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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
 
 
Date of Report: January 23, 2025
(Date of earliest event reported)
 
Columbia Banking System, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Washington000-2028891-1422237
(State or Other Jurisdiction of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
 
1301 A Street
Tacoma, Washington 98402-2156
(address of Principal Executive Offices)(Zip Code)
 
(253) 305-1900

(Registrant's Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ☐ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ☐ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ☐ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ☐ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE
Common Stock, No Par ValueCOLBThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ☐ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]





Item 2.02Results of Operations and Financial Condition.
 
On January 23, 2025, Columbia Banking System, Inc. issued a press release announcing fourth quarter and full year 2024 financial results. The release is attached hereto as Exhibit 99.1. The information included in the press release is considered to be "furnished" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Columbia Banking System, Inc. will include final financial statements and additional analyses for the year ended December 31, 2024 as part of its annual report on Form 10-K covering that period.
 
Item 7.01Regulation FD Disclosure.
 
Columbia Banking System, Inc. is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on January 23, 2025. The slides are included as Exhibit 99.2 to this report and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.
(d)EXHIBITS
 
 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Columbia Banking System, Inc.
(Registrant)
 
Dated: January 23, 2025
By: /s/ Ronald L. Farnsworth 
      Ronald L. Farnsworth
      Executive Vice President/Chief Financial Officer



EXHIBIT 99.1


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00
COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2024 RESULTS
$143 million$150 million$0.68$0.71
Net incomeOperating net income 1Earnings per diluted common share
Operating earnings per diluted common share 1
0
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 $700 million in new deposits to the bank in 2024.
•Our 2025 branch plans include the opening of five additional locations in strategic growth markets throughout our footprint. The expansion reflects the reinvestment of savings generated from four net branch consolidations in 2024.
4Q24 KEY FINANCIAL DATA
PERFORMANCE METRICS
4Q24
3Q24
4Q23
Return on average assets1.10%1.12%0.72%
Return on average common equity10.91%11.36%7.90%
Return on average tangible common equity 1
15.41%16.34%12.19%
Operating return on average assets 1
1.15%1.10%0.89%
Operating return on average common equity 1
11.40%11.15%9.81%
Operating return on average tangible common equity 1
16.11%16.04%15.14%
Net interest margin3.64%3.56%3.78%
Efficiency ratio54.61%54.56%64.81%
Operating efficiency ratio, as adjusted 1
52.51%53.89%57.31%
INCOME STATEMENT
($ 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
Investor Contact
Jacquelynne "Jacque" Bohlen, SVP/Investor Relations Director, 503-727-4100, jacquebohlen@umpquabank.com
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 2
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") completed an enterprise-wide evaluation of our operations in early 2024, which resulted in $82 million in annualized cost savings realized during the year. The reinvestment of $12 million of the achieved savings is ongoing and in support of new locations in targeted growth markets, the addition of experienced bankers throughout our footprint, and products and technologies that create operational efficiencies and revenue growth opportunities. During 2024, we opened our first two branches in Arizona and strategically relocated offices in other markets, with our net branch count declining by four given other consolidations. Looking to 2025, we have five branches slated to open in the coming months in support of our customers and bankers. Key technology enhancements during 2024 include the introduction of a new business online banking platform designed specifically to meet the needs of our small business customers, and we adopted a new customer relationship management ("CRM") tool. Planned reinvestments in 2025 include continued investment in our customer-focused technology stack to not only create operational efficiencies, but also support an elevated customer experience to enhance customer satisfaction and drive additional revenue opportunities through needs-based solutions.

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

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

Columbia's net interest margin was 3.64% for the fourth quarter of 2024, up 8 basis points from the third quarter of 2024. A reduction in deposit costs more than offset lower loan yields as the net interest margin further benefited from the favorable balance sheet funding mix shift into lower-cost sources that occurred throughout the quarter. The cost of interest-bearing deposits decreased 29 basis points from the prior quarter to 2.66% for the fourth quarter of 2024, which compares 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."

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

Non-interest Income
Non-interest income was $50 million for the fourth quarter of 2024, down $16 million from the prior quarter. The decrease was driven by quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, due to interest rate flucations during the quarter, collectively resulting in a net fair value loss of $6 million in the fourth quarter compared to a net fair value gain of $7 million in the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was down $4 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.

2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 3
Non-interest Expense
Non-interest expense was $267 million for the fourth quarter of 2024, down $5 million from the prior quarter. Excluding merger and restructuring expense and exit and disposal costs, non-interest expense was $263 million3, also down $5 million from the prior quarter due to a $5 million decline in benefits expense, which was partially affected by elevated group insurance costs in the third quarter. Higher repairs and maintenance expense was partially offset by lower FDIC assessments due to run rate adjustments in the quarter. Please refer to the Q4 2024 Earnings Presentation for additional expense details.

Balance Sheet
Total consolidated assets were $51.6 billion as of 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.

Total deposits were $41.7 billion as of December 31, 2024, an increase of $206 million relative to September 30, 2024. Customer deposits decreased $282 million during the quarter, due in part to anticipated customer balance declines during December. Columbia utilized excess cash, FHLB Advances, and brokered CDs to offset the decline in customer deposits and fully repay $1.3 billion in borrowings from the Federal Reserve Bank Term Funding Program, which resulted in a net decrease of $550 million in term debt during the fourth quarter. Please refer to the Q4 2024 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality
The allowance for credit losses was $441 million, or 1.17% of loans and leases, compared to $438 million, or 1.17% of loans and leases, as of September 30, 2024. The provision for credit losses was $28 million for the fourth quarter of 2024, and it reflects credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

Net charge-offs were 0.27% of average loans and leases (annualized) for the fourth quarter of 2024, compared to 0.31% for the third quarter of 2024. Net charge-offs in the FinPac portfolio were $19 million in the fourth quarter, down slightly from the third quarter as improvement continues within the transportation sector of the portfolio. Net charge-offs excluding the FinPac portfolio were $6 million in the fourth quarter, compared to $9 million in the third quarter. Non-performing assets were $170 million, or 0.33% of total assets, as of 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.

Capital
Columbia's book value per common share was $24.43 as of December 31, 2024, compared to $25.17 as of September 30, 2024. Organic net capital generation was more than offset by a change in accumulated other comprehensive (loss) income ("AOCI") to $(462) million at December 31, 2024, compared to $(234) million at the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $434 million as of December 31, 2024, compared to $219 million as of September 30, 2024. Tangible book value per common share3 was $17.20 as of December 31, 2024, compared to $17.81 as of September 30, 2024.

Columbia's estimated total risk-based capital ratio was 12.6% and its estimated common equity tier 1 risk-based capital ratio was 10.5% as of December 31, 2024, compared to 12.5% and 10.3%, respectively, as of September 30, 2024. Columbia remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of December 31, 2024 are estimates, pending completion and filing of Columbia's regulatory reports.

3 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 4
Earnings Presentation and Conference Call Information
Columbia's Q4 2024 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

Columbia will host its fourth quarter 2024 earnings conference call on January 23, 2025, at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its fourth quarter 2024 financial results. Participants may register for the call using the link below to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.

Register for the call: https://register.vevent.com/register/BI7bdd9cdcf3dd40b195814a011d060fbe
Join the audiocast: https://edge.media-server.com/mmc/p/322v8qj5/
Access the replay through Columbia's investor relations page: www.columbiabankingsystem.com

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

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





Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 5


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 6
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
 Quarter Ended% Change
($ in thousands, except per share data)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq.
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: 
Taxable75,254 76,074 78,828 75,017 78,010 (1)%(4)%
Exempt from federal income tax6,852 6,855 6,904 6,904 6,966 — %(2)%
Dividends2,678 2,681 2,895 3,707 4,862 — %(45)%
Temporary investments and interest bearing deposits18,956 24,683 23,035 23,553 24,055 (23)%(21)%
Total interest income676,583 698,896 695,536 684,225 691,634 (3)%(2)%
Interest expense:     
Deposits189,037 208,027 207,307 198,435 170,659 (9)%11 %
Securities sold under agreement to repurchase and federal funds purchased971 1,121 1,515 1,266 1,226 (13)%(21)%
Borrowings39,912 49,636 49,418 51,275 56,066 (20)%(29)%
Junior and other subordinated debentures9,290 9,894 9,847 9,887 10,060 (6)%(8)%
Total interest expense239,210 268,678 268,087 260,863 238,011 (11)%1 %
Net interest income437,373 430,218 427,449 423,362 453,623 2 %(4)%
Provision for credit losses28,199 28,769 31,820 17,136 54,909 (2)%(49)%
Non-interest income:     
Service charges on deposits18,401 18,549 18,503 16,064 17,349 (1)%6 %
Card-based fees14,634 14,591 14,681 13,183 14,593 — %— %
Financial services and trust revenue5,265 5,083 5,396 4,464 3,011 4 %75 %
Residential mortgage banking revenue, net6,958 6,668 5,848 4,634 4,212 4 %65 %
Gain (loss) on sale of debt securities, net10 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 income4,742 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 income49,747 66,159 44,703 50,357 65,533 (25)%(24)%
Non-interest expense:     
Salaries and employee benefits141,958 147,268 145,066 154,538 157,572 (4)%(10)%
Occupancy and equipment, net46,878 45,056 45,147 45,291 48,160 4 %(3)%
Intangible amortization29,055 29,055 29,230 32,091 33,204 — %(12)%
FDIC assessments8,121 9,332 9,664 14,460 42,510 (13)%(81)%
Merger and restructuring expense2,230 2,364 14,641 4,478 7,174 (6)%(69)%
Other expenses38,334 38,283 35,496 36,658 48,556 — %(21)%
Total non-interest expense266,576 271,358 279,244 287,516 337,176 (2)%(21)%
Income before provision for income taxes192,345 196,250 161,088 169,067 127,071 (2)%51 %
Provision for income taxes49,076 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 outstanding208,548 208,545 208,498 208,260 208,083 — %— %
Weighted average diluted shares outstanding209,889 209,454 209,011 208,956 208,739 — %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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 7

Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
 Year Ended% Change
($ in thousands, except per share data)Dec 31, 2024Dec 31, 2023Year over Year
Interest income:   
Loans and leases$2,320,364 $2,113,615 10 %
Interest and dividends on investments:
Taxable305,173 276,841 10 %
Exempt from federal income tax27,515 24,109 14 %
Dividends11,961 13,103 (9)%
Temporary investments and interest bearing deposits90,227 111,659 (19)%
Total interest income2,755,240 2,539,327 9 %
Interest expense: 
Deposits802,806 461,654 74 %
Securities sold under agreement to repurchase and federal funds purchased4,873 3,923 24 %
Borrowings190,241 242,914 (22)%
Junior and other subordinated debentures38,918 37,665 3 %
Total interest expense1,036,838 746,156 39 %
Net interest income1,718,402 1,793,171 (4)%
Provision for credit losses105,924 213,199 (50)%
Non-interest income: 
Service charges on deposits71,517 65,525 9 %
Card-based fees57,089 55,263 3 %
Financial services and trust revenue20,208 13,471 50 %
Residential mortgage banking revenue, net24,108 16,789 44 %
Gain on sale of debt securities, net24 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 income18,760 15,624 20 %
Other income22,505 30,528 (26)%
Total non-interest income210,966 203,927 3 %
Non-interest expense: 
Salaries and employee benefits588,830 616,103 (4)%
Occupancy and equipment, net182,372 183,480 (1)%
Intangible amortization119,431 111,296 7 %
FDIC assessments41,577 71,402 (42)%
Merger and restructuring expense23,713 171,659 (86)%
Other expenses148,771 158,760 (6)%
Total non-interest expense1,104,694 1,312,700 (16)%
Income before provision for income taxes718,750 471,199 53 %
Provision for income taxes185,075 122,484 51 %
Net income$533,675 $348,715 53 %
Weighted average basic shares outstanding208,463 195,304 7 %
Weighted average diluted shares outstanding209,337 195,871 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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 8
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
    % Change
($ in thousands, except per share data)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq.
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 investments1,381,589 1,519,658 1,553,568 1,760,902 1,664,038 (9)%(17)%
Investment securities:     
Equity and other, at fair value78,133 79,996 77,221 77,203 76,995 (2)%1 %
Available for sale, at fair value8,274,615 8,676,807 8,503,000 8,616,545 8,829,870 (5)%(6)%
Held to maturity, at amortized cost2,101 2,159 2,203 2,247 2,300 (3)%(9)%
Loans held for sale71,535 66,639 56,310 47,201 30,715 7 %133 %
Loans and leases37,680,901 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 leases37,256,272 37,082,948 37,291,316 37,228,069 37,001,080 — %1 %
Restricted equity securities150,024 116,274 116,274 116,274 179,274 29 %(16)%
Premises and equipment, net348,670 338,107 337,842 336,869 338,970 3 %3 %
Operating lease right-of-use assets111,227 106,224 108,278 113,833 115,811 5 %(4)%
Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Other intangible assets, net484,248 513,303 542,358 571,588 603,679 (6)%(20)%
Residential mortgage servicing rights, at fair value108,358 101,919 110,039 110,444 109,243 6 %(1)%
Bank-owned life insurance693,839 691,160 686,485 682,293 680,948 — %2 %
Deferred tax asset, net359,425 286,432 361,773 356,031 347,203 25 %4 %
Other assets730,461 706,375 756,319 735,058 665,740 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-bearing28,412,827 27,980,623 28,041,656 27,897,606 27,350,568 2 %4 %
  Total deposits41,720,732 41,514,688 41,523,272 41,706,160 41,607,020 — %— %
Securities sold under agreements to repurchase236,627 183,833 197,860 213,573 252,119 29 %(6)%
Borrowings3,100,000 3,650,000 3,900,000 3,900,000 3,950,000 (15)%(22)%
Junior subordinated debentures, at fair value330,895 311,896 310,187 309,544 316,440 6 %5 %
Junior and other subordinated debentures, at amortized cost107,668 107,725 107,781 107,838 107,895 — %— %
Operating lease liabilities125,710 121,298 123,082 129,240 130,576 4 %(4)%
Other liabilities836,541 745,331 908,629 900,406 814,512 12 %3 %
Total liabilities46,458,173 46,634,771 47,070,811 47,266,761 47,178,562 — %(2)%
Shareholders' equity:     
Common stock5,817,458 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' equity5,118,224 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 end209,536 209,532 209,459 209,370 208,585 — %— %



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 9
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
 Quarter Ended% Change
 Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear 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 equity10.91 %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 leases6.05 %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 deposits2.66 %2.95 %2.97 %2.88 %2.54 %(0.29)0.12 
Cost of interest bearing liabilities2.98 %3.29 %3.31 %3.25 %3.02 %(0.31)(0.04)
Cost of total deposits1.80 %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 assets3.29 %3.74 %3.51 %3.56 %3.64 %(0.45)(0.35)
Average loans and leases / Average interest earning assets78.42 %77.91 %78.27 %77.87 %78.04 %0.51 0.38 
Average loans and leases / Average total deposits89.77 %90.42 %90.61 %90.41 %89.91 %(0.65)(0.14)
Average non-interest bearing deposits / Average total deposits32.45 %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 leases1.17 %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 
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
(4) Estimated holding company ratios.
(5) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.
(6) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.




Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 10
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Year Ended% Change
 Dec 31, 2024Dec 31, 2023Year 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 assets1.03 %0.70 %0.33 
PPNR ROAA (1)
1.59 %1.38 %0.21 
Return on average common equity10.55 %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 leases6.15 %5.95 %0.20 
Yield on earning assets (2)
5.73 %5.54 %0.19 
Cost of interest bearing deposits2.87 %1.93 %0.94 
Cost of interest bearing liabilities3.21 %2.56 %0.65 
Cost of total deposits1.93 %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 assets3.53 %4.68 %(1.15)
Average loans and leases / Average interest earning assets78.12 %77.21 %0.91 
Average loans and leases / Average total deposits90.30 %91.01 %(0.71)
Average non-interest bearing deposits / Average total deposits32.70 %38.37 %(5.67)
Average total deposits / Average total funding (3)
90.59 %88.18 %2.41 

(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
(4) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.
(5) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.




Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 11
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023% Change
($ in thousands)AmountAmountAmountAmountAmountSeq. QuarterYear 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, net5,270,294 5,210,485 5,230,511 5,231,676 5,195,605 1 %1 %
Multifamily, net5,804,364 5,779,737 5,868,848 5,828,960 5,704,734 — %2 %
Construction & development, net1,983,213 1,988,923 1,946,693 1,728,652 1,747,302 — %14 %
Residential development, net231,647 244,579 269,106 284,117 323,899 (5)%(28)%
Commercial:
Term, net5,537,618 5,429,209 5,559,548 5,544,450 5,536,765 2 %— %
Lines of credit & other, net2,769,643 2,640,669 2,558,633 2,491,557 2,430,127 5 %14 %
Leases & equipment finance, net1,660,835 1,670,427 1,701,943 1,706,759 1,729,512 (1)%(4)%
Residential:
Mortgage, net5,933,352 5,944,734 5,992,163 6,128,884 6,157,166 — %(4)%
Home equity loans & lines, net2,031,653 2,017,336 1,982,786 1,950,421 1,938,166 1 %5 %
   Consumer & other, net180,128 185,097 192,405 189,169 195,735 (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, net17 %17 %17 %17 %17 %
   Owner occupied term, net14 %14 %14 %14 %14 %
   Multifamily, net15 %15 %15 %15 %15 %
Construction & development, net5 %5 %5 %5 %5 %
Residential development, net1 %1 %1 %1 %1 %
Commercial:
Term, net15 %15 %15 %15 %15 %
Lines of credit & other, net7 %7 %6 %6 %6 %
Leases & equipment finance, net4 %4 %5 %5 %5 %
Residential:
Mortgage, net16 %16 %16 %16 %16 %
Home equity loans & lines, net5 %5 %5 %5 %5 %
   Consumer & other, net1 %1 %1 %1 %1 %
Total100 %100 %100 %100 %100 %




Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 12
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023% Change
($ in thousands)AmountAmountAmountAmountAmountSeq. QuarterYear 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 bearing8,475,693 8,444,424 8,195,284 8,095,211 8,044,432 0 %5 %
Money market11,475,055 11,351,066 10,927,813 10,822,498 10,324,454 1 %11 %
Savings2,360,040 2,450,924 2,508,598 2,640,060 2,754,113 (4)%(14)%
Time6,102,039 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 bearing32 %33 %33 %34 %34 %
Demand, interest bearing20 %20 %20 %19 %19 %
Money market27 %27 %26 %26 %25 %
Savings6 %6 %6 %6 %7 %
Time15 %14 %15 %15 %15 %
Total100 %100 %100 %100 %100 %
 
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 13
Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
 (Unaudited)
 Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear 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, net57,146 61,464 54,986 58,960 45,682 (7)%25 %
Total loans and leases on non-accrual status96,478 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, net4,684 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, net179 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 owned2,666 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 leases0.28 %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 

(1) Non-accrual and 90+ days past due loans include government guarantees of $73.6 million, $65.8 million, $64.6 million, $43.0 million, and $31.6 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.

(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $2.4 million, $3.7 million, $1.0 million, $1.6 million, and $1.0 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 14

Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear 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 leases30,230 30,498 34,760 17,476 53,183 (1)%(43)%
Charge-offs
Commercial real estate, net(2,935)— (585)(161)(629)nm367 %
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, net3 44 551 358 35 (93)%(91)%
Commercial, net4,104 5,258 4,198 4,732 4,414 (22)%(7)%
Residential, net163 143 411 170 781 14 %(79)%
Consumer & other, net339 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)nm394 %
Commercial, net(21,676)(27,387)(29,363)(42,500)(27,535)(21)%(21)%
Residential, net137 (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 period16,168 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-offs15.23 %16.76 %15.93 %11.56 %16.33 %(1.53)(1.10)
ACLLL to loans and leases1.13 %1.12 %1.11 %1.10 %1.18 %0.01 (0.05)
ACL to loans and leases1.17 %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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 15

Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Year Ended% Change
($ in thousands)Dec 31, 2024Dec 31, 2023Year 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, net956 333 187 %
Commercial, net18,292 16,884 8 %
Residential, net887 1,123 (21)%
Consumer & other, net1,853 1,899 (2)%
Total recoveries21,988 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 period16,168 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-offs14.54 %17.30 %(2.76)

(1) For the year ended ended December 31, 2023, the provision for credit losses on loans and leases includes $88.4 million initial provision related to non-PCD loans acquired during the period.


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 16
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
December 31, 2024September 30, 2024December 31, 2023
($ in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage 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 securities7,850,888 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 cash1,572,680 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 assets1,528,431 1,559,696 1,652,282 
Other assets2,189,102 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 deposits11,441,154 72,830 2.53 %11,085,499 77,948 2.80 %10,276,894 61,055 2.36 %
Savings deposits2,393,348 680 0.11 %2,480,170 1,085 0.17 %2,880,622 698 0.10 %
Time deposits5,848,516 63,163 4.30 %6,140,692 71,757 4.65 %5,847,400 64,045 4.35 %
Total interest-bearing deposits28,245,835 189,037 2.66 %28,019,046 208,027 2.95 %26,622,343 170,659 2.54 %
Repurchase agreements and federal funds purchased197,843 971 1.95 %194,805 1,121 2.29 %245,989 1,226 1.98 %
Borrowings3,076,087 39,912 5.16 %3,873,913 49,636 5.10 %3,918,261 56,066 5.68 %
Junior and other subordinated debentures419,607 9,290 8.81 %417,393 9,894 9.43 %440,007 10,060 9.07 %
Total interest-bearing liabilities31,939,372 $239,210 2.98 %32,505,157 $268,678 3.29 %31,226,600 $238,011 3.02 %
Non-interest-bearing deposits13,569,118 13,500,235 14,899,001 
Other liabilities853,451 885,033 1,011,019 
Total liabilities46,361,941 46,890,425 47,136,620 
Common equity5,226,290 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 %
(1)Non-accrual loans and leases are included in the average balance.   
(2)Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.1 million for the three months ended December 31, 2024, as compared to $966,000 for the three months ended September 30, 2024 and $1.1 million for the three months ended December 31, 2023. 



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 17
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Year Ended
 December 31, 2024December 31, 2023
($ in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage 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 securities7,928,449 317,134 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 cash1,696,070 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 assets1,573,712 1,423,075 
Other assets2,228,134 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 deposits10,998,452 299,741 2.73 %9,962,837 185,035 1.86 %
Savings deposits2,528,828 3,409 0.13 %2,994,333 3,384 0.11 %
Time deposits6,219,996 284,787 4.58 %4,743,615 176,073 3.71 %
Total interest-bearing deposits28,012,811 802,806 2.87 %23,981,118 461,654 1.93 %
Repurchase agreements and federal funds purchased212,235 4,873 2.30 %269,853 3,923 1.45 %
Borrowings3,691,530 190,241 5.15 %4,522,656 242,914 5.37 %
Junior and other subordinated debentures419,459 38,918 9.28 %421,195 37,665 8.94 %
Total interest-bearing liabilities32,336,035 $1,036,838 3.21 %29,194,822 $746,156 2.56 %
Non-interest-bearing deposits13,608,946 14,927,443 
Other liabilities909,708 907,329 
Total liabilities46,854,689 45,029,594 
Common equity5,060,365 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 %
(1)Non-accrual loans and leases are included in the average balance.   
(2)Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $4.0 million for the year ended December 31, 2024, as compared to $4.1 million for the same period in 2023. 



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 18

Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
 Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Residential mortgage banking revenue:   
Origination and sale$4,519 $5,225 $3,452 $2,920 $2,686 (14)%68 %
Servicing5,947 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 assumptions7,414 (6,540)1,238 3,117 (6,251)nmnm
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 margin2.58 %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 capitalized2,128 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)nmnm
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 portfolio1.36 %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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 19

Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
 Year Ended% Change
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Residential mortgage banking revenue:  
Origination and sale$16,116 $11,881 36 %
Servicing23,932 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 assumptions5,229 (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 margin2.86 %2.69 %0.17 
Residential mortgage servicing rights:   
Balance, beginning of period$109,243 $185,017 (41)%
Additions for new MSR capitalized6,452 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."





Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 20
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
 
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
Quarter Ended% Change
($ in thousands, except per share data)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Total shareholders' equitya$5,118,224 $5,273,828 $4,976,672 $4,957,245 $4,995,034 (3)%2 %
Less: Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Less: Other intangible assets, net484,248 513,303 542,358 571,588 603,679 (6)%(20)%
Tangible common shareholders' equityb$3,604,742 $3,731,291 $3,405,080 $3,356,423 $3,362,121 (3)%7 %
Total assetsc$51,576,397 $51,908,599 $52,047,483 $52,224,006 $52,173,596 (1)%(1)%
Less: Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Less: Other intangible assets, net484,248 513,303 542,358 571,588 603,679 (6)%(20)%
Tangible assetsd$50,062,915 $50,366,062 $50,475,891 $50,623,184 $50,540,683 (1)%(1)%
Common shares outstanding at period end e209,536 209,532 209,459 209,370 208,585 — %— %
Total shareholders' equity to total assets ratioa / c9.92 %10.16 %9.56 %9.49 %9.57 %(0.24)0.35 
Tangible common equity to tangible assets ratiob / d7.20 %7.41 %6.75 %6.63 %6.65 %(0.21)0.55 
Book value per common sharea / e$24.43 $25.17 $23.76 $23.68 $23.95 (3)%2 %
Tangible book value per common shareb / e$17.20 $17.81 $16.26 $16.03 $16.12 (3)%7 %



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 21
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Non-Interest Income Adjustments
Gain (loss) on sale of debt securities, net$10 $3 $(1)$12 $9 233 %11 %
(Loss) gain on equity securities, net(1,424)2,272 325 (1,565)2,636 (163)%(154)%
Gain (loss) on swap derivatives3,642 (3,596)424 1,197 (8,042)nmnm
Change in fair value of certain loans held for investment(7,355)9,365 (10,114)(2,372)19,354 (179)%(138)%
Change in fair value of MSR due to valuation inputs or assumptions7,414 (6,540)1,238 3,117 (6,251)nmnm
MSR hedge (loss) gain(7,819)5,098 (1,611)(4,271)5,026 (253)%(256)%
Total non-interest income adjustmentsa$(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 costs872 631 1,218 1,272 2,791 38 %(69)%
    FDIC special assessment (2)
— — 884 4,848 32,923 nm(100)%
Total non-interest expense adjustmentsb$3,102 $2,995 $16,743 $10,598 $42,888 4 %(93)%
Net interest incomec$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 adjustmentsa5,532 (6,602)9,739 3,882 (12,732)nmnm
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 adjustmentsb(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 taxes49,076 50,068 40,944 44,987 33,540 (2)%46 %
Income before provision for income taxes192,345 196,250 161,088 169,067 127,071 (2)%51 %
Provision for credit losses28,199 28,769 31,820 17,136 54,909 (2)%(49)%
Pre-provision net revenue (PPNR) (non-GAAP)k220,544 225,019 192,908 186,203 181,980 (2)%21 %
Less: Non-interest income adjustmentsa5,532 (6,602)9,739 3,882 (12,732)nmnm
Add: Non-interest expense adjustmentsb3,102 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 adjustmentsa5,532 (6,602)9,739 3,882 (12,732)nmnm
Add: Non-interest expense adjustmentsb3,102 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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 22
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands, except per share data)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Average assetsn$51,588,231 $52,009,017 $51,981,555 $52,083,973 $51,832,356 (1)%— %
Less: Average goodwill and other intangible assets, net1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 (2)%(7)%
Average tangible assetso$50,059,800 $50,449,321 $50,393,316 $50,464,839 $50,180,074 (1)%— %
Average common shareholders' equityp$5,226,290 $5,118,592 $4,908,239 $4,985,875 $4,695,736 2 %11 %
Less: Average goodwill and other intangible assets, net1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 (2)%(7)%
Average tangible common equityq$3,697,859 $3,558,896 $3,320,000 $3,366,741 $3,043,454 4 %22 %
Weighted average basic shares outstanding r208,548 208,545 208,498 208,260 208,083 — %— %
Weighted average diluted shares outstanding s209,889 209,454 209,011 208,956 208,739 — %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 - dilutedj / s$0.68 $0.70 $0.57 $0.59 $0.45 (3)%51 %
Efficiency ratio (1)
h / f54.61 %54.56 %59.02 %60.57 %64.81 %0.05 (10.20)
Non-interest expense to average assetsh / n2.06 %2.08 %2.16 %2.22 %2.58 %(0.02)(0.52)
Return on average assetsj / n1.10 %1.12 %0.93 %0.96 %0.72 %(0.02)0.38 
Return on average tangible assetsj / o1.14 %1.15 %0.96 %0.99 %0.74 %(0.01)0.40 
PPNR return on average assetsk / n1.70 %1.72 %1.49 %1.44 %1.39 %(0.02)0.31 
Return on average common equityj / p10.91 %11.36 %9.85 %10.01 %7.90 %(0.45)3.01 
Return on average tangible common equityj / q15.41 %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 / y52.51 %53.89 %53.56 %56.97 %57.31 %(1.38)(4.80)
Operating non-interest expense to average assets i / n2.03 %2.05 %2.03 %2.14 %2.25 %(0.02)(0.22)
Operating return on average assets (2)
m / n1.15 %1.10 %1.08 %1.04 %0.89 %0.05 0.26 
Operating return on average tangible assets (2)
m / o1.19 %1.13 %1.12 %1.08 %0.92 %0.06 0.27 
Operating PPNR return on average assets (2)
l / n1.77 %1.69 %1.70 %1.55 %1.62 %0.08 0.15 
Operating return on average common equity (2)
m / p11.40 %11.15 %11.47 %10.89 %9.81 %0.25 1.59 
Operating return on average tangible common equity (2)
m / q16.11 %16.04 %16.96 %16.12 %15.14 %0.07 0.97 
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 23
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Non-interest expense (GAAP)h$266,576 $271,358 $279,244 $287,516 $337,176 (2)%(21)%
Less: Non-interest expense adjustmentsb(3,102)(2,995)(16,743)(10,598)(42,888)4 %(93)%
Operating non-interest expense (non-GAAP)i263,474 268,363 262,501 276,918 294,288 (2)%(10)%
Less: B&O taxest(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)d49,747 66,159 44,703 50,357 65,533 (25)%(24)%
Add: BOLI tax equivalent adjustment (1)
w1,390 1,248 1,291 1,809 1,182 11 %18 %
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)x489,561 498,591 474,428 476,510 521,445 (2)%(6)%
Less: Non-interest income adjustmentsa5,532 (6,602)9,739 3,882 (12,732)nmnm
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 / f54.61 %54.56 %59.02 %60.57 %64.81 %0.05 (10.20)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)
u / y52.51 %53.89 %53.56 %56.97 %57.31 %(1.38)(4.80)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.



Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 24

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Year Ended% Change
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net$24 $13 85 %
(Loss) gain on equity securities, net(392)2,300 (117)%
Gain (loss) on swap derivatives1,667 (4,597)nm
Change in fair value of certain loans held for investment(10,476)2,630 (498)%
Change in fair value of MSR due to valuation inputs or assumptions5,229 (6,122)nm
   MSR hedge loss(8,603)(4,693)83 %
Total non-interest income adjustmentsa$(12,551)$(10,469)20 %
Non-Interest Expense Adjustments
Merger and restructuring expense$23,713 $171,659 (86)%
Exit and disposal costs3,993 10,218 (61)%
    FDIC special assessment (2)
5,732 32,923 (83)%
Total non-interest expense adjustmentsb$33,438 $214,800 (84)%
Net interest incomec$1,718,402 $1,793,171 (4)%
Non-interest income (GAAP)d$210,966 $203,927 3 %
Less: Non-interest income adjustmentsa12,551 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 adjustmentsb(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 taxes185,075 122,484 51 %
Income before provision for income taxes718,750 471,199 53 %
Provision for credit losses105,924 213,199 (50)%
Pre-provision net revenue (PPNR) (non-GAAP)k824,674 684,398 20 %
Less: Non-interest income adjustmentsa12,551 10,469 20 %
Add: Non-interest expense adjustmentsb33,438 214,800 (84)%
Operating PPNR (non-GAAP)l$870,663 $909,667 (4)%
Net income (GAAP)j$533,675 $348,715 53 %
Less: Non-interest income adjustmentsa12,551 10,469 20 %
Add: Non-interest expense adjustmentsb33,438 214,800 (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. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 25
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Year Ended% Change
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Average assetsn$51,915,054 $49,496,319 5 %
Less: Average goodwill and other intangible assets, net1,573,712 1,423,075 11 %
Average tangible assetso$50,341,342 $48,073,244 5 %
Average common shareholders' equityp$5,060,365 $4,466,725 13 %
Less: Average goodwill and other intangible assets, net1,573,712 1,423,075 11 %
Average tangible common equityq$3,486,653 $3,043,650 15 %
Weighted average basic shares outstandingr208,463 195,304 7 %
Weighted average diluted shares outstandings209,337 195,871 7 %
Select Per-Share & Performance Metrics
Earnings-per-share - basic j / r$2.56 $1.79 43 %
Earnings-per-share - dilutedj / s$2.55 $1.78 43 %
Efficiency ratio (1)
h / f57.14 %65.59 %(8.45)
Non-interest expense to average assetsh/n2.13 %2.65 %(0.52)
Return on average assetsj / n1.03 %0.70 %0.33 
Return on average tangible assetsj / o1.06 %0.73 %0.33 
PPNR return on average assetsk/n1.59 %1.38 %0.21 
Return on average common equityj / p10.55 %7.81 %2.74 
Return on average tangible common equityj / q15.31 %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 / y54.22 %53.87 %0.35 
Operating non-interest expense to average assetsi/n2.06 %2.22 %(0.16)
Operating return on average assets (2)
m / n1.09 %1.05 %0.04 
Operating return on average tangible assets (2)
m / o1.13 %1.08 %0.05 
Operating PPNR return on average assets (2)
l / n1.68 %1.84 %(0.16)
Operating return on average common equity (2)
m / p11.23 %11.67 %(0.44)
Operating return on average tangible common equity (2)
m / q16.30 %17.13 %(0.83)
    
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.






Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 26
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Year Ended% change
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Non-interest expense (GAAP)h$1,104,694 $1,312,700 (16)%
Less: Non-interest expense adjustmentsb(33,438)(214,800)(84)%
Operating non-interest expense (non-GAAP)i1,071,256 1,097,900 (2)%
Less: B&O taxest(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)d210,966 203,927 3 %
Add: BOLI tax equivalent adjustment (1)
w5,738 4,677 23 %
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)x1,939,090 2,005,902 (3)%
Less: Non-interest income adjustmentsa12,551 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 /f57.14 %65.59 %(8.45)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)
u / y54.22 %53.87 %0.35 

(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 27
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Loans and leases interest incomea$571,613 $587,481 $582,246 $574,519 $577,092 (3)%(1)%
Less: Acquired loan accretion - rate related (2), (3)
b22,188 21,963 24,942 23,482 26,914 1 %(18)%
Less: Acquired loan accretion - credit related (3)
c4,313 4,127 4,835 5,119 5,430 5 %(21)%
Adjusted loans and leases interest incomed=a-b-c$545,112 $561,391 $552,469 $545,918 $544,748 (3)%— %
Taxable securities interest incomee$77,932 $78,755 $81,723 $78,724 $82,872 (1)%(6)%
Less: Acquired taxable securities accretion - rate relatedf36,980 35,359 40,120 31,527 34,290 5 %8 %
Adjusted Taxable securities interest incomeg=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 relatedi2,274 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+i61,442 59,563 67,318 57,279 63,513 3 %(3)%
Less: Acquired loan accretion - credit related (3)
c4,313 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 expensen$189,037 $208,027 $207,307 $198,435 $170,659 (9)%11 %
Less: Acquired deposit accretiono— — — — (187)nmnm
Adjusted interest-bearing deposits interest expensep=n-o$189,037 $208,027 $207,307 $198,435 $170,846 (9)%11 %
Interest expenseq$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 expenses=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-r61,499 59,620 67,375 57,336 63,757 3 %(4)%
Less: Acquired loan accretion - credit related (3)
c4,313 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 leasesaa37,538,617 37,543,561 37,663,396 37,597,101 37,333,310 — %1 %
Average taxable securitiesab7,850,888 7,943,391 7,839,202 8,081,003 7,903,053 (1)%(1)%
Average non-taxable securitiesac831,021 828,362 825,030 851,342 809,551 — %3 %
Average interest-earning assetsad47,870,698 48,185,474 48,117,746 48,280,787 47,838,229 (1)%— %
Average interest-bearing depositsae28,245,835 28,019,046 28,041,156 27,742,579 26,622,343 1 %6 %
Average interest-bearing liabilitiesaf31,939,372 32,505,157 32,583,458 32,318,653 31,226,600 (2)%2 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1)Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(2)Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.
(3)The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. 


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 28
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Seq. QuarterYear over Year
Average yield on loans and leasesa / aa6.05 %6.22 %6.20 %6.13 %6.13 %(0.17)(0.08)
Less: Acquired loan accretion - rate related (2),(3)
b / aa0.24 %0.23 %0.27 %0.25 %0.29 %0.01 (0.05)
Less: Acquired loan accretion - credit related (3)
c / aa0.05 %0.04 %0.05 %0.05 %0.06 %0.01 (0.01)
Adjusted average yield on loans and leasesd / aa5.76 %5.95 %5.88 %5.83 %5.78 %(0.19)(0.02)
Average yield on taxable securitiese / ab3.97 %3.97 %4.17 %3.90 %4.19 %— (0.22)
Less: Acquired taxable securities accretion - rate relatedf / ab1.87 %1.77 %2.06 %1.57 %1.72 %0.10 0.15 
Adjusted average yield on taxable securitiesg / ab2.10 %2.20 %2.11 %2.33 %2.47 %(0.10)(0.37)
Average yield on non-taxable securities (1)
h / ac3.80 %3.78 %3.82 %3.71 %3.99 %0.02 (0.19)
Less: Acquired non-taxable securities accretion - rate relatedi / ac1.09 %1.08 %1.10 %1.07 %1.13 %0.01 (0.04)
Adjusted yield on non-taxable securities (1)
j / ac2.71 %2.70 %2.72 %2.64 %2.86 %0.01 (0.15)
Average yield on interest-earning assets (1)
k / ad5.63 %5.78 %5.80 %5.69 %5.75 %(0.15)(0.12)
Less: Acquired loan and securities accretion - rate related (3)
l / ad0.51 %0.49 %0.56 %0.48 %0.53 %0.02 (0.02)
Less: Acquired loan accretion - credit related (3)
c / ad0.03 %0.04 %0.04 %0.04 %0.05 %(0.01)(0.02)
Adjusted average yield on interest-earning assets (1)
m / ad5.09 %5.25 %5.20 %5.17 %5.17 %(0.16)(0.08)
Average rate on interest-bearing depositsn / ae2.66 %2.95 %2.97 %2.88 %2.54 %(0.29)0.12 
Less: Acquired deposit accretiono / ae— %— %— %— %— %— — 
Adjusted average rate on interest-bearing depositsp / ae2.66 %2.95 %2.97 %2.88 %2.54 %(0.29)0.12 
Average rate on interest-bearing liabilitiesq / af2.98 %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 liabilitiess / af2.98 %3.29 %3.31 %3.25 %3.02 %(0.31)(0.04)
Net interest margin (1)
t / ad3.64 %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 / ad0.51 %0.49 %0.56 %0.48 %0.53 %0.02 (0.02)
Less: Acquired loan accretion - credit related (3)
c / ad0.03 %0.04 %0.04 %0.04 %0.05 %(0.01)(0.02)
Adjusted net interest margin (1)
v / ad3.10 %3.03 %2.96 %3.00 %3.20 %0.07 (0.10)

(1)Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.
(3)The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at closing. 


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 29
 
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Year Ended
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Loans and leases interest incomea$2,315,859 $2,109,744 10 %
Less: Acquired loan accretion - rate related (2), (3)
b92,575 98,257 (6)%
Less: Acquired loan accretion - credit related (3)
c18,394 22,706 (19)%
Adjusted loans and leases interest incomed=a-b-c$2,204,890 $1,988,781 11 %
Taxable securities interest incomee$317,134 $289,944 9 %
Less: Acquired taxable securities accretion - rate relatedf143,986 123,666 16 %
Adjusted Taxable securities interest incomeg=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 relatedi9,041 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+i245,602 229,695 7 %
Less: Acquired loan accretion - credit related (3)
c18,394 22,706 (19)%
Adjusted interest income (1)
m=k-l-c$2,495,228 $2,291,053 9 %
Interest-bearing deposits interest expensen$802,806 $461,654 74 %
Less: Acquired deposit accretiono— (933)nm
Adjusted interest-bearing deposits interest expensep=n-o$802,806 $462,587 74 %
Interest expenseq$1,036,838 $746,156 39 %
Less: Acquired interest-bearing liabilities accretion (2)
r(228)(1,161)(80)%
Adjusted interest expenses=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-r245,830 230,856 6 %
Less: Acquired loan accretion - credit related (3)
c18,394 22,706 (19)%
Adjusted net interest income (1)
v=t-u-c$1,458,162 $1,543,736 (6)%
Average loans and leasesaa37,585,426 35,412,594 6 %
Average taxable securitiesab7,928,449 7,479,573 6 %
Average non-taxable securitiesac833,915 740,376 13 %
Average interest-earning assetsad48,113,208 45,867,566 5 %
Average interest-bearing depositsae28,012,811 23,981,118 17 %
Average interest-bearing liabilitiesaf32,336,035 29,194,822 11 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1)Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(2)Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.
(3)The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. 


Columbia Banking System, Inc. Reports Fourth Quarter 2024 Results
January 23, 2025
Page 30
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Year Ended
($ in thousands)Dec 31, 2024Dec 31, 2023Year over Year
Average yield on loans and leasesa / aa6.15 %5.95 %0.20 
Less: Acquired loan accretion - rate related (2),(3)
b / aa0.25 %0.28 %(0.03)
Less: Acquired loan accretion - credit related (3)
c / aa0.05 %0.06 %(0.01)
Adjusted average yield on loans and leasesd / aa5.85 %5.61 %0.24 
Average yield on taxable securitiese / ab4.00 %3.88 %0.12 
Less: Acquired taxable securities accretion - rate relatedf / ab1.82 %1.65 %0.17 
Adjusted average yield on taxable securitiesg / ab2.18 %2.23 %(0.05)
Average yield on non-taxable securities (1)
h / ac3.78 %3.81 %(0.03)
Less: Acquired non-taxable securities accretion - rate relatedi / ac1.08 %1.05 %0.03 
Adjusted yield on non-taxable securities (1)
j / ac2.70 %2.76 %(0.06)
Average yield on interest-earning assets (1)
k / ad5.73 %5.54 %0.19 
Less: Acquired loan and securities accretion - rate related (3)
l / ad0.51 %0.50 %0.01 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.05 %(0.01)
Adjusted average yield on interest-earning assets (1)
m / ad5.18 %4.99 %0.19 
Average rate on interest-bearing depositsn / ae2.87 %1.93 %0.94 
Less: Acquired deposit accretiono / ae— %— %— 
Adjusted average rate on interest-bearing depositsp / ae2.87 %1.93 %0.94 
Average rate on interest-bearing liabilitiesq / af3.21 %2.56 %0.65 
Less: Acquired interest-bearing liabilities accretion (2)
r / af— %— %— 
Adjusted average rate on interest-bearing liabilitiess / af3.21 %2.56 %0.65 
Net interest margin (1)
t / ad3.57 %3.91 %(0.34)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)
u / ad0.51 %0.50 %0.01 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.05 %(0.01)
Adjusted net interest margin (1)
v / ad3.02 %3.36 %(0.34)

(1)Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(2) Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation.
(3)The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at closing. 

4th Quarter 2024 Earnings Presentation January 23, 2025

 
Disclaimer FORWARD-LOOKING STATEMENTS This presentation 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. NON-GAAP FINANCIAL MEASURES In addition to results presented in accordance with GAAP, this presentation contains certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the Appendix. 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. REVERSE ACQUISITION METHOD OF ACCOUNTING On February 28, 2023, Columbia Banking System, Inc. (“Columbia,” “we,” or “our”) 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. 2

 
Columbia Banking System: A Franchise Like No Other 3 West-Focused Regional Powerhouse Business Bank of Choice ■ In-market, relationship-based commercial banking ■ Attractive footprint in high-growth markets ■ Full suite of deposit products and services with contemporary digital capabilities ■ Expertise in treasury management, foreign exchange, and global cash management ■ Expanding small business platform ■ Comprehensive and growing wealth advisory and trust businesses ■ Niche verticals include diverse agricultural, healthcare, tribal banking, and equipment finance Columbia at a Glance Co rp or at e Ticker COLB Headquarters Tacoma, Washington Offices ~300 in eight states Fi na nc ia ls a s of D ec em be r 31 , 2 02 4 Assets $52 billion Loans $38 billion Deposits $42 billion Common Equity Tier 1 Capital Ratio 10.5%(1) Total Capital Ratio 12.6%(1) (1) Regulatory capital ratios are estimates pending completion and filing of Columbia’s regulatory reports.

 
Why Columbia? 4 ■ Community banking at scale business model drives granular, low-cost core deposit base ■ Opportunity to gain share in California and growing metros in the West while increasing density in the Northwest ■ Solid capital generation supports long-term organic growth and return to shareholders ■ Strong credit quality supported by diversified, well-structured, and conservatively underwritten loan portfolio ■ Compelling culture with deep community ties that is reflected in our proven ability to attract and retain top banking talent ■ Scaled western franchise that is difficult to replicate provides scarcity value

 
Operating in Large, Attractive Western Markets 5 Foothold in the West(1) Northwest (population in millions) Seattle, WA Portland, OR California and Nevada Los Angeles, CA Sacramento, CA Other West Phoenix, AZ Denver, CO 4.1mm 2.5mm 12.8mm 2.4mm 5.2mm 3.0mm Top Regional Bank in the NW (WA, OR, ID)(1) Total Northwest Rank Bank (HQ State) Assets ($B) Deposits ($B) Mkt Shr 1 Bank of America (NC) $3,324 $58 16.4 % 2 U.S. Bancorp (MN) 686 52 14.7 % 3 JPMorgan (NY) 4,210 45 12.7 % 4 Wells Fargo (CA) 1,922 40 11.3 % 5 COLB (WA) 52 34 9.6 % 6 KeyCorp (OH) 190 18 5.2 % 7 WaFd (WA) 28 12 3.4 % 8 Banner Corp. (WA) 16 11 3.0 % 5th Largest Bank HQ’d in our Footprint(1) Total Eight-State Footprint Rank Bank (HQ State) Assets ($B) Deposits ($B) Mkt Shr 1 Wells Fargo (CA) $1,922 $448 12.4 % 2 Zions (UT) 87 59 1.7 % 3 Western Alliance (AZ) 80 65 1.8 % 4 East West (CA) 74 52 1.5 % 5 COLB (WA) 52 42 1.2 % 6 Banc of California (CA) 33 24 0.7 % 7 WaFd (WA) 28 19 0.5 % 8 FirstBank (CO) 27 24 0.7 % Established Presence in Attractive Markets(1) ■ Our market share in the Northwest stands with large national and super regional banks, at nearly 10% ■ Our foothold in top western markets and scaled franchise provide us the opportunity to increase share in California, Arizona, Colorado, and Utah ■ Densely populated metropolitan areas provide opportunity for our bankers to take market share as we grow where businesses are growing ■ Current household income in our footprint is 106% of the national average, and the five-year growth rate of 9.0% compares favorably to 8.8% nationally Boise, ID Salt Lake City, UT Las Vegas, NV 0.8mm 2.4mm 1.3mm (1) Population, household income, and asset data sourced from S&P Global Market Intelligence. Total assets as of September 30, 2024. Deposits and market share data sourced from the Federal Deposit Insurance Corporation (“FDIC”) as of June 30, 2024 and adjusted to a pro forma basis by the FDIC. Groups represent banks headquartered in the United States.

 
Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Seattle 4,098 $140,176 $7,154 5.1 % Portland 2,504 65,049 5,328 8.2 % Boise 849 16,828 220 1.3 % Spokane 600 13,872 3,860 27.8 % Opportunity to Increase Density and Gain Share throughout Our Footprint 6 Expand Footprint in California Broaden Presence in Other Western MarketsImprove Density in the Northwest Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Phoenix 5,169 $171,020 Adding targeted retail locations to support existing commercial banking presence Denver 3,034 110,993 Salt Lake City 1,274 76,171 Las Vegas 2,369 75,408 Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Los Angeles 12,773 $655,591 $1,045 0.2 % Sacramento 2,414 92,125 1,879 2.0 % San Francisco 4,573 428,928 518 0.1 % San Diego 3,280 106,844 34 < 0.1% (1) Population data sourced from S&P Global Market Intelligence. Deposits and market share data sourced from the FDIC as of June 30, 2024 and adjusted to a pro forma basis by the FDIC.

 
Leveraging Technology to Improve Collaboration and Performance 7 Enhancing the Customer Experience Driving Revenue Generation Creating Operational Efficiencies ■ AI-powered "Umpqua Smart Leads” support relationship banking and provide opportunities to generate fee income through predictive analytics ■ Continued investment in new payment technologies, including Real Time Payments, integrated receivables and payables, and Zelle for Business ■ Account aggregation and forecasting tools integrated into online banking ■ Digital international banking solutions, including an online foreign exchange portal for real time FX quotes and trades ■ Differentiated small business and commercial online banking platforms with integrated technologies ■ Enhancing fraud protection and prevention measures to minimize customer losses and increase core fee income for the bank ■ Updating our online account opening process to make it easier and more convenient for customers ■ Strengthening our bank security and risk management with advanced authentication technology to safeguard our customers across digital platforms ■ Embracing AI capabilities to improve associate productivity ■ Continuing expansion of cloud technologies and integrated banking through open APIs ■ Developing support for human agents in our contact center with virtual assistants ■ Automating tasks and streamlining operations to enhance efficiency and improve the customer experience; our goal is to be the most convenient bank for our associates (internally) and our customers (externally) Our customer-focused technology stack incorporates resilient, scalable, and secure systems to support our Business Bank of Choice operating strategy. We embrace technology to not only create operational efficiencies, but also to support an elevated customer experience and to drive additional revenue opportunities through needs-based solutions. Many technology use cases support multiple goals: efficiency, customer satisfaction, and revenue growth.

 
FINANCIAL HIGHLIGHTS

 
Full-Year 2024 Highlights 9 ■ Completed an enterprise-wide evaluation of our operations that resulted in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. Achieved gross annualized savings of $82 million from improved operational efficiency, which supports $12 million of ongoing reinvestments in people, locations, and technology enhancements. ■ Implemented targeted small business campaigns that use bundled solutions for customers without promotional pricing. We generated approximately $700 million in new deposits through three highly successful campaigns in 2024. ■ Treasury management and commercial card income increased 11% and 8%, respectively, in 2024, as compared to 2023. Pipelines for these key contributors to core fee income remain strong. ■ Awarded $1.25 million in community grants to 212 nonprofits across our eight-state Western footprint as part of our 2024 Community Grants Program. ■ Total risk-based capital ratio of 12.6%(2) as of December 31, 2024 highlights over 75 basis points of net capital generation during 2024. Reported Operating(1) $534 million $568 million Net Income Net Income $825 million $871 million Pre-Provision Net Revenue(1) Pre-Provision Net Revenue $2.55 $2.71 Earnings-per-Share - Diluted Earnings-per-Share - Diluted 1.03% 1.09% Return on Assets Return on Assets 1.59% 1.68% PPNR Return on Assets(1) PPNR Return on Assets 10.55% 11.23% Return on Equity Return on Equity 15.31% 16.30% Return on Tangible Common Equity(1) Return on Tangible Common Equity (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement for each is provided in the Appendix of this slide presentation. (2) Regulatory capital ratios are estimates pending completion and filing of Columbia’s regulatory reports.

 
Fourth Quarter 2024 Highlights 10 ■ Completed a fraud prevention campaign that spanned 1,800 relationships, protected 3,000 accounts and saved $1 million in fraud losses, and generated over $1 million in annualized new revenue to the bank. ■ Received CISCO Webex AI Innovator Award for customer experience. The award highlights Umpqua Bank’s commitment to leveraging technology to provide personalized and efficient service to deliver an elevated experience for our customers. ■ Continued planning for five branches slated to open in targeted growth markets throughout our footprint during 2025, in support of our customers and bankers. ■ Pilot launch for Real Time Payments Origination through our commercial online banking platform planned for Q1 2025, to enhance our instant payment offerings to customers. ■ Raised nearly $350,000 to help families and individuals struggling with homelessness in communities across the Northwest as part of our annual Warm Hearts Winter Drive. Reported Operating(1) $143 million $150 million Net Income Net Income $221 million $229 million Pre-Provision Net Revenue(1) Pre-Provision Net Revenue $0.68 $0.71 Earnings-per-Share - Diluted Earnings-per-Share - Diluted 1.10% 1.15% Return on Assets Return on Assets 1.70% 1.77% PPNR Return on Assets(1) PPNR Return on Assets 10.91% 11.40% Return on Equity Return on Equity 15.41% 16.11% Return on Tangible Common Equity(1) Return on Tangible Common Equity (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement for each is provided in the Appendix of this slide presentation.

 
Our Diversified Commercial Bank Business Model with a Strong Retail Network Supports our Granular, High-Quality Deposit Base Non-interest, 32% Demand, 20% Money Market, 27% Savings, 6% Time, 15% Enterprise-wide Deposit Composition 11 ■ Deposits were $42 billion as of December 31, 2024 and represented by a granular base that is diversified by business line, industry, and geography. Our average customer account balance is $35 thousand(1). ■ Our use of public and brokered deposits as a source of funding beyond term debt impacts the composition of our enterprise-wide deposit portfolio. We believe our customer deposit composition(1) is more illustrative of the quality of Columbia’s core deposit franchise. Our bankers’ activity is geared toward protecting the quality of our relationship-based franchise while generating net customer balance growth to reduce the need for non-core funding sources over time. Commercial, 28% Commercial - Small Business, 19% Consumer, 38% Brokered, 7% Public & Other, 8% Deposits by Category Customer Deposit Composition(1) Non-interest, 35% Demand, 20% Money Market, 28%Savings, 7% Time, 10% (1) Excludes all public, administrative, and brokered deposits, as detailed on the “Liquidity Overview” slide in the Appendix. Excluded balances accounted for 15% of total deposits as of December 31, 2024. This is a non-GAAP financial measure.

 
Available-for-Sale Securities Portfolio as of December 31, 2024 ($ in millions) Current Par Amortized Cost Unrealized Gains Unrealized Losses Fair Value % of Total AFS Portfolio Effective Duration Book Yield U.S. Treasuries $330 $325 $0 ($4) $321 4 % 1.7 3.71 % U.S. Agencies 1,156 1,170 $1 ($70) 1,101 13 % 3.4 2.80 % Mortgage-backed securities - residential agency 3,019 2,829 $0 ($319) 2,511 30 % 7.0 3.29 % Collateralized mortgage obligations(1) 1,232 1,151 $3 ($106) 1,048 13 % 6.1 3.51 % Obligations of states and political subdivisions 1,115 1,056 $3 ($32) 1,026 12 % 4.4 3.42 % Commercial mortgage-backed securities - agency 2,450 2,326 $1 ($60) 2,267 27 % 3.9 4.64 % Total available for sale securities $9,303 $8,858 $8 ($592) $8,275 5.1 3.64 % Percentage of current par 95% 0% (6%) 89% 12 Securities Portfolio Overview Note: Table may not foot due to rounding. (1) Portfolio includes $245 million in high-quality non-agency collateralized mortgage obligations (“CMO”) that were in a small unrealized loss position at December 31, 2024 (amortized cost of $247 million). The remaining $803 million of the portfolio is comprised primarily of residential agency CMOs. ■ The total available-for-sale (“AFS”) securities portfolio had a book yield of 3.64% and an effective duration of 5.1 as of December 31, 2024, compared to 3.62% and 4.9, respectively, as of September 30, 2024. ■ As of December 31, 2024, 16% of the AFS securities portfolio (by fair value) was in an unrealized gain position and had a weighted average book yield of 4.70%. The remaining 84% of the portfolio was in an unrealized loss position and had a weighted average book yield of 3.46%. Unrealized Gain, 16% Unrealized Loss, 84% Available-for-Sale Securities Portfolio Percentage at Gain / Loss as of December 31, 2024

 
Loan Roll Forward Activity $ in m ill io ns Three Months Ended December 31, 2024 $37,503 $1,129 ($109) ($502) ($353) $13 $37,681 Beginning Balance (9/30/2024) New Originations Net Advances/ Payments Prepayments Payoffs or Sales Other¹ Ending Balance (12/31/2024) 13 $ in m ill io ns Three Months Ended December 31, 2023 $37,171 $1,076 ($119) ($447) ($281) $42 $37,442 Beginning Balance (9/30/2023) New Originations Net Advances/ Payments Prepayments Payoffs or Sales Other¹ Ending Balance (12/31/2023) $ in m ill io ns Twelve Months Ended December 31, 2024 $37,442 $— $3,685 ($380) ($1,845) ($1,307) $86 $37,681 Beginning Balance (12/31/2023) Merger New Originations Net Advances/ Payments PrepaymentsPayoffs or Sales Other¹ Ending Balance (12/31/2024) $ in m ill io ns Twelve Months Ended December 31, 2023 $26,156 $10,884 $4,058 ($354) ($1,870) ($1,549) $116 $37,442 Beginning Balance (12/31/2022) Merger New Originations Net Advances/ Payments PrepaymentsPayoffs or Sales Other¹ Ending Balance (12/31/2023) Note: Totals may not foot due to rounding. (1) Other includes purchase accounting accretion and amortization and other changes not otherwise defined.

 
Diversified, High Quality Loan and Lease Portfolio Note: Portfolio statistics and delinquencies as of December 31, 2024. Annualized net charge-off rates for Q4 2024. Loan-to-value (“LTV”), FICO, and debt service coverage (“DSC”) ratios are based on weighted averages for portfolios where data are available. LTV represents average LTV based on most recent appraisal against updated loan balance. Totals may not foot due to rounding. • Portfolio average loan size of $481,000 • 4Q24 average loan size of $504,000 • Portfolio average FICO of 761 and LTV of 61% • 4Q24 average FICO of 762 and LTV of 65% • Total delinquencies of 1.29% • Annualized net charge-off (recovery) rate of (0.01)% Non-owner Occupied CRE • Portfolio average loan size of $1.7 million • 4Q24 average loan size of $1.7 million • Portfolio average LTV of 51% and DSC of 1.90 • 4Q24 average LTV of 65% and DSC of 1.57 • Total delinquencies of 0.68% • Annualized net charge-off (recovery) rate of 0.16% Commercial & Industrial • Portfolio average loan size of $734,000 • 4Q24 average loan size of $1.0 million • Total delinquencies of 0.60% • Annualized net charge-off (recovery) rate of 0.12% Multifamily • Portfolio average loan size of $2.3 million • 4Q24 average loan size of $1.4 million • Portfolio average LTV of 54% and DSC of 1.57 • 4Q24 average LTV of 64% and DSC of 1.29 • Total delinquencies of 0.00% • Annualized net charge-off (recovery) rate of 0.00% Owner Occupied CRE • Portfolio average loan size of $1.0 million • 4Q24 average loan size of $2.3 million • Portfolio average LTV of 55% • 4Q24 average LTV of 64% • Total delinquencies of 0.50% • Annualized net charge-off (recovery) rate of 0.03% Lease & Equipment Finance (FinPac) • Portfolio average loan & lease size of $42,000 • 4Q24 average loan & lease size of $59,000 • Portfolio average yield: ~10% • Total delinquencies of 3.45% • Annualized net charge-off (recovery) rate of 4.66% Puget Sound, 19% WA Other, 8% Portland Metro, 13% OR Other, 14% Bay Area, 7% Northern CA, 9% Southern CA, 15% Other, 15% Mortgage, 16% FinPac, 4% C&I, 22% Owner Occupied CRE, 14% Non-OO CRE, 17% Multifamily, 15% Other Loan Categories, 13% Portfolio Composition at December 31, 2024 Geographic Distribution at December 31, 2024 Mortgage 14

 
C&I and CRE Portfolio Composition Agriculture, 9.0% Contractors, 7.7% Finance/Insurance, 7.4% Manufacturing, 7.0% Professional, 3.7% Public Admin, 6.0% Rental & Leasing, 6.4% Retail, 2.8%Support Services, 4.4% Transportation/ Warehousing, 7.7% Wholesale, 7.4% Gaming, 8.3% Dentists, 6.8% Other Healthcare, 4.7% Other, 10.6% Office, 16.1% Multifamily, 33.7% Industrial, 16.4% Retail, 11.2% Special Purpose, 7.4% Hotel/Motel, 4.1% Other, 11.1% CRE Portfolio Composition(1) $17.4 Billion at December 31, 2024 C&I Portfolio Composition(1) $10.0 Billion at December 31, 2024 (1) C&I portfolio composition includes term, lines of credit & other, and leases & equipment finance balances. CRE portfolio composition includes non-owner occupied term and owner occupied term balances as well as multifamily balances. (2) Owner occupied and non-owner occupied disclosure relates to commercial real estate portfolio excluding multifamily loans. 46% Owner Occupied / 54% Non-Owner Occupied(2)Commercial Line Utilization was 38% at December 31, 2024 15

 
Office Portfolio Details Puget Sound, 20% WA Other, 5% Portland Metro, 12% OR Other, 16% Bay Area, 6% N. CA, 11% S. CA, 20% Other, 10% Office Portfolio Metrics at December 31, 2024 Average loan size $1.35 million Average LTV 57% DSC (non-owner occupied) 1.80x % with guaranty (by $ / by #) 87% / 84% Past due 30-89 days $19.3mm / 0.66% of office Nonaccrual $10.3mm / 0.35% of office Special mention $45.6mm / 1.57% of office Classified $66.6mm / 2.29% of office Number of Loans by Balance Geography 16 ■ Loans secured by office properties represented 8% of our total loan portfolio as of December 31, 2024. ■ Our office portfolio is 40% owner occupied, 57% non-owner occupied, and 3% construction. Dental and other healthcare loans compose 19% of our office portfolio. ■ The average loan size in our office portfolio is $1.35 million. Delinquencies were at a very low level as of December 31, 2024, and the majority of our loans contain a guaranty. ■ Excluding floating rate loans, only 9% of our office portfolio reprices through 2026. Loans repricing in 2025 and 2026 have average balances of $0.9 million and $0.7 million, respectively. ■ Properties located in suburban markets secure the majority of our office portfolio, as only 6% of non-owner occupied office loans are located in downtown core business districts. 1,746 441 71 38 7 6 <$1mm $1-5mm $5-10mm $10-20mm $20-30mm >$30mm 2025, 5% 2026, 4% 2027 & After, 15% Fixed Rate¹, 72% Floating Rate, 4% Repricing Schedule (1) Loans with a swap component are displayed as a fixed rate loan if the swap maturity is equal to the maturity of the loan. If the swap matures prior to the loan, the loan is displayed as adjustable with the rate resetting at the time of the swap maturity. 2025, 7% 2026, 6% 2027 & After, 87% Maturity Schedule , 19 8 9 6 7 1,600 35 2 4 8 4

 
Continued Strong Credit Quality Provision Expense, Net Charge-Offs to Average Loans, and Nonperforming Assets to Total Assets $54.9 $17.1 $31.8 $28.8 $28.2 0.31% 0.47% 0.32% 0.31% 0.27% 0.22% 0.28% 0.30% 0.32% 0.33% Provision Expense ($mm) Net Charge-Offs / Average Loans (annualized) Non-Performing Assets / Total Assets Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 17 Allowance for Credit Losses ("ACL") $464 $437 $439 $438 $441 $80 $74 $69 $65 $60 1.24% 1.16% 1.16% 1.17% 1.17% ACL ($mm) Credit Discount ($mm) ACL / Total Loans and Leases ACL + Credit Discount / Total Loans and Leases Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ■ The remaining credit discount on loans of $60 million as of December 31, 2024 provides an additional 16 basis points of loss absorption when added to the ACL of $441 million. ■ Net charge-offs in the FinPac portfolio were $19 million in Q4 2024, down slightly from Q3 2024, as improvement continues within the transportation sector of the portfolio. Net charge-offs excluding the FinPac portfolio were $6 million, or 0.07% of average bank loans, in Q4 2024, compared to $9 million, or 0.10% of average bank loans, in Q3 2024. ■ Nonperforming loans of $167 million as of December 31, 2024 included $74 million of loans with government guarantees. 1.45% 1.36% 1.35% 1.34% 1.33%

 
ACL Reflects Strong Portfolio Credit Metrics (1) Total includes reserve for unfunded commitments of $16.1 million and $18.2 million as of December 31, 2024 and September 30, 2024, respectively. 18 ■ Our reserve coverage by loan segment and for the overall loan and lease portfolio reflects our robust underwriting criteria and ongoing, routine portfolio monitoring activities. For example, we stress applicable variables, such as interest rates, cash flows, and occupancy, at inception and loan review and limit borrower proceeds as a result. These factors contribute to lower LTVs and higher DSC ratios, which are taken into consideration in the estimation of our ACL. ■ The quarter’s provision expense of $28 million reflects credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models. We used components of Moody’s Analytics’ November 2024 consensus economic forecast to estimate our ACL as of December 31, 2024. Allowance for Credit Losses by Loan Segment ($ in thousands) Commercial Lease & Equipment Commercial Real Estate Residential & Home Equity Consumer Total(1) Remaining Credit Discount on Loans Total ACL including Credit Discount on Loans(1) Balance as of September 30, 2024 $115,567 $100,526 $165,974 $47,694 $8,492 $438,253 $65,024 $503,277 Q4 2024 Net (Charge-offs) Recoveries (2,499) (19,177) (2,932) 137 (1,184) (25,655) Reserve Build (Release) 17,218 13,968 (2,697) (1,047) 757 28,199 Balance as of December 31, 2024 $130,286 $95,317 $160,345 $46,784 $8,065 $440,797 $60,443 $501,240 % of Loans and Leases Outstanding 1.57% 5.74% 0.82% 0.59% 4.48% 1.17% 1.33%

 
Capital Management 19 Regulatory Capital Ratios: Bank and Holding Company as of December 31, 2024 9.0% 11.3% 11.3% 12.3% 8.3% 10.5% 10.5% 12.6% Umpqua Bank Columbia Banking System Tier 1 Leverage CET1 Tier 1 Capital Total Risk-Based —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% ■ Regulatory capital ratios declined during Q1 2023 as a result of the merger and the impact of rate-related asset discounts on capital. Our capital ratios have continued to increase on a quarterly basis post merger closing. ■ We expect to organically generate capital above what is required to support prudent growth and our regular dividend, with excess capital driving ratios higher and providing flexibility to consider additional return to shareholders. Note: Umpqua Bank and Columbia Banking System, Inc. long-term capital ratio targets reflect a targeted excess level of capital above regulatory well-capitalized minimums inclusive of the capital conservation buffer (“CCB”) where applicable. The minimum capital ratios to be considered well capitalized inclusive of the CCB are 7.0%, 8.5%, and 10.5% for the common equity tier 1 (“CET1”) ratio, tier 1 capital ratio, and total risk-based capital ratio, respectively. The CCB does not apply to the tier 1 leverage ratio, which has a well-capitalized minimum level of 5.0%. All regulatory capital ratios as of December 31, 2024 are estimates pending completion and filing of Columbia’s and Umpqua Bank’s regulatory reports. Capital Ratios Continue to Trend Up 9.6% 9.8% 10.0% 10.3% 10.5% 11.9% 12.0% 12.2% 12.5% 12.6% COLB: CET1 Ratio COLB: Total RBC Ratio 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 12% Long-Term Target 9% Long-Term Target 9% Long-Term Target 6.5% Long-Term Target

 
Net Interest Income and Net Interest Margin (1) Chart Abbreviations: “PAA” = purchase accounting accretion and amortization; “LHFI” = loans held for investment. Net Interest Income and Net Interest Margin $454 $423 $427 $430 $437 3.78% 3.52% 3.56% 3.56% 3.64% Net Interest Income ($ in millions) Net Interest Margin Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Interest Margin: Q3 2024 vs Q4 2024 3.56% (0.13)% (0.03)% 0.16% 0.08% 3.64% Q3 2024 Reported LHFI-ex PAA¹ Cash Deposits Term Debt Q4 2024 Reported 20 ■ The net interest margin increased 8 basis points from the prior quarter to 3.64% for Q4 2024, which compares to 3.63% for the month of December. 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 Q4 2024, which compares to 2.59% for the month of December and 2.51% as of December 31, 2024. ■ The cost of interest-bearing liabilities decreased 31 basis points from the prior quarter to 2.98% for Q4 2024, which compares to 2.91% for the month of December and 2.85% as of December 31, 2024. ■ Following expansion in October and November, customer deposits declined in December given seasonal flows, and we expect seasonal contraction to continue in Q1 2025. Wholesale funding, which carries a higher cost than customer deposits, will be used as necessary to offset customer balance declines.

 
Select Asset and Liability Maturity and Repricing Schedules (in Months) at December 31, 2024 ($ in millions) <=3 4 to 6 7 to 12 13 to 24 25 to 36 36+ Total % Total(3) Loans Fixed (maturity)(2) $390 $114 $355 $664 $1,045 $10,745 $13,313 35% Floating (repricing)(2) 13,432 — — — — — 13,432 35% Adjustable (repricing) 364 569 441 1,523 1,345 7,107 11,349 30% Total Loans $14,186 $683 $796 $2,187 $2,390 $17,852 $38,094 100% Time deposits (maturity)(4) $3,852 $1,272 $820 $128 $17 $13 $6,102 Average rate(4) 4.31% 3.99% 3.50% 1.77% 0.27% 0.28% 4.06% Term debt (maturity) $2,600 $500 $— $— $— $— $3,100 Average rate 5.04% 4.49% 4.95% Interest Rate Sensitivity 21 Note: Tables may not foot due to rounding. Loan totals on this slide do not include purchase accounting adjustments. Deferred fees and costs also drive variances between loan totals on this slide and loan totals in the earnings press release. (1) For the scenarios shown, the interest rate simulations assume a parallel and sustained shift in market interest rates ratably over a twelve-month period (ramp) or immediately (shock). The simulation repricing betas applied to interest-bearing deposits in the rising rate and declining rate scenarios are 55% and 54%, respectively, for December 31, 2024. Additional data related to interest rate simulations are available in Columbia’s Form 10-K for the fiscal year ended December 31, 2023. (2) Commercial tranche loans that mature in one month are included in the floating rate loan category, not the fixed rate loan category, as these loans reprice in a manner similar to floating rate loans. (3) Floating rate loans are indexed to prime (8% of the total loan portfolio) and 1-month underlying interest rates (27% of the total loan portfolio). When adjustable rate loans reprice, they are indexed to interest rates that span 1-month tenors to 10-year tenors as well as the prime rate; the most prevalent underlying index rates are 6-month tenors (17% of the total loan portfolio) and 5-year tenors (6% of the total loan portfolio). (4) Time deposits maturing in 3 months or less include $1.5 billion in customer CDs at an average rate of 4.00% and $2.4 billion in brokered CDs at an average rate of 4.57%. (5) Loans were grouped into three buckets: (1) No Floor: no contractual floor on the loan; (2) At Floor: current rate = floor; (3) Above Floor: current rate exceeds floor. The amount above the floor was based on the current margin plus the current index assuming the loan repriced on December 31, 2024. The adjustable loans may not reprice until well into the future, depending on the timing and size of interest rate changes. Interest Rate Simulation Impact on Net Interest Income at December 31, 2024(1) Ramp Shock Year 1 Year 2 Year 1 Year 2 Up 200 basis points (0.3)% 0.0% (1.7)% 1.6% Up 100 basis points (0.1)% 0.0% (0.8)% 0.8% Down 100 basis points 0.1% (0.2)% 0.7% (1.1)% Down 200 basis points 0.4% (0.4)% 1.6% (2.0)% Down 300 basis points 1.1% (0.7)% 2.7% (3.3)% Downward Rate Change to Move to Floor at December 31, 2024 ($ in millions) Floating Loans Adjustable Loans Above Floor Total <25 basis points $27 $33 $60 26 to 50 basis points 116 40 156 51 to 75 basis points 44 44 88 76 to 100 basis points 78 66 144 101 to 125 basis points 34 80 114 126 to 150 basis points 45 87 132 >150 basis points 3,919 9,311 13,230 Total $4,263 $9,661 $13,924 Floors: Floating and Adjustable Rate Loans at December 31, 2024 ($ in millions) No Floor(5) At Floor(5) Above Floor(5) Total Floating $8,830 $339 $4,263 $13,432 Adjustable 1,622 66 9,661 11,349 Total $10,452 $405 $13,924 $24,781 % of Total 42% 2% 56% 100%

 
Longer-Term Balance Sheet Optimization Opportunities 22 ■ Our relationship-based lending verticals and a strong core deposit base remain the cornerstone of our franchise. Past transactional lending and the wholesale sources that fund these assets have muted the balance sheet’s profitability, but they have not diluted the quality of our core franchise. ■ Current interest rates make outright asset sales unattractive given a lengthy payback period. However, longer term, any decline in rates would reduce or potentially eliminate the drag on earnings as balances organically decline or are sold opportunistically.(2) ■ Further, the remix of funding into customer deposits and out of transactional sources, which contributed adversely to our repricing betas in the rising rate cycle, would contribute positively to our repricing betas, assuming a declining rate cycle. Opportunity to Strategically Reposition Balance Sheet Over Time Assets Liabilities + Equity $6B Wholesale Funding$2B SFR / $4B MF $8B Securities $37B Relationship Lending & Other Core Banking Franchise $45B Core Deposit Franchise & Capital Opportunity to reduce transactional assets and liabilities Relationship banking supports strong core franchise value (1) Deposit and funding repricing beta data present combined company results as if historical Columbia and historical UHC were one company for all periods through December 31, 2022; subsequent time periods present data on a legal basis given the merger. The beta presentation is calculated in this manner for comparison purposes. (2) While asset classes, like transactional loans within our single-family (“SFR”) and multifamily (“MF”) portfolios, have been identified as potential sources for asset sales if interest rates were to decline further, assets have not been identified for sale. Deposit and Funding Repricing Betas During Current Rate Cycle Effective Fed Funds Rate (Daily Avg.) Cost of: Three Months Ended Interest- Bearing Deposits Total Deposits Total Funding December 31, 2021(1) 0.08% 0.10% 0.05% 0.09% December 31, 2022(1) 3.65% 0.62% 0.35% 0.51% December 31, 2023 5.33% 2.54% 1.63% 2.05% June 30, 2024 5.33% 2.97% 2.01% 2.34% Variance: Q2 2024 less Q4 2021 5.25% 2.87% 1.96% 2.25% Repricing Betas: Rising Rate Cycle 55% 37% 43% December 31, 2024 4.66% 2.66% 1.80% 2.09% Variance: Q4 2024 less Q2 2024 (0.67)% (0.31)% (0.21)% (0.25)% Repricing Betas: Decling Rate Cycle-to-Date 46% 32% 37%

 
Non-Interest Income Note: Tables may not foot due to rounding. (1) Other commercial product revenue includes swaps, syndication, and international banking revenue, which are captured in “other income” on the income statement. Other income statement line items, like card-based fees, include other sources of commercial product revenue. For the Quarter Ended ($ in millions) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Service charges on deposits $18.4 $18.5 $18.5 $16.1 $17.3 Card-based fees 14.6 14.6 14.7 13.2 14.6 Financial services and trust revenue 5.3 5.1 5.4 4.5 3.0 Residential mortgage banking revenue, net 7.0 6.7 5.8 4.6 4.2 (Loss) gain on equity securities, net (1.4) 2.3 0.3 (1.6) 2.6 (Loss) gain on loan and lease sales, net (1.7) 0.2 (1.5) 0.2 1.2 BOLI income 4.7 4.7 4.7 4.6 4.3 Other income Other commercial product revenue(1) $2.0 $2.9 $2.6 $2.3 $3.9 Commercial servicing revenue 0.6 0.5 0.2 0.6 (0.2) Loan-related fees 3.4 3.3 4.1 3.7 3.2 Change in fair value of certain loans held for investment (7.4) 9.4 (10.1) (2.4) 19.4 Misc. income 0.6 1.6 (0.4) 3.3 (0.1) Swap derivative gain (loss) 3.6 (3.6) 0.4 1.2 (8.0) 23 Q4 2024 Highlights (compared to Q3 2024) ■ Our Business Bank of Choice strategy incorporates a collaborative team approach to deliver needs-based solutions to our customers, which deepens relationships and provides growth in sustainable core fee income. Our trends reflect a growing contribution from card activity, financial services and trust activity, and other commercial product revenue like treasury management, as compared to the prior year period. ■ Higher interest rates related to the bond market sell-off in Q4 2024 compared to Q3 2024’s rally drove fair value changes in certain loans carried at fair value, which, when coupled with the swap derivative gain, reduced non-interest income by $4 million compared to a $6 million addition in Q3 2024. These items are captured in other income.

 
Non-Interest Expense 24 $ in m ill io ns Non-Interest Expense ("NIE") $337.2 $287.5 $279.2 $271.4 $266.6 $294.3 $276.9 $262.5 $268.4 $263.5 GAAP Non-Interest Expense Operating Non-Interest Expense¹ Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ■ Non-interest expense in Q4 2024 declined $5 million from the prior quarter to $267 million. Operating non-interest expense(1) also declined $5 million from the prior quarter to $263 million, due to a $5 million decline in benefits expense, which was partially affected by elevated group insurance costs in Q3 2024. Higher repairs and maintenance expense was partially offset by lower FDIC assessments due to run rate adjustments in the quarter. ■ In 2024, an enterprise-wide evaluation of our operations resulted in the realization of $82 million in annualized gross cost savings. Reinvestment of $12 million of these savings is ongoing and not fully reflected in the Q4 2024 expense run rate. We will continue to invest in customer-focused technology, experienced bankers, and strategic locations. To date, we have five branches slated to open in 2025 and a number of technology enhancements in development that are targeted to create operational efficiency and bring additional revenue opportunities to the bank. $ in m ill io ns Non-Interest Expense: Q3 2024 vs Q4 2024 $271.4 $(5.0) $1.4 $(1.2) $(0.1) $0.1 $266.6 Q3 2024 NIE Benefits Repairs & Maint. FDIC Assessments Misc. Other Non- operating¹ Q4 2024 NIE (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. Non-operating expense items include exit and disposal costs, merger and restructuring expense, and an FDIC special assessment. These items are detailed in the “Non-GAAP Reconciliation” section of the Appendix. Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

 
APPENDIX

 
Liquidity Overview Total Available Liquidity at December 31, 2024 ($ in millions) Total off-balance sheet liquidity (available lines of credit): $13,274 Cash and equivalents, less reserve requirement 1,607 Excess bond collateral 3,106 Total available liquidity $17,987 TOTAL AVAILABLE LIQUIDITY AS A PERCENTAGE OF: Assets of $51.6 billion at December 31, 2024 35 % Deposits of $41.7 billion at December 31, 2024 43 % Uninsured deposits of $14.0 billion at December 31, 2024 128 % Total Off-Balance Sheet Liquidity Available at December 31, 2024 ($ in millions) Gross Availability Utilization Net Availability FHLB lines $10,923 $3,120 $7,803 Federal Reserve Discount Window 4,870 — 4,870 Uncommitted lines of credit 600 — 600 Total off-balance sheet liquidity $16,394 $3,120 $13,274 26 ■ Customer deposits decreased $282 million during Q4 2024, due in part to anticipated seasonal customer balance declines during December. ■ We utilized excess cash, FHLB Advances, and brokered CDs to offset the decline in customer deposits and fully repay $1.3 billion in borrowings from the Federal Reserve Bank Term Funding Program, which resulted in a net decrease of $550 million in term debt during Q4 2024. Select Balance Sheet Items Three Months Ended Sequential Quarter Change ($ in millions) Q4 2024 Q3 2024 Q4 2023 Q4 2024 Commercial deposits $11,787 $11,758 $11,133 $29 Small business deposits 7,886 8,217 8,400 (331) Consumer deposits 15,893 15,873 15,842 20 Total customer deposits 35,566 35,848 35,375 (282) Public deposits - non-interest bearing 636 618 619 18 Public deposits - interest bearing 2,351 2,348 2,285 3 Total public deposits 2,987 2,966 2,904 21 Administrative deposits 137 167 178 (30) Brokered deposits 3,031 2,534 3,150 497 Total deposits $41,721 $41,515 $41,607 $206 Term debt $3,100 $3,650 $3,950 ($550) Cash & cash equivalents $1,878 $2,111 $2,163 ($233) Available-for-sale securities $8,275 $8,677 $8,830 ($402) Loans and leases $37,681 $37,503 $37,442 $178 Note: Tables may not foot due to rounding.

 
Summary Income Statements Note: Tables may not foot due to rounding. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. For the Quarter Ended ($ in millions, except per-share data) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net interest income before provision $437.4 $430.2 $427.4 $423.4 $453.6 Provision for credit losses 28.2 28.8 31.8 17.1 54.9 Net interest income after provision 409.2 401.4 395.6 406.2 398.7 Non-interest income 49.7 66.2 44.7 50.4 65.5 Non-interest expense 266.6 271.4 279.2 287.5 337.2 Income before provision for income taxes 192.3 196.3 161.1 169.1 127.1 Provision for income taxes 49.1 50.1 40.9 45.0 33.5 Net income $143.3 $146.2 $120.1 $124.1 $93.5 Earnings per share, diluted $0.68 $0.70 $0.57 $0.59 $0.45 Operating non-interest expense(1) $263.5 $268.4 $262.5 $276.9 $294.3 Pre-provision net revenue(1) $220.5 $225.0 $192.9 $186.2 $182.0 Operating pre-provision net revenue(1) $229.2 $221.4 $219.4 $200.7 $212.1 Operating net income(1) $149.7 $143.5 $140.0 $134.9 $116.1 Operating earnings per share, diluted(1) $0.71 $0.69 $0.67 $0.65 $0.56 27 Q4 2024 Highlights (compared to Q3 2024) ■ Net interest income increased by $7 million, as lower funding costs more than offset lower interest income. ■ 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 Q3 2024. ■ Provision expense of $28 million compares to $29 million in the prior quarter.

 
Summary Period-End Balance Sheets Note: Tables may not foot due to rounding. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation. ($ in millions, except per-share data) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 ASSETS: Total assets $51,576.4 $51,908.6 $52,047.5 $52,224.0 $52,173.6 Interest bearing cash and temporary investments 1,381.6 1,519.7 1,553.6 1,760.9 1,664.0 Investment securities available for sale, fair value 8,274.6 8,676.8 8,503.0 8,616.5 8,829.9 Loans and leases, gross 37,680.9 37,503.0 37,710.0 37,642.4 37,442.0 Allowance for credit losses on loans and leases (424.6) (420.1) (418.7) (414.3) (440.9) Goodwill and other intangibles, net 1,513.5 1,542.5 1,571.6 1,600.8 1,632.9 LIABILITIES AND EQUITY: Deposits 41,720.7 41,514.7 41,523.3 41,706.2 41,607.0 Securities sold under agreements to repurchase 236.6 183.8 197.9 213.6 252.1 Borrowings 3,100.0 3,650.0 3,900.0 3,900.0 3,950.0 Total shareholders' equity 5,118.2 5,273.8 4,976.7 4,957.2 4,995.0 RATIOS AND PER-SHARE METRICS: Loan to deposit ratio 90.3% 90.3% 90.8% 90.3% 90.0% Book value per common share $24.43 $25.17 $23.76 $23.68 $23.95 Tangible book value per common share(1) $17.20 $17.81 $16.26 $16.03 $16.12 Common equity to assets ratio 9.9% 10.2% 9.6% 9.5% 9.6% Tangible common equity to tangible assets ratio(1) 7.2% 7.4% 6.7% 6.6% 6.7% 28 Q4 2024 Highlights (compared to Q3 2024) ■ Loan balances increased by $178 million during Q4 2024, as commercial loan generation more than offset anticipated contraction in transactional real estate loans, driving a 2% increase in total loans on an annualized basis. ■ We utilized excess cash, FHLB Advances, and brokered CDs to offset a decline in customer deposits and fully repay $1.3 billion in borrowings from the Federal Reserve Bank Term Funding Program. Customer deposit changes reflect an anticipated seasonal decline, as discussed on the “Liquidity Overview” slide. ■ Book value and tangible book value decreased 2.9% and 3.4%, respectively, due to an interest rate-driven increase in accumulated other comprehensive loss. Book value and tangible book value increased 2.0% and 6.7%, respectively, from December 31, 2023.

 
Purchase Accounting Details (1) Table does not capture all assets and liabilities with an associated fair value discount or premium. Assets and liabilities not presented have a significantly smaller impact on income through the accretion or amortization of their discount or premium. (2) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. Adjustment at Closing Remaining Balances at Select Purchase Accounting Items(1) February 28, 2023 September 30, 2024 December 31, 2024 Notes ITEMS TO ACCRETE THROUGH INTEREST INCOME: Available for sale securities - rate discount $(1,011) million $(497) million $(475) million While an adjustment to historical Columbia securities’ book value was $1.0 billion at the closing of the merger, the purchase discount that will accrete into interest income over time was $0.6 billion when previously existing purchase premiums and the discount associated with bonds sold as part of the Q1 2023 portfolio restructuring were eliminated. Loans - rate discount(2) $(618) million $(398) million $(375) million Total rate discount on loans and securities $(1,629) million $(894) million $(850) million Loans - credit mark(2) $(130) million $(65) million $(60) million Total discount on loans and securities $(1,759) million $(959) million $(910) million Fair value discounts are accreted into interest income using the effective interest method, which amortizes the discount over the life of the loan or security. ITEM TO AMORTIZE THROUGH NON-INTEREST EXPENSE: Core deposit intangible $710 million $513 million $484 million CDI amortizes through non-interest expense over 10 years using the sum-of-the-years-digits method. 29

 
Non-GAAP Reconciliation: Tangible Capital ($ in thousands, except per-share data) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Total shareholders' equity a $5,118,224 $5,273,828 $4,976,672 $4,957,245 $4,995,034 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 Tangible common shareholders’ equity b 3,604,742 3,731,291 3,405,080 3,356,423 3,362,121 Total assets c $51,576,397 $51,908,599 $52,047,483 $52,224,006 $52,173,596 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 Tangible assets d $50,062,915 $50,366,062 $50,475,891 $50,623,184 $50,540,683 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 % Tangible common equity to tangible assets ratio b / d 7.20 % 7.41 % 6.75 % 6.63 % 6.65 % Book value per common share a / e $24.43 $25.17 $23.76 $23.68 $23.95 Tangible book value per common share b / e $17.20 $17.81 $16.26 $16.03 $16.12 30

 
Non-GAAP Reconciliation: Adjustments and Average Balances For the Quarter Ended For the Year Ended ($ in thousands) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Non-Interest Income Adjustments Gain (loss) on sale of debt securities, net $ 10 $ 3 $ (1) $ 12 $ 9 $ 24 $ 13 (Loss) gain on equity securities, net (1,424) 2,272 325 (1,565) 2,636 (392) 2,300 Gain (loss) on swap derivatives 3,642 (3,596) 424 1,197 (8,042) 1,667 (4,597) Change in fair value of certain loans held for investment (7,355) 9,365 (10,114) (2,372) 19,354 (10,476) 2,630 Change in fair value of MSR due to valuation inputs or assumptions 7,414 (6,540) 1,238 3,117 (6,251) 5,229 (6,122) MSR hedge (loss) gain (7,819) 5,098 (1,611) (4,271) 5,026 (8,603) (4,693) Total non-interest income adjustments a $ (5,532) $ 6,602 $ (9,739) $ (3,882) $ 12,732 $ (12,551) $ (10,469) Non-Interest Expense Adjustments Merger and restructuring expense $ 2,230 $ 2,364 $ 14,641 $ 4,478 $ 7,174 $ 23,713 $ 171,659 Exit and disposal costs 872 631 1,218 1,272 2,791 3,993 10,218 FDIC special assessment(1) — — 884 4,848 32,923 5,732 32,923 Total non-interest expense adjustments b $ 3,102 $ 2,995 $ 16,743 $ 10,598 $ 42,888 $ 33,438 $ 214,800 Average Assets n $ 51,588,231 $ 52,009,017 $ 51,981,555 $ 52,083,973 $ 51,832,356 $ 51,915,054 $ 49,496,319 Less: Average goodwill and other intangible assets, net 1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 1,573,712 1,423,075 Average tangible assets o $ 50,059,800 $ 50,449,321 $ 50,393,316 $ 50,464,839 $ 50,180,074 $ 50,341,342 $ 48,073,244 Average common shareholders’ equity p $ 5,226,290 $ 5,118,592 $ 4,908,239 $ 4,985,875 $ 4,695,736 $ 5,060,365 $ 4,466,725 Less: Average goodwill and other intangible assets, net 1,528,431 1,559,696 1,588,239 1,619,134 1,652,282 1,573,712 1,423,075 Average tangible common equity q $ 3,697,859 $ 3,558,896 $ 3,320,000 $ 3,366,741 $ 3,043,454 $ 3,486,653 $ 3,043,650 Weighted average basic shares outstanding r 208,548 208,545 208,498 208,260 208,083 208,463 195,304 Weighted average diluted shares outstanding s 209,889 209,454 209,011 208,956 208,739 209,337 195,871 31 (1) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

 
Non-GAAP Reconciliation: Income Statements For the Quarter Ended For the Year Ended ($ in thousands) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net interest income c $ 437,373 $ 430,218 $ 427,449 $ 423,362 $ 453,623 $ 1,718,402 $ 1,793,171 Non-interest income (GAAP) d $ 49,747 $ 66,159 $ 44,703 $ 50,357 $ 65,533 $ 210,966 $ 203,927 Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) 12,551 10,469 Operating non-interest income (non-GAAP) e $ 55,279 $ 59,557 $ 54,442 $ 54,239 $ 52,801 $ 223,517 $ 214,396 Revenue (GAAP) f=c+d $ 487,120 $ 496,377 $ 472,152 $ 473,719 $ 519,156 $ 1,929,368 $ 1,997,098 Operating revenue (non-GAAP) g=c+e $ 492,652 $ 489,775 $ 481,891 $ 477,601 $ 506,424 $ 1,941,919 $ 2,007,567 Non-interest expense (GAAP) h $ 266,576 $ 271,358 $ 279,244 $ 287,516 $ 337,176 $ 1,104,694 $ 1,312,700 Less: Non-interest expense adjustments b (3,102) (2,995) (16,743) (10,598) (42,888) (33,438) (214,800) Operating non-interest expense (non-GAAP) i $ 263,474 $ 268,363 $ 262,501 $ 276,918 $ 294,288 $ 1,071,256 $ 1,097,900 Net income (GAAP) j $ 143,269 $ 146,182 $ 120,144 $ 124,080 $ 93,531 $ 533,675 $ 348,715 Provision for income taxes 49,076 50,068 40,944 44,987 33,540 185,075 122,484 Income before provision for income taxes 192,345 196,250 161,088 169,067 127,071 718,750 471,199 Provision for credit losses 28,199 28,769 31,820 17,136 54,909 105,924 213,199 Pre-provision net revenue (PPNR) (non-GAAP) k 220,544 225,019 192,908 186,203 181,980 824,674 684,398 Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) 12,551 10,469 Add: Non-interest expense adjustments b 3,102 2,995 16,743 10,598 42,888 33,438 214,800 Operating PPNR (non-GAAP) l $ 229,178 $ 221,412 $ 219,390 $ 200,683 $ 212,136 $ 870,663 $ 909,667 Net income (GAAP) j $ 143,269 $ 146,182 $ 120,144 $ 124,080 $ 93,531 $ 533,675 $ 348,715 Less: Non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) 12,551 10,469 Add: Non-interest expense adjustments b 3,102 2,995 16,743 10,598 42,888 33,438 214,800 Tax effect of adjustments (2,158) 902 (6,621) (3,620) (7,539) (11,497) (52,567) Operating net income (non-GAAP) m $ 149,745 $ 143,477 $ 140,005 $ 134,940 $ 116,148 $ 568,167 $ 521,417 32

 
Non-GAAP Reconciliation: Earnings Per-Share and Performance Metrics For the Quarter Ended For the Year Ended ($ in thousands, except per-share data) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Select Per-Share & Performance Metrics Earnings per share - basic j/r $ 0.69 $ 0.70 $ 0.58 $ 0.60 $ 0.45 $ 2.56 $ 1.79 Earnings per share - diluted j/s $ 0.68 $ 0.70 $ 0.57 $ 0.59 $ 0.45 $ 2.55 $ 1.78 Efficiency ratio(1) h/f 54.61 % 54.56 % 59.02 % 60.57 % 64.81 % 57.14 % 65.59 % Non-interest expense to average assets h/n 2.06 % 2.08 % 2.16 % 2.22 % 2.58 % 2.13 % 2.65 % Return on average assets j/n 1.10 % 1.12 % 0.93 % 0.96 % 0.72 % 1.03 % 0.70 % Return on average tangible assets j/o 1.14 % 1.15 % 0.96 % 0.99 % 0.74 % 1.06 % 0.73 % PPNR return on average assets k/n 1.70 % 1.72 % 1.49 % 1.44 % 1.39 % 1.59 % 1.38 % Return on average common equity j/p 10.91 % 11.36 % 9.85 % 10.01 % 7.90 % 10.55 % 7.81 % Return on average tangible common equity j/q 15.41 % 16.34 % 14.55 % 14.82 % 12.19 % 15.31 % 11.46 % Operating Per-Share & Performance Metrics Operating earnings per share - basic(2) m/r $ 0.72 $ 0.69 $ 0.67 $ 0.65 $ 0.56 $ 2.73 $ 2.67 Operating earnings per share - diluted(2) m/s $ 0.71 $ 0.69 $ 0.67 $ 0.65 $ 0.56 $ 2.71 $ 2.66 Operating efficiency ratio, as adjusted(1), (2), (3) u/y 52.51 % 53.89 % 53.56 % 56.97 % 57.31 % 54.22 % 53.87 % Operating non-interest expense to average assets i/n 2.03 % 2.05 % 2.03 % 2.14 % 2.25 % 2.06 % 2.22 % Operating return on average assets(2) m/n 1.15 % 1.10 % 1.08 % 1.04 % 0.89 % 1.09 % 1.05 % Operating return on average tangible assets(2) m/o 1.19 % 1.13 % 1.12 % 1.08 % 0.92 % 1.13 % 1.08 % Operating PPNR return on average assets(2) l/n 1.77 % 1.69 % 1.70 % 1.55 % 1.62 % 1.68 % 1.84 % Operating return on average common equity(2) m/p 11.40 % 11.15 % 11.47 % 10.89 % 9.81 % 11.23 % 11.67 % Operating return on average tangible common equity(2) m/q 16.11 % 16.04 % 16.96 % 16.12 % 15.14 % 16.30 % 17.13 % (1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. (2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company. (3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation. 33

 
Non-GAAP Reconciliation: Operating Efficiency Ratio, as Adjusted 34 For the Quarter Ended For the Year Ended ($ in thousands) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Non-interest expense (GAAP) h $266,576 $271,358 $279,244 $287,516 $337,176 $1,104,694 $1,312,700 Less: Non-interest expense adjustments b (3,102) (2,995) (16,743) (10,598) (42,888) (33,438) (214,800) Operating non-interest expense (non-GAAP) i 263,474 268,363 262,501 276,918 294,288 1,071,256 1,097,900 Less: B&O taxes t (3,495) (3,248) (3,183) (3,223) (2,727) (13,149) (11,778) Operating non-interest expense, excluding B&O taxes (non-GAAP) u $259,979 $265,115 $259,318 $273,695 $291,561 $1,058,107 $1,086,122 Non-interest income (tax equivalent)(1) v $438,424 $431,184 $428,434 $424,344 $454,730 $1,722,386 $1,797,298 Non-interest income (GAAP) d 49,747 66,159 44,703 50,357 65,533 210,966 203,927 Add: BOLI tax equivalent adjustment(1) w 1,390 1,248 1,291 1,809 1,182 5,738 4,677 Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 489,561 498,591 474,428 476,510 521,445 1,939,090 2,005,902 Less: non-interest income adjustments a 5,532 (6,602) 9,739 3,882 (12,732) 12,551 10,469 Total Adjusted operating revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP) y $495,093 $491,989 $484,167 $480,392 $508,713 $1,951,641 $2,016,371 Efficiency ratio(1) h/f 54.61 % 54.56 % 59.02 % 60.57 % 64.81 % 57.14 % 65.59 % Operating efficieny ratio, as adjusted (non-GAAP)(1), (2), (3) u/y 52.51 % 53.89 % 53.56 % 56.97 % 57.31 % 54.22 % 53.87 % (1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. (2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company. (3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.

 
Non-GAAP Reconciliation: Net Interest Income & Net Interest Margin (1) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. (2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate. 35 For the Quarter Ended For the Year Ended ($ in thousands) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net interest income(2) a $438,424 $431,184 $428,434 $424,344 $454,730 $1,722,386 $1,797,298 Less: Acquired loan accretion - credit related(1) b 4,313 4,127 4,835 5,119 5,430 18,394 22,706 Net Interest Income, excluding credit PAA(1), (2) c 434,111 427,057 423,599 419,225 449,300 1,703,992 1,774,592 Less: Acquired rate-related accretion(1) d 61,499 59,620 67,375 57,336 63,757 245,830 230,856 Adjusted net interest income(1), (2) e $372,612 $367,437 $356,224 $361,889 $385,543 $1,458,162 $1,543,736 Average interest-earning assets f $47,870,698 $48,185,474 $48,117,746 $48,280,787 $47,838,229 $48,113,208 $45,867,566 Net interest margin(2) a / f 3.64 % 3.56 % 3.56 % 3.52 % 3.78 % 3.57 % 3.91 % Less: Acquired loan accretion - credit related(1) b / f 0.03 % 0.04 % 0.04 % 0.04 % 0.05 % 0.04 % 0.05 % Net Interest margin, excluding credit PAA(1), (2) c / f 3.61 % 3.52 % 3.52 % 3.48 % 3.73 % 3.53 % 3.86 % Less: Acquired rate-related accretion(1) d / f 0.51 % 0.49 % 0.56 % 0.48 % 0.53 % 0.51 % 0.50 % Adjusted net interest margin(1), (2) e / f 3.10 % 3.03 % 2.96 % 3.00 % 3.20 % 3.02 % 3.36 %

 
v3.24.4
Cover
Jan. 23, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name Columbia Banking System, Inc.
Entity Incorporation, State or Country Code WA
Entity File Number 000-20288
Entity Tax Identification Number 91-1422237
Entity Address, Address Line One 1301 A Street
Entity Address, City or Town Tacoma
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98402-2156
City Area Code 253
Local Phone Number 305-1900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(g) Security Common Stock, No Par Value
Trading Symbol COLB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000887343
Amendment Flag false
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