COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2025 RESULTS

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

$215 million

$243 million

$0.72

$0.82

Net income

Operating net income 1

Earnings per common share -

diluted

Operating earnings per

common share - diluted 1

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 equity 1

15.24 %

8.58 %

15.41 %

Operating return on average assets 1

1.44 %

1.42 %

1.15 %

Operating return on average common equity 1

12.34 %

13.15 %

11.40 %

Operating return on average tangible common equity 1

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 revenue 1

$305

$189

$220

Operating pre-provision net revenue 1

$342

$270

$229

Earnings per common share - diluted

$0.72

$0.40

$0.68

Operating earnings per common share - diluted 1

$0.82

$0.85

$0.71

Dividends paid per share

$0.37

$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 share 1

$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 million 2 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 million 2, 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 share 3 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/

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

Consolidated Balance Sheets

Financial Highlights

Loan & Lease Portfolio Balances and Mix

Deposit Portfolio Balances and Mix

Credit Quality - Non-performing Assets

Credit Quality - Allowance for Credit Losses

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

Residential Mortgage Banking Activity

GAAP to Non-GAAP Reconciliation

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

15 %

36 %

Exempt from federal income tax

50 %

71 %

Dividends

(25) %

— %

Temporary investments and interest bearing deposits

(5) %

— %

Total interest income

858

740

670

648

676

16 %

27 %

Interest expense:

Deposits

195

180

177

189

— %

3 %

Securities sold under agreement to repurchase and

federal funds purchased

— %

Borrowings

(10) %

(33) %

Junior and other subordinated debentures

(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

(67) %

(18) %

Non-interest income:

Service charges on deposits

14 %

33 %

Card-based fees

7 %

Financial services and trust revenue

67 %

200 %

Residential mortgage banking revenue, net

— %

Gain (loss) on investment securities, net

—

(1)

— %

Gain (loss) on loan and lease sales, net

—

(2)

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

—

(7)

(100) %

BOLI income

50 %

80 %

Other income

23 %

60 %

Total non-interest income

17 %

80 %

Non-interest expense:

Salaries and employee benefits

201

171

155

145

142

18 %

42 %

Occupancy and equipment, net

24 %

43 %

Intangible amortization

35 %

45 %

FDIC assessments

(50) %

Merger and restructuring expense

(55) %

Legal settlement

—

Other expenses

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

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

21 %

Dividends

8 %

Temporary investments and interest bearing deposits

(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

(20) %

Borrowings

128

190

(33) %

Junior and other subordinated debentures

(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

17 %

Card-based fees

2 %

Financial services and trust revenue

75 %

Residential mortgage banking revenue, net

29 %

Gain on investment securities, net

—

Gain (loss) on loan and lease sales, net

(3)

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

(10)

BOLI income

32 %

Other income

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

(33) %

Merger and restructuring expense

148

Legal settlement

—

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

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

— %

Loans held for sale

262

340

(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)

(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

— %

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 %

Junior and other subordinated debentures,

at amortized cost

107

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

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 %

5.49 %

5.63 %

(0.07)

(0.08)

Cost of interest bearing deposits

2.08 %

2.43 %

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 %

0.44 %

0.01

(0.03)

Non-performing assets to total assets

0.30 %

0.29 %

0.35 %

0.33 %

0.01

(0.03)

Allowance for credit losses to loans and leases

1.02 %

1.01 %

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

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 %

17 %

Owner occupied term

15 %

14 %

Multifamily

22 %

21 %

15 %

Construction & development

4 %

6 %

5 %

Residential development

1 %

Commercial:

Term

14 %

15 %

Lines of credit & other

8 %

7 %

8 %

7 %

Leases & equipment finance

3 %

4 %

Residential:

Mortgage

12 %

15 %

16 %

Home equity loans & lines

4 %

6 %

5 %

Consumer & other

— %

1 %

Total

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

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 %

Demand, interest bearing

20 %

21 %

20 %

Money market

31 %

30 %

28 %

27 %

Savings

5 %

6 %

Time

12 %

15 %

14 %

15 %

Total

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

(1) %

16 %

Total loans and leases on non-accrual status

116

120

122

(3) %

21 %

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

Commercial real estate

—

Commercial

—

60 %

Residential (2)

1 %

9 %

Total loans and leases past due 90+ days and

accruing (2)

8 %

15 %

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

198

196

177

175

167

1 %

19 %

Other real estate owned

(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 %

0.44 %

0.01

(0.03)

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

0.30 %

0.29 %

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

$ 425

$ 420

12 %

13 %

Initial ACL recorded for PCD loans acquired during

the period

—

(100) %

Provision for credit losses on loans and leases

(67) %

(23) %

Charge-offs

Commercial real estate

(8)

(3)

—

(3)

167 %

Commercial

(23)

(22)

(33)

(26)

5 %

(12) %

Residential

(1)

—

(1)

—

Consumer & other

(1)

(2)

(1)

(50) %

0 %

Total charge-offs

(33)

(27)

(34)

(35)

(30)

22 %

10 %

Recoveries

Commercial

(25) %

Consumer & other

—

(100) %

Total recoveries

(40) %

Net (charge-offs) recoveries

Commercial real estate

(8)

(3)

—

(3)

167 %

Commercial

(20)

(18)

(28)

(29)

(22)

11 %

(9) %

Residential

(1)

—

(1)

—

Consumer & other

(1)

—

0 %

Total net charge-offs

(30)

(22)

(29)

(30)

(25)

36 %

20 %

Balance, end of period

$ 466

$ 473

$ 421

$ 425

(1) %

10 %

Reserve for unfunded commitments

Balance, beginning of period

$ 19

$ 18

$ 17

$ 16

$ 18

6 %

Provision (recapture) for credit losses on unfunded

commitments

—

(2)

(100) %

Balance, end of period

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 %

1.12 %

1.13 %

—

(0.15)

ACL to loans and leases

1.02 %

1.01 %

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

—

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)

0 %

Consumer & other

(5)

(6)

(17) %

Total charge-offs

(129)

(151)

(15) %

Recoveries

Commercial real estate

—

(100) %

Commercial

(11) %

Residential

—

(100) %

Consumer & other

0 %

Total recoveries

(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

(7)

Balance, end of period

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

Expense

Average

Yields

or Rates

Average

Balance

Interest

Income

Expense

Average

Yields

or Rates

Average

Balance

Interest

Income

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

4.35 %

7,851

3.97 %

Non-taxable securities (2)

1,268

4.53 %

950

4.26 %

831

3.80 %

Temporary investments and

interest-bearing cash

1,923

3.82 %

1,793

4.40 %

1,573

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

2.22 %

13,476

2.46 %

11,441

2.53 %

Savings deposits

2,463

0.12 %

2,358

0.16 %

2,393

0.11 %

Time deposits

6,741

2.88 %

6,481

3.57 %

5,849

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

2.16 %

176

2.15 %

198

1.95 %

Borrowings

2,581

4.20 %

2,648

4.54 %

3,076

5.16 %

Junior and other subordinated

debentures

436

7.53 %

430

7.99 %

420

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

4.20 %

834

3.78 %

Temporary investments and interest-bearing cash

1,659

4.26 %

1,696

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

0.13 %

2,529

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

2.11 %

212

2.30 %

Borrowings

2,830

128

4.53 %

3,692

190

5.15 %

Junior and other subordinated debentures

433

7.87 %

419

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

$ 4

$ 5

— %

Servicing

20 %

— %

Change in fair value of MSR asset:

Changes due to collection/realization of

expected cash flows over time

(3)

— %

Changes due to valuation inputs or

assumptions

(1)

—

(2)

(1)

(114) %

MSR hedge gain (loss)

—

(8)

Total

$ 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

100 %

— %

Change in fair value of MSR asset:

Changes due to collection/realization of

expected cash flows over time

(3)

— %

Changes due to valuation inputs or

assumptions

(1)

—

(2)

(1)

(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

(4) %

Change in fair value of MSR asset:

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

(12)

0 %

Changes due to valuation inputs or assumptions

(4)

(180) %

MSR hedge gain (loss)

(9)

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

17 %

Change in fair value of MSR asset:

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

(12)

0 %

Changes due to valuation inputs or assumptions

(4)

(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

$ 7,840

$ 7,790

$ 5,342

$ 5,238

$ 5,118

1 %

53 %

Less: Goodwill

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

712

754

430

456

484

(6) %

47 %

Tangible common shareholders' equity

$ 5,646

$ 5,555

$ 3,883

$ 3,753

$ 3,605

2 %

57 %

Total assets

$ 66,832

$ 67,496

$ 51,901

$ 51,519

$ 51,576

(1) %

30 %

Less: Goodwill

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

712

754

430

456

484

(6) %

47 %

Tangible assets

$ 64,638

$ 65,261

$ 50,442

$ 50,034

$ 50,063

(1) %

29 %

Common shares outstanding at period end (in

thousands)

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

$ (1)

— %

Gain (loss) on swap derivatives

(1)

(67) %

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

—

(7)

(100) %

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

(1)

—

(2)

(1)

(114) %

MSR hedge gain (loss)

—

(8)

Total non-interest income adjustments

$ 2

$ 5

$ (1)

$ 10

$ (6)

(60) %

Non-Interest Expense Adjustments

Merger and restructuring expense

$ 39

$ 87

$ 8

$ 14

$ 2

(55) %

Exit and disposal costs

—

— %

FDIC special assessment

(5)

(1)

—

400 %

Legal settlement and other non-operating expense

—

Total non-interest expense adjustments

$ 39

$ 86

$ 8

$ 70

$ 3

(55) %

Net interest income

$ 627

$ 505

$ 446

$ 425

$ 437

24 %

43 %

Non-interest income (GAAP)

$ 90

$ 77

$ 65

$ 66

$ 50

17 %

80 %

Less: Non-interest income adjustments

(2)

(5)

(10)

(60) %

(133) %

Operating non-interest income (non-GAAP)

$ 88

$ 72

$ 66

$ 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)

$ 412

$ 393

$ 278

$ 340

$ 267

5 %

54 %

Less: Non-interest expense adjustments

(39)

(86)

(8)

(70)

(3)

(55) %

Operating non-interest expense (non-GAAP)

$ 373

$ 307

$ 270

$ 264

21 %

41 %

Net income (GAAP)

$ 215

$ 96

$ 152

$ 87

$ 143

124 %

50 %

Provision for income taxes

191 %

37 %

Income before provision for income taxes

282

119

203

124

192

137 %

47 %

Provision for credit losses

(67) %

(18) %

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

305

189

233

151

220

61 %

39 %

Less: Non-interest income adjustments

(2)

(5)

(10)

(60) %

(133) %

Add: Non-interest expense adjustments

(55) %

Operating PPNR (non-GAAP)

$ 342

$ 270

$ 242

$ 211

$ 229

27 %

49 %

Net income (GAAP)

$ 215

$ 96

$ 152

$ 87

$ 143

124 %

50 %

Acquisition-related provision expense

—

(100) %

Less: Non-interest income adjustments

(2)

(5)

(10)

(60) %

(133) %

Add: Non-interest expense adjustments

(55) %

Tax effect of adjustments

(9)

(43)

(1)

(8)

(2)

(79) %

350 %

Operating net income (non-GAAP)

$ 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

$ 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

$ 64,897

$ 55,104

$ 50,080

$ 49,951

$ 50,060

18 %

30 %

Average common shareholders' equity

$ 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

$ 5,597

$ 4,438

$ 3,815

$ 3,715

$ 3,698

26 %

51 %

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 %

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)

$ 412

$ 393

$ 278

$ 340

$ 267

5 %

54 %

Less: Non-interest expense adjustments

(39)

(86)

(8)

(70)

(3)

(55) %

Operating non-interest expense (non-GAAP)

373

307

270

264

21 %

41 %

Less: B&O taxes

(3)

(4)

— %

(25) %

Operating non-interest expense, excluding

B&O taxes (non-GAAP)

$ 370

$ 304

$ 267

$ 260

22 %

42 %

Net interest income (tax equivalent) (1)

$ 629

$ 507

$ 447

$ 426

$ 438

24 %

44 %

Non-interest income (GAAP)

17 %

80 %

Add: BOLI tax equivalent adjustment (1)

50 %

200 %

Total Revenue, excluding BOLI tax equivalent

adjustments (tax equivalent)

722

586

514

493

489

23 %

48 %

Less: Non-interest income adjustments

(2)

(5)

(10)

(60) %

(133) %

Total Adjusted Operating Revenue,

excluding BOLI tax equivalent adjustments

(tax equivalent) (non-GAAP)

$ 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

$ —

(Loss) gain on swap derivatives

(2)

(300) %

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

(10)

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

(4)

(180) %

MSR hedge gain (loss)

(9)

Total non-interest income adjustments

$ 16

$ (13)

Non-Interest Expense Adjustments

Merger and restructuring expense

$ 148

$ 24

Exit and disposal costs

(50) %

FDIC special assessment

(6)

(220) %

Legal settlement and other non-operating expense

—

Total non-interest expense adjustments

$ 203

$ 33

Net interest income

$ 2,003

$ 1,718

17 %

Non-interest income (GAAP)

$ 298

$ 211

41 %

Less: Non-interest income adjustments

(16)

(223) %

Operating non-interest income (non-GAAP)

$ 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)

$ 1,423

$ 1,104

29 %

Less: Non-interest expense adjustments

(203)

(33)

Operating non-interest expense (non-GAAP)

$ 1,220

$ 1,071

14 %

Net income (GAAP)

$ 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)

878

825

6 %

Less: Non-interest income adjustments

(16)

(223) %

Add: Non-interest expense adjustments

203

Operating PPNR (non-GAAP)

$ 1,065

$ 871

22 %

Net income (GAAP)

$ 550

$ 534

3 %

Acquisition-related provision expense

—

Less: Non-interest income adjustments

(16)

(223) %

Add: Non-interest expense adjustments

203

Tax effect of adjustments

(61)

(12)

408 %

Operating net income (non-GAAP)

$ 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

$ 56,779

$ 51,915

9 %

Less: Average goodwill and other intangible assets, net

1,729

1,574

10 %

Average tangible assets

$ 55,050

$ 50,341

9 %

Average common shareholders' equity

$ 6,126

$ 5,060

21 %

Less: Average goodwill and other intangible assets, net

1,729

1,574

10 %

Average tangible common equity

$ 4,397

$ 3,486

26 %

Weighted average basic shares outstanding

238,022

208,463

14 %

Weighted average diluted shares outstanding

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)

$ 1,423

$ 1,104

29 %

Less: Non-interest expense adjustments

(203)

(33)

Operating non-interest expense (non-GAAP)

1,220

1,071

14 %

Less: B&O taxes

(12)

(13)

(8) %

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

$ 1,208

$ 1,058

14 %

Net interest income (tax equivalent) (1)

$ 2,009

$ 1,722

17 %

Non-interest income (GAAP)

298

211

41 %

Add: BOLI tax equivalent adjustment (1)

33 %

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

2,315

1,939

19 %

Less: Non-interest income adjustments

(16)

(223) %

Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments

(tax equivalent) (non-GAAP)

$ 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.