Document


CEO Commentary
“Our third quarter performance reflects meaningful progress and growing momentum,” said Clint Stein, President and CEO. “We closed our strategic acquisition of Pacific Premier, which completes our Western footprint and enhances our ability to generate top-quartile returns. While reported results were impacted by acquisition-related items, core profitability remained strong. Customer deposit growth supported balance sheet optimization, as we organically reduced transactional loans and non-core funding. Underscoring confidence in our strategy and an outlook for continued excess capital generation, our Board of Directors authorized a $700 million share repurchase program. As we integrate new capabilities and deepen both new and existing customer relationships, we remain focused on delivering consistent, repeatable performance while positioning the company for sustainable, relationship-driven growth and capital return to our shareholders."
–Clint Stein, President and CEO of Columbia Banking System, Inc.


3Q25 HIGHLIGHTS (COMPARED TO 2Q25)

Net Interest Income and NIM			•Net interest income increased by $59 million from the prior quarter, due to one month operating as a combined company and a favorable shift into lower-cost funding sources.
			•Net interest margin was 3.84%, up 9 basis points from the prior quarter, due to an increase in customer deposits and corresponding reduction in higher-cost funding sources. The net interest margin was also impacted by one month operating as a combined company in the current period.

Non-Interest Income and Expense			•Non-interest income increased by $12 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $6 million, due to one month operating as a combined company.
			•Non-interest expense increased by $115 million, primarily due to merger and restructuring expense of $87 million and one month operating as a combined company.

Credit Quality			•Net charge-offs were 0.22% of average loans and leases (annualized), compared to 0.31% in the prior quarter.
			•Provision expense was $70 million and driven by the acquisition of Pacific Premier.
			•Non-performing assets to total assets was 0.29%, compared to 0.35% as of June 30, 2025.

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 $0.36 per common share on August 15, 2025, which was paid September 15, 2025.

Notable Items			•Our third small business and retail campaign of 2026 is ongoing. Through mid-October, these campaigns have brought approximately $1.1 billion in new deposits to the bank.
			•Our Board of Directors authorized the repurchase of up to $700 million of common stock under a new repurchase plan.


3Q25 KEY FINANCIAL DATA

PERFORMANCE METRICS	3Q25		2Q25		3Q24
Return on average assets	0.67%		1.19%		1.12%
Return on average common equity	6.19%		11.56%		11.36%
Return on average tangible common equity 1	8.58%		16.03%		16.34%
Operating return on average assets 1	1.42%		1.25%		1.10%
Operating return on average common equity 1	13.15%		12.16%		11.15%
Operating return on average tangible common equity 1	18.24%		16.85%		16.04%
Net interest margin	3.84%		3.75%		3.56%
Efficiency ratio	67.29%		54.29%		54.56%
Operating efficiency ratio, as adjusted 1	52.32%		51.79%		53.89%

INCOME STATEMENT ($ in millions, excl. per share data)	3Q25		2Q25		3Q24
Net interest income	$505		$446		$430
Provision for credit losses	$70		$30		$29
Non-interest income	$77		$65		$66
Non-interest expense	$393		$278		$271
Pre-provision net revenue 1	$189		$233		$225
Operating pre-provision net revenue 1	$270		$242		$221
Earnings per common share - diluted	$0.40		$0.73		$0.70
Operating earnings per common share - diluted 1	$0.85		$0.76		$0.69
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	3Q25		2Q25		3Q24
Total assets	$67.5	B	$51.9	B	$51.9	B
Loans and leases	$48.5	B	$37.6	B	$37.5	B
Deposits	$55.8	B	$41.7	B	$41.5	B
Book value per common share	$26.04		$25.41		$25.17
Tangible book value per common share 1	$18.57		$18.47		$17.81

Columbia’s Board of Directors has authorized the repurchase of up to $700 million of common stock under a new repurchase plan. COLB common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans. The timing and exact amount of common share repurchases will be at the discretion of senior management and subject to various factors, including, without limitation, Columbia’s capital position, financial performance, market conditions, and regulatory considerations. The repurchase program does not obligate Columbia to purchase any particular number of shares. The authorization will expire on November 30, 2026, but may be suspended, terminated or modified by the Board at any time.

The cost of interest-bearing deposits decreased 9 basis points from the prior quarter to 2.43% for the third quarter of 2025, compared to 2.29% for the month of September and 2.20% as of September 30, 2025, reflecting our proactive management of deposit rates ahead of and following the 25-basis point reduction in the federal funds rate in mid-September and a reduction in higher-cost brokered deposits during the month. The cost of interest-bearing deposits in September also benefited from the amortization of a premium related to Pacific Premier's time deposits, which will continue through December 31, 2025 at an equivalent monthly amount. The amortization contributed $4 million to net interest income during September, and favorably impacted deposit rates. Excluding this impact, the cost of interest-bearing deposits was 2.41% for the month of September and 2.32% as of September 30, 2025.

Total consolidated assets were $67.5 billion as of September 30, 2025, up from $51.9 billion as of June 30, 2025, due to the addition of Pacific Premier, partially offset by balance sheet optimization activity in the quarter. Cash and cash equivalents were $2.3 billion as of September 30, 2025, up from $1.9 billion as of June 30, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $26.7 billion as of September 30, 2025, representing 40% of total assets, 48% of total deposits, and 130% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.0 billion as of September 30, 2025, an increase of $2.4 billion relative to June 30, 2025, as securities acquired from Pacific Premier and an increase in the fair value of the portfolio was partially offset by net sales during the quarter. Please refer to the Q3 2025 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $48.5 billion as of September 30, 2025, an increase of $10.8 billion relative to June 30, 2025, due to the addition of Pacific Premier, partially offset by run-off in commercial development and transactional loans, as well as the transfer of $282 million in residential real estate loans to the held-for-sale portfolio. Excluding these factors, the loan portfolio was essentially unchanged between June 30, 2025 and September 30, 2025. "Our teams continue to focus on new client acquisition and relationship-building, contributing to the 19% increase in new loan originations for the current quarter compared to the prior quarter," commented Chris Merrywell, President of Columbia Bank. "We continue to prioritize balance sheet optimization and profitability, as we reduce our exposure to non-relationship loans." Please refer to the Q3 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 transactional loans.

Total deposits were $55.8 billion as of September 30, 2025, an increase of $14.0 billion relative to June 30, 2025, due to the addition of Pacific Premier and organic growth in customer deposits, partially offset by lower brokered deposits. "Customer deposit growth approached $800 million organically during the quarter, reflecting new customer activity and a seasonal lift in balances," stated Mr. Merrywell. "Our focus on relationship banking directly contributed to new deposit generation in the quarter, which reduced our reliance on wholesale funding sources." Brokered deposits and borrowings were $4.8 billion as of September 30, 2025, a decrease of $1.9 billion relative to June 30, 2025. Please refer to the Q3 2025 Earnings Presentation for additional details related to deposit characteristics and flows.

The allowance for credit losses ("ACL") was $492 million, or 1.01% of loans and leases, as of September 30, 2025, compared to $439 million, or 1.17% as of June 30, 2025. The $53 million increase in the ACL includes the addition of $5 million related to Pacific Premier purchased credit deteriorated ("PCD") loans, which was booked at acquisition closing and did not affect the income statement. The provision for credit losses was $70 million for the third quarter of 2025 and includes an initial provision for acquired non-PCD loans and unfunded commitments and a recalibration of our models to incorporate historical Pacific Premier data into our ACL assumptions, where applicable. Excluding these items, our provision expense was $0 for the third quarter of 20252.

Columbia's book value per common share was $26.04 as of September 30, 2025, compared to $25.41 as of June 30, 2025. The increase reflects common shares issued and exchanged as a result of the acquisition, net capital generation from operations, and a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(268) million as of September 30, 2025, compared to $(333) million as of the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on available-for-sale securities to $240 million as of September 30, 2025, compared to $311 million as of June 30, 2025. Tangible book value per common share3 was $18.57 as of September 30, 2025, compared to $18.47 as of June 30, 2025. The items discussed above offset 1.7% tangible book value dilution as a result of the Pacific Premier acquisition, resulting in net tangible book value expansion during the quarter.

Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia 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. 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, 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 acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management’s attention from ongoing business operations and opportunities, (ii) 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, (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction, and (iv) shareholder litigation that could 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 millions, shares in thousands)	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	619	$	564	$	553	$	572	$	589	10	%	5	%
Interest and dividends on investments:
Taxable	89		80		69		75		76		11	%	17	%
Exempt from federal income tax	8		7		7		7		7		14	%	14	%
Dividends	4		3		3		3		2		33	%	100	%
Temporary investments and interest bearing deposits	20		16		16		19		25		25	%	(20)	%
Total interest income	740		670		648		676		699		10	%	6	%
Interest expense:
Deposits	195		180		177		189		208		8	%	(6)	%
Securities sold under agreement to repurchase and federal funds purchased	1		1		1		1		1		—	%	—	%
Borrowings	30		35		36		40		50		(14)	%	(40)	%
Junior and other subordinated debentures	9		8		9		9		10		13	%	(10)	%
Total interest expense	235		224		223		239		269		5	%	(13)	%
Net interest income	505		446		425		437		430		13	%	17	%
Provision for credit losses	70		30		27		28		29		133	%	141	%
Non-interest income:
Service charges on deposits	21		20		19		18		18		5	%	17	%
Card-based fees	15		14		13		15		15		7	%	—	%
Financial services and trust revenue	9		6		5		5		5		50	%	80	%
Residential mortgage banking revenue, net	7		8		9		7		7		(13)	%	—	%
Gain (loss) on investment securities, net	2		—		2		(1)		2		nm		—	%
Loss on loan and lease sales, net	—		—		—		(2)		—		nm		nm
Gain (loss) on loans held for investment, at fair value	4		—		7		(7)		9		nm		(56)	%
BOLI income	6		5		5		5		5		20	%	20	%
Other income	13		12		6		10		5		8	%	160	%
Total non-interest income	77		65		66		50		66		18	%	17	%
Non-interest expense:
Salaries and employee benefits	171		155		145		142		147		10	%	16	%
Occupancy and equipment, net	54		47		48		47		45		15	%	20	%
Intangible amortization	31		26		28		29		29		19	%	7	%
FDIC assessments	8		8		8		8		9		—	%	(11)	%
Merger and restructuring expense	87		8		14		2		2		nm		nm
Legal settlement	—		—		55		—		—		nm		nm
Other expenses	42		34		42		39		39		24	%	8	%
Total non-interest expense	393		278		340		267		271		41	%	45	%
Income before provision for income taxes	119		203		124		192		196		(41)	%	(39)	%
Provision for income taxes	23		51		37		49		50		(55)	%	(54)	%
Net income	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%

Weighted average basic shares outstanding (in thousands)	237,838		209,125		208,800		208,548		208,545		14	%	14	%
Weighted average diluted shares outstanding (in thousands)	238,925		209,975		210,023		209,889		209,454		14	%	14	%
Earnings per common share – basic	$	0.40	$	0.73	$	0.41	$	0.69	$	0.70	(45)	%	(43)	%
Earnings per common share – diluted	$	0.40	$	0.73	$	0.41	$	0.68	$	0.70	(45)	%	(43)	%

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Nine Months Ended				% Change
($ in millions, shares in thousands)	Sep 30, 2025		Sep 30, 2024		Year over Year
Interest income:
Loans and leases	$	1,736	$	1,748	(1)	%
Interest and dividends on investments:
Taxable	238		230		3	%
Exempt from federal income tax	22		21		5	%
Dividends	10		9		11	%
Temporary investments and interest bearing deposits	52		71		(27)	%
Total interest income	2,058		2,079		(1)	%
Interest expense:
Deposits	552		614		(10)	%
Securities sold under agreement to repurchase and federal funds purchased	3		4		(25)	%
Borrowings	101		150		(33)	%
Junior and other subordinated debentures	26		30		(13)	%
Total interest expense	682		798		(15)	%
Net interest income	1,376		1,281		7	%
Provision for credit losses	127		78		63	%
Non-interest income:
Service charges on deposits	60		53		13	%
Card-based fees	42		42		—	%
Financial services and trust revenue	20		15		33	%
Residential mortgage banking revenue, net	24		17		41	%
Gain on investment securities, net	4		1		300	%
Loss on loan and lease sales, net	—		(1)		nm
Gain (loss) on loans held for investment, at fair value	11		(3)		nm
BOLI income	16		14		14	%
Other income	31		23		35	%
Total non-interest income	208		161		29	%
Non-interest expense:
Salaries and employee benefits	471		447		5	%
Occupancy and equipment, net	149		135		10	%
Intangible amortization	85		90		(6)	%
FDIC assessments	24		33		(27)	%
Merger and restructuring expense	109		21		419	%
Legal settlement	55		—		nm
Other expenses	118		112		5	%
Total non-interest expense	1,011		838		21	%
Income before provision for income taxes	446		526		(15)	%
Provision for income taxes	111		136		(18)	%
Net income	$	335	$	390	(14)	%

Weighted average basic shares outstanding (in thousands)	218,694		208,435		5	%
Weighted average diluted shares outstanding (in thousands)	219,712		209,137		5	%
Earnings per common share – basic	$	1.53	$	1.87	(18)	%
Earnings per common share – diluted	$	1.53	$	1.87	(18)	%

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)	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	535	$	608	$	591	$	497	$	591	(12)	%	(9)	%
Interest-bearing cash and temporary investments	1,808		1,334		1,481		1,382		1,520		36	%	19	%
Investment securities:
Equity and other, at fair value	112		93		92		78		80		20	%	40	%
Available for sale, at fair value	11,013		8,653		8,229		8,275		8,677		27	%	27	%
Held to maturity, at amortized cost	18		2		2		2		2		nm		nm
Loans held for sale	340		66		65		72		67		415	%	407	%
Loans and leases	48,462		37,637		37,616		37,681		37,503		29	%	29	%
Allowance for credit losses on loans and leases	(473)		(421)		(421)		(425)		(420)		12	%	13	%
Net loans and leases	47,989		37,216		37,195		37,256		37,083		29	%	29	%
Restricted equity securities	119		161		125		150		116		(26)	%	3	%
Premises and equipment, net	416		357		345		349		338		17	%	23	%
Operating lease right-of-use assets	156		110		107		111		106		42	%	47	%
Goodwill	1,481		1,029		1,029		1,029		1,029		44	%	44	%
Other intangible assets, net	754		430		456		484		513		75	%	47	%
Residential mortgage servicing rights, at fair value	101		103		106		108		102		(2)	%	(1)	%
Bank-owned life insurance	1,199		705		701		694		691		70	%	74	%
Deferred tax asset, net	392		299		311		359		286		31	%	37	%
Other assets	1,063		735		684		730		708		45	%	50	%
Total assets	$	67,496	$	51,901	$	51,519	$	51,576	$	51,909	30	%	30	%
Liabilities:
Deposits
Non-interest-bearing	$	17,810	$	13,220	$	13,414	$	13,308	$	13,534	35	%	32	%
Interest-bearing	37,961		28,523		28,804		28,413		27,981		33	%	36	%
Total deposits	55,771		41,743		42,218		41,721		41,515		34	%	34	%
Securities sold under agreements to repurchase	167		191		192		237		184		(13)	%	(9)	%
Borrowings	2,300		3,350		2,550		3,100		3,650		(31)	%	(37)	%
Junior subordinated debentures, at fair value	331		323		321		331		312		2	%	6	%
Junior and other subordinated debentures, at amortized cost	107		108		108		108		108		(1)	%	(1)	%
Operating lease liabilities	168		125		121		126		121		34	%	39	%

Other liabilities	862		719		771		835		745		20	%	16	%
Total liabilities	59,706		46,559		46,281		46,458		46,635		28	%	28	%
Shareholders' equity:

Common stock	8,189		5,826		5,823		5,817		5,812		41	%	41	%
Accumulated deficit	(131)		(151)		(227)		(237)		(304)		(13)	%	(57)	%
Accumulated other comprehensive loss	(268)		(333)		(358)		(462)		(234)		(20)	%	15	%
Total shareholders' equity	7,790		5,342		5,238		5,118		5,274		46	%	48	%
Total liabilities and shareholders' equity	$	67,496	$	51,901	$	51,519	$	51,576	$	51,909	30	%	30	%

Common shares outstanding at period end (in thousands)	299,147		210,213		210,112		209,536		209,532		42	%	43	%

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
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.36		—	%	—	%
Book value	$	26.04		$	25.41		$	24.93		$	24.43		$	25.17		2	%	3	%
Tangible book value (1)	$	18.57		$	18.47		$	17.86		$	17.20		$	17.81		1	%	4	%

Performance Ratios:
Efficiency ratio (2)	67.29		%	54.29		%	69.06		%	54.61		%	54.56		%	13.00		12.73
Non-interest expense to average assets (1)	2.74		%	2.16		%	2.68		%	2.06		%	2.08		%	0.58		0.66
Return on average assets ("ROAA")	0.67		%	1.19		%	0.68		%	1.10		%	1.12		%	(0.52)		(0.45)
Pre-provision net revenue ("PPNR") ROAA (1)	1.32		%	1.81		%	1.19		%	1.70		%	1.72		%	(0.49)		(0.40)
Return on average common equity	6.19		%	11.56		%	6.73		%	10.91		%	11.36		%	(5.37)		(5.17)
Return on average tangible common equity (1)	8.58		%	16.03		%	9.45		%	15.41		%	16.34		%	(7.45)		(7.76)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	52.32		%	51.79		%	55.11		%	52.51		%	53.89		%	0.53		(1.57)
Operating non-interest expense to average assets (1)	2.14		%	2.10		%	2.13		%	2.03		%	2.05		%	0.04		0.09
Operating ROAA (1)	1.42		%	1.25		%	1.10		%	1.15		%	1.10		%	0.17		0.32
Operating PPNR ROAA (1)	1.89		%	1.88		%	1.67		%	1.77		%	1.69		%	0.01		0.20
Operating return on average common equity (1)	13.15		%	12.16		%	10.87		%	11.40		%	11.15		%	0.99		2.00
Operating return on average tangible common equity (1)	18.24		%	16.85		%	15.26		%	16.11		%	16.04		%	1.39		2.20

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.96		%	6.00		%	5.92		%	6.05		%	6.22		%	(0.04)		(0.26)
Yield on earning assets (2)	5.62		%	5.62		%	5.49		%	5.63		%	5.78		%	—		(0.16)
Cost of interest bearing deposits	2.43		%	2.52		%	2.52		%	2.66		%	2.95		%	(0.09)		(0.52)
Cost of interest bearing liabilities	2.65		%	2.78		%	2.80		%	2.98		%	3.29		%	(0.13)		(0.64)
Cost of total deposits	1.66		%	1.73		%	1.72		%	1.80		%	1.99		%	(0.07)		(0.33)
Cost of total funding (3)	1.87		%	1.98		%	1.99		%	2.09		%	2.32		%	(0.11)		(0.45)
Net interest margin (2)	3.84		%	3.75		%	3.60		%	3.64		%	3.56		%	0.09		0.28
Average interest bearing cash / Average interest earning assets	3.41		%	2.97		%	3.13		%	3.29		%	3.74		%	0.44		(0.33)
Average loans and leases / Average interest earning assets	78.39		%	78.64		%	78.93		%	78.42		%	77.91		%	(0.25)		0.48
Average loans and leases / Average total deposits	88.39		%	90.07		%	90.36		%	89.77		%	90.42		%	(1.68)		(2.03)
Average non-interest bearing deposits / Average total deposits	31.41		%	31.39		%	31.75		%	32.45		%	32.52		%	0.02		(1.11)
Average total deposits / Average total funding (3)	93.47		%	91.92		%	91.86		%	91.88		%	90.25		%	1.55		3.22

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.40		%	0.47		%	0.47		%	0.44		%	0.44		%	(0.07)		(0.04)
Non-performing assets to total assets	0.29		%	0.35		%	0.35		%	0.33		%	0.32		%	(0.06)		(0.03)
Allowance for credit losses to loans and leases	1.01		%	1.17		%	1.17		%	1.17		%	1.17		%	(0.16)		(0.16)
Total risk-based capital ratio (4)	13.4		%	13.0		%	12.9		%	12.8		%	12.5		%	0.40		0.90
Common equity tier 1 risk-based capital ratio (4)	11.6		%	10.8		%	10.6		%	10.5		%	10.3		%	0.80		1.30


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Nine Months Ended						% Change
	Sep 30, 2025			Sep 30, 2024			Year over Year
Per Common Share Data:
Dividends	$	1.08		$	1.08		—	%

Performance Ratios:
Efficiency ratio (2)	63.66		%	57.99		%	5.67
Non-interest expense to average assets (1)	2.54		%	2.15		%	0.39
Return on average assets	0.84		%	1.00		%	(0.16)
PPNR ROAA (1)	1.44		%	1.55		%	(0.11)
Return on average common equity	8.06		%	10.42		%	(2.36)
Return on average tangible common equity (1)	11.22		%	15.27		%	(4.05)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	53.07		%	54.80		%	(1.73)
Operating non-interest expense to average assets (1)	2.12		%	2.07		%	0.05
Operating ROAA (1)	1.26		%	1.07		%	0.19
Operating PPNR ROAA (1)	1.81		%	1.65		%	0.16
Operating return on average common equity (1)	12.10		%	11.17		%	0.93
Operating return on average tangible common equity (1)	16.85		%	16.36		%	0.49

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.96		%	6.18		%	(0.22)
Yield on earning assets (2)	5.58		%	5.76		%	(0.18)
Cost of interest bearing deposits	2.49		%	2.93		%	(0.44)
Cost of interest bearing liabilities	2.74		%	3.28		%	(0.54)
Cost of total deposits	1.70		%	1.97		%	(0.27)
Cost of total funding (3)	1.94		%	2.31		%	(0.37)
Net interest margin (2)	3.73		%	3.55		%	0.18
Average interest bearing cash / Average interest earning assets	3.18		%	3.61		%	(0.43)
Average loans and leases / Average interest earning assets	78.64		%	78.02		%	0.62
Average loans and leases / Average total deposits	89.55		%	90.48		%	(0.93)
Average non-interest bearing deposits / Average total deposits	31.51		%	32.78		%	(1.27)
Average total deposits / Average total funding (3)	92.46		%	90.16		%	2.30


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term	$	8,444		$	6,190		$	6,179		$	6,278		$	6,392		36	%	32	%
Owner occupied term	7,361			5,320			5,303			5,270			5,210			38	%	41	%
Multifamily	10,377			5,735			5,831			5,804			5,780			81	%	80	%
Construction & development	2,071			2,070			2,071			1,983			1,989			—	%	4	%
Residential development	367			286			252			232			245			28	%	50	%
Commercial:
Term	6,590			5,353			5,490			5,538			5,429			23	%	21	%
Lines of credit & other	3,582			2,951			2,754			2,770			2,641			21	%	36	%
Leases & equipment finance	1,614			1,641			1,644			1,661			1,670			(2)	%	(3)	%
Residential:
Mortgage	5,722			5,830			5,878			5,933			5,945			(2)	%	(4)	%
Home equity loans & lines	2,153			2,083			2,039			2,032			2,017			3	%	7	%
Consumer & other	181			178			175			180			185			2	%	(2)	%
Total loans and leases, net of deferred fees and costs	$	48,462		$	37,637		$	37,616		$	37,681		$	37,503		29	%	29	%

Loans and leases mix:
Commercial real estate:
Non-owner occupied term	18		%	16		%	16		%	17		%	17		%
Owner occupied term	15		%	14		%	14		%	14		%	14		%
Multifamily	21		%	15		%	15		%	15		%	15		%
Construction & development	4		%	6		%	6		%	5		%	5		%
Residential development	1		%	1		%	1		%	1		%	1		%
Commercial:
Term	14		%	14		%	15		%	15		%	15		%
Lines of credit & other	7		%	8		%	7		%	7		%	7		%
Leases & equipment finance	3		%	4		%	4		%	4		%	4		%
Residential:
Mortgage	12		%	15		%	16		%	16		%	16		%
Home equity loans & lines	4		%	6		%	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)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	17,810		$	13,220		$	13,414		$	13,308		$	13,534		35	%	32	%
Demand, interest bearing	11,675			8,335			8,494			8,476			8,445			40	%	38	%
Money market	16,816			11,694			11,971			11,475			11,351			44	%	48	%
Savings	2,504			2,276			2,337			2,360			2,451			10	%	2	%
Time	6,966			6,218			6,002			6,102			5,734			12	%	21	%
Total	$	55,771		$	41,743		$	42,218		$	41,721		$	41,515		34	%	34	%

Total core deposits (1)	$	51,535		$	37,294		$	38,079		$	37,488		$	37,775		38	%	36	%

Deposit mix:
Demand, non-interest bearing	32		%	32		%	32		%	32		%	33		%
Demand, interest bearing	21		%	20		%	20		%	20		%	20		%
Money market	30		%	28		%	28		%	27		%	27		%
Savings	5		%	5		%	6		%	6		%	6		%
Time	12		%	15		%	14		%	15		%	14		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$	53		$	31		$	42		$	39		$	37		71	%	43	%
	Commercial	67			67			80			57			62			0	%	8	%


	Total loans and leases on non-accrual status	120			98			122			96			99			22	%	21	%
Loans and leases past due 90+ days and accruing: (2)

	Commercial	5			5			—			5			6			0	%	(17)	%
	Residential (2)	71			74			53			66			61			(4)	%	16	%

	Total loans and leases past due 90+ days and accruing (2)	76			79			53			71			67			(4)	%	13	%
Total non-performing loans and leases (1), (2)		196			177			175			167			166			11	%	18	%
Other real estate owned		3			3			3			3			2			0	%	50	%
Total non-performing assets (1), (2)		$	199		$	180		$	178		$	170		$	168		11	%	18	%


Loans and leases past due 31-89 days		$	85		$	142		$	158		$	105		$	67		(40)	%	27	%
Loans and leases past due 31-89 days to total loans and leases		0.18		%	0.38		%	0.42		%	0.28		%	0.18		%	(0.20)		—
Non-performing loans and leases to total loans and leases (1), (2)		0.40		%	0.47		%	0.47		%	0.44		%	0.44		%	(0.07)		(0.04)
Non-performing assets to total assets (1), (2)		0.29		%	0.35		%	0.35		%	0.33		%	0.32		%	(0.06)		(0.03)
Non-accrual loans and leases to total loan and leases (2)		0.25		%	0.26		%	0.33		%	0.26		%	0.26		%	(0.01)		(0.01)


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	421		$	421		$	425		$	420		$	419		0	%	0	%
Initial ACL recorded for PCD loans acquired during the period		5			—			—			—			—			nm		nm
Provision for credit losses on loans and leases		69			29			26			30			31			138	%	123	%
Charge-offs
	Commercial real estate	(3)			—			—			(3)			—			nm		nm
	Commercial	(22)			(33)			(33)			(26)			(33)			(33)	%	(33)	%
	Residential	—			—			(1)			—			(1)			nm		nm
	Consumer & other	(2)			(1)			(1)			(1)			(1)			100	%	100	%
	Total charge-offs	(27)			(34)			(35)			(30)			(35)			(21)	%	(23)	%
Recoveries

	Commercial	4			5			4			4			5			(20)	%	(20)	%

	Consumer & other	1			—			1			1			—			nm		nm
	Total recoveries	5			5			5			5			5			0	%	0	%
Net (charge-offs) recoveries
	Commercial real estate	(3)			—			—			(3)			—			nm		nm
	Commercial	(18)			(28)			(29)			(22)			(28)			(36)	%	(36)	%
	Residential	—			—			(1)			—			(1)			nm		nm
	Consumer & other	(1)			(1)			—			—			(1)			0	%	0	%
	Total net charge-offs	(22)			(29)			(30)			(25)			(30)			(24)	%	(27)	%
Balance, end of period		$	473		$	421		$	421		$	425		$	420		12	%	13	%
Reserve for unfunded commitments
Balance, beginning of period		$	18		$	17		$	16		$	18		$	20		6	%	(10)	%
Provision (recapture) for credit losses on unfunded commitments		1			1			1			(2)			(2)			0	%	nm
Balance, end of period		19			18			17			16			18			6	%	6	%
Total Allowance for credit losses (ACL)		$	492		$	439		$	438		$	441		$	438		12	%	12	%

Net charge-offs to average loans and leases (annualized)		0.22		%	0.31		%	0.32		%	0.27		%	0.31		%	(0.09)		(0.09)
Recoveries to gross charge-offs		18.52		%	15.19		%	14.05		%	15.23		%	16.76		%	3.33		1.76
ACLLL to loans and leases		0.98		%	1.12		%	1.12		%	1.13		%	1.12		%	(0.14)		(0.14)
ACL to loans and leases		1.01		%	1.17		%	1.17		%	1.17		%	1.17		%	(0.16)		(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)
		Nine Months Ended						% Change
($ in millions)		Sep 30, 2025			Sep 30, 2024			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	425		$	441		(4)	%
Initial ACL recorded for PCD loans acquired during the period		5			—			nm
Provision for credit losses on loans and leases		124			83			49	%
Charge-offs
	Commercial real estate	(3)			(1)			200	%
	Commercial	(88)			(113)			(22)	%
	Residential	(1)			(2)			(50)	%
	Consumer & other	(4)			(5)			(20)	%
	Total charge-offs	(96)			(121)			(21)	%
Recoveries
	Commercial real estate	—			1			(100)	%
	Commercial	13			14			(7)	%
	Residential	—			1			(100)	%
	Consumer & other	2			1			100	%
	Total recoveries	15			17			(12)	%
Net (charge-offs) recoveries
	Commercial real estate	(3)			—			nm
	Commercial	(75)			(99)			(24)	%
	Residential	(1)			(1)			0	%
	Consumer & other	(2)			(4)			(50)	%
	Total net charge-offs	(81)			(104)			(22)	%
Balance, end of period		$	473		$	420		13	%
Reserve for unfunded commitments
Balance, beginning of period		$	16		$	23		(30)	%
Provision (recapture) for credit losses on unfunded commitments		3			(5)			nm
Balance, end of period		19			18			6	%
Total Allowance for credit losses (ACL)		$	492		$	438		12	%

Net charge-offs to average loans and leases (annualized)		0.28		%	0.37		%	(0.09)
Recoveries to gross charge-offs		15.63		%	14.37		%	1.26

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
	September 30, 2025						June 30, 2025						September 30, 2024
($ 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	$	80	$	1	7.14	%	$	67	$	1	6.66	%	$	68	$	1	6.62	%
Loans and leases (1)	41,164		618		5.96	%	37,648		563		6.00	%	37,544		588		6.22	%
Taxable securities	8,523		93		4.35	%	7,937		83		4.22	%	7,943		78		3.97	%
Non-taxable securities (2)	950		10		4.26	%	798		8		3.95	%	828		8		3.78	%
Temporary investments and interest-bearing cash	1,793		20		4.40	%	1,421		16		4.46	%	1,802		25		5.45	%
Total interest-earning assets (1), (2)	52,510		$	742	5.62	%	47,871		$	671	5.62	%	48,185		$	700	5.78	%
Goodwill and other intangible assets	1,719						1,472						1,560
Other assets	2,594						2,209						2,264
Total assets	$	56,823					$	51,552					$	52,009
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	9,630	$	53	2.17	%	$	8,480	$	48	2.28	%	$	8,313	$	57	2.74	%
Money market deposits	13,476		83		2.46	%	11,783		72		2.46	%	11,085		78		2.80	%
Savings deposits	2,358		1		0.16	%	2,287		1		0.13	%	2,480		1		0.17	%
Time deposits	6,481		58		3.57	%	6,126		59		3.85	%	6,141		72		4.65	%
Total interest-bearing deposits	31,945		195		2.43	%	28,676		180		2.52	%	28,019		208		2.95	%
Repurchase agreements and federal funds purchased	176		1		2.15	%	186		1		2.06	%	195		1		2.29	%
Borrowings	2,648		30		4.54	%	3,058		35		4.53	%	3,874		50		5.10	%
Junior and other subordinated debentures	430		9		7.99	%	428		8		8.05	%	417		10		9.43	%
Total interest-bearing liabilities	35,199		$	235	2.65	%	32,348		$	224	2.78	%	32,505		$	269	3.29	%
Non-interest-bearing deposits	14,627						13,123						13,500
Other liabilities	840						794						885
Total liabilities	50,666						46,265						46,890
Common equity	6,157						5,287						5,119
Total liabilities and shareholders' equity	$	56,823					$	51,552					$	52,009
NET INTEREST INCOME (2)			$	507					$	447					$	431
NET INTEREST SPREAD (2)					2.97	%					2.84	%					2.49	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.84	%					3.75	%					3.56	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Nine Months Ended
	September 30, 2025						September 30, 2024
($ 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	$	69	$	3	6.74	%	$	67	$	3	6.56	%
Loans and leases (1)	38,843		1,733		5.96	%	37,601		1,745		6.18	%
Taxable securities	8,053		248		4.11	%	7,954		239		4.01	%
Non-taxable securities (2)	856		26		4.04	%	835		24		3.77	%
Temporary investments and interest-bearing cash	1,570		52		4.44	%	1,738		71		5.48	%
Total interest-earning assets (1), (2)	49,391		$	2,062	5.58	%	48,195		$	2,082	5.76	%
Goodwill and other intangible assets	1,565						1,589
Other assets	2,340						2,241
Total assets	$	53,296					$	52,025
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,832	$	147	2.23	%	$	8,166	$	162	2.66	%
Money market deposits	12,295		225		2.44	%	10,850		227		2.79	%
Savings deposits	2,332		2		0.13	%	2,574		3		0.14	%
Time deposits	6,249		178		3.81	%	6,345		222		4.67	%
Total interest-bearing deposits	29,708		552		2.49	%	27,935		614		2.93	%
Repurchase agreements and federal funds purchased	192		3		2.09	%	217		4		2.40	%
Borrowings	2,913		101		4.63	%	3,898		150		5.15	%
Junior and other subordinated debentures	432		26		7.99	%	419		30		9.44	%
Total interest-bearing liabilities	33,245		$	682	2.74	%	32,469		$	798	3.28	%
Non-interest-bearing deposits	13,668						13,622
Other liabilities	826						929
Total liabilities	47,739						47,020
Common equity	5,557						5,005
Total liabilities and shareholders' equity	$	53,296					$	52,025
NET INTEREST INCOME (2)			$	1,380					$	1,284
NET INTEREST SPREAD (2)					2.84	%					2.48	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.73	%					3.55	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															%
($ in millions)	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	5		$	5		$	4		$	5		$	5		—	%	—	%
Servicing	5			6			6			6			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	—			(2)			(1)			7			(6)			nm		nm
MSR hedge gain (loss)	—			2			3			(8)			5			(100)	%	(100)	%
Total	$	7		$	8		$	9		$	7		$	7		(13)	%	—	%

Closed loan volume for sale	$	166		$	164		$	136		$	175		$	161		1	%	3	%
Gain on sale margin	3.01		%	2.77		%	3.23		%	2.58		%	3.24		%	0.24		-0.23

Residential mortgage servicing rights:
Balance, beginning of period	$	103		$	106		$	108		$	102		$	110		(3)	%	(6)	%
Additions for new MSR capitalized	1			2			2			2			1			(50)	%	—	%

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	—			(2)			(1)			7			(6)			nm		nm
Balance, end of period	$	101		$	103		$	106		$	108		$	102		(2)	%	(1)	%

Residential mortgage loans serviced for others	$	7,797		$	7,852		$	7,888		$	7,939		$	7,966		(1)	%	(2)	%
MSR as % of serviced portfolio	1.30		%	1.31		%	1.34		%	1.36		%	1.28		%	(0.01)		0.02

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


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Nine Months Ended						% Change
($ in millions)	Sep 30, 2025			Sep 30, 2024			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	14		$	11		27	%
Servicing	17			18			(6)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(9)			(9)			0	%
Changes due to valuation inputs or assumptions	(3)			(2)			50	%
MSR hedge gain (loss)	5			(1)			nm
Total	$	24		$	17		41	%

Closed loan volume for sale	$	466		$	389		20	%
Gain on sale margin	3.00		%	2.98		%	0.02

Residential mortgage servicing rights:
Balance, beginning of period	$	108		$	109		(1)	%
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	(9)			(9)			0	%
Changes due to valuation inputs or assumptions	(3)			(2)			50	%
Balance, end of period	$	101		$	102		(1)	%

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, shares in thousands)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	7,790		$	5,342		$	5,238		$	5,118		$	5,274		46	%	48	%
Less: Goodwill		1,481			1,029			1,029			1,029			1,029			44	%	44	%
Less: Other intangible assets, net		754			430			456			484			513			75	%	47	%
Tangible common shareholders' equity	b	$	5,555		$	3,883		$	3,753		$	3,605		$	3,732		43	%	49	%

Total assets	c	$	67,496		$	51,901		$	51,519		$	51,576		$	51,909		30	%	30	%
Less: Goodwill		1,481			1,029			1,029			1,029			1,029			44	%	44	%
Less: Other intangible assets, net		754			430			456			484			513			75	%	47	%
Tangible assets	d	$	65,261		$	50,442		$	50,034		$	50,063		$	50,367		29	%	30	%
Common shares outstanding at period end (in thousands)	e	299,147			210,213			210,112			209,536			209,532			42	%	43	%

Total shareholders' equity to total assets ratio	a / c	11.54		%	10.29		%	10.17		%	9.92		%	10.16		%	1.25		1.38
Tangible common equity to tangible assets ratio	b / d	8.51		%	7.70		%	7.50		%	7.20		%	7.41		%	0.81		1.10
Book value per common share	a / e	$	26.04		$	25.41		$	24.93		$	24.43		$	25.17		2	%	3	%
Tangible book value per common share	b / e	$	18.57		$	18.47		$	17.86		$	17.20		$	17.81		1	%	4	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on investment securities, net		$	2	$	—	$	2	$	(1)	$	2	nm		—	%
(Loss) gain on swap derivatives		(1)		(1)		(1)		3		(3)		—	%	(67)	%
Gain (loss) on loans held for investment, at fair value		4		—		7		(7)		9		nm		(56)	%
Change in fair value of MSR due to valuation inputs or assumptions		—		(2)		(1)		7		(6)		nm		nm
MSR hedge gain (loss)		—		2		3		(8)		5		(100)	%	(100)	%
Total non-interest income adjustments	a	$	5	$	(1)	$	10	$	(6)	$	7	nm		(29)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	87	$	8	$	14	$	2	$	2	nm		nm
Exit and disposal costs		—		—		1		1		1		nm		(100)	%
FDIC special assessment		(1)		—		—		—		—		nm		nm
Legal settlement		—		—		55		—		—		nm		nm
Total non-interest expense adjustments	b	$	86	$	8	$	70	$	3	$	3	nm		nm

Net interest income	c	$	505	$	446	$	425	$	437	$	430	13	%	17	%

Non-interest income (GAAP)	d	$	77	$	65	$	66	$	50	$	66	18	%	17	%
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Operating non-interest income (non-GAAP)	e	$	72	$	66	$	56	$	56	$	59	9	%	22	%

Revenue (GAAP)	f=c+d	$	582	$	511	$	491	$	487	$	496	14	%	17	%
Operating revenue (non-GAAP)	g=c+e	$	577	$	512	$	481	$	493	$	489	13	%	18	%

Non-interest expense (GAAP)	h	$	393	$	278	$	340	$	267	$	271	41	%	45	%
Less: Non-interest expense adjustments	b	(86)		(8)		(70)		(3)		(3)		nm		nm
Operating non-interest expense (non-GAAP)	i	$	307	$	270	$	270	$	264	$	268	14	%	15	%

Net income (GAAP)	j	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%
Provision for income taxes		23		51		37		49		50		(55)	%	(54)	%
Income before provision for income taxes		119		203		124		192		196		(41)	%	(39)	%
Provision for credit losses		70		30		27		28		29		133	%	141	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	189		233		151		220		225		(19)	%	(16)	%
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Add: Non-interest expense adjustments	b	86		8		70		3		3		nm		nm
Operating PPNR (non-GAAP)	l	$	270	$	242	$	211	$	229	$	221	12	%	22	%

Net income (GAAP)	j	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%
Day 1 acquisition provision expense		70		—		—		—		—		nm		nm
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Add: Non-interest expense adjustments	b	86		8		70		3		3		nm		nm
Tax effect of adjustments		(43)		(1)		(8)		(2)		1		nm		nm
Operating net income (non-GAAP)	m	$	204	$	160	$	139	$	150	$	143	28	%	43	%

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)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Average assets	n	$	56,823		$	51,552		$	51,453		$	51,588		$	52,009		10	%	9	%
Less: Average goodwill and other intangible assets, net		1,719			1,472			1,502			1,528			1,560			17	%	10	%
Average tangible assets	o	$	55,104		$	50,080		$	49,951		$	50,060		$	50,449		10	%	9	%

Average common shareholders' equity	p	$	6,157		$	5,287		$	5,217		$	5,226		$	5,119		16	%	20	%
Less: Average goodwill and other intangible assets, net		1,719			1,472			1,502			1,528			1,560			17	%	10	%
Average tangible common equity	q	$	4,438		$	3,815		$	3,715		$	3,698		$	3,559		16	%	25	%

Weighted average basic shares outstanding (in thousands)	r	237,838			209,125			208,800			208,548			208,545			14	%	14	%
Weighted average diluted shares outstanding (in thousands)	s	238,925			209,975			210,023			209,889			209,454			14	%	14	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	0.40		$	0.73		$	0.41		$	0.69		$	0.70		(45)	%	(43)	%
Earnings per share - diluted	j / s	$	0.40		$	0.73		$	0.41		$	0.68		$	0.70		(45)	%	(43)	%
Efficiency ratio (1)	h / f	67.29		%	54.29		%	69.06		%	54.61		%	54.56		%	13.00		12.73
Non-interest expense to average assets	h / n	2.74		%	2.16		%	2.68		%	2.06		%	2.08		%	0.58		0.66
Return on average assets	j / n	0.67		%	1.19		%	0.68		%	1.10		%	1.12		%	(0.52)		(0.45)
Return on average tangible assets	j / o	0.69		%	1.22		%	0.70		%	1.14		%	1.15		%	(0.53)		(0.46)
PPNR return on average assets	k / n	1.32		%	1.81		%	1.19		%	1.70		%	1.72		%	(0.49)		(0.40)
Return on average common equity	j / p	6.19		%	11.56		%	6.73		%	10.91		%	11.36		%	(5.37)		(5.17)
Return on average tangible common equity	j / q	8.58		%	16.03		%	9.45		%	15.41		%	16.34		%	(7.45)		(7.76)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	0.86		$	0.77		$	0.67		$	0.72		$	0.69		12	%	25	%
Operating earnings per share - diluted	m / s	$	0.85		$	0.76		$	0.67		$	0.71		$	0.69		12	%	23	%
Operating efficiency ratio, as adjusted (1)	u / y	52.32		%	51.79		%	55.11		%	52.51		%	53.89		%	0.53		(1.57)
Operating non-interest expense to average assets	i / n	2.14		%	2.10		%	2.13		%	2.03		%	2.05		%	0.04		0.09
Operating return on average assets	m / n	1.42		%	1.25		%	1.10		%	1.15		%	1.10		%	0.17		0.32
Operating return on average tangible assets	m / o	1.47		%	1.28		%	1.13		%	1.19		%	1.13		%	0.19		0.34
Operating PPNR return on average assets	l / n	1.89		%	1.88		%	1.67		%	1.77		%	1.69		%	0.01		0.20
Operating return on average common equity	m / p	13.15		%	12.16		%	10.87		%	11.40		%	11.15		%	0.99		2.00
Operating return on average tangible common equity	m / q	18.24		%	16.85		%	15.26		%	16.11		%	16.04		%	1.39		2.20


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	393		$	278		$	340		$	267		$	271		41	%	45	%
Less: Non-interest expense adjustments	b	(86)			(8)			(70)			(3)			(3)			nm		nm
Operating non-interest expense (non-GAAP)	i	307			270			270			264			268			14	%	15	%
Less: B&O taxes	t	(3)			(3)			(3)			(4)			(3)			—	%	—	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	304		$	267		$	267		$	260		$	265		14	%	15	%

Net interest income (tax equivalent) (1)	v	$	507		$	447		$	426		$	438		$	431		13	%	18	%
Non-interest income (GAAP)	d	77			65			66			50			66			18	%	17	%
Add: BOLI tax equivalent adjustment (1)	w	2			2			1			1			1			—	%	100	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	586			514			493			489			498			14	%	18	%
Less: Non-interest income adjustments	a	(5)			1			(10)			6			(7)			nm		(29)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	581		$	515		$	483		$	495		$	491		13	%	18	%

Efficiency ratio (1)	h / f	67.29		%	54.29		%	69.06		%	54.61		%	54.56		%	13.00		12.73
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	52.32		%	51.79		%	55.11		%	52.51		%	53.89		%	0.53		(1.57)

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)
		Nine Months Ended				% Change
($ in millions)		Sep 30, 2025		Sep 30, 2024		Year over Year
Non-Interest Income Adjustments
Gain on investment securities, net		$	4	$	1	300	%
(Loss) gain on swap derivatives		(3)		(2)		50	%
Gain (loss) on loans held for investment, at fair value		11		(3)		nm
Change in fair value of MSR due to valuation inputs or assumptions		(3)		(2)		50	%
MSR hedge loss		5		(1)		nm
Total non-interest income adjustments	a	$	14	$	(7)	nm

Non-Interest Expense Adjustments
Merger and restructuring expense		$	109	$	21	419	%
Exit and disposal costs		1		3		(67)	%
FDIC special assessment		(1)		6		(117)	%
Legal settlement		55		—		nm
Total non-interest expense adjustments	b	$	164	$	30	447	%

Net interest income	c	$	1,376	$	1,281	7	%

Non-interest income (GAAP)	d	$	208	$	161	29	%
Less: Non-interest income adjustments	a	(14)		7		(300)	%
Operating non-interest income (non-GAAP)	e	$	194	$	168	15	%

Revenue (GAAP)	f=c+d	$	1,584	$	1,442	10	%
Operating revenue (non-GAAP)	g=c+e	$	1,570	$	1,449	8	%

Non-interest expense (GAAP)	h	$	1,011	$	838	21	%
Less: Non-interest expense adjustments	b	(164)		(30)		447	%
Operating non-interest expense (non-GAAP)	i	$	847	$	808	5	%

Net income (GAAP)	j	$	335	$	390	(14)	%
Provision for income taxes		111		136		(18)	%
Income before provision for income taxes		446		526		(15)	%
Provision for credit losses		127		78		63	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	573		604		(5)	%
Less: Non-interest income adjustments	a	(14)		7		(300)	%
Add: Non-interest expense adjustments	b	164		30		447	%
Operating PPNR (non-GAAP)	l	$	723	$	641	13	%

Net income (GAAP)	j	$	335	$	390	(14)	%
Day 1 acquisition provision expense		70		—		nm
Less: Non-interest income adjustments	a	(14)		7		(300)	%
Add: Non-interest expense adjustments	b	164		30		447	%
Tax effect of adjustments		(52)		(9)		478	%
Operating net income (non-GAAP)	m	$	503	$	418	20	%
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)
		Nine Months Ended						% Change
($ in millions, shares in thousands)		Sep 30, 2025			Sep 30, 2024			Year over Year
Average assets	n	$	53,296		$	52,025		2	%
Less: Average goodwill and other intangible assets, net		1,565			1,589			(2)	%
Average tangible assets	o	$	51,731		$	50,436		3	%

Average common shareholders' equity	p	$	5,557		$	5,005		11	%
Less: Average goodwill and other intangible assets, net		1,565			1,589			(2)	%
Average tangible common equity	q	$	3,992		$	3,416		17	%

Weighted average basic shares outstanding	r	218,694			208,435			5	%
Weighted average diluted shares outstanding	s	219,712			209,137			5	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	1.53		$	1.87		(18)	%
Earnings per share - diluted	j / s	$	1.53		$	1.87		(18)	%
Efficiency ratio (1)	h / f	63.66		%	57.99		%	5.67
Non-interest expense to average assets	h/n	2.54		%	2.15		%	0.39
Return on average assets	j / n	0.84		%	1.00		%	(0.16)
Return on average tangible assets	j / o	0.87		%	1.03		%	(0.16)
PPNR return on average assets	k/n	1.44		%	1.55		%	(0.11)
Return on average common equity	j / p	8.06		%	10.42		%	(2.36)
Return on average tangible common equity	j / q	11.22		%	15.27		%	(4.05)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	2.30		$	2.01		14	%
Operating earnings per share - diluted	m / s	$	2.29		$	2.00		15	%
Operating efficiency ratio, as adjusted (1)	u / y	53.07		%	54.80		%	(1.73)
Operating non-interest expense to average assets	i/n	2.12		%	2.07		%	0.05
Operating return on average assets	m / n	1.26		%	1.07		%	0.19
Operating return on average tangible assets	m / o	1.30		%	1.11		%	0.19
Operating PPNR return on average assets	l / n	1.81		%	1.65		%	0.16
Operating return on average common equity	m / p	12.10		%	11.17		%	0.93
Operating return on average tangible common equity	m / q	16.85		%	16.36		%	0.49


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Nine Months Ended						% change
($ in millions)		Sep 30, 2025			Sep 30, 2024			Year over Year
Non-interest expense (GAAP)	h	$	1,011		$	838		21	%
Less: Non-interest expense adjustments	b	(164)			(30)			447	%
Operating non-interest expense (non-GAAP)	i	847			808			5	%
Less: B&O taxes	t	(9)			(10)			(10)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	838		$	798		5	%

Net interest income (tax equivalent) (1)	v	$	1,380		$	1,284		7	%
Non-interest income (GAAP)	d	208			161			29	%
Add: BOLI tax equivalent adjustment (1)	w	5			4			25	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	1,593			1,449			10	%
Less: Non-interest income adjustments	a	(14)			7			(300)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	1,579		$	1,456		8	%

Efficiency ratio (1)	h /f	63.66		%	57.99		%	5.67
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	53.07		%	54.80		%	(1.73)


Columbia Banking System, Inc. Purchase Price Allocation (1)
(Unaudited)
($ in millions)		August 31, 2025
Purchase price consideration

	Fair value of common shares issued and exchanged			$	2,355
	Total consideration			$	2,355
Fair value of assets acquired:
	Cash and due from banks	$	874

	Investment securities	2,828

	Loans held for sale	1
	Loans and leases	11,382
	Restricted equity securities	98
	Premises and equipment	53

	Other intangible assets	355

	Deferred tax assets	132
	Other assets	889
	Total assets acquired	$	16,612
Fair value of liabilities assumed:
	Deposits	$	14,542




	Other liabilities	167
	Total liabilities assumed	$	14,709
Net assets acquired				$	1,903
Goodwill				$	452


			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
			Purchase Price Allocation			21
			GAAP to Non-GAAP Reconciliation			22