June 30, 2025 | |||||||||||||||||||||||||||||
| (dollars in thousands) | Columbia Historical | Pacific Premier Historical | Pro Forma Adjustments | Notes | Pro Forma Combined | ||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 608,057 | $ | 166,647 | $ | — | $ | 774,704 | |||||||||||||||||||||
Interest bearing cash and temporary investments | 1,334,113 | 625,743 | (185,000) | A | 1,774,856 | ||||||||||||||||||||||||
| Total cash and cash equivalents | 1,942,170 | 792,390 | (185,000) | 2,549,560 | |||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||
| Equity and other, at fair value | 92,958 | — | — | 92,958 | |||||||||||||||||||||||||
| Available for sale, at fair value | 8,653,172 | 1,581,731 | — | 10,234,903 | |||||||||||||||||||||||||
| Held to maturity, at amortized cost | 2,013 | 1,687,871 | (310,000) | B | 1,379,884 | ||||||||||||||||||||||||
| Loans held for sale, at fair value | 65,590 | 751 | — | 66,341 | |||||||||||||||||||||||||
| Loans and leases | 37,637,013 | 11,902,079 | (472,000) | C | 49,067,092 | ||||||||||||||||||||||||
| Allowance for credit losses on loans and leases | (420,907) | (170,663) | 74,663 | D | (516,907) | ||||||||||||||||||||||||
| Net loans and leases | 37,216,106 | 11,731,416 | (397,337) | 48,550,185 | |||||||||||||||||||||||||
| Restricted equity securities | 161,380 | 97,717 | — | 259,097 | |||||||||||||||||||||||||
| Premises and equipment, net | 356,879 | 45,666 | 12,000 | E | 414,545 | ||||||||||||||||||||||||
| Goodwill | 1,029,234 | 901,312 | (399,133) | F | 1,531,413 | ||||||||||||||||||||||||
| Other intangible assets, net | 430,443 | 27,127 | 386,632 | G | 844,202 | ||||||||||||||||||||||||
| Bank-owned life insurance | 704,919 | 490,770 | — | 1,195,689 | |||||||||||||||||||||||||
| Deferred tax asset, net | 299,043 | 93,450 | 122,617 | H | 515,110 | ||||||||||||||||||||||||
| Other assets | 947,535 | 332,971 | — | 1,280,506 | |||||||||||||||||||||||||
| Total assets | $ | 51,901,442 | $ | 17,783,172 | $ | (770,221) | $ | 68,914,393 | |||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
| Non-interest bearing | $ | 13,219,631 | $ | 4,687,795 | $ | — | $ | 17,907,426 | |||||||||||||||||||||
| Interest bearing | 28,523,026 | 9,809,578 | 7,000 | I | 38,339,604 | ||||||||||||||||||||||||
| Total deposits | 41,742,657 | 14,497,373 | 7,000 | 56,247,030 | |||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 191,435 | — | — | 191,435 | |||||||||||||||||||||||||
| Borrowings | 3,350,000 | — | — | 3,350,000 | |||||||||||||||||||||||||
| Junior subordinated debentures, at fair value | 323,015 | — | — | 323,015 | |||||||||||||||||||||||||
| Junior and other subordinated debentures, at amortized cost | 107,554 | 124,023 | (1,000) | J | 230,577 | ||||||||||||||||||||||||
| Other liabilities | 844,899 | 186,358 | — | 1,031,257 | |||||||||||||||||||||||||
| Total liabilities | 46,559,560 | 14,807,754 | 6,000 | 61,373,314 | |||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Common stock | 5,826,488 | 2,401,498 | 8,126 | K | 8,236,112 | ||||||||||||||||||||||||
| (Accumulated deficit) retained earnings | (150,822) | 639,189 | (820,249) | L | (331,882) | ||||||||||||||||||||||||
| Accumulated other comprehensive (loss) income | (333,784) | (65,269) | 65,269 | M | (333,784) | ||||||||||||||||||||||||
| Total shareholders' equity | 5,341,882 | 2,975,418 | (746,854) | 7,570,446 | |||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 51,901,442 | $ | 17,783,172 | $ | (740,854) | $ | 68,943,760 | |||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Columbia Historical | Pacific Premier Historical | Reclassification Adjustments (Note 3) | Notes | Pacific Premier As Adjusted | Pro Forma Adjustments | Notes | Pro Forma Combined | |||||||||||||||||||||||||||||||||||||||
| INTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest and fees on loans and leases | $ | 1,116,905 | $ | 298,949 | $ | — | $ | 298,949 | $ | 83,028 | N | $ | 1,498,882 | ||||||||||||||||||||||||||||||||||
| Interest and dividends on investment securities | 168,816 | 77,567 | (15,929) | 1 | 61,638 | 23,961 | O | 254,415 | |||||||||||||||||||||||||||||||||||||||
| Interest on temporary investments and interest bearing deposits | 32,211 | — | 15,929 | 1 | 15,929 | — | 48,140 | ||||||||||||||||||||||||||||||||||||||||
| Total interest income | 1,317,932 | 376,516 | — | 376,516 | 106,989 | 1,801,437 | |||||||||||||||||||||||||||||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest on deposits | 356,788 | 117,949 | — | 117,949 | — | 474,737 | |||||||||||||||||||||||||||||||||||||||||
| Interest on securities sold under agreement to repurchase and federal funds purchased | 1,929 | — | — | — | — | 1,929 | |||||||||||||||||||||||||||||||||||||||||
| Interest on borrowings | 70,616 | 4 | — | 4 | — | 70,620 | |||||||||||||||||||||||||||||||||||||||||
| Interest on junior and other subordinated debentures | 17,158 | 8,441 | — | 8,441 | 125 | Q | 25,724 | ||||||||||||||||||||||||||||||||||||||||
| Total interest expense | 446,491 | 126,394 | — | 126,394 | 125 | 573,010 | |||||||||||||||||||||||||||||||||||||||||
| Net interest income | 871,441 | 250,122 | — | 250,122 | 106,864 | 1,228,427 | |||||||||||||||||||||||||||||||||||||||||
| PROVISION (RECAPTURE) FOR CREDIT LOSSES | 56,852 | (5,796) | — | (5,796) | — | 51,056 | |||||||||||||||||||||||||||||||||||||||||
| Net interest income after provision (recapture) for credit losses | 814,589 | 255,918 | — | 255,918 | 106,864 | 1,177,371 | |||||||||||||||||||||||||||||||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
| Service charges on deposits | 38,970 | 5,207 | — | 5,207 | — | 44,177 | |||||||||||||||||||||||||||||||||||||||||
| Card-based fees | 27,130 | 1,769 | — | 1,769 | — | 28,899 | |||||||||||||||||||||||||||||||||||||||||
| Financial services and trust revenue | 11,029 | 19,122 | — | 19,122 | — | 30,151 | |||||||||||||||||||||||||||||||||||||||||
| Residential mortgage banking revenue, net | 16,677 | — | — | — | — | 16,677 | |||||||||||||||||||||||||||||||||||||||||
| Other income | 37,033 | 12,932 | — | 12,932 | — | 49,965 | |||||||||||||||||||||||||||||||||||||||||
| Total non-interest income | 130,839 | 39,030 | — | 39,030 | — | 169,869 | |||||||||||||||||||||||||||||||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 300,122 | 106,080 | 2,357 | 2 | 108,437 | — | 408,559 | ||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 95,348 | 18,187 | 15,521 | 2 | 33,708 | — | 129,056 | ||||||||||||||||||||||||||||||||||||||||
| Intangible amortization | 53,805 | 5,067 | — | 5,067 | 28,786 | S | 87,658 | ||||||||||||||||||||||||||||||||||||||||
| Legal settlement | 55,000 | — | — | — | — | 55,000 | |||||||||||||||||||||||||||||||||||||||||
| Other expenses | 113,842 | 75,334 | (17,878) | 2 | 57,456 | — | 171,298 | ||||||||||||||||||||||||||||||||||||||||
| Total non-interest expense | 618,117 | 204,668 | — | 204,668 | 28,786 | 851,571 | |||||||||||||||||||||||||||||||||||||||||
| Income before provision for income taxes | 327,311 | 90,280 | — | 90,280 | 78,078 | 495,669 | |||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 88,279 | 22,198 | — | 22,198 | 20,691 | U | 131,168 | ||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 239,032 | $ | 68,082 | $ | — | $ | 68,082 | $ | 57,387 | $ | 364,501 | |||||||||||||||||||||||||||||||||||
| Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $1.14 | $0.70 | $1.22 | ||||||||||||||||||||||||||||||||||||||||||||
| Diluted | $1.14 | $0.70 | $1.22 | ||||||||||||||||||||||||||||||||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 208,964 | 94,932 | (6,016) | V | 297,880 | ||||||||||||||||||||||||||||||||||||||||||
| Diluted | 209,965 | 94,968 | (6,052) | W | 298,881 | ||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Columbia Historical | Pacific Premier Historical | Reclassification Adjustments (Note 3) | Notes | Pacific Premier As Adjusted | Pro Forma Adjustments | Notes | Pro Forma Combined | |||||||||||||||||||||||||||||||||||||||
| INTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest and fees on loans and leases | $ | 2,320,364 | $ | 655,206 | $ | — | $ | 655,206 | $ | 208,155 | N | $ | 3,183,725 | ||||||||||||||||||||||||||||||||||
| Interest and dividends on investment securities | 344,649 | 167,362 | (52,650) | 1 | 114,712 | 50,467 | O | 509,828 | |||||||||||||||||||||||||||||||||||||||
| Interest on temporary investments and interest bearing deposits | 90,227 | — | 52,650 | 1 | 52,650 | — | 142,877 | ||||||||||||||||||||||||||||||||||||||||
| Total interest income | 2,755,240 | 822,568 | — | 822,568 | 258,622 | 3,836,430 | |||||||||||||||||||||||||||||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest on deposits | 802,806 | 257,988 | — | 257,988 | (7,000) | P | 1,053,794 | ||||||||||||||||||||||||||||||||||||||||
| Interest on securities sold under agreement to repurchase and federal funds purchased | 4,873 | — | — | — | — | 4,873 | |||||||||||||||||||||||||||||||||||||||||
| Interest on borrowings | 190,241 | 8,083 | — | 8,083 | — | 198,324 | |||||||||||||||||||||||||||||||||||||||||
| Interest on junior and other subordinated debentures | 38,918 | 19,546 | — | 19,546 | 250 | Q | 58,714 | ||||||||||||||||||||||||||||||||||||||||
| Total interest expense | 1,036,838 | 285,617 | — | 285,617 | (6,750) | 1,315,705 | |||||||||||||||||||||||||||||||||||||||||
| Net interest income | 1,718,402 | 536,951 | — | 536,951 | 265,372 | 2,520,725 | |||||||||||||||||||||||||||||||||||||||||
| PROVISION FOR CREDIT LOSSES | 105,924 | 4,789 | — | 4,789 | 48,000 | R | 158,713 | ||||||||||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 1,612,478 | 532,162 | — | 532,162 | 217,372 | 2,362,012 | |||||||||||||||||||||||||||||||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
| Service charges on deposits | 71,517 | 10,875 | — | 10,875 | — | 82,392 | |||||||||||||||||||||||||||||||||||||||||
| Card-based fees | 57,089 | 3,452 | — | 3,452 | — | 60,541 | |||||||||||||||||||||||||||||||||||||||||
| Financial services and trust revenue | 20,208 | 37,119 | — | 37,119 | — | 57,327 | |||||||||||||||||||||||||||||||||||||||||
| Residential mortgage banking revenue, net | 24,108 | — | — | — | — | 24,108 | |||||||||||||||||||||||||||||||||||||||||
| Other income | 38,044 | 31,392 | — | 31,392 | — | 69,436 | |||||||||||||||||||||||||||||||||||||||||
| Total non-interest income | 210,966 | 82,838 | — | 82,838 | — | 293,804 | |||||||||||||||||||||||||||||||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 588,830 | 211,057 | 4,960 | 2 | 216,017 | — | 804,847 | ||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 182,372 | 42,380 | 29,669 | 2 | 72,049 | — | 254,421 | ||||||||||||||||||||||||||||||||||||||||
| Intangible amortization | 119,431 | 11,091 | — | 11,091 | 64,138 | S | 194,660 | ||||||||||||||||||||||||||||||||||||||||
| Other expenses | 214,061 | 138,003 | (34,629) | 2 | 103,374 | 185,000 | T | 502,435 | |||||||||||||||||||||||||||||||||||||||
| Total non-interest expense | 1,104,694 | 402,531 | — | 402,531 | 249,138 | 1,756,363 | |||||||||||||||||||||||||||||||||||||||||
| Income before provision for income taxes | 718,750 | 212,469 | — | 212,469 | (31,766) | 899,453 | |||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 185,075 | 53,667 | — | 53,667 | (8,418) | U | 230,324 | ||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 533,675 | $ | 158,802 | $ | — | $ | 158,802 | $ | (23,348) | $ | 669,129 | |||||||||||||||||||||||||||||||||||
| Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $2.56 | $1.65 | $2.25 | ||||||||||||||||||||||||||||||||||||||||||||
| Diluted | $2.55 | $1.65 | $2.24 | ||||||||||||||||||||||||||||||||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 208,463 | 94,579 | (5,663) | V | 297,379 | ||||||||||||||||||||||||||||||||||||||||||
| Diluted | 209,337 | 94,683 | (5,767) | W | 298,253 | ||||||||||||||||||||||||||||||||||||||||||
| (dollars and shares in thousands) | ||||||||
| Share consideration: | Amount | |||||||
| Shares of Pacific Premier common stock outstanding as of August 29, 2025 | 97,126 | |||||||
| Shares of Pacific Premier restricted stock units and dividend equivalents outstanding as of August 29, 2025 | 49 | |||||||
| Total Pacific Premier shares outstanding plus restricted stock units | 97,175 | |||||||
| Exchange ratio | 0.9150 | |||||||
| Number of shares of Columbia common stock to be issued to Pacific Premier shareholders | 88,915 | |||||||
| Columbia’s market price per common share as of August 29, 2025 | $ | 26.77 | ||||||
| Preliminary fair value of estimated merger consideration transferred | $ | 2,380,257 | ||||||
| (in thousands) | June 30, 2025 | |||||||||||||
| Fair value consideration paid to Pacific Premier shareholders | ||||||||||||||
| Cash paid | $ | — | ||||||||||||
| Fair value of common shares issued and exchanged | 2,380,257 | |||||||||||||
| Preliminary fair value of estimated merger consideration transferred | $ | 2,380,257 | ||||||||||||
| Fair value of assets acquired: | ||||||||||||||
| Cash and due from banks | $ | 792,390 | ||||||||||||
| Available for sale | 1,581,731 | |||||||||||||
| Held to maturity | 1,377,871 | |||||||||||||
| Loans and leases | 11,382,079 | |||||||||||||
| Restricted equity securities | 97,717 | |||||||||||||
| Premises and equipment | 57,666 | |||||||||||||
| Other intangible assets | 413,759 | |||||||||||||
| Bank-owned life insurance | 490,770 | |||||||||||||
| Deferred tax asset, net | 164,127 | |||||||||||||
| Other assets | 332,971 | |||||||||||||
| Total assets acquired | $ | 16,691,832 | ||||||||||||
| Fair value of liabilities assumed: | ||||||||||||||
| Deposits | $ | 14,504,373 | ||||||||||||
| Junior and other subordinated debentures | 123,023 | |||||||||||||
| Other liabilities | 186,358 | |||||||||||||
| Total liabilities assumed | $ | 14,813,754 | ||||||||||||
| Net assets acquired | $ | 1,878,078 | ||||||||||||
| Preliminary pro forma goodwill | $ | 502,179 | ||||||||||||
Income Statement (dollars in thousands) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
| 1 | Adjustment to interest income | |||||||||||||||||||
| Interest and dividends on investment securities | $ | (15,929) | $ | (52,650) | ||||||||||||||||
| Interest on temporary investments and interest bearing deposits | 15,929 | 52,650 | ||||||||||||||||||
| Reclassified Pacific Premier's interest on temporary investments and interest-bearing deposits to interest and dividends on investment securities to align with Columbia's financial presentation. | ||||||||||||||||||||
| 2 | Adjustments to non-interest expense line items | |||||||||||||||||||
| Salaries and employee benefits | $ | 2,357 | $ | 4,960 | ||||||||||||||||
| Occupancy and equipment, net | 15,521 | 29,669 | ||||||||||||||||||
| Other expenses | (17,878) | (34,629) | ||||||||||||||||||
| Reclassified benefit related expenses and software-related costs from other expenses to salaries and employee benefits, and occupancy and equipment, net, respectively, to align with Columbia's financial presentation. | ||||||||||||||||||||
Balance Sheet (dollars in thousands) | June 30, 2025 | |||||||||||||
| A | Adjustment to cash and cash equivalents | |||||||||||||
| To reflect cash paid for merger-related expenses. | $ | (185,000) | ||||||||||||
| Merger-related expenses of $115 million are expected to be incurred for change in control agreements, retention, investment banker fees, legal fees and accounting fees. Additionally, other accounting and audit related costs, contract and lease terminations, marketing, and other expenses in connection with the merger, of $70 million are reflected in the unaudited pro forma combined condensed balance sheet. | ||||||||||||||
| B | Adjustment to investment securities, held to maturity | |||||||||||||
| To reflect estimated fair value of acquired investment securities. | $ | (310,000) | ||||||||||||
Balance Sheet (dollars in thousands) | June 30, 2025 | |||||||||||||
| C | Adjustments to loans and leases | |||||||||||||
| To reverse existing fair value mark on Pacific Premier acquired loans. | $ | 25,000 | ||||||||||||
| To reflect estimated fair value related to current interest rates and liquidity on acquired loans and leases. | (449,000) | |||||||||||||
| To reflect estimated lifetime credit losses on acquired loans and leases. | (96,000) | |||||||||||||
| Net fair value pro forma adjustments | (520,000) | |||||||||||||
| Gross up of purchase credit deteriorated ("PCD") loans and leases for credit mark. | 48,000 | |||||||||||||
| $ | (472,000) | |||||||||||||
| D | Adjustments to allowance for credit losses on loans and leases | |||||||||||||
| To eliminate Pacific Premier allowance for credit losses on loans and leases at closing date as the credit risk is contemplated in the fair value adjustments. | $ | 170,663 | ||||||||||||
| To reflect estimated lifetime credit losses on acquired PCD loans and leases. | (48,000) | |||||||||||||
| To reflect estimated lifetime credit losses on acquired non-PCD loans and leases. | (48,000) | |||||||||||||
| $ | 74,663 | |||||||||||||
| E | Adjustment to premises and equipment, net | |||||||||||||
| To reflect estimated fair value of acquired premises and equipment. | $ | 12,000 | ||||||||||||
| F | Adjustments to goodwill | |||||||||||||
| To eliminate Pacific Premier goodwill at closing date. | $ | (901,312) | ||||||||||||
| To record the goodwill associated with the mergers. See Note 2. | 502,179 | |||||||||||||
| $ | (399,133) | |||||||||||||
| G | Adjustments to other intangible assets, net | |||||||||||||
| To eliminate Pacific Premier other intangible assets, net. | $ | (27,127) | ||||||||||||
| To record the estimated fair value of acquired identifiable core deposit intangible assets, calculated as 3.3% of Pacific Premier core deposits. | 413,759 | |||||||||||||
| $ | 386,632 | |||||||||||||
| H | Adjustments to deferred tax asset, net | |||||||||||||
| To reflect deferred tax asset created in the mergers, which is calculated as follows: | ||||||||||||||
| Adjustment to investment securities, held to maturity | (310,000) | |||||||||||||
| Adjustments to loans and leases, net | (349,337) | |||||||||||||
| Adjustment to premises and equipment, net | 12,000 | |||||||||||||
| Adjustments to other intangible assets, net | 386,632 | |||||||||||||
| Adjustment to deposits | (7,000) | |||||||||||||
| Adjustment to junior and other subordinated debentures, at amortized cost | 1,000 | |||||||||||||
| Subtotal for fair value adjustments | (266,705) | |||||||||||||
| Calculated deferred tax asset at estimated combined statutory federal and state income tax rate of 26.5% | 70,677 | |||||||||||||
| To reflect deferred tax asset created on provision for credit losses on Pacific Premier's non-PCD loans. | 12,720 | |||||||||||||
| To reflect change in taxes receivable due to deductible portion of merger expenses. | 39,220 | |||||||||||||
| $ | 122,617 | |||||||||||||
| I | Adjustment to deposits | |||||||||||||
| To reflect estimated fair value based on current market rates for similar products. | $ | 7,000 | ||||||||||||
Balance Sheet (dollars in thousands) | June 30, 2025 | |||||||||||||
| J | Adjustment to junior and other subordinated debentures, at amortized cost | |||||||||||||
| To reflect estimated fair value at closing date based on current market rates and spreads for similar subordinated debentures. | $ | (1,000) | ||||||||||||
| K | Adjustments to common stock | |||||||||||||
| To eliminate historical Pacific Premier common stock. | $ | (2,401,498) | ||||||||||||
| To reflect the closing-date fair value of the consideration transferred by Columbia for its interest in Pacific Premier. See Note 2. | 2,409,624 | |||||||||||||
| $ | 8,126 | |||||||||||||
| L | Adjustments to accumulated deficit/retained earnings | |||||||||||||
| To eliminate historical Pacific Premier retained earnings. | $ | (639,189) | ||||||||||||
| To adjust for estimated lifetime credit losses on acquired non-PCD loans and leases on an after tax basis. | (35,280) | |||||||||||||
| To adjust for after tax merger expenses. | (145,780) | |||||||||||||
| $ | (820,249) | |||||||||||||
| M | Adjustment to accumulated other comprehensive income | |||||||||||||
| To eliminate historical Pacific Premier accumulated other comprehensive income. | $ | 65,269 | ||||||||||||
Income Statement (dollars and shares in thousands) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||
| N | Adjustment to interest and fees on loans and leases | |||||||||||||||||||
| To reflect accretion of loan rate premium and non-PCD credit discount resulting from loans and leases fair value using sum of years digits method to approximate effective yield method over the estimated lives of the acquired loan portfolio, which is approximately 4.2 years. | $ | 83,028 | $ | 208,155 | ||||||||||||||||
| O | Adjustment to interest and dividends on investment securities | |||||||||||||||||||
| To reflect estimated accretion of the discount on acquired investment securities fair value using sum of years digits method to approximate effective yield method over the estimated lives of the acquired investment securities portfolios, which is approximately 15.4 years. | $ | 23,961 | $ | 50,467 | ||||||||||||||||
| P | Adjustment to interest on deposits | |||||||||||||||||||
| To reflect amortization of deposit discount resulting from deposit fair value based on weighted average life of time deposits being approximately one year. | $ | — | $ | (7,000) | ||||||||||||||||
| Q | Adjustment to interest on junior and other subordinated debentures | |||||||||||||||||||
| To reflect accretion of subordinated debenture premium resulting from subordinated debenture fair value based on the life of subordinated debenture of approximately four years. | $ | 125 | $ | 250 | ||||||||||||||||
| R | Adjustment to provision for credit losses | |||||||||||||||||||
| To record provision for credit losses on Pacific Premier's non-purchase credit deteriorated loans. | $ | — | $ | 48,000 | ||||||||||||||||
Income Statement (dollars and shares in thousands) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||
| S | Adjustments to intangible amortization | |||||||||||||||||||
| To remove Pacific Premier intangible assets amortization | $ | (5,067) | $ | (11,091) | ||||||||||||||||
| To reflect amortization of acquired intangible assets fair value based on amortization period of 10 years and using the sum-of-the-years-digits method of amortization. | 33,853 | 75,229 | ||||||||||||||||||
| $ | 28,786 | $ | 64,138 | |||||||||||||||||
| T | Adjustment to other expenses | |||||||||||||||||||
| To reflect the pre-tax nonrecurring merger-related costs expected to be incurred as a result of the acquisition and assuming such costs are incurred after closing of the acquisition. | $ | — | $ | 185,000 | ||||||||||||||||
| U | Adjustment to income tax provision | |||||||||||||||||||
| To reflect the income tax effect of pro forma adjustments at the estimated combined statutory federal and state income tax rate of 26.5%. | $ | 20,691 | $ | (8,418) | ||||||||||||||||
| V | Adjustments to weighted average number of common shares outstanding - Basic | |||||||||||||||||||
| To reflect acquisition of Pacific Premier basic common shares. | (94,932) | (94,579) | ||||||||||||||||||
| To reflect the par value of 88,916 shares of Columbia common stock to be issued in the mergers. | 88,916 | 88,916 | ||||||||||||||||||
| (6,016) | (5,663) | |||||||||||||||||||
| W | Adjustments to weighted average number of common shares outstanding - Diluted | |||||||||||||||||||
| To reflect acquisition of Pacific Premier diluted common shares. | (94,968) | (94,683) | ||||||||||||||||||
| To reflect issuance of 88,916 shares of Columbia common stock in connection with the mergers. See Note 2. | 88,916 | 88,916 | ||||||||||||||||||
| (6,052) | (5,767) | |||||||||||||||||||