Document


CEO Commentary
“Our fourth quarter performance marked a strong end to a tremendous year for Columbia, reflecting continued momentum across our businesses and our commitment to consistent, repeatable results,” said Clint Stein, President and CEO. “Our operating performance was supported by disciplined balance sheet management, new and expanding customer relationships, and the first full-quarter contribution from Pacific Premier. We remain on track for a seamless systems conversion later this quarter, which will enable us to fully realize deal-related cost savings and achieve a clean expense run rate by the third quarter. Investments made throughout 2025 strengthened our western footprint and enhanced our long-term earnings power, and we entered 2026 with healthy pipelines, solid capital generation, and a clear path to continued operational improvement, all in support of long-term value creation and ongoing capital return to our shareholders."
–Clint Stein, Chair, CEO & President of Columbia Banking System, Inc.


4Q25 HIGHLIGHTS (COMPARED TO 3Q25)

Net Interest Income and NIM			•Net interest income increased by $122 million from the prior quarter, due to two additional months operating as a combined company and lower interest expense due to favorable funding mix trends.
			•Net interest margin was 4.06%, up 22 basis points from the prior quarter, due to a favorable funding mix shift following the reduction in higher-cost funding sources during the prior quarter. The net interest margin also was impacted by two additional months operating as a combined company in the current period.

Non-Interest Income and Expense			•Non-interest income increased by $13 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $16 million, due to two additional months operating as a combined company and an increase in customer fee income.
			•Non-interest expense increased by $19 million, due to two additional months operating as a combined company, partially offset by lower merger expense.

Credit Quality			•Net charge-offs were 0.25% of average loans and leases (annualized), compared to 0.22% for the prior quarter.
			•Provision expense was $23 million, compared to $70 million for the prior quarter, which was driven by the acquisition of Pacific Premier in the prior quarter.
			•Non-performing assets to total assets was 0.30%, compared to 0.29% as of September 30, 2025.

Capital			•Estimated total risk-based capital ratio of 13.6% and estimated common equity tier 1 risk-based capital ratio of 11.8%.
			•Declared a quarterly cash dividend of $0.37 per common share on November 14, 2025, which was paid December 15, 2025.
			•Repurchased $100 million of common stock under our current repurchase plan.

Notable Items			•Executed three successful small business and retail campaigns during 2025, generating $1.3 billion in new deposits to the bank during the year. Our next campaign begins in February.


4Q25 KEY FINANCIAL DATA

PERFORMANCE METRICS	4Q25	3Q25	4Q24
Return on average assets	1.27%	0.67%	1.10%
Return on average common equity	10.92%	6.19%	10.91%
Return on average tangible common equity1	15.24%	8.58%	15.41%
Operating return on average assets1	1.44%	1.42%	1.15%
Operating return on average common equity1	12.34%	13.15%	11.40%
Operating return on average tangible common equity1	17.22%	18.24%	16.11%
Net interest margin	4.06%	3.84%	3.64%
Efficiency ratio	57.30%	67.29%	54.61%
Operating efficiency ratio, as adjusted 1	51.39%	52.32%	52.51%

INCOME STATEMENT ($ in millions, excl. per share data)	4Q25	3Q25	4Q24
Net interest income	$627	$505	$437
Provision for credit losses	$23	$70	$28
Non-interest income	$90	$77	$50
Non-interest expense	$412	$393	$267
Pre-provision net revenue1	$305	$189	$220
Operating pre-provision net revenue1	$342	$270	$229
Earnings per common share - diluted	$0.72	$0.40	$0.68
Operating earnings per common share - diluted1	$0.82	$0.85	$0.71
Dividends paid per share	$0.37	$0.36	$0.36

BALANCE SHEET ($ in millions, excl. per share data)	4Q25	3Q25	4Q24
Total assets	$66,832	$67,496	$51,576
Loans and leases	$47,776	$48,462	$37,681
Deposits	$54,211	$55,771	$41,721
Book value per common share	$26.54	$26.04	$24.43
Tangible book value per common share1	$19.11	$18.57	$17.20

The Columbia Board of Directors elected Clint Stein, President and Chief Executive Officer, to also serve as Chair of the Board, effective January 22, 2026, as previously announced. Maria Pope, the immediate past Chair of the Board, was also appointed, effective the same date, to serve as Lead Independent Director until the Company’s 2026 annual meeting of shareholders. Following the annual meeting, Luis Machuca, the current Chair of the Company’s Nominating and Governance Committee, will succeed Ms. Pope as Lead Independent Director. The Board’s actions reflect its confidence in Mr. Stein’s leadership and are intended to support continuity, accountability, and strong governance as Columbia executes on its long-term strategic priorities. “Clint has demonstrated steady, disciplined leadership and a clear strategic vision for Columbia,” said Ms. Pope. “Combining the roles of Chair and CEO at this time will enhance alignment between the Board and management, further strengthening our ability to deliver long-term value for shareholders while remaining firmly committed to strong, independent oversight."

Ivan Seda assumed the role of Executive Vice President, Chief Financial Officer, effective December 31, 2025, as previously announced. Mr. Seda joined Columbia in August 2025 as Executive Vice President, Deputy Chief Financial Officer, supporting a seamless leadership transition. “Ivan’s first five months with Columbia have already delivered meaningful contributions, and he has transitioned smoothly into his expanded role,” stated Mr. Stein. “Recent strategic actions, including our acquisition of Pacific Premier and ongoing balance sheet optimization, have positioned Columbia for an exciting future. We have the resources, talent, and vision to excel across every market we serve, and I am confident Ivan will play a key role in driving consistent, repeatable performance and long-term value creation for our shareholders.”

The cost of interest-bearing deposits decreased 35 basis points from the prior quarter to 2.08% for the fourth quarter of 2025. The cost of interest-bearing deposits benefited from the amortization of a premium related to Pacific Premier's time deposits, which contributed $12 million to net interest income during the fourth quarter of 2025, compared to $4 million during the third quarter of 2025, favorably impacting deposit rates in each quarter. The premium was fully amortized as of December 31, 2025. Excluding this impact, the cost of interest-bearing deposits was 2.20% for the fourth quarter of 2025, compared to 2.09% for the month of December and 2.06% as of December 31, 2025. The declining cost of deposits reflects our proactive management of deposit rates ahead of and following reductions to the federal fund rates.

Non-interest income was $90 million for the fourth quarter of 2025, up $13 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 gain of $2 million for the fourth quarter, compared to a net fair value gain of $5 million for the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $88 million2 for the fourth quarter of 2025, up $16 million between periods, as Pacific Premier contributed an additional $13 million to the quarter's run rate. Customer fee income, including swap and international banking revenue, drove the remainder of the increase.

Non-interest expense was $412 million for the fourth quarter of 2025, up $19 million from the prior quarter, as two additional months operating as a combined company more than offset lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, a $5 million reversal of prior FDIC assessment expense, and $4 million of other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $373 million2, up $66 million from the prior quarter, as Pacific Premier contributed an additional $62 million to the fourth quarter, as compared to the prior quarter's run rate. The Pacific Premier run rate includes deal-related cost savings. Other miscellaneous expenses, including marketing and software costs, contributed to the increase. Please refer to the Q4 2025 Earnings Presentation for additional expense details.

Total consolidated assets were $66.8 billion as of December 31, 2025, compared to $67.5 billion as of September 30, 2025. The decrease reflects balance sheet optimization activity and an accelerated level of loan repayments. Cash and cash equivalents were $2.4 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.9 billion as of December 31, 2025, representing 42% of total assets, 51% of total deposits, and 141% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of December 31, 2025, compared to $11.0 billion as of September 30, 2025. The increase is due to the purchase of $246 million of investment securities, partially offset by paydowns. Please refer to the Q4 2025 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $47.8 billion as of December 31, 2025, compared to $48.5 billion as of September 30, 2025. The decrease reflects continued run-off in commercial development and below-market-rate transactional loans, as well as the sale of $45 million in acquired loans risk rated special mention. Commercial loans increased by 6% on an annualized basis relative to September 30, 2025, partially offsetting contraction in other portfolios. "Our ability to generate relationship-based commercial business was strengthened by the addition of bankers from Pacific Premier," commented Tory Nixon, President of Columbia Bank. "Loan origination volume increased 17% from the prior quarter, and full-year 2025 volume was up 22% compared to 2024, resulting in strong commercial loan growth, offset by the intentional reduction in transactional loan balances and elevated prepayment activity during the fourth quarter." Please refer to the Q4 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 $54.2 billion as of December 31, 2025, compared to $55.8 billion as of September 30, 2025. The decrease reflects an intentional reduction in brokered and select public deposits, as alternative funding sources offered a more attractive interest rate. Seasonal reductions in customer deposit balances also contributed to the quarter's decline. "Momentum from the third quarter's exceptional customer deposit growth carried into the fourth quarter," stated Mr. Nixon. "However, balances followed seasonal norms in December, declining in the latter part of the month, due to company distributions, tax payments, and other year-end payouts." We utilized borrowings, which were $3.2 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025, to supplement funding needs. Please refer to the Q4 2025 Earnings Presentation for additional details related to deposit characteristics and flows.

Columbia's book value per common share was $26.54 as of December 31, 2025, compared to $26.04 as of September 30, 2025. During the fourth quarter, Columbia repurchased 3.7 million common shares under its current repurchase plan at an average price of $27.07. Book value was also impacted by a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(233) million as of December 31, 2025, compared to $(268) 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 $199 million as of December 31, 2025, compared to $240 million as of September 30, 2025. Tangible book value per common share3 was $19.11 as of December 31, 2025, compared to $18.57 as of September 30, 2025.

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 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) 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 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)	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	722	$	619	$	564	$	553	$	572	17	%	26	%
Interest and dividends on investments:
Taxable	102		89		80		69		75		15	%	36	%
Exempt from federal income tax	12		8		7		7		7		50	%	71	%
Dividends	3		4		3		3		3		(25)	%	—	%
Temporary investments and interest bearing deposits	19		20		16		16		19		(5)	%	—	%
Total interest income	858		740		670		648		676		16	%	27	%
Interest expense:
Deposits	195		195		180		177		189		—	%	3	%
Securities sold under agreement to repurchase and federal funds purchased	1		1		1		1		1		—	%	—	%
Borrowings	27		30		35		36		40		(10)	%	(33)	%
Junior and other subordinated debentures	8		9		8		9		9		(11)	%	(11)	%
Total interest expense	231		235		224		223		239		(2)	%	(3)	%
Net interest income	627		505		446		425		437		24	%	43	%
Provision for credit losses	23		70		30		27		28		(67)	%	(18)	%
Non-interest income:
Service charges on deposits	24		21		20		19		18		14	%	33	%
Card-based fees	16		15		14		13		15		7	%	7	%
Financial services and trust revenue	15		9		6		5		5		67	%	200	%
Residential mortgage banking revenue, net	7		7		8		9		7		—	%	—	%
Gain (loss) on investment securities, net	2		2		—		2		(1)		—	%	nm
Gain (loss) on loan and lease sales, net	1		—		—		—		(2)		nm		nm
Gain (loss) on loans held for investment, at fair value	—		4		—		7		(7)		(100)	%	nm
BOLI income	9		6		5		5		5		50	%	80	%
Other income	16		13		12		6		10		23	%	60	%
Total non-interest income	90		77		65		66		50		17	%	80	%
Non-interest expense:
Salaries and employee benefits	201		171		155		145		142		18	%	42	%
Occupancy and equipment, net	67		54		47		48		47		24	%	43	%
Intangible amortization	42		31		26		28		29		35	%	45	%
FDIC assessments	4		8		8		8		8		(50)	%	(50)	%
Merger and restructuring expense	39		87		8		14		2		(55)	%	nm
Legal settlement	—		—		—		55		—		nm		nm
Other expenses	59		42		34		42		39		40	%	51	%
Total non-interest expense	412		393		278		340		267		5	%	54	%
Income before provision for income taxes	282		119		203		124		192		137	%	47	%
Provision for income taxes	67		23		51		37		49		191	%	37	%
Net income	$	215	$	96	$	152	$	87	$	143	124	%	50	%

Weighted average basic shares outstanding (in thousands)	295,376		237,838		209,125		208,800		208,548		24	%	42	%
Weighted average diluted shares outstanding (in thousands)	296,760		238,925		209,975		210,023		209,889		24	%	41	%
Earnings per common share – basic	$	0.72	$	0.40	$	0.73	$	0.41	$	0.69	80	%	4	%
Earnings per common share – diluted	$	0.72	$	0.40	$	0.73	$	0.41	$	0.68	80	%	6	%

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Year Ended				% Change
($ in millions, shares in thousands)	Dec 31, 2025		Dec 31, 2024		Year over Year
Interest income:
Loans and leases	$	2,458	$	2,320	6	%
Interest and dividends on investments:
Taxable	340		305		11	%
Exempt from federal income tax	34		28		21	%
Dividends	13		12		8	%
Temporary investments and interest bearing deposits	71		90		(21)	%
Total interest income	2,916		2,755		6	%
Interest expense:
Deposits	747		803		(7)	%
Securities sold under agreement to repurchase and federal funds purchased	4		5		(20)	%
Borrowings	128		190		(33)	%
Junior and other subordinated debentures	34		39		(13)	%
Total interest expense	913		1,037		(12)	%
Net interest income	2,003		1,718		17	%
Provision for credit losses	150		106		42	%
Non-interest income:
Service charges on deposits	84		72		17	%
Card-based fees	58		57		2	%
Financial services and trust revenue	35		20		75	%
Residential mortgage banking revenue, net	31		24		29	%
Gain on investment securities, net	6		—		nm
Gain (loss) on loan and lease sales, net	1		(3)		nm
Gain (loss) on loans held for investment, at fair value	11		(10)		nm
BOLI income	25		19		32	%
Other income	47		32		47	%
Total non-interest income	298		211		41	%
Non-interest expense:
Salaries and employee benefits	672		589		14	%
Occupancy and equipment, net	216		182		19	%
Intangible amortization	127		119		7	%
FDIC assessments	28		42		(33)	%
Merger and restructuring expense	148		24		nm
Legal settlement	55		—		nm
Other expenses	177		148		20	%
Total non-interest expense	1,423		1,104		29	%
Income before provision for income taxes	728		719		1	%
Provision for income taxes	178		185		(4)	%
Net income	$	550	$	534	3	%

Weighted average basic shares outstanding (in thousands)	238,022		208,463		14	%
Weighted average diluted shares outstanding (in thousands)	239,121		209,337		14	%
Earnings per common share – basic	$	2.31	$	2.56	(10)	%
Earnings per common share – diluted	$	2.30	$	2.55	(10)	%

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)	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	511	$	535	$	608	$	591	$	497	(4)	%	3	%
Interest-bearing cash and temporary investments	1,869		1,808		1,334		1,481		1,381		3	%	35	%
Investment securities:
Equity and other, at fair value	113		112		93		92		78		1	%	45	%
Available for sale, at fair value	11,112		11,013		8,653		8,229		8,275		1	%	34	%
Held to maturity, at amortized cost	18		18		2		2		2		—	%	nm
Loans held for sale	262		340		66		65		72		(23)	%	264	%
Loans and leases	47,776		48,462		37,637		37,616		37,681		(1)	%	27	%
Allowance for credit losses on loans and leases	(466)		(473)		(421)		(421)		(425)		(1)	%	10	%
Net loans and leases	47,310		47,989		37,216		37,195		37,256		(1)	%	27	%
Restricted equity securities	159		119		161		125		150		34	%	6	%
Premises and equipment, net	422		416		357		345		349		1	%	21	%

Goodwill	1,482		1,481		1,029		1,029		1,029		—	%	44	%
Other intangible assets, net	712		754		430		456		484		(6)	%	47	%

Bank-owned life insurance	1,218		1,199		705		701		694		2	%	76	%

Other assets	1,644		1,712		1,247		1,208		1,309		(4)	%	26	%
Total assets	$	66,832	$	67,496	$	51,901	$	51,519	$	51,576	(1)	%	30	%
Liabilities:
Deposits
Non-interest-bearing	$	17,419	$	17,810	$	13,220	$	13,414	$	13,308	(2)	%	31	%
Interest-bearing	36,792		37,961		28,523		28,804		28,413		(3)	%	29	%
Total deposits	54,211		55,771		41,743		42,218		41,721		(3)	%	30	%
Securities sold under agreements to repurchase	207		167		191		192		237		24	%	(13)	%
Borrowings	3,200		2,300		3,350		2,550		3,100		39	%	3	%
Junior subordinated debentures, at fair value	338		331		323		321		331		2	%	2	%
Junior and other subordinated debentures, at amortized cost	97		107		108		108		108		(9)	%	(10)	%


Other liabilities	939		1,030		844		892		961		(9)	%	(2)	%
Total liabilities	58,992		59,706		46,559		46,281		46,458		(1)	%	27	%
Shareholders' equity:

Common stock	8,099		8,189		5,826		5,823		5,817		(1)	%	39	%
Accumulated deficit	(26)		(131)		(151)		(227)		(237)		(80)	%	(89)	%
Accumulated other comprehensive loss	(233)		(268)		(333)		(358)		(462)		(13)	%	(50)	%
Total shareholders' equity	7,840		7,790		5,342		5,238		5,118		1	%	53	%
Total liabilities and shareholders' equity	$	66,832	$	67,496	$	51,901	$	51,519	$	51,576	(1)	%	30	%

Common shares outstanding at period end (in thousands)	295,422		299,147		210,213		210,112		209,536		(1)	%	41	%

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
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.37		$	0.36		$	0.36		$	0.36		$	0.36		3	%	3	%
Book value	$	26.54		$	26.04		$	25.41		$	24.93		$	24.43		2	%	9	%
Tangible book value (1)	$	19.11		$	18.57		$	18.47		$	17.86		$	17.20		3	%	11	%

Performance Ratios:
Efficiency ratio (2)	57.30		%	67.29		%	54.29		%	69.06		%	54.61		%	(9.99)		2.69
Non-interest expense to average assets (1)	2.44		%	2.74		%	2.16		%	2.68		%	2.06		%	(0.30)		0.38
Return on average assets ("ROAA")	1.27		%	0.67		%	1.19		%	0.68		%	1.10		%	0.60		0.17
Pre-provision net revenue ("PPNR") ROAA (1)	1.80		%	1.32		%	1.81		%	1.19		%	1.70		%	0.48		0.10
Return on average common equity	10.92		%	6.19		%	11.56		%	6.73		%	10.91		%	4.73		0.01
Return on average tangible common equity (1)	15.24		%	8.58		%	16.03		%	9.45		%	15.41		%	6.66		(0.17)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	51.39		%	52.32		%	51.79		%	55.11		%	52.51		%	(0.93)		(1.12)
Operating non-interest expense to average assets (1)	2.20		%	2.14		%	2.10		%	2.13		%	2.03		%	0.06		0.17
Operating ROAA (1)	1.44		%	1.42		%	1.25		%	1.10		%	1.15		%	0.02		0.29
Operating PPNR ROAA (1)	2.02		%	1.89		%	1.88		%	1.67		%	1.77		%	0.13		0.25
Operating return on average common equity (1)	12.34		%	13.15		%	12.16		%	10.87		%	11.40		%	(0.81)		0.94
Operating return on average tangible common equity (1)	17.22		%	18.24		%	16.85		%	15.26		%	16.11		%	(1.02)		1.11

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.92		%	5.96		%	6.00		%	5.92		%	6.05		%	(0.04)		(0.13)
Yield on earning assets (2)	5.55		%	5.62		%	5.62		%	5.49		%	5.63		%	(0.07)		(0.08)
Cost of interest bearing deposits	2.08		%	2.43		%	2.52		%	2.52		%	2.66		%	(0.35)		(0.58)
Cost of interest bearing liabilities	2.27		%	2.65		%	2.78		%	2.80		%	2.98		%	(0.38)		(0.71)
Cost of total deposits	1.40		%	1.66		%	1.73		%	1.72		%	1.80		%	(0.26)		(0.40)
Cost of total funding (3)	1.57		%	1.87		%	1.98		%	1.99		%	2.09		%	(0.30)		(0.52)
Net interest margin (2)	4.06		%	3.84		%	3.75		%	3.60		%	3.64		%	0.22		0.42
Average interest bearing cash / Average interest earning assets	3.12		%	3.41		%	2.97		%	3.13		%	3.29		%	(0.29)		(0.17)
Average loans and leases / Average interest earning assets	78.12		%	78.39		%	78.64		%	78.93		%	78.42		%	(0.27)		(0.30)
Average loans and leases / Average total deposits	87.34		%	88.39		%	90.07		%	90.36		%	89.77		%	(1.05)		(2.43)
Average non-interest bearing deposits / Average total deposits	32.45		%	31.41		%	31.39		%	31.75		%	32.45		%	1.04		—
Average total deposits / Average total funding (3)	94.52		%	93.47		%	91.92		%	91.86		%	91.88		%	1.05		2.64

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.41		%	0.40		%	0.47		%	0.47		%	0.44		%	0.01		(0.03)
Non-performing assets to total assets	0.30		%	0.29		%	0.35		%	0.35		%	0.33		%	0.01		(0.03)
Allowance for credit losses to loans and leases	1.02		%	1.01		%	1.17		%	1.17		%	1.17		%	0.01		(0.15)
Total risk-based capital ratio (4)	13.6		%	13.4		%	13.0		%	12.9		%	12.8		%	0.20		0.80
Common equity tier 1 risk-based capital ratio (4)	11.8		%	11.6		%	10.8		%	10.6		%	10.5		%	0.20		1.30


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Year Ended						% Change
	Dec 31, 2025			Dec 31, 2024			Year over Year
Per Common Share Data:
Dividends	$	1.45		$	1.44		0.69	%

Performance Ratios:
Efficiency ratio (2)	61.68		%	57.14		%	4.54
Non-interest expense to average assets (1)	2.51		%	2.13		%	0.38
Return on average assets	0.97		%	1.03		%	(0.06)
PPNR ROAA (1)	1.55		%	1.59		%	(0.04)
Return on average common equity	8.98		%	10.55		%	(1.57)
Return on average tangible common equity (1)	12.51		%	15.31		%	(2.80)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)	52.54		%	54.22		%	(1.68)
Operating non-interest expense to average assets (1)	2.15		%	2.06		%	0.09
Operating ROAA (1)	1.31		%	1.09		%	0.22
Operating PPNR ROAA (1)	1.88		%	1.68		%	0.20
Operating return on average common equity (1)	12.18		%	11.23		%	0.95
Operating return on average tangible common equity (1)	16.97		%	16.30		%	0.67

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.95		%	6.15		%	(0.20)
Yield on earning assets (2)	5.57		%	5.73		%	(0.16)
Cost of interest bearing deposits	2.36		%	2.87		%	(0.51)
Cost of interest bearing liabilities	2.61		%	3.21		%	(0.60)
Cost of total deposits	1.61		%	1.93		%	(0.32)
Cost of total funding (3)	1.83		%	2.26		%	(0.43)
Net interest margin (2)	3.83		%	3.57		%	0.26
Average interest bearing cash / Average interest earning assets	3.16		%	3.53		%	(0.37)
Average loans and leases / Average interest earning assets	78.49		%	78.12		%	0.37
Average loans and leases / Average total deposits	88.89		%	90.30		%	(1.41)
Average non-interest bearing deposits / Average total deposits	31.79		%	32.70		%	(0.91)
Average total deposits / Average total funding (3)	93.07		%	90.59		%	2.48


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term	$	8,206		$	8,444		$	6,190		$	6,179		$	6,278		(3)	%	31	%
Owner occupied term	7,314			7,361			5,320			5,303			5,270			(1)	%	39	%
Multifamily	10,281			10,377			5,735			5,831			5,804			(1)	%	77	%
Construction & development	1,707			2,071			2,070			2,071			1,983			(18)	%	(14)	%
Residential development	362			367			286			252			232			(1)	%	56	%
Commercial:
Term	6,713			6,590			5,353			5,490			5,538			2	%	21	%
Lines of credit & other	3,643			3,582			2,951			2,754			2,770			2	%	32	%
Leases & equipment finance	1,599			1,614			1,641			1,644			1,661			(1)	%	(4)	%
Residential:
Mortgage	5,624			5,722			5,830			5,878			5,933			(2)	%	(5)	%
Home equity loans & lines	2,149			2,153			2,083			2,039			2,032			—	%	6	%
Consumer & other	178			181			178			175			180			(2)	%	(1)	%
Total loans and leases, net of deferred fees and costs	$	47,776		$	48,462		$	37,637		$	37,616		$	37,681		(1)	%	27	%

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


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	17,419		$	17,810		$	13,220		$	13,414		$	13,308		(2)	%	31	%
Demand, interest bearing	10,763			11,675			8,335			8,494			8,476			(8)	%	27	%
Money market	17,013			16,816			11,694			11,971			11,475			1	%	48	%
Savings	2,442			2,504			2,276			2,337			2,360			(2)	%	3	%
Time	6,574			6,966			6,218			6,002			6,102			(6)	%	8	%
Total	$	54,211		$	55,771		$	41,743		$	42,218		$	41,721		(3)	%	30	%

Total core deposits (1)	$	50,174		$	51,535		$	37,294		$	38,079		$	37,488		(3)	%	34	%

Deposit mix:
Demand, non-interest bearing	32		%	32		%	32		%	32		%	32		%
Demand, interest bearing	20		%	21		%	20		%	20		%	20		%
Money market	31		%	30		%	28		%	28		%	27		%
Savings	5		%	5		%	5		%	6		%	6		%
Time	12		%	12		%	15		%	14		%	15		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$	50		$	53		$	31		$	42		$	39		(6)	%	28	%
	Commercial	66			67			67			80			57			(1)	%	16	%


	Total loans and leases on non-accrual status	116			120			98			122			96			(3)	%	21	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate	2			—			—			—			—			nm		nm
	Commercial	8			5			5			—			5			60	%	60	%
	Residential (2)	72			71			74			53			66			1	%	9	%

	Total loans and leases past due 90+ days and accruing (2)	82			76			79			53			71			8	%	15	%
Total non-performing loans and leases (1), (2)		198			196			177			175			167			1	%	19	%
Other real estate owned		2			3			3			3			3			(33)	%	(33)	%
Total non-performing assets (1), (2)		$	200		$	199		$	180		$	178		$	170		1	%	18	%


Loans and leases past due 31-89 days		$	94		$	85		$	142		$	158		$	105		11	%	(10)	%
Loans and leases past due 31-89 days to total loans and leases		0.20		%	0.18		%	0.38		%	0.42		%	0.28		%	0.02		(0.08)
Non-performing loans and leases to total loans and leases (1), (2)		0.41		%	0.40		%	0.47		%	0.47		%	0.44		%	0.01		(0.03)
Non-performing assets to total assets (1), (2)		0.30		%	0.29		%	0.35		%	0.35		%	0.33		%	0.01		(0.03)
Non-accrual loans and leases to total loan and leases (2)		0.24		%	0.25		%	0.26		%	0.33		%	0.26		%	(0.01)		(0.02)

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)		Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	473		$	421		$	421		$	425		$	420		12	%	13	%
Initial ACL recorded for PCD loans acquired during the period		—			5			—			—			—			(100)	%	nm
Provision for credit losses on loans and leases		23			69			29			26			30			(67)	%	(23)	%
Charge-offs
	Commercial real estate	(8)			(3)			—			—			(3)			167	%	167	%
	Commercial	(23)			(22)			(33)			(33)			(26)			5	%	(12)	%
	Residential	(1)			—			—			(1)			—			nm		nm
	Consumer & other	(1)			(2)			(1)			(1)			(1)			(50)	%	0	%
	Total charge-offs	(33)			(27)			(34)			(35)			(30)			22	%	10	%
Recoveries

	Commercial	3			4			5			4			4			(25)	%	(25)	%

	Consumer & other	—			1			—			1			1			(100)	%	(100)	%
	Total recoveries	3			5			5			5			5			(40)	%	(40)	%
Net (charge-offs) recoveries
	Commercial real estate	(8)			(3)			—			—			(3)			167	%	167	%
	Commercial	(20)			(18)			(28)			(29)			(22)			11	%	(9)	%
	Residential	(1)			—			—			(1)			—			nm		nm
	Consumer & other	(1)			(1)			(1)			—			—			0	%	nm
	Total net charge-offs	(30)			(22)			(29)			(30)			(25)			36	%	20	%
Balance, end of period		$	466		$	473		$	421		$	421		$	425		(1)	%	10	%
Reserve for unfunded commitments
Balance, beginning of period		$	19		$	18		$	17		$	16		$	18		6	%	6	%
Provision (recapture) for credit losses on unfunded commitments		—			1			1			1			(2)			(100)	%	nm
Balance, end of period		19			19			18			17			16			0	%	19	%
Total Allowance for credit losses (ACL)		$	485		$	492		$	439		$	438		$	441		(1)	%	10	%

Net charge-offs to average loans and leases (annualized)		0.25		%	0.22		%	0.31		%	0.32		%	0.27		%	0.03		(0.02)
Recoveries to gross charge-offs		9.09		%	18.52		%	15.19		%	14.05		%	15.23		%	(9.43)		(6.14)
ACLLL to loans and leases		0.98		%	0.98		%	1.12		%	1.12		%	1.13		%	—		(0.15)
ACL to loans and leases		1.02		%	1.01		%	1.17		%	1.17		%	1.17		%	0.01		(0.15)

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)
		Year Ended						% Change
($ in millions)		Dec 31, 2025			Dec 31, 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		147			113			30	%
Charge-offs
	Commercial real estate	(11)			(4)			175	%
	Commercial	(111)			(139)			(20)	%
	Residential	(2)			(2)			0	%
	Consumer & other	(5)			(6)			(17)	%
	Total charge-offs	(129)			(151)			(15)	%
Recoveries
	Commercial real estate	—			1			(100)	%
	Commercial	16			18			(11)	%
	Residential	—			1			(100)	%
	Consumer & other	2			2			0	%
	Total recoveries	18			22			(18)	%
Net (charge-offs) recoveries
	Commercial real estate	(11)			(3)			267	%
	Commercial	(95)			(121)			(21)	%
	Residential	(2)			(1)			100	%
	Consumer & other	(3)			(4)			(25)	%
	Total net charge-offs	(111)			(129)			(14)	%
Balance, end of period		$	466		$	425		10	%
Reserve for unfunded commitments
Balance, beginning of period		$	16		$	23		(30)	%
Provision (recapture) for credit losses on unfunded commitments		3			(7)			nm
Balance, end of period		19			16			19	%
Total Allowance for credit losses (ACL)		$	485		$	441		10	%

Net charge-offs to average loans and leases (annualized)		0.27		%	0.34		%	(0.07)
Recoveries to gross charge-offs		13.95		%	14.54		%	(0.59)

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
	December 31, 2025						September 30, 2025						December 31, 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	$	306	$	5	5.51	%	$	80	$	1	7.14	%	$	77	$	1	6.35	%
Loans and leases (1)	48,186		717		5.92	%	41,164		618		5.96	%	37,539		571		6.05	%
Taxable securities	9,996		105		4.23	%	8,523		93		4.35	%	7,851		78		3.97	%
Non-taxable securities (2)	1,268		14		4.53	%	950		10		4.26	%	831		8		3.80	%
Temporary investments and interest-bearing cash	1,923		19		3.82	%	1,793		20		4.40	%	1,573		19		4.80	%
Total interest-earning assets (1), (2)	61,679		$	860	5.55	%	52,510		$	742	5.62	%	47,871		$	677	5.63	%
Goodwill and other intangible assets	2,217						1,719						1,528
Other assets	3,218						2,594						2,189
Total assets	$	67,114					$	56,823					$	51,588
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	11,052	$	51	1.81	%	$	9,630	$	53	2.17	%	$	8,563	$	52	2.43	%
Money market deposits	17,010		94		2.22	%	13,476		83		2.46	%	11,441		73		2.53	%
Savings deposits	2,463		1		0.12	%	2,358		1		0.16	%	2,393		1		0.11	%
Time deposits	6,741		49		2.88	%	6,481		58		3.57	%	5,849		63		4.30	%
Total interest-bearing deposits	37,266		195		2.08	%	31,945		195		2.43	%	28,246		189		2.66	%
Repurchase agreements and federal funds purchased	184		1		2.16	%	176		1		2.15	%	198		1		1.95	%
Borrowings	2,581		27		4.20	%	2,648		30		4.54	%	3,076		40		5.16	%
Junior and other subordinated debentures	436		8		7.53	%	430		9		7.99	%	420		9		8.81	%
Total interest-bearing liabilities	40,467		$	231	2.27	%	35,199		$	235	2.65	%	31,940		$	239	2.98	%
Non-interest-bearing deposits	17,902						14,627						13,569
Other liabilities	931						840						853
Total liabilities	59,300						50,666						46,362
Common equity	7,814						6,157						5,226
Total liabilities and shareholders' equity	$	67,114					$	56,823					$	51,588
NET INTEREST INCOME (2)			$	629					$	507					$	438
NET INTEREST SPREAD (2)					3.28	%					2.97	%					2.65	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					4.06	%					3.84	%					3.64	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Year Ended
	December 31, 2025						December 31, 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	$	129	$	8	5.98	%	$	69	$	4	6.50	%
Loans and leases (1)	41,198		2,450		5.95	%	37,585		2,316		6.15	%
Taxable securities	8,543		353		4.14	%	7,929		317		4.00	%
Non-taxable securities (2)	960		40		4.20	%	834		32		3.78	%
Temporary investments and interest-bearing cash	1,659		71		4.26	%	1,696		90		5.32	%
Total interest-earning assets (1), (2)	52,489		$	2,922	5.57	%	48,113		$	2,759	5.73	%
Goodwill and other intangible assets	1,729						1,574
Other assets	2,561						2,228
Total assets	$	56,779					$	51,915
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	9,391	$	198	2.11	%	$	8,266	$	215	2.60	%
Money market deposits	13,483		319		2.37	%	10,998		300		2.73	%
Savings deposits	2,365		3		0.13	%	2,529		3		0.13	%
Time deposits	6,373		227		3.56	%	6,220		285		4.58	%
Total interest-bearing deposits	31,612		747		2.36	%	28,013		803		2.87	%
Repurchase agreements and federal funds purchased	190		4		2.11	%	212		5		2.30	%
Borrowings	2,830		128		4.53	%	3,692		190		5.15	%
Junior and other subordinated debentures	433		34		7.87	%	419		39		9.28	%
Total interest-bearing liabilities	35,065		$	913	2.61	%	32,336		$	1,037	3.21	%
Non-interest-bearing deposits	14,735						13,609
Other liabilities	853						910
Total liabilities	50,653						46,855
Common equity	6,126						5,060
Total liabilities and shareholders' equity	$	56,779					$	51,915
NET INTEREST INCOME (2)			$	2,009					$	1,722
NET INTEREST SPREAD (2)					2.96	%					2.52	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.83	%					3.57	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															%
($ in millions)	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	5		$	5		$	5		$	4		$	5		—	%	—	%
Servicing	6			5			6			6			6			20	%	—	%
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)			—			(2)			(1)			7			nm		(114)	%
MSR hedge gain (loss)	—			—			2			3			(8)			nm		nm
Total	$	7		$	7		$	8		$	9		$	7		—	%	—	%

Closed loan volume for sale	$	176		$	166		$	164		$	136		$	175		6	%	1	%
Gain on sale margin	2.84		%	3.01		%	2.77		%	3.23		%	2.58		%	-0.17		0.26

Residential mortgage servicing rights:
Balance, beginning of period	$	101		$	103		$	106		$	108		$	102		(2)	%	(1)	%
Additions for new MSR capitalized	2			1			2			2			2			100	%	—	%

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)			—			(2)			(1)			7			nm		(114)	%
Balance, end of period	$	99		$	101		$	103		$	106		$	108		(2)	%	(8)	%

Residential mortgage loans serviced for others	$	7,755		$	7,797		$	7,852		$	7,888		$	7,939		(1)	%	(2)	%
MSR as % of serviced portfolio	1.28		%	1.30		%	1.31		%	1.34		%	1.36		%	(0.02)		(0.08)

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


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Year Ended						% Change
($ in millions)	Dec 31, 2025			Dec 31, 2024			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	19		$	16		19	%
Servicing	23			24			(4)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(12)			(12)			0	%
Changes due to valuation inputs or assumptions	(4)			5			(180)	%
MSR hedge gain (loss)	5			(9)			nm
Total	$	31		$	24		29	%

Closed loan volume for sale	$	642		$	564		14	%
Gain on sale margin	2.96		%	2.86		%	0.10

Residential mortgage servicing rights:
Balance, beginning of period	$	108		$	109		(1)	%
Additions for new MSR capitalized	7			6			17	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(12)			(12)			0	%
Changes due to valuation inputs or assumptions	(4)			5			(180)	%
Balance, end of period	$	99		$	108		(8)	%

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)		Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	7,840		$	7,790		$	5,342		$	5,238		$	5,118		1	%	53	%
Less: Goodwill		1,482			1,481			1,029			1,029			1,029			—	%	44	%
Less: Other intangible assets, net		712			754			430			456			484			(6)	%	47	%
Tangible common shareholders' equity	b	$	5,646		$	5,555		$	3,883		$	3,753		$	3,605		2	%	57	%

Total assets	c	$	66,832		$	67,496		$	51,901		$	51,519		$	51,576		(1)	%	30	%
Less: Goodwill		1,482			1,481			1,029			1,029			1,029			—	%	44	%
Less: Other intangible assets, net		712			754			430			456			484			(6)	%	47	%
Tangible assets	d	$	64,638		$	65,261		$	50,442		$	50,034		$	50,063		(1)	%	29	%
Common shares outstanding at period end (in thousands)	e	295,422			299,147			210,213			210,112			209,536			(1)	%	41	%

Total shareholders' equity to total assets ratio	a / c	11.73		%	11.54		%	10.29		%	10.17		%	9.92		%	0.19		1.81
Tangible common equity to tangible assets ratio	b / d	8.73		%	8.51		%	7.70		%	7.50		%	7.20		%	0.22		1.53
Book value per common share	a / e	$	26.54		$	26.04		$	25.41		$	24.93		$	24.43		2	%	9	%
Tangible book value per common share	b / e	$	19.11		$	18.57		$	18.47		$	17.86		$	17.20		3	%	11	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on investment securities, net		$	2	$	2	$	—	$	2	$	(1)	—	%	nm
Gain (loss) on swap derivatives		1		(1)		(1)		(1)		3		nm		(67)	%
Gain (loss) on loans held for investment, at fair value		—		4		—		7		(7)		(100)	%	nm
Change in fair value of MSR due to valuation inputs or assumptions		(1)		—		(2)		(1)		7		nm		(114)	%
MSR hedge gain (loss)		—		—		2		3		(8)		nm		nm
Total non-interest income adjustments	a	$	2	$	5	$	(1)	$	10	$	(6)	(60)	%	nm

Non-Interest Expense Adjustments
Merger and restructuring expense		$	39	$	87	$	8	$	14	$	2	(55)	%	nm
Exit and disposal costs		1		—		—		1		1		nm		—	%
FDIC special assessment		(5)		(1)		—		—		—		400	%	nm
Legal settlement and other non-operating expense		4		—		—		55		—		nm		nm
Total non-interest expense adjustments	b	$	39	$	86	$	8	$	70	$	3	(55)	%	nm

Net interest income	c	$	627	$	505	$	446	$	425	$	437	24	%	43	%

Non-interest income (GAAP)	d	$	90	$	77	$	65	$	66	$	50	17	%	80	%
Less: Non-interest income adjustments	a	(2)		(5)		1		(10)		6		(60)	%	(133)	%
Operating non-interest income (non-GAAP)	e	$	88	$	72	$	66	$	56	$	56	22	%	57	%

Revenue (GAAP)	f=c+d	$	717	$	582	$	511	$	491	$	487	23	%	47	%
Operating revenue (non-GAAP)	g=c+e	$	715	$	577	$	512	$	481	$	493	24	%	45	%

Non-interest expense (GAAP)	h	$	412	$	393	$	278	$	340	$	267	5	%	54	%
Less: Non-interest expense adjustments	b	(39)		(86)		(8)		(70)		(3)		(55)	%	nm
Operating non-interest expense (non-GAAP)	i	$	373	$	307	$	270	$	270	$	264	21	%	41	%

Net income (GAAP)	j	$	215	$	96	$	152	$	87	$	143	124	%	50	%
Provision for income taxes		67		23		51		37		49		191	%	37	%
Income before provision for income taxes		282		119		203		124		192		137	%	47	%
Provision for credit losses		23		70		30		27		28		(67)	%	(18)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	305		189		233		151		220		61	%	39	%
Less: Non-interest income adjustments	a	(2)		(5)		1		(10)		6		(60)	%	(133)	%
Add: Non-interest expense adjustments	b	39		86		8		70		3		(55)	%	nm
Operating PPNR (non-GAAP)	l	$	342	$	270	$	242	$	211	$	229	27	%	49	%

Net income (GAAP)	j	$	215	$	96	$	152	$	87	$	143	124	%	50	%
Acquisition-related provision expense		—		70		—		—		—		(100)	%	nm
Less: Non-interest income adjustments	a	(2)		(5)		1		(10)		6		(60)	%	(133)	%
Add: Non-interest expense adjustments	b	39		86		8		70		3		(55)	%	nm
Tax effect of adjustments		(9)		(43)		(1)		(8)		(2)		(79)	%	350	%
Operating net income (non-GAAP)	m	$	243	$	204	$	160	$	139	$	150	19	%	62	%

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)		Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Average assets	n	$	67,114		$	56,823		$	51,552		$	51,453		$	51,588		18	%	30	%
Less: Average goodwill and other intangible assets, net		2,217			1,719			1,472			1,502			1,528			29	%	45	%
Average tangible assets	o	$	64,897		$	55,104		$	50,080		$	49,951		$	50,060		18	%	30	%

Average common shareholders' equity	p	$	7,814		$	6,157		$	5,287		$	5,217		$	5,226		27	%	50	%
Less: Average goodwill and other intangible assets, net		2,217			1,719			1,472			1,502			1,528			29	%	45	%
Average tangible common equity	q	$	5,597		$	4,438		$	3,815		$	3,715		$	3,698		26	%	51	%

Weighted average basic shares outstanding (in thousands)	r	295,376			237,838			209,125			208,800			208,548			24	%	42	%
Weighted average diluted shares outstanding (in thousands)	s	296,760			238,925			209,975			210,023			209,889			24	%	41	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	0.72		$	0.40		$	0.73		$	0.41		$	0.69		80	%	4	%
Earnings per share - diluted	j / s	$	0.72		$	0.40		$	0.73		$	0.41		$	0.68		80	%	6	%
Efficiency ratio (1)	h / f	57.30		%	67.29		%	54.29		%	69.06		%	54.61		%	(9.99)		2.69
Non-interest expense to average assets	h / n	2.44		%	2.74		%	2.16		%	2.68		%	2.06		%	(0.30)		0.38
Return on average assets	j / n	1.27		%	0.67		%	1.19		%	0.68		%	1.10		%	0.60		0.17
Return on average tangible assets	j / o	1.31		%	0.69		%	1.22		%	0.70		%	1.14		%	0.62		0.17
PPNR return on average assets	k / n	1.80		%	1.32		%	1.81		%	1.19		%	1.70		%	0.48		0.10
Return on average common equity	j / p	10.92		%	6.19		%	11.56		%	6.73		%	10.91		%	4.73		0.01
Return on average tangible common equity	j / q	15.24		%	8.58		%	16.03		%	9.45		%	15.41		%	6.66		(0.17)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	0.82		$	0.86		$	0.77		$	0.67		$	0.72		(5)	%	14	%
Operating earnings per share - diluted	m / s	$	0.82		$	0.85		$	0.76		$	0.67		$	0.71		(4)	%	15	%
Operating efficiency ratio, as adjusted (1)	u / y	51.39		%	52.32		%	51.79		%	55.11		%	52.51		%	(0.93)		(1.12)
Operating non-interest expense to average assets	i / n	2.20		%	2.14		%	2.10		%	2.13		%	2.03		%	0.06		0.17
Operating return on average assets	m / n	1.44		%	1.42		%	1.25		%	1.10		%	1.15		%	0.02		0.29
Operating return on average tangible assets	m / o	1.49		%	1.47		%	1.28		%	1.13		%	1.19		%	0.02		0.30
Operating PPNR return on average assets	l / n	2.02		%	1.89		%	1.88		%	1.67		%	1.77		%	0.13		0.25
Operating return on average common equity	m / p	12.34		%	13.15		%	12.16		%	10.87		%	11.40		%	(0.81)		0.94
Operating return on average tangible common equity	m / q	17.22		%	18.24		%	16.85		%	15.26		%	16.11		%	(1.02)		1.11


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	412		$	393		$	278		$	340		$	267		5	%	54	%
Less: Non-interest expense adjustments	b	(39)			(86)			(8)			(70)			(3)			(55)	%	nm
Operating non-interest expense (non-GAAP)	i	373			307			270			270			264			21	%	41	%
Less: B&O taxes	t	(3)			(3)			(3)			(3)			(4)			—	%	(25)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	370		$	304		$	267		$	267		$	260		22	%	42	%

Net interest income (tax equivalent) (1)	v	$	629		$	507		$	447		$	426		$	438		24	%	44	%
Non-interest income (GAAP)	d	90			77			65			66			50			17	%	80	%
Add: BOLI tax equivalent adjustment (1)	w	3			2			2			1			1			50	%	200	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	722			586			514			493			489			23	%	48	%
Less: Non-interest income adjustments	a	(2)			(5)			1			(10)			6			(60)	%	(133)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	720		$	581		$	515		$	483		$	495		24	%	45	%

Efficiency ratio (1)	h / f	57.30		%	67.29		%	54.29		%	69.06		%	54.61		%	(9.99)		2.69
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	51.39		%	52.32		%	51.79		%	55.11		%	52.51		%	(0.93)		(1.12)

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)
		Year Ended				% Change
($ in millions)		Dec 31, 2025		Dec 31, 2024		Year over Year
Non-Interest Income Adjustments
Gain on investment securities, net		$	6	$	—	nm
(Loss) gain on swap derivatives		(2)		1		(300)	%
Gain (loss) on loans held for investment, at fair value		11		(10)		nm
Change in fair value of MSR due to valuation inputs or assumptions		(4)		5		(180)	%
MSR hedge gain (loss)		5		(9)		nm
Total non-interest income adjustments	a	$	16	$	(13)	nm

Non-Interest Expense Adjustments
Merger and restructuring expense		$	148	$	24	nm
Exit and disposal costs		2		4		(50)	%
FDIC special assessment		(6)		5		(220)	%
Legal settlement and other non-operating expense		59		—		nm
Total non-interest expense adjustments	b	$	203	$	33	nm

Net interest income	c	$	2,003	$	1,718	17	%

Non-interest income (GAAP)	d	$	298	$	211	41	%
Less: Non-interest income adjustments	a	(16)		13		(223)	%
Operating non-interest income (non-GAAP)	e	$	282	$	224	26	%

Revenue (GAAP)	f=c+d	$	2,301	$	1,929	19	%
Operating revenue (non-GAAP)	g=c+e	$	2,285	$	1,942	18	%

Non-interest expense (GAAP)	h	$	1,423	$	1,104	29	%
Less: Non-interest expense adjustments	b	(203)		(33)		nm
Operating non-interest expense (non-GAAP)	i	$	1,220	$	1,071	14	%

Net income (GAAP)	j	$	550	$	534	3	%
Provision for income taxes		178		185		(4)	%
Income before provision for income taxes		728		719		1	%
Provision for credit losses		150		106		42	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	878		825		6	%
Less: Non-interest income adjustments	a	(16)		13		(223)	%
Add: Non-interest expense adjustments	b	203		33		nm
Operating PPNR (non-GAAP)	l	$	1,065	$	871	22	%

Net income (GAAP)	j	$	550	$	534	3	%
Acquisition-related provision expense		70		—		nm
Less: Non-interest income adjustments	a	(16)		13		(223)	%
Add: Non-interest expense adjustments	b	203		33		nm
Tax effect of adjustments		(61)		(12)		408	%
Operating net income (non-GAAP)	m	$	746	$	568	31	%
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)
		Year Ended						% Change
($ in millions, shares in thousands)		Dec 31, 2025			Dec 31, 2024			Year over Year
Average assets	n	$	56,779		$	51,915		9	%
Less: Average goodwill and other intangible assets, net		1,729			1,574			10	%
Average tangible assets	o	$	55,050		$	50,341		9	%

Average common shareholders' equity	p	$	6,126		$	5,060		21	%
Less: Average goodwill and other intangible assets, net		1,729			1,574			10	%
Average tangible common equity	q	$	4,397		$	3,486		26	%

Weighted average basic shares outstanding	r	238,022			208,463			14	%
Weighted average diluted shares outstanding	s	239,121			209,337			14	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	2.31		$	2.56		(10)	%
Earnings per share - diluted	j / s	$	2.30		$	2.55		(10)	%
Efficiency ratio (1)	h / f	61.68		%	57.14		%	4.54
Non-interest expense to average assets	h/n	2.51		%	2.13		%	0.38
Return on average assets	j / n	0.97		%	1.03		%	(0.06)
Return on average tangible assets	j / o	1.00		%	1.06		%	(0.06)
PPNR return on average assets	k/n	1.55		%	1.59		%	(0.04)
Return on average common equity	j / p	8.98		%	10.55		%	(1.57)
Return on average tangible common equity	j / q	12.51		%	15.31		%	(2.80)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	3.13		$	2.73		15	%
Operating earnings per share - diluted	m / s	$	3.12		$	2.71		15	%
Operating efficiency ratio, as adjusted (1)	u / y	52.54		%	54.22		%	(1.68)
Operating non-interest expense to average assets	i/n	2.15		%	2.06		%	0.09
Operating return on average assets	m / n	1.31		%	1.09		%	0.22
Operating return on average tangible assets	m / o	1.36		%	1.13		%	0.23
Operating PPNR return on average assets	l / n	1.88		%	1.68		%	0.20
Operating return on average common equity	m / p	12.18		%	11.23		%	0.95
Operating return on average tangible common equity	m / q	16.97		%	16.30		%	0.67


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Year Ended						% change
($ in millions)		Dec 31, 2025			Dec 31, 2024			Year over Year
Non-interest expense (GAAP)	h	$	1,423		$	1,104		29	%
Less: Non-interest expense adjustments	b	(203)			(33)			nm
Operating non-interest expense (non-GAAP)	i	1,220			1,071			14	%
Less: B&O taxes	t	(12)			(13)			(8)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	1,208		$	1,058		14	%

Net interest income (tax equivalent) (1)	v	$	2,009		$	1,722		17	%
Non-interest income (GAAP)	d	298			211			41	%
Add: BOLI tax equivalent adjustment (1)	w	8			6			33	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	2,315			1,939			19	%
Less: Non-interest income adjustments	a	(16)			13			(223)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	2,299		$	1,952		18	%

Efficiency ratio (1)	h /f	61.68		%	57.14		%	4.54
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	52.54		%	54.22		%	(1.68)

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


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