Document


CEO Commentary
"Our second quarter results demonstrate the resilience of our franchise and reflect the value of disciplined execution across the company," said Clint Stein, Chairman, CEO & President. "While the operating environment remains dynamic, we continued to execute on our strategic priorities through prudent expense management, ongoing balance sheet optimization, and consistent capital returns to shareholders. Commercial loan balances continued to grow, reflecting the strength of our customer relationships and the trust we have built across our markets. We also continued to reposition the balance sheet in ways that support stronger long-term performance. Supported by our diversified business model, sound credit culture, and strong capital generation, we remain committed to delivering sustainable returns and creating long-term value for our shareholders."
Clint Stein, Chairman, CEO & President of Columbia Banking System, Inc.


2Q26 HIGHLIGHTS (COMPARED TO 1Q26)

Net Interest Income and NIM			•Net interest income decreased by $5 million from the prior quarter, due in part to $4 million of interest income reversals, alongside modest balance sheet deleveraging.
			•Net interest margin was 3.93%, down 3 basis points from the prior quarter, as the interest income reversals mentioned above reduced the net interest margin by 3 basis points.

Non-Interest Income and Expense			•Non-interest income increased by $5 million, due primarily to higher treasury management and card-based fees, partially offset by quarterly changes in fair value adjustments and hedging activity. Results also include $3 million in death benefit proceeds related to a single policy.
			•Non-interest expense decreased by $19 million, due to lower merger expense and the realization of acquisition-related cost savings.

Credit Quality			•Net charge-offs were 0.25% of average loans and leases (annualized), compared to 0.30% for the prior quarter.
			•Provision expense was $27 million, compared to $28 million for the prior quarter.
			•Non-performing assets to total assets ratio was 0.42%, compared to 0.40% as of March 31, 2026.

Capital			•Estimated total risk-based capital ratio of 13.4% and estimated common equity tier 1 risk-based capital ratio of 11.6%.
			•Declared a quarterly cash dividend of $0.37 per common share on May 15, 2026, which was paid June 15, 2026.
			•Repurchased $199 million of common stock under our current repurchase plan.

Notable Items			•Our first small business and retail campaign of 2026, which began in February and ended April 30, 2026, brought over $600 million in new deposits to the bank and also was successful in generating new SBA lending relationships. Our second campaign began in June and has generated approximately $650 million in new deposit balances through mid-July.


2Q26 KEY FINANCIAL DATA

PERFORMANCE METRICS	2Q26	1Q26	2Q25
Return on average assets	1.27%	1.18%	1.19%
Return on average common equity	10.99%	10.00%	11.56%
Return on average tangible common equity1	15.29%	13.88%	16.03%
Operating return on average assets1	1.33%	1.28%	1.25%
Operating return on average common equity1	11.46%	10.89%	12.16%
Operating return on average tangible common equity1	15.95%	15.11%	16.85%
Net interest margin	3.93%	3.96%	3.75%
Efficiency ratio	55.15%	58.03%	54.29%
Operating efficiency ratio, as adjusted 1	52.92%	53.68%	51.79%

INCOME STATEMENT ($ in millions, excl. per share data)	2Q26	1Q26	2Q25
Net interest income	$589	$594	$446
Provision for credit losses	$27	$28	$30
Non-interest income	$88	$83	$65
Non-interest expense	$375	$394	$278
Pre-provision net revenue1	$302	$283	$233
Operating pre-provision net revenue1	$314	$306	$242
Earnings per common share - diluted	$0.73	$0.66	$0.73
Operating earnings per common share - diluted1	$0.76	$0.72	$0.76
Dividends paid per share	$0.37	$0.37	$0.36

BALANCE SHEET ($ in millions, excl. per share data)	2Q26	1Q26	2Q25
Total assets	$65,380	$66,027	$51,901
Loans and leases	$47,166	$47,697	$37,637
Deposits	$52,056	$53,489	$41,743
Book value per common share	$26.70	$26.47	$25.41
Tangible book value per common share1	$19.22	$19.03	$18.47

Non-interest income was $88 million for the second quarter of 2026, up $5 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value loss of $3 million for the second quarter, compared to a net fair value gain of $2 million for the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $91 million2 for the second quarter of 2026, up $10 million between periods, due primarily to higher treasury management and card-based fees. We also received $3 million in death benefit proceeds during the second quarter related to a single policy, which was recorded in other income.

Total consolidated assets were $65.4 billion as of June 30, 2026, compared to $66.0 billion as of March 31, 2026. The decrease reflects balance sheet optimization activity. Cash and cash equivalents were $1.8 billion as of June 30, 2026, compared to $2.1 billion as of March 31, 2026. Including secured off-balance sheet lines of credit, total available liquidity was $25.6 billion as of June 30, 2026, representing 39% of total assets, 49% of total deposits, and 125% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of June 30, 2026, compared to $10.9 billion as of March 31, 2026. The increase is due to the purchase of $462 million of investment securities, which offset paydowns and a decrease in the fair value of the portfolio. Refer to the Q2 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.

Gross loans and leases were $47.2 billion as of June 30, 2026, compared to $47.7 billion as of March 31, 2026. The decrease reflects continued expected runoff in below-market-rate transactional loans and lower balances in non-owner occupied commercial real estate given elevated payoffs, due in part to competitive pricing pressure. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 5% on an annualized basis relative to March 31, 2026, partially offsetting contraction in other portfolios. "Our bankers remained focused on relationship-driven activity during the second quarter, generating new business opportunities while continuing to manage the balance sheet with discipline," commented Tory Nixon, President of Columbia Bank. "Commercial relationship growth remained solid, and the continued runoff of lower-return transactional loans is reshaping our balance sheet as intended. Customer engagement remains healthy, and we remain encouraged by the quality of our pipelines and the opportunities we see across our western footprint." Refer to the Q2 2026 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.

Total deposits were $52.1 billion as of June 30, 2026, compared to $53.5 billion as of March 31, 2026. The decrease reflects intentional reductions in brokered deposits and wholesale public deposits, which declined to $978 million and $928 million, respectively, as of June 30, 2026, compared to $1.6 billion and $1.2 billion, respectively, as of March 31, 2026. Customer deposit contraction in April due to seasonal tax payments also contributed to the decline between periods. "Seasonal factors reduced deposit balances early in the quarter, with balances stabilizing in May and June despite increasing competition," stated Mr. Nixon. "Our teams continue to emphasize relationship banking, serving our customers through advice-driven conversations and tailored solutions, while preserving the strength of our core deposit franchise. Meeting the evolving needs of our customers remains at the center of the value we provide." We utilized borrowings, which were $4.3 billion as of June 30, 2026, compared to $3.4 billion as of March 31, 2026, to supplement funding needs. Refer to the Q2 2026 Earnings Presentation for additional details related to deposit characteristics and flows.

Net charge-offs were 0.25% of average loans and leases (annualized) for the second quarter of 2026, compared to 0.30% for the first quarter of 2026. Net charge-offs in the FinPac portfolio were $15 million for the second quarter, compared to $14 million for the first quarter. Net charge-offs excluding the FinPac portfolio were $15 million for the second quarter, compared to $21 million for the first quarter. Non-performing assets were $273 million, or 0.42% of total assets, as of June 30, 2026, compared to $264 million, or 0.40% of total assets, as of March 31, 2026. Refer to the Q2 2026 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

Columbia's book value per common share was $26.70 as of June 30, 2026, compared to $26.47 as of March 31, 2026. During the second quarter, Columbia repurchased 6.6 million common shares under its current repurchase plan at an average price of $29.93, representing 2.3% of outstanding common shares. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(310) million as of June 30, 2026, compared to $(291) million as of the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $275 million as of June 30, 2026, compared to $260 million as of March 31, 2026. Tangible book value per common share3 was $19.22 as of June 30, 2026, compared to $19.03 as of March 31, 2026.

Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. 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 Management. 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, 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 acquisition of Pacific Premier (the "Transaction"), including, among others, (i) any revenue synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (ii) deposit attrition as a result of the Transaction; 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 and state regulations), and other factors deemed relevant by Columbia's Board of Directors.


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in millions, shares in thousands)	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	683	$	684	$	722	$	619	$	564	—	%	21	%
Interest and dividends on investments:
Taxable	98		103		102		89		80		(5)	%	23	%
Exempt from federal income tax	12		12		12		8		7		—	%	71	%
Dividends	4		3		3		4		3		33	%	33	%
Temporary investments and interest bearing deposits	13		14		19		20		16		(7)	%	(19)	%
Total interest income	810		816		858		740		670		(1)	%	21	%
Interest expense:
Deposits	173		184		195		195		180		(6)	%	(4)	%
Securities sold under agreement to repurchase and federal funds purchased	1		1		1		1		1		—	%	—	%
Borrowings	39		30		27		30		35		30	%	11	%
Junior and other subordinated debentures	8		7		8		9		8		14	%	—	%
Total interest expense	221		222		231		235		224		—	%	(1)	%
Net interest income	589		594		627		505		446		(1)	%	32	%
Provision for credit losses	27		28		23		70		30		(4)	%	(10)	%
Non-interest income:
Service charges on deposits	23		20		24		21		20		15	%	15	%
Card-based fees	17		15		16		15		14		13	%	21	%
Financial services and trust revenue	15		15		15		9		6		—	%	150	%
Residential mortgage banking revenue, net	7		12		7		7		8		(42)	%	(13)	%
(Loss) gain on investment securities, net	(1)		—		2		2		—		nm		nm
Gain on loan and lease sales, net	—		1		1		—		—		(100)	%	nm
(Loss) gain on loans held for investment, at fair value	(1)		(2)		—		4		—		(50)	%	nm
BOLI income	9		9		9		6		5		—	%	80	%
Other income	19		13		16		13		12		46	%	58	%
Total non-interest income	88		83		90		77		65		6	%	35	%
Non-interest expense:
Salaries and employee benefits	196		196		201		171		155		—	%	26	%
Occupancy and equipment, net	65		66		67		54		47		(2)	%	38	%
FDIC assessments	9		9		4		8		8		—	%	13	%
Intangible amortization	38		41		42		31		26		(7)	%	46	%
Merger and restructuring expense	9		24		39		87		8		(63)	%	13	%

Other expenses	58		58		59		42		34		—	%	71	%
Total non-interest expense	375		394		412		393		278		(5)	%	35	%
Income before provision for income taxes	275		255		282		119		203		8	%	35	%
Provision for income taxes	67		63		67		23		51		6	%	31	%
Net income	$	208	$	192	$	215	$	96	$	152	8	%	37	%

Weighted average basic shares outstanding (in thousands)	285,558		290,933		295,376		237,838		209,125		(2)	%	37	%
Weighted average diluted shares outstanding (in thousands)	286,472		292,160		296,760		238,925		209,975		(2)	%	36	%
Earnings per common share – basic	$	0.73	$	0.66	$	0.72	$	0.40	$	0.73	11	%	—	%
Earnings per common share – diluted	$	0.73	$	0.66	$	0.72	$	0.40	$	0.73	11	%	—	%

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 millions, shares in thousands)	Jun 30, 2026		Jun 30, 2025		Year over Year
Interest income:
Loans and leases	$	1,367	$	1,117	22	%
Interest and dividends on investments:
Taxable	201		149		35	%
Exempt from federal income tax	24		14		71	%
Dividends	7		6		17	%
Temporary investments and interest bearing deposits	27		32		(16)	%
Total interest income	1,626		1,318		23	%
Interest expense:
Deposits	357		357		0	%
Securities sold under agreement to repurchase and federal funds purchased	2		2		0	%
Borrowings	69		71		(3)	%
Junior and other subordinated debentures	15		17		(12)	%
Total interest expense	443		447		(1)	%
Net interest income	1,183		871		36	%
Provision for credit losses	55		57		(4)	%
Non-interest income:
Service charges on deposits	43		39		10	%
Card-based fees	32		27		19	%
Financial services and trust revenue	30		11		173	%
Residential mortgage banking revenue, net	19		17		12	%
(Loss) gain on investment securities, net	(1)		2		(150)	%
Gain on loan and lease sales, net	1		—		nm
(Loss) gain on loans held for investment, at fair value	(3)		7		(143)	%
BOLI income	18		10		80	%
Other income	32		18		78	%
Total non-interest income	171		131		31	%
Non-interest expense:
Salaries and employee benefits	392		300		31	%
Occupancy and equipment, net	131		95		38	%
FDIC assessments	18		16		13	%
Intangible amortization	79		54		46	%
Merger and restructuring expense	33		23		43	%
Legal settlement	—		55		(100)	%
Other expenses	116		75		55	%
Total non-interest expense	769		618		24	%
Income before provision for income taxes	530		327		62	%
Provision for income taxes	130		88		48	%
Net income	$	400	$	239	67	%

Weighted average basic shares outstanding (in thousands)	288,130		208,964		38	%
Weighted average diluted shares outstanding (in thousands)	289,212		209,965		38	%
Earnings per common share – basic	$	1.39	$	1.14	22	%
Earnings per common share – diluted	$	1.38	$	1.14	21	%

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


Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
											% Change
($ in millions, shares in thousands)	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	648	$	577	$	511	$	535	$	608	12	%	7	%
Interest-bearing cash and temporary investments	1,121		1,522		1,869		1,808		1,334		(26)	%	(16)	%
Investment securities:
Equity and other, at fair value	126		124		113		112		93		2	%	35	%
Available for sale, at fair value	11,131		10,915		11,112		11,013		8,653		2	%	29	%
Held to maturity, at amortized cost	17		18		18		18		2		(6)	%	nm
Loans held for sale	61		81		262		340		66		(25)	%	(8)	%
Loans and leases	47,166		47,697		47,776		48,462		37,637		(1)	%	25	%
Allowance for credit losses on loans and leases	(458)		(459)		(466)		(473)		(421)		—	%	9	%
Net loans and leases	46,708		47,238		47,310		47,989		37,216		(1)	%	26	%
Restricted equity securities	207		168		159		119		161		23	%	29	%
Premises and equipment, net	424		426		422		416		357		—	%	19	%

Goodwill	1,482		1,482		1,482		1,481		1,029		—	%	44	%
Other intangible assets, net	633		671		712		754		430		(6)	%	47	%

Bank-owned life insurance	1,227		1,222		1,218		1,199		705		—	%	74	%

Other assets	1,595		1,583		1,644		1,712		1,247		1	%	28	%
Total assets	$	65,380	$	66,027	$	66,832	$	67,496	$	51,901	(1)	%	26	%
Liabilities:
Deposits
Non-interest-bearing	$	17,218	$	17,635	$	17,419	$	17,810	$	13,220	(2)	%	30	%
Interest-bearing	34,838		35,854		36,792		37,961		28,523		(3)	%	22	%
Total deposits	52,056		53,489		54,211		55,771		41,743		(3)	%	25	%
Securities sold under agreements to repurchase	189		162		207		167		191		17	%	(1)	%
Borrowings	4,250		3,400		3,200		2,300		3,350		25	%	27	%
Junior subordinated debentures, at fair value	339		333		338		331		323		2	%	5	%
Junior and other subordinated debentures, at amortized cost	97		97		97		107		108		—	%	(10)	%


Other liabilities	897		882		939		1,030		844		2	%	6	%
Total liabilities	57,828		58,363		58,992		59,706		46,559		(1)	%	24	%
Shareholders' equity:

Common stock	7,702		7,896		8,099		8,189		5,826		(2)	%	32	%
Retained earnings (accumulated deficit)	160		59		(26)		(131)		(151)		171	%	nm
Accumulated other comprehensive loss	(310)		(291)		(233)		(268)		(333)		7	%	(7)	%
Total shareholders' equity	7,552		7,664		7,840		7,790		5,342		(1)	%	41	%
Total liabilities and shareholders' equity	$	65,380	$	66,027	$	66,832	$	67,496	$	51,901	(1)	%	26	%

Common shares outstanding at period end (in thousands)	282,817		289,530		295,422		299,147		210,213		(2)	%	35	%

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


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.37		$	0.37		$	0.37		$	0.36		$	0.36		—	%	3	%
Book value	$	26.70		$	26.47		$	26.54		$	26.04		$	25.41		1	%	5	%
Tangible book value (1)	$	19.22		$	19.03		$	19.11		$	18.57		$	18.47		1	%	4	%

Performance Ratios:
Efficiency ratio (2)	55.15		%	58.03		%	57.30		%	67.29		%	54.29		%	(2.88)		0.86
Non-interest expense to average assets (1)	2.29		%	2.41		%	2.44		%	2.74		%	2.16		%	(0.12)		0.13
Return on average assets ("ROAA")	1.27		%	1.18		%	1.27		%	0.67		%	1.19		%	0.09		0.08
Pre-provision net revenue ("PPNR") ROAA (1)	1.85		%	1.73		%	1.80		%	1.32		%	1.81		%	0.12		0.04
Return on average common equity	10.99		%	10.00		%	10.92		%	6.19		%	11.56		%	0.99		(0.57)
Return on average tangible common equity (1)	15.29		%	13.88		%	15.24		%	8.58		%	16.03		%	1.41		(0.74)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	52.92		%	53.68		%	51.39		%	52.32		%	51.79		%	(0.76)		1.13
Operating non-interest expense to average assets (1)	2.24		%	2.26		%	2.20		%	2.14		%	2.10		%	(0.02)		0.14
Operating ROAA (1)	1.33		%	1.28		%	1.44		%	1.42		%	1.25		%	0.05		0.08
Operating PPNR ROAA (1)	1.92		%	1.87		%	2.02		%	1.89		%	1.88		%	0.05		0.04
Operating return on average common equity (1)	11.46		%	10.89		%	12.34		%	13.15		%	12.16		%	0.57		(0.70)
Operating return on average tangible common equity (1)	15.95		%	15.11		%	17.22		%	18.24		%	16.85		%	0.84		(0.90)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.77		%	5.78		%	5.92		%	5.96		%	6.00		%	(0.01)		(0.23)
Yield on earning assets (2)	5.40		%	5.44		%	5.55		%	5.62		%	5.62		%	(0.04)		(0.22)
Cost of interest bearing deposits	1.96		%	2.04		%	2.08		%	2.43		%	2.52		%	(0.08)		(0.56)
Cost of interest bearing liabilities	2.21		%	2.24		%	2.27		%	2.65		%	2.78		%	(0.03)		(0.57)
Cost of total deposits	1.32		%	1.39		%	1.40		%	1.66		%	1.73		%	(0.07)		(0.41)
Cost of total funding (3)	1.55		%	1.56		%	1.57		%	1.87		%	1.98		%	(0.01)		(0.43)
Net interest margin (2)	3.93		%	3.96		%	4.06		%	3.84		%	3.75		%	(0.03)		0.18
Average interest bearing cash / Average interest earning assets	2.33		%	2.59		%	3.12		%	3.41		%	2.97		%	(0.26)		(0.64)
Average loans and leases / Average interest earning assets	78.67		%	78.44		%	78.12		%	78.39		%	78.64		%	0.23		0.03
Average loans and leases / Average total deposits	90.19		%	88.58		%	87.34		%	88.39		%	90.07		%	1.61		0.12
Average non-interest bearing deposits / Average total deposits	32.90		%	32.26		%	32.45		%	31.41		%	31.39		%	0.64		1.51
Average total deposits / Average total funding (3)	91.88		%	93.58		%	94.52		%	93.47		%	91.92		%	(1.70)		(0.04)

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.57		%	0.55		%	0.41		%	0.40		%	0.47		%	0.02		0.10
Non-performing assets to total assets	0.42		%	0.40		%	0.30		%	0.29		%	0.35		%	0.02		0.07
Allowance for credit losses to loans and leases	1.01		%	1.00		%	1.02		%	1.01		%	1.17		%	0.01		(0.16)
Total risk-based capital ratio (4)	13.4		%	13.5		%	13.6		%	13.4		%	13.0		%	(0.10)		0.40
Common equity tier 1 risk-based capital ratio (4)	11.6		%	11.7		%	11.8		%	11.6		%	10.8		%	(0.10)		0.80


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Six Months Ended						% Change
	Jun 30, 2026			Jun 30, 2025			Year over Year
Per Common Share Data:
Dividends	$	0.74		$	0.72		2.78	%

Performance Ratios:
Efficiency ratio (2)	56.59		%	61.54		%	(4.95)
Non-interest expense to average assets (1)	2.35		%	2.42		%	(0.07)
Return on average assets	1.22		%	0.94		%	0.28
PPNR ROAA (1)	1.79		%	1.50		%	0.29
Return on average common equity	10.49		%	9.18		%	1.31
Return on average tangible common equity (1)	14.58		%	12.80		%	1.78

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	53.29		%	53.40		%	(0.11)
Operating non-interest expense to average assets (1)	2.25		%	2.11		%	0.14
Operating ROAA (1)	1.30		%	1.17		%	0.13
Operating PPNR ROAA (1)	1.90		%	1.78		%	0.12
Operating return on average common equity (1)	11.17		%	11.52		%	(0.35)
Operating return on average tangible common equity (1)	15.53		%	16.07		%	(0.54)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.78		%	5.96		%	(0.18)
Yield on earning assets (2)	5.42		%	5.56		%	(0.14)
Cost of interest bearing deposits	2.00		%	2.52		%	(0.52)
Cost of interest bearing liabilities	2.23		%	2.79		%	(0.56)
Cost of total deposits	1.35		%	1.72		%	(0.37)
Cost of total funding (3)	1.56		%	1.98		%	(0.42)
Net interest margin (2)	3.94		%	3.67		%	0.27
Average interest bearing cash / Average interest earning assets	2.46		%	3.05		%	(0.59)
Average loans and leases / Average interest earning assets	78.55		%	78.78		%	(0.23)
Average loans and leases / Average total deposits	89.38		%	90.21		%	(0.83)
Average non-interest bearing deposits / Average total deposits	32.58		%	31.57		%	1.01
Average total deposits / Average total funding (3)	92.73		%	91.90		%	0.83


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate: (1)
Non-owner occupied term	$	7,584		$	8,113		$	8,206		$	8,444		$	6,190		(7)	%	23	%
Owner occupied term	7,405			7,258			7,314			7,361			5,320			2	%	39	%
Multifamily	10,122			10,173			10,281			10,377			5,735			(1)	%	76	%
Construction & development	1,529			1,670			1,707			2,071			2,070			(8)	%	(26)	%
Residential development	369			373			362			367			286			(1)	%	29	%
Commercial:
Term	7,004			6,887			6,713			6,590			5,353			2	%	31	%
Lines of credit & other	3,794			3,804			3,643			3,582			2,951			—	%	29	%
Leases & equipment finance	1,617			1,619			1,599			1,614			1,641			—	%	(1)	%
Residential:
Mortgage	5,402			5,483			5,624			5,722			5,830			(1)	%	(7)	%
Home equity loans & lines	2,176			2,147			2,149			2,153			2,083			1	%	4	%
Consumer & other	164			170			178			181			178			(4)	%	(8)	%
Total loans and leases, net of deferred fees and costs	$	47,166		$	47,697		$	47,776		$	48,462		$	37,637		(1)	%	25	%

Loans and leases mix:
Commercial real estate: (1)
Non-owner occupied term	16		%	17		%	17		%	18		%	16		%
Owner occupied term	16		%	15		%	15		%	15		%	14		%
Multifamily	22		%	21		%	22		%	21		%	15		%
Construction & development	3		%	4		%	4		%	4		%	6		%
Residential development	1		%	1		%	1		%	1		%	1		%
Commercial:
Term	15		%	15		%	14		%	14		%	14		%
Lines of credit & other	8		%	8		%	8		%	7		%	8		%
Leases & equipment finance	3		%	3		%	3		%	3		%	4		%
Residential:
Mortgage	11		%	11		%	12		%	12		%	15		%
Home equity loans & lines	5		%	5		%	4		%	4		%	6		%
Consumer & other	—		%	—		%	—		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	17,218		$	17,635		$	17,419		$	17,810		$	13,220		(2)	%	30	%
Demand, interest bearing	11,093			10,860			10,763			11,675			8,335			2	%	33	%
Money market	16,415			16,843			17,013			16,816			11,694			(3)	%	40	%
Savings	2,392			2,437			2,442			2,504			2,276			(2)	%	5	%
Time	4,938			5,714			6,574			6,966			6,218			(14)	%	(21)	%
Total	$	52,056		$	53,489		$	54,211		$	55,771		$	41,743		(3)	%	25	%

Total core deposits (1)	$	49,488		$	50,245		$	50,174		$	51,535		$	37,294		(2)	%	33	%

Deposit mix:
Demand, non-interest bearing	33		%	33		%	32		%	32		%	32		%
Demand, interest bearing	21		%	20		%	20		%	21		%	20		%
Money market	32		%	31		%	31		%	30		%	28		%
Savings	5		%	5		%	5		%	5		%	5		%
Time	9		%	11		%	12		%	12		%	15		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$	96		$	91		$	50		$	53		$	31		5	%	210	%
	Commercial	84			96			66			67			67			(13)	%	25	%


	Total loans and leases on non-accrual status	180			187			116			120			98			(4)	%	84	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate	4			3			2			—			—			33	%	nm
	Commercial	4			2			8			5			5			100	%	(20)	%
	Residential (2)	80			69			72			71			74			16	%	8	%

	Total loans and leases past due 90+ days and accruing (2)	88			74			82			76			79			19	%	11	%
Total non-performing loans and leases (1), (2)		268			261			198			196			177			3	%	51	%
Other real estate owned		5			3			2			3			3			67	%	67	%
Total non-performing assets (1), (2)		$	273		$	264		$	200		$	199		$	180		3	%	52	%


Loans and leases past due 31-89 days		$	125		$	168		$	94		$	85		$	142		(26)	%	(12)	%
Loans and leases past due 31-89 days to total loans and leases		0.27		%	0.35		%	0.20		%	0.18		%	0.38		%	(0.08)		(0.11)
Non-performing loans and leases to total loans and leases (1), (2)		0.57		%	0.55		%	0.41		%	0.40		%	0.47		%	0.02		0.10
Non-performing assets to total assets (1), (2)		0.42		%	0.40		%	0.30		%	0.29		%	0.35		%	0.02		0.07
Non-accrual loans and leases to total loan and leases (2)		0.38		%	0.39		%	0.24		%	0.25		%	0.26		%	(0.01)		0.12

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 millions)		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	459		$	466		$	473		$	421		$	421		(2)	%	9	%
Initial ACL recorded for PCD loans acquired during the period		—			—			—			5			—			nm		nm
Provision for credit losses on loans and leases		29			28			23			69			29			4	%	0	%
Charge-offs
	Commercial real estate	(1)			—			(8)			(3)			—			nm		nm
	Commercial	(32)			(39)			(23)			(22)			(33)			(18)	%	(3)	%
	Residential	—			—			(1)			—			—			nm		nm
	Consumer & other	(2)			(1)			(1)			(2)			(1)			100	%	100	%
	Total charge-offs	(35)			(40)			(33)			(27)			(34)			(13)	%	3	%
Recoveries

	Commercial	4			4			3			4			5			0	%	(20)	%

	Consumer & other	1			1			—			1			—			0	%	nm
	Total recoveries	5			5			3			5			5			0	%	0	%
Net charge-offs
	Commercial real estate	(1)			—			(8)			(3)			—			nm		nm
	Commercial	(28)			(35)			(20)			(18)			(28)			(20)	%	0	%
	Residential	—			—			(1)			—			—			nm		nm
	Consumer & other	(1)			—			(1)			(1)			(1)			nm		0	%
	Total net charge-offs	(30)			(35)			(30)			(22)			(29)			(14)	%	3	%
Balance, end of period		$	458		$	459		$	466		$	473		$	421		0	%	9	%
Reserve for unfunded commitments
Balance, beginning of period		$	19		$	19		$	19		$	18		$	17		0	%	12	%
(Recapture) provision for credit losses on unfunded commitments		(2)			—			—			1			1			nm		(300)	%
Balance, end of period		17			19			19			19			18			(11)	%	(6)	%
Total Allowance for credit losses (ACL)		$	475		$	478		$	485		$	492		$	439		(1)	%	8	%

Net charge-offs to average loans and leases (annualized)		0.25		%	0.30		%	0.25		%	0.22		%	0.31		%	(0.05)		(0.06)
Recoveries to gross charge-offs		14.29		%	12.50		%	9.09		%	18.52		%	15.19		%	1.79		(0.90)
ACLLL to loans and leases		0.97		%	0.96		%	0.98		%	0.98		%	1.12		%	0.01		(0.15)
ACL to loans and leases		1.01		%	1.00		%	1.02		%	1.01		%	1.17		%	0.01		(0.16)

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 millions)		Jun 30, 2026			Jun 30, 2025			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	466		$	425		10	%

Provision for credit losses on loans and leases		57			55			4	%
Charge-offs
	Commercial real estate	(1)			—			nm
	Commercial	(71)			(66)			8	%
	Residential	—			(1)			nm
	Consumer & other	(3)			(2)			50	%
	Total charge-offs	(75)			(69)			9	%
Recoveries

	Commercial	8			9			(11)	%

	Consumer & other	2			1			100	%
	Total recoveries	10			10			0	%
Net charge-offs
	Commercial real estate	(1)			—			nm
	Commercial	(63)			(57)			11	%
	Residential	—			(1)			nm
	Consumer & other	(1)			(1)			0	%
	Total net charge-offs	(65)			(59)			10	%
Balance, end of period		$	458		$	421		9	%
Reserve for unfunded commitments
Balance, beginning of period		$	19		$	16		19	%
(Recapture) provision for credit losses on unfunded commitments		(2)			2			(200)	%
Balance, end of period		17			18			(6)	%
Total Allowance for credit losses (ACL)		$	475		$	439		8	%

Net charge-offs to average loans and leases (annualized)		0.28		%	0.31		%	(0.03)
Recoveries to gross charge-offs		13.33		%	14.62		%	(1.29)

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, 2026						March 31, 2026						June 30, 2025
($ in millions)	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	$	—	6.86	%	$	189	$	3	5.17	%	$	67	$	1	6.66	%
Loans and leases (1)	47,419		683		5.77	%	47,714		681		5.78	%	37,648		563		6.00	%
Taxable securities	10,173		102		3.97	%	10,097		106		4.22	%	7,937		83		4.22	%
Non-taxable securities (2)	1,219		15		4.63	%	1,253		14		4.51	%	798		8		3.95	%
Temporary investments and interest-bearing cash	1,402		13		3.71	%	1,578		14		3.65	%	1,421		16		4.46	%
Total interest-earning assets (1), (2)	60,279		$	813	5.40	%	60,831		$	818	5.44	%	47,871		$	671	5.62	%
Goodwill and other intangible assets	2,136						2,175						1,472
Other assets	3,217						3,209						2,209
Total assets	$	65,632					$	66,215					$	51,552
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	11,002	$	45	1.65	%	$	10,780	$	43	1.60	%	$	8,480	$	48	2.28	%
Money market deposits	16,658		87		2.10	%	16,848		88		2.12	%	11,783		72		2.46	%
Savings deposits	2,413		1		0.14	%	2,443		1		0.12	%	2,287		1		0.13	%
Time deposits	5,205		40		3.03	%	6,414		52		3.32	%	6,126		59		3.85	%
Total interest-bearing deposits	35,278		173		1.96	%	36,485		184		2.04	%	28,676		180		2.52	%
Repurchase agreements and federal funds purchased	163		1		1.65	%	187		1		1.86	%	186		1		2.06	%
Borrowings	4,050		39		3.90	%	3,071		30		3.96	%	3,058		35		4.53	%
Junior and other subordinated debentures	431		8		7.07	%	435		7		7.03	%	428		8		8.05	%
Total interest-bearing liabilities	39,922		$	221	2.21	%	40,178		$	222	2.24	%	32,348		$	224	2.78	%
Non-interest-bearing deposits	17,301						17,378						13,123
Other liabilities	814						873						794
Total liabilities	58,037						58,429						46,265
Common equity	7,594						7,786						5,287
Total liabilities and shareholders' equity	$	65,631					$	66,215					$	51,552
NET INTEREST INCOME (2)			$	592					$	596					$	447
NET INTEREST SPREAD (2)					3.19	%					3.20	%					2.84	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.93	%					3.96	%					3.75	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Six Months Ended
	June 30, 2026						June 30, 2025
($ in millions)	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	$	127	$	3	5.62	%	$	63	$	2	6.49	%
Loans and leases (1)	47,565		1,364		5.78	%	37,663		1,115		5.96	%
Taxable securities	10,135		208		4.09	%	7,815		155		3.97	%
Non-taxable securities (2)	1,236		29		4.57	%	808		16		3.91	%
Temporary investments and interest-bearing cash	1,490		27		3.67	%	1,457		32		4.46	%
Total interest-earning assets (1), (2)	60,553		$	1,631	5.42	%	47,806		$	1,320	5.56	%
Goodwill and other intangible assets	2,156						1,487
Other assets	3,213						2,210
Total assets	$	65,922					$	51,503
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	10,892	$	88	1.63	%	$	8,426	$	95	2.27	%
Money market deposits	16,753		175		2.11	%	11,694		141		2.43	%
Savings deposits	2,428		2		0.13	%	2,319		1		0.12	%
Time deposits	5,806		92		3.19	%	6,131		120		3.93	%
Total interest-bearing deposits	35,879		357		2.00	%	28,570		357		2.52	%
Repurchase agreements and federal funds purchased	175		2		1.76	%	201		2		1.94	%
Borrowings	3,563		69		3.93	%	3,048		71		4.67	%
Junior and other subordinated debentures	433		15		7.05	%	433		17		7.99	%
Total interest-bearing liabilities	40,050		$	443	2.23	%	32,252		$	447	2.79	%
Non-interest-bearing deposits	17,339						13,180
Other liabilities	844						819
Total liabilities	58,233						46,251
Common equity	7,689						5,252
Total liabilities and shareholders' equity	$	65,922					$	51,503
NET INTEREST INCOME (2)			$	1,188					$	873
NET INTEREST SPREAD (2)					3.19	%					2.77	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.94	%					3.67	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															%
($ in millions)	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	6		$	5		$	5		$	5		$	5		20	%	20	%
Servicing	5			6			6			5			6			(17)	%	(17)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3)			(3)			(3)			(3)			(3)			—	%	—	%
Changes due to valuation inputs or assumptions	1			6			(1)			—			(2)			(83)	%	nm
MSR hedge (loss) gain	(2)			(2)			—			—			2			—	%	(200)	%
Total	$	7		$	12		$	7		$	7		$	8		(42)	%	(13)	%

Closed loan volume for sale	$	195		$	171		$	176		$	166		$	164		14	%	19	%
Gain on sale margin	3.08		%	2.92		%	2.84		%	3.01		%	2.77		%	0.16		0.31

Residential mortgage servicing rights:
Balance, beginning of period	$	105		$	99		$	101		$	103		$	106		6	%	(1)	%
Additions for new MSR capitalized	2			3			2			1			2			(33)	%	—	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3)			(3)			(3)			(3)			(3)			—	%	—	%
Changes due to valuation inputs or assumptions	1			6			(1)			—			(2)			(83)	%	nm
Balance, end of period	$	105		$	105		$	99		$	101		$	103		—	%	2	%

Residential mortgage loans serviced for others	$	7,734		$	7,812		$	7,755		$	7,797		$	7,852		(1)	%	(2)	%
MSR as % of serviced portfolio	1.36		%	1.34		%	1.28		%	1.30		%	1.31		%	0.02		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 millions)	Jun 30, 2026			Jun 30, 2025			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	11		$	9		22	%
Servicing	11			12			(8)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6)			(6)			0	%
Changes due to valuation inputs or assumptions	7			(3)			nm
MSR hedge (loss) gain	(4)			5			(180)	%
Total	$	19		$	17		12	%

Closed loan volume for sale	$	366		$	300		22	%
Gain on sale margin	3.01		%	2.98		%	0.03

Residential mortgage servicing rights:
Balance, beginning of period	$	99		$	108		(8)	%
Additions for new MSR capitalized	5			4			25	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6)			(6)			0	%
Changes due to valuation inputs or assumptions	7			(3)			nm
Balance, end of period	$	105		$	103		2	%

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 millions, except per-share data)		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	7,552		$	7,664		$	7,840		$	7,790		$	5,342		(1)	%	41	%
Less: Goodwill		1,482			1,482			1,482			1,481			1,029			—	%	44	%
Less: Other intangible assets, net		633			671			712			754			430			(6)	%	47	%
Tangible common shareholders' equity	b	$	5,437		$	5,511		$	5,646		$	5,555		$	3,883		(1)	%	40	%

Total assets	c	$	65,380		$	66,027		$	66,832		$	67,496		$	51,901		(1)	%	26	%
Less: Goodwill		1,482			1,482			1,482			1,481			1,029			—	%	44	%
Less: Other intangible assets, net		633			671			712			754			430			(6)	%	47	%
Tangible assets	d	$	63,265		$	63,874		$	64,638		$	65,261		$	50,442		(1)	%	25	%
Common shares outstanding at period end (in thousands)	e	282,817			289,530			295,422			299,147			210,213			(2)	%	35	%

Total shareholders' equity to total assets ratio	a / c	11.55		%	11.61		%	11.73		%	11.54		%	10.29		%	(0.06)		1.26
Tangible common equity to tangible assets ratio	b / d	8.59		%	8.63		%	8.73		%	8.51		%	7.70		%	(0.04)		0.89
Book value per common share	a / e	$	26.70		$	26.47		$	26.54		$	26.04		$	25.41		1	%	5	%
Tangible book value per common share	b / e	$	19.22		$	19.03		$	19.11		$	18.57		$	18.47		1	%	4	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
(Loss) gain on investment securities, net		$	(1)	$	—	$	2	$	2	$	—	nm		nm
Gain (loss) on swap derivatives		—		—		1		(1)		(1)		nm		nm
(Loss) gain on loans held for investment, at fair value		(1)		(2)		—		4		—		(50)	%	nm
Change in fair value of MSR due to valuation inputs or assumptions		1		6		(1)		—		(2)		(83)	%	nm
MSR hedge (loss) gain		(2)		(2)		—		—		2		—	%	(200)	%
Total non-interest income adjustments	a	$	(3)	$	2	$	2	$	5	$	(1)	(250)	%	200	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	9	$	24	$	39	$	87	$	8	(63)	%	13	%
Exit and disposal costs		—		1		1		—		—		(100)	%	nm
FDIC special assessment		—		—		(5)		(1)		—		nm		nm
Legal settlement and other non-operating expense		—		—		4		—		—		nm		nm
Total non-interest expense adjustments	b	$	9	$	25	$	39	$	86	$	8	(64)	%	13	%

Net interest income	c	$	589	$	594	$	627	$	505	$	446	(1)	%	32	%

Non-interest income (GAAP)	d	$	88	$	83	$	90	$	77	$	65	6	%	35	%
Less: Non-interest income adjustments	a	3		(2)		(2)		(5)		1		nm		200	%
Operating non-interest income (non-GAAP)	e	$	91	$	81	$	88	$	72	$	66	12	%	38	%

Revenue (GAAP)	f=c+d	$	677	$	677	$	717	$	582	$	511	—	%	32	%
Operating revenue (non-GAAP)	g=c+e	$	680	$	675	$	715	$	577	$	512	1	%	33	%

Non-interest expense (GAAP)	h	$	375	$	394	$	412	$	393	$	278	(5)	%	35	%
Less: Non-interest expense adjustments	b	(9)		(25)		(39)		(86)		(8)		(64)	%	13	%
Operating non-interest expense (non-GAAP)	i	$	366	$	369	$	373	$	307	$	270	(1)	%	36	%

Net income (GAAP)	j	$	208	$	192	$	215	$	96	$	152	8	%	37	%
Provision for income taxes		67		63		67		23		51		6	%	31	%
Income before provision for income taxes		275		255		282		119		203		8	%	35	%
Provision for credit losses		27		28		23		70		30		(4)	%	(10)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	302		283		305		189		233		7	%	30	%
Less: Non-interest income adjustments	a	3		(2)		(2)		(5)		1		nm		200	%
Add: Non-interest expense adjustments	b	9		25		39		86		8		(64)	%	13	%
Operating PPNR (non-GAAP)	l	$	314	$	306	$	342	$	270	$	242	3	%	30	%

Net income (GAAP)	j	$	208	$	192	$	215	$	96	$	152	8	%	37	%
Acquisition-related provision expense		—		—		—		70		—		nm		nm
Less: Non-interest income adjustments	a	3		(2)		(2)		(5)		1		nm		200	%
Add: Non-interest expense adjustments	b	9		25		39		86		8		(64)	%	13	%
Tax effect of adjustments		(3)		(6)		(9)		(43)		(1)		(50)	%	200	%
Operating net income (non-GAAP)	m	$	217	$	209	$	243	$	204	$	160	4	%	36	%

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 millions, shares in thousands)		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Average assets	n	$	65,632		$	66,215		$	67,114		$	56,823		$	51,552		(1)	%	27	%
Less: Average goodwill and other intangible assets, net		2,136			2,175			2,217			1,719			1,472			(2)	%	45	%
Average tangible assets	o	$	63,496		$	64,040		$	64,897		$	55,104		$	50,080		(1)	%	27	%

Average common shareholders' equity	p	$	7,594		$	7,786		$	7,814		$	6,157		$	5,287		(2)	%	44	%
Less: Average goodwill and other intangible assets, net		2,136			2,175			2,217			1,719			1,472			(2)	%	45	%
Average tangible common equity	q	$	5,458		$	5,611		$	5,597		$	4,438		$	3,815		(3)	%	43	%

Weighted average basic shares outstanding (in thousands)	r	285,558			290,933			295,376			237,838			209,125			(2)	%	37	%
Weighted average diluted shares outstanding (in thousands)	s	286,472			292,160			296,760			238,925			209,975			(2)	%	36	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	0.73		$	0.66		$	0.72		$	0.40		$	0.73		11	%	—	%
Earnings per share - diluted	j / s	$	0.73		$	0.66		$	0.72		$	0.40		$	0.73		11	%	—	%
Efficiency ratio (1)	h / f	55.15		%	58.03		%	57.30		%	67.29		%	54.29		%	(2.88)		0.86
Non-interest expense to average assets	h / n	2.29		%	2.41		%	2.44		%	2.74		%	2.16		%	(0.12)		0.13
Return on average assets	j / n	1.27		%	1.18		%	1.27		%	0.67		%	1.19		%	0.09		0.08
Return on average tangible assets	j / o	1.31		%	1.22		%	1.31		%	0.69		%	1.22		%	0.09		0.09
PPNR return on average assets	k / n	1.85		%	1.73		%	1.80		%	1.32		%	1.81		%	0.12		0.04
Return on average common equity	j / p	10.99		%	10.00		%	10.92		%	6.19		%	11.56		%	0.99		(0.57)
Return on average tangible common equity	j / q	15.29		%	13.88		%	15.24		%	8.58		%	16.03		%	1.41		(0.74)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	0.76		$	0.72		$	0.82		$	0.86		$	0.77		6	%	(1)	%
Operating earnings per share - diluted	m / s	$	0.76		$	0.72		$	0.82		$	0.85		$	0.76		6	%	—	%
Operating efficiency ratio, as adjusted (1)	u / y	52.92		%	53.68		%	51.39		%	52.32		%	51.79		%	(0.76)		1.13
Operating non-interest expense to average assets	i / n	2.24		%	2.26		%	2.20		%	2.14		%	2.10		%	(0.02)		0.14
Operating return on average assets	m / n	1.33		%	1.28		%	1.44		%	1.42		%	1.25		%	0.05		0.08
Operating return on average tangible assets	m / o	1.37		%	1.32		%	1.49		%	1.47		%	1.28		%	0.05		0.09
Operating PPNR return on average assets	l / n	1.92		%	1.87		%	2.02		%	1.89		%	1.88		%	0.05		0.04
Operating return on average common equity	m / p	11.46		%	10.89		%	12.34		%	13.15		%	12.16		%	0.57		(0.70)
Operating return on average tangible common equity	m / q	15.95		%	15.11		%	17.22		%	18.24		%	16.85		%	0.84		(0.90)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	375		$	394		$	412		$	393		$	278		(5)	%	35	%
Less: Non-interest expense adjustments	b	(9)			(25)			(39)			(86)			(8)			(64)	%	13	%
Operating non-interest expense (non-GAAP)	i	366			369			373			307			270			(1)	%	36	%
Less: B&O taxes	t	(3)			(4)			(3)			(3)			(3)			(25)	%	—	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	363		$	365		$	370		$	304		$	267		(1)	%	36	%

Net interest income (tax equivalent) (1)	v	$	592		$	596		$	629		$	507		$	447		(1)	%	32	%
Non-interest income (GAAP)	d	88			83			90			77			65			6	%	35	%
Add: BOLI tax equivalent adjustment (1)	w	3			3			3			2			2			—	%	50	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	683			682			722			586			514			—	%	33	%
Less: Non-interest income adjustments	a	3			(2)			(2)			(5)			1			nm		200	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	686		$	680		$	720		$	581		$	515		1	%	33	%

Efficiency ratio (1)	h / f	55.15		%	58.03		%	57.30		%	67.29		%	54.29		%	(2.88)		0.86
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	52.92		%	53.68		%	51.39		%	52.32		%	51.79		%	(0.76)		1.13

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 millions)		Jun 30, 2026		Jun 30, 2025		Year over Year
Non-Interest Income Adjustments
(Loss) gain on investment securities, net		$	(1)	$	2	(150)	%
Loss on swap derivatives		—		(2)		nm
(Loss) gain on loans held for investment, at fair value		(3)		7		(143)	%
Change in fair value of MSR due to valuation inputs or assumptions		7		(3)		nm
MSR hedge (loss) gain		(4)		5		(180)	%
Total non-interest income adjustments	a	$	(1)	$	9	(111)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	33	$	23	43	%
Exit and disposal costs		1		1		—	%

Legal settlement and other non-operating expense		—		55		(100)	%
Total non-interest expense adjustments	b	$	34	$	79	(57)	%

Net interest income	c	$	1,183	$	871	36	%

Non-interest income (GAAP)	d	$	171	$	131	31	%
Less: Non-interest income adjustments	a	1		(9)		nm
Operating non-interest income (non-GAAP)	e	$	172	$	122	41	%

Revenue (GAAP)	f=c+d	$	1,354	$	1,002	35	%
Operating revenue (non-GAAP)	g=c+e	$	1,355	$	993	36	%

Non-interest expense (GAAP)	h	$	769	$	618	24	%
Less: Non-interest expense adjustments	b	(34)		(79)		(57)	%
Operating non-interest expense (non-GAAP)	i	$	735	$	539	36	%

Net income (GAAP)	j	$	400	$	239	67	%
Provision for income taxes		130		88		48	%
Income before provision for income taxes		530		327		62	%
Provision for credit losses		55		57		(4)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	585		384		52	%
Less: Non-interest income adjustments	a	1		(9)		nm
Add: Non-interest expense adjustments	b	34		79		(57)	%
Operating PPNR (non-GAAP)	l	$	620	$	454	37	%

Net income (GAAP)	j	$	400	$	239	67	%

Less: Non-interest income adjustments	a	1		(9)		nm
Add: Non-interest expense adjustments	b	34		79		(57)	%
Tax effect of adjustments		(9)		(9)		—	%
Operating net income (non-GAAP)	m	$	426	$	300	42	%
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
($ in millions, shares in thousands)		Jun 30, 2026			Jun 30, 2025			Year over Year
Average assets	n	$	65,922		$	51,503		28	%
Less: Average goodwill and other intangible assets, net		2,156			1,487			45	%
Average tangible assets	o	$	63,766		$	50,016		27	%

Average common shareholders' equity	p	$	7,689		$	5,252		46	%
Less: Average goodwill and other intangible assets, net		2,156			1,487			45	%
Average tangible common equity	q	$	5,533		$	3,765		47	%

Weighted average basic shares outstanding	r	288,130			208,964			38	%
Weighted average diluted shares outstanding	s	289,212			209,965			38	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	1.39		$	1.14		22	%
Earnings per share - diluted	j / s	$	1.38		$	1.14		21	%
Efficiency ratio (1)	h / f	56.59		%	61.54		%	(4.95)
Non-interest expense to average assets	h/n	2.35		%	2.42		%	(0.07)
Return on average assets	j / n	1.22		%	0.94		%	0.28
Return on average tangible assets	j / o	1.26		%	0.96		%	0.30
PPNR return on average assets	k/n	1.79		%	1.50		%	0.29
Return on average common equity	j / p	10.49		%	9.18		%	1.31
Return on average tangible common equity	j / q	14.58		%	12.80		%	1.78

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	1.48		$	1.44		3	%
Operating earnings per share - diluted	m / s	$	1.47		$	1.43		3	%
Operating efficiency ratio, as adjusted (1)	u / y	53.29		%	53.40		%	(0.11)
Operating non-interest expense to average assets	i/n	2.25		%	2.11		%	0.14
Operating return on average assets	m / n	1.30		%	1.17		%	0.13
Operating return on average tangible assets	m / o	1.35		%	1.21		%	0.14
Operating PPNR return on average assets	l / n	1.90		%	1.78		%	0.12
Operating return on average common equity	m / p	11.17		%	11.52		%	(0.35)
Operating return on average tangible common equity	m / q	15.53		%	16.07		%	(0.54)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Six Months Ended						% change
($ in millions)		Jun 30, 2026			Jun 30, 2025			Year over Year
Non-interest expense (GAAP)	h	$	769		$	618		24	%
Less: Non-interest expense adjustments	b	(34)			(79)			(57)	%
Operating non-interest expense (non-GAAP)	i	735			539			36	%
Less: B&O taxes	t	(7)			(6)			17	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	728		$	533		37	%

Net interest income (tax equivalent) (1)	v	$	1,188		$	873		36	%
Non-interest income (GAAP)	d	171			131			31	%
Add: BOLI tax equivalent adjustment (1)	w	6			3			100	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	1,365			1,007			36	%
Less: Non-interest income adjustments	a	1			(9)			nm
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	1,366		$	998		37	%

Efficiency ratio (1)	h /f	56.59		%	61.54		%	(4.95)
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	53.29		%	53.40		%	(0.11)

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


			TABLE INDEX
						Page
			Consolidated Statements of Income			6
			Consolidated Balance Sheets			8
			Financial Highlights			9
			Loan & Lease Portfolio Balances and Mix			11
			Deposit Portfolio Balances and Mix			12
			Credit Quality - Non-performing Assets			13
			Credit Quality - Allowance for Credit Losses			14
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			16
			Residential Mortgage Banking Activity			18
			GAAP to Non-GAAP Reconciliation			20