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Asthma is a chronic respiratory disease affecting 262 million people worldwide, with children representing a particularly vulnerable population []. High prevalence rates have been reported in urban regions of China and India []; yet, early-life asthma remains both undermanaged in clinical practice and underrepresented in research []. This is due to several challenges, including the fast-paced nature of pediatric outpatient clinics where most children are treated [], the inherent heterogeneity of asthma [], and diagnostic difficulties—especially in children under 6 years old []. These factors contribute to low rates of diagnostic confirmation and inhaled corticosteroid adherence, exacerbating the overall disease burden [,].
To address these issues, the Global Initiative for Asthma (GINA) 2025 report has introduced, for the first time, diagnostic criteria and a definition for suspected asthma in children under 6 years old []. Despite this important step, the characteristics of early-life asthma in outpatient settings remain poorly characterized. This gap is particularly critical since the first 5 years of life constitute a key window for allergen sensitization [], the foremost risk factor for childhood asthma. Therefore, there is an urgent need to establish well-characterized cohorts of young asthmatic children within outpatient settings to improve understanding and management.
To date, 3 primary approaches have been used to study childhood asthma. Large-scale birth cohorts have advanced our understanding of asthma and allergic diseases [-] but require substantial resources and yield limited cases due to disease incidence. Small-scale prospective asthma cohorts often include children with established diagnoses (typically over 6 years old) [-]; yet, this may restrict exploration of early disease heterogeneity. Retrospective cohorts based on hospital records [-] offer real-world insights but are limited by incomplete data and suboptimal biospecimen preservation. Given these limitations, an integrated model that combines prospective and retrospective approaches within routine clinical practice offers a promising alternative.
Emerging strategies enhance the feasibility and rigor of such an integrated model. Real-world evidence methodologies and symptom-driven phenotyping enable early identification of children with asthmatic symptoms, even before formal diagnosis [-]. Standardized electronic medical records (EMRs) improve data completeness and accessibility [,], while electronic patient-reported outcomes (ePROs) capture symptoms and experiences beyond clinical encounters [-]. In addition, residual biospecimens from routine testing can be repurposed for molecular endotyping using high-throughput omics technologies, minimizing invasive procedures [-]. These tools not only reduce cohort heterogeneity but also facilitate data harmonization and future integration, mirroring successful efforts in major birth cohorts [,].
In this study, we developed the Clinical Registry of Childhood Asthma (CRCA)—an outpatient-based integrated research platform that combines symptom-driven recruitment, real-world evidence collection, standardized EMRs, structured ePROs, and residual biospecimens. This framework supports both the establishment of a dynamically updated biorepository and enables phenotyping of early-life asthma. We aimed to characterize children across confirmed, suspected, and excluded asthma categories and identify factors associated with these diagnostic outcomes.
Methods
Study Design
The CRCA is a prospective, longitudinal, digitally enhanced real-world cohort study launched on March 7, 2024, at the Respiratory Clinic of the Children’s Hospital of Chongqing Medical University—a tertiary pediatric referral center in Southwest China. Designed to address the critical gap in well-characterized outpatient cohorts for early-life asthma, the CRCA operates as an open, integrated research framework embedded within routine clinical workflows to enable long-term follow-up (). This manuscript presents a cross-sectional analysis of the baseline data from this ongoing cohort.
Figure 1. Design and inclusion procedure of the study (created with BioRender.com).
This study used a symptom-driven recruitment strategy to proactively identify and enroll children during visits [,]. While this approach may initially include children with a broader spectrum of wheezing illnesses (“off-target” recruitment) [] and is subject to real-world follow-up challenges [-], it is conceptualized not as a limitation but as a fundamental feature enabling the construction of a dynamic, funnel-shaped biorepository for long-term observational research. Through continuous enrollment, the framework accumulates a diverse population, with data collection occurring at scheduled follow-up intervals, which naturally refines over time into a well-characterized cohort of children with confirmed or suspected asthma, while also preserving longitudinal data on the broader natural history of childhood wheezing.
The term “digitally enhanced” refers to our core strategy of synthesizing two complementary data streams collected overtime: (1) hospital-based EMRs for structured clinical data and (2) smartphone-based ePROs for repeatedly capturing symptom and experience data from caregivers beyond clinical encounters. This dual-stream approach ensures comprehensive and continuous longitudinal data acquisition within a high-volume outpatient setting.
The primary outcomes for this article are the detailed cross-sectional characteristics of children with early-life asthma, stratified by diagnostic status (confirmed, suspected, or excluded). Secondary outcomes include metrics related to the implementation of the CRCA study, including the feasibility (>70% ePRO completion and biospecimens collection rates) and sustainability of recruitment efforts. In-depth analysis of longitudinal outcomes is beyond the scope of this initial report, but it is a core purpose of the ongoing cohort. Reporting follows the STROBE (Strengthening the Reporting of Observational Studies in Epidemiology) guidelines ().
Ethical Considerations
The study protocol was approved by the Ethics Committee of the Children’s Hospital of Chongqing Medical University (approval number 2024-37) and registered with China’s National Medical Research Registration and Recording Information System (registration number MR-50-24-049642). Written informed consent was obtained from all participating parents, with additional assent from children aged ≥8 years. No financial compensation was provided. The study imposed no additional diagnostic procedures or financial burdens beyond standard care. All procedures adhered to the Declaration of Helsinki, and participant confidentiality was maintained.
Recruitment and Follow-Up
The longitudinal design of CRCA is implemented through a structured recruitment and follow-up protocol. Eligible participants were children under 18 years of age who presented with persistent or recurrent cough, wheezing, or both, lasting at least 1 month. In addition, asthma needed to be suspected by either the referring practitioner or our study pediatricians. Finally, the child’s clinical assessment or a parental request had to indicate the need for blood tests, such as serum-specific IgE (sIgE) testing. Participants who met the inclusion criteria and elected to continue follow-up at the CRCA clinic were enrolled. It is important to note that while the CRCA registry enrolls children across the entire pediatric age range (<18 years) to establish a comprehensive and longitudinal resource, this initial cross-sectional analysis focuses specifically on the early-life period, where diagnostic uncertainty is greatest.
Enrolled participants are followed prospectively every 4-6 months or as clinically indicated, in accordance with GINA-based management []. Study exit was defined as either (1) clinical resolution of symptoms or (2) failure to attend follow-up for over one year. However, given the chronic and relapsing nature of asthma, children who returned to the clinic after study exit, whether for exacerbations or routine management, were re-eligible for data collection ().
Definitions of Asthma Diagnosis
Asthma status was classified for all ages as “confirmed” or “suspected” per GINA 2025 []. For children under 6 years, a “confirmed asthma” diagnosis required meeting 3 criteria. First, the child must have had recurrent acute wheezing episodes, which could occur with or without interval symptoms. Second, alternative diagnoses must have been excluded. Third, a timely response to asthma treatment was necessary. A “suspected asthma” classification was applied when there was a highly suggestive clinical history that lacked objective confirmation. This lack of confirmation could be due to the infeasibility of testing or an incomplete treatment response. In such cases, alternative diagnoses were also considered unlikely. For individuals ≥6 years, “confirmed asthma” required objective evidence of variable expiratory airflow limitation, demonstrated by positive bronchodilator reversibility, excessive peak expiratory flow variability, or a positive bronchial challenge test. “Suspected asthma” was defined by characteristic symptoms in the absence of confirmatory test results, whether due to testing infeasibility or negative or equivocal results despite a suggestive history.
Standard EMRs
The CRCA study implemented a standardized EMR template to ensure consistent data collection. The baseline information module captured comprehensive demographic characteristics, including the child’s full name, date of birth, residential address, contact information, and body weight. The clinical assessment module systematically recorded medical data across multiple domains. These included respiratory symptoms, concomitant conditions, and current medications. It also captured treatment responses, physical examination findings, and laboratory results such as complete blood counts and allergen sensitization profiles (serum sIgE tests). Additionally, objective measures like lung function and fractional exhaled nitric oxide (FeNO) were documented. This module also documented complete medical histories, encompassing perinatal events, personal atopy history, previous severe pneumonia episodes, and mechanical ventilation history. Data were initially collected by research staff during preconsultation assessments, then verified and supplemented during formal consultations and test result reviews ().
Figure 2. Timeline and workflow of the study (created with BioRender.com). EMR: electronic medical record; ePRO: electronic patient-reported outcome.
ePROs
Parents (primarily mothers) of eligible participants were invited to connect with the official WeChat account of the CRCA study. This account fulfilled 3 essential functions: establishing a direct pediatrician-parent communication channel for clinical inquiries, serving as the platform for ePROs collection, and enabling prioritized scheduling of follow-up outpatient visits.
At enrollment, parents received a voluntary web-based questionnaire administered through WeChat, adapted from our previous and related studies to capture multidimensional quantitative data [-]. This instrument collected information across key domains, including sibling composition, family structure, familial atopy history, residential characteristics, pet ownership, indoor air quality, hygiene practices, household chemical usage patterns, health status, asthma risk factors, pharmacological treatment history, and symptom control metrics using age-appropriate Asthma Control Test (ACT) or Childhood Asthma Control Test (C-ACT). Each questionnaire included a self-rated response quality assessment item to ensure high-quality data collection. The primary analytical objective for this comprehensive environmental exposure data is to determine its associations with key asthma-related outcomes. These outcomes include diagnostic status, symptom control, and exacerbation frequency. Our planned analysis will use multivariate statistical models to quantify these exposure-outcome relationships while adjusting for potential confounders, including demographic and familial risk factors. For longitudinal monitoring, abbreviated follow-up questionnaires collected core demographics alongside age-appropriate ACT or C-ACT measures at each scheduled follow-up time point.
Residual Biospecimens
Residual biospecimens (primarily blood) were collected by CRCA staff through the Clinical Laboratory Department, typically during the afternoon following blood collection. Samples were processed to isolate plasma, serum, peripheral blood mononuclear cells (PBMCs), and other blood cells. Serum and plasma were aliquoted at 200 μL per tube, PBMCs at 500 μL per tube, and other blood cells were stored in one tube per participant. All aliquoted samples were cryopreserved. PBMCs underwent programmed freezing. They were first stored at –80° C for over 12 hours before their final transfer to liquid nitrogen. All samples were ultimately categorized and stored under standardized conditions (–80° C freezers or liquid nitrogen) within our institution’s Biobank Center. All associated metadata were tracked electronically. This process followed protocols established by the Western China Birth Cohort study []. Residual blood specimens were not used in the present analysis to avoid purposeless consumption. However, the scientific value of these biospecimens is well-established. This is demonstrated by prior multiomics applications in Mycoplasma pneumoniae pneumonia research, which used identical specimen collection protocols [].
Quality Control and Data Security
The CRCA working group comprised trained pediatricians and clinical researchers who met monthly to review and optimize operations. All data were stored locally under anonymized identifiers. Access to data and biospecimens required approval from the principal investigator under stringent security protocols.
A dedicated team managed the EMR data extraction. Initial collection and entry were performed by Juan L and HF, and are now managed by PY and JZ. All EMR data were reviewed and verified by EL. ePROs followed rigorous methodological standards from our previous work [,]. Biospecimen handling adhered to stringent Chinese National Standards for human blood biobanking; our group contributed to drafting “Human blood sample biobanking—Part 1: General specifications” (Plan #20253246-T-469) and “Part 2: Peripheral blood mononuclear cells” (Plan #20253247-T-469), publicly accessible on China’s National Public Service Platform for Standards Information. This ensures long-term sample quality and readiness for integration with clinical outcomes.
Statistical Analyses
Data analysis and plotting were performed using R 4.4.1, GraphPad Prism 9, and the BioRender website. Categorical variables are presented as frequencies (percentages) while continuous variables are shown as medians (IQRs) following normality assessment. Missing data were not imputed for 2 primary reasons. First, missingness in lung function and FeNO measurements was deemed not missing at random, as it was highly correlated with disease severity and clinical progression. Second, missing questionnaire data typically involved entire unreturned forms; imputation of such large-scale missingness was considered to introduce unacceptable bias. Therefore, all analyses were performed on complete cases.
Participants were stratified by diagnostic category (confirmed, suspected, and excluded asthma). Comparative analyses applied chi-square tests for categorical variables, and Kruskal-Wallis tests with Bonferroni correction for multiple comparisons. A 2-sided P<.05 was considered statistically significant. For multivariable analyses, three logistic regression models were constructed: (1) Model 1 compared suspected versus excluded asthma; (2) Model 2 compared confirmed versus suspected asthma; and (3) Model 3 compared confirmed versus excluded asthma. We used a tiered variable selection strategy to enhance robustness. Univariate screening was conducted at three thresholds (P<.30, P<.20, and P<.10). The model using the strictest threshold (P<.10) served as the primary final model, while those using more lenient thresholds (P<.30 and P<.20) were used in sensitivity analyses to evaluate the stability of core associations. Within each tier, forward stepwise likelihood ratio selection was applied, with age and sex retained in all models irrespective of significance. All models are based on the cross-sectional baseline diagnosis. The stability of these diagnoses overtime and their evolution will be the subject of future longitudinal analyses of this cohort.
Results
Implementation and Feasibility of the CRCA Study
Between March 2024 and August 2025 (A), we organized 62 weekly outpatient sessions, evaluating an average of 37 patients per session (total 2296 visits; mean consultation time: 7.3 minutes). From this population, 396 eligible patients were enrolled (enrollment rate: 17.2%). Initial and second follow-up assessments were completed by 26.7% (84/315) of eligible patients at the first time point and 43.3% (26/60) of those eligible for the second follow-up, respectively (B). Temporal patterns indicated that follow-up completion rates peaked during school vacations and national holidays, reaching 1.4 times the baseline. These results demonstrate the feasibility of implementing a comprehensive research framework within the constraints of a high-throughput pediatric clinic, and underscore the need for flexible, family-centered follow-up strategies in real-world studies.
The integrated data and biospecimen repository constitutes a core output of the CRCA study. All enrolled children have standardized EMRs, which include 392 complete blood count reports, 389 allergen-sIgE reports, 86 lung function tests, 114 FeNO measurements, 280 parental questionnaires, and 139 ACT or C-ACT assessments. Furthermore, the biorepository has accumulated 2423 residual biospecimens (B), with coverage rates as follows: serum samples from 357 (90.2%) children, plasma from 317 (80.1%), PBMCs from 171 (43.2%), and other blood cell samples from 327 (82.6%), yielding an average coverage of 74.0% across these specimen types. The rate of hemolysis occurrence was 4.0% (16/396). These coverage rates meet the prespecified feasibility indicators for the biorepository component of the study.
Figure 3. Implementation and feasibility of the CRCA study. (A) Enrollment workflow and chief complaint analysis; (B) Recruitment and follow-up timeline, EMRs collection, and biorepository construction. ACT: Asthma Control Test; C-ACT: Childhood Asthma Control Test.
Clinical Characteristics and Diagnostic Patterns
The CRCA successfully captured a predominantly young cohort, with 267 (267/396, 67.4%) children younger than 6 years. Patients were classified into 3 diagnostic categories: confirmed asthma (131/396, 33.1%), suspected asthma (179/396, 45.2%), and excluded asthma (86/396, 21.7%; A). Comorbidity profiles differed markedly among groups (B). Allergic rhinitis was most prevalent in the confirmed asthma group (77/131, 58.8%). Children in the excluded asthma group were most frequently diagnosed with chronic cough (64/86, 74.4%) or bronchitis (39/86, 45.3%). In contrast, the suspected asthma group showed a lower prevalence of additional diagnoses, suggesting a clinically distinct, “pure” early wheezing phenotype that is difficult to classify using current criteria.
As shown in , children with suspected or excluded asthma were significantly younger than those with confirmed asthma (P<.001), indicating that the under-6 age group largely comprises uncertain or excluded cases.
Figure 4. Age and diagnosis distribution of the patients. (A) Characteristics of age and diagnosis; (B) Patterns of coexisting conditions across asthma diagnostic groups.
Table 1. Characteristics of the patients according to diagnosis groups.
Overall (n=396)
Diagnosis groups
P values
Confirmed
Suspected
Excluded
Age (year), median (IQR)
4.7 (3.7)
6.6 (3.8)a,b
4.1 (3.3)c
3.9 (2.4)a
<.001
Sex, n (%)
.38
Male
237 (59.8)
82 (62.6)
109 (60.9)
46 (53.5)
Female
159 (40.2)
49 (37.4)
70 (39.1)
40 (46.5)
Province, n (%)
.26
Sichuan
170 (42.9)
55 (42.0)
74 (41.3)
41 (47.7)
Chongqing
168 (42.4)
61 (46.6)
75 (41.9)
32 (37.2)
Guizhou
44 (11.1)
13 (9.9)
24 (13.4)
7 (8.1)
Others
14 (3.5)
2 (1.5)
6 (3.4)
6 (7.0)
Term or preterm birth, n (%)
.75
Term
368 (92.9)
120 (91.6)
168 (93.9)
80 (93.0)
Preterm
28 (7.1)
11 (8.4)
11 (6.1)
6 (7.0)
Personal history of eczema, n (%)
.01
Yes
230 (58.1)
79 (60.3)
113 (63.1)b
38 (44.2)a
No
166 (41.9)
52 (39.7)
66 (36.9)
48 (55.8)
Personal history of severe pneumonia or invasive mechanical ventilation, n (%)
.95
Yes
26 (6.6)
9 (6.9)
11 (6.1)
6 (7.0)
No
370 (93.4)
122 (93.1)
168 (93.9)
80 (93.0)
First visit for this problem, n (%)
<.001
Yes
146 (36.9)
14 (10.7)a,b
84 (46.9)c
48 (55.8)c
No
250 (63.1)
117 (89.3)
95 (53.1)
38 (44.2)
Completion of initial follow-up, n=315, n (%)
<.001
Yes
84 (73.3)
48 (45.3)b
28 (20.3)c
8 (11.3)c
No
231 (26.7)
58 (54.7)
110 (79.7)
63 (88.7)
Coexisting conditions (nonexclusive), n (%)
Allergic rhinitis
119 (30.1)
77 (58.8)a,b
35 (19.6)c
7 (8.1)c
<.001
Chronic cough
113 (28.5)
5 (3.8)a,b
44 (24.6)b,c
64 (74.4)b,c
<.001
Bronchitis
79 (19.9)
12 (9.2)b
28 (15.6)b
39 (45.3)b,c
<.001
Adenoid hypertrophy
75 (18.9)
16 (12.2)
38 (21.2)
21 (24.4)
.046
Recurrent respiratory infections
65 (16.4)
9 (6.9)b
33 (18.4)c
23 (26.7)c
<.001
Pneumonia
21 (5.3)
4 (3.1)
10 (5.6)
7 (8.1)
.26
Positive rate of serum allergen-specific IgE (nonexclusive), n=390, n (%)
Aeroallergens
144 (36. %)
85 (66.9)a,b
44 (24.7)c
15 (17.6)c
<.001
Food allergens
110 (28.2)
42 (33.1)
45 (25.3)
23 (27.1)
.32
BECd (cells/μL), n=392, median (IQR)
250 (298)
360 (423)a,b
250 (250)b,c
170 (145)b,c
<.001
FEV1e %Pred (%), n=83, median (IQR)
100.1 (19.6)
97.3 (14.9)
102.4 (26.5)
109.3 (20.3)
.25
FeNOf (ppb), n=114, median (IQR)
16.5 (17.0)
22.0 (23.0)a
12.0 (7.0)c
11.0 (11.8)
<.001
aAdjusted P value <.05 compared with the suspected asthma group.
bAdjust P value <.05 compared with the excluded asthma group.
cAdjusted P value <.05 compared with the confirmed asthma group.
dBEC: blood eosinophil count.
eFEV1%Pred: Forced Expiratory Volume in 1 second as a percentage of Predicted.
fFeNO: fractional exhaled nitric oxide.
These groups also included more first-time visitors (P<.001), highlighting the initial visit as a critical yet uncertain diagnostic window. Significant differences in comorbidity patterns were observed across diagnostic categories. Among children with a previous asthma treatment history (n=250), specialist evaluation confirmed asthma in only 46.8% (117/250) and definitively excluded it in 15.2% (38/250), underscoring substantial community-level under- and overdiagnosis. As expected, objective measures of type 2 inflammation and lung function—including aeroallergen sensitization, blood eosinophil counts, and FeNO—differed significantly across groups (P<.001), supporting the clinical validity of the diagnostic stratification.
Self-Reported Characteristics and Patient-Physician Discordance
The study achieved a 70.7% (280/396) questionnaire completion rate, with no significant demographic or diagnostic differences between responders and nonresponders. A central finding was a pronounced discordance between physician diagnoses and parental disease perception (P<.001; ). Only 75.6% (68/90) of parents of children with physician-confirmed asthma acknowledged the diagnosis, while merely 57.1% (32/56) of those whose children were ruled out for asthma accepted this conclusion. This difference in diagnostic consistency was most pronounced in the suspected asthma group (discordance rate: 76/134, 56.7%), highlighting a major communication gap in clinical management.
Beyond this discordance, analysis of clinical and environmental factors revealed several patterns more common in the confirmed and suspected asthma groups. Respiratory infections were the predominant wheezing trigger in these groups (62/90, 68.9% and 84/134, 62.7%, respectively). Similarly, seasonal exacerbations in spring and winter were notably more frequent. Inhaled medication use was reported in 60.3% (135/224) of these combined groups, compared to 52.5% (147/280) in the entire cohort. Despite this, 22.3% of patients had uncontrolled symptoms (ACT or C-ACT < 20), indicating a substantial need for improved treatment adherence and effectiveness in real-world practice.
Table 2. Self-reported characteristics of the patient according to diagnosis groups.
Overall (n=280)
Diagnosis groups
P values
Confirmed
Suspected
Excluded
Patient-reported asthma, n (%)
<.001
Confirmed
122 (43.6)
68 (75.6)a,b
50 (37.3)b,c
4 (7.1)b,c
Suspected
96 (34.3)
18 (20.0)
58 (43.3)
20 (35.7)
Excluded
62 (22.1)
4 (4.4)
26 (19.4)
32 (57.1)
Patient-physician discordance, n (%)
122 (43.6)
22 (24.4)a
76 (56.7)c
24 (42.9)
<.001
Family history of related diseases in first-degree relatives (nonexclusive), n (%)
Asthma
45 (16.1)
17 (18.9)
24 (17.9)
4 (7.1)
.12
Allergic rhinitis
104 (37.1)
33 (36.7)
56 (41.8)
15 (26.8)
.15
Atopic dermatitis
47 (16.8)
16 (17.8)
27 (20.1)
4 (7.1)
.09
Food allergies
24 (8.6)
11 (12.2)
7 (5.2)
6 (10.7)
.15
Triggers of wheezing episodes (nonexclusive), n (%)
Respiratory infection
162 (57.9)
62 (68.9)b
84 (62.7)b
16 (28.6)b,c
<.001
Cold weather
87 (31.1)
35 (38.9)b
42 (31.3)
10 (17.9)c
.03
Exercise
57 (20.4)
24 (26.7)
25 (18.7)
8 (14.3)
.16
Inhalation exposure
34 (12.1)
17 (18.9)
13 (9.7)
4 (7.1)
.05
No risk factors
30 (10.7)
10 (11.1)
15 (11.2)
5 (8.9)
.89
Seasonality of respiratory catarrhal symptoms (nonexclusive), n (%)
Spring
88 (31.4)
35 (38.9)b
45 (33.6)b
8 (14.3)c
.006
Summer
13 (4.6)
5 (5.6)
6 (4.5)
2 (3.6)
.85
Autumn
66 (23.6)
21 (23.3)
39 (29.1)b
6 (10.7)a
.02
Winter
101 (36.1)
39 (43.3)b
51 (38.1)b
11 (19.6)b,c
.01
Indoor environmental factors (nonexclusive), n (%)
Indoor condensation
71 (25.4)
22 (24.4)
36 (26.9)
13 (23.2)
.85
Humid air
42 (15.0)
14 (15.6)
21 (15.7)
7 (12.5)
.84
Musty smell
20 (7.1)
8 (8.9)
7 (5.2)
5 (8.9)
.49
Water leakage
50 (17.9)
16 (17.8)
29 (21.6)
5 (8.9)
.11
Sunlight exposure
269 (95.7)
88 (97.8)
127 (94.8)
54 (96.4)
.52
Indoor plants
110 (39.3)
32 (35.6)
56 (41.8)
22 (39.3)
.65
Indoor smoking
132 (47.1)
44 (48.9)
59 (44.0)
29 (51.8)
.57
Cockroach present
38 (13.6)
13 (14.4)
19 (14.2)
6 (10.7)
.78
Pets present
28 (10.0)
11 (12.2)
9 (6.7)
8 (14.3)
.20
Stuffed toys
134 (47.9)
40 (44.4)
68 (50.7)
26 (46.4)
.63
Household hygiene products usage (nonexclusive), n (%)
Air purifier
28 (10.0)
9 (10.0)
14 (10.4)
5 (8.9)
.95
Humidifier
55 (19.6)
13 (14.4)
33 (24.6)
9 (16.1)
.13
Dehumidifier
5 (1.8)
0 (0)
4 (3.0)
1 (1.8)
.26
Vacuum cleaner
54 (19.3)
15 (16.7)
31 (23.1)
8 (14.3)
.28
Fruit detergent
65 (23.2)
18 (20.0)
32 (23.9)
15 (26.8)
.62
Bathroom cleaner
204 (72.9)
68 (75.6)
92 (68.7)
44 (78.6)
.29
Laundry disinfectant
81 (28.9)
23 (25.6)
41 (30.6)
17 (30.4)
.69
Alcohol spray
91 (32.5)
32 (35.6)
42 (31.3)
17 (30.4)
.75
Medication use (nonexclusive), n (%)
Inhaled medications
147 (52.5)
65 (72.2)a,b
70 (52.2)b,c
12 (21.4)b,c
<.001
Leukotriene receptor antagonists
67 (23.9)
24 (26.7)
36 (26.9)
7 (12.5)
.08
Antiallergic medications
71 (25.4)
31 (34.4)b
35 (26.1)b
5 (8.9)b,c
.003
Allergen immunotherapy
5 (1.8)
3 (3.3)
2 (1.5)
0 (0)
.32
Biologics
0 (0)
0 (0)
0 (0)
0 (0)
—
No medication
34 (12.1)
10 (11.1)
16 (11.9)
8 (14.3)
0.85
ACTd or C-ACTe (n=139), n (%)
Controlled (≥20)
108 (77.7)
54 (74.0)
45 (80.4)
9 (90.0)
.43
Uncontrolled (<20)
31 (22.3)
19 (26.0)
11 (19.6)
1 (10.0)
aAdjusted P value <.05 compared with the suspected asthma group.
bAdjust P value <.05 compared with the excluded asthma group.
cAdjusted P value <.05 compared with the confirmed asthma group.
dACT: Asthma Control Test.
eC-ACT: Childhood Asthma Control Test.
Determinants of Diagnostic Outcomes
Three multivariable logistic regression models were constructed to identify factors associated with asthma diagnostic categories in this cross-sectional cohort (A). In Model 1 (suspected vs excluded asthma), respiratory infection as a wheezing trigger (odds ratio [OR] 4.41, 95% CI 2.16-9.42, P<.001), family history of allergic rhinitis (OR 2.27, 95% CI 1.08-4.99, P=.03), and higher blood eosinophil counts (per 100 cells/μL, OR 1.32, 95% CI 1.05-1.73, P=.02) were significantly associated with suspected asthma (B). In contrast, bronchitis was associated with reduced odds of suspected asthma (OR 0.30, 95% CI 0.14-0.65, P=.002).
Figure 5. Determinants of diagnostic outcomes. (A) Schematic of the analytical models; (B) Results of the multivariable logistic regression analysis.
Model 2 (confirmed vs suspected asthma) showed that confirmed asthma was associated with older age (per year, OR 1.29, 95% CI 1.14-1.47, P<.001), allergic rhinitis (OR 4.06, 95% CI 1.99-8.31, P<.001), and aeroallergen sensitization (OR 3.83, 95% CI 1.91-7.66, P<.001). Bronchitis remained negatively associated with confirmed asthma (OR 0.21, 95% CI 0.06-0.80, P=.02). These association patterns were consistent in Model 3 (confirmed vs excluded asthma). The robustness of these findings was confirmed through sensitivity analyses (), supporting the clinical validity of the diagnostic stratification and highlighting specific features that distinguish asthma from alternative diagnoses.
Discussion
Principal Findings
This study describes the implementation of a prospective, longitudinal, and digitally enhanced real-world cohort framework that incorporated symptom-driven recruitment, standardized EMRs, ePROs, and residual biospecimen collection within a routine outpatient setting. Leveraging this framework, we enrolled a diagnostically heterogeneous population of children, with a focus on those younger than 6 years, and characterized their distinct clinical profiles according to categories of confirmed, suspected, or excluded asthma. These findings elucidate the broad spectrum of disease presentation in early life and highlight subgroups that have been historically challenging to systematically study, particularly in outpatient settings.
Characteristics of Early-Life Asthma
The current data from the CRCA study provide an initial insight into the characteristics of young children presenting with asthmatic symptoms in an outpatient clinic. The high proportion of participants classified as suspected asthma (179/396, 45.2%), who were also the youngest at enrollment, reflects the diagnostic uncertainty common in early life. This finding aligns with a previous study using the term “reactive airway disease,” which reported a similarly high prevalence of 61.8% (249/403) in a comparable population []. The clinical profile of this group, which showed a lower prevalence of coexisting conditions such as allergic rhinitis and a lower rate of aeroallergen sensitization compared to children with confirmed asthma, yet also differed from the excluded asthma group in features such as lower rates of infectious conditions, suggesting that they may represent a distinct clinical group. This is particularly relevant because although the GINA 2025 criteria provide a definition for suspected asthma in young children, diagnosis remains primarily based on clinical history and lacks reliable biomarkers to support stratification []. Thus, the CRCA framework, with its integrated biospecimen repository, is well-positioned to offer future insights in this area. This observation warrants further longitudinal investigation to understand its implications for disease progression and management.
A notable finding was the discrepancy between physician diagnoses and parental perception of the child’s condition. The fact that a substantial proportion of parents did not concur with the physician’s diagnosis, regardless of whether asthma was confirmed or excluded, points to potential challenges in clinical communication and family education [,]. This discordance was most pronounced in the suspected asthma group (76/134, 56.7%), which is highly important since misalignment in perception in this particular group may lead to both under- and overtreatment, affecting disease management and medication use. This disconnect may be one factor influencing treatment adherence and outcomes in this age group.
A further focus of the CRCA is on early-life environmental exposures [], which are currently captured largely through ePROs. Although no statistically significant differences were observed in the current group comparisons, this is likely due to insufficient sample size. Notably, the suspected asthma group showed the highest reported rate of household water leakage (29/134, 21.6%, P=.11) as well as the highest frequency of humidifier use (33/134, 24.6%, P=.13). These findings are of potentially important given that residential environments in Southwest China are already relatively humid, conditions that are closely associated with mold sensitization and asthma development in children [-]. Furthermore, CRCA’s emphasis on investigating household and personal disinfection and hygiene behaviors aligns with the theoretical frameworks of the hygiene hypothesis and the epithelial barrier hypothesis. As the sample size increases, this focus may support more detailed subgroup analyses in the future. In future phases, in addition to blood specimens, the CRCA plans to include the collection and biobanking of indoor dust samples to further enrich the repository. We also intend to expand our data collection to include maternal health and perinatal factors, thereby providing a more comprehensive assessment of early-life exposures.
To better characterize the distinguishing features of children across diagnostic categories, we constructed three regression models to simulate clinical diagnostic pathways. It must be noted, however, that these models were based on cross-sectional data and thus do not imply causality. We found that infectious triggers of wheezing, a family history of allergic rhinitis, and peripheral blood eosinophil count were the factors most supportive of a suspected asthma diagnosis; these three factors are not currently emphasized in the GINA 2025 guidelines []. Moving further along the diagnostic spectrum, older age, comorbid allergic rhinitis, and aeroallergen sensitization were identified as the factors most strongly associated with a confirmed asthma diagnosis. Furthermore, a coexistence of bronchitis was the primary factor arguing against asthma, which is consistent with GINA criteria. These findings align broadly with current clinical understanding [], yet underscore the particular importance of comorbid allergic rhinitis and sensitization. Moreover, older age emerged as a strongly supportive factor for confirmed asthma, likely reflecting the gradual development of lung function and allergen sensitization throughout childhood. Although this may also be influenced by current diagnostic processes, it reinforces the notion that asthma diagnosis should be viewed through a developmental lens [], potentially requiring a period of ongoing assessment rather than being considered a binary outcome determined in a single visit.
Methodological Considerations Regarding the CRCA Framework
The CRCA framework demonstrates a practical operational model tailored to high-demand clinical environments like China’s, where implementing research poses substantial challenges []. Its shared-responsibility approach, which distributes data and biospecimen collection tasks between clinicians and participants, helps sustain operations within high-volume outpatient workflows. Rather than merely listing its components, the methodological value of CRCA lies in how these features collectively address specific gaps in real-world childhood asthma research. This is evident when contrasted with established international registries (), which often prioritize confirmed diagnoses and may lack integrated biospecimen collection, but have substantially larger sample sizes than the CRCA [-].
The symptom-driven recruitment strategy, which is seldom used in conventional registries that typically require confirmed diagnoses, enables the enrollment of a heterogeneous patient population. This approach mirrors the diagnostic uncertainty common in early-life asthma and allows CRCA to capture disease features from the earliest symptomatic stages. Standard EMR systems are designed for clinical rather than research use, which often results in fragmented and incomplete data [,]. To address this inherent limitation, CRCA implemented standardized EMR templates and a preconsultation data collection step. This approach helps bridge the gap between clinical efficiency and research data quality in time-constrained environments. Furthermore, while ePROs are often optional or partially implemented in other registries, they constitute a core component of CRCA, which enhances its potential scalability and enables richer patient-centric data capture [,]. Similarly, biospecimen collection remains uncommon in large-scale registries due to clinical and logistical burdens; accordingly, CRCA’s residual sample-based model offers a pragmatic and scientifically valuable alternative [-,]. This composition of interoperable, standardized modules suggests that portability to other clinical settings is possible.
It is important to position CRCA appropriately among existing studies. While large-scale, resource-intensive cohorts such as COPSAC have generated landmark findings through long-term follow-up and substantial infrastructure [], CRCA operates within a different context and at a different developmental stage. Its value lies not in direct comparison, but in its seamless integration into routine clinical practice. This integration supports dynamic enrollment and scalable, real-world implementation, aligning with contemporary recommendations for integrating multiomics platforms and target trial methodologies to advance precision medicine under pragmatic conditions []. With further refinement, this clinic-embedded model may offer an adaptable framework for real-world evidence generation, especially in resource-constrained settings [,].
A challenge observed in this study was the initial follow-up rate (48/106, 45.3% among confirmed cases and 28/138, 20.3% among suspected cases), which reflects broader difficulties in pediatric asthma research. Contributing factors included the geographical dispersion of patients, gaps in parental awareness, and the inherent constraints of a regional referral center operating within a tiered health care system. These issues are not unique to CRCA, as comparable studies in the United States have reported similar follow-up rates (22.6%-55.0%) [-]. These realities underscore the importance of developing digital solutions for remote monitoring and self-management—a key future direction for CRCA [,]. In response, we have initiated the development of a digital medicine platform within the established CRCA WeChat public account. This platform is designed to integrate educational content, a mini-program for patient reporting, and an AI agent for interactive questions and answers, aiming to improve follow-up adherence and long-term engagement []. Additionally, the identification of an “off-day follow-up pattern” also suggests a need for more flexible scheduling options, such as night clinics, to improve adherence to review visits [,].
Looking forward, the “digitally enhanced” framework of CRCA could be positioned to support future innovation. We envision that the integrated data from EMRs and ePROs may serve as a basis for developing AI models that could aid in risk stratification. Similarly, the WeChat platform can be leveraged to extend care beyond the clinic, for instance, through remote monitoring, educational content, and AI-facilitated questions and answers. As these digital tools mature, CRCA could evolve into a testbed for evaluating scalable solutions that may improve asthma care in diverse clinical settings.
Limitations
Several limitations should be considered when interpreting our findings. First, as a single-center study conducted in Southwest China, the CRCA cohort primarily comprises patients from Chongqing and neighboring provinces, which may limit the generalizability of our findings to other geographic or socioeconomic contexts. Second, the symptom-driven, outpatient-based recruitment strategy may introduce selection bias, as enrolled children likely represent a more symptomatic or health-seeking population than the general community. Third, the requirement for blood testing (serum sIgE or other tests), though aligned with the goal of residual biospecimen banking, may have excluded children with already confirmed asthma who were under routine treatment, further contributing to selection bias. Fourth, although the CRCA model successfully addressed recruitment challenges, follow-up rates remained suboptimal, particularly among younger children and those with uncertain diagnoses. This attrition may bias longitudinal analyses if loss to follow-up is associated with disease severity or remission. Finally, while we implemented standardized EMR templates and ePROs to enhance data quality, missingness in certain objective measures (eg, lung function, FeNO) was common and not imputed, which may affect the completeness of phenotypic characterization. This largely reflects age-specific clinical guidelines and efforts to minimize burden; future efforts will therefore prioritize novel, feasible biomarkers to strengthen objective profiling.
Conclusions
The CRCA study demonstrates the feasibility of implementing a prospective, longitudinal, and digitally enhanced real-world cohort within routine pediatric outpatient practice. This initiative successfully captures the diagnostically complex population of children with asthmatic symptoms, with a particular focus on early-life presentations, and delineates a distinct clinical subgroup of children with suspected asthma. By integrating symptom-driven recruitment, standardized digital data collection, and biospecimen banking, the CRCA establishes a scalable platform for real-world evidence generation and may provide a valuable foundation for future research into asthma endotypes and personalized management approaches.
The authors thank the nursing staff (Rongli Li and Chaojin Li), Biobank Center staff (Tengteng Zhang and Yue Lu), our traditional asthma cohort team (Xiang Wen, Dan Zeng, Juan Zhou, and Weiguo Li), and the physical examination staff (Kangyi Ren). We also gratefully acknowledge the Biobank Center at the Children’s Hospital of Chongqing Medical University for the professional storage and management of the biospecimens.
This study was supported by the Noncommunicable Chronic Diseases—National Science and Technology Major Project (2024ZD0541100) and Major Program of the National Clinical Research Center for Child Health and Disorders in Children’s Hospital of Chongqing Medical University (NCRCCHD-2023-MP-01). The funder had no role in the preparation, review, or approval of the manuscript or decision to submit it for publication.
Juan L, LR, and Jiao L contributed equally to this work and should be considered joint first authors. DC, HF, and EL contributed equally to this work and should be considered joint corresponding authors.
Conceptualization: Juan Li (equal), LR (supporting), Jiao L (supporting), HF (lead), EL (equal).
Data curation: Juan L (lead), Jiao L (equal), RW (supporting), PY (supporting), JZ (supporting), ZX (supporting), HF (equal).
Formal analysis: Juan L (equal), YT (supporting), HF (lead).
Funding acquisition: WZ (equal), HF (equal), EL (lead).
Investigation: Juan L (equal), Jiao L (equal), RW (supporting), PY (supporting), JZ (supporting), XC (supporting), HF (equal), EL (lead).
Methodology: Juan L (equal), LR (equal), Jiao L (equal), YT (supporting), RW (supporting), DC (supporting), HF (lead).
Project administration: DC (equal), EL (lead).
Resources: XC (equal), ZX (equal), NZ (equal), DC (equal), EL (lead).
Supervision: LR (equal), WZ (supporting), NZ (supporting), DC (supporting), EL (lead).
Validation: Jiao L (equal), LR (lead).
Visualization: Juan L (equal), HF (lead).
Writing – Original draft: Juan L (equal), HF (lead).
Writing – Review & editing: LR (supporting), Jiao L (supporting), YT (supporting), EL (lead).
Non declared.
Edited by J Sarvestan; submitted 08.Jun.2025; peer-reviewed by S Chetty-Mhlanga, L Chen; comments to author 25.Aug.2025; revised version received 11.Sep.2025; accepted 03.Oct.2025; published 30.Oct.2025.
This is an open-access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work, first published in the Journal of Medical Internet Research (ISSN 1438-8871), is properly cited. The complete bibliographic information, a link to the original publication on https://www.jmir.org/, as well as this copyright and license information must be included.
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“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
$67.5B
$51.9B
$51.9B
Loans and leases
$48.5B
$37.6B
$37.5B
Deposits
$55.8B
$41.7B
$41.5B
Book value per common share
$26.04
$25.41
$25.17
Tangible book value per common share 1
$18.57
$18.47
$17.81
Acquisition and Branding Update Columbia Banking System, Inc. (“Columbia,” the “Company,” “we,” or “our”) closed its acquisition of Pacific Premier Bancorp, Inc. (“Pacific Premier”) on August 31, 2025, elevating Columbia’s deposit market share to a top-10 position in Southern California. The acquisition completes our Western footprint and strengthens our presence as a leading financial institution in the western United States. Our integration efforts are progressing smoothly, and we remain on track to integrate systems in the first quarter of 2026.
Columbia Bank began serving customers under its unified name and brand effective September 1, 2025. The strategic transition streamlines our identity across all business lines, including Columbia Wealth Advisors, Columbia Trust Company, Columbia Private Bank, and Columbia Private Trust, making it easier for customers to recognize and engage with the full breadth of our services.
Share Repurchase Authorization Announcement 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.
“Our excess capital position as of September 30, 2025 supports the return of additional capital to our shareholders through share repurchases,” commented Mr. Stein. “In addition, we expect to produce exceptional profitability, which will result in meaningful capital generation over the coming quarters. Even as we expand our capital return platform, we are continuing to drive organic growth as we optimize the balance sheet, in line with our commitment to enhancing long-term shareholder value.”
Net Interest Income Net interest income was $505 million for the third quarter of 2025, up $59 million from the prior quarter. The increase largely reflects the impact of one month operating as a combined company in the current period. Lower interest expense due to a favorable shift in Columbia’s funding mix also contributed to the increase.
Columbia’s net interest margin was 3.84% for the third quarter of 2025, up 9 basis points from the second quarter of 2025. Net interest margin benefited from lower funding costs, 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.
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.
Columbia’s cost of interest-bearing liabilities decreased 13 basis points from the prior quarter to 2.65% for the third quarter of 2025, compared to 2.47% for the month of September and 2.39% as of September 30, 2025. Excluding the previously discussed premium amortization, the cost of interest-bearing liabilities was 2.58% for the month of September and 2.50% as of September 30, 2025. We expect the premium to be fully amortized by December 31, 2025. Please refer to the Q3 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest Income Non-interest income was $77 million for the third quarter of 2025, up $12 million from the prior quarter. The increase was driven by quarterly changes in fair value adjustments and mortgage servicing rights (“MSR”) hedging activity, due to interest rate fluctuations during the quarter, collectively resulting in a net fair value gain of $5 million in the third quarter compared to a net fair value loss of $1 million in the second quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was up $6 million2 between periods, due to one month operating as a combined company.
Non-interest Expense Non-interest expense was $393 million for the third quarter of 2025, up $115 million from the prior quarter, due to higher merger expense and one month operating as a combined company. Excluding merger and restructuring expense and a $1 million reversal of prior FDIC assessment expense, non-interest expense was $307 million2, up $37 million from the prior quarter, as Pacific Premier contributed $34 million to the quarter’s run rate. Other miscellaneous expenses also trended higher as we reinvest prior cost savings into our franchise. Please refer to the Q3 2025 Earnings Presentation for additional expense details.
Balance Sheet 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.
Credit Quality 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.
Net charge-offs were 0.22% of average loans and leases (annualized) for the third quarter of 2025, compared to 0.31% for the second quarter of 2025. Net charge-offs in the FinPac portfolio were $16 million in the third quarter, compared to $14 million in the second quarter. Net charge-offs excluding the FinPac portfolio were $6 million in the third quarter, compared to $15 million in the second quarter. Non-performing assets were $199 million, or 0.29% of total assets, as of September 30, 2025, compared to $180 million, or 0.35% of total assets, as of June 30, 2025. Please refer to the Q3 2025 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
Capital 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’s estimated total risk-based capital ratio was 13.4% and its estimated common equity tier 1 risk-based capital ratio was 11.6% as of September 30, 2025, compared to 13.0% and 10.8%, respectively, as of June 30, 2025. Columbia remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of September 30, 2025 are estimates, pending completion and filing of Columbia’s regulatory reports.
Earnings Presentation and Conference Call Information Columbia’s Q3 2025 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its third quarter 2025 earnings conference call on October 30, 2025 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia’s management will provide an update on recent activities and discuss its third quarter 2025 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/i6z93t5w/ Register for the call: https://register-conf.media-server.com/register/BIde1295f868b04a969240d44867cade1a Access the replay through Columbia’s investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc. 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.
1 “Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
2 “Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
3 “Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
Forward-Looking Statements 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.
TABLE INDEX
Page
Consolidated Statements of Income
8
Consolidated Balance Sheets
9
Financial Highlights
11
Loan & Lease Portfolio Balances and Mix
12
Deposit Portfolio Balances and Mix
14
Credit Quality – Non-performing Assets
15
Credit Quality – Allowance for Credit Losses
16
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
18
Residential Mortgage Banking Activity
20
Purchase Price Allocation
22
GAAP to Non-GAAP Reconciliation
23
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
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = total deposits + total borrowings.
(4) Estimated holding company ratios.
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
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
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 %
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.
Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
Quarter Ended
% Change
($ 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)
(1)
Non-accrual and 90+ days past due loans include government guarantees of $70 million, $68 million, $67 million, $74 million, and $66 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
(2)
Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $2 million, $2 million, $3 million, $2 million, and $4 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Quarter Ended
% Change
($ 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 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $2 million for the three months ended September 30, 2025, as compared to $1 million for the three months ended June 30, 2025 and $1 million for the three months ended September 30, 2024.
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Nine Months Ended
September 30, 2025
September 30, 2024
($ 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 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $4 million for the nine months ended September 30, 2025, as compared to $3 million for the same period in 2024.
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Quarter Ended
%
($ 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.”
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
(1)
The estimates of fair value were recorded based on initial valuations available at August 31, 2025 and these estimates, including initial accounting for deferred taxes, were considered preliminary as of September 30, 2025 and subject to adjustment for up to one year after the acquisition date.
Non-GAAP Financial Measures 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
(1)
Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.