Document


CEO Commentary
“Our second quarter results demonstrate our focus on profitability and balance sheet optimization,” said Clint Stein, President and CEO. “Commercial loan growth outpaced runoff in transactional portfolios while the net interest margin benefited from loan repricing, controlled deposit pricing, and a rebound in securities yields. Continued expense discipline further supported our strong performance, even as we continue to reinvest in our growing franchise—opening three new branches and planning for the closing of our Pacific Premier acquisition. While customer deposits declined due to normal seasonal activity and increased cash usage, our Business Bank of Choice strategy continues to attract new relationships. We remain laser focused on delivering top-quartile performance and enhancing long-term tangible book value while returning excess capital to our shareholders."
–Clint Stein, President and CEO of Columbia Banking System, Inc.


2Q25 HIGHLIGHTS (COMPARED TO 1Q25)

Net Interest Income and NIM			•Net interest income increased by $21 million from the prior quarter, due to higher interest income earned on loans and investment securities and relatively stable funding costs.
			•Net interest margin was 3.75%, up 15 basis points from the prior quarter, as the yields on investment securities and loans increased and the cost of interest-bearing liabilities decreased by 2 basis points.

Non-Interest Income and Expense			•Non-interest income decreased by $2 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $8 million, due to higher core fee-generating businesses, like commercial credit cards and wealth management services.
			•Non-interest expense decreased by $62 million, primarily due to a legal settlement and severance expense in the first quarter, which did not repeat.

Credit Quality			•Net charge-offs were 0.31% of average loans and leases (annualized), compared to 0.32% in the prior quarter.
			•Provision expense was $29 million, compared to $27 million in the prior quarter.
			•Non-performing assets to total assets was 0.35%, unchanged from March 31, 2025.

Capital			•Estimated total risk-based capital ratio of 13.0% and estimated common equity tier 1 risk-based capital ratio of 10.8%.
			•Declared a quarterly cash dividend of $0.36 per common share on May 16, 2025, which was paid June 16, 2025.

Notable Items			•The second quarter's small business and retail campaign, which ran through mid-July, brought over $450 million in new deposits to the bank. The campaign was also successful in generating new SBA lending relationships.
			•Opened two branches in Arizona, strengthening support for bankers and customers in Phoenix and the surrounding markets. A branch was also opened in Eastern Oregon, bringing essential banking services to an underserved rural community.


2Q25 KEY FINANCIAL DATA

PERFORMANCE METRICS	2Q25		1Q25		2Q24
Return on average assets	1.19%		0.68%		0.93%
Return on average common equity	11.56%		6.73%		9.85%
Return on average tangible common equity 1	16.03%		9.45%		14.55%
Operating return on average assets 1	1.25%		1.10%		1.08%
Operating return on average common equity 1	12.16%		10.87%		11.47%
Operating return on average tangible common equity 1	16.85%		15.26%		16.96%
Net interest margin	3.75%		3.60%		3.56%
Efficiency ratio	54.29%		69.06%		59.02%
Operating efficiency ratio, as adjusted 1	51.79%		55.11%		53.56%

INCOME STATEMENT ($ in 000s, excl. per share data)	2Q25		1Q25		2Q24
Net interest income	$446,446		$424,995		$427,449
Provision for credit losses	$29,449		$27,403		$31,820
Non-interest income	$64,462		$66,377		$44,703
Non-interest expense	$277,995		$340,122		$279,244
Pre-provision net revenue 1	$232,913		$151,250		$192,908
Operating pre-provision net revenue 1	$242,126		$211,833		$219,390
Earnings per common share - diluted	$0.73		$0.41		$0.57
Operating earnings per common share - diluted 1	$0.76		$0.67		$0.67
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	2Q25		1Q25		2Q24
Total assets	$51.9	B	$51.5	B	$52.0	B
Loans and leases	$37.6	B	$37.6	B	$37.7	B
Deposits	$41.7	B	$42.2	B	$41.5	B
Book value per common share	$25.41		$24.93		$23.76
Tangible book value per common share 1	$18.47		$17.86		$16.26

Columbia's net interest margin was 3.75% for the second quarter of 2025, up 15 basis points from the first quarter of 2025. Net interest margin benefited from an increase in the yield on taxable investment securities to 4.22% for the second quarter of 2025, up from 3.72% for the first quarter of 2025. The increase is due to higher conditional prepayment rates ("CPR") and the purchase of higher-yielding investment securities during the quarter. The average yield on the loan portfolio increased by 8 basis points between periods to 6.00% for the second quarter of 2025, due primarily to higher yields on commercial and construction loans and a $2 million interest recovery related to a nonperforming loan that repaid in full. The cost of interest-bearing deposits was unchanged between periods at 2.52% for the second quarter of 2025, in line with the cost of interest-bearing deposits for the month of June and as of June 30, 2025. Columbia's cost of interest-bearing liabilities decreased 2 basis points from the prior quarter to 2.78% for the second quarter of 2025, in line with the cost of interest-bearing liabilities for the month of June and as of June 30, 2025. Please refer to the Q2 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

Gross loans and leases were $37.6 billion as of June 30, 2025, an increase of $21 million relative to March 31, 2025. The change primarily reflects 2% annualized growth in commercial and owner-occupied commercial real estate loans, which was offset by 7% annualized contraction in multifamily loans. "Our teams remain focused on relationship-driven activity as we continue to let transactional real estate portfolios wind down," commented Chris Merrywell, President of Columbia Bank. "Loan balances were also impacted by an increase in prepayment activity, which muted a double-digit increase in origination volume relative to both the prior and year-ago quarters." Please refer to the Q2 2025 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio.

Total deposits were $41.7 billion as of June 30, 2025, a decrease of $475 million relative to March 31, 2025, as customer deposits declined due to seasonal tax payments and other customer cash usage. "We experienced customer deposit contraction in April following strong customer balance growth in March," stated Mr. Merrywell. "Seasonal balance declines were accompanied by customers' usage of cash to pay down debt, which impacted loan prepayment activity. The quarter's results also reflect deposit balances moving off balance sheet into our wealth management products, which enhances our core fee income generation as we provide our customers with needs-based solutions." Borrowings were $3.4 billion as of June 30, 2025, an increase of $800 million relative to March 31, 2025. Please refer to the Q2 2025 Earnings Presentation for additional details related to deposit characteristics and flows.

Columbia (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank (dba: Umpqua Bank), an award-winning western U.S. regional bank. Columbia Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. With over $50 billion of assets, Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Advisors and Columbia Trust Company, a division of Columbia Bank. Learn more at www.columbiabankingsystem.com.

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, continued or renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our proposed transaction with Pacific Premier (the "Transaction"), including, among others, (i) failure to complete the Transaction or unexpected delays related to the Transaction or either party’s inability to satisfy closing conditions required to complete the Transaction, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction, (iii) certain restrictions during the pendency of the Transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions, (iv) diversion of management’s attention from ongoing business operations and opportunities, (v) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, (vi) deposit attrition, customer or employee loss, and/or revenue loss as a result of the announcement of the Transaction, (viii) expenses related to the Transaction being greater than expected, and (ix) shareholder litigation that could prevent or delay the closing of the Transaction or otherwise negatively impact our business and operations; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by Columbia's Board of Directors, and may be subject to regulatory approval or conditions.


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in thousands, except per share data)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	564,343	$	552,562	$	572,843	$	588,603	$	583,874	2	%	(3)	%
Interest and dividends on investments:
Taxable	80,316		68,688		75,254		76,074		78,828		17	%	2	%
Exempt from federal income tax	6,769		6,807		6,852		6,855		6,904		(1)	%	(2)	%
Dividends	3,444		2,792		2,678		2,681		2,895		23	%	19	%
Temporary investments and interest bearing deposits	15,817		16,394		18,956		24,683		23,035		(4)	%	(31)	%
Total interest income	670,689		647,243		676,583		698,896		695,536		4	%	(4)	%
Interest expense:
Deposits	180,154		176,634		189,037		208,027		207,307		2	%	(13)	%
Securities sold under agreement to repurchase and federal funds purchased	955		974		971		1,121		1,515		(2)	%	(37)	%
Borrowings	34,542		36,074		39,912		49,636		49,418		(4)	%	(30)	%
Junior and other subordinated debentures	8,592		8,566		9,290		9,894		9,847		—	%	(13)	%
Total interest expense	224,243		222,248		239,210		268,678		268,087		1	%	(16)	%
Net interest income	446,446		424,995		437,373		430,218		427,449		5	%	4	%
Provision for credit losses	29,449		27,403		28,199		28,769		31,820		7	%	(7)	%
Non-interest income:
Service charges on deposits	19,669		19,301		18,401		18,549		18,503		2	%	6	%
Card-based fees	14,559		12,571		14,634		14,591		14,681		16	%	(1)	%
Financial services and trust revenue	5,842		5,187		5,265		5,083		5,396		13	%	8	%
Residential mortgage banking revenue, net	7,343		9,334		6,958		6,668		5,848		(21)	%	26	%
Gain (loss) on sale of debt securities, net	1		4		10		3		(1)		(75)	%	nm
Gain (loss) on equity securities, net	410		1,702		(1,424)		2,272		325		(76)	%	26	%
Gain (loss) on loan and lease sales, net	172		97		(1,719)		161		(1,516)		77	%	nm
Gain (loss) on loans held for investment, at fair value	212		7,016		(7,355)		9,365		(10,114)		(97)	%	nm
BOLI income	5,184		4,883		4,742		4,674		4,705		6	%	10	%
Other income	11,070		6,282		10,235		4,793		6,876		76	%	61	%
Total non-interest income	64,462		66,377		49,747		66,159		44,703		(3)	%	44	%
Non-interest expense:
Salaries and employee benefits	154,883		145,239		141,958		147,268		145,066		7	%	7	%
Occupancy and equipment, net	47,178		48,170		46,878		45,056		45,147		(2)	%	4	%
Intangible amortization	25,826		27,979		29,055		29,055		29,230		(8)	%	(12)	%
FDIC assessments	8,144		8,022		8,121		9,332		9,664		2	%	(16)	%
Merger and restructuring expense	8,186		14,379		2,230		2,364		14,641		(43)	%	(44)	%
Legal settlement	—		55,000		—		—		—		(100)	%	nm
Other expenses	33,778		41,333		38,334		38,283		35,496		(18)	%	(5)	%
Total non-interest expense	277,995		340,122		266,576		271,358		279,244		(18)	%	—	%
Income before provision for income taxes	203,464		123,847		192,345		196,250		161,088		64	%	26	%
Provision for income taxes	51,041		37,238		49,076		50,068		40,944		37	%	25	%
Net income	$	152,423	$	86,609	$	143,269	$	146,182	$	120,144	76	%	27	%

Weighted average basic shares outstanding	209,125		208,800		208,548		208,545		208,498		—	%	—	%
Weighted average diluted shares outstanding	209,975		210,023		209,889		209,454		209,011		—	%	—	%
Earnings per common share – basic	$	0.73	$	0.41	$	0.69	$	0.70	$	0.58	78	%	26	%
Earnings per common share – diluted	$	0.73	$	0.41	$	0.68	$	0.70	$	0.57	78	%	28	%

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Six Months Ended				% Change
($ in thousands, except per share data)	Jun 30, 2025		Jun 30, 2024		Year over Year
Interest income:
Loans and leases	$	1,116,905	$	1,158,918	(4)	%
Interest and dividends on investments:
Taxable	149,004		153,845		(3)	%
Exempt from federal income tax	13,576		13,808		(2)	%
Dividends	6,236		6,602		(6)	%
Temporary investments and interest bearing deposits	32,211		46,588		(31)	%
Total interest income	1,317,932		1,379,761		(4)	%
Interest expense:
Deposits	356,788		405,742		(12)	%
Securities sold under agreement to repurchase and federal funds purchased	1,929		2,781		(31)	%
Borrowings	70,616		100,693		(30)	%
Junior and other subordinated debentures	17,158		19,734		(13)	%
Total interest expense	446,491		528,950		(16)	%
Net interest income	871,441		850,811		2	%
Provision for credit losses	56,852		48,956		16	%
Non-interest income:
Service charges on deposits	38,970		34,567		13	%
Card-based fees	27,130		27,864		(3)	%
Financial services and trust revenue	11,029		9,860		12	%
Residential mortgage banking revenue, net	16,677		10,482		59	%
Gain on sale of debt securities, net	5		11		(55)	%
Gain (loss) on equity securities, net	2,112		(1,240)		nm
Gain (loss) on loan and lease sales, net	269		(1,295)		nm
Gain (loss) on loans held for investment, at fair value	7,228		(12,486)		nm
BOLI income	10,067		9,344		8	%
Other income	17,352		17,953		(3)	%
Total non-interest income	130,839		95,060		38	%
Non-interest expense:
Salaries and employee benefits	300,122		299,604		—	%
Occupancy and equipment, net	95,348		90,438		5	%
Intangible amortization	53,805		61,321		(12)	%
FDIC assessments	16,166		24,124		(33)	%
Merger and restructuring expense	22,565		19,119		18	%
Legal settlement	55,000		—		nm
Other expenses	75,111		72,154		4	%
Total non-interest expense	618,117		566,760		9	%
Income before provision for income taxes	327,311		330,155		(1)	%
Provision for income taxes	88,279		85,931		3	%
Net income	$	239,032	$	244,224	(2)	%

Weighted average basic shares outstanding	208,964		208,379		0	%
Weighted average diluted shares outstanding	209,965		208,999		0	%
Earnings per common share – basic	$	1.14	$	1.17	(3)	%
Earnings per common share – diluted	$	1.14	$	1.17	(3)	%


Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
											% Change
($ in thousands, except per share data)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	608,057	$	591,265	$	496,666	$	591,364	$	515,263	3	%	18	%
Interest-bearing cash and temporary investments	1,334,113		1,481,441		1,381,589		1,519,658		1,553,568		(10)	%	(14)	%
Investment securities:
Equity and other, at fair value	92,958		91,580		78,133		79,996		77,221		2	%	20	%
Available for sale, at fair value	8,653,172		8,228,805		8,274,615		8,676,807		8,503,000		5	%	2	%
Held to maturity, at amortized cost	2,013		2,057		2,101		2,159		2,203		(2)	%	(9)	%
Loans held for sale	65,590		64,747		71,535		66,639		56,310		1	%	16	%
Loans and leases	37,637,013		37,616,101		37,680,901		37,503,002		37,709,987		—	%	—	%
Allowance for credit losses on loans and leases	(420,907)		(421,495)		(424,629)		(420,054)		(418,671)		—	%	1	%
Net loans and leases	37,216,106		37,194,606		37,256,272		37,082,948		37,291,316		—	%	—	%
Restricted equity securities	161,380		125,300		150,024		116,274		116,274		29	%	39	%
Premises and equipment, net	356,879		344,926		348,670		338,107		337,842		3	%	6	%
Operating lease right-of-use assets	110,478		106,696		111,227		106,224		108,278		4	%	2	%
Goodwill	1,029,234		1,029,234		1,029,234		1,029,234		1,029,234		—	%	—	%
Other intangible assets, net	430,443		456,269		484,248		513,303		542,358		(6)	%	(21)	%
Residential mortgage servicing rights, at fair value	102,863		105,663		108,358		101,919		110,039		(3)	%	(7)	%
Bank-owned life insurance	704,919		700,768		693,839		691,160		686,485		1	%	3	%
Deferred tax asset, net	299,043		311,192		359,425		286,432		361,773		(4)	%	(17)	%
Other assets	734,194		684,717		730,461		706,375		756,319		7	%	(3)	%
Total assets	$	51,901,442	$	51,519,266	$	51,576,397	$	51,908,599	$	52,047,483	1	%	—	%
Liabilities:
Deposits
Non-interest-bearing	$	13,219,631	$	13,413,927	$	13,307,905	$	13,534,065	$	13,481,616	(1)	%	(2)	%
Interest-bearing	28,523,026		28,803,767		28,412,827		27,980,623		28,041,656		(1)	%	2	%
Total deposits	41,742,657		42,217,694		41,720,732		41,514,688		41,523,272		(1)	%	1	%
Securities sold under agreements to repurchase	191,435		192,386		236,627		183,833		197,860		—	%	(3)	%
Borrowings	3,350,000		2,550,000		3,100,000		3,650,000		3,900,000		31	%	(14)	%
Junior subordinated debentures, at fair value	323,015		320,774		330,895		311,896		310,187		1	%	4	%
Junior and other subordinated debentures, at amortized cost	107,554		107,611		107,668		107,725		107,781		—	%	—	%
Operating lease liabilities	124,522		121,282		125,710		121,298		123,082		3	%	1	%

Other liabilities	720,377		771,710		836,541		745,331		908,629		(7)	%	(21)	%
Total liabilities	46,559,560		46,281,457		46,458,173		46,634,771		47,070,811		1	%	(1)	%
Shareholders' equity:

Common stock	5,826,488		5,823,287		5,817,458		5,812,237		5,807,041		—	%	—	%
Accumulated deficit	(150,822)		(227,006)		(237,254)		(304,525)		(374,687)		(34)	%	(60)	%
Accumulated other comprehensive loss	(333,784)		(358,472)		(461,980)		(233,884)		(455,682)		(7)	%	(27)	%
Total shareholders' equity	5,341,882		5,237,809		5,118,224		5,273,828		4,976,672		2	%	7	%
Total liabilities and shareholders' equity	$	51,901,442	$	51,519,266	$	51,576,397	$	51,908,599	$	52,047,483	1	%	—	%

Common shares outstanding at period end	210,213		210,112		209,536		209,532		209,459		—	%	—	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.36		—	%	—	%
Book value	$	25.41		$	24.93		$	24.43		$	25.17		$	23.76		2	%	7	%
Tangible book value (1)	$	18.47		$	17.86		$	17.20		$	17.81		$	16.26		3	%	14	%

Performance Ratios:
Efficiency ratio (2)	54.29		%	69.06		%	54.61		%	54.56		%	59.02		%	(14.77)		(4.73)
Non-interest expense to average assets (1)	2.16		%	2.68		%	2.06		%	2.08		%	2.16		%	(0.52)		—
Return on average assets ("ROAA")	1.19		%	0.68		%	1.10		%	1.12		%	0.93		%	0.51		0.26
Pre-provision net revenue ("PPNR") ROAA (1)	1.81		%	1.19		%	1.70		%	1.72		%	1.49		%	0.62		0.32
Return on average common equity	11.56		%	6.73		%	10.91		%	11.36		%	9.85		%	4.83		1.71
Return on average tangible common equity (1)	16.03		%	9.45		%	15.41		%	16.34		%	14.55		%	6.58		1.48

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	51.79		%	55.11		%	52.51		%	53.89		%	53.56		%	(3.32)		(1.77)
Operating non-interest expense to average assets (1)	2.10		%	2.13		%	2.03		%	2.05		%	2.03		%	(0.03)		0.07
Operating ROAA (1)	1.25		%	1.10		%	1.15		%	1.10		%	1.08		%	0.15		0.17
Operating PPNR ROAA (1)	1.88		%	1.67		%	1.77		%	1.69		%	1.70		%	0.21		0.18
Operating return on average common equity (1)	12.16		%	10.87		%	11.40		%	11.15		%	11.47		%	1.29		0.69
Operating return on average tangible common equity (1)	16.85		%	15.26		%	16.11		%	16.04		%	16.96		%	1.59		(0.11)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.00		%	5.92		%	6.05		%	6.22		%	6.20		%	0.08		(0.20)
Yield on earning assets (2)	5.62		%	5.49		%	5.63		%	5.78		%	5.80		%	0.13		(0.18)
Cost of interest bearing deposits	2.52		%	2.52		%	2.66		%	2.95		%	2.97		%	—		(0.45)
Cost of interest bearing liabilities	2.78		%	2.80		%	2.98		%	3.29		%	3.31		%	(0.02)		(0.53)
Cost of total deposits	1.73		%	1.72		%	1.80		%	1.99		%	2.01		%	0.01		(0.28)
Cost of total funding (3)	1.98		%	1.99		%	2.09		%	2.32		%	2.34		%	(0.01)		(0.36)
Net interest margin (2)	3.75		%	3.60		%	3.64		%	3.56		%	3.56		%	0.15		0.19
Average interest bearing cash / Average interest earning assets	2.97		%	3.13		%	3.29		%	3.74		%	3.51		%	(0.16)		(0.54)
Average loans and leases / Average interest earning assets	78.64		%	78.93		%	78.42		%	77.91		%	78.27		%	(0.29)		0.37
Average loans and leases / Average total deposits	90.07		%	90.36		%	89.77		%	90.42		%	90.61		%	(0.29)		(0.54)
Average non-interest bearing deposits / Average total deposits	31.39		%	31.75		%	32.45		%	32.52		%	32.54		%	(0.36)		(1.15)
Average total deposits / Average total funding (3)	91.92		%	91.86		%	91.88		%	90.25		%	90.15		%	0.06		1.77

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.47		%	0.47		%	0.44		%	0.44		%	0.41		%	—		0.06
Non-performing assets to total assets	0.35		%	0.35		%	0.33		%	0.32		%	0.30		%	—		0.05
Allowance for credit losses to loans and leases	1.17		%	1.17		%	1.17		%	1.17		%	1.16		%	—		0.01
Total risk-based capital ratio (4)	13.0		%	12.9		%	12.8		%	12.5		%	12.2		%	0.10		0.80
Common equity tier 1 risk-based capital ratio (4)	10.8		%	10.6		%	10.5		%	10.3		%	10.0		%	0.20		0.80


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Six Months Ended						% Change
	Jun 30, 2025			Jun 30, 2024			Year over Year
Per Common Share Data:
Dividends	$	0.72		$	0.72		—	%

Performance Ratios:
Efficiency ratio (2)	61.54		%	59.80		%	1.74
Non-interest expense to average assets (1)	2.42		%	2.19		%	0.23
Return on average assets	0.94		%	0.94		%	—
PPNR ROAA (1)	1.50		%	1.47		%	0.03
Return on average common equity	9.18		%	9.93		%	(0.75)
Return on average tangible common equity (1)	12.80		%	14.69		%	(1.89)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	53.40		%	55.26		%	(1.86)
Operating non-interest expense to average assets (1)	2.11		%	2.08		%	0.03
Operating ROAA (1)	1.17		%	1.06		%	0.11
Operating PPNR ROAA (1)	1.78		%	1.62		%	0.16
Operating return on average common equity (1)	11.52		%	11.18		%	0.34
Operating return on average tangible common equity (1)	16.07		%	16.54		%	(0.47)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.96		%	6.17		%	(0.21)
Yield on earning assets (2)	5.56		%	5.75		%	(0.19)
Cost of interest bearing deposits	2.52		%	2.93		%	(0.41)
Cost of interest bearing liabilities	2.79		%	3.28		%	(0.49)
Cost of total deposits	1.72		%	1.96		%	(0.24)
Cost of total funding (3)	1.98		%	2.31		%	(0.33)
Net interest margin (2)	3.67		%	3.54		%	0.13
Average interest bearing cash / Average interest earning assets	3.05		%	3.54		%	(0.49)
Average loans and leases / Average interest earning assets	78.78		%	78.07		%	0.71
Average loans and leases / Average total deposits	90.21		%	90.51		%	(0.30)
Average non-interest bearing deposits / Average total deposits	31.57		%	32.91		%	(1.34)
Average total deposits / Average total funding (3)	91.90		%	90.12		%	1.78


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term	$	6,189,992		$	6,179,261		$	6,278,154		$	6,391,806		$	6,407,351		—	%	(3)	%
Owner occupied term	5,319,529			5,303,424			5,270,294			5,210,485			5,230,511			—	%	2	%
Multifamily	5,735,057			5,831,266			5,804,364			5,779,737			5,868,848			(2)	%	(2)	%
Construction & development	2,069,727			2,070,732			1,983,213			1,988,923			1,946,693			—	%	6	%
Residential development	286,175			252,349			231,647			244,579			269,106			13	%	6	%
Commercial:
Term	5,352,598			5,490,189			5,537,618			5,429,209			5,559,548			(3)	%	(4)	%
Lines of credit & other	2,950,782			2,753,613			2,769,643			2,640,669			2,558,633			7	%	15	%
Leases & equipment finance	1,641,450			1,644,052			1,660,835			1,670,427			1,701,943			—	%	(4)	%
Residential:
Mortgage	5,829,833			5,878,427			5,933,352			5,944,734			5,992,163			(1)	%	(3)	%
Home equity loans & lines	2,082,766			2,039,061			2,031,653			2,017,336			1,982,786			2	%	5	%
Consumer & other	179,104			173,727			180,128			185,097			192,405			3	%	(7)	%
Total loans and leases, net of deferred fees and costs	$	37,637,013		$	37,616,101		$	37,680,901		$	37,503,002		$	37,709,987		—	%	—	%

Loans and leases mix:
Commercial real estate:
Non-owner occupied term	16		%	16		%	17		%	17		%	17		%
Owner occupied term	14		%	14		%	14		%	14		%	14		%
Multifamily	15		%	15		%	15		%	15		%	15		%
Construction & development	6		%	6		%	5		%	5		%	5		%
Residential development	1		%	1		%	1		%	1		%	1		%
Commercial:
Term	14		%	15		%	15		%	15		%	15		%
Lines of credit & other	8		%	7		%	7		%	7		%	6		%
Leases & equipment finance	4		%	4		%	4		%	4		%	5		%
Residential:
Mortgage	15		%	16		%	16		%	16		%	16		%
Home equity loans & lines	6		%	5		%	5		%	5		%	5		%
Consumer & other	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	13,219,631		$	13,413,927		$	13,307,905		$	13,534,065		$	13,481,616		(1)	%	(2)	%
Demand, interest bearing	8,334,553			8,494,493			8,475,693			8,444,424			8,195,284			(2)	%	2	%
Money market	11,694,412			11,970,785			11,475,055			11,351,066			10,927,813			(2)	%	7	%
Savings	2,275,500			2,336,727			2,360,040			2,450,924			2,508,598			(3)	%	(9)	%
Time	6,218,561			6,001,762			6,102,039			5,734,209			6,409,961			4	%	(3)	%
Total	$	41,742,657		$	42,217,694		$	41,720,732		$	41,514,688		$	41,523,272		(1)	%	1	%

Total core deposits (1)	$	37,293,962		$	38,079,274		$	37,487,909		$	37,774,870		$	37,159,069		(2)	%	0	%

Deposit mix:
Demand, non-interest bearing	32		%	32		%	32		%	33		%	33		%
Demand, interest bearing	20		%	20		%	20		%	20		%	20		%
Money market	28		%	28		%	27		%	27		%	26		%
Savings	5		%	6		%	6		%	6		%	6		%
Time	15		%	14		%	15		%	14		%	15		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$	30,739		$	41,910		$	39,332		$	37,332		$	37,584		(27)	%	(18)	%
	Commercial	66,809			80,492			57,146			61,464			54,986			(17)	%	22	%


	Total loans and leases on non-accrual status	97,548			122,402			96,478			98,796			92,570			(20)	%	5	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate	361			—			—			136			—			nm		nm
	Commercial	5,581			75			4,684			6,012			5,778			nm		(3)	%
	Residential (2)	73,607			52,392			65,552			59,961			54,525			40	%	35	%
	Consumer & other	337			278			179			317			220			21	%	53	%
	Total loans and leases past due 90+ days and accruing (2)	79,886			52,745			70,415			66,426			60,523			51	%	32	%
Total non-performing loans and leases (1), (2)		177,434			175,147			166,893			165,222			153,093			1	%	16	%
Other real estate owned		2,818			2,849			2,666			2,395			2,839			(1)	%	(1)	%
Total non-performing assets (1), (2)		$	180,252		$	177,996		$	169,559		$	167,617		$	155,932		1	%	16	%


Loans and leases past due 31-89 days		$	141,863		$	158,026		$	105,199		$	67,310		$	85,998		(10)	%	65	%
Loans and leases past due 31-89 days to total loans and leases		0.38		%	0.42		%	0.28		%	0.18		%	0.23		%	(0.04)		0.15
Non-performing loans and leases to total loans and leases (1), (2)		0.47		%	0.47		%	0.44		%	0.44		%	0.41		%	—		0.06
Non-performing assets to total assets (1), (2)		0.35		%	0.35		%	0.33		%	0.32		%	0.30		%	—		0.05
Non-accrual loans and leases to total loan and leases (2)		0.26		%	0.33		%	0.26		%	0.26		%	0.25		%	(0.07)		0.01

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	421,495		$	424,629		$	420,054		$	418,671		$	414,344		(1)	%	2	%

Provision for credit losses on loans and leases		28,757			26,187			30,230			30,498			34,760			10	%	(17)	%
Charge-offs
	Commercial real estate	(77)			(119)			(2,935)			—			(585)			(35)	%	(87)	%
	Commercial	(33,073)			(32,611)			(25,780)			(32,645)			(33,561)			1	%	(1)	%
	Residential	(285)			(303)			(26)			(936)			(504)			(6)	%	(43)	%
	Consumer & other	(1,164)			(1,080)			(1,523)			(1,395)			(1,551)			8	%	(25)	%
	Total charge-offs	(34,599)			(34,113)			(30,264)			(34,976)			(36,201)			1	%	(4)	%
Recoveries
	Commercial real estate	71			19			3			44			551			274	%	(87)	%
	Commercial	4,676			4,336			4,104			5,258			4,198			8	%	11	%
	Residential	187			98			163			143			411			91	%	(55)	%
	Consumer & other	320			339			339			416			608			(6)	%	(47)	%
	Total recoveries	5,254			4,792			4,609			5,861			5,768			10	%	(9)	%
Net (charge-offs) recoveries
	Commercial real estate	(6)			(100)			(2,932)			44			(34)			(94)	%	(82)	%
	Commercial	(28,397)			(28,275)			(21,676)			(27,387)			(29,363)			0	%	(3)	%
	Residential	(98)			(205)			137			(793)			(93)			(52)	%	5	%
	Consumer & other	(844)			(741)			(1,184)			(979)			(943)			14	%	(10)	%
	Total net charge-offs	(29,345)			(29,321)			(25,655)			(29,115)			(30,433)			0	%	(4)	%
Balance, end of period		$	420,907		$	421,495		$	424,629		$	420,054		$	418,671		0	%	1	%
Reserve for unfunded commitments
Balance, beginning of period		$	17,384		$	16,168		$	18,199		$	19,928		$	22,868		8	%	(24)	%

Provision (recapture) for credit losses on unfunded commitments		692			1,216			(2,031)			(1,729)			(2,940)			(43)	%	nm
Balance, end of period		18,076			17,384			16,168			18,199			19,928			4	%	(9)	%
Total Allowance for credit losses (ACL)		$	438,983		$	438,879		$	440,797		$	438,253		$	438,599		—	%	—	%

Net charge-offs to average loans and leases (annualized)		0.31		%	0.32		%	0.27		%	0.31		%	0.32		%	(0.01)		(0.01)
Recoveries to gross charge-offs		15.19		%	14.05		%	15.23		%	16.76		%	15.93		%	1.14		(0.74)
ACLLL to loans and leases		1.12		%	1.12		%	1.13		%	1.12		%	1.11		%	—		0.01
ACL to loans and leases		1.17		%	1.17		%	1.17		%	1.17		%	1.16		%	—		0.01

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Six Months Ended						% Change
($ in thousands)		Jun 30, 2025			Jun 30, 2024			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	424,629		$	440,871		(4)	%
Provision for credit losses on loans and leases		54,944			52,236			5	%
Charge-offs
	Commercial real estate	(196)			(746)			(74)	%
	Commercial	(65,684)			(80,793)			(19)	%
	Residential	(588)			(994)			(41)	%
	Consumer & other	(2,244)			(3,421)			(34)	%
	Total charge-offs	(68,712)			(85,954)			(20)	%
Recoveries
	Commercial real estate	90			909			(90)	%
	Commercial	9,012			8,930			1	%
	Residential	285			581			(51)	%
	Consumer & other	659			1,098			(40)	%
	Total recoveries	10,046			11,518			(13)	%
Net (charge-offs) recoveries
	Commercial real estate	(106)			163			(165)	%
	Commercial	(56,672)			(71,863)			(21)	%
	Residential	(303)			(413)			(27)	%
	Consumer & other	(1,585)			(2,323)			(32)	%
	Total net charge-offs	(58,666)			(74,436)			(21)	%
Balance, end of period		$	420,907		$	418,671		1	%
Reserve for unfunded commitments
Balance, beginning of period		$	16,168		$	23,208		(30)	%

(Recapture) provision for credit losses on unfunded commitments		1,908			(3,280)			nm
Balance, end of period		18,076			19,928			(9)	%
Total Allowance for credit losses (ACL)		$	438,983		$	438,599		0	%

Net charge-offs to average loans and leases (annualized)		0.31		%	0.40		%	(0.09)
Recoveries to gross charge-offs		14.62		%	13.40		%	1.22

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Quarter Ended
	June 30, 2025						March 31, 2025						June 30, 2024
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	66,640	$	1,109	6.66	%	$	59,223	$	935	6.32	%	$	101,516	$	1,628	6.42	%
Loans and leases (1)	37,647,789		563,234		6.00	%	37,678,820		551,627		5.92	%	37,663,396		582,246		6.20	%
Taxable securities	7,937,471		83,760		4.22	%	7,690,610		71,480		3.72	%	7,839,202		81,723		4.17	%
Non-taxable securities (2)	797,994		7,875		3.95	%	817,392		7,910		3.87	%	825,030		7,889		3.82	%
Temporary investments and interest-bearing cash	1,420,976		15,817		4.46	%	1,493,815		16,394		4.45	%	1,688,602		23,035		5.49	%
Total interest-earning assets (1), (2)	47,870,870		$	671,795	5.62	%	47,739,860		$	648,346	5.49	%	48,117,746		$	696,521	5.80	%
Goodwill and other intangible assets	1,471,975						1,501,590						1,588,239
Other assets	2,209,369						2,211,158						2,275,570
Total assets	$	51,552,214					$	51,452,608					$	51,981,555
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,479,613	$	48,232	2.28	%	$	8,370,584	$	46,632	2.26	%	$	8,147,516	$	53,890	2.66	%
Money market deposits	11,783,402		72,409		2.46	%	11,603,140		68,719		2.40	%	10,849,259		76,466		2.83	%
Savings deposits	2,287,433		756		0.13	%	2,350,459		574		0.10	%	2,555,458		929		0.15	%
Time deposits	6,125,997		58,757		3.85	%	6,136,389		60,709		4.01	%	6,488,923		76,022		4.71	%
Total interest-bearing deposits	28,676,445		180,154		2.52	%	28,460,572		176,634		2.52	%	28,041,156		207,307		2.97	%
Repurchase agreements and federal funds purchased	185,424		955		2.06	%	215,962		974		1.83	%	224,973		1,515		2.71	%
Borrowings	3,058,352		34,542		4.53	%	3,039,227		36,074		4.82	%	3,900,000		49,418		5.10	%
Junior and other subordinated debentures	428,348		8,592		8.05	%	437,729		8,566		7.94	%	417,329		9,847		9.49	%
Total interest-bearing liabilities	32,348,569		$	224,243	2.78	%	32,153,490		$	222,248	2.80	%	32,583,458		$	268,087	3.31	%
Non-interest-bearing deposits	13,122,635						13,238,678						13,526,483
Other liabilities	794,448						843,885						963,375
Total liabilities	46,265,652						46,236,053						47,073,316
Common equity	5,286,562						5,216,555						4,908,239
Total liabilities and shareholders' equity	$	51,552,214					$	51,452,608					$	51,981,555
NET INTEREST INCOME (2)			$	447,552					$	426,098					$	428,434
NET INTEREST SPREAD (2)					2.84	%					2.69	%					2.49	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.75	%					3.60	%					3.56	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Six Months Ended
	June 30, 2025						June 30, 2024
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	62,999	$	2,044	6.49	%	$	66,033	$	2,153	6.52	%
Loans and leases (1)	37,663,046		1,114,861		5.96	%	37,630,248		1,156,765		6.17	%
Taxable securities	7,814,761		155,240		3.97	%	7,960,102		160,447		4.03	%
Non-taxable securities (2)	807,648		15,785		3.91	%	838,186		15,775		3.76	%
Temporary investments and interest-bearing cash	1,457,145		32,211		4.46	%	1,704,697		46,588		5.50	%
Total interest-earning assets (1), (2)	47,805,599		$	1,320,141	5.56	%	48,199,266		$	1,381,728	5.75	%
Goodwill and other intangible assets	1,486,692						1,603,686
Other assets	2,210,217						2,229,811
Total assets	$	51,502,508					$	52,032,763
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,425,683	$	94,864	2.27	%	$	8,091,427	$	105,268	2.62	%
Money market deposits	11,694,209		141,128		2.43	%	10,730,666		148,963		2.79	%
Savings deposits	2,318,799		1,330		0.12	%	2,621,909		1,644		0.13	%
Time deposits	6,130,653		119,466		3.93	%	6,447,865		149,867		4.67	%
Total interest-bearing deposits	28,569,344		356,788		2.52	%	27,891,867		405,742		2.93	%
Repurchase agreements and federal funds purchased	200,625		1,929		1.94	%	228,320		2,781		2.45	%
Borrowings	3,048,122		70,616		4.67	%	3,910,440		100,693		5.18	%
Junior and other subordinated debentures	433,012		17,158		7.99	%	420,428		19,734		9.44	%
Total interest-bearing liabilities	32,251,103		$	446,491	2.79	%	32,451,055		$	528,950	3.28	%
Non-interest-bearing deposits	13,180,478						13,684,032
Other liabilities	819,040						950,619
Total liabilities	46,250,621						47,085,706
Common equity	5,251,887						4,947,057
Total liabilities and shareholders' equity	$	51,502,508					$	52,032,763
NET INTEREST INCOME (2)			$	873,650					$	852,778
NET INTEREST SPREAD (2)					2.77	%					2.47	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.67	%					3.54	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
($ in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	4,544		$	4,391		$	4,519		$	5,225		$	3,452		3	%	32	%
Servicing	5,845			5,855			5,947			6,012			5,952			—	%	(2)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,113)			(3,141)			(3,103)			(3,127)			(3,183)			(1)	%	(2)	%
Changes due to valuation inputs or assumptions	(1,764)			(983)			7,414			(6,540)			1,238			79	%	(242)	%
MSR hedge gain (loss)	1,831			3,212			(7,819)			5,098			(1,611)			(43)	%	nm
Total	$	7,343		$	9,334		$	6,958		$	6,668		$	5,848		(21)	%	26	%

Closed loan volume for sale	$	163,759		$	136,084		$	175,046		$	161,094		$	140,875		20	%	16	%
Gain on sale margin	2.77		%	3.23		%	2.58		%	3.24		%	2.45		%	-0.46		0.32

Residential mortgage servicing rights:
Balance, beginning of period	$	105,663		$	108,358		$	101,919		$	110,039		$	110,444		(2)	%	(4)	%
Additions for new MSR capitalized	2,077			1,429			2,128			1,547			1,540			45	%	35	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,113)			(3,141)			(3,103)			(3,127)			(3,183)			(1)	%	(2)	%
Changes due to valuation inputs or assumptions	(1,764)			(983)			7,414			(6,540)			1,238			79	%	(242)	%
Balance, end of period	$	102,863		$	105,663		$	108,358		$	101,919		$	110,039		(3)	%	(7)	%

Residential mortgage loans serviced for others	$	7,851,562		$	7,888,235		$	7,939,445		$	7,965,538		$	8,120,046		—	%	(3)	%
MSR as % of serviced portfolio	1.31		%	1.34		%	1.36		%	1.28		%	1.36		%	(0.03)		(0.05)

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Six Months Ended						% Change
($ in thousands)	Jun 30, 2025			Jun 30, 2024			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	8,935		$	6,372		40	%
Servicing	11,700			11,973			(2)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,254)			(6,336)			(1)	%
Changes due to valuation inputs or assumptions	(2,747)			4,355			(163)	%
MSR hedge gain (loss)	5,043			(5,882)			nm
Total	$	16,677		$	10,482		59	%

Closed loan volume for sale	$	299,843		$	227,778		32	%
Gain on sale margin	2.98		%	2.80		%	0.18

Residential mortgage servicing rights:
Balance, beginning of period	$	108,358		$	109,243		(1)	%
Additions for new MSR capitalized	3,506			2,777			26	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,254)			(6,336)			(1)	%
Changes due to valuation inputs or assumptions	(2,747)			4,355			(163)	%
Balance, end of period	$	102,863		$	110,039		(7)	%

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	5,341,882		$	5,237,809		$	5,118,224		$	5,273,828		$	4,976,672		2	%	7	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		430,443			456,269			484,248			513,303			542,358			(6)	%	(21)	%
Tangible common shareholders' equity	b	$	3,882,205		$	3,752,306		$	3,604,742		$	3,731,291		$	3,405,080		3	%	14	%

Total assets	c	$	51,901,442		$	51,519,266		$	51,576,397		$	51,908,599		$	52,047,483		1	%	—	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		430,443			456,269			484,248			513,303			542,358			(6)	%	(21)	%
Tangible assets	d	$	50,441,765		$	50,033,763		$	50,062,915		$	50,366,062		$	50,475,891		1	%	—	%
Common shares outstanding at period end	e	210,213			210,112			209,536			209,532			209,459			—	%	—	%

Total shareholders' equity to total assets ratio	a / c	10.29		%	10.17		%	9.92		%	10.16		%	9.56		%	0.12		0.73
Tangible common equity to tangible assets ratio	b / d	7.70		%	7.50		%	7.20		%	7.41		%	6.75		%	0.20		0.95
Book value per common share	a / e	$	25.41		$	24.93		$	24.43		$	25.17		$	23.76		2	%	7	%
Tangible book value per common share	b / e	$	18.47		$	17.86		$	17.20		$	17.81		$	16.26		3	%	14	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on sale of debt securities, net		$	1	$	4	$	10	$	3	$	(1)	(75)	%	nm
Gain (loss) on equity securities, net		410		1,702		(1,424)		2,272		325		(76)	%	26	%
(Loss) gain on swap derivatives		(1,330)		(1,494)		3,642		(3,596)		424		(11)	%	(414)	%
Gain (loss) on loans held for investment, at fair value		212		7,016		(7,355)		9,365		(10,114)		(97)	%	nm
Change in fair value of MSR due to valuation inputs or assumptions		(1,764)		(983)		7,414		(6,540)		1,238		79	%	(242)	%
MSR hedge gain (loss)		1,831		3,212		(7,819)		5,098		(1,611)		(43)	%	nm
Total non-interest income adjustments	a	$	(640)	$	9,457	$	(5,532)	$	6,602	$	(9,739)	(107)	%	(93)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	8,186	$	14,379	$	2,230	$	2,364	$	14,641	(43)	%	(44)	%
Exit and disposal costs		387		661		872		631		1,218		(41)	%	(68)	%
FDIC special assessment		—		—		—		—		884		nm		(100)	%
Legal settlement		—		55,000		—		—		—		(100)	%	nm
Total non-interest expense adjustments	b	$	8,573	$	70,040	$	3,102	$	2,995	$	16,743	(88)	%	(49)	%

Net interest income	c	$	446,446	$	424,995	$	437,373	$	430,218	$	427,449	5	%	4	%

Non-interest income (GAAP)	d	$	64,462	$	66,377	$	49,747	$	66,159	$	44,703	(3)	%	44	%
Less: Non-interest income adjustments	a	640		(9,457)		5,532		(6,602)		9,739		nm		(93)	%
Operating non-interest income (non-GAAP)	e	$	65,102	$	56,920	$	55,279	$	59,557	$	54,442	14	%	20	%

Revenue (GAAP)	f=c+d	$	510,908	$	491,372	$	487,120	$	496,377	$	472,152	4	%	8	%
Operating revenue (non-GAAP)	g=c+e	$	511,548	$	481,915	$	492,652	$	489,775	$	481,891	6	%	6	%

Non-interest expense (GAAP)	h	$	277,995	$	340,122	$	266,576	$	271,358	$	279,244	(18)	%	—	%
Less: Non-interest expense adjustments	b	(8,573)		(70,040)		(3,102)		(2,995)		(16,743)		(88)	%	(49)	%
Operating non-interest expense (non-GAAP)	i	$	269,422	$	270,082	$	263,474	$	268,363	$	262,501	—	%	3	%

Net income (GAAP)	j	$	152,423	$	86,609	$	143,269	$	146,182	$	120,144	76	%	27	%
Provision for income taxes		51,041		37,238		49,076		50,068		40,944		37	%	25	%
Income before provision for income taxes		203,464		123,847		192,345		196,250		161,088		64	%	26	%
Provision for credit losses		29,449		27,403		28,199		28,769		31,820		7	%	(7)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	232,913		151,250		220,544		225,019		192,908		54	%	21	%
Less: Non-interest income adjustments	a	640		(9,457)		5,532		(6,602)		9,739		nm		(93)	%
Add: Non-interest expense adjustments	b	8,573		70,040		3,102		2,995		16,743		(88)	%	(49)	%
Operating PPNR (non-GAAP)	l	$	242,126	$	211,833	$	229,178	$	221,412	$	219,390	14	%	10	%

Net income (GAAP)	j	$	152,423	$	86,609	$	143,269	$	146,182	$	120,144	76	%	27	%
Less: Non-interest income adjustments	a	640		(9,457)		5,532		(6,602)		9,739		nm		(93)	%
Add: Non-interest expense adjustments	b	8,573		70,040		3,102		2,995		16,743		(88)	%	(49)	%
Tax effect of adjustments		(1,367)		(7,419)		(2,158)		902		(6,621)		(82)	%	(79)	%
Operating net income (non-GAAP)	m	$	160,269	$	139,773	$	149,745	$	143,477	$	140,005	15	%	14	%

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Average assets	n	$	51,552,214		$	51,452,608		$	51,588,231		$	52,009,017		$	51,981,555		—	%	(1)	%
Less: Average goodwill and other intangible assets, net		1,471,975			1,501,590			1,528,431			1,559,696			1,588,239			(2)	%	(7)	%
Average tangible assets	o	$	50,080,239		$	49,951,018		$	50,059,800		$	50,449,321		$	50,393,316		—	%	(1)	%

Average common shareholders' equity	p	$	5,286,562		$	5,216,555		$	5,226,290		$	5,118,592		$	4,908,239		1	%	8	%
Less: Average goodwill and other intangible assets, net		1,471,975			1,501,590			1,528,431			1,559,696			1,588,239			(2)	%	(7)	%
Average tangible common equity	q	$	3,814,587		$	3,714,965		$	3,697,859		$	3,558,896		$	3,320,000		3	%	15	%

Weighted average basic shares outstanding	r	209,125			208,800			208,548			208,545			208,498			—	%	—	%
Weighted average diluted shares outstanding	s	209,975			210,023			209,889			209,454			209,011			—	%	—	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	0.73		$	0.41		$	0.69		$	0.70		$	0.58		78	%	26	%
Earnings per share - diluted	j / s	$	0.73		$	0.41		$	0.68		$	0.70		$	0.57		78	%	28	%
Efficiency ratio (1)	h / f	54.29		%	69.06		%	54.61		%	54.56		%	59.02		%	(14.77)		(4.73)
Non-interest expense to average assets	h / n	2.16		%	2.68		%	2.06		%	2.08		%	2.16		%	(0.52)		—
Return on average assets	j / n	1.19		%	0.68		%	1.10		%	1.12		%	0.93		%	0.51		0.26
Return on average tangible assets	j / o	1.22		%	0.70		%	1.14		%	1.15		%	0.96		%	0.52		0.26
PPNR return on average assets	k / n	1.81		%	1.19		%	1.70		%	1.72		%	1.49		%	0.62		0.32
Return on average common equity	j / p	11.56		%	6.73		%	10.91		%	11.36		%	9.85		%	4.83		1.71
Return on average tangible common equity	j / q	16.03		%	9.45		%	15.41		%	16.34		%	14.55		%	6.58		1.48

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	0.77		$	0.67		$	0.72		$	0.69		$	0.67		15	%	15	%
Operating earnings per share - diluted	m / s	$	0.76		$	0.67		$	0.71		$	0.69		$	0.67		13	%	13	%
Operating efficiency ratio, as adjusted (1)	u / y	51.79		%	55.11		%	52.51		%	53.89		%	53.56		%	(3.32)		(1.77)
Operating non-interest expense to average assets	i / n	2.10		%	2.13		%	2.03		%	2.05		%	2.03		%	(0.03)		0.07
Operating return on average assets	m / n	1.25		%	1.10		%	1.15		%	1.10		%	1.08		%	0.15		0.17
Operating return on average tangible assets	m / o	1.28		%	1.13		%	1.19		%	1.13		%	1.12		%	0.15		0.16
Operating PPNR return on average assets	l / n	1.88		%	1.67		%	1.77		%	1.69		%	1.70		%	0.21		0.18
Operating return on average common equity	m / p	12.16		%	10.87		%	11.40		%	11.15		%	11.47		%	1.29		0.69
Operating return on average tangible common equity	m / q	16.85		%	15.26		%	16.11		%	16.04		%	16.96		%	1.59		(0.11)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	277,995		$	340,122		$	266,576		$	271,358		$	279,244		(18)	%	—	%
Less: Non-interest expense adjustments	b	(8,573)			(70,040)			(3,102)			(2,995)			(16,743)			(88)	%	(49)	%
Operating non-interest expense (non-GAAP)	i	269,422			270,082			263,474			268,363			262,501			—	%	3	%
Less: B&O taxes	t	(3,093)			(3,150)			(3,495)			(3,248)			(3,183)			(2)	%	(3)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	266,329		$	266,932		$	259,979		$	265,115		$	259,318		—	%	3	%

Net interest income (tax equivalent) (1)	v	$	447,552		$	426,098		$	438,424		$	431,184		$	428,434		5	%	4	%
Non-interest income (GAAP)	d	64,462			66,377			49,747			66,159			44,703			(3)	%	44	%
Add: BOLI tax equivalent adjustment (1)	w	1,608			1,362			1,390			1,248			1,291			18	%	25	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	513,622			493,837			489,561			498,591			474,428			4	%	8	%
Less: Non-interest income adjustments	a	640			(9,457)			5,532			(6,602)			9,739			nm		(93)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	514,262		$	484,380		$	495,093		$	491,989		$	484,167		6	%	6	%

Efficiency ratio (1)	h / f	54.29		%	69.06		%	54.61		%	54.56		%	59.02		%	(14.77)		(4.73)
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	51.79		%	55.11		%	52.51		%	53.89		%	53.56		%	(3.32)		(1.77)

nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Six Months Ended				% Change
($ in thousands)		Jun 30, 2025		Jun 30, 2024		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	5	$	11	(55)	%
Gain (loss) on equity securities, net		2,112		(1,240)		nm
(Loss) gain on swap derivatives		(2,824)		1,621		(274)	%
Gain (loss) on loans held for investment, at fair value		7,228		(12,486)		nm
Change in fair value of MSR due to valuation inputs or assumptions		(2,747)		4,355		(163)	%
MSR hedge loss		5,043		(5,882)		nm
Total non-interest income adjustments	a	$	8,817	$	(13,621)	nm

Non-Interest Expense Adjustments
Merger and restructuring expense		$	22,565	$	19,119	18	%
Exit and disposal costs		1,048		2,490		(58)	%
FDIC special assessment		—		5,732		(100)	%
Legal settlement		55,000		—		nm
Total non-interest expense adjustments	b	$	78,613	$	27,341	188	%

Net interest income	c	$	871,441	$	850,811	2	%

Non-interest income (GAAP)	d	$	130,839	$	95,060	38	%
Less: Non-interest income adjustments	a	(8,817)		13,621		(165)	%
Operating non-interest income (non-GAAP)	e	$	122,022	$	108,681	12	%

Revenue (GAAP)	f=c+d	$	1,002,280	$	945,871	6	%
Operating revenue (non-GAAP)	g=c+e	$	993,463	$	959,492	4	%

Non-interest expense (GAAP)	h	$	618,117	$	566,760	9	%
Less: Non-interest expense adjustments	b	(78,613)		(27,341)		188	%
Operating non-interest expense (non-GAAP)	i	$	539,504	$	539,419	—	%

Net income (GAAP)	j	$	239,032	$	244,224	(2)	%
Provision for income taxes		88,279		85,931		3	%
Income before provision for income taxes		327,311		330,155		(1)	%
Provision for credit losses		56,852		48,956		16	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	384,163		379,111		1	%
Less: Non-interest income adjustments	a	(8,817)		13,621		(165)	%
Add: Non-interest expense adjustments	b	78,613		27,341		188	%
Operating PPNR (non-GAAP)	l	$	453,959	$	420,073	8	%

Net income (GAAP)	j	$	239,032	$	244,224	(2)	%
Less: Non-interest income adjustments	a	(8,817)		13,621		(165)	%
Add: Non-interest expense adjustments	b	78,613		27,341		188	%
Tax effect of adjustments		(8,786)		(10,241)		(14)	%
Operating net income (non-GAAP)	m	$	300,042	$	274,945	9	%
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."




Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
		Six Months Ended						% Change
		Jun 30, 2025			Jun 30, 2024			Year over Year
Average assets	n	$	51,502,508		$	52,032,763		(1)	%
Less: Average goodwill and other intangible assets, net		1,486,692			1,603,686			(7)	%
Average tangible assets	o	$	50,015,816		$	50,429,077		(1)	%

Average common shareholders' equity	p	$	5,251,887		$	4,947,057		6	%
Less: Average goodwill and other intangible assets, net		1,486,692			1,603,686			(7)	%
Average tangible common equity	q	$	3,765,195		$	3,343,371		13	%

Weighted average basic shares outstanding	r	208,964			208,379			—	%
Weighted average diluted shares outstanding	s	209,965			208,999			—	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	1.14		$	1.17		(3)	%
Earnings per share - diluted	j / s	$	1.14		$	1.17		(3)	%
Efficiency ratio (1)	h / f	61.54		%	59.80		%	1.74
Non-interest expense to average assets	h/n	2.42		%	2.19		%	0.23
Return on average assets	j / n	0.94		%	0.94		%	—
Return on average tangible assets	j / o	0.96		%	0.97		%	(0.01)
PPNR return on average assets	k/n	1.50		%	1.47		%	0.03
Return on average common equity	j / p	9.18		%	9.93		%	(0.75)
Return on average tangible common equity	j / q	12.80		%	14.69		%	(1.89)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	1.44		$	1.32		9	%
Operating earnings per share - diluted	m / s	$	1.43		$	1.32		8	%
Operating efficiency ratio, as adjusted (1)	u / y	53.40		%	55.26		%	(1.86)
Operating non-interest expense to average assets	i/n	2.11		%	2.08		%	0.03
Operating return on average assets	m / n	1.17		%	1.06		%	0.11
Operating return on average tangible assets	m / o	1.21		%	1.10		%	0.11
Operating PPNR return on average assets	l / n	1.78		%	1.62		%	0.16
Operating return on average common equity	m / p	11.52		%	11.18		%	0.34
Operating return on average tangible common equity	m / q	16.07		%	16.54		%	(0.47)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Six Months Ended						% change
($ in thousands)		Jun 30, 2025			Jun 30, 2024			Year over Year
Non-interest expense (GAAP)	h	$	618,117		$	566,760		9	%
Less: Non-interest expense adjustments	b	(78,613)			(27,341)			188	%
Operating non-interest expense (non-GAAP)	i	539,504			539,419			—	%
Less: B&O taxes	t	(6,243)			(6,406)			(3)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	533,261		$	533,013		—	%

Net interest income (tax equivalent) (1)	v	$	873,650		$	852,778		2	%
Non-interest income (GAAP)	d	130,839			95,060			38	%
Add: BOLI tax equivalent adjustment (1)	w	2,970			3,100			(4)	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	1,007,459			950,938			6	%
Less: Non-interest income adjustments	a	(8,817)			13,621			(165)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	998,642		$	964,559		4	%

Efficiency ratio (1)	h /f	61.54		%	59.80		%	1.74
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	53.40		%	55.26		%	(1.86)


			TABLE INDEX
						Page
			Consolidated Statements of Income			7
			Consolidated Balance Sheets			9
			Financial Highlights			10
			Loan & Lease Portfolio Balances and Mix			12
			Deposit Portfolio Balances and Mix			13
			Credit Quality - Non-performing Assets			14
			Credit Quality - Allowance for Credit Losses			15
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			17
			Residential Mortgage Banking Activity			19
			GAAP to Non-GAAP Reconciliation			21