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      COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2025 RESULTS

      Columbia Bank (PRNewsfoto/Columbia Banking System, Inc.)

      News provided by

      Columbia Banking System, Inc.

      Jan 22, 2026, 16:00 ET

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      TACOMA, Wash., Jan. 22, 2026 /PRNewswire/ --


      $215 million


      $243 million


      $0.72


      $0.82

      Net income


      Operating net income1


      Earnings per common share -
      diluted


      Operating earnings per
      common share - diluted1

      CEO Commentary

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

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

      4Q25 HIGHLIGHTS (COMPARED TO 3Q25)





      Net Interest
      Income and
      NIM

      • Net interest income increased by $122 million
      from the prior quarter, due to two additional
      months operating as a combined company and
      lower interest expense due to favorable funding
      mix trends


      • Net interest margin was 4.06%, up 22 basis
      points from the prior quarter, due to a favorable
      funding mix shift following the reduction in
      higher-cost funding sources during the prior
      quarter. The net interest margin also was
      impacted by two additional months operating as
      a combined company in the current period





      Non-Interest
      Income and
      Expense

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


      • Non-interest expense increased by $19 million,
      due to two additional months operating as a
      combined company, partially offset by lower
      merger expense





      Credit
      Quality

      • Net charge-offs were 0.25% of average loans
      and leases (annualized), compared to 0.22% for
      the prior quarter


      • Provision expense was $23 million, compared to
      $70 million for the prior quarter, which was
      driven by the acquisition of Pacific Premier in
      the prior quarter


      • Non-performing assets to total assets was 
      0.30%, compared to 0.29% as of September 30,
      2025





      Capital

      • Estimated total risk-based capital ratio of 13.6% 
      and estimated common equity tier 1 risk-based
      capital ratio of 11.8%


      • Declared a quarterly cash dividend of $0.37 per
      common share on November 14, 2025, which
      was paid December 15, 2025


      • Repurchased $100 million of common stock
      under our current repurchase plan





      Notable
      Items

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


      4Q25 KEY FINANCIAL DATA


      PERFORMANCE METRICS

      4Q25


      3Q25


      4Q24

      Return on average assets

      1.27 %


      0.67 %


      1.10 %

      Return on average common equity

      10.92 %


      6.19 %


      10.91 %

      Return on average tangible common equity1

      15.24 %


      8.58 %


      15.41 %

      Operating return on average assets1

      1.44 %


      1.42 %


      1.15 %

      Operating return on average common equity1

      12.34 %


      13.15 %


      11.40 %

      Operating return on average tangible common equity1

      17.22 %


      18.24 %


      16.11 %

      Net interest margin

      4.06 %


      3.84 %


      3.64 %

      Efficiency ratio

      57.30 %


      67.29 %


      54.61 %

      Operating efficiency ratio, as adjusted 1

      51.39 %


      52.32 %


      52.51 %







      INCOME STATEMENT

      ($ in millions, excl. per share data)

      4Q25


      3Q25


      4Q24

      Net interest income

      $627


      $505


      $437

      Provision for credit losses

      $23


      $70


      $28

      Non-interest income

      $90


      $77


      $50

      Non-interest expense

      $412


      $393


      $267

      Pre-provision net revenue1

      $305


      $189


      $220

      Operating pre-provision net revenue1

      $342


      $270


      $229

      Earnings per common share - diluted

      $0.72


      $0.40


      $0.68

      Operating earnings per common share - diluted1

      $0.82


      $0.85


      $0.71

      Dividends paid per share

      $0.37


      $0.36


      $0.36







      BALANCE SHEET

      ($ in millions, excl. per share data)

      4Q25


      3Q25


      4Q24

      Total assets

      $66,832


      $67,496


      $51,576

      Loans and leases

      $47,776


      $48,462


      $37,681

      Deposits

      $54,211


      $55,771


      $41,721

      Book value per common share

      $26.54


      $26.04


      $24.43

      Tangible book value per common share1

      $19.11


      $18.57


      $17.20

      Organizational 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, and integration efforts continue to progress smoothly. We remain on track to complete the systems conversion and branch consolidations during the first quarter of 2026. We continue to expect to realize all related cost savings by June 30, 2026.

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

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

      Net Interest Income
      Net interest income was $627 million for the fourth quarter of 2025, up $122 million from the prior quarter. The increase largely reflects the impact of two additional months operating as a combined company in the current period. Lower interest expense due to a favorable shift in Columbia's funding mix during the prior quarter also contributed to the increase, as did an additional $5 million in interest income related to an accelerated loan repayment.

      Columbia's net interest margin was 4.06% for the fourth quarter of 2025, up 22 basis points from the third 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 during the third quarter. The net interest margin also was impacted by two additional months operating as a combined company, which includes an 8-basis point benefit related to the amortization of a premium on acquired time deposits, as described in the following paragraph, and a 3-basis point benefit related to an accelerated loan repayment.

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

      Columbia's cost of interest-bearing liabilities decreased 38 basis points from the prior quarter to 2.27% for the fourth quarter of 2025. Excluding the previously discussed premium amortization, the cost of interest-bearing liabilities was 2.38% for the fourth quarter of 2025, compared to 2.28% for both the month of December and as of December 31 2025. Please refer to the Q4 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

      Non-interest Income
      Non-interest income was $90 million for the fourth quarter of 2025, up $13 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value gain of $2 million for the fourth quarter, compared to a net fair value gain of $5 million for the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $88 million2 for the fourth quarter of 2025, up $16 million between periods, as Pacific Premier contributed an additional $13 million to the quarter's run rate. Customer fee income, including swap and international banking revenue, drove the remainder of the increase.

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

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

      Gross loans and leases were $47.8 billion as of December 31, 2025, compared to $48.5 billion as of September 30, 2025. The decrease reflects continued run-off in commercial development and below-market-rate transactional loans, as well as the sale of $45 million in acquired loans risk rated special mention. Commercial loans increased by 6% on an annualized basis relative to September 30, 2025, partially offsetting contraction in other portfolios. "Our ability to generate relationship-based commercial business was strengthened by the addition of bankers from Pacific Premier," commented Tory Nixon, President of Columbia Bank. "Loan origination volume increased 17% from the prior quarter, and full-year 2025 volume was up 22% compared to 2024, resulting in strong commercial loan growth, offset by the intentional reduction in transactional loan balances and elevated prepayment activity during the fourth quarter." Please refer to the Q4 2025 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.

      Total deposits were $54.2 billion as of December 31, 2025, compared to $55.8 billion as of September 30, 2025. The decrease reflects an intentional reduction in brokered and select public deposits, as alternative funding sources offered a more attractive interest rate. Seasonal reductions in customer deposit balances also contributed to the quarter's decline. "Momentum from the third quarter's exceptional customer deposit growth carried into the fourth quarter," stated Mr. Nixon. "However, balances followed seasonal norms in December, declining in the latter part of the month, due to company distributions, tax payments, and other year-end payouts." We utilized borrowings, which were $3.2 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025, to supplement funding needs. Please refer to the Q4 2025 Earnings Presentation for additional details related to deposit characteristics and flows.

      Credit Quality
      The allowance for credit losses ("ACL") was $485 million, or 1.02% of loans and leases, as of December 31, 2025, compared to $492 million, or 1.01% of loans and leases, as of September 30, 2025. The provision for credit losses was $23 million for the fourth quarter of 2025 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

      Net charge-offs were 0.25% of average loans and leases (annualized) for the fourth quarter of 2025, compared to 0.22% for the third quarter of 2025. Net charge-offs in the FinPac portfolio were $14 million in the fourth quarter, compared to $16 million in the third quarter. Net charge-offs excluding the FinPac portfolio were $16 million in the fourth quarter, compared to $6 million in the third quarter. Non-performing assets were $200 million, or 0.30% of total assets, as of December 31, 2025, compared to $199 million, or 0.29% of total assets, as of September 30, 2025. Please refer to the Q4 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 $26.54 as of December 31, 2025, compared to $26.04 as of September 30, 2025. During the fourth quarter, Columbia repurchased 3.7 million common shares under its current repurchase plan at an average price of $27.07. Book value was also impacted by a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(233) million as of December 31, 2025, compared to $(268) million as of the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on available-for-sale securities to $199 million as of December 31, 2025, compared to $240 million as of September 30, 2025. Tangible book value per common share3 was $19.11 as of December 31, 2025, compared to $18.57 as of September 30, 2025.

      Columbia's estimated total risk-based capital ratio was 13.6% and its estimated common equity tier 1 risk-based capital ratio was 11.8% as of December 31, 2025, compared to 13.4% and 11.6%, respectively, as of September 30, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of December 31, 2025 are estimates, pending completion and filing of Columbia's regulatory reports. 

      Earnings Presentation and Conference Call Information
      Columbia's Q4 2025 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

      Columbia will host its fourth quarter 2025 earnings conference call on January 22, 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 fourth 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/r4vb6kw9/
      Register for the call: https://register-conf.media-server.com/register/BIea441cbeb5cf482194e96ffe3b448071
      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 offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.

      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, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management's attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction, and (iv) shareholder litigation that could negatively impact our business and operations; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.

      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

      GAAP to Non-GAAP Reconciliation

      22

      Columbia Banking System, Inc.

      Consolidated Statements of Income

      (Unaudited)


      Quarter Ended


      % Change

      ($ in millions, shares in thousands)

      Dec 31,
      2025


      Sep 30,
      2025


      Jun 30,
      2025


      Mar 31,
      2025


      Dec 31,
      2024


      Seq
      Quarter


      Year
      over
      Year

      Interest income:














      Loans and leases

      $            722


      $            619


      $            564


      $            553


      $            572


      17 %


      26 %

      Interest and dividends on investments:














      Taxable

      102


      89


      80


      69


      75


      15 %


      36 %

      Exempt from federal income tax

      12


      8


      7


      7


      7


      50 %


      71 %

      Dividends

      3


      4


      3


      3


      3


      (25) %


      — %

      Temporary investments and interest bearing deposits

      19


      20


      16


      16


      19


      (5) %


      — %

      Total interest income

      858


      740


      670


      648


      676


      16 %


      27 %

      Interest expense:














      Deposits

      195


      195


      180


      177


      189


      — %


      3 %

      Securities sold under agreement to repurchase and
      federal funds purchased

      1


      1


      1


      1


      1


      — %


      — %

      Borrowings

      27


      30


      35


      36


      40


      (10) %


      (33) %

      Junior and other subordinated debentures

      8


      9


      8


      9


      9


      (11) %


      (11) %

      Total interest expense

      231


      235


      224


      223


      239


      (2) %


      (3) %

      Net interest income

      627


      505


      446


      425


      437


      24 %


      43 %

      Provision for credit losses

      23


      70


      30


      27


      28


      (67) %


      (18) %

      Non-interest income:














      Service charges on deposits

      24


      21


      20


      19


      18


      14 %


      33 %

      Card-based fees

      16


      15


      14


      13


      15


      7 %


      7 %

      Financial services and trust revenue

      15


      9


      6


      5


      5


      67 %


      200 %

      Residential mortgage banking revenue, net

      7


      7


      8


      9


      7


      — %


      — %

      Gain (loss) on investment securities, net

      2


      2


      —


      2


      (1)


      — %


      nm

      Gain (loss) on loan and lease sales, net

      1


      —


      —


      —


      (2)


      nm


      nm

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

      —


      4


      —


      7


      (7)


      (100) %


      nm

      BOLI income

      9


      6


      5


      5


      5


      50 %


      80 %

      Other income

      16


      13


      12


      6


      10


      23 %


      60 %

      Total non-interest income

      90


      77


      65


      66


      50


      17 %


      80 %

      Non-interest expense:














      Salaries and employee benefits

      201


      171


      155


      145


      142


      18 %


      42 %

      Occupancy and equipment, net

      67


      54


      47


      48


      47


      24 %


      43 %

      Intangible amortization

      42


      31


      26


      28


      29


      35 %


      45 %

      FDIC assessments

      4


      8


      8


      8


      8


      (50) %


      (50) %

      Merger and restructuring expense

      39


      87


      8


      14


      2


      (55) %


      nm

      Legal settlement

      —


      —


      —


      55


      —


      nm


      nm

      Other expenses

      59


      42


      34


      42


      39


      40 %


      51 %

      Total non-interest expense

      412


      393


      278


      340


      267


      5 %


      54 %

      Income before provision for income taxes

      282


      119


      203


      124


      192


      137 %


      47 %

      Provision for income taxes

      67


      23


      51


      37


      49


      191 %


      37 %

      Net income

      $            215


      $              96


      $            152


      $              87


      $            143


      124 %


      50 %















      Weighted average basic shares outstanding (in
      thousands
      )

      295,376


      237,838


      209,125


      208,800


      208,548


      24 %


      42 %

      Weighted average diluted shares outstanding (in
      thousands
      )

      296,760


      238,925


      209,975


      210,023


      209,889


      24 %


      41 %

      Earnings per common share – basic

      $           0.72


      $           0.40


      $           0.73


      $           0.41


      $           0.69


      80 %


      4 %

      Earnings per common share – diluted

      $           0.72


      $           0.40


      $           0.73


      $           0.41


      $           0.68


      80 %


      6 %















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

      Columbia Banking System, Inc.

      Consolidated Statements of Income

      (Unaudited)



      Year Ended


      % Change

      ($ in millions, shares in thousands)


      Dec 31, 2025


      Dec 31, 2024


      Year over
      Year

      Interest income:







      Loans and leases


      $               2,458


      $               2,320


      6 %

      Interest and dividends on investments:







      Taxable


      340


      305


      11 %

      Exempt from federal income tax


      34


      28


      21 %

      Dividends


      13


      12


      8 %

      Temporary investments and interest bearing deposits


      71


      90


      (21) %

      Total interest income


      2,916


      2,755


      6 %

      Interest expense:







      Deposits


      747


      803


      (7) %

      Securities sold under agreement to repurchase and federal funds purchased


      4


      5


      (20) %

      Borrowings


      128


      190


      (33) %

      Junior and other subordinated debentures


      34


      39


      (13) %

      Total interest expense


      913


      1,037


      (12) %

      Net interest income


      2,003


      1,718


      17 %

      Provision for credit losses


      150


      106


      42 %

      Non-interest income:







      Service charges on deposits


      84


      72


      17 %

      Card-based fees


      58


      57


      2 %

      Financial services and trust revenue


      35


      20


      75 %

      Residential mortgage banking revenue, net


      31


      24


      29 %

      Gain on investment securities, net


      6


      —


      nm

      Gain (loss) on loan and lease sales, net


      1


      (3)


      nm

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


      11


      (10)


      nm

      BOLI income


      25


      19


      32 %

      Other income


      47


      32


      47 %

      Total non-interest income


      298


      211


      41 %

      Non-interest expense:







      Salaries and employee benefits


      672


      589


      14 %

      Occupancy and equipment, net


      216


      182


      19 %

      Intangible amortization


      127


      119


      7 %

      FDIC assessments


      28


      42


      (33) %

      Merger and restructuring expense


      148


      24


      nm

      Legal settlement


      55


      —


      nm

      Other expenses


      177


      148


      20 %

      Total non-interest expense


      1,423


      1,104


      29 %

      Income before provision for income taxes


      728


      719


      1 %

      Provision for income taxes


      178


      185


      (4) %

      Net income


      $                  550


      $                  534


      3 %








      Weighted average basic shares outstanding (in thousands)


      238,022


      208,463


      14 %

      Weighted average diluted shares outstanding (in thousands)


      239,121


      209,337


      14 %

      Earnings per common share – basic


      $                 2.31


      $                 2.56


      (10) %

      Earnings per common share – diluted


      $                 2.30


      $                 2.55


      (10) %








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

      Columbia Banking System, Inc.

      Consolidated Balance Sheets

      (Unaudited)












      % Change

      ($ in millions, shares in thousands)

      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      Seq
      Quarter


      Year
      over
      Year

      Assets:














      Cash and due from banks

      $               511


      $               535


      $               608


      $               591


      $               497


      (4) %


      3 %

      Interest-bearing cash and temporary
      investments

      1,869


      1,808


      1,334


      1,481


      1,381


      3 %


      35 %

      Investment securities:














      Equity and other, at fair value

      113


      112


      93


      92


      78


      1 %


      45 %

      Available for sale, at fair value

      11,112


      11,013


      8,653


      8,229


      8,275


      1 %


      34 %

      Held to maturity, at amortized cost

      18


      18


      2


      2


      2


      — %


      nm

      Loans held for sale

      262


      340


      66


      65


      72


      (23) %


      264 %

      Loans and leases

      47,776


      48,462


      37,637


      37,616


      37,681


      (1) %


      27 %

      Allowance for credit losses on loans and
      leases

      (466)


      (473)


      (421)


      (421)


      (425)


      (1) %


      10 %

      Net loans and leases

      47,310


      47,989


      37,216


      37,195


      37,256


      (1) %


      27 %

      Restricted equity securities

      159


      119


      161


      125


      150


      34 %


      6 %

      Premises and equipment, net

      422


      416


      357


      345


      349


      1 %


      21 %

      Goodwill

      1,482


      1,481


      1,029


      1,029


      1,029


      — %


      44 %

      Other intangible assets, net

      712


      754


      430


      456


      484


      (6) %


      47 %

      Bank-owned life insurance

      1,218


      1,199


      705


      701


      694


      2 %


      76 %

      Other assets

      1,644


      1,712


      1,247


      1,208


      1,309


      (4) %


      26 %

      Total assets

      $          66,832


      $          67,496


      $          51,901


      $          51,519


      $          51,576


      (1) %


      30 %

      Liabilities:














       Deposits














      Non-interest-bearing

      $          17,419


      $          17,810


      $          13,220


      $          13,414


      $          13,308


      (2) %


      31 %

      Interest-bearing

      36,792


      37,961


      28,523


      28,804


      28,413


      (3) %


      29 %

        Total deposits

      54,211


      55,771


      41,743


      42,218


      41,721


      (3) %


      30 %

      Securities sold under agreements to
      repurchase

      207


      167


      191


      192


      237


      24 %


      (13) %

      Borrowings

      3,200


      2,300


      3,350


      2,550


      3,100


      39 %


      3 %

      Junior subordinated debentures, at fair value

      338


      331


      323


      321


      331


      2 %


      2 %

      Junior and other subordinated debentures,
      at amortized cost

      97


      107


      108


      108


      108


      (9) %


      (10) %

      Other liabilities

      939


      1,030


      844


      892


      961


      (9) %


      (2) %

      Total liabilities

      58,992


      59,706


      46,559


      46,281


      46,458


      (1) %


      27 %

      Shareholders' equity:














      Common stock

      8,099


      8,189


      5,826


      5,823


      5,817


      (1) %


      39 %

      Accumulated deficit

      (26)


      (131)


      (151)


      (227)


      (237)


      (80) %


      (89) %

      Accumulated other comprehensive loss

      (233)


      (268)


      (333)


      (358)


      (462)


      (13) %


      (50) %

      Total shareholders' equity

      7,840


      7,790


      5,342


      5,238


      5,118


      1 %


      53 %

      Total liabilities and shareholders' equity

      $          66,832


      $          67,496


      $          51,901


      $          51,519


      $          51,576


      (1) %


      30 %















      Common shares outstanding at period end (in
      thousands
      )

      295,422


      299,147


      210,213


      210,112


      209,536


      (1) %


      41 %















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

      Columbia Banking System, Inc.

      Financial Highlights

      (Unaudited)



      Quarter Ended


      % Change



      Dec 31,
      2025


      Sep 30,
      2025


      Jun 30,
      2025


      Mar 31,
      2025


      Dec 31,
      2024


      Seq.
      Quarter


      Year
      over
      Year

      Per Common Share Data:















      Dividends


      $    0.37


      $    0.36


      $    0.36


      $    0.36


      $    0.36


      3 %


      3 %

      Book value


      $  26.54


      $  26.04


      $  25.41


      $  24.93


      $  24.43


      2 %


      9 %

      Tangible book value (1)


      $  19.11


      $  18.57


      $  18.47


      $  17.86


      $  17.20


      3 %


      11 %
















      Performance Ratios:















      Efficiency ratio (2)


      57.30 %


      67.29 %


      54.29 %


      69.06 %


      54.61 %


      (9.99)


      2.69

      Non-interest expense to average assets (1)


      2.44 %


      2.74 %


      2.16 %


      2.68 %


      2.06 %


      (0.30)


      0.38

      Return on average assets ("ROAA")


      1.27 %


      0.67 %


      1.19 %


      0.68 %


      1.10 %


      0.60


      0.17

      Pre-provision net revenue ("PPNR") ROAA (1)


      1.80 %


      1.32 %


      1.81 %


      1.19 %


      1.70 %


      0.48


      0.10

      Return on average common equity


      10.92 %


      6.19 %


      11.56 %


      6.73 %


      10.91 %


      4.73


      0.01

      Return on average tangible common equity (1)


      15.24 %


      8.58 %


      16.03 %


      9.45 %


      15.41 %


      6.66


      (0.17)
















      Performance Ratios - Operating:(1)















      Operating efficiency ratio, as adjusted (1),(2)


      51.39 %


      52.32 %


      51.79 %


      55.11 %


      52.51 %


      (0.93)


      (1.12)

      Operating non-interest expense to average assets (1)


      2.20 %


      2.14 %


      2.10 %


      2.13 %


      2.03 %


      0.06


      0.17

      Operating ROAA (1)


      1.44 %


      1.42 %


      1.25 %


      1.10 %


      1.15 %


      0.02


      0.29

      Operating PPNR ROAA (1)


      2.02 %


      1.89 %


      1.88 %


      1.67 %


      1.77 %


      0.13


      0.25

      Operating return on average common equity (1)


      12.34 %


      13.15 %


      12.16 %


      10.87 %


      11.40 %


      (0.81)


      0.94

      Operating return on average tangible common equity (1)


      17.22 %


      18.24 %


      16.85 %


      15.26 %


      16.11 %


      (1.02)


      1.11
















      Average Balance Sheet Yields, Rates, & Ratios:















      Yield on loans and leases


      5.92 %


      5.96 %


      6.00 %


      5.92 %


      6.05 %


      (0.04)


      (0.13)

      Yield on earning assets (2)


      5.55 %


      5.62 %


      5.62 %


      5.49 %


      5.63 %


      (0.07)


      (0.08)

      Cost of interest bearing deposits


      2.08 %


      2.43 %


      2.52 %


      2.52 %


      2.66 %


      (0.35)


      (0.58)

      Cost of interest bearing liabilities


      2.27 %


      2.65 %


      2.78 %


      2.80 %


      2.98 %


      (0.38)


      (0.71)

      Cost of total deposits


      1.40 %


      1.66 %


      1.73 %


      1.72 %


      1.80 %


      (0.26)


      (0.40)

      Cost of total funding (3)


      1.57 %


      1.87 %


      1.98 %


      1.99 %


      2.09 %


      (0.30)


      (0.52)

      Net interest margin (2)


      4.06 %


      3.84 %


      3.75 %


      3.60 %


      3.64 %


      0.22


      0.42

      Average interest bearing cash / Average interest earning assets


      3.12 %


      3.41 %


      2.97 %


      3.13 %


      3.29 %


      (0.29)


      (0.17)

      Average loans and leases / Average interest earning assets


      78.12 %


      78.39 %


      78.64 %


      78.93 %


      78.42 %


      (0.27)


      (0.30)

      Average loans and leases / Average total deposits


      87.34 %


      88.39 %


      90.07 %


      90.36 %


      89.77 %


      (1.05)


      (2.43)

      Average non-interest bearing deposits / Average total deposits


      32.45 %


      31.41 %


      31.39 %


      31.75 %


      32.45 %


      1.04


      —

      Average total deposits / Average total funding (3)


      94.52 %


      93.47 %


      91.92 %


      91.86 %


      91.88 %


      1.05


      2.64
















      Select Credit & Capital Ratios:















      Non-performing loans and leases to total loans and leases


      0.41 %


      0.40 %


      0.47 %


      0.47 %


      0.44 %


      0.01


      (0.03)

      Non-performing assets to total assets


      0.30 %


      0.29 %


      0.35 %


      0.35 %


      0.33 %


      0.01


      (0.03)

      Allowance for credit losses to loans and leases


      1.02 %


      1.01 %


      1.17 %


      1.17 %


      1.17 %


      0.01


      (0.15)

      Total risk-based capital ratio (4)


      13.6 %


      13.4 %


      13.0 %


      12.9 %


      12.8 %


      0.20


      0.80

      Common equity tier 1 risk-based capital ratio (4)


      11.8 %


      11.6 %


      10.8 %


      10.6 %


      10.5 %


      0.20


      1.30


      (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)



      Year Ended


      % Change



      Dec 31, 2025


      Dec 31, 2024


      Year over Year

      Per Common Share Data:







      Dividends


      $             1.45


      $             1.44


      0.69 %








      Performance Ratios:







      Efficiency ratio (2)


      61.68 %


      57.14 %


      4.54

      Non-interest expense to average assets (1)


      2.51 %


      2.13 %


      0.38

      Return on average assets


      0.97 %


      1.03 %


      (0.06)

      PPNR ROAA (1)


      1.55 %


      1.59 %


      (0.04)

      Return on average common equity


      8.98 %


      10.55 %


      (1.57)

      Return on average tangible common equity (1)


      12.51 %


      15.31 %


      (2.80)








      Performance Ratios - Operating:(1)







      Operating efficiency ratio, as adjusted (1),(2)


      52.54 %


      54.22 %


      (1.68)

      Operating non-interest expense to average assets (1)


      2.15 %


      2.06 %


      0.09

      Operating ROAA (1)


      1.31 %


      1.09 %


      0.22

      Operating PPNR ROAA (1)


      1.88 %


      1.68 %


      0.20

      Operating return on average common equity (1)


      12.18 %


      11.23 %


      0.95

      Operating return on average tangible common equity (1)


      16.97 %


      16.30 %


      0.67








      Average Balance Sheet Yields, Rates, & Ratios:







      Yield on loans and leases


      5.95 %


      6.15 %


      (0.20)

      Yield on earning assets (2)


      5.57 %


      5.73 %


      (0.16)

      Cost of interest bearing deposits


      2.36 %


      2.87 %


      (0.51)

      Cost of interest bearing liabilities


      2.61 %


      3.21 %


      (0.60)

      Cost of total deposits


      1.61 %


      1.93 %


      (0.32)

      Cost of total funding (3)


      1.83 %


      2.26 %


      (0.43)

      Net interest margin (2)


      3.83 %


      3.57 %


      0.26

      Average interest bearing cash / Average interest earning assets


      3.16 %


      3.53 %


      (0.37)

      Average loans and leases / Average interest earning assets


      78.49 %


      78.12 %


      0.37

      Average loans and leases / Average total deposits


      88.89 %


      90.30 %


      (1.41)

      Average non-interest bearing deposits / Average total deposits


      31.79 %


      32.70 %


      (0.91)

      Average total deposits / Average total funding (3)


      93.07 %


      90.59 %


      2.48


      (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)


      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      % Change

      ($ in millions)

      Amount


      Amount


      Amount


      Amount


      Amount


      Seq. Quarter


      Year over Year

      Loans and leases:














      Commercial real estate:














      Non-owner occupied term

      $         8,206


      $         8,444


      $         6,190


      $         6,179


      $         6,278


      (3) %


      31 %

      Owner occupied term

      7,314


      7,361


      5,320


      5,303


      5,270


      (1) %


      39 %

      Multifamily

      10,281


      10,377


      5,735


      5,831


      5,804


      (1) %


      77 %

      Construction & development

      1,707


      2,071


      2,070


      2,071


      1,983


      (18) %


      (14) %

      Residential development

      362


      367


      286


      252


      232


      (1) %


      56 %

      Commercial:














      Term

      6,713


      6,590


      5,353


      5,490


      5,538


      2 %


      21 %

      Lines of credit & other

      3,643


      3,582


      2,951


      2,754


      2,770


      2 %


      32 %

      Leases & equipment finance

      1,599


      1,614


      1,641


      1,644


      1,661


      (1) %


      (4) %

      Residential:














      Mortgage

      5,624


      5,722


      5,830


      5,878


      5,933


      (2) %


      (5) %

      Home equity loans & lines

      2,149


      2,153


      2,083


      2,039


      2,032


      — %


      6 %

         Consumer & other

      178


      181


      178


      175


      180


      (2) %


      (1) %

      Total loans and leases, net of deferred fees
      and costs

      $       47,776


      $       48,462


      $       37,637


      $       37,616


      $       37,681


      (1) %


      27 %















      Loans and leases mix:














      Commercial real estate:














      Non-owner occupied term

      17 %


      18 %


      16 %


      16 %


      17 %





      Owner occupied term

      15 %


      15 %


      14 %


      14 %


      14 %





      Multifamily

      22 %


      21 %


      15 %


      15 %


      15 %





      Construction & development

      4 %


      4 %


      6 %


      6 %


      5 %





      Residential development

      1 %


      1 %


      1 %


      1 %


      1 %





      Commercial:














      Term

      14 %


      14 %


      14 %


      15 %


      15 %





      Lines of credit & other

      8 %


      7 %


      8 %


      7 %


      7 %





      Leases & equipment finance

      3 %


      3 %


      4 %


      4 %


      4 %





      Residential:














      Mortgage

      12 %


      12 %


      15 %


      16 %


      16 %





      Home equity loans & lines

      4 %


      4 %


      6 %


      5 %


      5 %





      Consumer & other

      — %


      1 %


      1 %


      1 %


      1 %





      Total

      100 %


      100 %


      100 %


      100 %


      100 %





      Columbia Banking System, Inc.

      Deposit Portfolio Balances and Mix

      (Unaudited)


      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      % Change

      ($ in millions)

      Amount


      Amount


      Amount


      Amount


      Amount


      Seq. Quarter


      Year over Year

      Deposits:














      Demand, non-interest bearing

      $       17,419


      $       17,810


      $       13,220


      $       13,414


      $       13,308


      (2) %


      31 %

      Demand, interest bearing

      10,763


      11,675


      8,335


      8,494


      8,476


      (8) %


      27 %

      Money market

      17,013


      16,816


      11,694


      11,971


      11,475


      1 %


      48 %

      Savings

      2,442


      2,504


      2,276


      2,337


      2,360


      (2) %


      3 %

      Time

      6,574


      6,966


      6,218


      6,002


      6,102


      (6) %


      8 %

      Total

      $       54,211


      $       55,771


      $       41,743


      $       42,218


      $       41,721


      (3) %


      30 %















      Total core deposits (1)

      $       50,174


      $       51,535


      $       37,294


      $       38,079


      $       37,488


      (3) %


      34 %















      Deposit mix:














      Demand, non-interest bearing

      32 %


      32 %


      32 %


      32 %


      32 %





      Demand, interest bearing

      20 %


      21 %


      20 %


      20 %


      20 %





      Money market

      31 %


      30 %


      28 %


      28 %


      27 %





      Savings

      5 %


      5 %


      5 %


      6 %


      6 %





      Time

      12 %


      12 %


      15 %


      14 %


      15 %





      Total

      100 %


      100 %


      100 %


      100 %


      100 %







      (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)

      Dec 31,
      2025


      Sep 30,
      2025


      Jun 30,
      2025


      Mar 31,
      2025


      Dec 31,
      2024


      Seq.
      Quarter


      Year
      over
      Year

      Non-performing assets: (1)














      Loans and leases on non-accrual status:















      Commercial real estate

      $          50


      $          53


      $          31


      $          42


      $          39


      (6) %


      28 %


      Commercial

      66


      67


      67


      80


      57


      (1) %


      16 %


      Total loans and leases on non-accrual status

      116


      120


      98


      122


      96


      (3) %


      21 %

      Loans and leases past due 90+ days and accruing: (2)















      Commercial real estate

      2


      —


      —


      —


      —


      nm


      nm


      Commercial

      8


      5


      5


      —


      5


      60 %


      60 %


      Residential (2)

      72


      71


      74


      53


      66


      1 %


      9 %


      Total loans and leases past due 90+ days and
      accruing (2)

      82


      76


      79


      53


      71


      8 %


      15 %

      Total non-performing loans and leases (1), (2)

      198


      196


      177


      175


      167


      1 %


      19 %

      Other real estate owned

      2


      3


      3


      3


      3


      (33) %


      (33) %

      Total non-performing assets (1), (2)

      $        200


      $        199


      $        180


      $        178


      $        170


      1 %


      18 %
















      Loans and leases past due 31-89 days

      $          94


      $          85


      $        142


      $        158


      $        105


      11 %


      (10) %

      Loans and leases past due 31-89 days to total loans and
      leases

      0.20 %


      0.18 %


      0.38 %


      0.42 %


      0.28 %


      0.02


      (0.08)

      Non-performing loans and leases to total loans and
      leases (1), (2)

      0.41 %


      0.40 %


      0.47 %


      0.47 %


      0.44 %


      0.01


      (0.03)

      Non-performing assets to total assets (1), (2)

      0.30 %


      0.29 %


      0.35 %


      0.35 %


      0.33 %


      0.01


      (0.03)

      Non-accrual loans and leases to total loan and leases (2)

      0.24 %


      0.25 %


      0.26 %


      0.33 %


      0.26 %


      (0.01)


      (0.02)
















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



      (1)

      Non-accrual and 90+ days past due loans include government guarantees of $79 million, $70 million, $68 million, $67 million, and $74 million at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

      (2)

      Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $3 million, $2 million, $2 million, $3 million, and $2 million at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

      Columbia Banking System, Inc.

      Credit Quality – Allowance for Credit Losses

      (Unaudited)



      Quarter Ended


      % Change

      ($ in millions)

      Dec 31,
      2025


      Sep 30,
      2025


      Jun 30,
      2025


      Mar 31,
      2025


      Dec 31,
      2024


      Seq.
      Quarter


      Year
      over
      Year

      Allowance for credit losses on loans and leases
      (ACLLL)














      Balance, beginning of period

      $         473


      $         421


      $         421


      $         425


      $         420


      12 %


      13 %

      Initial ACL recorded for PCD loans acquired during
      the period

      —


      5


      —


      —


      —


      (100) %


      nm

      Provision for credit losses on loans and leases

      23


      69


      29


      26


      30


      (67) %


      (23) %

      Charge-offs















      Commercial real estate

      (8)


      (3)


      —


      —


      (3)


      167 %


      167 %


      Commercial

      (23)


      (22)


      (33)


      (33)


      (26)


      5 %


      (12) %


      Residential

      (1)


      —


      —


      (1)


      —


      nm


      nm


      Consumer & other

      (1)


      (2)


      (1)


      (1)


      (1)


      (50) %


      0 %


      Total charge-offs

      (33)


      (27)


      (34)


      (35)


      (30)


      22 %


      10 %

      Recoveries















      Commercial

      3


      4


      5


      4


      4


      (25) %


      (25) %


      Consumer & other

      —


      1


      —


      1


      1


      (100) %


      (100) %


      Total recoveries

      3


      5


      5


      5


      5


      (40) %


      (40) %

      Net (charge-offs) recoveries















      Commercial real estate

      (8)


      (3)


      —


      —


      (3)


      167 %


      167 %


      Commercial

      (20)


      (18)


      (28)


      (29)


      (22)


      11 %


      (9) %


      Residential

      (1)


      —


      —


      (1)


      —


      nm


      nm


      Consumer & other

      (1)


      (1)


      (1)


      —


      —


      0 %


      nm


      Total net charge-offs

      (30)


      (22)


      (29)


      (30)


      (25)


      36 %


      20 %

      Balance, end of period

      $         466


      $         473


      $         421


      $         421


      $         425


      (1) %


      10 %

      Reserve for unfunded commitments














      Balance, beginning of period

      $           19


      $           18


      $           17


      $           16


      $           18


      6 %


      6 %

      Provision (recapture) for credit losses on unfunded
      commitments

      —


      1


      1


      1


      (2)


      (100) %


      nm

      Balance, end of period

      19


      19


      18


      17


      16


      0 %


      19 %

      Total Allowance for credit losses (ACL)

      $         485


      $         492


      $         439


      $         438


      $         441


      (1) %


      10 %















      Net charge-offs to average loans and leases
      (annualized)

      0.25 %


      0.22 %


      0.31 %


      0.32 %


      0.27 %


      0.03


      (0.02)

      Recoveries to gross charge-offs

      9.09 %


      18.52 %


      15.19 %


      14.05 %


      15.23 %


      (9.43)


      (6.14)

      ACLLL to loans and leases

      0.98 %


      0.98 %


      1.12 %


      1.12 %


      1.13 %


      —


      (0.15)

      ACL to loans and leases

      1.02 %


      1.01 %


      1.17 %


      1.17 %


      1.17 %


      0.01


      (0.15)
















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


      Columbia Banking System, Inc.

      Credit Quality – Allowance for Credit Losses

      (Unaudited)



      Year Ended


      % Change

      ($ in millions)


      Dec 31, 2025


      Dec 31, 2024


      Year over Year

      Allowance for credit losses on loans and leases (ACLLL)







      Balance, beginning of period


      $               425


      $               441


      (4) %

      Initial ACL recorded for PCD loans acquired during the period

      5


      —


      nm

      Provision for credit losses on loans and leases


      147


      113


      30 %

      Charge-offs








      Commercial real estate


      (11)


      (4)


      175 %


      Commercial


      (111)


      (139)


      (20) %


      Residential


      (2)


      (2)


      0 %


      Consumer & other


      (5)


      (6)


      (17) %


      Total charge-offs


      (129)


      (151)


      (15) %

      Recoveries








      Commercial real estate


      —


      1


      (100) %


      Commercial


      16


      18


      (11) %


      Residential


      —


      1


      (100) %


      Consumer & other


      2


      2


      0 %


      Total recoveries


      18


      22


      (18) %

      Net (charge-offs) recoveries








      Commercial real estate


      (11)


      (3)


      267 %


      Commercial


      (95)


      (121)


      (21) %


      Residential


      (2)


      (1)


      100 %


      Consumer & other


      (3)


      (4)


      (25) %


      Total net charge-offs


      (111)


      (129)


      (14) %

      Balance, end of period


      $               466


      $               425


      10 %

      Reserve for unfunded commitments







      Balance, beginning of period


      $                 16


      $                 23


      (30) %

      Provision (recapture) for credit losses on unfunded commitments


      3


      (7)


      nm

      Balance, end of period


      19


      16


      19 %

      Total Allowance for credit losses (ACL)


      $               485


      $               441


      10 %








      Net charge-offs to average loans and leases (annualized)


      0.27 %


      0.34 %


      (0.07)

      Recoveries to gross charge-offs


      13.95 %


      14.54 %


      (0.59)









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

      Columbia Banking System, Inc.

      Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates

      (Unaudited)


      Quarter Ended


      December 31, 2025


      September 30, 2025


      December 31, 2024

      ($ in millions)

      Average
      Balance


      Interest
      Income
      or
      Expense


      Average
      Yields
      or Rates


      Average
      Balance


      Interest
      Income
      or
      Expense


      Average
      Yields
      or Rates


      Average
      Balance


      Interest
      Income
      or
      Expense


      Average
      Yields
      or Rates

      INTEREST-EARNING ASSETS:


















      Loans held for sale

      $            306


      $           5


      5.51 %


      $              80


      $           1


      7.14 %


      $              77


      $           1


      6.35 %

      Loans and leases (1)

      48,186


      717


      5.92 %


      41,164


      618


      5.96 %


      37,539


      571


      6.05 %

      Taxable securities

      9,996


      105


      4.23 %


      8,523


      93


      4.35 %


      7,851


      78


      3.97 %

      Non-taxable securities (2)

      1,268


      14


      4.53 %


      950


      10


      4.26 %


      831


      8


      3.80 %

      Temporary investments and
      interest-bearing cash

      1,923


      19


      3.82 %


      1,793


      20


      4.40 %


      1,573


      19


      4.80 %

      Total interest-earning assets (1), (2)

      61,679


      $       860


      5.55 %


      52,510


      $       742


      5.62 %


      47,871


      $       677


      5.63 %

      Goodwill and other intangible
      assets

      2,217






      1,719






      1,528





      Other assets

      3,218






      2,594






      2,189





      Total assets

      $       67,114






      $       56,823






      $       51,588





      INTEREST-BEARING LIABILITIES:


















      Interest-bearing demand deposits

      $       11,052


      $         51


      1.81 %


      $         9,630


      $         53


      2.17 %


      $         8,563


      $         52


      2.43 %

      Money market deposits

      17,010


      94


      2.22 %


      13,476


      83


      2.46 %


      11,441


      73


      2.53 %

      Savings deposits

      2,463


      1


      0.12 %


      2,358


      1


      0.16 %


      2,393


      1


      0.11 %

      Time deposits

      6,741


      49


      2.88 %


      6,481


      58


      3.57 %


      5,849


      63


      4.30 %

      Total interest-bearing deposits

      37,266


      195


      2.08 %


      31,945


      195


      2.43 %


      28,246


      189


      2.66 %

      Repurchase agreements and
      federal funds purchased

      184


      1


      2.16 %


      176


      1


      2.15 %


      198


      1


      1.95 %

      Borrowings

      2,581


      27


      4.20 %


      2,648


      30


      4.54 %


      3,076


      40


      5.16 %

      Junior and other subordinated
      debentures

      436


      8


      7.53 %


      430


      9


      7.99 %


      420


      9


      8.81 %

      Total interest-bearing liabilities

      40,467


      $       231


      2.27 %


      35,199


      $       235


      2.65 %


      31,940


      $       239


      2.98 %

      Non-interest-bearing deposits

      17,902






      14,627






      13,569





      Other liabilities

      931






      840






      853





      Total liabilities

      59,300






      50,666






      46,362





      Common equity

      7,814






      6,157






      5,226





      Total liabilities and shareholders'
      equity

      $       67,114






      $       56,823






      $       51,588





      NET INTEREST INCOME (2)



      $       629






      $       507






      $       438



      NET INTEREST SPREAD (2)





      3.28 %






      2.97 %






      2.65 %

      NET INTEREST INCOME TO
      EARNING ASSETS OR NET
      INTEREST MARGIN (1), (2)





      4.06 %






      3.84 %






      3.64 %


      (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 December 31, 2025, as compared to $2 million for the three months ended September 30, 2025 and $1 million for the three months ended December 31, 2024. 

      Columbia Banking System, Inc.

      Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates

      (Unaudited)


      Year Ended


      December 31, 2025


      December 31, 2024

      ($ in millions)

      Average
      Balance


      Interest
      Income or
      Expense


      Average
      Yields or
      Rates


      Average
      Balance


      Interest
      Income or
      Expense


      Average
      Yields or
      Rates

      INTEREST-EARNING ASSETS:












      Loans held for sale

      $               129


      $               8


      5.98 %


      $              69


      $               4


      6.50 %

      Loans and leases (1)

      41,198


      2,450


      5.95 %


      37,585


      2,316


      6.15 %

      Taxable securities

      8,543


      353


      4.14 %


      7,929


      317


      4.00 %

      Non-taxable securities (2)

      960


      40


      4.20 %


      834


      32


      3.78 %

      Temporary investments and interest-bearing cash

      1,659


      71


      4.26 %


      1,696


      90


      5.32 %

      Total interest-earning assets (1), (2)

      52,489


      $        2,922


      5.57 %


      48,113


      $        2,759


      5.73 %

      Goodwill and other intangible assets

      1,729






      1,574





      Other assets

      2,561






      2,228





      Total assets

      $          56,779






      $       51,915





      INTEREST-BEARING LIABILITIES:












      Interest-bearing demand deposits

      $            9,391


      $           198


      2.11 %


      $         8,266


      $           215


      2.60 %

      Money market deposits

      13,483


      319


      2.37 %


      10,998


      300


      2.73 %

      Savings deposits

      2,365


      3


      0.13 %


      2,529


      3


      0.13 %

      Time deposits

      6,373


      227


      3.56 %


      6,220


      285


      4.58 %

      Total interest-bearing deposits

      31,612


      747


      2.36 %


      28,013


      803


      2.87 %

      Repurchase agreements and federal funds purchased

      190


      4


      2.11 %


      212


      5


      2.30 %

      Borrowings

      2,830


      128


      4.53 %


      3,692


      190


      5.15 %

      Junior and other subordinated debentures

      433


      34


      7.87 %


      419


      39


      9.28 %

      Total interest-bearing liabilities

      35,065


      $           913


      2.61 %


      32,336


      $        1,037


      3.21 %

      Non-interest-bearing deposits

      14,735






      13,609





      Other liabilities

      853






      910





      Total liabilities

      50,653






      46,855





      Common equity

      6,126






      5,060





      Total liabilities and shareholders' equity

      $          56,779






      $       51,915





      NET INTEREST INCOME (2)



      $        2,009






      $        1,722



      NET INTEREST SPREAD (2)





      2.96 %






      2.52 %

      NET INTEREST INCOME TO EARNING ASSETS OR NET
      INTEREST MARGIN (1), (2)





      3.83 %






      3.57 %














      (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 $6 million for the year ended December 31, 2025, as compared to $4 million for the year ended December 31, 2024. 

      Columbia Banking System, Inc.

      Residential Mortgage Banking Activity

      (Unaudited)


      Quarter Ended


      %

      ($ in millions)

      Dec 31,
      2025


      Sep 30,
      2025


      Jun 30,
      2025


      Mar 31,
      2025


      Dec 31,
      2024


      Seq.
      Quarter


      Year over
      Year

      Residential mortgage banking revenue:














      Origination and sale

      $             5


      $             5


      $             5


      $             4


      $             5


      — %


      — %

      Servicing

      6


      5


      6


      6


      6


      20 %


      — %

      Change in fair value of MSR asset:














      Changes due to collection/realization of
      expected cash flows over time

      (3)


      (3)


      (3)


      (3)


      (3)


      — %


      — %

      Changes due to valuation inputs or
      assumptions

      (1)


      —


      (2)


      (1)


      7


      nm


      (114) %

      MSR hedge gain (loss)

      —


      —


      2


      3


      (8)


      nm


      nm

      Total

      $             7


      $             7


      $             8


      $             9


      $             7


      — %


      — %















      Closed loan volume for sale

      $         176


      $         166


      $         164


      $         136


      $         175


      6 %


      1 %

      Gain on sale margin

      2.84 %


      3.01 %


      2.77 %


      3.23 %


      2.58 %


      -0.17


      0.26















      Residential mortgage servicing rights:














      Balance, beginning of period

      $         101


      $         103


      $         106


      $         108


      $         102


      (2) %


      (1) %

      Additions for new MSR capitalized

      2


      1


      2


      2


      2


      100 %


      — %

      Change in fair value of MSR asset:














      Changes due to collection/realization of
      expected cash flows over time

      (3)


      (3)


      (3)


      (3)


      (3)


      — %


      — %

      Changes due to valuation inputs or
      assumptions

      (1)


      —


      (2)


      (1)


      7


      nm


      (114) %

      Balance, end of period

      $           99


      $         101


      $         103


      $         106


      $         108


      (2) %


      (8) %















      Residential mortgage loans serviced for others

      $      7,755


      $      7,797


      $      7,852


      $      7,888


      $      7,939


      (1) %


      (2) %

      MSR as % of serviced portfolio

      1.28 %


      1.30 %


      1.31 %


      1.34 %


      1.36 %


      (0.02)


      (0.08)















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

      Columbia Banking System, Inc.

      Residential Mortgage Banking Activity

      (Unaudited)


      Year Ended


      % Change

      ($ in millions)

      Dec 31, 2025


      Dec 31, 2024


      Year over
      Year

      Residential mortgage banking revenue:






      Origination and sale

      $               19


      $               16


      19 %

      Servicing

      23


      24


      (4) %

      Change in fair value of MSR asset:






      Changes due to collection/realization of expected cash flows over time

      (12)


      (12)


      0 %

      Changes due to valuation inputs or assumptions

      (4)


      5


      (180) %

      MSR hedge gain (loss)

      5


      (9)


      nm

      Total

      $               31


      $               24


      29 %







      Closed loan volume for sale

      $             642


      $             564


      14 %

      Gain on sale margin

      2.96 %


      2.86 %


      0.10







      Residential mortgage servicing rights:






      Balance, beginning of period

      $             108


      $             109


      (1) %

      Additions for new MSR capitalized

      7


      6


      17 %

      Change in fair value of MSR asset:






      Changes due to collection/realization of expected cash flows over time

      (12)


      (12)


      0 %

      Changes due to valuation inputs or assumptions

      (4)


      5


      (180) %

      Balance, end of period

      $               99


      $             108


      (8) %







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

      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, except per-share data)



      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      Seq.
      Quarter


      Year
      over
      Year

      Total shareholders' equity

      a


      $       7,840


      $       7,790


      $       5,342


      $       5,238


      $       5,118


      1 %


      53 %

      Less: Goodwill



      1,482


      1,481


      1,029


      1,029


      1,029


      — %


      44 %

      Less: Other intangible assets, net



      712


      754


      430


      456


      484


      (6) %


      47 %

      Tangible common shareholders' equity

      b


      $       5,646


      $       5,555


      $       3,883


      $       3,753


      $       3,605


      2 %


      57 %

















      Total assets

      c


      $     66,832


      $     67,496


      $     51,901


      $     51,519


      $     51,576


      (1) %


      30 %

      Less: Goodwill



      1,482


      1,481


      1,029


      1,029


      1,029


      — %


      44 %

      Less: Other intangible assets, net



      712


      754


      430


      456


      484


      (6) %


      47 %

      Tangible assets

      d


      $     64,638


      $     65,261


      $     50,442


      $     50,034


      $     50,063


      (1) %


      29 %

      Common shares outstanding at period end (in
      thousands)

      e


      295,422


      299,147


      210,213


      210,112


      209,536


      (1) %


      41 %

















      Total shareholders' equity to total assets ratio

      a / c


      11.73 %


      11.54 %


      10.29 %


      10.17 %


      9.92 %


      0.19


      1.81

      Tangible common equity to tangible assets ratio

      b / d


      8.73 %


      8.51 %


      7.70 %


      7.50 %


      7.20 %


      0.22


      1.53

      Book value per common share

      a / e


      $       26.54


      $       26.04


      $       25.41


      $       24.93


      $       24.43


      2 %


      9 %

      Tangible book value per common share

      b / e


      $       19.11


      $       18.57


      $       18.47


      $       17.86


      $       17.20


      3 %


      11 %

      Columbia Banking System, Inc.

      GAAP to Non-GAAP Reconciliation - Continued

      Income Statements, as adjusted

      (Unaudited)




      Quarter Ended


      % Change

      ($ in millions)



      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      Seq.
      Quarter


      Year
      over
      Year

      Non-Interest Income Adjustments
















      Gain (loss) on investment securities, net



      $                 2


      $                 2


      $               —


      $                 2


      $               (1)


      — %


      nm

      Gain (loss) on swap derivatives



      1


      (1)


      (1)


      (1)


      3


      nm


      (67) %

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



      —


      4


      —


      7


      (7)


      (100) %


      nm

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



      (1)


      —


      (2)


      (1)


      7


      nm


      (114) %

      MSR hedge gain (loss)



      —


      —


      2


      3


      (8)


      nm


      nm

      Total non-interest income adjustments

      a


      $                 2


      $                 5


      $               (1)


      $               10


      $               (6)


      (60) %


      nm

















      Non-Interest Expense Adjustments
















      Merger and restructuring expense



      $               39


      $               87


      $                 8


      $               14


      $                 2


      (55) %


      nm

      Exit and disposal costs



      1


      —


      —


      1


      1


      nm


      — %

      FDIC special assessment



      (5)


      (1)


      —


      —


      —


      400 %


      nm

      Legal settlement and other non-operating expense



      4


      —


      —


      55


      —


      nm


      nm

      Total non-interest expense adjustments

      b


      $               39


      $               86


      $                 8


      $               70


      $                 3


      (55) %


      nm

















      Net interest income

      c


      $             627


      $             505


      $             446


      $             425


      $             437


      24 %


      43 %

















      Non-interest income (GAAP)

      d


      $               90


      $               77


      $               65


      $               66


      $               50


      17 %


      80 %

      Less: Non-interest income adjustments

      a


      (2)


      (5)


      1


      (10)


      6


      (60) %


      (133) %

      Operating non-interest income (non-GAAP)

      e


      $               88


      $               72


      $               66


      $               56


      $               56


      22 %


      57 %

















      Revenue (GAAP)

      f=c+d


      $             717


      $             582


      $             511


      $             491


      $             487


      23 %


      47 %

      Operating revenue (non-GAAP)

      g=c+e


      $             715


      $             577


      $             512


      $             481


      $             493


      24 %


      45 %

















      Non-interest expense (GAAP)

      h


      $             412


      $             393


      $             278


      $             340


      $             267


      5 %


      54 %

      Less: Non-interest expense adjustments

      b


      (39)


      (86)


      (8)


      (70)


      (3)


      (55) %


      nm

      Operating non-interest expense (non-GAAP)

      i


      $             373


      $             307


      $             270


      $             270


      $             264


      21 %


      41 %

















      Net income (GAAP)

      j


      $             215


      $               96


      $             152


      $               87


      $             143


      124 %


      50 %

      Provision for income taxes



      67


      23


      51


      37


      49


      191 %


      37 %

      Income before provision for income taxes



      282


      119


      203


      124


      192


      137 %


      47 %

      Provision for credit losses



      23


      70


      30


      27


      28


      (67) %


      (18) %

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

      k


      305


      189


      233


      151


      220


      61 %


      39 %

      Less: Non-interest income adjustments

      a


      (2)


      (5)


      1


      (10)


      6


      (60) %


      (133) %

      Add: Non-interest expense adjustments

      b


      39


      86


      8


      70


      3


      (55) %


      nm

      Operating PPNR (non-GAAP)

      l


      $             342


      $             270


      $             242


      $             211


      $             229


      27 %


      49 %

















      Net income (GAAP)

      j


      $             215


      $               96


      $             152


      $               87


      $             143


      124 %


      50 %

      Acquisition-related provision expense



      —


      70


      —


      —


      —


      (100) %


      nm

      Less: Non-interest income adjustments

      a


      (2)


      (5)


      1


      (10)


      6


      (60) %


      (133) %

      Add: Non-interest expense adjustments

      b


      39


      86


      8


      70


      3


      (55) %


      nm

      Tax effect of adjustments



      (9)


      (43)


      (1)


      (8)


      (2)


      (79) %


      350 %

      Operating net income (non-GAAP)

      m


      $             243


      $             204


      $             160


      $             139


      $             150


      19 %


      62 %

















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

      Columbia Banking System, Inc.

      GAAP to Non-GAAP Reconciliation - Continued

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

      (Unaudited)




      Quarter Ended


      % Change

      ($ in millions, shares in thousands)



      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      Seq.
      Quarter


      Year
      over
      Year

      Average assets

      n


      $     67,114


      $     56,823


      $     51,552


      $     51,453


      $     51,588


      18 %


      30 %

      Less: Average goodwill and other intangible
      assets, net



      2,217


      1,719


      1,472


      1,502


      1,528


      29 %


      45 %

      Average tangible assets

      o


      $     64,897


      $     55,104


      $     50,080


      $     49,951


      $     50,060


      18 %


      30 %

















      Average common shareholders' equity

      p


      $       7,814


      $       6,157


      $       5,287


      $      5,217


      $       5,226


      27 %


      50 %

      Less: Average goodwill and other intangible
      assets, net



      2,217


      1,719


      1,472


      1,502


      1,528


      29 %


      45 %

      Average tangible common equity

      q


      $       5,597


      $       4,438


      $       3,815


      $      3,715


      $       3,698


      26 %


      51 %

















      Weighted average basic shares outstanding
      (in thousands)

      r


      295,376


      237,838


      209,125


      208,800


      208,548


      24 %


      42 %

      Weighted average diluted shares
      outstanding
       (in thousands)

      s


      296,760


      238,925


      209,975


      210,023


      209,889


      24 %


      41 %

















      Select Per-Share & Performance Metrics
















      Earnings per share - basic

      j / r


      $         0.72


      $         0.40


      $         0.73


      $        0.41


      $         0.69


      80 %


      4 %

      Earnings per share - diluted

      j / s


      $         0.72


      $         0.40


      $         0.73


      $        0.41


      $         0.68


      80 %


      6 %

      Efficiency ratio (1)

      h / f


      57.30 %


      67.29 %


      54.29 %


      69.06 %


      54.61 %


      (9.99)


      2.69

      Non-interest expense to average assets

      h / n


      2.44 %


      2.74 %


      2.16 %


      2.68 %


      2.06 %


      (0.30)


      0.38

      Return on average assets

      j / n


      1.27 %


      0.67 %


      1.19 %


      0.68 %


      1.10 %


      0.60


      0.17

      Return on average tangible assets

      j / o


      1.31 %


      0.69 %


      1.22 %


      0.70 %


      1.14 %


      0.62


      0.17

      PPNR return on average assets

      k / n


      1.80 %


      1.32 %


      1.81 %


      1.19 %


      1.70 %


      0.48


      0.10

      Return on average common equity

      j / p


      10.92 %


      6.19 %


      11.56 %


      6.73 %


      10.91 %


      4.73


      0.01

      Return on average tangible common equity

      j / q


      15.24 %


      8.58 %


      16.03 %


      9.45 %


      15.41 %


      6.66


      (0.17)

















      Operating Per-Share & Performance Metrics
















      Operating earnings per share - basic

      m / r


      $         0.82


      $         0.86


      $         0.77


      $        0.67


      $         0.72


      (5) %


      14 %

      Operating earnings per share - diluted

      m / s


      $         0.82


      $         0.85


      $         0.76


      $        0.67


      $         0.71


      (4) %


      15 %

      Operating efficiency ratio, as adjusted (1)

      u / y


      51.39 %


      52.32 %


      51.79 %


      55.11 %


      52.51 %


      (0.93)


      (1.12)

      Operating non-interest expense to average assets

      i / n


      2.20 %


      2.14 %


      2.10 %


      2.13 %


      2.03 %


      0.06


      0.17

      Operating return on average assets

      m / n


      1.44 %


      1.42 %


      1.25 %


      1.10 %


      1.15 %


      0.02


      0.29

      Operating return on average tangible assets

      m / o


      1.49 %


      1.47 %


      1.28 %


      1.13 %


      1.19 %


      0.02


      0.30

      Operating PPNR return on average assets

      l / n


      2.02 %


      1.89 %


      1.88 %


      1.67 %


      1.77 %


      0.13


      0.25

      Operating return on average common equity

      m / p


      12.34 %


      13.15 %


      12.16 %


      10.87 %


      11.40 %


      (0.81)


      0.94

      Operating return on average tangible common
      equity

      m / q


      17.22 %


      18.24 %


      16.85 %


      15.26 %


      16.11 %


      (1.02)


      1.11


      (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)



      Dec 31, 2025


      Sep 30, 2025


      Jun 30, 2025


      Mar 31, 2025


      Dec 31, 2024


      Seq. Quarter


      Year over Year

      Non-interest expense (GAAP)

      h


      $          412


      $          393


      $          278


      $          340


      $          267


      5 %


      54 %

      Less: Non-interest expense adjustments

      b


      (39)


      (86)


      (8)


      (70)


      (3)


      (55) %


      nm

      Operating non-interest expense (non-GAAP)

      i


      373


      307


      270


      270


      264


      21 %


      41 %

      Less: B&O taxes

      t


      (3)


      (3)


      (3)


      (3)


      (4)


      — %


      (25) %

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

      u


      $          370


      $          304


      $          267


      $          267


      $          260


      22 %


      42 %

















      Net interest income (tax equivalent) (1)

      v


      $          629


      $          507


      $          447


      $          426


      $          438


      24 %


      44 %

      Non-interest income (GAAP)

      d


      90


      77


      65


      66


      50


      17 %


      80 %

      Add: BOLI tax equivalent adjustment (1)

      w


      3


      2


      2


      1


      1


      50 %


      200 %

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

      x


      722


      586


      514


      493


      489


      23 %


      48 %

      Less: Non-interest income adjustments

      a


      (2)


      (5)


      1


      (10)


      6


      (60) %


      (133) %

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

      y


      $          720


      $          581


      $          515


      $          483


      $          495


      24 %


      45 %

















      Efficiency ratio (1)

      h / f


      57.30 %


      67.29 %


      54.29 %


      69.06 %


      54.61 %


      (9.99)


      2.69

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

      u / y


      51.39 %


      52.32 %


      51.79 %


      55.11 %


      52.51 %


      (0.93)


      (1.12)

















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


      (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)





      Year Ended


      % Change


      ($ in millions)



      Dec 31, 2025


      Dec 31, 2024


      Year over Year


      Non-Interest Income Adjustments









      Gain on investment securities, net



      $                        6


      $                      —


      nm


      (Loss) gain on swap derivatives



      (2)


      1


      (300) %


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



      11


      (10)


      nm


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



      (4)


      5


      (180) %


      MSR hedge gain (loss)



      5


      (9)


      nm


      Total non-interest income adjustments

      a


      $                      16


      $                     (13)


      nm











      Non-Interest Expense Adjustments









      Merger and restructuring expense



      $                    148


      $                      24


      nm


      Exit and disposal costs



      2


      4


      (50) %


      FDIC special assessment



      (6)


      5


      (220) %


      Legal settlement and other non-operating expense



      59


      —


      nm


      Total non-interest expense adjustments

      b


      $                    203


      $                      33


      nm











      Net interest income

      c


      $                 2,003


      $                 1,718


      17 %











      Non-interest income (GAAP)

      d


      $                    298


      $                    211


      41 %


      Less: Non-interest income adjustments

      a


      (16)


      13


      (223) %


      Operating non-interest income (non-GAAP)

      e


      $                    282


      $                    224


      26 %











      Revenue (GAAP)

      f=c+d


      $                 2,301


      $                 1,929


      19 %


      Operating revenue (non-GAAP)

      g=c+e


      $                 2,285


      $                 1,942


      18 %











      Non-interest expense (GAAP)

      h


      $                 1,423


      $                 1,104


      29 %


      Less: Non-interest expense adjustments

      b


      (203)


      (33)


      nm


      Operating non-interest expense (non-GAAP)

      i


      $                 1,220


      $                 1,071


      14 %











      Net income (GAAP)

      j


      $                    550


      $                    534


      3 %


      Provision for income taxes



      178


      185


      (4) %


      Income before provision for income taxes



      728


      719


      1 %


      Provision for credit losses



      150


      106


      42 %


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

      k


      878


      825


      6 %


      Less: Non-interest income adjustments

      a


      (16)


      13


      (223) %


      Add: Non-interest expense adjustments

      b


      203


      33


      nm


      Operating PPNR (non-GAAP)

      l


      $                 1,065


      $                    871


      22 %











      Net income (GAAP)

      j


      $                    550


      $                    534


      3 %


      Acquisition-related provision expense



      70


      —


      nm


      Less: Non-interest income adjustments

      a


      (16)


      13


      (223) %


      Add: Non-interest expense adjustments

      b


      203


      33


      nm


      Tax effect of adjustments



      (61)


      (12)


      408 %


      Operating net income (non-GAAP)

      m


      $                    746


      $                    568


      31 %


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


      Columbia Banking System, Inc.



      GAAP to Non-GAAP Reconciliation - Continued


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


      (Unaudited)





      Year Ended


      % Change


      ($ in millions, shares in thousands)



      Dec 31, 2025


      Dec 31, 2024


      Year over Year


      Average assets

      n


      $                56,779


      $                51,915


      9 %


      Less: Average goodwill and other intangible assets, net



      1,729


      1,574


      10 %


      Average tangible assets

      o


      $                55,050


      $                50,341


      9 %











      Average common shareholders' equity

      p


      $                 6,126


      $                 5,060


      21 %


      Less: Average goodwill and other intangible assets, net



      1,729


      1,574


      10 %


      Average tangible common equity

      q


      $                 4,397


      $                 3,486


      26 %











      Weighted average basic shares outstanding

      r


      238,022


      208,463


      14 %


      Weighted average diluted shares outstanding

      s


      239,121


      209,337


      14 %











      Select Per-Share & Performance Metrics









      Earnings per share - basic

      j / r


      $                   2.31


      $                   2.56


      (10) %


      Earnings per share - diluted

      j / s


      $                   2.30


      $                   2.55


      (10) %


      Efficiency ratio (1)

      h / f


      61.68 %


      57.14 %


      4.54


      Non-interest expense to average assets

      h/n


      2.51 %


      2.13 %


      0.38


      Return on average assets

      j / n


      0.97 %


      1.03 %


      (0.06)


      Return on average tangible assets

      j / o


      1.00 %


      1.06 %


      (0.06)


      PPNR return on average assets

      k/n


      1.55 %


      1.59 %


      (0.04)


      Return on average common equity

      j / p


      8.98 %


      10.55 %


      (1.57)


      Return on average tangible common equity

      j / q


      12.51 %


      15.31 %


      (2.80)











      Operating Per-Share & Performance Metrics









      Operating earnings per share - basic

      m / r


      $                   3.13


      $                   2.73


      15 %


      Operating earnings per share - diluted

      m / s


      $                   3.12


      $                   2.71


      15 %


      Operating efficiency ratio, as adjusted (1)

      u / y


      52.54 %


      54.22 %


      (1.68)


      Operating non-interest expense to average assets

      i/n


      2.15 %


      2.06 %


      0.09


      Operating return on average assets

      m / n


      1.31 %


      1.09 %


      0.22


      Operating return on average tangible assets

      m / o


      1.36 %


      1.13 %


      0.23


      Operating PPNR return on average assets

      l / n


      1.88 %


      1.68 %


      0.20


      Operating return on average common equity

      m / p


      12.18 %


      11.23 %


      0.95


      Operating return on average tangible common equity

      m / q


      16.97 %


      16.30 %


      0.67



      (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)




      Year Ended


      % change

      ($ in millions)



      Dec 31, 2025


      Dec 31, 2024


      Year over Year

      Non-interest expense (GAAP)

      h


      $                 1,423


      $                 1,104


      29 %

      Less: Non-interest expense adjustments

      b


      (203)


      (33)


      nm

      Operating non-interest expense (non-GAAP)

      i


      1,220


      1,071


      14 %

      Less: B&O taxes

      t


      (12)


      (13)


      (8) %

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

      u


      $                 1,208


      $                 1,058


      14 %









      Net interest income (tax equivalent) (1)

      v


      $                 2,009


      $                 1,722


      17 %

      Non-interest income (GAAP)

      d


      298


      211


      41 %

      Add: BOLI tax equivalent adjustment (1)

      w


      8


      6


      33 %

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

      x


      2,315


      1,939


      19 %

      Less: Non-interest income adjustments

      a


      (16)


      13


      (223) %

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

      y


      $                 2,299


      $                 1,952


      18 %









      Efficiency ratio (1)

      h /f


      61.68 %


      57.14 %


      4.54

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

      u / y


      52.54 %


      54.22 %


      (1.68)









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


      (1) 

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

      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.

      SOURCE Columbia Banking System, Inc.

      Modal title

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