COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2024 RESULTS

https://mma.prnewswire.com/media/2011229/Columbia_Banking_System_Logo.jpg

$143 million $150 million $0.68 $0.71Net income Operating net income1 Earnings per diluted common Operating earnings per diluted share common share 1CEO Commentary”Our fourth quarter and 2024 results reflect significant strides toward top-quartile performance,” said Clint Stein, President and CEO. “Our optimized expense base, improved pricing strategies, and targeted franchise investments have not only strengthened our financial position but also supported our commitment to deliver exceptional value to our customers and shareholders alike. Relative to the first quarter, our fourth quarter results reflect deposit-driven net interest margin expansion, relationship-driven commercial loan growth, and higher income from core fee-generating products in support of our customers' needs. I want to thank our associates for their hard work and dedication during our first full year as a combined organization. Their accomplishments contribute to the building momentum that supports long-term, consistent, repeatable performance.”-Clint Stein, President and CEO of Columbia Banking System, Inc.4Q24 HIGHLIGHTS (COMPARED TO 3Q24)Net Interest Income and NIM • Net interest income increased by $7 million from the prior quarter, as lower funding costs more than offset lower interest income. • Net interest margin was 3.64%, up 8 basis points from the prior quarter, as a reduction in deposit costs more than offset lower loan yields. A favorable balance sheet funding mix shift into lower-cost sources also occurred throughout the quarter.Non-Interest Income and Expense • Non-interest income decreased by $16 million due to the quarterly fluctuation in cumulative fair value accounting and hedges, which drove $12 million of the change. Income was also lower due to loan sale activity, slightly offset by higher core banking activity. • Non-interest expense decreased by $5 million due to lower benefits expense, which was partially affected by elevated group insurance costs in the third quarter.Credit Quality • Net charge-offs were 0.27% of average loans and leases (annualized), compared to 0.31% in the prior quarter. Lower activity in the FinPac portfolio contributed to the decline. • Provision expense of $28million compares to $29 million in the prior quarter. • Non-performing assets to total assets was 0.33%, compared to 0.32% as of September30, 2024.Capital • Estimated total risk-based capital ratio of 12.6% and estimated common equity tier 1 risk-based capital ratio of 10.5%. • Declared a quarterly cash dividend of $0.36 per common share on November 15, 2024, which was paid December 16, 2024.Notable Items • Executed three successful small business campaigns in 2024, following program buildout and associate training in 2023. Our campaigns use bundled solutions for customers without promotional pricing, and they generated approximately $700 million in new deposits to the bank in 2024. • Our 2025 branch plans include the opening of five additional locations in strategic growth markets throughout our footprint. The expansion reflects the reinvestment of savings generated from four net branch consolidations in 2024.4Q24 KEY FINANCIAL DATAPERFORMANCE METRICS 4Q24 3Q24 4Q23Return on average assets 1.10% 1.12% 0.72%Return on average common equity 10.91% 11.36% 7.90%Return on average tangible common equity 1 15.41% 16.34% 12.19%Operating return on average assets 1 1.15% 1.10% 0.89%Operating return on average common equity 1 11.40% 11.15% 9.81%Operating return on average tangible common equity 1 16.11% 16.04% 15.14%Net interest margin 3.64% 3.56% 3.78%Efficiency ratio 54.61% 54.56% 64.81%Operating efficiency ratio, as adjusted 1 52.51% 53.89% 57.31%INCOME STATEMENT 4Q24 3Q24 4Q23($ in 000s, excl. per share data)Net interest income $437,373 $430,218 $453,623Provision for credit losses $28,199 $28,769 $54,909Non-interest income $49,747 $66,159 $65,533Non-interest expense $266,576 $271,358 $337,176Pre-provision net revenue 1 $220,544 $225,019 $181,980Operating pre-provision net revenue 1 $229,178 $221,412 $212,136Earnings per common share – diluted $0.68 $0.70 $0.45Operating earnings per common share – diluted 1 $0.71 $0.69 $0.56Dividends paid per share $0.36 $0.36 $0.36BALANCE SHEET 4Q24 3Q24 4Q23Total assets $51.6B $51.9B $52.2BLoans and leases $37.7B $37.5B $37.4BDeposits $41.7B $41.5B $41.6BBook value per common share $24.43 $25.17 $23.95Tangible book value per share 1 $17.20 $17.81 $16.12

Organizational Update Columbia Banking System, Inc. (“Columbia,” the “Company,” “we,” or “our”) completed an enterprise-wide evaluation of our operations in early 2024, which resulted in $82 million in annualized cost savings realized during the year. The reinvestment of $12 million of the achieved savings is ongoing and in support of new locations in targeted growth markets, the addition of experienced bankers throughout our footprint, and products and technologies that create operational efficiencies and revenue growth opportunities. During 2024, we opened our first two branches in Arizona and strategically relocated offices in other markets, with our net branch count declining by four given other consolidations. Looking to 2025, we have five branches slated to open in the coming months in support of our customers and bankers. Key technology enhancements during 2024 include the introduction of a new business online banking platform designed specifically to meet the needs of our small business customers, and we adopted a new customer relationship management (“CRM”) tool. Planned reinvestments in 2025 include continued investment in our customer-focused technology stack to not only create operational efficiencies, but also support an elevated customer experience to enhance customer satisfaction and drive additional revenue opportunities through needs-based solutions.

On February 28, 2023, Columbia completed its merger with Umpqua Holdings Corporation (“UHC”), combining the two premier banks in the Northwest to create one of the largest banks headquartered in the West (the “merger”). Columbia's financial results for any periods ended prior to February 28, 2023 reflect UHC results only on a standalone basis. In addition, Columbia's reported financial results for the year ended December 31, 2023 reflect UHC financial results only until the closing of the merger after the close of business on February 28, 2023. As a result of these two factors, Columbia's financial results for the year ended December 31, 2024 may not be directly comparable to prior reported periods. Under the reverse acquisition method of accounting, the assets and liabilities of Columbia as of February 28, 2023 (“historical Columbia”) were recorded at their respective fair values.

Net Interest Income Net interest income was $437 million for the fourth quarter of 2024, up $7 million from the prior quarter. The increase reflects lower funding costs that were only partially offset by lower interest income due to the reductions in the federal funds rate that occurred in September, November, and December.

Columbia's net interest margin was 3.64% for the fourth quarter of 2024, up 8 basis points from the third quarter of 2024. A reduction in deposit costs more than offset lower loan yields as the net interest margin further benefited from the favorable balance sheet funding mix shift into lower-cost sources that occurred throughout the quarter. The cost of interest-bearing deposits decreased 29 basis points from the prior quarter to 2.66% for the fourth quarter of 2024, which compares to2.59% for the month of December and 2.51% as of December 31, 2024. “Our teams continue to lead with needs-based solutions and service, not price,” commented Chris Merrywell, President of Umpqua Bank. “Proactive conversations with our customers ahead of and following recent federal funds rate reductions contributed to favorable changes in the cost of deposits and net interest margin during the quarter.”

Columbia's cost of interest-bearing liabilities decreased 31 basis points from the prior quarter to 2.98% for the fourth quarter of 2024, which compares to 2.91% for the month of December and 2.85% as of December 31, 2024. Please refer to the Q4 2024 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information as well as to our non-GAAP disclosures in this press release for the impact of purchase accounting accretion and amortization on individual line items.

Non-interest Income Non-interest income was $50 million for the fourth quarter of 2024, down $16 million from the prior quarter. The decrease was driven by quarterly changes in fair value adjustments and mortgage servicing rights (“MSR”) hedging activity, due to interest rate flucations during the quarter, collectively resulting in a net fair value loss of $6 million in the fourth quarter compared to a net fair value gain of $7 million in the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was down$4 million[2] between periods due primarily to a $2 million loss on the sale of 29 loans with a balance of $26 million at sale. The loss on sale was offset by a corresponding $2 million release of the allowance for credit losses given previously established reserves associated with these specific loans. Non-interest income was also impacted by lower mortgage gain-on-sale income and other quarterly flucations. Treasury management fees, commercial card income, and financial services and trust revenue increased at a low single-digit growth rate from the prior quarter's level. We continue to focus on generating sustainable core fee income with new and existing customers.

Non-interest Expense Non-interest expense was $267 million for the fourth quarter of 2024, down $5 million from the prior quarter. Excluding merger and restructuring expense and exit and disposal costs, non-interest expense was $263 million[3], also down$5 million from the prior quarter due to a $5 million decline in benefits expense, which was partially affected by elevated group insurance costs in the third quarter. Higher repairs and maintenance expense was partially offset by lower FDIC assessments due to run rate adjustments in the quarter. Please refer to the Q4 2024 Earnings Presentation for additional expense details.

Balance Sheet Total consolidated assets were $51.6 billion as of December31, 2024, down slightly from $51.9 billion as of September30, 2024. Cash and cash equivalents were $1.9 billion as of December31, 2024, down from $2.1 billion as of September30, 2024. Including secured off-balance sheet lines of credit, total available liquidity was$18.0 billion as of December31, 2024, representing 35% of total assets, 43% of total deposits, and 128% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.3 billion as of December31, 2024, a decrease of $402 million relative to September30, 2024, due to a decline in the fair value of the portfolio as well as paydowns. Please refer to the Q4 2024 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.7 billion as of December31, 2024, an increase of $178 million relative to September30, 2024. “Commercial loan generation more than offset anticipated contraction in other loan categories during the quarter, driving a 2% increase in total loans on an annualized basis,” commented Mr. Merrywell. “Commercial loans grew 2% during the quarter and3% in 2024, in support of our strategic decision to organically remix the portfolio into relationship-driven balances as transactional loans decline.” Please refer to the Q4 2024 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio.

Total deposits were $41.7 billion as of December31, 2024, an increase of $206 million relative to September30, 2024. Customer deposits decreased $282 million during the quarter, due in part to anticipated customer balance declines during December. Columbia utilized excess cash, FHLB Advances, and brokered CDs to offset the decline in customer deposits and fully repay $1.3 billion in borrowings from the Federal Reserve Bank Term Funding Program, which resulted in a net decrease of $550 million in term debt during the fourth quarter. Please refer to the Q4 2024 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality The allowance for credit losses was $441 million, or 1.17% of loans and leases, compared to $438 million, or 1.17% of loans and leases, as of September30, 2024. The provision for credit losses was $28 million for the fourth quarter of 2024, and it reflects credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

Net charge-offs were 0.27% of average loans and leases (annualized) for the fourth quarter of 2024, compared to 0.31% for the third quarter of 2024. Net charge-offs in the FinPac portfolio were $19 million in the fourth quarter, down slightly from the third quarter as improvement continues within the transportation sector of the portfolio. Net charge-offs excluding the FinPac portfolio were $6 million in the fourth quarter, compared to $9 million in the third quarter. Non-performing assets were $170 million, or 0.33% of total assets, as of December31, 2024, compared to $168 million, or 0.32% of total assets, as of September30, 2024. Please refer to the Q4 2024 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 $24.43 as of December31, 2024, compared to $25.17 as of September30, 2024. Organic net capital generation was more than offset by a change in accumulated other comprehensive (loss) income (“AOCI”) to $(462) million at December31, 2024, compared to $(234) million at the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $434 million as of December31, 2024, compared to $219 million as of September30, 2024. Tangible book value per common share3 was $17.20 as of December31, 2024, compared to $17.81 as of September30, 2024.

Columbia's estimated total risk-based capital ratio was 12.6% and its estimated common equity tier 1 risk-based capital ratio was 10.5% as of December31, 2024, compared to 12.5% and 10.3%, respectively, as of September30, 2024. Columbia remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of December31, 2024 are estimates, pending completion and filing of Columbia's regulatory reports.

Earnings Presentation and Conference Call Information Columbia's Q4 2024 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

Columbia will host its fourth quarter 2024 earnings conference call on January 23, 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 2024 financial results. Participants may register for the call using the link below to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.

Register for the call:https://register.vevent.com/register/BI7bdd9cdcf3dd40b195814a011d060fbe

Join the audiocast: https://edge.media-server.com/mmc/p/322v8qj5/

Access the replay through Columbia's investor relations page:www.columbiabankingsystem.com

About Columbia Banking System, Inc. Columbia (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Umpqua Bank, an award-winning western U.S. regional bank based in Lake Oswego, Oregon. Umpqua Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. With over $50 billion of assets, Umpqua 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. Umpqua Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Advisors and Columbia Trust Company, a division of Umpqua Bank. Learn more at www.columbiabankingsystem.com.

1″Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.2″Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.3″Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.

Forward-Looking Statements This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, continued or renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by Columbia's Board of Directors, and may be subject to regulatory approval or conditions.

TABLE INDEX PageConsolidated Statements of Income 7Consolidated Balance Sheets 8Financial Highlights 10Loan & Lease Portfolio Balances and Mix 11Deposit Portfolio Balances and Mix 13Credit Quality – Non-performing Assets 14Credit Quality – Allowance for Credit Losses 15Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates 17Residential Mortgage Banking Activity 19GAAP to Non-GAAP Reconciliation 21Columbia Banking System, Inc.Consolidated Statements of Income(Unaudited) Quarter Ended % Change($ in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearInterest income:Loans and leases $ 572,843 $ 588,603 $ 583,874 $ 575,044 $ 577,741 (3)% (1)%Interest and dividends on investments:Taxable 75,254 76,074 78,828 75,017 78,010 (1)% (4)%Exempt from federal income tax 6,852 6,855 6,904 6,904 6,966 -% (2)%Dividends 2,678 2,681 2,895 3,707 4,862 -% (45)%Temporary investments and interest bearing deposits 18,956 24,683 23,035 23,553 24,055 (23)% (21)%Total interest income 676,583 698,896 695,536 684,225 691,634 (3)% (2)%Interest expense:Deposits 189,037 208,027 207,307 198,435 170,659 (9)% 11%Securities sold under agreement to repurchase and federal funds purchased 971 1,121 1,515 1,266 1,226 (13)% (21)%Borrowings 39,912 49,636 49,418 51,275 56,066 (20)% (29)%Junior and other subordinated debentures 9,290 9,894 9,847 9,887 10,060 (6)% (8)%Total interest expense 239,210 268,678 268,087 260,863 238,011 (11)% 1%Net interest income 437,373 430,218 427,449 423,362 453,623 2% (4)%Provision for credit losses 28,199 28,769 31,820 17,136 54,909 (2)% (49)%Non-interest income:Service charges on deposits 18,401 18,549 18,503 16,064 17,349 (1)% 6%Card-based fees 14,634 14,591 14,681 13,183 14,593 -% -%Financial services and trust revenue 5,265 5,083 5,396 4,464 3,011 4% 75%Residential mortgage banking revenue, net 6,958 6,668 5,848 4,634 4,212 4% 65%Gain (loss) on sale of debt securities, net 10 3 (1) 12 9 233% 11%(Loss) gain on equity securities, net (1,424) 2,272 325 (1,565) 2,636 (163)% (154)%(Loss) gain on loan and lease sales, net (1,719) 161 (1,516) 221 1,161 nm (248)%BOLI income 4,742 4,674 4,705 4,639 4,331 1% 9%Other income (loss) 2,880 14,158 (3,238) 8,705 18,231 (80)% (84)%Total non-interest income 49,747 66,159 44,703 50,357 65,533 (25)% (24)%Non-interest expense:Salaries and employee benefits 141,958 147,268 145,066 154,538 157,572 (4)% (10)%Occupancy and equipment, net 46,878 45,056 45,147 45,291 48,160 4% (3)%Intangible amortization 29,055 29,055 29,230 32,091 33,204 -% (12)%FDIC assessments 8,121 9,332 9,664 14,460 42,510 (13)% (81)%Merger and restructuring expense 2,230 2,364 14,641 4,478 7,174 (6)% (69)%Other expenses 38,334 38,283 35,496 36,658 48,556 -% (21)%Total non-interest expense 266,576 271,358 279,244 287,516 337,176 (2)% (21)%Income before provision for income taxes 192,345 196,250 161,088 169,067 127,071 (2)% 51%Provision for income taxes 49,076 50,068 40,944 44,987 33,540 (2)% 46%Net income $ 143,269 $ 146,182 $ 120,144 $ 124,080 $ 93,531 (2)% 53%Weighted average basic shares outstanding 208,548 208,545 208,498 208,260 208,083 -% -%Weighted average diluted shares outstanding 209,889 209,454 209,011 208,956 208,739 -% 1%Earnings per common share – basic $ 0.69 $ 0.70 $ 0.58 $ 0.60 $ 0.45 (1)% 53%Earnings per common share – diluted $ 0.68 $ 0.70 $ 0.57 $ 0.59 $ 0.45 (3)% 51%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 thousands, except per share data) Dec 31, 2024 Dec 31, 2023 Year over YearInterest income:Loans and leases $ 2,320,364 $ 2,113,615 10%Interest and dividends on investments:Taxable 305,173 276,841 10%Exempt from federal income tax 27,515 24,109 14%Dividends 11,961 13,103 (9)%Temporary investments and interest bearing deposits 90,227 111,659 (19)%Total interest income 2,755,240 2,539,327 9%Interest expense:Deposits 802,806 461,654 74%Securities sold under agreement to repurchase and federal funds purchased 4,873 3,923 24%Borrowings 190,241 242,914 (22)%Junior and other subordinated debentures 38,918 37,665 3%Total interest expense 1,036,838 746,156 39%Net interest income 1,718,402 1,793,171 (4)%Provision for credit losses 105,924 213,199 (50)%Non-interest income:Service charges on deposits 71,517 65,525 9%Card-based fees 57,089 55,263 3%Financial services and trust revenue 20,208 13,471 50%Residential mortgage banking revenue, net 24,108 16,789 44%Gain on sale of debt securities, net 24 13 85%(Loss) gain on equity securities, net (392) 2,300 (117)%(Loss) gain on loan and lease sales, net (2,853) 4,414 (165)%BOLI income 18,760 15,624 20%Other income 22,505 30,528 (26)%Total non-interest income 210,966 203,927 3%Non-interest expense:Salaries and employee benefits 588,830 616,103 (4)%Occupancy and equipment, net 182,372 183,480 (1)%Intangible amortization 119,431 111,296 7%FDIC assessments 41,577 71,402 (42)%Merger and restructuring expense 23,713 171,659 (86)%Other expenses 148,771 158,760 (6)%Total non-interest expense 1,104,694 1,312,700 (16)%Income before provision for income taxes 718,750 471,199 53%Provision for income taxes 185,075 122,484 51%Net income $ 533,675 $ 348,715 53%Weighted average basic shares outstanding 208,463 195,304 7%Weighted average diluted shares outstanding 209,337 195,871 7%Earnings per common share – basic $ 2.56 $ 1.79 43%Earnings per common share – diluted $ 2.55 $ 1.78 43%Columbia Banking System, Inc.Consolidated Balance Sheets(Unaudited) % Change($ in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearAssets:Cash and due from banks $ 496,666 $ 591,364 $ 515,263 $ 440,215 $ 498,496 (16)% -%Interest-bearing cash and temporary investments 1,381,589 1,519,658 1,553,568 1,760,902 1,664,038 (9)% (17)%Investment securities:Equity and other, at fair value 78,133 79,996 77,221 77,203 76,995 (2)% 1%Available for sale, at fair value 8,274,615 8,676,807 8,503,000 8,616,545 8,829,870 (5)% (6)%Held to maturity, at amortized cost 2,101 2,159 2,203 2,247 2,300 (3)% (9)%Loans held for sale 71,535 66,639 56,310 47,201 30,715 7% 133%Loans and leases 37,680,901 37,503,002 37,709,987 37,642,413 37,441,951 -% 1%Allowance for credit losses on loans and leases (424,629) (420,054) (418,671) (414,344) (440,871) 1% (4)%Net loans and leases 37,256,272 37,082,948 37,291,316 37,228,069 37,001,080 -% 1%Restricted equity securities 150,024 116,274 116,274 116,274 179,274 29% (16)%Premises and equipment, net 348,670 338,107 337,842 336,869 338,970 3% 3%Operating lease right-of-use assets 111,227 106,224 108,278 113,833 115,811 5% (4)%Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 -% -%Other intangible assets, net 484,248 513,303 542,358 571,588 603,679 (6)% (20)%Residential mortgage servicing rights, at fair value 108,358 101,919 110,039 110,444 109,243 6% (1)%Bank-owned life insurance 693,839 691,160 686,485 682,293 680,948 -% 2%Deferred tax asset, net 359,425 286,432 361,773 356,031 347,203 25% 4%Other assets 730,461 706,375 756,319 735,058 665,740 3% 10%Total assets $ 51,576,397 $ 51,908,599 $ 52,047,483 $ 52,224,006 $ 52,173,596 (1)% (1)%Liabilities:DepositsNon-interest-bearing $ 13,307,905 $ 13,534,065 $ 13,481,616 $ 13,808,554 $ 14,256,452 (2)% (7)%Interest-bearing 28,412,827 27,980,623 28,041,656 27,897,606 27,350,568 2% 4%Total deposits 41,720,732 41,514,688 41,523,272 41,706,160 41,607,020 -% -%Securities sold under agreements to repurchase 236,627 183,833 197,860 213,573 252,119 29% (6)%Borrowings 3,100,000 3,650,000 3,900,000 3,900,000 3,950,000 (15)% (22)%Junior subordinated debentures, at fair value 330,895 311,896 310,187 309,544 316,440 6% 5%Junior and other subordinated debentures, at amortized cost 107,668 107,725 107,781 107,838 107,895 -% -%Operating lease liabilities 125,710 121,298 123,082 129,240 130,576 4% (4)%Other liabilities 836,541 745,331 908,629 900,406 814,512 12% 3%Total liabilities 46,458,173 46,634,771 47,070,811 47,266,761 47,178,562 -% (2)%Shareholders' equity:Common stock 5,817,458 5,812,237 5,807,041 5,802,322 5,802,747 -% -%Accumulated deficit (237,254) (304,525) (374,687) (418,946) (467,571) (22)% (49)%Accumulated other comprehensive loss (461,980) (233,884) (455,682) (426,131) (340,142) 98% 36%Total shareholders' equity 5,118,224 5,273,828 4,976,672 4,957,245 4,995,034 (3)% 2%Total liabilities and shareholders' equity $ 51,576,397 $ 51,908,599 $ 52,047,483 $ 52,224,006 $ 52,173,596 (1)% (1)%Common shares outstanding at period end 209,536 209,532 209,459 209,370 208,585 -% -%Columbia Banking System, Inc.Financial Highlights(Unaudited) Quarter Ended % Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearPer Common Share Data:Dividends $ 0.36 $ 0.36 $ 0.36 $ 0.36 $ 0.36 -% -%Book value $ 24.43 $ 25.17 $ 23.76 $ 23.68 $ 23.95 (3)% 2%Tangible book value (1) $ 17.20 $ 17.81 $ 16.26 $ 16.03 $ 16.12 (3)% 7%Performance Ratios:Efficiency ratio (2) 54.61% 54.56% 59.02% 60.57% 64.81% 0.05 (10.20)Non-interest expense to average assets (1) 2.06% 2.08% 2.16% 2.22% 2.58% (0.02) (0.52)Return on average assets (“ROAA”) 1.10% 1.12% 0.93% 0.96% 0.72% (0.02) 0.38Pre-provision net revenue (“PPNR”) ROAA (1) 1.70% 1.72% 1.49% 1.44% 1.39% (0.02) 0.31Return on average common equity 10.91% 11.36% 9.85% 10.01% 7.90% (0.45) 3.01Return on average tangible common equity (1) 15.41% 16.34% 14.55% 14.82% 12.19% (0.93) 3.22Performance Ratios – Operating: (1)Operating efficiency ratio, as adjusted (1), (2), (5), (6) 52.51% 53.89% 53.56% 56.97% 57.31% (1.38) (4.80)Operating non-interest expense to average assets (1) 2.03% 2.05% 2.03% 2.14% 2.25% (0.02) (0.22)Operating ROAA (1), (6) 1.15% 1.10% 1.08% 1.04% 0.89% 0.05 0.26Operating PPNR ROAA (1), (6) 1.77% 1.69% 1.70% 1.55% 1.62% 0.08 0.15Operating return on average common equity (1), (6) 11.40% 11.15% 11.47% 10.89% 9.81% 0.25 1.59Operating return on average tangible common equity (1), (6) 16.11% 16.04% 16.96% 16.12% 15.14% 0.07 0.97Average Balance Sheet Yields, Rates, & Ratios:Yield on loans and leases 6.05% 6.22% 6.20% 6.13% 6.13% (0.17) (0.08)Yield on earning assets (2) 5.63% 5.78% 5.80% 5.69% 5.75% (0.15) (0.12)Cost of interest bearing deposits 2.66% 2.95% 2.97% 2.88% 2.54% (0.29) 0.12Cost of interest bearing liabilities 2.98% 3.29% 3.31% 3.25% 3.02% (0.31) (0.04)Cost of total deposits 1.80% 1.99% 2.01% 1.92% 1.63% (0.19) 0.17Cost of total funding (3) 2.09% 2.32% 2.34% 2.27% 2.05% (0.23) 0.04Net interest margin (2) 3.64% 3.56% 3.56% 3.52% 3.78% 0.08 (0.14)Average interest bearing cash / Average interest earning assets 3.29% 3.74% 3.51% 3.56% 3.64% (0.45) (0.35)Average loans and leases / Average interest earning assets 78.42% 77.91% 78.27% 77.87% 78.04% 0.51 0.38Average loans and leases / Average total deposits 89.77% 90.42% 90.61% 90.41% 89.91% (0.65) (0.14)Average non-interest bearing deposits / Average total deposits 32.45% 32.52% 32.54% 33.29% 35.88% (0.07) (3.43)Average total deposits / Average total funding (3) 91.88% 90.25% 90.15% 90.09% 90.02% 1.63 1.86Select Credit & Capital Ratios:Non-performing loans and leases to total loans and leases 0.44% 0.44% 0.41% 0.38% 0.30% – 0.14Non-performing assets to total assets 0.33% 0.32% 0.30% 0.28% 0.22% 0.01 0.11Allowance for credit losses to loans and leases 1.17% 1.17% 1.16% 1.16% 1.24% – (0.07)Total risk-based capital ratio (4) 12.6% 12.5% 12.2% 12.0% 11.9% 0.10 0.70Common equity tier 1 risk-based capital ratio (4) 10.5% 10.3% 10.0% 9.8% 9.6% 0.20 0.90(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.(5) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.(6) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.Columbia Banking System, Inc.Financial Highlights(Unaudited) Year Ended % Change Dec 31, 2024 Dec 31, 2023 Year over YearPer Common Share Data:Dividends $ 1.44 $ 1.43 0.70%Performance Ratios:Efficiency ratio (2) 57.14% 65.59% (8.45)Non-interest expense to average assets (1) 2.13% 2.65% (0.52)Return on average assets 1.03% 0.70% 0.33PPNR ROAA (1) 1.59% 1.38% 0.21Return on average common equity 10.55% 7.81% 2.74Return on average tangible common equity (1) 15.31% 11.46% 3.85Performance Ratios – Operating: (1)Operating efficiency ratio, as adjusted (1), (2), (4), (5) 54.22% 53.87% 0.35Operating non-interest expense to average assets (1) 2.06% 2.22% (0.16)Operating ROAA (1), (5) 1.09% 1.05% 0.04Operating PPNR ROAA (1), (5) 1.68% 1.84% (0.16)Operating return on average common equity (1), (5) 11.23% 11.67% (0.44)Operating return on average tangible common equity (1), (5) 16.30% 17.13% (0.83)Average Balance Sheet Yields, Rates, & Ratios:Yield on loans and leases 6.15% 5.95% 0.20Yield on earning assets (2) 5.73% 5.54% 0.19Cost of interest bearing deposits 2.87% 1.93% 0.94Cost of interest bearing liabilities 3.21% 2.56% 0.65Cost of total deposits 1.93% 1.19% 0.74Cost of total funding (3) 2.26% 1.69% 0.57Net interest margin (2) 3.57% 3.91% (0.34)Average interest bearing cash / Average interest earning assets 3.53% 4.68% (1.15)Average loans and leases / Average interest earning assets 78.12% 77.21% 0.91Average loans and leases / Average total deposits 90.30% 91.01% (0.71)Average non-interest bearing deposits / Average total deposits 32.70% 38.37% (5.67)Average total deposits / Average total funding (3) 90.59% 88.18% 2.41(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) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.(5) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes adding theFDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.Columbia Banking System, Inc.Loan & Lease Portfolio Balances and Mix(Unaudited) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 % Change($ in thousands) Amount Amount Amount Amount Amount Seq. Year Quarter over YearLoans and leases:Commercial real estate:Non-owner occupied term, net $ 6,278,154 $ 6,391,806 $ 6,407,351 $ 6,557,768 $ 6,482,940 (2)% (3)%Owner occupied term, net 5,270,294 5,210,485 5,230,511 5,231,676 5,195,605 1% 1%Multifamily, net 5,804,364 5,779,737 5,868,848 5,828,960 5,704,734 -% 2%Construction & development, net 1,983,213 1,988,923 1,946,693 1,728,652 1,747,302 -% 14%Residential development, net 231,647 244,579 269,106 284,117 323,899 (5)% (28)%Commercial:Term, net 5,537,618 5,429,209 5,559,548 5,544,450 5,536,765 2% -%Lines of credit & other, net 2,769,643 2,640,669 2,558,633 2,491,557 2,430,127 5% 14%Leases & equipment finance, net 1,660,835 1,670,427 1,701,943 1,706,759 1,729,512 (1)% (4)%Residential:Mortgage, net 5,933,352 5,944,734 5,992,163 6,128,884 6,157,166 -% (4)%Home equity loans & lines, net 2,031,653 2,017,336 1,982,786 1,950,421 1,938,166 1% 5%Consumer & other, net 180,128 185,097 192,405 189,169 195,735 (3)% (8)%Total loans and leases, net of deferred fees and costs $ 37,680,901 $ 37,503,002 $ 37,709,987 $ 37,642,413 $ 37,441,951 -% 1%Loans and leases mix:Commercial real estate:Non-owner occupied term, net 17% 17% 17% 17% 17%Owner occupied term, net 14% 14% 14% 14% 14%Multifamily, net 15% 15% 15% 15% 15%Construction & development, net 5% 5% 5% 5% 5%Residential development, net 1% 1% 1% 1% 1%Commercial:Term, net 15% 15% 15% 15% 15%Lines of credit & other, net 7% 7% 6% 6% 6%Leases & equipment finance, net 4% 4% 5% 5% 5%Residential:Mortgage, net 16% 16% 16% 16% 16%Home equity loans & lines, net 5% 5% 5% 5% 5%Consumer & other, net 1% 1% 1% 1% 1%Total 100% 100% 100% 100% 100%Columbia Banking System, Inc.Deposit Portfolio Balances and Mix(Unaudited) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 % Change($ in thousands) Amount Amount Amount Amount Amount Seq. Year Quarter over YearDeposits:Demand, non-interest bearing $ 13,307,905 $ 13,534,065 $ 13,481,616 $ 13,808,554 $ 14,256,452 (2)% (7)%Demand, interest bearing 8,475,693 8,444,424 8,195,284 8,095,211 8,044,432 0% 5%Money market 11,475,055 11,351,066 10,927,813 10,822,498 10,324,454 1% 11%Savings 2,360,040 2,450,924 2,508,598 2,640,060 2,754,113 (4)% (14)%Time 6,102,039 5,734,209 6,409,961 6,339,837 6,227,569 6% (2)%Total $ 41,720,732 $ 41,514,688 $ 41,523,272 $ 41,706,160 $ 41,607,020 -% -%Total core deposits (1) $ 37,487,909 $ 37,774,870 $ 37,159,069 $ 37,436,569 $ 37,423,402 (1)% 0%Deposit mix:Demand, non-interest bearing 32% 33% 33% 34% 34%Demand, interest bearing 20% 20% 20% 19% 19%Money market 27% 27% 26% 26% 25%Savings 6% 6% 6% 6% 7%Time 15% 14% 15% 15% 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 thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearNon-performing assets:(1)Loans and leases on non-accrual status: Commercial real estate, net $ 39,332 $ 37,332 $ 37,584 $ 39,736 $ 28,689 5% 37% Commercial, net 57,146 61,464 54,986 58,960 45,682 (7)% 25% Total loans and leases on non-accrual status 96,478 98,796 92,570 98,696 74,371 (2)% 30%Loans and leases past due 90+ days and accruing: (2) Commercial real estate, net – 136 – 253 870 (100)% (100)% Commercial, net 4,684 6,012 5,778 10,733 8,232 (22)% (43)% Residential, net (2) 65,552 59,961 54,525 31,916 29,102 9% 125% Consumer & other, net 179 317 220 437 326 (44)% (45)% Total loans and leases past due 90+ days and accruing (2) 70,415 66,426 60,523 43,339 38,530 6% 83%Total non-performing loans and leases (1), (2) 166,893 165,222 153,093 142,035 112,901 1% 48%Other real estate owned 2,666 2,395 2,839 1,762 1,036 11% 157%Total non-performing assets (1), (2) $ 169,559 $ 167,617 $ 155,932 $ 143,797 $ 113,937 1% 49%Loans and leases past due 31-89 days $ 105,199 $ 67,310 $ 85,998 $ 109,673 $ 85,235 56% 23%Loans and leases past due 31-89 days to total loans and leases 0.28% 0.18% 0.23% 0.29% 0.23% 0.10 0.05Non-performing loans and leases to total loans and leases (1), (2) 0.44% 0.44% 0.41% 0.38% 0.30% – 0.14Non-performing assets to total assets (1), (2) 0.33% 0.32% 0.30% 0.28% 0.22% 0.01 0.11(1) Non-accrual and 90+ days past due loans include government guarantees of $73.6 million, $65.8 million, $64.6 million, $43.0 million, and $31.6 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $2.4 million, $3.7 million, $1.0 million, $1.6 million, and $1.0 million at December31, 2024, September30, 2024, June30, 2024, March31, 2024, and December31, 2023, respectively.Columbia Banking System, Inc.Credit Quality – Allowance for Credit Losses(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearAllowance for credit losses on loans and leases (ACLLL)Balance, beginning of period $ 420,054 $ 418,671 $ 414,344 $ 440,871 $ 416,560 0% 1%Provision for credit losses on loans and leases 30,230 30,498 34,760 17,476 53,183 (1)% (43)%Charge-offs Commercial real estate, net (2,935) – (585) (161) (629) nm 367% Commercial, net (25,780) (32,645) (33,561) (47,232) (31,949) (21)% (19)% Residential, net (26) (936) (504) (490) (89) (97)% (71)% Consumer & other, net (1,523) (1,395) (1,551) (1,870) (1,841) 9% (17)% Total charge-offs (30,264) (34,976) (36,201) (49,753) (34,508) (13)% (12)%Recoveries Commercial real estate, net 3 44 551 358 35 (93)% (91)% Commercial, net 4,104 5,258 4,198 4,732 4,414 (22)% (7)% Residential, net 163 143 411 170 781 14% (79)% Consumer & other, net 339 416 608 490 406 (19)% (17)% Total recoveries 4,609 5,861 5,768 5,750 5,636 (21)% (18)%Net (charge-offs) recoveries Commercial real estate, net (2,932) 44 (34) 197 (594) nm 394% Commercial, net (21,676) (27,387) (29,363) (42,500) (27,535) (21)% (21)% Residential, net 137 (793) (93) (320) 692 nm (80)% Consumer & other, net (1,184) (979) (943) (1,380) (1,435) 21% (17)% Total net charge-offs (25,655) (29,115) (30,433) (44,003) (28,872) (12)% (11)%Balance, end of period $ 424,629 $ 420,054 $ 418,671 $ 414,344 $ 440,871 1% (4)%Reserve for unfunded commitmentsBalance, beginning of period $ 18,199 $ 19,928 $ 22,868 $ 23,208 $ 21,482 (9)% (15)%(Recapture) provision for credit losses on unfunded commitments (2,031) (1,729) (2,940) (340) 1,726 17% (218)%Balance, end of period 16,168 18,199 19,928 22,868 23,208 (11)% (30)%Total Allowance for credit losses (ACL) $ 440,797 $ 438,253 $ 438,599 $ 437,212 $ 464,079 1% (5)%Net charge-offs to average loans and leases (annualized) 0.27% 0.31% 0.32% 0.47% 0.31% (0.04) (0.04)Recoveries to gross charge-offs 15.23% 16.76% 15.93% 11.56% 16.33% (1.53) (1.10)ACLLL to loans and leases 1.13% 1.12% 1.11% 1.10% 1.18% 0.01 (0.05)ACL to loans and leases 1.17% 1.17% 1.16% 1.16% 1.24% – (0.07)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 thousands) Dec 31, 2024 Dec 31, 2023 Year over YearAllowance for credit losses on loans and leases (ACLLL)Balance, beginning of period $ 440,871 $ 301,135 46%Initial ACL recorded for PCD loans acquired during the period – 26,492 (100)%Provision for credit losses on loans and leases (1) 112,964 209,979 (46)%Charge-offs Commercial real estate, net (3,681) (803) 358% Commercial, net (139,218) (109,862) 27% Residential, net (1,956) (547) 258% Consumer & other, net (6,339) (5,762) 10% Total charge-offs (151,194) (116,974) 29%Recoveries Commercial real estate, net 956 333 187% Commercial, net 18,292 16,884 8% Residential, net 887 1,123 (21)% Consumer & other, net 1,853 1,899 (2)% Total recoveries 21,988 20,239 9%Net (charge-offs) recoveries Commercial real estate, net (2,725) (470) 480% Commercial, net (120,926) (92,978) 30% Residential, net (1,069) 576 (286)% Consumer & other, net (4,486) (3,863) 16% Total net charge-offs (129,206) (96,735) 34%Balance, end of period $ 424,629 $ 440,871 (4)%Reserve for unfunded commitmentsBalance, beginning of period $ 23,208 $ 14,221 63%Initial ACL recorded for unfunded commitments acquired during the period – 5,767 (100)%(Recapture) provision for credit losses on unfunded commitments (7,040) 3,220 (319)%Balance, end of period 16,168 23,208 (30)%Total Allowance for credit losses (ACL) $ 440,797 $ 464,079 (5)%Net charge-offs to average loans and leases (annualized) 0.34% 0.27% 0.07Recoveries to gross charge-offs 14.54% 17.30% (2.76)(1) For the year ended ended December 31, 2023, the provision for credit losses on loans and leases includes $88.4 million initial provision related to non-PCD loans acquired during the period.Columbia Banking System, Inc.Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates(Unaudited) Quarter Ended December 31, 2024 September 30, 2024 December 31, 2023($ in thousands) Average Interest Average Average Interest Average Average Interest Average Balance Income or Yields or Balance Income or Yields or Balance Income or Yields or Expense Rates Expense Rates Expense RatesINTEREST-EARNING ASSETS:Loans held for sale $ 77,492 $ 1,230 6.35% $ 67,764 $ 1,122 6.62% $ 48,868 $ 649 5.31%Loans and leases (1) 37,538,617 571,613 6.05% 37,543,561 587,481 6.22% 37,333,310 577,092 6.13%Taxable securities 7,850,888 77,932 3.97% 7,943,391 78,755 3.97% 7,903,053 82,872 4.19%Non-taxable securities (2) 831,021 7,903 3.80% 828,362 7,821 3.78% 809,551 8,073 3.99%Temporary investments and interest-bearing cash 1,572,680 18,956 4.80% 1,802,396 24,683 5.45% 1,743,447 24,055 5.47%Total interest-earning assets (1), (2) 47,870,698 $ 677,634 5.63% 48,185,474 $ 699,862 5.78% 47,838,229 $ 692,741 5.75%Goodwill and other intangible assets 1,528,431 1,559,696 1,652,282Other assets 2,189,102 2,263,847 2,341,845Total assets $ 51,588,231 $ 52,009,017 $ 51,832,356INTEREST-BEARING LIABILITIES:Interest-bearing demand deposits $ 8,562,817 $ 52,364 2.43% $ 8,312,685 $ 57,237 2.74% $ 7,617,427 $ 44,861 2.34%Money market deposits 11,441,154 72,830 2.53% 11,085,499 77,948 2.80% 10,276,894 61,055 2.36%Savings deposits 2,393,348 680 0.11% 2,480,170 1,085 0.17% 2,880,622 698 0.10%Time deposits 5,848,516 63,163 4.30% 6,140,692 71,757 4.65% 5,847,400 64,045 4.35%Total interest-bearing deposits 28,245,835 189,037 2.66% 28,019,046 208,027 2.95% 26,622,343 170,659 2.54%Repurchase agreements and federal funds purchased 197,843 971 1.95% 194,805 1,121 2.29% 245,989 1,226 1.98%Borrowings 3,076,087 39,912 5.16% 3,873,913 49,636 5.10% 3,918,261 56,066 5.68%Junior and other subordinated debentures 419,607 9,290 8.81% 417,393 9,894 9.43% 440,007 10,060 9.07%Total interest-bearing liabilities 31,939,372 $ 239,210 2.98% 32,505,157 $ 268,678 3.29% 31,226,600 $ 238,011 3.02%Non-interest-bearing deposits 13,569,118 13,500,235 14,899,001Other liabilities 853,451 885,033 1,011,019Total liabilities 46,361,941 46,890,425 47,136,620Common equity 5,226,290 5,118,592 4,695,736Total liabilities and shareholders' equity $ 51,588,231 $ 52,009,017 $ 51,832,356NET INTEREST INCOME (2) $ 438,424 $ 431,184 $ 454,730NET INTEREST SPREAD (2) 2.65% 2.49% 2.73%NET INTEREST INCOME TO EARNING 3.64% 3.56% 3.78%ASSETS OR NET INTEREST MARGIN (1), (2)(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 $1.1 million for the three months ended December31, 2024, as compared to $966,000 for the three months ended September30, 2024 and $1.1 million for the three months ended December31, 2023.Columbia Banking System, Inc.Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates(Unaudited) Year Ended December 31, 2024 December 31, 2023($ in thousands) Average Interest Average Average Interest Average Balance Income or Yields or Balance Income or Yields or Expense Rates Expense RatesINTEREST-EARNING ASSETS:Loans held for sale $ 69,348 $ 4,505 6.50% $ 87,675 $ 3,871 4.42%Loans and leases (1) 37,585,426 2,315,859 6.15% 35,412,594 2,109,744 5.95%Taxable securities 7,928,449 317,134 4.00% 7,479,573 289,944 3.88%Non-taxable securities (2) 833,915 31,499 3.78% 740,376 28,236 3.81%Temporary investments and interest-bearing cash 1,696,070 90,227 5.32% 2,147,348 111,659 5.20%Total interest-earning assets (1), (2) 48,113,208 $ 2,759,224 5.73% 45,867,566 $ 2,543,454 5.54%Goodwill and other intangible assets 1,573,712 1,423,075Other assets 2,228,134 2,205,678Total assets $ 51,915,054 $ 49,496,319INTEREST-BEARING LIABILITIES:Interest-bearing demand deposits $ 8,265,535 $ 214,869 2.60% $ 6,280,333 $ 97,162 1.55%Money market deposits 10,998,452 299,741 2.73% 9,962,837 185,035 1.86%Savings deposits 2,528,828 3,409 0.13% 2,994,333 3,384 0.11%Time deposits 6,219,996 284,787 4.58% 4,743,615 176,073 3.71%Total interest-bearing deposits 28,012,811 802,806 2.87% 23,981,118 461,654 1.93%Repurchase agreements and federal funds purchased 212,235 4,873 2.30% 269,853 3,923 1.45%Borrowings 3,691,530 190,241 5.15% 4,522,656 242,914 5.37%Junior and other subordinated debentures 419,459 38,918 9.28% 421,195 37,665 8.94%Total interest-bearing liabilities 32,336,035 $ 1,036,838 3.21% 29,194,822 $ 746,156 2.56%Non-interest-bearing deposits 13,608,946 14,927,443Other liabilities 909,708 907,329Total liabilities 46,854,689 45,029,594Common equity 5,060,365 4,466,725Total liabilities and shareholders' equity $ 51,915,054 $ 49,496,319NET INTEREST INCOME (2) $ 1,722,386 $ 1,797,298NET INTEREST SPREAD (2) 2.52% 2.98%NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) 3.57% 3.91%(1) Non-accrual loans and leases are included in the average balance.(2) Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $4.0 million for the year ended December31, 2024, as compared to $4.1 million for the same period in 2023.Columbia Banking System, Inc.Residential Mortgage Banking Activity(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearResidential mortgage banking revenue:Origination and sale $ 4,519 $ 5,225 $ 3,452 $ 2,920 $ 2,686 (14)% 68%Servicing 5,947 6,012 5,952 6,021 5,966 (1)% -%Change in fair value of MSR asset:Changes due to collection/realization of expected cash flows over time (3,103) (3,127) (3,183) (3,153) (3,215) (1)% (3)%Changes due to valuation inputs or assumptions 7,414 (6,540) 1,238 3,117 (6,251) nm nmMSR hedge (loss) gain (7,819) 5,098 (1,611) (4,271) 5,026 (253)% (256)%Total $ 6,958 $ 6,668 $ 5,848 $ 4,634 $ 4,212 4% 65%Closed loan volume for-sale $ 175,046 $ 161,094 $ 140,875 $ 86,903 $ 87,033 9% 101%Gain on sale margin 2.58% 3.24% 2.45% 3.36% 3.09% -0.66 -0.51Residential mortgage servicing rights:Balance, beginning of period $ 101,919 $ 110,039 $ 110,444 $ 109,243 $ 117,640 (7)% (13)%Additions for new MSR capitalized 2,128 1,547 1,540 1,237 920 38% 131%Sale of MSR assets – – – – 149 nm (100)%Change in fair value of MSR asset:Changes due to collection/realization of expected cash flows over time (3,103) (3,127) (3,183) (3,153) (3,215) (1)% (3)%Changes due to valuation inputs or assumptions 7,414 (6,540) 1,238 3,117 (6,251) nm nmBalance, end of period $ 108,358 $ 101,919 $ 110,039 $ 110,444 $ 109,243 6% (1)%Residential mortgage loans serviced for others $ 7,939,445 $ 7,965,538 $ 8,120,046 $ 8,081,039 $ 8,175,664 -% (3)%MSR as % of serviced portfolio 1.36% 1.28% 1.36% 1.37% 1.34% 0.08 0.02nm = 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 thousands) Dec 31, 2024 Dec 31, 2023 Year over YearResidential mortgage banking revenue:Origination and sale $ 16,116 $ 11,881 36%Servicing 23,932 33,417 (28)%Change in fair value of MSR asset:Changes due to collection/realization of expected cash flows over time (12,566) (17,694) (29)%Changes due to valuation inputs or assumptions 5,229 (6,122) nmMSR hedge loss (8,603) (4,693) 83%Total $ 24,108 $ 16,789 44%Closed loan volume for-sale $ 563,918 $ 441,568 28%Gain on sale margin 2.86% 2.69% 0.17Residential mortgage servicing rights:Balance, beginning of period $ 109,243 $ 185,017 (41)%Additions for new MSR capitalized 6,452 5,347 21%Sale of MSR assets – (57,305) nmChange in fair value of MSR asset:Changes due to collection/realization of expected cash flows over time (12,566) (17,694) (29)%Changes due to valuation inputs or assumptions 5,229 (6,122) nmBalance, end of period $ 108,358 $ 109,243 (1)%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(Unaudited) Quarter Ended % Change($ in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearTotal shareholders' equity a $ 5,118,224 $ 5,273,828 $ 4,976,672 $ 4,957,245 $ 4,995,034 (3)% 2%Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 -% -%Less: Other intangible assets, net 484,248 513,303 542,358 571,588 603,679 (6)% (20)%Tangible common shareholders' equity b $ 3,604,742 $ 3,731,291 $ 3,405,080 $ 3,356,423 $ 3,362,121 (3)% 7%Total assets c $ 51,576,397 $ 51,908,599 $ 52,047,483 $ 52,224,006 $ 52,173,596 (1)% (1)%Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 -% -%Less: Other intangible assets, net 484,248 513,303 542,358 571,588 603,679 (6)% (20)%Tangible assets d $ 50,062,915 $ 50,366,062 $ 50,475,891 $ 50,623,184 $ 50,540,683 (1)% (1)%Common shares outstanding at period end e 209,536 209,532 209,459 209,370 208,585 -% -%Total shareholders' equity to total assets ratio a / c 9.92% 10.16% 9.56% 9.49% 9.57% (0.24) 0.35Tangible common equity to tangible assets ratio b / d 7.20% 7.41% 6.75% 6.63% 6.65% (0.21) 0.55Book value per common share a / e $ 24.43 $ 25.17 $ 23.76 $ 23.68 $ 23.95 (3)% 2%Tangible book value per common share b / e $ 17.20 $ 17.81 $ 16.26 $ 16.03 $ 16.12 (3)% 7%Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearNon-Interest Income AdjustmentsGain (loss) on sale of debt securities, net $ 10 $ 3 $ (1) $ 12 $ 9 233% 11%(Loss) gain on equity securities, net (1,424) 2,272 325 (1,565) 2,636 (163)% (154)%Gain (loss) on swap derivatives 3,642 (3,596) 424 1,197 (8,042) nm nmChange in fair value of certain loans held for investment (7,355) 9,365 (10,114) (2,372) 19,354 (179)% (138)%Change in fair value of MSR due to valuation inputs or assumptions 7,414 (6,540) 1,238 3,117 (6,251) nm nmMSR hedge (loss) gain (7,819) 5,098 (1,611) (4,271) 5,026 (253)% (256)%Total non-interest income adjustments a $ (5,532) $ 6,602 $ (9,739) $ (3,882) $ 12,732 (184)% (143)%Non-Interest Expense AdjustmentsMerger and restructuring expense $ 2,230 $ 2,364 $ 14,641 $ 4,478 $ 7,174 (6)% (69)%Exit and disposal costs 872 631 1,218 1,272 2,791 38% (69)%FDIC special assessment (2) – – 884 4,848 32,923 nm (100)%Total non-interest expense adjustments b $ 3,102 $ 2,995 $ 16,743 $ 10,598 $ 42,888 4% (93)%Net interest income c $ 437,373 $ 430,218 $ 427,449 $ 423,362 $ 453,623 2% (4)%Non-interest income (GAAP) d $ 49,747 $ 66,159 $ 44,703 $ 50,357 $ 65,533 (25)% (24)%Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) nm nmOperating non-interest income (non-GAAP) e $ 55,279 $ 59,557 $ 54,442 $ 54,239 $ 52,801 (7)% 5%Revenue (GAAP) f=c+d $ 487,120 $ 496,377 $ 472,152 $ 473,719 $ 519,156 (2)% (6)%Operating revenue (non-GAAP) g=c+e $ 492,652 $ 489,775 $ 481,891 $ 477,601 $ 506,424 1% (3)%Non-interest expense (GAAP) h $ 266,576 $ 271,358 $ 279,244 $ 287,516 $ 337,176 (2)% (21)%Less: Non-interest expense adjustments b (3,102) (2,995) (16,743) (10,598) (42,888) 4% (93)%Operating non-interest expense (non-GAAP) i $ 263,474 $ 268,363 $ 262,501 $ 276,918 $ 294,288 (2)% (10)%Net income (GAAP) j $ 143,269 $ 146,182 $ 120,144 $ 124,080 $ 93,531 (2)% 53%Provision for income taxes 49,076 50,068 40,944 44,987 33,540 (2)% 46%Income before provision for income taxes 192,345 196,250 161,088 169,067 127,071 (2)% 51%Provision for credit losses 28,199 28,769 31,820 17,136 54,909 (2)% (49)%Pre-provision net revenue (PPNR) (non-GAAP) k 220,544 225,019 192,908 186,203 181,980 (2)% 21%Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) nm nmAdd: Non-interest expense adjustments b 3,102 2,995 16,743 10,598 42,888 4% (93)%Operating PPNR (non-GAAP) l $ 229,178 $ 221,412 $ 219,390 $ 200,683 $ 212,136 4% 8%Net income (GAAP) j $ 143,269 $ 146,182 $ 120,144 $ 124,080 $ 93,531 (2)% 53%Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) nm nmAdd: Non-interest expense adjustments b 3,102 2,995 16,743 10,598 42,888 4% (93)%Tax effect of adjustments (2,158) 902 (6,621) (3,620) (7,539) (339)% (71)%Operating net income (non-GAAP) m $ 149,745 $ 143,477 $ 140,005 $ 134,940 $ 116,148 4% 29%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(Unaudited) Quarter Ended % Change($ in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearAverage assets n $ 51,588,231 $ 52,009,017 $ 51,981,555 $ 52,083,973 $ 51,832,356 (1)% -%Less: Average goodwill and other intangible assets, net 1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 (2)% (7)%Average tangible assets o $ 50,059,800 $ 50,449,321 $ 50,393,316 $ 50,464,839 $ 50,180,074 (1)% -%Average common shareholders' equity p $ 5,226,290 $ 5,118,592 $ 4,908,239 $ 4,985,875 $ 4,695,736 2% 11%Less: Average goodwill and other intangible assets, net 1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 (2)% (7)%Average tangible common equity q $ 3,697,859 $ 3,558,896 $ 3,320,000 $ 3,366,741 $ 3,043,454 4% 22%Weighted average basic shares outstanding r 208,548 208,545 208,498 208,260 208,083 -% -%Weighted average diluted shares outstanding s 209,889 209,454 209,011 208,956 208,739 -% 1%Select Per-Share & Performance MetricsEarnings-per-share – basic j / r $ 0.69 $ 0.70 $ 0.58 $ 0.60 $ 0.45 (1)% 53%Earnings-per-share – diluted j / s $ 0.68 $ 0.70 $ 0.57 $ 0.59 $ 0.45 (3)% 51%Efficiency ratio (1) h / f 54.61% 54.56% 59.02% 60.57% 64.81% 0.05 (10.20)Non-interest expense to average assets h / n 2.06% 2.08% 2.16% 2.22% 2.58% (0.02) (0.52)Return on average assets j / n 1.10% 1.12% 0.93% 0.96% 0.72% (0.02) 0.38Return on average tangible assets j / o 1.14% 1.15% 0.96% 0.99% 0.74% (0.01) 0.40PPNR return on average assets k / n 1.70% 1.72% 1.49% 1.44% 1.39% (0.02) 0.31Return on average common equity j / p 10.91% 11.36% 9.85% 10.01% 7.90% (0.45) 3.01Return on average tangible common equity j / q 15.41% 16.34% 14.55% 14.82% 12.19% (0.93) 3.22Operating Per-Share & Performance MetricsOperating earnings-per-share – basic (2) m / r $ 0.72 $ 0.69 $ 0.67 $ 0.65 $ 0.56 4% 29%Operating earnings-per-share – diluted (2) m / s $ 0.71 $ 0.69 $ 0.67 $ 0.65 $ 0.56 3% 27%Operating efficiency ratio, as adjusted (1), (2), (3) u / y 52.51% 53.89% 53.56% 56.97% 57.31% (1.38) (4.80)Operating non-interest expense to average assets i / n 2.03% 2.05% 2.03% 2.14% 2.25% (0.02) (0.22)Operating return on average assets (2) m / n 1.15% 1.10% 1.08% 1.04% 0.89% 0.05 0.26Operating return on average tangible assets (2) m / o 1.19% 1.13% 1.12% 1.08% 0.92% 0.06 0.27Operating PPNR return on average assets (2) l / n 1.77% 1.69% 1.70% 1.55% 1.62% 0.08 0.15Operating return on average common equity (2) m / p 11.40% 11.15% 11.47% 10.89% 9.81% 0.25 1.59Operating return on average tangible common equity (2) m / q 16.11% 16.04% 16.96% 16.12% 15.14% 0.07 0.97(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes theFDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – ContinuedOperating Efficiency Ratio, as adjusted(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearNon-interest expense (GAAP) h $ 266,576 $ 271,358 $ 279,244 $ 287,516 $ 337,176 (2)% (21)%Less: Non-interest expense adjustments b (3,102) (2,995) (16,743) (10,598) (42,888) 4% (93)%Operating non-interest expense (non-GAAP) i 263,474 268,363 262,501 276,918 294,288 (2)% (10)%Less: B&O taxes t (3,495) (3,248) (3,183) (3,223) (2,727) 8% 28%Operating non-interest expense, excluding B&O taxes (non-GAAP) u $ 259,979 $ 265,115 $ 259,318 $ 273,695 $ 291,561 (2)% (11)%Net interest income (tax equivalent) (1) v $ 438,424 $ 431,184 $ 428,434 $ 424,344 $ 454,730 2% (4)%Non-interest income (GAAP) d 49,747 66,159 44,703 50,357 65,533 (25)% (24)%Add: BOLI tax equivalent adjustment (1) w 1,390 1,248 1,291 1,809 1,182 11% 18%Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 489,561 498,591 474,428 476,510 521,445 (2)% (6)%Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) nm nmTotal Adjusted Operating Revenue, excluding BOLI y $ 495,093 $ 491,989 $ 484,167 $ 480,392 $ 508,713 1% (3)%tax equivalent adjustments (tax equivalent) (non-GAAP)Efficiency ratio (1) (2) h / f 54.61% 54.56% 59.02% 60.57% 64.81% 0.05 (10.20)Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3) u / y 52.51% 53.89% 53.56% 56.97% 57.31% (1.38) (4.80)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.(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes theFDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Year Ended % Change($ in thousands) Dec 31, 2024 Dec 31, 2023 Year over YearNon-Interest Income AdjustmentsGain on sale of debt securities, net $ 24 $ 13 85%(Loss) gain on equity securities, net (392) 2,300 (117)%Gain (loss) on swap derivatives 1,667 (4,597) nmChange in fair value of certain loans held for investment (10,476) 2,630 (498)%Change in fair value of MSR due to valuation inputs or assumptions 5,229 (6,122) nmMSR hedge loss (8,603) (4,693) 83%Total non-interest income adjustments a $ (12,551) $ (10,469) 20%Non-Interest Expense AdjustmentsMerger and restructuring expense $ 23,713 $ 171,659 (86)%Exit and disposal costs 3,993 10,218 (61)%FDIC special assessment (2) 5,732 32,923 (83)%Total non-interest expense adjustments b $ 33,438 $ 214,800 (84)%Net interest income c $ 1,718,402 $ 1,793,171 (4)%Non-interest income (GAAP) d $ 210,966 $ 203,927 3%Less: Non-interest income adjustments a 12,551 10,469 20%Operating non-interest income (non-GAAP) e $ 223,517 $ 214,396 4%Revenue (GAAP) f=c+d $ 1,929,368 $ 1,997,098 (3)%Operating revenue (non-GAAP) g=c+e $ 1,941,919 $ 2,007,567 (3)%Non-interest expense (GAAP) h $ 1,104,694 $ 1,312,700 (16)%Less: Non-interest expense adjustments b (33,438) (214,800) (84)%Operating non-interest expense (non-GAAP) i $ 1,071,256 $ 1,097,900 (2)%Net income (GAAP) j $ 533,675 $ 348,715 53%Provision for income taxes 185,075 122,484 51%Income before provision for income taxes 718,750 471,199 53%Provision for credit losses 105,924 213,199 (50)%Pre-provision net revenue (PPNR) (non-GAAP) k 824,674 684,398 20%Less: Non-interest income adjustments a 12,551 10,469 20%Add: Non-interest expense adjustments b 33,438 214,800 (84)%Operating PPNR (non-GAAP) l $ 870,663 $ 909,667 (4)%Net income (GAAP) j $ 533,675 $ 348,715 53%Less: Non-interest income adjustments a 12,551 10,469 20%Add: Non-interest expense adjustments b 33,438 214,800 (84)%Tax effect of adjustments (11,497) (52,567) (78)%Operating net income (non-GAAP) m $ 568,167 $ 521,417 9%nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as “nm.”Average assets n $ 51,915,054 $ 49,496,319 5%Less: Average goodwill and other intangible assets, net 1,573,712 1,423,075 11%Average tangible assets o $ 50,341,342 $ 48,073,244 5%Average common shareholders' equity p $ 5,060,365 $ 4,466,725 13%Less: Average goodwill and other intangible assets, net 1,573,712 1,423,075 11%Average tangible common equity q $ 3,486,653 $ 3,043,650 15%Weighted average basic shares outstanding r 208,463 195,304 7%Weighted average diluted shares outstanding s 209,337 195,871 7%Select Per-Share & Performance MetricsEarnings-per-share – basic j / r $ 2.56 $ 1.79 43%Earnings-per-share – diluted j / s $ 2.55 $ 1.78 43%Efficiency ratio (1) h / f 57.14% 65.59% (8.45)Non-interest expense to average assets h/n 2.13% 2.65% (0.52)Return on average assets j / n 1.03% 0.70% 0.33Return on average tangible assets j / o 1.06% 0.73% 0.33PPNR return on average assets k/n 1.59% 1.38% 0.21Return on average common equity j / p 10.55% 7.81% 2.74Return on average tangible common equity j / q 15.31% 11.46% 3.85Operating Per-Share & Performance MetricsOperating earnings-per-share – basic (2) m / r $ 2.73 $ 2.67 2%Operating earnings-per-share – diluted (2) m / s $ 2.71 $ 2.66 2%Operating efficiency ratio, as adjusted (1), (2), (3) u / y 54.22% 53.87% 0.35Operating non-interest expense to average assets i/n 2.06% 2.22% (0.16)Operating return on average assets (2) m / n 1.09% 1.05% 0.04Operating return on average tangible assets (2) m / o 1.13% 1.08% 0.05Operating PPNR return on average assets (2) l / n 1.68% 1.84% (0.16)Operating return on average common equity (2) m / p 11.23% 11.67% (0.44)Operating return on average tangible common equity (2) m / q 16.30% 17.13% (0.83)(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes theFDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – ContinuedOperating Efficiency Ratio, as adjusted(Unaudited) Year Ended % change($ in thousands) Dec 31, 2024 Dec 31, 2023 Year over YearNon-interest expense (GAAP) h $ 1,104,694 $ 1,312,700 (16)%Less: Non-interest expense adjustments b (33,438) (214,800) (84)%Operating non-interest expense (non-GAAP) i 1,071,256 1,097,900 (2)%Less: B&O taxes t (13,149) (11,778) 12%Operating non-interest expense, excluding B&O taxes (non-GAAP) u $ 1,058,107 $ 1,086,122 (3)%Net interest income (tax equivalent) (1) v $ 1,722,386 $ 1,797,298 (4)%Non-interest income (GAAP) d 210,966 203,927 3%Add: BOLI tax equivalent adjustment (1) w 5,738 4,677 23%Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 1,939,090 2,005,902 (3)%Less: Non-interest income adjustments a 12,551 10,469 20%Total Adjusted Operating Revenue, excluding BOLI y $ 1,951,641 $ 2,016,371 (3)%tax equivalent adjustments (tax equivalent) (non-GAAP)Efficiency ratio (1), (2) h /f 57.14% 65.59% (8.45)Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3) u / y 54.22% 53.87% 0.35(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes theFDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment toBOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearLoans and leases interest income a $ 571,613 $ 587,481 $ 582,246 $ 574,519 $ 577,092 (3)% (1)%Less: Acquired loan accretion – rate related (2), (3) b 22,188 21,963 24,942 23,482 26,914 1% (18)%Less: Acquired loan accretion – credit related (3) c 4,313 4,127 4,835 5,119 5,430 5% (21)%Adjusted loans and leases interest income d=a-b-c $ 545,112 $ 561,391 $ 552,469 $ 545,918 $ 544,748 (3)% -%Taxable securities interest income e $ 77,932 $ 78,755 $ 81,723 $ 78,724 $ 82,872 (1)% (6)%Less: Acquired taxable securities accretion – rate related f 36,980 35,359 40,120 31,527 34,290 5% 8%Adjusted Taxable securities interest income g=e-f $ 40,952 $ 43,396 $ 41,603 $ 47,197 $ 48,582 (6)% (16)%Non-taxable securities interest income (1) h $ 7,903 $ 7,821 $ 7,889 $ 7,886 $ 8,073 1% (2)%Less: Acquired non-taxable securities accretion – rate related i 2,274 2,241 2,256 2,270 2,309 1% (2)%Adjusted Taxable securities interest income (1) j=h-i $ 5,629 $ 5,580 $ 5,633 $ 5,616 $ 5,764 1% (2)%Interest income (1) k $ 677,634 $ 699,862 $ 696,521 $ 685,207 $ 692,741 (3)% (2)%Less: Acquired loan and securities accretion – rate related (3) l=b+f+i 61,442 59,563 67,318 57,279 63,513 3% (3)%Less: Acquired loan accretion – credit related (3) c 4,313 4,127 4,835 5,119 5,430 5% (21)%Adjusted interest income (1) m=k-l-c $ 611,879 $ 636,172 $ 624,368 $ 622,809 $ 623,798 (4)% (2)%Interest-bearing deposits interest expense n $ 189,037 $ 208,027 $ 207,307 $ 198,435 $ 170,659 (9)% 11%Less: Acquired deposit accretion o – – – – (187) nm nmAdjusted interest-bearing deposits interest expense p=n-o $ 189,037 $ 208,027 $ 207,307 $ 198,435 $ 170,846 (9)% 11%Interest expense q $ 239,210 $ 268,678 $ 268,087 $ 260,863 $ 238,011 (11)% 1%Less: Acquired interest-bearing liabilities accretion (2) r (57) (57) (57) (57) (244) -% (77)%Adjusted interest expense s=q-r $ 239,267 $ 268,735 $ 268,144 $ 260,920 $ 238,255 (11)% -%Net Interest Income (1) t $ 438,424 $ 431,184 $ 428,434 $ 424,344 $ 454,730 2% (4)%Less: Acquired loan, securities, and interest-bearing liabilities accretion – rate related (3) u=l-r 61,499 59,620 67,375 57,336 63,757 3% (4)%Less: Acquired loan accretion – credit related (3) c 4,313 4,127 4,835 5,119 5,430 5% (21)%Adjusted net interest income (1) v=t-u-c $ 372,612 $ 367,437 $ 356,224 $ 361,889 $ 385,543 1% (3)%Average loans and leases aa 37,538,617 37,543,561 37,663,396 37,597,101 37,333,310 -% 1%Average taxable securities ab 7,850,888 7,943,391 7,839,202 8,081,003 7,903,053 (1)% (1)%Average non-taxable securities ac 831,021 828,362 825,030 851,342 809,551 -% 3%Average interest-earning assets ad 47,870,698 48,185,474 48,117,746 48,280,787 47,838,229 (1)% -%Average interest-bearing deposits ae 28,245,835 28,019,046 28,041,156 27,742,579 26,622,343 1% 6%Average interest-bearing liabilities af 31,939,372 32,505,157 32,583,458 32,318,653 31,226,600 (2)% 2%nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as “nm.”(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.(3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Quarter Ended % Change($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Seq. Year Quarter over YearAverage yield on loans and leases a / aa 6.05% 6.22% 6.20% 6.13% 6.13% (0.17) (0.08)Less: Acquired loan accretion – rate related (2),(3) b / aa 0.24% 0.23% 0.27% 0.25% 0.29% 0.01 (0.05)Less: Acquired loan accretion – credit related (3) c / aa 0.05% 0.04% 0.05% 0.05% 0.06% 0.01 (0.01)Adjusted average yield on loans and leases d / aa 5.76% 5.95% 5.88% 5.83% 5.78% (0.19) (0.02)Average yield on taxable securities e / ab 3.97% 3.97% 4.17% 3.90% 4.19% – (0.22)Less: Acquired taxable securities accretion – rate related f / ab 1.87% 1.77% 2.06% 1.57% 1.72% 0.10 0.15Adjusted average yield on taxable securities g / ab 2.10% 2.20% 2.11% 2.33% 2.47% (0.10) (0.37)Average yield on non-taxable securities (1) h / ac 3.80% 3.78% 3.82% 3.71% 3.99% 0.02 (0.19)Less: Acquired non-taxable securities accretion – rate related i / ac 1.09% 1.08% 1.10% 1.07% 1.13% 0.01 (0.04)Adjusted yield on non-taxable securities (1) j / ac 2.71% 2.70% 2.72% 2.64% 2.86% 0.01 (0.15)Average yield on interest-earning assets (1) k / ad 5.63% 5.78% 5.80% 5.69% 5.75% (0.15) (0.12)Less: Acquired loan and securities accretion – rate related (3) l / ad 0.51% 0.49% 0.56% 0.48% 0.53% 0.02 (0.02)Less: Acquired loan accretion – credit related (3) c / ad 0.03% 0.04% 0.04% 0.04% 0.05% (0.01) (0.02)Adjusted average yield on interest-earning assets (1) m / ad 5.09% 5.25% 5.20% 5.17% 5.17% (0.16) (0.08)Average rate on interest-bearing deposits n / ae 2.66% 2.95% 2.97% 2.88% 2.54% (0.29) 0.12Less: Acquired deposit accretion o / ae -% -% -% -% -% – -Adjusted average rate on interest-bearing deposits p / ae 2.66% 2.95% 2.97% 2.88% 2.54% (0.29) 0.12Average rate on interest-bearing liabilities q / af 2.98% 3.29% 3.31% 3.25% 3.02% (0.31) (0.04)Less: Acquired interest-bearing liabilities accretion (2) r / af -% -% -% -% -% – -Adjusted average rate on interest-bearing liabilities s / af 2.98% 3.29% 3.31% 3.25% 3.02% (0.31) (0.04)Net interest margin (1) t / ad 3.64% 3.56% 3.56% 3.52% 3.78% 0.08 (0.14)Less: Acquired loan, securities, and interest-bearing liabilities accretion – rate related (3) u / ad 0.51% 0.49% 0.56% 0.48% 0.53% 0.02 (0.02)Less: Acquired loan accretion – credit related (3) c / ad 0.03% 0.04% 0.04% 0.04% 0.05% (0.01) (0.02)Adjusted net interest margin (1) v / ad 3.10% 3.03% 2.96% 3.00% 3.20% 0.07 (0.10)(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.(3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at closing.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Year Ended($ in thousands) Dec 31, 2024 Dec 31, 2023 Year over YearLoans and leases interest income a $ 2,315,859 $ 2,109,744 10%Less: Acquired loan accretion – rate related (2), (3) b 92,575 98,257 (6)%Less: Acquired loan accretion – credit related (3) c 18,394 22,706 (19)%Adjusted loans and leases interest income d=a-b-c $ 2,204,890 $ 1,988,781 11%Taxable securities interest income e $ 317,134 $ 289,944 9%Less: Acquired taxable securities accretion – rate related f 143,986 123,666 16%Adjusted Taxable securities interest income g=e-f $ 173,148 $ 166,278 4%Non-taxable securities interest income (1) h $ 31,499 $ 28,236 12%Less: Acquired non-taxable securities accretion – rate related i 9,041 7,772 16%Adjusted Taxable securities interest income (1) j=h-i $ 22,458 $ 20,464 10%Interest income (1) k $ 2,759,224 $ 2,543,454 8%Less: Acquired loan and securities accretion – rate related (3) l=b+f+i 245,602 229,695 7%Less: Acquired loan accretion – credit related (3) c 18,394 22,706 (19)%Adjusted interest income (1) m=k-l-c $ 2,495,228 $ 2,291,053 9%Interest-bearing deposits interest expense n $ 802,806 $ 461,654 74%Less: Acquired deposit accretion o – (933) nmAdjusted interest-bearing deposits interest expense p=n-o $ 802,806 $ 462,587 74%Interest expense q $ 1,036,838 $ 746,156 39%Less: Acquired interest-bearing liabilities accretion (2) r (228) (1,161) (80)%Adjusted interest expense s=q-r $ 1,037,066 $ 747,317 39%Net Interest Income (1) t $ 1,722,386 $ 1,797,298 (4)%Less: Acquired loan, securities, and interest-bearing liabilities accretion – rate related (3) u=l-r 245,830 230,856 6%Less: Acquired loan accretion – credit related (3) c 18,394 22,706 (19)%Adjusted net interest income (1) v=t-u-c $ 1,458,162 $ 1,543,736 (6)%Average loans and leases aa 37,585,426 35,412,594 6%Average taxable securities ab 7,928,449 7,479,573 6%Average non-taxable securities ac 833,915 740,376 13%Average interest-earning assets ad 48,113,208 45,867,566 5%Average interest-bearing deposits ae 28,012,811 23,981,118 17%Average interest-bearing liabilities af 32,336,035 29,194,822 11%nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as “nm.”(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.(3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger.Columbia Banking System, Inc.GAAP to Non-GAAP Reconciliation – Continued(Unaudited) Year Ended($ in thousands) Dec 31, 2024 Dec 31, 2023 Year over YearAverage yield on loans and leases a / aa 6.15% 5.95% 0.20Less: Acquired loan accretion – rate related (2),(3) b / aa 0.25% 0.28% (0.03)Less: Acquired loan accretion – credit related (3) c / aa 0.05% 0.06% (0.01)Adjusted average yield on loans and leases d / aa 5.85% 5.61% 0.24Average yield on taxable securities e / ab 4.00% 3.88% 0.12Less: Acquired taxable securities accretion – rate related f / ab 1.82% 1.65% 0.17Adjusted average yield on taxable securities g / ab 2.18% 2.23% (0.05)Average yield on non-taxable securities (1) h / ac 3.78% 3.81% (0.03)Less: Acquired non-taxable securities accretion – rate related i / ac 1.08% 1.05% 0.03Adjusted yield on non-taxable securities (1) j / ac 2.70% 2.76% (0.06)Average yield on interest-earning assets (1) k / ad 5.73% 5.54% 0.19Less: Acquired loan and securities accretion – rate related (3) l / ad 0.51% 0.50% 0.01Less: Acquired loan accretion – credit related (3) c / ad 0.04% 0.05% (0.01)Adjusted average yield on interest-earning assets (1) m / ad 5.18% 4.99% 0.19Average rate on interest-bearing deposits n / ae 2.87% 1.93% 0.94Less: Acquired deposit accretion o / ae -% -% -Adjusted average rate on interest-bearing deposits p / ae 2.87% 1.93% 0.94Average rate on interest-bearing liabilities q / af 3.21% 2.56% 0.65Less: Acquired interest-bearing liabilities accretion (2) r / af -% -% -Adjusted average rate on interest-bearing liabilities s / af 3.21% 2.56% 0.65Net interest margin (1) t / ad 3.57% 3.91% (0.34)Less: Acquired loan, securities, and interest-bearing liabilities accretion – rate related (3) u / ad 0.51% 0.50% 0.01Less: Acquired loan accretion – credit related (3) c / ad 0.04% 0.05% (0.01)Adjusted net interest margin (1) v / ad 3.02% 3.36% (0.34)(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.(3) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at closing.

https://c212.net/c/img/favicon.png?sn=SF02669&sd=2025-01-23

View original content to download multimedia:https://www.prnewswire.com/news-releases/columbia-banking-system-inc-reports-fourth-quarter-2024-results-302358839.html

SOURCE Columbia Banking System, Inc.

https://rt.newswire.ca/rt.gif?NewsItemId=SF02669&Transmission_Id=202501231602PR_NEWS_USPR_____SF02669&DateId=20250123