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  • COLUMBIA BANKING SYSTEM, INC. REPORTS THIRD QUARTER 2025 RESULTS

    COLUMBIA BANKING SYSTEM, INC. REPORTS THIRD QUARTER 2025 RESULTS

    TACOMA, Wash., Oct. 30, 2025 /PRNewswire/ —

    $96 million


    $204 million


    $0.40


    $0.85

    Net income


    Operating net income 1


    Earnings per common share –
    diluted


    Operating earnings per
    common share – diluted 1

    CEO Commentary

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

    –            Clint Stein, President and CEO of Columbia Banking System, Inc.

    3Q25  HIGHLIGHTS (COMPARED TO 2Q25)





    Net Interest
    Income and
    NIM

    •   Net interest income increased by $59 million from the prior quarter, due to one month operating as a combined company and a favorable shift into lower-cost funding sources.


    •   Net interest margin was 3.84%, up 9 basis points from the prior quarter, due to an increase in customer deposits and corresponding reduction in higher-cost funding sources. The net interest margin was also impacted by one month operating as a combined company in the current period.





    Non-Interest
    Income and
    Expense

    •   Non-interest income increased by $12 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $6 million, due to one month operating as a combined company.


    •   Non-interest expense increased by $115 million, primarily due to merger and restructuring expense of $87 million and one month operating as a combined company.





    Credit
    Quality

    •   Net charge-offs were 0.22% of average loans and leases (annualized), compared to 0.31% in the prior quarter.


    •   Provision expense was $70 million and driven by the acquisition of Pacific Premier.


    •   Non-performing assets to total assets was 0.29%, compared to 0.35% as of June 30, 2025.





    Capital

    •   Estimated total risk-based capital ratio of 13.4% and estimated common equity tier 1 risk-based capital ratio of 11.6%.


    •   Declared a quarterly cash dividend of $0.36 per common share on August 15, 2025, which was paid September 15, 2025.





    Notable
    Items

    •   Our third small business and retail campaign of 2026 is ongoing. Through mid-October, these campaigns have brought approximately $1.1 billion in new deposits to the bank.


    •   Our Board of Directors authorized the repurchase of up to $700 million of common stock under a new repurchase plan.


    3Q25  KEY FINANCIAL DATA







    PERFORMANCE METRICS

    3Q25


    2Q25


    3Q24

    Return on average assets

    0.67 %


    1.19 %


    1.12 %

    Return on average common equity

    6.19 %


    11.56 %


    11.36 %

    Return on average tangible common equity 1

    8.58 %


    16.03 %


    16.34 %

    Operating return on average assets 1

    1.42 %


    1.25 %


    1.10 %

    Operating return on average common equity 1

    13.15 %


    12.16 %


    11.15 %

    Operating return on average tangible common equity 1

    18.24 %


    16.85 %


    16.04 %

    Net interest margin

    3.84 %


    3.75 %


    3.56 %

    Efficiency ratio

    67.29 %


    54.29 %


    54.56 %

    Operating efficiency ratio, as adjusted 1

    52.32 %


    51.79 %


    53.89 %







    INCOME STATEMENT

    ($ in millions, excl. per share data)

    3Q25


    2Q25


    3Q24

    Net interest income

    $505


    $446


    $430

    Provision for credit losses

    $70


    $30


    $29

    Non-interest income

    $77


    $65


    $66

    Non-interest expense

    $393


    $278


    $271

    Pre-provision net revenue 1

    $189


    $233


    $225

    Operating pre-provision net revenue 1

    $270


    $242


    $221

    Earnings per common share – diluted

    $0.40


    $0.73


    $0.70

    Operating earnings per common share – diluted 1

    $0.85


    $0.76


    $0.69

    Dividends paid per share

    $0.36


    $0.36


    $0.36







    BALANCE SHEET

    3Q25


    2Q25


    3Q24

    Total assets

       $67.5B


       $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.

    Columbia Banking System, Inc.

    GAAP to Non-GAAP Reconciliation – Continued

    Operating Efficiency Ratio, as adjusted

    (Unaudited)




    Quarter Ended


    % Change

    ($ in millions)



    Sep 30, 2025


    Jun 30, 2025


    Mar 31, 2025


    Dec 31, 2024


    Sep 30, 2024


    Seq.
    Quarter


    Year
    over
    Year

    Non-interest expense (GAAP)

    h


    $          393


    $          278


    $          340


    $          267


    $          271


    41 %


    45 %

    Less: Non-interest expense adjustments

    b


    (86)


    (8)


    (70)


    (3)


    (3)


    nm


    nm

    Operating non-interest expense (non-GAAP)

    i


    307


    270


    270


    264


    268


    14 %


    15 %

    Less: B&O taxes

    t


    (3)


    (3)


    (3)


    (4)


    (3)


    — %


    — %

    Operating non-interest expense, excluding
    B&O taxes (non-GAAP)

    u


    $          304


    $          267


    $          267


    $          260


    $          265


    14 %


    15 %

















    Net interest income (tax equivalent) (1)

    v


    $          507


    $          447


    $          426


    $          438


    $          431


    13 %


    18 %

    Non-interest income (GAAP)

    d


    77


    65


    66


    50


    66


    18 %


    17 %

    Add: BOLI tax equivalent adjustment (1)

    w


    2


    2


    1


    1


    1


    — %


    100 %

    Total Revenue, excluding BOLI tax equivalent
    adjustments (tax equivalent)

    x


    586


    514


    493


    489


    498


    14 %


    18 %

    Less: Non-interest income adjustments

    a


    (5)


    1


    (10)


    6


    (7)


    nm


    (29) %

    Total Adjusted Operating Revenue,
    excluding BOLI tax equivalent adjustments
    (tax equivalent) (non-GAAP)

    y


    $          581


    $          515


    $          483


    $          495


    $          491


    13 %


    18 %

















    Efficiency ratio (1)

    h / f


    67.29 %


    54.29 %


    69.06 %


    54.61 %


    54.56 %


    13.00


    12.73

    Operating efficiency ratio, as adjusted (non-GAAP) (1)

    u / y


    52.32 %


    51.79 %


    55.11 %


    52.51 %


    53.89 %


    0.53


    (1.57)

















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



    (1)

    Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.

    Columbia Banking System, Inc.


    GAAP to Non-GAAP Reconciliation – Continued


    Income Statements, as adjusted


    (Unaudited)





    Nine Months Ended


    % Change


    ($ in millions)



    Sep 30, 2025


    Sep 30, 2024


    Year over Year


    Non-Interest Income Adjustments









    Gain on investment securities, net



    $                        4


    $                        1


    300 %


    (Loss) gain on swap derivatives



    (3)


    (2)


    50 %


    Gain (loss) on loans held for investment, at fair value



    11


    (3)


    nm


    Change in fair value of MSR due to valuation inputs or assumptions



    (3)


    (2)


    50 %


       MSR hedge loss



    5


    (1)


    nm


    Total non-interest income adjustments

    a


    $                      14


    $                      (7)


    nm











    Non-Interest Expense Adjustments









    Merger and restructuring expense



    $                    109


    $                      21


    419 %


    Exit and disposal costs



    1


    3


    (67) %


        FDIC special assessment 



    (1)


    6


    (117) %


    Legal settlement



    55


    —


    nm


    Total non-interest expense adjustments

    b


    $                    164


    $                      30


    447 %











    Net interest income

    c


    $                 1,376


    $                 1,281


    7 %











    Non-interest income (GAAP)

    d


    $                    208


    $                    161


    29 %


    Less: Non-interest income adjustments

    a


    (14)


    7


    (300) %


    Operating non-interest income (non-GAAP)

    e


    $                    194


    $                    168


    15 %











    Revenue (GAAP)

    f=c+d


    $                 1,584


    $                 1,442


    10 %


    Operating revenue (non-GAAP)

    g=c+e


    $                 1,570


    $                 1,449


    8 %











    Non-interest expense (GAAP)

    h


    $                 1,011


    $                    838


    21 %


    Less: Non-interest expense adjustments

    b


    (164)


    (30)


    447 %


    Operating non-interest expense (non-GAAP)

    i


    $                    847


    $                    808


    5 %











    Net income (GAAP)

    j


    $                    335


    $                    390


    (14) %


    Provision for income taxes



    111


    136


    (18) %


    Income before provision for income taxes



    446


    526


    (15) %


    Provision for credit losses



    127


    78


    63 %


    Pre-provision net revenue (PPNR) (non-GAAP)

    k


    573


    604


    (5) %


    Less: Non-interest income adjustments

    a


    (14)


    7


    (300) %


    Add: Non-interest expense adjustments

    b


    164


    30


    447 %


    Operating PPNR (non-GAAP)

    l


    $                    723


    $                    641


    13 %











    Net income (GAAP)

    j


    $                    335


    $                    390


    (14) %


    Day 1 acquisition provision expense



    70


    —


    nm


    Less: Non-interest income adjustments

    a


    (14)


    7


    (300) %


    Add: Non-interest expense adjustments

    b


    164


    30


    447 %


    Tax effect of adjustments



    (52)


    (9)


    478 %


    Operating net income (non-GAAP)

    m


    $                    503


    $                    418


    20 %


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


    Columbia Banking System, Inc.



    GAAP to Non-GAAP Reconciliation – Continued


    Average Balances, Earnings Per Share, and Performance Metrics, as adjusted


    (Unaudited)





    Nine Months Ended


    % Change


    ($ in millions, shares in thousands)



    Sep 30, 2025


    Sep 30, 2024


    Year over Year


    Average assets

    n


    $                53,296


    $                52,025


    2 %


    Less: Average goodwill and other intangible assets, net



    1,565


    1,589


    (2) %


    Average tangible assets

    o


    $                51,731


    $                50,436


    3 %











    Average common shareholders’ equity

    p


    $                 5,557


    $                 5,005


    11 %


    Less: Average goodwill and other intangible assets, net



    1,565


    1,589


    (2) %


    Average tangible common equity

    q


    $                 3,992


    $                 3,416


    17 %











    Weighted average basic shares outstanding

    r


    218,694


    208,435


    5 %


    Weighted average diluted shares outstanding

    s


    219,712


    209,137


    5 %











    Select Per-Share & Performance Metrics









    Earnings per share – basic

    j / r


    $                   1.53


    $                   1.87


    (18) %


    Earnings per share – diluted

    j / s


    $                   1.53


    $                   1.87


    (18) %


    Efficiency ratio (1)

    h / f


    63.66 %


    57.99 %


    5.67


    Non-interest expense to average assets

    h/n


    2.54 %


    2.15 %


    0.39


    Return on average assets

    j / n


    0.84 %


    1.00 %


    (0.16)


    Return on average tangible assets

    j / o


    0.87 %


    1.03 %


    (0.16)


    PPNR return on average assets

    k/n


    1.44 %


    1.55 %


    (0.11)


    Return on average common equity

    j / p


    8.06 %


    10.42 %


    (2.36)


    Return on average tangible common equity

    j / q


    11.22 %


    15.27 %


    (4.05)











    Operating Per-Share & Performance Metrics









    Operating earnings per share – basic 

    m / r


    $                   2.30


    $                   2.01


    14 %


    Operating earnings per share – diluted

    m / s


    $                   2.29


    $                   2.00


    15 %


    Operating efficiency ratio, as adjusted (1)

    u / y


    53.07 %


    54.80 %


    (1.73)


    Operating non-interest expense to average assets

    i/n


    2.12 %


    2.07 %


    0.05


    Operating return on average assets 

    m / n


    1.26 %


    1.07 %


    0.19


    Operating return on average tangible assets 

    m / o


    1.30 %


    1.11 %


    0.19


    Operating PPNR return on average assets 

    l / n


    1.81 %


    1.65 %


    0.16


    Operating return on average common equity 

    m / p


    12.10 %


    11.17 %


    0.93


    Operating return on average tangible common equity 

    m / q


    16.85 %


    16.36 %


    0.49




    (1)

    Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.

    Columbia Banking System, Inc.

    GAAP to Non-GAAP Reconciliation – Continued

    Operating Efficiency Ratio, as adjusted

    (Unaudited)




    Nine Months Ended


    % change

    ($ in millions)



    Sep 30, 2025


    Sep 30, 2024


    Year over Year

    Non-interest expense (GAAP)

    h


    $                 1,011


    $                    838


    21 %

    Less: Non-interest expense adjustments

    b


    (164)


    (30)


    447 %

    Operating non-interest expense (non-GAAP)

    i


    847


    808


    5 %

    Less: B&O taxes

    t


    (9)


    (10)


    (10) %

    Operating non-interest expense, excluding B&O taxes (non-GAAP)

    u


    $                    838


    $                    798


    5 %









    Net interest income (tax equivalent) (1)

    v


    $                 1,380


    $                 1,284


    7 %

    Non-interest income (GAAP)

    d


    208


    161


    29 %

    Add: BOLI tax equivalent adjustment (1)

    w


    5


    4


    25 %

    Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)

    x


    1,593


    1,449


    10 %

    Less: Non-interest income adjustments

    a


    (14)


    7


    (300) %

    Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments
    (tax equivalent) (non-GAAP)

    y


    $                 1,579


    $                 1,456


    8 %









    Efficiency ratio (1)

    h /f


    63.66 %


    57.99 %


    5.67

    Operating efficiency ratio, as adjusted (non-GAAP) (1)

    u / y


    53.07 %


    54.80 %


    (1.73)



    (1)

    Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.

    SOURCE Columbia Banking System, Inc.

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