I like the talent we have on our team, and I like our suite of products and services,” Stein said.
About Columbia Banking System (NASDAQ:COLB)
Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.
The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.
