Document


CEO Commentary
“Our fourth quarter and 2024 results reflect significant strides toward top-quartile performance,” said Clint Stein, President and CEO. “Our optimized expense base, improved pricing strategies, and targeted franchise investments have not only strengthened our financial position but also supported our commitment to deliver exceptional value to our customers and shareholders alike. Relative to the first quarter, our fourth quarter results reflect deposit-driven net interest margin expansion, relationship-driven commercial loan growth, and higher income from core fee-generating products in support of our customers' needs. I want to thank our associates for their hard work and dedication during our first full year as a combined organization. Their accomplishments contribute to the building momentum that supports long-term, consistent, repeatable performance.”
–Clint Stein, President and CEO of Columbia Banking System, Inc.


4Q24 HIGHLIGHTS (COMPARED TO 3Q24)

Net Interest Income and NIM			•Net interest income increased by $7 million from the prior quarter, as lower funding costs more than offset lower interest income.
			•Net interest margin was 3.64%, up 8 basis points from the prior quarter, as a reduction in deposit costs more than offset lower loan yields. A favorable balance sheet funding mix shift into lower-cost sources also occurred throughout the quarter.

Non-Interest Income and Expense			•Non-interest income decreased by $16 million due to the quarterly fluctuation in cumulative fair value accounting and hedges, which drove $12 million of the change. Income was also lower due to loan sale activity, slightly offset by higher core banking activity.
			•Non-interest expense decreased by $5 million due to lower benefits expense, which was partially affected by elevated group insurance costs in the third quarter.

Credit Quality			•Net charge-offs were 0.27% of average loans and leases (annualized), compared to 0.31% in the prior quarter. Lower activity in the FinPac portfolio contributed to the decline.
			•Provision expense of $28 million compares to $29 million in the prior quarter.
			•Non-performing assets to total assets was 0.33%, compared to 0.32% as of September 30, 2024.

Capital			•Estimated total risk-based capital ratio of 12.6% and estimated common equity tier 1 risk-based capital ratio of 10.5%.
			•Declared a quarterly cash dividend of $0.36 per common share on November 15, 2024, which was paid December 16, 2024.

Notable Items			•Executed three successful small business campaigns in 2024, following program buildout and associate training in 2023. Our campaigns use bundled solutions for customers without promotional pricing, and they generated approximately $700 million in new deposits to the bank in 2024.
			•Our 2025 branch plans include the opening of five additional locations in strategic growth markets throughout our footprint. The expansion reflects the reinvestment of savings generated from four net branch consolidations in 2024.


4Q24 KEY FINANCIAL DATA

PERFORMANCE METRICS	4Q24		3Q24		4Q23
Return on average assets	1.10%		1.12%		0.72%
Return on average common equity	10.91%		11.36%		7.90%
Return on average tangible common equity 1	15.41%		16.34%		12.19%
Operating return on average assets 1	1.15%		1.10%		0.89%
Operating return on average common equity 1	11.40%		11.15%		9.81%
Operating return on average tangible common equity 1	16.11%		16.04%		15.14%
Net interest margin	3.64%		3.56%		3.78%
Efficiency ratio	54.61%		54.56%		64.81%
Operating efficiency ratio, as adjusted 1	52.51%		53.89%		57.31%

INCOME STATEMENT ($ in 000s, excl. per share data)	4Q24		3Q24		4Q23
Net interest income	$437,373		$430,218		$453,623
Provision for credit losses	$28,199		$28,769		$54,909
Non-interest income	$49,747		$66,159		$65,533
Non-interest expense	$266,576		$271,358		$337,176
Pre-provision net revenue 1	$220,544		$225,019		$181,980
Operating pre-provision net revenue 1	$229,178		$221,412		$212,136
Earnings per common share - diluted	$0.68		$0.70		$0.45
Operating earnings per common share - diluted 1	$0.71		$0.69		$0.56
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	4Q24		3Q24		4Q23
Total assets	$51.6	B	$51.9	B	$52.2	B
Loans and leases	$37.7	B	$37.5	B	$37.4	B
Deposits	$41.7	B	$41.5	B	$41.6	B
Book value per common share	$24.43		$25.17		$23.95
Tangible book value per share 1	$17.20		$17.81		$16.12

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

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

Columbia's net interest margin was 3.64% for the fourth quarter of 2024, up 8 basis points from the third quarter of 2024. A reduction in deposit costs more than offset lower loan yields as the net interest margin further benefited from the favorable balance sheet funding mix shift into lower-cost sources that occurred throughout the quarter. The cost of interest-bearing deposits decreased 29 basis points from the prior quarter to 2.66% for the fourth quarter of 2024, which compares to 2.59% for the month of December and 2.51% as of December 31, 2024. "Our teams continue to lead with needs-based solutions and service, not price," commented Chris Merrywell, President of Umpqua Bank. "Proactive conversations with our customers ahead of and following recent federal funds rate reductions contributed to favorable changes in the cost of deposits and net interest margin during the quarter."

Non-interest income was $50 million for the fourth quarter of 2024, down $16 million from the prior quarter. The decrease was driven by quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, due to interest rate flucations during the quarter, collectively resulting in a net fair value loss of $6 million in the fourth quarter compared to a net fair value gain of $7 million in the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was down $4 million2 between periods due primarily to a $2 million loss on the sale of 29 loans with a balance of $26 million at sale. The loss on sale was offset by a corresponding $2 million release of the allowance for credit losses given previously established reserves associated with these specific loans. Non-interest income was also impacted by lower mortgage gain-on-sale income and other quarterly flucations. Treasury management fees, commercial card income, and financial services and trust revenue increased at a low single-digit growth rate from the prior quarter's level. We continue to focus on generating sustainable core fee income with new and existing customers.

Total consolidated assets were $51.6 billion as of December 31, 2024, down slightly from $51.9 billion as of September 30, 2024. Cash and cash equivalents were $1.9 billion as of December 31, 2024, down from $2.1 billion as of September 30, 2024. Including secured off-balance sheet lines of credit, total available liquidity was $18.0 billion as of December 31, 2024, representing 35% of total assets, 43% of total deposits, and 128% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.3 billion as of December 31, 2024, a decrease of $402 million relative to September 30, 2024, due to a decline in the fair value of the portfolio as well as paydowns. Please refer to the Q4 2024 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.7 billion as of December 31, 2024, an increase of $178 million relative to September 30, 2024. "Commercial loan generation more than offset anticipated contraction in other loan categories during the quarter, driving a 2% increase in total loans on an annualized basis," commented Mr. Merrywell. "Commercial loans grew 2% during the quarter and 3% in 2024, in support of our strategic decision to organically remix the portfolio into relationship-driven balances as transactional loans decline." Please refer to the Q4 2024 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio.

Net charge-offs were 0.27% of average loans and leases (annualized) for the fourth quarter of 2024, compared to 0.31% for the third quarter of 2024. Net charge-offs in the FinPac portfolio were $19 million in the fourth quarter, down slightly from the third quarter as improvement continues within the transportation sector of the portfolio. Net charge-offs excluding the FinPac portfolio were $6 million in the fourth quarter, compared to $9 million in the third quarter. Non-performing assets were $170 million, or 0.33% of total assets, as of December 31, 2024, compared to $168 million, or 0.32% of total assets, as of September 30, 2024. Please refer to the Q4 2024 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

Columbia (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Umpqua Bank, an award-winning western U.S. regional bank based in Lake Oswego, Oregon. Umpqua Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. With over $50 billion of assets, Umpqua Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; and equipment leasing. Umpqua Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Advisors and Columbia Trust Company, a division of Umpqua Bank. Learn more at www.columbiabankingsystem.com.

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in thousands, except per share data)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	572,843	$	588,603	$	583,874	$	575,044	$	577,741	(3)	%	(1)	%
Interest and dividends on investments:
Taxable	75,254		76,074		78,828		75,017		78,010		(1)	%	(4)	%
Exempt from federal income tax	6,852		6,855		6,904		6,904		6,966		—	%	(2)	%
Dividends	2,678		2,681		2,895		3,707		4,862		—	%	(45)	%
Temporary investments and interest bearing deposits	18,956		24,683		23,035		23,553		24,055		(23)	%	(21)	%
Total interest income	676,583		698,896		695,536		684,225		691,634		(3)	%	(2)	%
Interest expense:
Deposits	189,037		208,027		207,307		198,435		170,659		(9)	%	11	%
Securities sold under agreement to repurchase and federal funds purchased	971		1,121		1,515		1,266		1,226		(13)	%	(21)	%
Borrowings	39,912		49,636		49,418		51,275		56,066		(20)	%	(29)	%
Junior and other subordinated debentures	9,290		9,894		9,847		9,887		10,060		(6)	%	(8)	%
Total interest expense	239,210		268,678		268,087		260,863		238,011		(11)	%	1	%
Net interest income	437,373		430,218		427,449		423,362		453,623		2	%	(4)	%
Provision for credit losses	28,199		28,769		31,820		17,136		54,909		(2)	%	(49)	%
Non-interest income:
Service charges on deposits	18,401		18,549		18,503		16,064		17,349		(1)	%	6	%
Card-based fees	14,634		14,591		14,681		13,183		14,593		—	%	—	%
Financial services and trust revenue	5,265		5,083		5,396		4,464		3,011		4	%	75	%
Residential mortgage banking revenue, net	6,958		6,668		5,848		4,634		4,212		4	%	65	%
Gain (loss) on sale of debt securities, net	10		3		(1)		12		9		233	%	11	%
(Loss) gain on equity securities, net	(1,424)		2,272		325		(1,565)		2,636		(163)	%	(154)	%
(Loss) gain on loan and lease sales, net	(1,719)		161		(1,516)		221		1,161		nm		(248)	%
BOLI income	4,742		4,674		4,705		4,639		4,331		1	%	9	%
Other income (loss)	2,880		14,158		(3,238)		8,705		18,231		(80)	%	(84)	%
Total non-interest income	49,747		66,159		44,703		50,357		65,533		(25)	%	(24)	%
Non-interest expense:
Salaries and employee benefits	141,958		147,268		145,066		154,538		157,572		(4)	%	(10)	%
Occupancy and equipment, net	46,878		45,056		45,147		45,291		48,160		4	%	(3)	%
Intangible amortization	29,055		29,055		29,230		32,091		33,204		—	%	(12)	%
FDIC assessments	8,121		9,332		9,664		14,460		42,510		(13)	%	(81)	%
Merger and restructuring expense	2,230		2,364		14,641		4,478		7,174		(6)	%	(69)	%
Other expenses	38,334		38,283		35,496		36,658		48,556		—	%	(21)	%
Total non-interest expense	266,576		271,358		279,244		287,516		337,176		(2)	%	(21)	%
Income before provision for income taxes	192,345		196,250		161,088		169,067		127,071		(2)	%	51	%
Provision for income taxes	49,076		50,068		40,944		44,987		33,540		(2)	%	46	%
Net income	$	143,269	$	146,182	$	120,144	$	124,080	$	93,531	(2)	%	53	%

Weighted average basic shares outstanding	208,548		208,545		208,498		208,260		208,083		—	%	—	%
Weighted average diluted shares outstanding	209,889		209,454		209,011		208,956		208,739		—	%	1	%
Earnings per common share – basic	$	0.69	$	0.70	$	0.58	$	0.60	$	0.45	(1)	%	53	%
Earnings per common share – diluted	$	0.68	$	0.70	$	0.57	$	0.59	$	0.45	(3)	%	51	%

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Year Ended				% Change
($ in thousands, except per share data)	Dec 31, 2024		Dec 31, 2023		Year over Year
Interest income:
Loans and leases	$	2,320,364	$	2,113,615	10	%
Interest and dividends on investments:
Taxable	305,173		276,841		10	%
Exempt from federal income tax	27,515		24,109		14	%
Dividends	11,961		13,103		(9)	%
Temporary investments and interest bearing deposits	90,227		111,659		(19)	%
Total interest income	2,755,240		2,539,327		9	%
Interest expense:
Deposits	802,806		461,654		74	%
Securities sold under agreement to repurchase and federal funds purchased	4,873		3,923		24	%
Borrowings	190,241		242,914		(22)	%
Junior and other subordinated debentures	38,918		37,665		3	%
Total interest expense	1,036,838		746,156		39	%
Net interest income	1,718,402		1,793,171		(4)	%
Provision for credit losses	105,924		213,199		(50)	%
Non-interest income:
Service charges on deposits	71,517		65,525		9	%
Card-based fees	57,089		55,263		3	%
Financial services and trust revenue	20,208		13,471		50	%
Residential mortgage banking revenue, net	24,108		16,789		44	%
Gain on sale of debt securities, net	24		13		85	%
(Loss) gain on equity securities, net	(392)		2,300		(117)	%
(Loss) gain on loan and lease sales, net	(2,853)		4,414		(165)	%
BOLI income	18,760		15,624		20	%
Other income	22,505		30,528		(26)	%
Total non-interest income	210,966		203,927		3	%
Non-interest expense:
Salaries and employee benefits	588,830		616,103		(4)	%
Occupancy and equipment, net	182,372		183,480		(1)	%
Intangible amortization	119,431		111,296		7	%
FDIC assessments	41,577		71,402		(42)	%
Merger and restructuring expense	23,713		171,659		(86)	%
Other expenses	148,771		158,760		(6)	%
Total non-interest expense	1,104,694		1,312,700		(16)	%
Income before provision for income taxes	718,750		471,199		53	%
Provision for income taxes	185,075		122,484		51	%
Net income	$	533,675	$	348,715	53	%

Weighted average basic shares outstanding	208,463		195,304		7	%
Weighted average diluted shares outstanding	209,337		195,871		7	%
Earnings per common share – basic	$	2.56	$	1.79	43	%
Earnings per common share – diluted	$	2.55	$	1.78	43	%


Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
											% Change
($ in thousands, except per share data)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	496,666	$	591,364	$	515,263	$	440,215	$	498,496	(16)	%	—	%
Interest-bearing cash and temporary investments	1,381,589		1,519,658		1,553,568		1,760,902		1,664,038		(9)	%	(17)	%
Investment securities:
Equity and other, at fair value	78,133		79,996		77,221		77,203		76,995		(2)	%	1	%
Available for sale, at fair value	8,274,615		8,676,807		8,503,000		8,616,545		8,829,870		(5)	%	(6)	%
Held to maturity, at amortized cost	2,101		2,159		2,203		2,247		2,300		(3)	%	(9)	%
Loans held for sale	71,535		66,639		56,310		47,201		30,715		7	%	133	%
Loans and leases	37,680,901		37,503,002		37,709,987		37,642,413		37,441,951		—	%	1	%
Allowance for credit losses on loans and leases	(424,629)		(420,054)		(418,671)		(414,344)		(440,871)		1	%	(4)	%
Net loans and leases	37,256,272		37,082,948		37,291,316		37,228,069		37,001,080		—	%	1	%
Restricted equity securities	150,024		116,274		116,274		116,274		179,274		29	%	(16)	%
Premises and equipment, net	348,670		338,107		337,842		336,869		338,970		3	%	3	%
Operating lease right-of-use assets	111,227		106,224		108,278		113,833		115,811		5	%	(4)	%
Goodwill	1,029,234		1,029,234		1,029,234		1,029,234		1,029,234		—	%	—	%
Other intangible assets, net	484,248		513,303		542,358		571,588		603,679		(6)	%	(20)	%
Residential mortgage servicing rights, at fair value	108,358		101,919		110,039		110,444		109,243		6	%	(1)	%
Bank-owned life insurance	693,839		691,160		686,485		682,293		680,948		—	%	2	%
Deferred tax asset, net	359,425		286,432		361,773		356,031		347,203		25	%	4	%
Other assets	730,461		706,375		756,319		735,058		665,740		3	%	10	%
Total assets	$	51,576,397	$	51,908,599	$	52,047,483	$	52,224,006	$	52,173,596	(1)	%	(1)	%
Liabilities:
Deposits
Non-interest-bearing	$	13,307,905	$	13,534,065	$	13,481,616	$	13,808,554	$	14,256,452	(2)	%	(7)	%
Interest-bearing	28,412,827		27,980,623		28,041,656		27,897,606		27,350,568		2	%	4	%
Total deposits	41,720,732		41,514,688		41,523,272		41,706,160		41,607,020		—	%	—	%
Securities sold under agreements to repurchase	236,627		183,833		197,860		213,573		252,119		29	%	(6)	%
Borrowings	3,100,000		3,650,000		3,900,000		3,900,000		3,950,000		(15)	%	(22)	%
Junior subordinated debentures, at fair value	330,895		311,896		310,187		309,544		316,440		6	%	5	%
Junior and other subordinated debentures, at amortized cost	107,668		107,725		107,781		107,838		107,895		—	%	—	%
Operating lease liabilities	125,710		121,298		123,082		129,240		130,576		4	%	(4)	%

Other liabilities	836,541		745,331		908,629		900,406		814,512		12	%	3	%
Total liabilities	46,458,173		46,634,771		47,070,811		47,266,761		47,178,562		—	%	(2)	%
Shareholders' equity:

Common stock	5,817,458		5,812,237		5,807,041		5,802,322		5,802,747		—	%	—	%
Accumulated deficit	(237,254)		(304,525)		(374,687)		(418,946)		(467,571)		(22)	%	(49)	%
Accumulated other comprehensive loss	(461,980)		(233,884)		(455,682)		(426,131)		(340,142)		98	%	36	%
Total shareholders' equity	5,118,224		5,273,828		4,976,672		4,957,245		4,995,034		(3)	%	2	%
Total liabilities and shareholders' equity	$	51,576,397	$	51,908,599	$	52,047,483	$	52,224,006	$	52,173,596	(1)	%	(1)	%

Common shares outstanding at period end	209,536		209,532		209,459		209,370		208,585		—	%	—	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.36		—	%	—	%
Book value	$	24.43		$	25.17		$	23.76		$	23.68		$	23.95		(3)	%	2	%
Tangible book value (1)	$	17.20		$	17.81		$	16.26		$	16.03		$	16.12		(3)	%	7	%

Performance Ratios:
Efficiency ratio (2)	54.61		%	54.56		%	59.02		%	60.57		%	64.81		%	0.05		(10.20)
Non-interest expense to average assets (1)	2.06		%	2.08		%	2.16		%	2.22		%	2.58		%	(0.02)		(0.52)
Return on average assets ("ROAA")	1.10		%	1.12		%	0.93		%	0.96		%	0.72		%	(0.02)		0.38
Pre-provision net revenue ("PPNR") ROAA (1)	1.70		%	1.72		%	1.49		%	1.44		%	1.39		%	(0.02)		0.31
Return on average common equity	10.91		%	11.36		%	9.85		%	10.01		%	7.90		%	(0.45)		3.01
Return on average tangible common equity (1)	15.41		%	16.34		%	14.55		%	14.82		%	12.19		%	(0.93)		3.22

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (5), (6)	52.51		%	53.89		%	53.56		%	56.97		%	57.31		%	(1.38)		(4.80)
Operating non-interest expense to average assets (1)	2.03		%	2.05		%	2.03		%	2.14		%	2.25		%	(0.02)		(0.22)
Operating ROAA (1), (6)	1.15		%	1.10		%	1.08		%	1.04		%	0.89		%	0.05		0.26
Operating PPNR ROAA (1), (6)	1.77		%	1.69		%	1.70		%	1.55		%	1.62		%	0.08		0.15
Operating return on average common equity (1), (6)	11.40		%	11.15		%	11.47		%	10.89		%	9.81		%	0.25		1.59
Operating return on average tangible common equity (1), (6)	16.11		%	16.04		%	16.96		%	16.12		%	15.14		%	0.07		0.97

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.05		%	6.22		%	6.20		%	6.13		%	6.13		%	(0.17)		(0.08)
Yield on earning assets (2)	5.63		%	5.78		%	5.80		%	5.69		%	5.75		%	(0.15)		(0.12)
Cost of interest bearing deposits	2.66		%	2.95		%	2.97		%	2.88		%	2.54		%	(0.29)		0.12
Cost of interest bearing liabilities	2.98		%	3.29		%	3.31		%	3.25		%	3.02		%	(0.31)		(0.04)
Cost of total deposits	1.80		%	1.99		%	2.01		%	1.92		%	1.63		%	(0.19)		0.17
Cost of total funding (3)	2.09		%	2.32		%	2.34		%	2.27		%	2.05		%	(0.23)		0.04
Net interest margin (2)	3.64		%	3.56		%	3.56		%	3.52		%	3.78		%	0.08		(0.14)
Average interest bearing cash / Average interest earning assets	3.29		%	3.74		%	3.51		%	3.56		%	3.64		%	(0.45)		(0.35)
Average loans and leases / Average interest earning assets	78.42		%	77.91		%	78.27		%	77.87		%	78.04		%	0.51		0.38
Average loans and leases / Average total deposits	89.77		%	90.42		%	90.61		%	90.41		%	89.91		%	(0.65)		(0.14)
Average non-interest bearing deposits / Average total deposits	32.45		%	32.52		%	32.54		%	33.29		%	35.88		%	(0.07)		(3.43)
Average total deposits / Average total funding (3)	91.88		%	90.25		%	90.15		%	90.09		%	90.02		%	1.63		1.86

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.44		%	0.44		%	0.41		%	0.38		%	0.30		%	—		0.14
Non-performing assets to total assets	0.33		%	0.32		%	0.30		%	0.28		%	0.22		%	0.01		0.11
Allowance for credit losses to loans and leases	1.17		%	1.17		%	1.16		%	1.16		%	1.24		%	—		(0.07)
Total risk-based capital ratio (4)	12.6		%	12.5		%	12.2		%	12.0		%	11.9		%	0.10		0.70
Common equity tier 1 risk-based capital ratio (4)	10.5		%	10.3		%	10.0		%	9.8		%	9.6		%	0.20		0.90


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Year Ended						% Change
	Dec 31, 2024			Dec 31, 2023			Year over Year
Per Common Share Data:
Dividends	$	1.44		$	1.43		0.70	%

Performance Ratios:
Efficiency ratio (2)	57.14		%	65.59		%	(8.45)
Non-interest expense to average assets (1)	2.13		%	2.65		%	(0.52)
Return on average assets	1.03		%	0.70		%	0.33
PPNR ROAA (1)	1.59		%	1.38		%	0.21
Return on average common equity	10.55		%	7.81		%	2.74
Return on average tangible common equity (1)	15.31		%	11.46		%	3.85

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (4), (5)	54.22		%	53.87		%	0.35
Operating non-interest expense to average assets (1)	2.06		%	2.22		%	(0.16)
Operating ROAA (1), (5)	1.09		%	1.05		%	0.04
Operating PPNR ROAA (1), (5)	1.68		%	1.84		%	(0.16)
Operating return on average common equity (1), (5)	11.23		%	11.67		%	(0.44)
Operating return on average tangible common equity (1), (5)	16.30		%	17.13		%	(0.83)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.15		%	5.95		%	0.20
Yield on earning assets (2)	5.73		%	5.54		%	0.19
Cost of interest bearing deposits	2.87		%	1.93		%	0.94
Cost of interest bearing liabilities	3.21		%	2.56		%	0.65
Cost of total deposits	1.93		%	1.19		%	0.74
Cost of total funding (3)	2.26		%	1.69		%	0.57
Net interest margin (2)	3.57		%	3.91		%	(0.34)
Average interest bearing cash / Average interest earning assets	3.53		%	4.68		%	(1.15)
Average loans and leases / Average interest earning assets	78.12		%	77.21		%	0.91
Average loans and leases / Average total deposits	90.30		%	91.01		%	(0.71)
Average non-interest bearing deposits / Average total deposits	32.70		%	38.37		%	(5.67)
Average total deposits / Average total funding (3)	90.59		%	88.18		%	2.41


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	6,278,154		$	6,391,806		$	6,407,351		$	6,557,768		$	6,482,940		(2)	%	(3)	%
Owner occupied term, net	5,270,294			5,210,485			5,230,511			5,231,676			5,195,605			1	%	1	%
Multifamily, net	5,804,364			5,779,737			5,868,848			5,828,960			5,704,734			—	%	2	%
Construction & development, net	1,983,213			1,988,923			1,946,693			1,728,652			1,747,302			—	%	14	%
Residential development, net	231,647			244,579			269,106			284,117			323,899			(5)	%	(28)	%
Commercial:
Term, net	5,537,618			5,429,209			5,559,548			5,544,450			5,536,765			2	%	—	%
Lines of credit & other, net	2,769,643			2,640,669			2,558,633			2,491,557			2,430,127			5	%	14	%
Leases & equipment finance, net	1,660,835			1,670,427			1,701,943			1,706,759			1,729,512			(1)	%	(4)	%
Residential:
Mortgage, net	5,933,352			5,944,734			5,992,163			6,128,884			6,157,166			—	%	(4)	%
Home equity loans & lines, net	2,031,653			2,017,336			1,982,786			1,950,421			1,938,166			1	%	5	%
Consumer & other, net	180,128			185,097			192,405			189,169			195,735			(3)	%	(8)	%
Total loans and leases, net of deferred fees and costs	$	37,680,901		$	37,503,002		$	37,709,987		$	37,642,413		$	37,441,951		—	%	1	%

Loans and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	17		%	17		%	17		%
Owner occupied term, net	14		%	14		%	14		%	14		%	14		%
Multifamily, net	15		%	15		%	15		%	15		%	15		%
Construction & development, net	5		%	5		%	5		%	5		%	5		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	15		%	15		%	15		%	15		%	15		%
Lines of credit & other, net	7		%	7		%	6		%	6		%	6		%
Leases & equipment finance, net	4		%	4		%	5		%	5		%	5		%
Residential:
Mortgage, net	16		%	16		%	16		%	16		%	16		%
Home equity loans & lines, net	5		%	5		%	5		%	5		%	5		%
Consumer & other, net	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	13,307,905		$	13,534,065		$	13,481,616		$	13,808,554		$	14,256,452		(2)	%	(7)	%
Demand, interest bearing	8,475,693			8,444,424			8,195,284			8,095,211			8,044,432			0	%	5	%
Money market	11,475,055			11,351,066			10,927,813			10,822,498			10,324,454			1	%	11	%
Savings	2,360,040			2,450,924			2,508,598			2,640,060			2,754,113			(4)	%	(14)	%
Time	6,102,039			5,734,209			6,409,961			6,339,837			6,227,569			6	%	(2)	%
Total	$	41,720,732		$	41,514,688		$	41,523,272		$	41,706,160		$	41,607,020		—	%	—	%

Total core deposits (1)	$	37,487,909		$	37,774,870		$	37,159,069		$	37,436,569		$	37,423,402		(1)	%	0	%

Deposit mix:
Demand, non-interest bearing	32		%	33		%	33		%	34		%	34		%
Demand, interest bearing	20		%	20		%	20		%	19		%	19		%
Money market	27		%	27		%	26		%	26		%	25		%
Savings	6		%	6		%	6		%	6		%	7		%
Time	15		%	14		%	15		%	15		%	15		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate, net	$	39,332		$	37,332		$	37,584		$	39,736		$	28,689		5	%	37	%
	Commercial, net	57,146			61,464			54,986			58,960			45,682			(7)	%	25	%


	Total loans and leases on non-accrual status	96,478			98,796			92,570			98,696			74,371			(2)	%	30	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate, net	—			136			—			253			870			(100)	%	(100)	%
	Commercial, net	4,684			6,012			5,778			10,733			8,232			(22)	%	(43)	%
	Residential, net (2)	65,552			59,961			54,525			31,916			29,102			9	%	125	%
	Consumer & other, net	179			317			220			437			326			(44)	%	(45)	%
	Total loans and leases past due 90+ days and accruing (2)	70,415			66,426			60,523			43,339			38,530			6	%	83	%
Total non-performing loans and leases (1), (2)		166,893			165,222			153,093			142,035			112,901			1	%	48	%
Other real estate owned		2,666			2,395			2,839			1,762			1,036			11	%	157	%
Total non-performing assets (1), (2)		$	169,559		$	167,617		$	155,932		$	143,797		$	113,937		1	%	49	%


Loans and leases past due 31-89 days		$	105,199		$	67,310		$	85,998		$	109,673		$	85,235		56	%	23	%
Loans and leases past due 31-89 days to total loans and leases		0.28		%	0.18		%	0.23		%	0.29		%	0.23		%	0.10		0.05
Non-performing loans and leases to total loans and leases (1), (2)		0.44		%	0.44		%	0.41		%	0.38		%	0.30		%	—		0.14
Non-performing assets to total assets (1), (2)		0.33		%	0.32		%	0.30		%	0.28		%	0.22		%	0.01		0.11


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	420,054		$	418,671		$	414,344		$	440,871		$	416,560		0	%	1	%

Provision for credit losses on loans and leases		30,230			30,498			34,760			17,476			53,183			(1)	%	(43)	%
Charge-offs
	Commercial real estate, net	(2,935)			—			(585)			(161)			(629)			nm		367	%
	Commercial, net	(25,780)			(32,645)			(33,561)			(47,232)			(31,949)			(21)	%	(19)	%
	Residential, net	(26)			(936)			(504)			(490)			(89)			(97)	%	(71)	%
	Consumer & other, net	(1,523)			(1,395)			(1,551)			(1,870)			(1,841)			9	%	(17)	%
	Total charge-offs	(30,264)			(34,976)			(36,201)			(49,753)			(34,508)			(13)	%	(12)	%
Recoveries
	Commercial real estate, net	3			44			551			358			35			(93)	%	(91)	%
	Commercial, net	4,104			5,258			4,198			4,732			4,414			(22)	%	(7)	%
	Residential, net	163			143			411			170			781			14	%	(79)	%
	Consumer & other, net	339			416			608			490			406			(19)	%	(17)	%
	Total recoveries	4,609			5,861			5,768			5,750			5,636			(21)	%	(18)	%
Net (charge-offs) recoveries
	Commercial real estate, net	(2,932)			44			(34)			197			(594)			nm		394	%
	Commercial, net	(21,676)			(27,387)			(29,363)			(42,500)			(27,535)			(21)	%	(21)	%
	Residential, net	137			(793)			(93)			(320)			692			nm		(80)	%
	Consumer & other, net	(1,184)			(979)			(943)			(1,380)			(1,435)			21	%	(17)	%
	Total net charge-offs	(25,655)			(29,115)			(30,433)			(44,003)			(28,872)			(12)	%	(11)	%
Balance, end of period		$	424,629		$	420,054		$	418,671		$	414,344		$	440,871		1	%	(4)	%
Reserve for unfunded commitments
Balance, beginning of period		$	18,199		$	19,928		$	22,868		$	23,208		$	21,482		(9)	%	(15)	%

(Recapture) provision for credit losses on unfunded commitments		(2,031)			(1,729)			(2,940)			(340)			1,726			17	%	(218)	%
Balance, end of period		16,168			18,199			19,928			22,868			23,208			(11)	%	(30)	%
Total Allowance for credit losses (ACL)		$	440,797		$	438,253		$	438,599		$	437,212		$	464,079		1	%	(5)	%

Net charge-offs to average loans and leases (annualized)		0.27		%	0.31		%	0.32		%	0.47		%	0.31		%	(0.04)		(0.04)
Recoveries to gross charge-offs		15.23		%	16.76		%	15.93		%	11.56		%	16.33		%	(1.53)		(1.10)
ACLLL to loans and leases		1.13		%	1.12		%	1.11		%	1.10		%	1.18		%	0.01		(0.05)
ACL to loans and leases		1.17		%	1.17		%	1.16		%	1.16		%	1.24		%	—		(0.07)

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


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Year Ended						% Change
($ in thousands)		Dec 31, 2024			Dec 31, 2023			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	440,871		$	301,135		46	%
Initial ACL recorded for PCD loans acquired during the period		—			26,492			(100)	%
Provision for credit losses on loans and leases (1)		112,964			209,979			(46)	%
Charge-offs
	Commercial real estate, net	(3,681)			(803)			358	%
	Commercial, net	(139,218)			(109,862)			27	%
	Residential, net	(1,956)			(547)			258	%
	Consumer & other, net	(6,339)			(5,762)			10	%
	Total charge-offs	(151,194)			(116,974)			29	%
Recoveries
	Commercial real estate, net	956			333			187	%
	Commercial, net	18,292			16,884			8	%
	Residential, net	887			1,123			(21)	%
	Consumer & other, net	1,853			1,899			(2)	%
	Total recoveries	21,988			20,239			9	%
Net (charge-offs) recoveries
	Commercial real estate, net	(2,725)			(470)			480	%
	Commercial, net	(120,926)			(92,978)			30	%
	Residential, net	(1,069)			576			(286)	%
	Consumer & other, net	(4,486)			(3,863)			16	%
	Total net charge-offs	(129,206)			(96,735)			34	%
Balance, end of period		$	424,629		$	440,871		(4)	%
Reserve for unfunded commitments
Balance, beginning of period		$	23,208		$	14,221		63	%
Initial ACL recorded for unfunded commitments acquired during the period		—			5,767			(100)	%
(Recapture) provision for credit losses on unfunded commitments		(7,040)			3,220			(319)	%
Balance, end of period		16,168			23,208			(30)	%
Total Allowance for credit losses (ACL)		$	440,797		$	464,079		(5)	%

Net charge-offs to average loans and leases (annualized)		0.34		%	0.27		%	0.07
Recoveries to gross charge-offs		14.54		%	17.30		%	(2.76)


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Quarter Ended
	December 31, 2024						September 30, 2024						December 31, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	77,492	$	1,230	6.35	%	$	67,764	$	1,122	6.62	%	$	48,868	$	649	5.31	%
Loans and leases (1)	37,538,617		571,613		6.05	%	37,543,561		587,481		6.22	%	37,333,310		577,092		6.13	%
Taxable securities	7,850,888		77,932		3.97	%	7,943,391		78,755		3.97	%	7,903,053		82,872		4.19	%
Non-taxable securities (2)	831,021		7,903		3.80	%	828,362		7,821		3.78	%	809,551		8,073		3.99	%
Temporary investments and interest-bearing cash	1,572,680		18,956		4.80	%	1,802,396		24,683		5.45	%	1,743,447		24,055		5.47	%
Total interest-earning assets (1), (2)	47,870,698		$	677,634	5.63	%	48,185,474		$	699,862	5.78	%	47,838,229		$	692,741	5.75	%
Goodwill and other intangible assets	1,528,431						1,559,696						1,652,282
Other assets	2,189,102						2,263,847						2,341,845
Total assets	$	51,588,231					$	52,009,017					$	51,832,356
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,562,817	$	52,364	2.43	%	$	8,312,685	$	57,237	2.74	%	$	7,617,427	$	44,861	2.34	%
Money market deposits	11,441,154		72,830		2.53	%	11,085,499		77,948		2.80	%	10,276,894		61,055		2.36	%
Savings deposits	2,393,348		680		0.11	%	2,480,170		1,085		0.17	%	2,880,622		698		0.10	%
Time deposits	5,848,516		63,163		4.30	%	6,140,692		71,757		4.65	%	5,847,400		64,045		4.35	%
Total interest-bearing deposits	28,245,835		189,037		2.66	%	28,019,046		208,027		2.95	%	26,622,343		170,659		2.54	%
Repurchase agreements and federal funds purchased	197,843		971		1.95	%	194,805		1,121		2.29	%	245,989		1,226		1.98	%
Borrowings	3,076,087		39,912		5.16	%	3,873,913		49,636		5.10	%	3,918,261		56,066		5.68	%
Junior and other subordinated debentures	419,607		9,290		8.81	%	417,393		9,894		9.43	%	440,007		10,060		9.07	%
Total interest-bearing liabilities	31,939,372		$	239,210	2.98	%	32,505,157		$	268,678	3.29	%	31,226,600		$	238,011	3.02	%
Non-interest-bearing deposits	13,569,118						13,500,235						14,899,001
Other liabilities	853,451						885,033						1,011,019
Total liabilities	46,361,941						46,890,425						47,136,620
Common equity	5,226,290						5,118,592						4,695,736
Total liabilities and shareholders' equity	$	51,588,231					$	52,009,017					$	51,832,356
NET INTEREST INCOME (2)			$	438,424					$	431,184					$	454,730
NET INTEREST SPREAD (2)					2.65	%					2.49	%					2.73	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.64	%					3.56	%					3.78	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Year Ended
	December 31, 2024						December 31, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	69,348	$	4,505	6.50	%	$	87,675	$	3,871	4.42	%
Loans and leases (1)	37,585,426		2,315,859		6.15	%	35,412,594		2,109,744		5.95	%
Taxable securities	7,928,449		317,134		4.00	%	7,479,573		289,944		3.88	%
Non-taxable securities (2)	833,915		31,499		3.78	%	740,376		28,236		3.81	%
Temporary investments and interest-bearing cash	1,696,070		90,227		5.32	%	2,147,348		111,659		5.20	%
Total interest-earning assets (1), (2)	48,113,208		$	2,759,224	5.73	%	45,867,566		$	2,543,454	5.54	%
Goodwill and other intangible assets	1,573,712						1,423,075
Other assets	2,228,134						2,205,678
Total assets	$	51,915,054					$	49,496,319
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,265,535	$	214,869	2.60	%	$	6,280,333	$	97,162	1.55	%
Money market deposits	10,998,452		299,741		2.73	%	9,962,837		185,035		1.86	%
Savings deposits	2,528,828		3,409		0.13	%	2,994,333		3,384		0.11	%
Time deposits	6,219,996		284,787		4.58	%	4,743,615		176,073		3.71	%
Total interest-bearing deposits	28,012,811		802,806		2.87	%	23,981,118		461,654		1.93	%
Repurchase agreements and federal funds purchased	212,235		4,873		2.30	%	269,853		3,923		1.45	%
Borrowings	3,691,530		190,241		5.15	%	4,522,656		242,914		5.37	%
Junior and other subordinated debentures	419,459		38,918		9.28	%	421,195		37,665		8.94	%
Total interest-bearing liabilities	32,336,035		$	1,036,838	3.21	%	29,194,822		$	746,156	2.56	%
Non-interest-bearing deposits	13,608,946						14,927,443
Other liabilities	909,708						907,329
Total liabilities	46,854,689						45,029,594
Common equity	5,060,365						4,466,725
Total liabilities and shareholders' equity	$	51,915,054					$	49,496,319
NET INTEREST INCOME (2)			$	1,722,386					$	1,797,298
NET INTEREST SPREAD (2)					2.52	%					2.98	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.57	%					3.91	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
($ in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	4,519		$	5,225		$	3,452		$	2,920		$	2,686		(14)	%	68	%
Servicing	5,947			6,012			5,952			6,021			5,966			(1)	%	—	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,103)			(3,127)			(3,183)			(3,153)			(3,215)			(1)	%	(3)	%
Changes due to valuation inputs or assumptions	7,414			(6,540)			1,238			3,117			(6,251)			nm		nm
MSR hedge (loss) gain	(7,819)			5,098			(1,611)			(4,271)			5,026			(253)	%	(256)	%
Total	$	6,958		$	6,668		$	5,848		$	4,634		$	4,212		4	%	65	%

Closed loan volume for-sale	$	175,046		$	161,094		$	140,875		$	86,903		$	87,033		9	%	101	%
Gain on sale margin	2.58		%	3.24		%	2.45		%	3.36		%	3.09		%	-0.66		-0.51

Residential mortgage servicing rights:
Balance, beginning of period	$	101,919		$	110,039		$	110,444		$	109,243		$	117,640		(7)	%	(13)	%
Additions for new MSR capitalized	2,128			1,547			1,540			1,237			920			38	%	131	%
Sale of MSR assets	—			—			—			—			149			nm		(100)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,103)			(3,127)			(3,183)			(3,153)			(3,215)			(1)	%	(3)	%
Changes due to valuation inputs or assumptions	7,414			(6,540)			1,238			3,117			(6,251)			nm		nm
Balance, end of period	$	108,358		$	101,919		$	110,039		$	110,444		$	109,243		6	%	(1)	%

Residential mortgage loans serviced for others	$	7,939,445		$	7,965,538		$	8,120,046		$	8,081,039		$	8,175,664		—	%	(3)	%
MSR as % of serviced portfolio	1.36		%	1.28		%	1.36		%	1.37		%	1.34		%	0.08		0.02

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


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Year Ended						% Change
($ in thousands)	Dec 31, 2024			Dec 31, 2023			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	16,116		$	11,881		36	%
Servicing	23,932			33,417			(28)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(12,566)			(17,694)			(29)	%
Changes due to valuation inputs or assumptions	5,229			(6,122)			nm
MSR hedge loss	(8,603)			(4,693)			83	%
Total	$	24,108		$	16,789		44	%

Closed loan volume for-sale	$	563,918		$	441,568		28	%
Gain on sale margin	2.86		%	2.69		%	0.17

Residential mortgage servicing rights:
Balance, beginning of period	$	109,243		$	185,017		(41)	%
Additions for new MSR capitalized	6,452			5,347			21	%
Sale of MSR assets	—			(57,305)			nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(12,566)			(17,694)			(29)	%
Changes due to valuation inputs or assumptions	5,229			(6,122)			nm
Balance, end of period	$	108,358		$	109,243		(1)	%

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

In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	5,118,224		$	5,273,828		$	4,976,672		$	4,957,245		$	4,995,034		(3)	%	2	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		484,248			513,303			542,358			571,588			603,679			(6)	%	(20)	%
Tangible common shareholders' equity	b	$	3,604,742		$	3,731,291		$	3,405,080		$	3,356,423		$	3,362,121		(3)	%	7	%

Total assets	c	$	51,576,397		$	51,908,599		$	52,047,483		$	52,224,006		$	52,173,596		(1)	%	(1)	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		484,248			513,303			542,358			571,588			603,679			(6)	%	(20)	%
Tangible assets	d	$	50,062,915		$	50,366,062		$	50,475,891		$	50,623,184		$	50,540,683		(1)	%	(1)	%
Common shares outstanding at period end	e	209,536			209,532			209,459			209,370			208,585			—	%	—	%

Total shareholders' equity to total assets ratio	a / c	9.92		%	10.16		%	9.56		%	9.49		%	9.57		%	(0.24)		0.35
Tangible common equity to tangible assets ratio	b / d	7.20		%	7.41		%	6.75		%	6.63		%	6.65		%	(0.21)		0.55
Book value per common share	a / e	$	24.43		$	25.17		$	23.76		$	23.68		$	23.95		(3)	%	2	%
Tangible book value per common share	b / e	$	17.20		$	17.81		$	16.26		$	16.03		$	16.12		(3)	%	7	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on sale of debt securities, net		$	10	$	3	$	(1)	$	12	$	9	233	%	11	%
(Loss) gain on equity securities, net		(1,424)		2,272		325		(1,565)		2,636		(163)	%	(154)	%
Gain (loss) on swap derivatives		3,642		(3,596)		424		1,197		(8,042)		nm		nm
Change in fair value of certain loans held for investment		(7,355)		9,365		(10,114)		(2,372)		19,354		(179)	%	(138)	%
Change in fair value of MSR due to valuation inputs or assumptions		7,414		(6,540)		1,238		3,117		(6,251)		nm		nm
MSR hedge (loss) gain		(7,819)		5,098		(1,611)		(4,271)		5,026		(253)	%	(256)	%
Total non-interest income adjustments	a	$	(5,532)	$	6,602	$	(9,739)	$	(3,882)	$	12,732	(184)	%	(143)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	2,230	$	2,364	$	14,641	$	4,478	$	7,174	(6)	%	(69)	%
Exit and disposal costs		872		631		1,218		1,272		2,791		38	%	(69)	%
FDIC special assessment (2)		—		—		884		4,848		32,923		nm		(100)	%
Total non-interest expense adjustments	b	$	3,102	$	2,995	$	16,743	$	10,598	$	42,888	4	%	(93)	%

Net interest income	c	$	437,373	$	430,218	$	427,449	$	423,362	$	453,623	2	%	(4)	%

Non-interest income (GAAP)	d	$	49,747	$	66,159	$	44,703	$	50,357	$	65,533	(25)	%	(24)	%
Less: Non-interest income adjustments	a	5,532		(6,602)		9,739		3,882		(12,732)		nm		nm
Operating non-interest income (non-GAAP)	e	$	55,279	$	59,557	$	54,442	$	54,239	$	52,801	(7)	%	5	%

Revenue (GAAP)	f=c+d	$	487,120	$	496,377	$	472,152	$	473,719	$	519,156	(2)	%	(6)	%
Operating revenue (non-GAAP)	g=c+e	$	492,652	$	489,775	$	481,891	$	477,601	$	506,424	1	%	(3)	%

Non-interest expense (GAAP)	h	$	266,576	$	271,358	$	279,244	$	287,516	$	337,176	(2)	%	(21)	%
Less: Non-interest expense adjustments	b	(3,102)		(2,995)		(16,743)		(10,598)		(42,888)		4	%	(93)	%
Operating non-interest expense (non-GAAP)	i	$	263,474	$	268,363	$	262,501	$	276,918	$	294,288	(2)	%	(10)	%

Net income (GAAP)	j	$	143,269	$	146,182	$	120,144	$	124,080	$	93,531	(2)	%	53	%
Provision for income taxes		49,076		50,068		40,944		44,987		33,540		(2)	%	46	%
Income before provision for income taxes		192,345		196,250		161,088		169,067		127,071		(2)	%	51	%
Provision for credit losses		28,199		28,769		31,820		17,136		54,909		(2)	%	(49)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	220,544		225,019		192,908		186,203		181,980		(2)	%	21	%
Less: Non-interest income adjustments	a	5,532		(6,602)		9,739		3,882		(12,732)		nm		nm
Add: Non-interest expense adjustments	b	3,102		2,995		16,743		10,598		42,888		4	%	(93)	%
Operating PPNR (non-GAAP)	l	$	229,178	$	221,412	$	219,390	$	200,683	$	212,136	4	%	8	%

Net income (GAAP)	j	$	143,269	$	146,182	$	120,144	$	124,080	$	93,531	(2)	%	53	%
Less: Non-interest income adjustments	a	5,532		(6,602)		9,739		3,882		(12,732)		nm		nm
Add: Non-interest expense adjustments	b	3,102		2,995		16,743		10,598		42,888		4	%	(93)	%
Tax effect of adjustments		(2,158)		902		(6,621)		(3,620)		(7,539)		(339)	%	(71)	%
Operating net income (non-GAAP)	m	$	149,745	$	143,477	$	140,005	$	134,940	$	116,148	4	%	29	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Average assets	n	$	51,588,231		$	52,009,017		$	51,981,555		$	52,083,973		$	51,832,356		(1)	%	—	%
Less: Average goodwill and other intangible assets, net		1,528,431			1,559,696			1,588,239			1,619,134			1,652,282			(2)	%	(7)	%
Average tangible assets	o	$	50,059,800		$	50,449,321		$	50,393,316		$	50,464,839		$	50,180,074		(1)	%	—	%

Average common shareholders' equity	p	$	5,226,290		$	5,118,592		$	4,908,239		$	4,985,875		$	4,695,736		2	%	11	%
Less: Average goodwill and other intangible assets, net		1,528,431			1,559,696			1,588,239			1,619,134			1,652,282			(2)	%	(7)	%
Average tangible common equity	q	$	3,697,859		$	3,558,896		$	3,320,000		$	3,366,741		$	3,043,454		4	%	22	%

Weighted average basic shares outstanding	r	208,548			208,545			208,498			208,260			208,083			—	%	—	%
Weighted average diluted shares outstanding	s	209,889			209,454			209,011			208,956			208,739			—	%	1	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.69		$	0.70		$	0.58		$	0.60		$	0.45		(1)	%	53	%
Earnings-per-share - diluted	j / s	$	0.68		$	0.70		$	0.57		$	0.59		$	0.45		(3)	%	51	%
Efficiency ratio (1)	h / f	54.61		%	54.56		%	59.02		%	60.57		%	64.81		%	0.05		(10.20)
Non-interest expense to average assets	h / n	2.06		%	2.08		%	2.16		%	2.22		%	2.58		%	(0.02)		(0.52)
Return on average assets	j / n	1.10		%	1.12		%	0.93		%	0.96		%	0.72		%	(0.02)		0.38
Return on average tangible assets	j / o	1.14		%	1.15		%	0.96		%	0.99		%	0.74		%	(0.01)		0.40
PPNR return on average assets	k / n	1.70		%	1.72		%	1.49		%	1.44		%	1.39		%	(0.02)		0.31
Return on average common equity	j / p	10.91		%	11.36		%	9.85		%	10.01		%	7.90		%	(0.45)		3.01
Return on average tangible common equity	j / q	15.41		%	16.34		%	14.55		%	14.82		%	12.19		%	(0.93)		3.22

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	0.72		$	0.69		$	0.67		$	0.65		$	0.56		4	%	29	%
Operating earnings-per-share - diluted (2)	m / s	$	0.71		$	0.69		$	0.67		$	0.65		$	0.56		3	%	27	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	52.51		%	53.89		%	53.56		%	56.97		%	57.31		%	(1.38)		(4.80)
Operating non-interest expense to average assets	i / n	2.03		%	2.05		%	2.03		%	2.14		%	2.25		%	(0.02)		(0.22)
Operating return on average assets (2)	m / n	1.15		%	1.10		%	1.08		%	1.04		%	0.89		%	0.05		0.26
Operating return on average tangible assets (2)	m / o	1.19		%	1.13		%	1.12		%	1.08		%	0.92		%	0.06		0.27
Operating PPNR return on average assets (2)	l / n	1.77		%	1.69		%	1.70		%	1.55		%	1.62		%	0.08		0.15
Operating return on average common equity (2)	m / p	11.40		%	11.15		%	11.47		%	10.89		%	9.81		%	0.25		1.59
Operating return on average tangible common equity (2)	m / q	16.11		%	16.04		%	16.96		%	16.12		%	15.14		%	0.07		0.97


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	266,576		$	271,358		$	279,244		$	287,516		$	337,176		(2)	%	(21)	%
Less: Non-interest expense adjustments	b	(3,102)			(2,995)			(16,743)			(10,598)			(42,888)			4	%	(93)	%
Operating non-interest expense (non-GAAP)	i	263,474			268,363			262,501			276,918			294,288			(2)	%	(10)	%
Less: B&O taxes	t	(3,495)			(3,248)			(3,183)			(3,223)			(2,727)			8	%	28	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	259,979		$	265,115		$	259,318		$	273,695		$	291,561		(2)	%	(11)	%

Net interest income (tax equivalent) (1)	v	$	438,424		$	431,184		$	428,434		$	424,344		$	454,730		2	%	(4)	%
Non-interest income (GAAP)	d	49,747			66,159			44,703			50,357			65,533			(25)	%	(24)	%
Add: BOLI tax equivalent adjustment (1)	w	1,390			1,248			1,291			1,809			1,182			11	%	18	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	489,561			498,591			474,428			476,510			521,445			(2)	%	(6)	%
Less: Non-interest income adjustments	a	5,532			(6,602)			9,739			3,882			(12,732)			nm		nm
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	495,093		$	491,989		$	484,167		$	480,392		$	508,713		1	%	(3)	%

Efficiency ratio (1) (2)	h / f	54.61		%	54.56		%	59.02		%	60.57		%	64.81		%	0.05		(10.20)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	52.51		%	53.89		%	53.56		%	56.97		%	57.31		%	(1.38)		(4.80)

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Year Ended				% Change
($ in thousands)		Dec 31, 2024		Dec 31, 2023		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	24	$	13	85	%
(Loss) gain on equity securities, net		(392)		2,300		(117)	%
Gain (loss) on swap derivatives		1,667		(4,597)		nm
Change in fair value of certain loans held for investment		(10,476)		2,630		(498)	%
Change in fair value of MSR due to valuation inputs or assumptions		5,229		(6,122)		nm
MSR hedge loss		(8,603)		(4,693)		83	%
Total non-interest income adjustments	a	$	(12,551)	$	(10,469)	20	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	23,713	$	171,659	(86)	%
Exit and disposal costs		3,993		10,218		(61)	%
FDIC special assessment (2)		5,732		32,923		(83)	%
Total non-interest expense adjustments	b	$	33,438	$	214,800	(84)	%

Net interest income	c	$	1,718,402	$	1,793,171	(4)	%

Non-interest income (GAAP)	d	$	210,966	$	203,927	3	%
Less: Non-interest income adjustments	a	12,551		10,469		20	%
Operating non-interest income (non-GAAP)	e	$	223,517	$	214,396	4	%

Revenue (GAAP)	f=c+d	$	1,929,368	$	1,997,098	(3)	%
Operating revenue (non-GAAP)	g=c+e	$	1,941,919	$	2,007,567	(3)	%

Non-interest expense (GAAP)	h	$	1,104,694	$	1,312,700	(16)	%
Less: Non-interest expense adjustments	b	(33,438)		(214,800)		(84)	%
Operating non-interest expense (non-GAAP)	i	$	1,071,256	$	1,097,900	(2)	%

Net income (GAAP)	j	$	533,675	$	348,715	53	%
Provision for income taxes		185,075		122,484		51	%
Income before provision for income taxes		718,750		471,199		53	%
Provision for credit losses		105,924		213,199		(50)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	824,674		684,398		20	%
Less: Non-interest income adjustments	a	12,551		10,469		20	%
Add: Non-interest expense adjustments	b	33,438		214,800		(84)	%
Operating PPNR (non-GAAP)	l	$	870,663	$	909,667	(4)	%

Net income (GAAP)	j	$	533,675	$	348,715	53	%
Less: Non-interest income adjustments	a	12,551		10,469		20	%
Add: Non-interest expense adjustments	b	33,438		214,800		(84)	%
Tax effect of adjustments		(11,497)		(52,567)		(78)	%
Operating net income (non-GAAP)	m	$	568,167	$	521,417	9	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Year Ended						% Change
($ in thousands)		Dec 31, 2024			Dec 31, 2023			Year over Year
Average assets	n	$	51,915,054		$	49,496,319		5	%
Less: Average goodwill and other intangible assets, net		1,573,712			1,423,075			11	%
Average tangible assets	o	$	50,341,342		$	48,073,244		5	%

Average common shareholders' equity	p	$	5,060,365		$	4,466,725		13	%
Less: Average goodwill and other intangible assets, net		1,573,712			1,423,075			11	%
Average tangible common equity	q	$	3,486,653		$	3,043,650		15	%

Weighted average basic shares outstanding	r	208,463			195,304			7	%
Weighted average diluted shares outstanding	s	209,337			195,871			7	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	2.56		$	1.79		43	%
Earnings-per-share - diluted	j / s	$	2.55		$	1.78		43	%
Efficiency ratio (1)	h / f	57.14		%	65.59		%	(8.45)
Non-interest expense to average assets	h/n	2.13		%	2.65		%	(0.52)
Return on average assets	j / n	1.03		%	0.70		%	0.33
Return on average tangible assets	j / o	1.06		%	0.73		%	0.33
PPNR return on average assets	k/n	1.59		%	1.38		%	0.21
Return on average common equity	j / p	10.55		%	7.81		%	2.74
Return on average tangible common equity	j / q	15.31		%	11.46		%	3.85

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	2.73		$	2.67		2	%
Operating earnings-per-share - diluted (2)	m / s	$	2.71		$	2.66		2	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	54.22		%	53.87		%	0.35
Operating non-interest expense to average assets	i/n	2.06		%	2.22		%	(0.16)
Operating return on average assets (2)	m / n	1.09		%	1.05		%	0.04
Operating return on average tangible assets (2)	m / o	1.13		%	1.08		%	0.05
Operating PPNR return on average assets (2)	l / n	1.68		%	1.84		%	(0.16)
Operating return on average common equity (2)	m / p	11.23		%	11.67		%	(0.44)
Operating return on average tangible common equity (2)	m / q	16.30		%	17.13		%	(0.83)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Year Ended						% change
($ in thousands)		Dec 31, 2024			Dec 31, 2023			Year over Year
Non-interest expense (GAAP)	h	$	1,104,694		$	1,312,700		(16)	%
Less: Non-interest expense adjustments	b	(33,438)			(214,800)			(84)	%
Operating non-interest expense (non-GAAP)	i	1,071,256			1,097,900			(2)	%
Less: B&O taxes	t	(13,149)			(11,778)			12	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	1,058,107		$	1,086,122		(3)	%

Net interest income (tax equivalent) (1)	v	$	1,722,386		$	1,797,298		(4)	%
Non-interest income (GAAP)	d	210,966			203,927			3	%
Add: BOLI tax equivalent adjustment (1)	w	5,738			4,677			23	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	1,939,090			2,005,902			(3)	%
Less: Non-interest income adjustments	a	12,551			10,469			20	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	1,951,641		$	2,016,371		(3)	%

Efficiency ratio (1), (2)	h /f	57.14		%	65.59		%	(8.45)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	54.22		%	53.87		%	0.35


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Seq. Quarter		Year over Year
Loans and leases interest income	a	$	571,613	$	587,481	$	582,246	$	574,519	$	577,092	(3)	%	(1)	%
Less: Acquired loan accretion - rate related (2), (3)	b	22,188		21,963		24,942		23,482		26,914		1	%	(18)	%

Less: Acquired loan accretion - credit related (3)	c	4,313		4,127		4,835		5,119		5,430		5	%	(21)	%

Adjusted loans and leases interest income	d=a-b-c	$	545,112	$	561,391	$	552,469	$	545,918	$	544,748	(3)	%	—	%

Taxable securities interest income	e	$	77,932	$	78,755	$	81,723	$	78,724	$	82,872	(1)	%	(6)	%

Less: Acquired taxable securities accretion - rate related	f	36,980		35,359		40,120		31,527		34,290		5	%	8	%
Adjusted Taxable securities interest income	g=e-f	$	40,952	$	43,396	$	41,603	$	47,197	$	48,582	(6)	%	(16)	%

Non-taxable securities interest income (1)	h	$	7,903	$	7,821	$	7,889	$	7,886	$	8,073	1	%	(2)	%

Less: Acquired non-taxable securities accretion - rate related	i	2,274		2,241		2,256		2,270		2,309		1	%	(2)	%
Adjusted Taxable securities interest income (1)	j=h-i	$	5,629	$	5,580	$	5,633	$	5,616	$	5,764	1	%	(2)	%

Interest income (1)	k	$	677,634	$	699,862	$	696,521	$	685,207	$	692,741	(3)	%	(2)	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	61,442		59,563		67,318		57,279		63,513		3	%	(3)	%
Less: Acquired loan accretion - credit related (3)	c	4,313		4,127		4,835		5,119		5,430		5	%	(21)	%
Adjusted interest income (1)	m=k-l-c	$	611,879	$	636,172	$	624,368	$	622,809	$	623,798	(4)	%	(2)	%

Interest-bearing deposits interest expense	n	$	189,037	$	208,027	$	207,307	$	198,435	$	170,659	(9)	%	11	%
Less: Acquired deposit accretion	o	—		—		—		—		(187)		nm		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	189,037	$	208,027	$	207,307	$	198,435	$	170,846	(9)	%	11	%

Interest expense	q	$	239,210	$	268,678	$	268,087	$	260,863	$	238,011	(11)	%	1	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(57)		(57)		(57)		(57)		(244)		—	%	(77)	%
Adjusted interest expense	s=q-r	$	239,267	$	268,735	$	268,144	$	260,920	$	238,255	(11)	%	—	%

Net Interest Income (1)	t	$	438,424	$	431,184	$	428,434	$	424,344	$	454,730	2	%	(4)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	61,499		59,620		67,375		57,336		63,757		3	%	(4)	%
Less: Acquired loan accretion - credit related (3)	c	4,313		4,127		4,835		5,119		5,430		5	%	(21)	%
Adjusted net interest income (1)	v=t-u-c	$	372,612	$	367,437	$	356,224	$	361,889	$	385,543	1	%	(3)	%

Average loans and leases	aa	37,538,617		37,543,561		37,663,396		37,597,101		37,333,310		—	%	1	%
Average taxable securities	ab	7,850,888		7,943,391		7,839,202		8,081,003		7,903,053		(1)	%	(1)	%
Average non-taxable securities	ac	831,021		828,362		825,030		851,342		809,551		—	%	3	%
Average interest-earning assets	ad	47,870,698		48,185,474		48,117,746		48,280,787		47,838,229		(1)	%	—	%
Average interest-bearing deposits	ae	28,245,835		28,019,046		28,041,156		27,742,579		26,622,343		1	%	6	%
Average interest-bearing liabilities	af	31,939,372		32,505,157		32,583,458		32,318,653		31,226,600		(2)	%	2	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Seq. Quarter	Year over Year
Average yield on loans and leases	a / aa	6.05	%	6.22	%	6.20	%	6.13	%	6.13	%	(0.17)	(0.08)
Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.24	%	0.23	%	0.27	%	0.25	%	0.29	%	0.01	(0.05)

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.04	%	0.05	%	0.05	%	0.06	%	0.01	(0.01)
Adjusted average yield on loans and leases	d / aa	5.76	%	5.95	%	5.88	%	5.83	%	5.78	%	(0.19)	(0.02)

Average yield on taxable securities	e / ab	3.97	%	3.97	%	4.17	%	3.90	%	4.19	%	—	(0.22)

Less: Acquired taxable securities accretion - rate related	f / ab	1.87	%	1.77	%	2.06	%	1.57	%	1.72	%	0.10	0.15
Adjusted average yield on taxable securities	g / ab	2.10	%	2.20	%	2.11	%	2.33	%	2.47	%	(0.10)	(0.37)

Average yield on non-taxable securities (1)	h / ac	3.80	%	3.78	%	3.82	%	3.71	%	3.99	%	0.02	(0.19)

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.09	%	1.08	%	1.10	%	1.07	%	1.13	%	0.01	(0.04)
Adjusted yield on non-taxable securities (1)	j / ac	2.71	%	2.70	%	2.72	%	2.64	%	2.86	%	0.01	(0.15)

Average yield on interest-earning assets (1)	k / ad	5.63	%	5.78	%	5.80	%	5.69	%	5.75	%	(0.15)	(0.12)
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.51	%	0.49	%	0.56	%	0.48	%	0.53	%	0.02	(0.02)
Less: Acquired loan accretion - credit related (3)	c / ad	0.03	%	0.04	%	0.04	%	0.04	%	0.05	%	(0.01)	(0.02)
Adjusted average yield on interest-earning assets (1)	m / ad	5.09	%	5.25	%	5.20	%	5.17	%	5.17	%	(0.16)	(0.08)

Average rate on interest-bearing deposits	n / ae	2.66	%	2.95	%	2.97	%	2.88	%	2.54	%	(0.29)	0.12
Less: Acquired deposit accretion	o / ae	—	%	—	%	—	%	—	%	—	%	—	—
Adjusted average rate on interest-bearing deposits	p / ae	2.66	%	2.95	%	2.97	%	2.88	%	2.54	%	(0.29)	0.12

Average rate on interest-bearing liabilities	q / af	2.98	%	3.29	%	3.31	%	3.25	%	3.02	%	(0.31)	(0.04)
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—	%	—	%	—	%	—	—
Adjusted average rate on interest-bearing liabilities	s / af	2.98	%	3.29	%	3.31	%	3.25	%	3.02	%	(0.31)	(0.04)

Net interest margin (1)	t / ad	3.64	%	3.56	%	3.56	%	3.52	%	3.78	%	0.08	(0.14)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.51	%	0.49	%	0.56	%	0.48	%	0.53	%	0.02	(0.02)
Less: Acquired loan accretion - credit related (3)	c / ad	0.03	%	0.04	%	0.04	%	0.04	%	0.05	%	(0.01)	(0.02)
Adjusted net interest margin (1)	v / ad	3.10	%	3.03	%	2.96	%	3.00	%	3.20	%	0.07	(0.10)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Year Ended
($ in thousands)		Dec 31, 2024		Dec 31, 2023		Year over Year
Loans and leases interest income	a	$	2,315,859	$	2,109,744	10	%
Less: Acquired loan accretion - rate related (2), (3)	b	92,575		98,257		(6)	%

Less: Acquired loan accretion - credit related (3)	c	18,394		22,706		(19)	%

Adjusted loans and leases interest income	d=a-b-c	$	2,204,890	$	1,988,781	11	%

Taxable securities interest income	e	$	317,134	$	289,944	9	%

Less: Acquired taxable securities accretion - rate related	f	143,986		123,666		16	%
Adjusted Taxable securities interest income	g=e-f	$	173,148	$	166,278	4	%

Non-taxable securities interest income (1)	h	$	31,499	$	28,236	12	%

Less: Acquired non-taxable securities accretion - rate related	i	9,041		7,772		16	%
Adjusted Taxable securities interest income (1)	j=h-i	$	22,458	$	20,464	10	%

Interest income (1)	k	$	2,759,224	$	2,543,454	8	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	245,602		229,695		7	%
Less: Acquired loan accretion - credit related (3)	c	18,394		22,706		(19)	%
Adjusted interest income (1)	m=k-l-c	$	2,495,228	$	2,291,053	9	%

Interest-bearing deposits interest expense	n	$	802,806	$	461,654	74	%
Less: Acquired deposit accretion	o	—		(933)		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	802,806	$	462,587	74	%

Interest expense	q	$	1,036,838	$	746,156	39	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(228)		(1,161)		(80)	%
Adjusted interest expense	s=q-r	$	1,037,066	$	747,317	39	%

Net Interest Income (1)	t	$	1,722,386	$	1,797,298	(4)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	245,830		230,856		6	%
Less: Acquired loan accretion - credit related (3)	c	18,394		22,706		(19)	%
Adjusted net interest income (1)	v=t-u-c	$	1,458,162	$	1,543,736	(6)	%

Average loans and leases	aa	37,585,426		35,412,594		6	%
Average taxable securities	ab	7,928,449		7,479,573		6	%
Average non-taxable securities	ac	833,915		740,376		13	%
Average interest-earning assets	ad	48,113,208		45,867,566		5	%
Average interest-bearing deposits	ae	28,012,811		23,981,118		17	%
Average interest-bearing liabilities	af	32,336,035		29,194,822		11	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Year Ended
($ in thousands)		Dec 31, 2024		Dec 31, 2023		Year over Year
Average yield on loans and leases	a / aa	6.15	%	5.95	%	0.20

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.25	%	0.28	%	(0.03)

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.06	%	(0.01)
Adjusted average yield on loans and leases	d / aa	5.85	%	5.61	%	0.24

Average yield on taxable securities	e / ab	4.00	%	3.88	%	0.12

Less: Acquired taxable securities accretion - rate related	f / ab	1.82	%	1.65	%	0.17
Adjusted average yield on taxable securities	g / ab	2.18	%	2.23	%	(0.05)

Average yield on non-taxable securities (1)	h / ac	3.78	%	3.81	%	(0.03)

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.08	%	1.05	%	0.03
Adjusted yield on non-taxable securities (1)	j / ac	2.70	%	2.76	%	(0.06)

Average yield on interest-earning assets (1)	k / ad	5.73	%	5.54	%	0.19
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.51	%	0.50	%	0.01
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted average yield on interest-earning assets (1)	m / ad	5.18	%	4.99	%	0.19

Average rate on interest-bearing deposits	n / ae	2.87	%	1.93	%	0.94
Less: Acquired deposit accretion	o / ae	—	%	—	%	—
Adjusted average rate on interest-bearing deposits	p / ae	2.87	%	1.93	%	0.94

Average rate on interest-bearing liabilities	q / af	3.21	%	2.56	%	0.65
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—
Adjusted average rate on interest-bearing liabilities	s / af	3.21	%	2.56	%	0.65

Net interest margin (1)	t / ad	3.57	%	3.91	%	(0.34)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.51	%	0.50	%	0.01
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted net interest margin (1)	v / ad	3.02	%	3.36	%	(0.34)


			TABLE INDEX
						Page
			Consolidated Statements of Income			6
			Consolidated Balance Sheets			8
			Financial Highlights			9
			Loan & Lease Portfolio Balances and Mix			11
			Deposit Portfolio Balances and Mix			12
			Credit Quality - Non-performing Assets			13
			Credit Quality - Allowance for Credit Losses			14
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			16
			Residential Mortgage Banking Activity			18
			GAAP to Non-GAAP Reconciliation			20