COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2026 RESULTS

COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2026 RESULTS TACOMA, Wash., April 23, 2026 /PRNewswire/ --

$192 million

$209 million

$0.66

$0.72

Net income

Operating net income 1

Earnings per common share -

diluted

Operating earnings per

common share - diluted 1

CEO Commentary

"Our first quarter results reflect continued execution against the priorities we have previously outlined: delivering sustainable performance, strengthening our balance sheet, and returning excess capital to shareholders," said Clint Stein, Chair, CEO & President. "During the quarter, we increased capital returns, reflecting our confidence in earnings durability and ongoing capital generation. We also made further progress optimizing our balance sheet, as commercial loan growth and muted seasonal deposit trends contributed to the profitable remix of assets and liabilities, positioning Columbia for attractive returns over time. At the same time, our credit performance continues to benefit from disciplined underwriting and our diversified, relationship-based loan portfolio that is performing as designed. With these actions, we remain focused on delivering consistent, repeatable performance and creating long‑term value for our shareholders."

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

1Q26 HIGHLIGHTS (COMPARED TO 4Q25)

Net Interest

Income and NIM

• Net interest income decreased by $33 million

from the prior quarter, which included $17

million of net interest income related to premium

amortization on acquired time deposits and an

accelerated loan repayment that did not repeat

in the current quarter. The remaining decrease

reflects lower average interest-earning asset

balances, partially offset by a more profitable

balance sheet mix.

• Net interest margin was 3.96%, down 10 basis

points from the prior quarter, which included an

11-basis point benefit related to premium

amortization on acquired time deposits and an

accelerated loan repayment, neither of which

repeated in the current quarter.

Non-Interest

Income and Expense

• Non-interest income decreased by $7 million,

due in part to lower swap, syndication, and

international banking revenue following strong

performance in the prior quarter, as well as an

expected slow down in customer activity that is

typical for the first quarter.

• Non-interest expense decreased by $18 million,

due to lower merger expense and the realization

of acquisition-related cost savings.

Credit

Quality

• Net charge-offs were 0.30% of average loans

and leases (annualized), compared to 0.25% for

the prior quarter.

• Provision expense was $28 million, compared to

$23 million for the prior quarter.

• Non-performing assets to total assets ratio was

0.40%, compared to 0.30% as of

December 31, 2025.

Capital

• Estimated total risk-based capital ratio of 13.3%

and estimated common equity tier 1 risk-based

capital ratio of 11.5%.

• Declared a quarterly cash dividend of $0.37 per

common share on February 13, 2026, which

was paid March 16, 2026.

• Repurchased $200 million of common stock

under our current repurchase plan.

Notable

Items

• Our first small business and retail campaign of

2026, which runs through April 30, 2026, has

brought nearly $450 million in new deposits to

the bank through mid-April and has also been

successful in generating new SBA lending

relationships.

1Q26 KEY FINANCIAL DATA

PERFORMANCE METRICS

1Q26

4Q25

1Q25

Return on average assets

1.18 %

1.27 %

0.68 %

Return on average common equity

10.00 %

10.92 %

6.73 %

Return on average tangible common equity 1

13.88 %

15.24 %

9.45 %

Operating return on average assets 1

1.28 %

1.44 %

1.10 %

Operating return on average common equity 1

10.89 %

12.34 %

10.87 %

Operating return on average tangible common equity 1

15.11 %

17.22 %

15.26 %

Net interest margin

3.96 %

4.06 %

3.60 %

Efficiency ratio

58.03 %

57.30 %

69.06 %

Operating efficiency ratio, as adjusted 1

53.68 %

51.39 %

55.11 %

INCOME STATEMENT

($ in millions, excl. per share data)

1Q26

4Q25

1Q25

Net interest income

$594

$627

$425

Provision for credit losses

$28

$23

$27

Non-interest income

$83

$90

$66

Non-interest expense

$394

$412

$340

Pre-provision net revenue 1

$283

$305

$151

Operating pre-provision net revenue 1

$306

$342

$211

Earnings per common share - diluted

$0.66

$0.72

$0.41

Operating earnings per common share - diluted 1

$0.72

$0.82

$0.67

Dividends paid per share

$0.37

$0.36

BALANCE SHEET

($ in millions, excl. per share data)

1Q26

4Q25

1Q25

Total assets

$66,027

$66,832

$51,519

Loans and leases

$47,697

$47,776

$37,616

Deposits

$53,489

$54,211

$42,218

Book value per common share

$26.47

$26.54

$24.93

Tangible book value per common share 1

$19.03

$19.11

$17.86

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 completed the systems conversion and nine branch consolidations during the first quarter of 2026. We continue to expect to realize all previously disclosed related cost savings by June 30, 2026.

Net Interest Income and Net Interest Margin

Net interest income was $594 million for the first quarter of 2026, down $33 million from the prior quarter, which included $5 million in interest income related to an accelerated loan repayment and a $12 million reduction to interest expense related to the amortization of a premium related to Pacific Premier's time deposits, neither of which repeated in the current quarter. The remaining decrease in net interest income between periods largely reflects lower average interest-earning asset balances, partially offset by an improved mix of higher-yielding loans and investment securities.

Columbia's net interest margin was 3.96% for the first quarter of 2026, down 10 basis points from the fourth quarter of 2025. The fourth quarter's net interest margin included an 8-basis point benefit related to the amortization of a premium on acquired time deposits and a 3-basis point benefit related to an accelerated loan repayment. Net interest margin was otherwise consistent between periods, as lower yields on loans and cash following reductions to the federal funds rate during the fourth quarter were offset by lower deposit costs.

The cost of interest-bearing deposits decreased 4 basis points from the prior quarter to 2.04% for the first quarter of 2026, compared to 2.08% for the fourth quarter of 2025. During the fourth quarter, we recorded a $12 million benefit to interest expense related to the amortization of a premium on acquired time deposits, which favorably impacted the cost of interest-bearing deposits by 12 basis points. The decrease during the first quarter reflects our active management of deposit rates ahead of and following reductions to the federal funds rate, as well as a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 2.02% for the month of March and 1.98% as of March 31, 2026.

Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.24% for the first quarter of 2026, compared to 2.27% for the fourth quarter of 2025. The previously discussed premium amortization favorably impacted the cost of interest-bearing liabilities for the fourth quarter of 2025 by 11 basis points. The cost of interest-bearing liabilities was 2.23% for the month of March and 2.19% as of March 31, 2026. Please refer to the Q1 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

Non-interest Income

Non-interest income was $83 million for the first quarter of 2026, down $7 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 first quarter, unchanged from the fourth quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $81 million 2 for the first quarter of 2026, down $7 million between periods, due to lower swap, syndication, and international banking revenue following strong performance in the prior quarter, as well as an expected slowdown in customer activity that is typical for the first quarter.

Non-interest Expense

Non-interest expense was $394 million for the first quarter of 2026, down $18 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, reversals of prior FDIC assessment expense, and other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $369 million 2, down $4 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Please refer to the Q1 2026 Earnings Presentation for additional expense details.

Balance Sheet

Total consolidated assets were $66.0 billion as of March 31, 2026, compared to $66.8 billion as of December 31, 2025. The decrease reflects balance sheet optimization activity, which includes the reduction of excess cash. Cash and cash equivalents were $2.1 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.1 billion as of March 31, 2026, representing 41% of total assets, 51% of total deposits, and 129% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $10.9 billion as of March 31, 2026, compared to $11.1 billion as of December 31, 2025. The decrease is due to paydowns and a decrease in the fair value of the portfolio, partially offset by the purchase of $208 million of investment securities. Please refer to the Q1 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.

Gross loans and leases were $47.7 billion as of March 31, 2026, compared to $47.8 billion as of December 31, 2025. The decrease reflects continued expected runoff in below-market-rate transactional loans. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 6% on an annualized basis relative to December 31, 2025, partially offsetting contraction in other portfolios. "Our teams delivered a strong quarter, continuing to generate relationship-based commercial business while successfully supporting customers through a core systems conversion," commented Chris Merrywell, President of Columbia Bank. "Loan origination volume rose 38% from the prior-year quarter, driven by increased customer activity and the addition of bankers from Pacific Premier. Payoff activity also moderated following elevated levels in the latter part of 2025." Please refer to the Q1 2026 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 $53.5 billion as of March 31, 2026, compared to $54.2 billion as of December 31, 2025. The decrease reflects an intentional reduction in brokered deposits, which declined to $1.6 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. A $110 million increase in customer deposits and the deployment of excess cash contributed to our reduced reliance on wholesale funding sources. "Despite seasonal deposit pressure during the first quarter, our teams' focus on generating new business and strong quarter-end inflows supported growth in customer balances," stated Mr. Merrywell. "We remain focused on deepening customer relationships and strengthening our industry-leading core deposit franchise, while continuing to reduce brokered and non-relationship public deposits." We utilized borrowings, which were $3.4 billion as of March 31, 2026, compared to $3.2 billion as of December 31, 2025, to supplement funding needs. Please refer to the Q1 2026 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality

The allowance for credit losses ("ACL") was $478 million, or 1.00% of loans and leases, as of March 31, 2026, compared to $485 million, or 1.02% of loans and leases, as of December 31, 2025. The provision for credit losses was $28 million for the first quarter of 2026 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 0.30% of average loans and leases (annualized) for the first quarter of 2026, compared to 0.25% for the fourth quarter of 2026. Net charge-offs in the FinPac portfolio were $14 million for the first quarter, unchanged from the fourth quarter. Net charge-offs excluding the FinPac portfolio were $21 million for the first quarter, compared to $16 million for the fourth quarter. Non-performing assets were $264 million, or 0.40% of total assets, as of March 31, 2026, compared to $200 million, or 0.30% of total assets, as of December 31, 2025. The increase in net charge-offs and non-performing assets between periods was driven by an agricultural industry relationship. Please refer to the Q1 2026 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 $26.47 as of March 31, 2026, compared to $26.54 as of December 31, 2025. During the first quarter, Columbia repurchased 6.5 million common shares under its current repurchase plan at an average price of $30.74. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(291) million as of March 31, 2026, compared to $(233) million as of 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 $260 million as of March 31, 2026, compared to $199 million as of December 31, 2025. Tangible book value per common share 3 was $19.03 as of March 31, 2026, compared to $19.11 as of December 31, 2025.

Columbia's estimated total risk-based capital ratio was 13.3% and its estimated common equity tier 1 risk-based capital ratio was 11.5% as of March 31, 2026, compared to 13.6% and 11.8%, respectively, as of December 31, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of March 31, 2026 are estimates, pending completion and filing of Columbia's regulatory reports.

Earnings Presentation and Conference Call Information

Columbia's Q1 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

Columbia will host its first quarter 2026 earnings conference call on April 23, 2026 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 first quarter 2026 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/y2c5ea4c/

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 preeminent regional bank 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, and (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction; 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.

_________________________

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.

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)

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Seq.

Quarter

Year

over

Year

Interest income:

Loans and leases

$ 684

$ 722

$ 619

$ 564

$ 553

(5) %

24 %

Interest and dividends on investments:

Taxable

103

102

1 %

49 %

Exempt from federal income tax

— %

71 %

Dividends

— %

Temporary investments and interest bearing deposits

(26) %

(13) %

Total interest income

816

858

740

670

648

(5) %

26 %

Interest expense:

Deposits

184

195

180

177

(6) %

4 %

Securities sold under agreement to repurchase and

federal funds purchased

— %

Borrowings

11 %

(17) %

Junior and other subordinated debentures

(13) %

(22) %

Total interest expense

222

231

235

224

223

(4) %

— %

Net interest income

594

627

505

446

425

(5) %

40 %

Provision for credit losses

22 %

4 %

Non-interest income:

Service charges on deposits

(17) %

5 %

Card-based fees

(6) %

15 %

Financial services and trust revenue

— %

200 %

Residential mortgage banking revenue, net

71 %

33 %

Gain on investment securities, net

—

(100) %

Gain on loan and lease sales, net

—

— %

(Loss) gain on loans held for investment, at fair value

(2)

—

(129) %

BOLI income

— %

80 %

Other income

(19) %

117 %

Total non-interest income

(8) %

26 %

Non-interest expense:

Salaries and employee benefits

196

201

171

155

145

(2) %

35 %

Occupancy and equipment, net

(1) %

38 %

FDIC assessments

125 %

13 %

Intangible amortization

(2) %

46 %

Merger and restructuring expense

(38) %

71 %

Legal settlement

—

(100) %

Other expenses

(2) %

38 %

Total non-interest expense

394

412

393

278

340

(4) %

16 %

Income before provision for income taxes

255

282

119

203

124

(10) %

106 %

Provision for income taxes

(6) %

70 %

Net income

$ 192

$ 215

$ 96

$ 152

$ 87

(11) %

121 %

Weighted average basic shares outstanding (in

thousands)

290,933

295,376

237,838

209,125

208,800

(2) %

39 %

Weighted average diluted shares outstanding (in

thousands)

292,160

296,760

238,925

209,975

210,023

(2) %

39 %

Earnings per common share – basic

$ 0.66

$ 0.72

$ 0.40

$ 0.73

$ 0.41

(8) %

61 %

Earnings per common share – diluted

$ 0.66

$ 0.72

$ 0.40

$ 0.73

$ 0.41

(8) %

61 %

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)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Seq.

Quarter

Year

over

Year

Assets:

Cash and due from banks

$ 577

$ 511

$ 535

$ 608

$ 591

13 %

(2) %

Interest-bearing cash and temporary

investments

1,522

1,869

1,808

1,334

1,481

(19) %

3 %

Investment securities:

Equity and other, at fair value

124

113

112

10 %

35 %

Available for sale, at fair value

10,915

11,112

11,013

8,653

8,229

(2) %

33 %

Held to maturity, at amortized cost

— %

Loans held for sale

262

340

(69) %

25 %

Loans and leases

47,697

47,776

48,462

37,637

37,616

— %

27 %

Allowance for credit losses on loans and

leases

(459)

(466)

(473)

(421)

(2) %

9 %

Net loans and leases

47,238

47,310

47,989

37,216

37,195

— %

27 %

Restricted equity securities

168

159

119

161

125

6 %

34 %

Premises and equipment, net

426

422

416

357

345

1 %

23 %

Goodwill

1,482

1,481

1,029

— %

44 %

Other intangible assets, net

671

712

754

430

456

(6) %

47 %

Bank-owned life insurance

1,222

1,218

1,199

705

701

— %

74 %

Other assets

1,583

1,644

1,712

1,247

1,208

(4) %

31 %

Total assets

$ 66,027

$ 66,832

$ 67,496

$ 51,901

$ 51,519

(1) %

28 %

Liabilities:

Deposits

Non-interest-bearing

$ 17,635

$ 17,419

$ 17,810

$ 13,220

$ 13,414

1 %

31 %

Interest-bearing

35,854

36,792

37,961

28,523

28,804

(3) %

24 %

Total deposits

53,489

54,211

55,771

41,743

42,218

(1) %

27 %

Securities sold under agreements to

repurchase

162

207

167

191

192

(22) %

(16) %

Borrowings

3,400

3,200

2,300

3,350

2,550

6 %

33 %

Junior subordinated debentures, at fair value

333

338

331

323

321

(1) %

4 %

Junior and other subordinated debentures,

at amortized cost

107

108

— %

(10) %

Other liabilities

882

939

1,030

844

892

(6) %

(1) %

Total liabilities

58,363

58,992

59,706

46,559

46,281

(1) %

26 %

Shareholders' equity:

Common stock

7,896

8,099

8,189

5,826

5,823

(3) %

36 %

Retained earnings (accumulated deficit)

(26)

(131)

(151)

(227)

Accumulated other comprehensive loss

(291)

(233)

(268)

(333)

(358)

25 %

(19) %

Total shareholders' equity

7,664

7,840

7,790

5,342

5,238

(2) %

46 %

Total liabilities and shareholders' equity

$ 66,027

$ 66,832

$ 67,496

$ 51,901

$ 51,519

(1) %

28 %

Common shares outstanding at period end (in

thousands)

289,530

295,422

299,147

210,213

210,112

(2) %

38 %

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

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Seq.

Quarter

Year

over

Year

Per Common Share Data:

Dividends

$ 0.37

$ 0.36

— %

3 %

Book value

$ 26.47

$ 26.54

$ 26.04

$ 25.41

$ 24.93

— %

6 %

Tangible book value (1)

$ 19.03

$ 19.11

$ 18.57

$ 18.47

$ 17.86

— %

7 %

Performance Ratios:

Efficiency ratio (2)

58.03 %

57.30 %

67.29 %

54.29 %

69.06 %

0.73

(11.03)

Non-interest expense to average assets (1)

2.41 %

2.44 %

2.74 %

2.16 %

2.68 %

(0.03)

(0.27)

Return on average assets ("ROAA")

1.18 %

1.27 %

0.67 %

1.19 %

0.68 %

(0.09)

0.50

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

1.73 %

1.80 %

1.32 %

1.81 %

1.19 %

(0.07)

0.54

Return on average common equity

10.00 %

10.92 %

6.19 %

11.56 %

6.73 %

(0.92)

3.27

Return on average tangible common equity (1)

13.88 %

15.24 %

8.58 %

16.03 %

9.45 %

(1.36)

4.43

Performance Ratios - Operating: (1)

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

53.68 %

51.39 %

52.32 %

51.79 %

55.11 %

2.29

(1.43)

Operating non-interest expense to average assets (1)

2.26 %

2.20 %

2.14 %

2.10 %

2.13 %

0.06

0.13

Operating ROAA (1)

1.28 %

1.44 %

1.42 %

1.25 %

1.10 %

(0.16)

0.18

Operating PPNR ROAA (1)

1.87 %

2.02 %

1.89 %

1.88 %

1.67 %

(0.15)

0.20

Operating return on average common equity (1)

10.89 %

12.34 %

13.15 %

12.16 %

10.87 %

(1.45)

0.02

Operating return on average tangible common equity (1)

15.11 %

17.22 %

18.24 %

16.85 %

15.26 %

(2.11)

(0.15)

Average Balance Sheet Yields, Rates, & Ratios:

Yield on loans and leases

5.78 %

5.92 %

5.96 %

6.00 %

5.92 %

(0.14)

Yield on earning assets (2)

5.44 %

5.55 %

5.62 %

5.49 %

(0.11)

(0.05)

Cost of interest bearing deposits

2.04 %

2.08 %

2.43 %

2.52 %

(0.04)

(0.48)

Cost of interest bearing liabilities

2.24 %

2.27 %

2.65 %

2.78 %

2.80 %

(0.03)

(0.56)

Cost of total deposits

1.39 %

1.40 %

1.66 %

1.73 %

1.72 %

(0.01)

(0.33)

Cost of total funding (3)

1.56 %

1.57 %

1.87 %

1.98 %

1.99 %

(0.01)

(0.43)

Net interest margin (2)

3.96 %

4.06 %

3.84 %

3.75 %

3.60 %

(0.10)

0.36

Average interest bearing cash / Average interest earning assets

2.59 %

3.12 %

3.41 %

2.97 %

3.13 %

(0.53)

(0.54)

Average loans and leases / Average interest earning assets

78.44 %

78.12 %

78.39 %

78.64 %

78.93 %

0.32

(0.49)

Average loans and leases / Average total deposits

88.58 %

87.34 %

88.39 %

90.07 %

90.36 %

1.24

(1.78)

Average non-interest bearing deposits / Average total deposits

32.26 %

32.45 %

31.41 %

31.39 %

31.75 %

(0.19)

0.51

Average total deposits / Average total funding (3)

93.58 %

94.52 %

93.47 %

91.92 %

91.86 %

(0.94)

1.72

Select Credit & Capital Ratios:

Non-performing loans and leases to total loans and leases

0.55 %

0.41 %

0.40 %

0.47 %

0.14

0.08

Non-performing assets to total assets

0.40 %

0.30 %

0.29 %

0.35 %

0.10

0.05

Allowance for credit losses to loans and leases

1.00 %

1.02 %

1.01 %

1.17 %

(0.02)

(0.17)

Total risk-based capital ratio (4)

13.3 %

13.6 %

13.4 %

13.0 %

12.9 %

(0.30)

0.40

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

11.5 %

11.8 %

11.6 %

10.8 %

10.6 %

(0.30)

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.

Columbia Banking System, Inc.

Loan & Lease Portfolio Balances and Mix

(Unaudited)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

% Change

($ in millions)

Amount

Seq.

Quarter

Year

over

Year

Loans and leases:

Commercial real estate:

Non-owner occupied term

$ 8,113

$ 8,206

$ 8,444

$ 6,190

$ 6,179

(1) %

31 %

Owner occupied term

7,258

7,314

7,361

5,320

5,303

(1) %

37 %

Multifamily

10,173

10,281

10,377

5,735

5,831

(1) %

74 %

Construction & development

1,670

1,707

2,071

2,070

2,071

(2) %

(19) %

Residential development

373

362

367

286

252

3 %

48 %

Commercial:

Term

6,887

6,713

6,590

5,353

5,490

3 %

25 %

Lines of credit & other

3,804

3,643

3,582

2,951

2,754

4 %

38 %

Leases & equipment finance

1,619

1,599

1,614

1,641

1,644

1 %

(2) %

Residential:

Mortgage

5,483

5,624

5,722

5,830

5,878

(3) %

(7) %

Home equity loans & lines

2,147

2,149

2,153

2,083

2,039

— %

5 %

Consumer & other

170

178

181

178

175

(4) %

(3) %

Total loans and leases, net of deferred fees

and costs

$ 47,697

$ 47,776

$ 48,462

$ 37,637

$ 37,616

— %

27 %

Loans and leases mix:

Commercial real estate:

Non-owner occupied term

17 %

18 %

16 %

Owner occupied term

15 %

14 %

Multifamily

21 %

22 %

21 %

15 %

Construction & development

4 %

6 %

Residential development

1 %

Commercial:

Term

15 %

14 %

15 %

Lines of credit & other

8 %

7 %

8 %

7 %

Leases & equipment finance

3 %

4 %

Residential:

Mortgage

11 %

12 %

15 %

16 %

Home equity loans & lines

5 %

4 %

6 %

5 %

Consumer & other

— %

1 %

Total

100 %

Columbia Banking System, Inc.

Deposit Portfolio Balances and Mix

(Unaudited)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

% Change

($ in millions)

Amount

Seq.

Quarter

Year

over

Year

Deposits:

Demand, non-interest bearing

$ 17,635

$ 17,419

$ 17,810

$ 13,220

$ 13,414

1 %

31 %

Demand, interest bearing

10,860

10,763

11,675

8,335

8,494

1 %

28 %

Money market

16,843

17,013

16,816

11,694

11,971

(1) %

41 %

Savings

2,437

2,442

2,504

2,276

2,337

0 %

4 %

Time

5,714

6,574

6,966

6,218

6,002

(13) %

(5) %

Total

$ 53,489

$ 54,211

$ 55,771

$ 41,743

$ 42,218

(1) %

27 %

Total core deposits (1)

$ 50,245

$ 50,174

$ 51,535

$ 37,294

$ 38,079

— %

32 %

Deposit mix:

Demand, non-interest bearing

33 %

32 %

Demand, interest bearing

20 %

21 %

20 %

Money market

31 %

30 %

28 %

Savings

5 %

6 %

Time

11 %

12 %

15 %

14 %

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)

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Seq.

Quarter

Year

over

Year

Non-performing assets: (1)

Loans and leases on non-accrual status:

Commercial real estate

$ 91

$ 50

$ 53

$ 31

$ 42

82 %

117 %

Commercial

45 %

20 %

Total loans and leases on non-accrual status

187

116

120

122

61 %

53 %

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

Commercial real estate

—

50 %

Commercial

—

(75) %

Residential (2)

(4) %

30 %

Total loans and leases past due 90+ days and

accruing (2)

(10) %

40 %

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

261

198

196

177

175

32 %

49 %

Other real estate owned

50 %

0 %

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

$ 264

$ 200

$ 199

$ 180

$ 178

32 %

48 %

Loans and leases past due 31-89 days

$ 168

$ 94

$ 85

$ 142

$ 158

79 %

6 %

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

leases

0.35 %

0.20 %

0.18 %

0.38 %

0.42 %

0.15

(0.07)

Non-performing loans and leases to total loans and

leases (1), (2)

0.55 %

0.41 %

0.40 %

0.47 %

0.14

0.08

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

0.40 %

0.30 %

0.29 %

0.35 %

0.10

0.05

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

0.39 %

0.24 %

0.25 %

0.26 %

0.33 %

0.15

0.06

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 $88 million, $79 million, $70 million, $68 million, and $67 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

(2)

Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $3 million, $2 million, $2 million, and $3 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

Columbia Banking System, Inc.

Credit Quality – Allowance for Credit Losses

(Unaudited)

Quarter Ended

% Change

($ in millions)

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Seq.

Quarter

Year

over

Year

Allowance for credit losses on loans and leases

(ACLLL)

Balance, beginning of period

$ 466

$ 473

$ 421

$ 425

(1) %

10 %

Initial ACL recorded for PCD loans acquired during

the period

—

Provision for credit losses on loans and leases

22 %

8 %

Charge-offs

Commercial real estate

—

(8)

(3)

—

Commercial

(39)

(23)

(22)

(33)

70 %

18 %

Residential

—

(1)

—

(1)

Consumer & other

(1)

(2)

(1)

0 %

Total charge-offs

(40)

(33)

(27)

(34)

(35)

21 %

14 %

Recoveries

Commercial

33 %

0 %

Consumer & other

—

0 %

Total recoveries

67 %

0 %

Net (charge-offs) recoveries

Commercial real estate

—

(8)

(3)

—

Commercial

(35)

(20)

(18)

(28)

(29)

75 %

21 %

Residential

—

(1)

—

(1)

Consumer & other

—

(1)

—

Total net charge-offs

(35)

(30)

(22)

(29)

(30)

17 %

Balance, end of period

$ 459

$ 466

$ 473

$ 421

(2) %

9 %

Reserve for unfunded commitments

Balance, beginning of period

$ 19

$ 18

$ 17

$ 16

0 %

19 %

Provision for credit losses on unfunded

commitments

—

(100) %

Balance, end of period

0 %

12 %

Total Allowance for credit losses (ACL)

$ 478

$ 485

$ 492

$ 439

$ 438

(1) %

9 %

Net charge-offs to average loans and leases

(annualized)

0.30 %

0.25 %

0.22 %

0.31 %

0.32 %

0.05

(0.02)

Recoveries to gross charge-offs

12.50 %

9.09 %

18.52 %

15.19 %

14.05 %

3.41

(1.55)

ACLLL to loans and leases

0.96 %

0.98 %

1.12 %

(0.02)

(0.16)

ACL to loans and leases

1.00 %

1.02 %

1.01 %

1.17 %

(0.02)

(0.17)

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

March 31, 2026

December 31, 2025

March 31, 2025

($ 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

$ 189

$ 3

5.17 %

$ 306

$ 5

5.51 %

$ 59

$ 1

6.32 %

Loans and leases (1)

47,714

681

5.78 %

48,186

717

5.92 %

37,679

552

5.92 %

Taxable securities

10,097

106

4.22 %

9,996

105

4.23 %

7,691

3.72 %

Non-taxable securities (2)

1,253

4.51 %

1,268

4.53 %

817

3.87 %

Temporary investments and

interest-bearing cash

1,578

3.65 %

1,923

3.82 %

1,494

4.45 %

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

60,831

$ 818

5.44 %

61,679

$ 860

5.55 %

47,740

$ 649

5.49 %

Goodwill and other intangible

assets

2,175

2,217

1,502

Other assets

3,209

3,218

2,211

Total assets

$ 66,215

$ 67,114

$ 51,453

INTEREST-BEARING LIABILITIES:

Interest-bearing demand deposits

$ 10,780

$ 43

1.60 %

$ 11,052

$ 51

1.81 %

$ 8,371

$ 46

2.26 %

Money market deposits

16,848

2.12 %

17,010

2.22 %

11,603

2.40 %

Savings deposits

2,443

0.12 %

2,463

0.12 %

2,350

0.10 %

Time deposits (3)

6,414

3.32 %

6,741

2.88 %

6,136

4.01 %

Total interest-bearing deposits

36,485

184

2.04 %

37,266

195

2.08 %

28,460

177

2.52 %

Repurchase agreements and

federal funds purchased

187

1.86 %

184

2.16 %

216

1.83 %

Borrowings

3,071

3.96 %

2,581

4.20 %

3,039

4.82 %

Junior and other subordinated debentures

435

7.03 %

436

7.53 %

438

7.94 %

Total interest-bearing liabilities

40,178

$ 222

2.24 %

40,467

$ 231

2.27 %

32,153

$ 223

2.80 %

Non-interest-bearing deposits

17,378

17,902

13,239

Other liabilities

873

931

844

Total liabilities

58,429

59,300

46,236

Common equity

7,786

7,814

5,217

Total liabilities and shareholders'

equity

$ 66,215

$ 67,114

$ 51,453

NET INTEREST INCOME (2)

$ 596

$ 629

$ 426

NET INTEREST SPREAD (2)

3.20 %

3.28 %

2.69 %

NET INTEREST INCOME TO

EARNING ASSETS OR NET

INTEREST MARGIN (1), (2)

3.96 %

4.06 %

3.60 %

(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 March 31, 2026, as compared to $2 million for the three months ended December 31, 2025 and $1 million for the three months ended March 31, 2025.

(3)

Includes the amortization of a premium on acquired time deposits that reduced interest expense by $12 million for the three months ended December 31, 2025. There was no amortization for the three months ended March 31, 2026 or March 31, 2025.

Columbia Banking System, Inc.

Residential Mortgage Banking Activity

(Unaudited)

Quarter Ended

($ in millions)

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Seq.

Quarter

Year

over

Year

Residential mortgage banking revenue:

Origination and sale

$ 5

$ 4

— %

25 %

Servicing

— %

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)

MSR hedge (loss) gain

(2)

—

(167) %

Total

$ 12

$ 7

$ 8

$ 9

71 %

33 %

Closed loan volume for sale

$ 171

$ 176

$ 166

$ 164

$ 136

(3) %

26 %

Gain on sale margin

2.92 %

2.84 %

3.01 %

2.77 %

3.23 %

0.08

-0.31

Residential mortgage servicing rights:

Balance, beginning of period

$ 99

$ 101

$ 103

$ 106

$ 108

(2) %

(8) %

Additions for new MSR capitalized

50 %

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)

Balance, end of period

$ 105

$ 99

$ 101

$ 103

$ 106

6 %

(1) %

Residential mortgage loans serviced for others

$ 7,812

$ 7,755

$ 7,797

$ 7,852

$ 7,888

1 %

(1) %

MSR as % of serviced portfolio

1.34 %

1.28 %

1.30 %

1.31 %

1.34 %

0.06

—

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)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Seq.

Quarter

Year

over

Year

Total shareholders' equity

$ 7,664

$ 7,840

$ 7,790

$ 5,342

$ 5,238

(2) %

46 %

Less: Goodwill

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

671

712

754

430

456

(6) %

47 %

Tangible common shareholders' equity

$ 5,511

$ 5,646

$ 5,555

$ 3,883

$ 3,753

(2) %

47 %

Total assets

$ 66,027

$ 66,832

$ 67,496

$ 51,901

$ 51,519

(1) %

28 %

Less: Goodwill

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

671

712

754

430

456

(6) %

47 %

Tangible assets

$ 63,874

$ 64,638

$ 65,261

$ 50,442

$ 50,034

(1) %

28 %

Common shares outstanding at period end (in

thousands)

289,530

295,422

299,147

210,213

210,112

(2) %

38 %

Total shareholders' equity to total assets ratio

a / c

11.61 %

11.73 %

11.54 %

10.29 %

10.17 %

(0.12)

1.44

Tangible common equity to tangible assets ratio

b / d

8.63 %

8.73 %

8.51 %

7.70 %

7.50 %

(0.10)

1.13

Book value per common share

a / e

$ 26.47

$ 26.54

$ 26.04

$ 25.41

$ 24.93

— %

6 %

Tangible book value per common share

b / e

$ 19.03

$ 19.11

$ 18.57

$ 18.47

$ 17.86

— %

7 %

Columbia Banking System, Inc.

GAAP to Non-GAAP Reconciliation - Continued

Income Statements, as adjusted

(Unaudited)

Quarter Ended

% Change

($ in millions)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Seq.

Quarter

Year

over

Year

Non-Interest Income Adjustments

Gain on investment securities, net

$ —

$ 2

$ —

$ 2

(100) %

Gain (loss) on swap derivatives

—

(1)

(100) %

(Loss) gain on loans held for investment, at

fair value

(2)

—

(129) %

Change in fair value of MSR due to valuation

inputs or assumptions

(1)

—

(2)

(1)

MSR hedge (loss) gain

(2)

—

(167) %

Total non-interest income adjustments

$ 2

$ 5

$ (1)

$ 10

— %

(80) %

Non-Interest Expense Adjustments

Merger and restructuring expense

$ 24

$ 39

$ 87

$ 8

$ 14

(38) %

71 %

Exit and disposal costs

—

0 %

— %

FDIC special assessment

—

(5)

(1)

—

Legal settlement and other non-operating

expense

—

(100) %

Total non-interest expense adjustments

$ 25

$ 39

$ 86

$ 8

$ 70

(36) %

(64) %

Net interest income

$ 594

$ 627

$ 505

$ 446

$ 425

(5) %

40 %

Non-interest income (GAAP)

$ 83

$ 90

$ 77

$ 65

$ 66

(8) %

26 %

Less: Non-interest income adjustments

(2)

(5)

(10)

— %

(80) %

Operating non-interest income (non-GAAP)

$ 81

$ 88

$ 72

$ 66

$ 56

(8) %

45 %

Revenue (GAAP)

f=c+d

$ 677

$ 717

$ 582

$ 511

$ 491

(6) %

38 %

Operating revenue (non-GAAP)

g=c+e

$ 675

$ 715

$ 577

$ 512

$ 481

(6) %

40 %

Non-interest expense (GAAP)

$ 394

$ 412

$ 393

$ 278

$ 340

(4) %

16 %

Less: Non-interest expense adjustments

(25)

(39)

(86)

(8)

(70)

(36) %

(64) %

Operating non-interest expense (non-GAAP)

$ 369

$ 373

$ 307

$ 270

(1) %

37 %

Net income (GAAP)

$ 192

$ 215

$ 96

$ 152

$ 87

(11) %

121 %

Provision for income taxes

(6) %

70 %

Income before provision for income taxes

255

282

119

203

124

(10) %

106 %

Provision for credit losses

22 %

4 %

Pre-provision net revenue (PPNR) (non-

GAAP)

283

305

189

233

151

(7) %

87 %

Less: Non-interest income adjustments

(2)

(5)

(10)

— %

(80) %

Add: Non-interest expense adjustments

(36) %

(64) %

Operating PPNR (non-GAAP)

$ 306

$ 342

$ 270

$ 242

$ 211

(11) %

45 %

Net income (GAAP)

$ 192

$ 215

$ 96

$ 152

$ 87

(11) %

121 %

Acquisition-related provision expense

—

Less: Non-interest income adjustments

(2)

(5)

(10)

— %

(80) %

Add: Non-interest expense adjustments

(36) %

(64) %

Tax effect of adjustments

(6)

(9)

(43)

(1)

(8)

(33) %

(25) %

Operating net income (non-GAAP)

$ 209

$ 243

$ 204

$ 160

$ 139

(14) %

50 %

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)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Seq.

Quarter

Year

over

Year

Average assets

$ 66,215

$ 67,114

$ 56,823

$ 51,552

$ 51,453

(1) %

29 %

Less: Average goodwill and other intangible

assets, net

2,175

2,217

1,719

1,472

1,502

(2) %

45 %

Average tangible assets

$ 64,040

$ 64,897

$ 55,104

$ 50,080

$ 49,951

(1) %

28 %

Average common shareholders' equity

$ 7,786

$ 7,814

$ 6,157

$ 5,287

$ 5,217

0 %

49 %

Less: Average goodwill and other intangible

assets, net

2,175

2,217

1,719

1,472

1,502

(2) %

45 %

Average tangible common equity

$ 5,611

$ 5,597

$ 4,438

$ 3,815

$ 3,715

0 %

51 %

Weighted average basic shares outstanding

(in thousands)

290,933

295,376

237,838

209,125

208,800

(2) %

39 %

Weighted average diluted shares

outstanding (in thousands)

292,160

296,760

238,925

209,975

210,023

(2) %

39 %

Select Per-Share & Performance Metrics

Earnings per share - basic

j / r

$ 0.66

$ 0.72

$ 0.40

$ 0.73

$ 0.41

(8) %

61 %

Earnings per share - diluted

j / s

$ 0.66

$ 0.72

$ 0.40

$ 0.73

$ 0.41

(8) %

61 %

Efficiency ratio (1)

h / f

58.03 %

57.30 %

67.29 %

54.29 %

69.06 %

0.73

(11.03)

Non-interest expense to average assets

h / n

2.41 %

2.44 %

2.74 %

2.16 %

2.68 %

(0.03)

(0.27)

Return on average assets

j / n

1.18 %

1.27 %

0.67 %

1.19 %

0.68 %

(0.09)

0.50

Return on average tangible assets

j / o

1.22 %

1.31 %

0.69 %

1.22 %

0.70 %

(0.09)

0.52

PPNR return on average assets

k / n

1.73 %

1.80 %

1.32 %

1.81 %

1.19 %

(0.07)

0.54

Return on average common equity

j / p

10.00 %

10.92 %

6.19 %

11.56 %

6.73 %

(0.92)

3.27

Return on average tangible common equity

j / q

13.88 %

15.24 %

8.58 %

16.03 %

9.45 %

(1.36)

4.43

Operating Per-Share & Performance Metrics

Operating earnings per share - basic

m / r

$ 0.72

$ 0.82

$ 0.86

$ 0.77

$ 0.67

(12) %

7 %

Operating earnings per share - diluted

m / s

$ 0.72

$ 0.82

$ 0.85

$ 0.76

$ 0.67

(12) %

7 %

Operating efficiency ratio, as adjusted (1)

u / y

53.68 %

51.39 %

52.32 %

51.79 %

55.11 %

2.29

(1.43)

Operating non-interest expense to average

assets

i / n

2.26 %

2.20 %

2.14 %

2.10 %

2.13 %

0.06

0.13

Operating return on average assets

m / n

1.28 %

1.44 %

1.42 %

1.25 %

1.10 %

(0.16)

0.18

Operating return on average tangible assets

m / o

1.32 %

1.49 %

1.47 %

1.28 %

1.13 %

(0.17)

0.19

Operating PPNR return on average assets

l / n

1.87 %

2.02 %

1.89 %

1.88 %

1.67 %

(0.15)

0.20

Operating return on average common equity

m / p

10.89 %

12.34 %

13.15 %

12.16 %

10.87 %

(1.45)

0.02

Operating return on average tangible common

equity

m / q

15.11 %

17.22 %

18.24 %

16.85 %

15.26 %

(2.11)

(0.15)

(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)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Seq.

Quarter

Year

over

Year

Non-interest expense (GAAP)

$ 394

$ 412

$ 393

$ 278

$ 340

(4) %

16 %

Less: Non-interest expense adjustments

(25)

(39)

(86)

(8)

(70)

(36) %

(64) %

Operating non-interest expense (non-GAAP)

369

373

307

270

(1) %

37 %

Less: B&O taxes

(4)

(3)

33 %

Operating non-interest expense, excluding

B&O taxes (non-GAAP)

$ 365

$ 370

$ 304

$ 267

(1) %

37 %

Net interest income (tax equivalent) (1)

$ 596

$ 629

$ 507

$ 447

$ 426

(5) %

40 %

Non-interest income (GAAP)

(8) %

26 %

Add: BOLI tax equivalent adjustment (1)

— %

200 %

Total Revenue, excluding BOLI tax equivalent

adjustments (tax equivalent)

682

722

586

514

493

(6) %

38 %

Less: Non-interest income adjustments

(2)

(5)

(10)

— %

(80) %

Total Adjusted Operating Revenue,

excluding BOLI tax equivalent adjustments

(tax equivalent) (non-GAAP)

$ 680

$ 720

$ 581

$ 515

$ 483

(6) %

41 %

Efficiency ratio (1)

h / f

58.03 %

57.30 %

67.29 %

54.29 %

69.06 %

0.73

(11.03)

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

u / y

53.68 %

51.39 %

52.32 %

51.79 %

55.11 %

2.29

(1.43)

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.

SOURCE Columbia Banking System, Inc.