TACOMA, Wash., Jan. 22, 2026 /PRNewswire/ --
$215 million
$243 million $0.72 $0.82
Net income Operating net Earnings per common Operating earnings
income(1) share - per
diluted common share -
diluted(1)
CEO Commentary
"Our fourth quarter performance marked a strong end to a tremendous year for Columbia, reflecting continued momentum across our
businesses and our commitment to consistent, repeatable results," said Clint Stein, President and CEO. "Our operating performance was
supported by disciplined balance sheet management, new and expanding customer relationships, and the first full-quarter contribution
from Pacific Premier. We remain on track for a seamless systems conversion later this quarter, which will enable us to fully realize deal-
related cost savings and achieve a clean expense run rate by the third quarter. Investments made throughout 2025 strengthened our
western footprint and enhanced our long-term earnings power, and we entered 2026 with healthy pipelines, solid capital generation, and a
clear path to continued operational improvement, all in support of long-term value creation and ongoing capital return to our shareholders."
- Clint Stein, Chair, CEO & President of Columbia Banking System, Inc.
4Q25
HIGHLIGHTS (COMPARED TO 3Q25)
Net Interest • Net interest income increased by $122
million
Income and from the prior quarter, due to two
additional
NIM months operating as a combined company
and
lower interest expense due to favorable
funding
mix trends
• Net interest margin was 4.06%, up 22 basis
points from the prior quarter, due to a favorable
funding mix shift following the reduction in
higher-cost funding sources during the prior
quarter. The net interest margin also was
impacted by two additional months operating as
a combined company in the current period
Non-Interest • Non-interest income increased by $13
million.
Income and Excluding the impact of fair value and
hedges,(1)
Expense non-interest income increased by $16
million,
due to two additional months operating
as a
combined company and an increase in
customer fee income
• Non-interest expense increased by $19 million,
due to two additional months operating as a
combined company, partially offset by lower
merger expense
Credit • Net charge-offs were 0.25% of average
loans
Quality and leases (annualized), compared to
0.22% for
the prior quarter
• Provision expense was $23 million, compared to
$70 million for the prior quarter, which was
driven by the acquisition of Pacific Premier in
the prior quarter
• Non-performing assets to total assets was
0.30%, compared to 0.29% as of September 30,
2025
Capital • Estimated total risk-based capital
ratio of 13.6%
and estimated common equity tier 1 risk-
based
capital ratio of 11.8%
• Declared a quarterly cash dividend of $0.37 per
common share on November 14, 2025, which
was paid December 15, 2025
• Repurchased $100 million of common stock
under our current repurchase plan
Notable • Executed three successful small
business and
Items retail campaigns during 2025, generating
$1.3 billion in new deposits to the bank during
the year. Our next campaign begins in
February
4Q25
KEY FINANCIAL DATA
PERFORMANCE METRICS 4Q25 3Q25 4Q24
Return on average assets 1.27 % 0.67 % 1.10 %
Return on average common equity 10.92 % 6.19 % 10.91 %
Return on average tangible common equity(1) 15.24 % 8.58 % 15.41 %
Operating return on average assets(1) 1.44 % 1.42 % 1.15 %
Operating return on average common equity(1) 12.34 % 13.15 % 11.40 %
Operating return on average tangible common equity(1) 17.22 % 18.24 % 16.11 %
Net interest margin 4.06 % 3.84 % 3.64 %
Efficiency ratio 57.30 % 67.29 % 54.61 %
Operating efficiency ratio, as adjusted (1) 51.39 % 52.32 % 52.51 %
INCOME STATEMENT 4Q25 3Q25 4Q24
($ in millions, excl. per share data)
Net interest income $627 $505 $437
Provision for credit losses $23 $70 $28
Non-interest income $90 $77 $50
Non-interest expense $412 $393 $267
Pre-provision net revenue(1) $305 $189 $220
Operating pre-provision net revenue(1) $342 $270 $229
Earnings per common share - diluted $0.72 $0.40 $0.68
Operating earnings per common share - diluted(1) $0.82 $0.85 $0.71
Dividends paid per share $0.37 $0.36 $0.36
BALANCE SHEET 4Q25 3Q25 4Q24
($ in millions, excl. per share data)
Total assets $66,832 $67,496 $51,576
Loans and leases $47,776 $48,462 $37,681
Deposits $54,211 $55,771 $41,721
Book value per common share $26.54 $26.04 $24.43
Tangible book value per common share(1) $19.11 $18.57 $17.20
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and integration efforts continue to progress smoothly. We remain on track to complete the systems conversion and branch consolidations during the first quarter of 2026. We continue to expect to realize all related cost savings by June 30, 2026.
The Columbia Board of Directors elected Clint Stein, President and Chief Executive Officer, to also serve as Chair of the Board, effective January 22, 2026, as previously announced. Maria Pope, the immediate past Chair of the Board, was also appointed, effective the same date, to serve as Lead Independent Director until the Company's 2026 annual meeting of shareholders. Following the annual meeting, Luis Machuca, the current Chair of the Company's Nominating and Governance Committee, will succeed Ms. Pope as Lead Independent Director. The Board's actions reflect its confidence in Mr. Stein's leadership and are intended to support continuity, accountability, and strong governance as Columbia executes on its long-term strategic priorities. "Clint has demonstrated steady, disciplined leadership and a clear strategic vision for Columbia," said Ms. Pope. "Combining the roles of Chair and CEO at this time will enhance alignment between the Board and management, further strengthening our ability to deliver long-term value for shareholders while remaining firmly committed to strong, independent oversight."
Ivan Seda assumed the role of Executive Vice President, Chief Financial Officer, effective December 31, 2025, as previously announced. Mr. Seda joined Columbia in August 2025 as Executive Vice President, Deputy Chief Financial Officer, supporting a seamless leadership transition. "Ivan's first five months with Columbia have already delivered meaningful contributions, and he has transitioned smoothly into his expanded role," stated Mr. Stein. "Recent strategic actions, including our acquisition of Pacific Premier and ongoing balance sheet optimization, have positioned Columbia for an exciting future. We have the resources, talent, and vision to excel across every market we serve, and I am confident Ivan will play a key role in driving consistent, repeatable performance and long-term value creation for our shareholders."
Net Interest Income
Net interest income was $627 million for the fourth quarter of 2025, up $122 million from the prior quarter. The increase largely reflects the impact of two additional months operating as a combined company in the current period. Lower interest expense due to a favorable shift in Columbia's funding mix during the prior quarter also contributed to the increase, as did an additional $5 million in interest income related to an accelerated loan repayment.
Columbia's net interest margin was 4.06% for the fourth quarter of 2025, up 22 basis points from the third quarter of 2025. Net interest margin benefited from lower funding costs, due to an increase in customer deposits and corresponding reduction in higher-cost funding sources during the third quarter. The net interest margin also was impacted by two additional months operating as a combined company, which includes an 8-basis point benefit related to the amortization of a premium on acquired time deposits, as described in the following paragraph, and a 3-basis point benefit related to an accelerated loan repayment.
The cost of interest-bearing deposits decreased 35 basis points from the prior quarter to 2.08% for the fourth quarter of 2025. The cost of interest-bearing deposits benefited from the amortization of a premium related to Pacific Premier's time deposits, which contributed $12 million to net interest income during the fourth quarter of 2025, compared to $4 million during the third quarter of 2025, favorably impacting deposit rates in each quarter. The premium was fully amortized as of December 31, 2025. Excluding this impact, the cost of interest-bearing deposits was 2.20% for the fourth quarter of 2025, compared to 2.09% for the month of December and 2.06% as of December 31, 2025. The declining cost of deposits reflects our proactive management of deposit rates ahead of and following reductions to the federal fund rates.
Columbia's cost of interest-bearing liabilities decreased 38 basis points from the prior quarter to 2.27% for the fourth quarter of 2025. Excluding the previously discussed premium amortization, the cost of interest-bearing liabilities was 2.38% for the fourth quarter of 2025, compared to 2.28% for both the month of December and as of December 31 2025. Please refer to the Q4 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest Income
Non-interest income was $90 million for the fourth quarter of 2025, up $13 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value gain of $2 million for the fourth quarter, compared to a net fair value gain of $5 million for the third quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $88 million2 for the fourth quarter of 2025, up $16 million between periods, as Pacific Premier contributed an additional $13 million to the quarter's run rate. Customer fee income, including swap and international banking revenue, drove the remainder of the increase.
Non-interest Expense
Non-interest expense was $412 million for the fourth quarter of 2025, up $19 million from the prior quarter, as two additional months operating as a combined company more than offset lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, a $5 million reversal of prior FDIC assessment expense, and $4 million of other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $373 million2, up $66 million from the prior quarter, as Pacific Premier contributed an additional $62 million to the fourth quarter, as compared to the prior quarter's run rate. The Pacific Premier run rate includes deal-related cost savings. Other miscellaneous expenses, including marketing and software costs, contributed to the increase. Please refer to the Q4 2025 Earnings Presentation for additional expense details.
Balance Sheet
Total consolidated assets were $66.8 billion as of December 31, 2025, compared to $67.5 billion as of September 30, 2025. The decrease reflects balance sheet optimization activity and an accelerated level of loan repayments. Cash and cash equivalents were $2.4 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.9 billion as of December 31, 2025, representing 42% of total assets, 51% of total deposits, and 141% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of December 31, 2025, compared to $11.0 billion as of September 30, 2025. The increase is due to the purchase of $246 million of investment securities, partially offset by paydowns. Please refer to the Q4 2025 Earnings Presentation for additional details related to our securities portfolio and liquidity position.
Gross loans and leases were $47.8 billion as of December 31, 2025, compared to $48.5 billion as of September 30, 2025. The decrease reflects continued run-off in commercial development and below-market-rate transactional loans, as well as the sale of $45 million in acquired loans risk rated special mention. Commercial loans increased by 6% on an annualized basis relative to September 30, 2025, partially offsetting contraction in other portfolios. "Our ability to generate relationship-based commercial business was strengthened by the addition of bankers from Pacific Premier," commented Tory Nixon, President of Columbia Bank. "Loan origination volume increased 17% from the prior quarter, and full-year 2025 volume was up 22% compared to 2024, resulting in strong commercial loan growth, offset by the intentional reduction in transactional loan balances and elevated prepayment activity during the fourth quarter." Please refer to the Q4 2025 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.
Total deposits were $54.2 billion as of December 31, 2025, compared to $55.8 billion as of September 30, 2025. The decrease reflects an intentional reduction in brokered and select public deposits, as alternative funding sources offered a more attractive interest rate. Seasonal reductions in customer deposit balances also contributed to the quarter's decline. "Momentum from the third quarter's exceptional customer deposit growth carried into the fourth quarter," stated Mr. Nixon. "However, balances followed seasonal norms in December, declining in the latter part of the month, due to company distributions, tax payments, and other year-end payouts." We utilized borrowings, which were $3.2 billion as of December 31, 2025, compared to $2.3 billion as of September 30, 2025, to supplement funding needs. Please refer to the Q4 2025 Earnings Presentation for additional details related to deposit characteristics and flows.
Credit Quality
The allowance for credit losses ("ACL") was $485 million, or 1.02% of loans and leases, as of December 31, 2025, compared to $492 million, or 1.01% of loans and leases, as of September 30, 2025. The provision for credit losses was $23 million for the fourth quarter of 2025 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.
Net charge-offs were 0.25% of average loans and leases (annualized) for the fourth quarter of 2025, compared to 0.22% for the third quarter of 2025. Net charge-offs in the FinPac portfolio were $14 million in the fourth quarter, compared to $16 million in the third quarter. Net charge-offs excluding the FinPac portfolio were $16 million in the fourth quarter, compared to $6 million in the third quarter. Non-performing assets were $200 million, or 0.30% of total assets, as of December 31, 2025, compared to $199 million, or 0.29% of total assets, as of September 30, 2025. Please refer to the Q4 2025 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
Capital
Columbia's book value per common share was $26.54 as of December 31, 2025, compared to $26.04 as of September 30, 2025. During the fourth quarter, Columbia repurchased 3.7 million common shares under its current repurchase plan at an average price of $27.07. Book value was also impacted by a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(233) million as of December 31, 2025, compared to $(268) million as of the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on available-for-sale securities to $199 million as of December 31, 2025, compared to $240 million as of September 30, 2025. Tangible book value per common share3 was $19.11 as of December 31, 2025, compared to $18.57 as of September 30, 2025.
Columbia's estimated total risk-based capital ratio was 13.6% and its estimated common equity tier 1 risk-based capital ratio was 11.8% as of December 31, 2025, compared to 13.4% and 11.6%, respectively, as of September 30, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of December 31, 2025 are estimates, pending completion and filing of Columbia's regulatory reports.
Earnings Presentation and Conference Call Information
Columbia's Q4 2025 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its fourth quarter 2025 earnings conference call on January 22, 2025 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its fourth quarter 2025 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/r4vb6kw9/
Register for the call: https://register-conf.media-server.com/register/BIea441cbeb5cf482194e96ffe3b448071
Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc.
Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning western U.S. regional bank. Columbia Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management's attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction, and (iv) shareholder litigation that could negatively impact our business and operations; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.
TABLE INDEX
Page
Consolidated Statements of Income 8
---
Consolidated Balance Sheets 9
---
Financial Highlights 11
---
Loan & Lease Portfolio Balances and Mix 12
---
Deposit Portfolio Balances and Mix 14
---
Credit Quality - Non-performing Assets 15
---
Credit Quality - Allowance for Credit Losses 16
---
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates 18
---
Residential Mortgage Banking Activity 20
---
GAAP to Non-GAAP Reconciliation 22
---
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended % Change
($ in millions, shares in thousands) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq Year
2025 2025 2025 2025 2024 Quarter over
Year
Interest income:
Loans and leases $722 $619 $564 $553 $572 17 % 26 %
Interest and dividends on investments:
Taxable 102 89 80 69 75 15 % 36 %
Exempt from federal income tax 12 8 7 7 7 50 % 71 %
Dividends 3 4 3 3 3 (25) % - %
Temporary investments and interest bearing deposits 19 20 16 16 19 (5) % - %
Total interest income 858 740 670 648 676 16 % 27 %
Interest expense:
Deposits 195 195 180 177 189 - % 3 %
Securities sold under agreement to repurchase and 1 1 1 1 1 - % - %
federal funds purchased
Borrowings 27 30 35 36 40 (10) % (33) %
Junior and other subordinated debentures 8 9 8 9 9 (11) % (11) %
Total interest expense 231 235 224 223 239 (2) % (3) %
Net interest income 627 505 446 425 437 24 % 43 %
Provision for credit losses 23 70 30 27 28 (67) % (18) %
Non-interest income:
Service charges on deposits 24 21 20 19 18 14 % 33 %
Card-based fees 16 15 14 13 15 7 % 7 %
Financial services and trust revenue 15 9 6 5 5 67 % 200 %
Residential mortgage banking revenue, net 7 7 8 9 7 - % - %
Gain (loss) on investment securities, net 2 2 2 (1) - % nm
Gain (loss) on loan and lease sales, net 1 (2) nm nm
Gain (loss) on loans held for investment, at fair value - 4 7 (7) (100) % nm
BOLI income 9 6 5 5 5 50 % 80 %
Other income 16 13 12 6 10 23 % 60 %
Total non-interest income 90 77 65 66 50 17 % 80 %
Non-interest expense:
Salaries and employee benefits 201 171 155 145 142 18 % 42 %
Occupancy and equipment, net 67 54 47 48 47 24 % 43 %
Intangible amortization 42 31 26 28 29 35 % 45 %
FDIC assessments 4 8 8 8 8 (50) % (50) %
Merger and restructuring expense 39 87 8 14 2 (55) % nm
Legal settlement - 55 nm nm
Other expenses 59 42 34 42 39 40 % 51 %
Total non-interest expense 412 393 278 340 267 5 % 54 %
Income before provision for income taxes 282 119 203 124 192 137 % 47 %
Provision for income taxes 67 23 51 37 49 191 % 37 %
Net income $215 $96 $152 $87 $143 124 % 50 %
Weighted average basic shares outstanding (in 295,376 237,838 209,125 208,800 208,548 24 % 42 %
thousands)
Weighted average diluted shares outstanding (in 296,760 238,925 209,975 210,023 209,889 24 % 41 %
thousands)
Earnings per common share - basic $0.72 $0.40 $0.73 $0.41 $0.69 80 % 4 %
Earnings per common share - diluted $0.72 $0.40 $0.73 $0.41 $0.68 80 % 6 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Year Ended % Change
($ in millions, shares in thousands) Dec 31, 2025 Dec 31, 2024 Year over
Year
Interest income:
Loans and leases $2,458 $2,320 6 %
Interest and dividends on investments:
Taxable 340 305 11 %
Exempt from federal income tax 34 28 21 %
Dividends 13 12 8 %
Temporary investments and interest bearing deposits 71 90 (21) %
Total interest income 2,916 2,755 6 %
Interest expense:
Deposits 747 803 (7) %
Securities sold under agreement to repurchase and federal funds purchased 4 5 (20) %
Borrowings 128 190 (33) %
Junior and other subordinated debentures 34 39 (13) %
Total interest expense 913 1,037 (12) %
Net interest income 2,003 1,718 17 %
Provision for credit losses 150 106 42 %
Non-interest income:
Service charges on deposits 84 72 17 %
Card-based fees 58 57 2 %
Financial services and trust revenue 35 20 75 %
Residential mortgage banking revenue, net 31 24 29 %
Gain on investment securities, net 6 nm
Gain (loss) on loan and lease sales, net 1 (3) nm
Gain (loss) on loans held for investment, at fair value 11 (10) nm
BOLI income 25 19 32 %
Other income 47 32 47 %
Total non-interest income 298 211 41 %
Non-interest expense:
Salaries and employee benefits 672 589 14 %
Occupancy and equipment, net 216 182 19 %
Intangible amortization 127 119 7 %
FDIC assessments 28 42 (33) %
Merger and restructuring expense 148 24 nm
Legal settlement 55 nm
Other expenses 177 148 20 %
Total non-interest expense 1,423 1,104 29 %
Income before provision for income taxes 728 719 1 %
Provision for income taxes 178 185 (4) %
Net income $550 $534 3 %
Weighted average basic shares outstanding (in thousands) 238,022 208,463 14 %
Weighted average diluted shares outstanding (in thousands) 239,121 209,337 14 %
Earnings per common share - basic $2.31 $2.56 (10) %
Earnings per common share - diluted $2.30 $2.55 (10) %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
% Change
($ in millions, shares in thousands) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Seq Year
Quarter over
Year
Assets:
Cash and due from banks $511 $535 $608 $591 $497 (4) % 3 %
Interest-bearing cash and temporary 1,869 1,808 1,334 1,481 1,381 3 % 35 %
investments
Investment securities:
Equity and other, at fair value 113 112 93 92 78 1 % 45 %
Available for sale, at fair value 11,112 11,013 8,653 8,229 8,275 1 % 34 %
Held to maturity, at amortized cost 18 18 2 2 2 - % nm
Loans held for sale 262 340 66 65 72 (23) % 264 %
Loans and leases 47,776 48,462 37,637 37,616 37,681 (1) % 27 %
Allowance for credit losses on loans and (466) (473) (421) (421) (425) (1) % 10 %
leases
Net loans and leases 47,310 47,989 37,216 37,195 37,256 (1) % 27 %
Restricted equity securities 159 119 161 125 150 34 % 6 %
Premises and equipment, net 422 416 357 345 349 1 % 21 %
Goodwill 1,482 1,481 1,029 1,029 1,029 - % 44 %
Other intangible assets, net 712 754 430 456 484 (6) % 47 %
Bank-owned life insurance 1,218 1,199 705 701 694 2 % 76 %
Other assets 1,644 1,712 1,247 1,208 1,309 (4) % 26 %
Total assets $66,832 $67,496 $51,901 $51,519 $51,576 (1) % 30 %
Liabilities:
Deposits
Non-interest-bearing $17,419 $17,810 $13,220 $13,414 $13,308 (2) % 31 %
Interest-bearing 36,792 37,961 28,523 28,804 28,413 (3) % 29 %
Total deposits 54,211 55,771 41,743 42,218 41,721 (3) % 30 %
Securities sold under agreements to 207 167 191 192 237 24 % (13) %
repurchase
Borrowings 3,200 2,300 3,350 2,550 3,100 39 % 3 %
Junior subordinated debentures, at fair value 338 331 323 321 331 2 % 2 %
Junior and other subordinated debentures, 97 107 108 108 108 (9) % (10) %
at amortized cost
Other liabilities 939 1,030 844 892 961 (9) % (2) %
Total liabilities 58,992 59,706 46,559 46,281 46,458 (1) % 27 %
Shareholders' equity:
Common stock 8,099 8,189 5,826 5,823 5,817 (1) % 39 %
Accumulated deficit (26) (131) (151) (227) (237) (80) % (89) %
Accumulated other comprehensive loss (233) (268) (333) (358) (462) (13) % (50) %
Total shareholders' equity 7,840 7,790 5,342 5,238 5,118 1 % 53 %
Total liabilities and shareholders' equity $66,832 $67,496 $51,901 $51,519 $51,576 (1) % 30 %
Common shares outstanding at period end (in 295,422 299,147 210,213 210,112 209,536 (1) % 41 %
thousands)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Quarter Ended % Change
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq. Year
2025 2025 2025 2025 2024 Quarter over
Year
Per Common Share Data:
---
Dividends $0.37 $0.36 $0.36 $0.36 $0.36 3 % 3 %
Book value $26.54 $26.04 $25.41 $24.93 $24.43 2 % 9 %
Tangible book value (1) $19.11 $18.57 $18.47 $17.86 $17.20 3 % 11 %
Performance Ratios:
---
Efficiency ratio (2) 57.30 % 67.29 % 54.29 % 69.06 % 54.61 % (9.99) 2.69
Non-interest expense to average assets (1) 2.44 % 2.74 % 2.16 % 2.68 % 2.06 % (0.30) 0.38
Return on average assets ("ROAA") 1.27 % 0.67 % 1.19 % 0.68 % 1.10 % 0.60 0.17
Pre-provision net revenue ("PPNR") ROAA (1) 1.80 % 1.32 % 1.81 % 1.19 % 1.70 % 0.48 0.10
Return on average common equity 10.92 % 6.19 % 11.56 % 6.73 % 10.91 % 4.73 0.01
Return on average tangible common equity (1) 15.24 % 8.58 % 16.03 % 9.45 % 15.41 % 6.66 (0.17)
Performance Ratios -Operating:
(1)
---
Operating efficiency ratio, as adjusted (1),(2) 51.39 % 52.32 % 51.79 % 55.11 % 52.51 % (0.93) (1.12)
Operating non-interest expense to average assets (1) 2.20 % 2.14 % 2.10 % 2.13 % 2.03 % 0.06 0.17
Operating ROAA (1) 1.44 % 1.42 % 1.25 % 1.10 % 1.15 % 0.02 0.29
Operating PPNR ROAA (1) 2.02 % 1.89 % 1.88 % 1.67 % 1.77 % 0.13 0.25
Operating return on average common equity (1) 12.34 % 13.15 % 12.16 % 10.87 % 11.40 % (0.81) 0.94
Operating return on average tangible common equity (1) 17.22 % 18.24 % 16.85 % 15.26 % 16.11 % (1.02) 1.11
Average Balance Sheet Yields, Rates, & Ratios:
---
Yield on loans and leases 5.92 % 5.96 % 6.00 % 5.92 % 6.05 % (0.04) (0.13)
Yield on earning assets (2) 5.55 % 5.62 % 5.62 % 5.49 % 5.63 % (0.07) (0.08)
Cost of interest bearing deposits 2.08 % 2.43 % 2.52 % 2.52 % 2.66 % (0.35) (0.58)
Cost of interest bearing liabilities 2.27 % 2.65 % 2.78 % 2.80 % 2.98 % (0.38) (0.71)
Cost of total deposits 1.40 % 1.66 % 1.73 % 1.72 % 1.80 % (0.26) (0.40)
Cost of total funding (3) 1.57 % 1.87 % 1.98 % 1.99 % 2.09 % (0.30) (0.52)
Net interest margin (2) 4.06 % 3.84 % 3.75 % 3.60 % 3.64 % 0.22 0.42
Average interest bearing cash / Average interest earning assets 3.12 % 3.41 % 2.97 % 3.13 % 3.29 % (0.29) (0.17)
Average loans and leases / Average interest earning assets 78.12 % 78.39 % 78.64 % 78.93 % 78.42 % (0.27) (0.30)
Average loans and leases / Average total deposits 87.34 % 88.39 % 90.07 % 90.36 % 89.77 % (1.05) (2.43)
Average non-interest bearing deposits / Average total deposits 32.45 % 31.41 % 31.39 % 31.75 % 32.45 % 1.04
Average total deposits / Average total funding (3) 94.52 % 93.47 % 91.92 % 91.86 % 91.88 % 1.05 2.64
Select Credit & Capital Ratios:
---
Non-performing loans and leases to total loans and leases 0.41 % 0.40 % 0.47 % 0.47 % 0.44 % 0.01 (0.03)
Non-performing assets to total assets 0.30 % 0.29 % 0.35 % 0.35 % 0.33 % 0.01 (0.03)
Allowance for credit losses to loans and leases 1.02 % 1.01 % 1.17 % 1.17 % 1.17 % 0.01 (0.15)
Total risk-based capital ratio (4) 13.6 % 13.4 % 13.0 % 12.9 % 12.8 % 0.20 0.80
Common equity tier 1 risk-based capital ratio (4) 11.8 % 11.6 % 10.8 % 10.6 % 10.5 % 0.20 1.30
(1)
See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis
using a 21% tax rate.
(3)
Total funding = total deposits + total borrowings.
(4)
Estimated holding company ratios.
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Year Ended % Change
Dec 31, 2025 Dec 31, 2024 Year over
Year
Per Common Share Data:
---
Dividends $1.45 $1.44 0.69 %
Performance Ratios:
---
Efficiency ratio (2) 61.68 % 57.14 % 4.54
Non-interest expense to average assets (1) 2.51 % 2.13 % 0.38
Return on average assets 0.97 % 1.03 % (0.06)
PPNR ROAA (1) 1.55 % 1.59 % (0.04)
Return on average common equity 8.98 % 10.55 % (1.57)
Return on average tangible common equity (1) 12.51 % 15.31 % (2.80)
Performance Ratios -Operating:
(1)
---
Operating efficiency ratio, as adjusted (1),(2) 52.54 % 54.22 % (1.68)
Operating non-interest expense to average assets (1) 2.15 % 2.06 % 0.09
Operating ROAA (1) 1.31 % 1.09 % 0.22
Operating PPNR ROAA (1) 1.88 % 1.68 % 0.20
Operating return on average common equity (1) 12.18 % 11.23 % 0.95
Operating return on average tangible common equity (1) 16.97 % 16.30 % 0.67
Average Balance Sheet Yields, Rates, & Ratios:
---
Yield on loans and leases 5.95 % 6.15 % (0.20)
Yield on earning assets (2) 5.57 % 5.73 % (0.16)
Cost of interest bearing deposits 2.36 % 2.87 % (0.51)
Cost of interest bearing liabilities 2.61 % 3.21 % (0.60)
Cost of total deposits 1.61 % 1.93 % (0.32)
Cost of total funding (3) 1.83 % 2.26 % (0.43)
Net interest margin (2) 3.83 % 3.57 % 0.26
Average interest bearing cash / Average interest earning assets 3.16 % 3.53 % (0.37)
Average loans and leases / Average interest earning assets 78.49 % 78.12 % 0.37
Average loans and leases / Average total deposits 88.89 % 90.30 % (1.41)
Average non-interest bearing deposits / Average total deposits 31.79 % 32.70 % (0.91)
Average total deposits / Average total funding (3) 93.07 % 90.59 % 2.48
(1)
See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis
using a 21% tax rate.
(3)
Total funding = Total deposits + Total borrowings.
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 % Change
($ in millions) Amount Amount Amount Amount Amount Seq. Quarter Year over
Year
Loans and leases:
---
Commercial real estate:
Non-owner occupied term $8,206 $8,444 $6,190 $6,179 $6,278 (3) % 31 %
Owner occupied term 7,314 7,361 5,320 5,303 5,270 (1) % 39 %
Multifamily 10,281 10,377 5,735 5,831 5,804 (1) % 77 %
Construction & development 1,707 2,071 2,070 2,071 1,983 (18) % (14) %
Residential development 362 367 286 252 232 (1) % 56 %
Commercial:
Term 6,713 6,590 5,353 5,490 5,538 2 % 21 %
Lines of credit & other 3,643 3,582 2,951 2,754 2,770 2 % 32 %
Leases & equipment finance 1,599 1,614 1,641 1,644 1,661 (1) % (4) %
Residential:
Mortgage 5,624 5,722 5,830 5,878 5,933 (2) % (5) %
Home equity loans & lines 2,149 2,153 2,083 2,039 2,032 - % 6 %
Consumer & other 178 181 178 175 180 (2) % (1) %
Total loans and leases, net of deferred fees $47,776 $48,462 $37,637 $37,616 $37,681 (1) % 27 %
and costs
Loans and leases mix:
---
Commercial real estate:
Non-owner occupied term 17 % 18 % 16 % 16 % 17 %
Owner occupied term 15 % 15 % 14 % 14 % 14 %
Multifamily 22 % 21 % 15 % 15 % 15 %
Construction & development 4 % 4 % 6 % 6 % 5 %
Residential development 1 % 1 % 1 % 1 % 1 %
Commercial:
Term 14 % 14 % 14 % 15 % 15 %
Lines of credit & other 8 % 7 % 8 % 7 % 7 %
Leases & equipment finance 3 % 3 % 4 % 4 % 4 %
Residential:
Mortgage 12 % 12 % 15 % 16 % 16 %
Home equity loans & lines 4 % 4 % 6 % 5 % 5 %
Consumer & other - % 1 % 1 % 1 % 1 %
Total 100 % 100 % 100 % 100 % 100 %
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 % Change
($ in millions) Amount Amount Amount Amount Amount Seq. Quarter Year over
Year
Deposits:
---
Demand, non-interest bearing $17,419 $17,810 $13,220 $13,414 $13,308 (2) % 31 %
Demand, interest bearing 10,763 11,675 8,335 8,494 8,476 (8) % 27 %
Money market 17,013 16,816 11,694 11,971 11,475 1 % 48 %
Savings 2,442 2,504 2,276 2,337 2,360 (2) % 3 %
Time 6,574 6,966 6,218 6,002 6,102 (6) % 8 %
Total $54,211 $55,771 $41,743 $42,218 $41,721 (3) % 30 %
Total core deposits (1) $50,174 $51,535 $37,294 $38,079 $37,488 (3) % 34 %
Deposit mix:
---
Demand, non-interest bearing 32 % 32 % 32 % 32 % 32 %
Demand, interest bearing 20 % 21 % 20 % 20 % 20 %
Money market 31 % 30 % 28 % 28 % 27 %
Savings 5 % 5 % 5 % 6 % 6 %
Time 12 % 12 % 15 % 14 % 15 %
Total 100 % 100 % 100 % 100 % 100 %
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and
all brokered deposits.
Columbia Banking System, Inc.
Credit Quality - Non-performing Assets
(Unaudited)
Quarter Ended % Change
($ in millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq. Year
2025 2025 2025 2025 2024 Quarter over
Year
Non-performing assets:
(1)
---
Loans and leases on non-accrual status:
Commercial real estate $50 $53 $31 $42 $39 (6) % 28 %
Commercial 66 67 67 80 57 (1) % 16 %
Total loans and leases on non-accrual
status 116 120 98 122 96 (3) % 21 %
Loans and leases past due 90+ days and accruing: (2)
Commercial real estate 2 nm nm
Commercial 8 5 5 5 60 % 60 %
Residential (2) 72 71 74 53 66 1 % 9 %
Total loans and leases past due 90+ days
and 82 76 79 53 71 8 % 15 %
accruing (2)
Total non-performing loans and leases (1), (2) 198 196 177 175 167 1 % 19 %
Other real estate owned 2 3 3 3 3 (33) % (33) %
Total non-performing assets (1), (2) $200 $199 $180 $178 $170 1 % 18 %
Loans and leases past due 31-89 days $94 $85 $142 $158 $105 11 % (10) %
Loans and leases past due 31-89 days to total loans and 0.20 % 0.18 % 0.38 % 0.42 % 0.28 % 0.02 (0.08)
leases
Non-performing loans and leases to total loans and 0.41 % 0.40 % 0.47 % 0.47 % 0.44 % 0.01 (0.03)
leases (1), (2)
Non-performing assets to total assets (1), (2) 0.30 % 0.29 % 0.35 % 0.35 % 0.33 % 0.01 (0.03)
Non-accrual loans and leases to total loan and leases (2) 0.24 % 0.25 % 0.26 % 0.33 % 0.26 % (0.01) (0.02)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1) Non-accrual and 90+ days past due loans include government guarantees of $79 million, $70 million, $68 million, $67 million, and
$74 million at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.
(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so,
totaling $3 million, $2 million, $2 million, $3 million, and $2 million at December 31, 2025, September 30, 2025, June 30, 2025,
March 31, 2025, and December 31, 2024, respectively.
Columbia Banking System, Inc.
Credit Quality - Allowance for Credit Losses
(Unaudited)
Quarter Ended % Change
($ in millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq. Year
2025 2025 2025 2025 2024 Quarter over
Year
Allowance for credit losses on loans and leases
(ACLLL)
Balance, beginning of period $473 $421 $421 $425 $420 12 % 13 %
Initial ACL recorded for PCD loans acquired during 5 (100) % nm
the period
Provision for credit losses on loans and leases 23 69 29 26 30 (67) % (23) %
Charge-offs
Commercial real estate (8) (3) (3) 167 % 167 %
Commercial (23) (22) (33) (33) (26) 5 % (12) %
Residential (1) (1) nm nm
Consumer & other (1) (2) (1) (1) (1) (50) % 0 %
Total charge-offs (33) (27) (34) (35) (30) 22 % 10 %
Recoveries
Commercial 3 4 5 4 4 (25) % (25) %
Consumer & other 1 1 1 (100) % (100) %
Total recoveries 3 5 5 5 5 (40) % (40) %
Net (charge-offs) recoveries
Commercial real estate (8) (3) (3) 167 % 167 %
Commercial (20) (18) (28) (29) (22) 11 % (9) %
Residential (1) (1) nm nm
Consumer & other (1) (1) (1) 0 % nm
Total net charge-offs (30) (22) (29) (30) (25) 36 % 20 %
Balance, end of period $466 $473 $421 $421 $425 (1) % 10 %
Reserve for unfunded commitments
Balance, beginning of period $19 $18 $17 $16 $18 6 % 6 %
Provision (recapture) for credit losses on unfunded 1 1 1 (2) (100) % nm
commitments
Balance, end of period 19 19 18 17 16 0 % 19 %
Total Allowance for credit losses (ACL) $485 $492 $439 $438 $441 (1) % 10 %
Net charge-offs to average loans and leases 0.25 % 0.22 % 0.31 % 0.32 % 0.27 % 0.03 (0.02)
(annualized)
Recoveries to gross charge-offs 9.09 % 18.52 % 15.19 % 14.05 % 15.23 % (9.43) (6.14)
ACLLL to loans and leases 0.98 % 0.98 % 1.12 % 1.12 % 1.13 % (0.15)
ACL to loans and leases 1.02 % 1.01 % 1.17 % 1.17 % 1.17 % 0.01 (0.15)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Credit Quality - Allowance for Credit Losses
(Unaudited)
Year Ended % Change
($ in millions) Dec 31, 2025 Dec 31, 2024 Year over
Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period $425 $441 (4) %
Initial ACL recorded for PCD loans acquired during the period 5
nm
Provision for credit losses on loans and leases 147 113 30 %
Charge-offs
Commercial real estate (11) (4) 175 %
Commercial (111) (139) (20) %
Residential (2) (2) 0 %
Consumer & other (5) (6) (17) %
Total charge-offs (129) (151) (15) %
Recoveries
Commercial real estate 1 (100) %
Commercial 16 18 (11) %
Residential 1 (100) %
Consumer & other 2 2 0 %
Total recoveries 18 22 (18) %
Net (charge-offs) recoveries
Commercial real estate (11) (3) 267 %
Commercial (95) (121) (21) %
Residential (2) (1) 100 %
Consumer & other (3) (4) (25) %
Total net charge-offs (111) (129) (14) %
Balance, end of period $466 $425 10 %
Reserve for unfunded commitments
Balance, beginning of period $16 $23 (30) %
Provision (recapture) for credit losses on unfunded commitments 3 (7)
nm
Balance, end of period 19 16 19 %
Total Allowance for credit losses (ACL) $485 $441 10 %
Net charge-offs to average loans and leases (annualized) 0.27 % 0.34 % (0.07)
Recoveries to gross charge-offs 13.95 % 14.54 % (0.59)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
December 31, 2025 September 30, 2025 December 31, 2024
($ in millions) Average Interest Average Average Interest Average Average Interest Average
Balance Income Yields Balance Income Yields Balance Income Yields
or or Rates or or Rates or or Rates
Expense Expense Expense
INTEREST-EARNING ASSETS:
Loans held for sale $306 $5 5.51 % $80 $1 7.14 % $77 $1 6.35 %
Loans and leases (1) 48,186 717 5.92 % 41,164 618 5.96 % 37,539 571 6.05 %
Taxable securities 9,996 105 4.23 % 8,523 93 4.35 % 7,851 78 3.97 %
Non-taxable securities (2) 1,268 14 4.53 % 950 10 4.26 % 831 8 3.80 %
Temporary investments and 1,923 19 3.82 % 1,793 20 4.40 % 1,573 19 4.80 %
interest-bearing cash
Total interest-earning assets (1), (2) 61,679 $860 5.55 % 52,510 $742 5.62 % 47,871 $677 5.63 %
Goodwill and other intangible 2,217 1,719 1,528
assets
Other assets 3,218 2,594 2,189
Total assets $67,114 $56,823 $51,588
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits $11,052 $51 1.81 % $9,630 $53 2.17 % $8,563 $52 2.43 %
Money market deposits 17,010 94 2.22 % 13,476 83 2.46 % 11,441 73 2.53 %
Savings deposits 2,463 1 0.12 % 2,358 1 0.16 % 2,393 1 0.11 %
Time deposits 6,741 49 2.88 % 6,481 58 3.57 % 5,849 63 4.30 %
Total interest-bearing deposits 37,266 195 2.08 % 31,945 195 2.43 % 28,246 189 2.66 %
Repurchase agreements and 184 1 2.16 % 176 1 2.15 % 198 1 1.95 %
federal funds purchased
Borrowings 2,581 27 4.20 % 2,648 30 4.54 % 3,076 40 5.16 %
Junior and other subordinated 436 8 7.53 % 430 9 7.99 % 420 9 8.81 %
debentures
Total interest-bearing liabilities 40,467 $231 2.27 % 35,199 $235 2.65 % 31,940 $239 2.98 %
Non-interest-bearing deposits 17,902 14,627 13,569
Other liabilities 931 840 853
Total liabilities 59,300 50,666 46,362
Common equity 7,814 6,157 5,226
Total liabilities and shareholders' $67,114 $56,823 $51,588
equity
NET INTEREST INCOME (2) $629 $507 $438
NET INTEREST SPREAD (2) 3.28 % 2.97 % 2.65 %
NET INTEREST INCOME TO 4.06 % 3.84 % 3.64 %
EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)
(1)
Non-accrual loans and leases are included in the average balance.
(2) Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to
recorded income of approximately $2 million for the three months ended December 31, 2025, as compared to $2 million for the
three months ended September 30, 2025 and $1 million for the three months ended December 31, 2024.
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Year Ended
December 31, 2025 December 31, 2024
($ in millions) Average Interest Average Average Interest Average
Balance Income or Yields Balance Income or Yields
or or
Expense Rates Expense Rates
INTEREST-EARNING ASSETS:
Loans held for sale $129 $8 5.98 % $69 $4 6.50 %
Loans and leases (1) 41,198 2,450 5.95 % 37,585 2,316 6.15 %
Taxable securities 8,543 353 4.14 % 7,929 317 4.00 %
Non-taxable securities (2) 960 40 4.20 % 834 32 3.78 %
Temporary investments and interest-bearing cash 1,659 71 4.26 % 1,696 90 5.32 %
Total interest-earning assets (1), (2) 52,489 $2,922 5.57 % 48,113 $2,759 5.73 %
Goodwill and other intangible assets 1,729 1,574
Other assets 2,561 2,228
Total assets $56,779 $51,915
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits $9,391 $198 2.11 % $8,266 $215 2.60 %
Money market deposits 13,483 319 2.37 % 10,998 300 2.73 %
Savings deposits 2,365 3 0.13 % 2,529 3 0.13 %
Time deposits 6,373 227 3.56 % 6,220 285 4.58 %
Total interest-bearing deposits 31,612 747 2.36 % 28,013 803 2.87 %
Repurchase agreements and federal funds purchased 190 4 2.11 % 212 5 2.30 %
Borrowings 2,830 128 4.53 % 3,692 190 5.15 %
Junior and other subordinated debentures 433 34 7.87 % 419 39 9.28 %
Total interest-bearing liabilities 35,065 $913 2.61 % 32,336 $1,037 3.21 %
Non-interest-bearing deposits 14,735 13,609
Other liabilities 853 910
Total liabilities 50,653 46,855
Common equity 6,126 5,060
Total liabilities and shareholders' equity $56,779 $51,915
NET INTEREST INCOME (2) $2,009 $1,722
NET INTEREST SPREAD (2) 2.96 % 2.52 %
NET INTEREST INCOME TO EARNING ASSETS OR NET 3.83 % 3.57 %
INTEREST MARGIN (1), (2)
(1)
Non-accrual loans and leases are included in the average balance.
(2) Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to
recorded income of approximately $6 million for the year ended December 31, 2025, as compared to $4 million for the year ended
December 31, 2024.
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Quarter Ended %
($ in millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq. Year over
2025 2025 2025 2025 2024 Quarter Year
Residential mortgage banking revenue:
---
Origination and sale $5 $5 $5 $4 $5 - % - %
Servicing 6 5 6 6 6 20 % - %
Change in fair value of MSR asset:
Changes due to collection/realization of (3) (3) (3) (3) (3) - % - %
expected cash flows over time
Changes due to valuation inputs or (1) (2) (1) 7 nm (114) %
assumptions
MSR hedge gain (loss) - 2 3 (8) nm nm
Total $7 $7 $8 $9 $7 - % - %
Closed loan volume for sale $176 $166 $164 $136 $175 6 % 1 %
Gain on sale margin 2.84 % 3.01 % 2.77 % 3.23 % 2.58 % -0.17 0.26
Residential mortgage servicing rights:
---
Balance, beginning of period $101 $103 $106 $108 $102 (2) % (1) %
Additions for new MSR capitalized 2 1 2 2 2 100 % - %
Change in fair value of MSR asset:
Changes due to collection/realization of (3) (3) (3) (3) (3) - % - %
expected cash flows over time
Changes due to valuation inputs or (1) (2) (1) 7 nm (114) %
assumptions
Balance, end of period $99 $101 $103 $106 $108 (2) % (8) %
Residential mortgage loans serviced for others $7,755 $7,797 $7,852 $7,888 $7,939 (1) % (2) %
MSR as % of serviced portfolio 1.28 % 1.30 % 1.31 % 1.34 % 1.36 % (0.02) (0.08)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Year Ended % Change
($ in millions) Dec 31, 2025 Dec 31, 2024 Year over
Year
Residential mortgage banking revenue:
---
Origination and sale $19 $16 19 %
Servicing 23 24 (4) %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time (12) (12) 0 %
Changes due to valuation inputs or assumptions (4) 5 (180) %
MSR hedge gain (loss) 5 (9) nm
Total $31 $24 29 %
Closed loan volume for sale $642 $564 14 %
Gain on sale margin 2.96 % 2.86 % 0.10
Residential mortgage servicing rights:
---
Balance, beginning of period $108 $109 (1) %
Additions for new MSR capitalized 7 6 17 %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time (12) (12) 0 %
Changes due to valuation inputs or assumptions (4) 5 (180) %
Balance, end of period $99 $108 (8) %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions, except per-share data) Dec 31, 2025 Sep 30, 2025 Jun 30, Mar 31, Dec 31,
2025 2025 2024 Seq. Year
Quarter over
Year
Total shareholders' equity a $7,840 $7,790 $5,342 $5,238 $5,118 1 % 53 %
Less: Goodwill 1,482 1,481 1,029 1,029 1,029 - % 44 %
Less: Other intangible assets, net 712 754 430 456 484 (6) % 47 %
Tangible common shareholders' equity b $5,646 $5,555 $3,883 $3,753 $3,605 2 % 57 %
Total assets c $66,832 $67,496 $51,901 $51,519 $51,576 (1) % 30 %
Less: Goodwill 1,482 1,481 1,029 1,029 1,029 - % 44 %
Less: Other intangible assets, net 712 754 430 456 484 (6) % 47 %
Tangible assets d $64,638 $65,261 $50,442 $50,034 $50,063 (1) % 29 %
Common shares outstanding at period end
(in e 295,422 299,147 210,213 210,112 209,536 (1) % 41 %
thousands)
Total shareholders' equity to total assets ratio a /c 11.73 % 11.54 % 10.29 % 10.17 % 9.92 % 0.19 1.81
Tangible common equity to tangible assets ratio b /d 8.73 % 8.51 % 7.70 % 7.50 % 7.20 % 0.22 1.53
Book value per common share a /e $26.54 $26.04 $25.41 $24.93 $24.43 2 % 9 %
Tangible book value per common share b /e $19.11 $18.57 $18.47 $17.86 $17.20 3 % 11 %
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Seq. Year
Quarter over
Year
Non-Interest Income Adjustments
---
Gain (loss) on investment securities, net $2 $2
$ - $2 $(1) - % nm
Gain (loss) on swap derivatives 1 (1) (1) (1) 3 nm (67) %
Gain (loss) on loans held for investment, at fair value 4 7 (7) (100) % nm
Change in fair value of MSR due to valuation inputs or assumptions (1) (2) (1) 7 nm (114) %
MSR hedge gain (loss) 2 3 (8) nm nm
Total non-interest income adjustments a $2 $5 $(1) $10 $(6) (60) % nm
Non-Interest Expense Adjustments
---
Merger and restructuring expense $39 $87 $8 $14 $2 (55) % nm
Exit and disposal costs 1 1 1 nm - %
FDIC special assessment (5) (1) 400 % nm
Legal settlement and other non-operating expense 4 55 nm nm
Total non-interest expense adjustments b $39 $86 $8 $70 $3 (55) % nm
Net interest income c $627 $505 $446 $425 $437 24 % 43 %
Non-interest income (GAAP) d $90 $77 $65 $66 $50 17 % 80 %
Less: Non-interest income adjustments a (2) (5) 1 (10) 6 (60) % (133) %
Operating non-interest income (non-GAAP) e $88 $72 $66 $56 $56 22 % 57 %
Revenue (GAAP) f=c+d $717 $582 $511 $491 $487 23 % 47 %
Operating revenue (non-GAAP) g=c+e $715 $577 $512 $481 $493 24 % 45 %
Non-interest expense (GAAP) h $412 $393 $278 $340 $267 5 % 54 %
Less: Non-interest expense adjustments b (39) (86) (8) (70) (3) (55) % nm
Operating non-interest expense (non-GAAP) i $373 $307 $270 $270 $264 21 % 41 %
Net income (GAAP) j $215 $96 $152 $87 $143 124 % 50 %
Provision for income taxes 67 23 51 37 49 191 % 37 %
Income before provision for income taxes 282 119 203 124 192 137 % 47 %
Provision for credit losses 23 70 30 27 28 (67) % (18) %
Pre-provision net revenue (PPNR) (non-GAAP) k 305 189 233 151 220 61 % 39 %
Less: Non-interest income adjustments a (2) (5) 1 (10) 6 (60) % (133) %
Add: Non-interest expense adjustments b 39 86 8 70 3 (55) % nm
Operating PPNR (non-GAAP) l $342 $270 $242 $211 $229 27 % 49 %
Net income (GAAP) j $215 $96 $152 $87 $143 124 % 50 %
Acquisition-related provision expense 70 (100) % nm
Less: Non-interest income adjustments a (2) (5) 1 (10) 6 (60) % (133) %
Add: Non-interest expense adjustments b 39 86 8 70 3 (55) % nm
Tax effect of adjustments (9) (43) (1) (8) (2) (79) % 350 %
Operating net income (non-GAAP) m $243 $204 $160 $139 $150 19 % 62 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions, shares in thousands) Dec 31, 2025 Sep 30, 2025 Jun 30, Mar 31,
2025 2025 Dec 31, 2024 Seq. Year
Quarter over
Year
Average assets n $67,114 $56,823 $51,552 $51,453 $51,588 18 % 30 %
Less: Average goodwill and other intangible 2,217 1,719 1,472 1,502 1,528 29 % 45 %
assets, net
Average tangible assets o $64,897 $55,104 $50,080 $49,951 $50,060 18 % 30 %
Average common shareholders' equity p $7,814 $6,157 $5,287 $5,217 $5,226 27 % 50 %
Less: Average goodwill and other intangible 2,217 1,719 1,472 1,502 1,528 29 % 45 %
assets, net
Average tangible common equity q $5,597 $4,438 $3,815 $3,715 $3,698 26 % 51 %
Weighted average basic shares outstanding r 295,376 237,838 209,125 208,800 208,548 24 % 42 %
(in thousands)
Weighted average diluted shares s 296,760 238,925 209,975 210,023 209,889 24 % 41 %
outstanding
(in thousands)
Select Per-Share & Performance Metrics
---
Earnings per share - basic j /r $0.72 $0.40 $0.73 $0.41 $0.69 80 % 4 %
Earnings per share - diluted j /s $0.72 $0.40 $0.73 $0.41 $0.68 80 % 6 %
Efficiency ratio (1) h /f 57.30 % 67.29 % 54.29 % 69.06 % 54.61 % (9.99) 2.69
Non-interest expense to average assets h /n 2.44 % 2.74 % 2.16 % 2.68 % 2.06 % (0.30) 0.38
Return on average assets j /n 1.27 % 0.67 % 1.19 % 0.68 % 1.10 % 0.60 0.17
Return on average tangible assets j /o 1.31 % 0.69 % 1.22 % 0.70 % 1.14 % 0.62 0.17
PPNR return on average assets k /n 1.80 % 1.32 % 1.81 % 1.19 % 1.70 % 0.48 0.10
Return on average common equity j /p 10.92 % 6.19 % 11.56 % 6.73 % 10.91 % 4.73 0.01
Return on average tangible common equity j /q 15.24 % 8.58 % 16.03 % 9.45 % 15.41 % 6.66 (0.17)
Operating Per-Share & Performance Metrics
---
Operating earnings per share - basic m /r $0.82 $0.86 $0.77 $0.67 $0.72 (5) % 14 %
Operating earnings per share - diluted m /s $0.82 $0.85 $0.76 $0.67 $0.71 (4) % 15 %
Operating efficiency ratio, as adjusted (1) u /y 51.39 % 52.32 % 51.79 % 55.11 % 52.51 % (0.93) (1.12)
Operating non-interest expense to average assets i /n 2.20 % 2.14 % 2.10 % 2.13 % 2.03 % 0.06 0.17
Operating return on average assets m /n 1.44 % 1.42 % 1.25 % 1.10 % 1.15 % 0.02 0.29
Operating return on average tangible assets m /o 1.49 % 1.47 % 1.28 % 1.13 % 1.19 % 0.02 0.30
Operating PPNR return on average assets l /n 2.02 % 1.89 % 1.88 % 1.67 % 1.77 % 0.13 0.25
Operating return on average common equity m /p 12.34 % 13.15 % 12.16 % 10.87 % 11.40 % (0.81) 0.94
Operating return on average tangible common m /q 17.22 % 18.24 % 16.85 % 15.26 % 16.11 % (1.02) 1.11
equity
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated
revenue for this calculation.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Seq. Quarter Year over
2025 2025 2025 2025 2024 Year
Non-interest expense (GAAP) h $412 $393 $278 $340 $267 5 % 54 %
Less: Non-interest expense adjustments b (39) (86) (8) (70) (3) (55) %
nm
Operating non-interest expense (non-GAAP) i 373 307 270 270 264 21 % 41 %
Less: B&O taxes t (3) (3) (3) (3) (4) - % (25) %
Operating non-interest expense, excluding u $370 $304 $267 $267 $260 22 % 42 %
B&O taxes (non-GAAP)
Net interest income (tax equivalent) (1) v $629 $507 $447 $426 $438 24 % 44 %
Non-interest income (GAAP) d 90 77 65 66 50 17 % 80 %
Add: BOLI tax equivalent adjustment (1) w 3 2 2 1 1 50 % 200 %
Total Revenue, excluding BOLI tax equivalent x 722 586 514 493 489 23 % 48 %
adjustments (tax equivalent)
Less: Non-interest income adjustments a (2) (5) 1 (10) 6 (60) % (133) %
Total Adjusted Operating Revenue, y $720 $581 $515 $483 $495 24 % 45 %
excluding BOLI tax equivalent adjustments
(tax equivalent) (non-GAAP)
Efficiency ratio (1) h /
f 57.30 % 67.29 % 54.29 % 69.06 % 54.61 % (9.99) 2.69
Operating efficiency ratio, as adjusted (non- u /
y 51.39 % 52.32 % 51.79 % 55.11 % 52.51 % (0.93) (1.12)
GAAP) (1)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated
revenue for this calculation.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
Year Ended % Change
($ in millions) Dec 31, 2025 Dec 31, 2024 Year over
Year
Non-Interest Income Adjustments
---
Gain on investment securities, net $6
$ -
nm
(Loss) gain on swap derivatives (2) 1 (300) %
Gain (loss) on loans held for investment, at fair value 11 (10)
nm
Change in fair value of MSR due to valuation inputs or assumptions (4) 5 (180) %
MSR hedge gain (loss) 5 (9)
nm
Total non-interest income adjustments a $16 $(13)
nm
Non-Interest Expense Adjustments
---
Merger and restructuring expense $148 $24
nm
Exit and disposal costs 2 4 (50) %
FDIC special assessment (6) 5 (220) %
Legal settlement and other non-operating expense 59
nm
Total non-interest expense adjustments b $203 $33
nm
Net interest income c $2,003 $1,718 17 %
Non-interest income (GAAP) d $298 $211 41 %
Less: Non-interest income adjustments a (16) 13 (223) %
Operating non-interest income (non-GAAP) e $282 $224 26 %
Revenue (GAAP) f=c+d $2,301 $1,929 19 %
Operating revenue (non-GAAP) g=c+e $2,285 $1,942 18 %
Non-interest expense (GAAP) h $1,423 $1,104 29 %
Less: Non-interest expense adjustments b (203) (33)
nm
Operating non-interest expense (non-GAAP) i $1,220 $1,071 14 %
Net income (GAAP) j $550 $534 3 %
Provision for income taxes 178 185 (4) %
Income before provision for income taxes 728 719 1 %
Provision for credit losses 150 106 42 %
Pre-provision net revenue (PPNR) (non-GAAP) k 878 825 6 %
Less: Non-interest income adjustments a (16) 13 (223) %
Add: Non-interest expense adjustments b 203 33
nm
Operating PPNR (non-GAAP) l $1,065 $871 22 %
Net income (GAAP) j $550 $534 3 %
Acquisition-related provision expense 70
nm
Less: Non-interest income adjustments a (16) 13 (223) %
Add: Non-interest expense adjustments b 203 33
nm
Tax effect of adjustments (61) (12) 408 %
Operating net income (non-GAAP) m $746 $568 31 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
Year Ended % Change
($ in millions, shares in thousands) Dec 31, 2025 Dec 31, 2024 Year over
Year
Average assets n $56,779 $51,915 9 %
Less: Average goodwill and other intangible assets, net 1,729 1,574 10 %
Average tangible assets o $55,050 $50,341 9 %
Average common shareholders' equity p $6,126 $5,060 21 %
Less: Average goodwill and other intangible assets, net 1,729 1,574 10 %
Average tangible common equity q $4,397 $3,486 26 %
Weighted average basic shares outstanding r 238,022 208,463 14 %
Weighted average diluted shares outstanding s 239,121 209,337 14 %
Select Per-Share & Performance Metrics
---
Earnings per share - basic j /r $2.31 $2.56 (10) %
Earnings per share - diluted j /s $2.30 $2.55 (10) %
Efficiency ratio (1) h /f 61.68 % 57.14 % 4.54
Non-interest expense to average assets h/n 2.51 % 2.13 % 0.38
Return on average assets j /n 0.97 % 1.03 % (0.06)
Return on average tangible assets j /o 1.00 % 1.06 % (0.06)
PPNR return on average assets k/n 1.55 % 1.59 % (0.04)
Return on average common equity j /p 8.98 % 10.55 % (1.57)
Return on average tangible common equity j /q 12.51 % 15.31 % (2.80)
Operating Per-Share & Performance Metrics
---
Operating earnings per share - basic m /r $3.13 $2.73 15 %
Operating earnings per share - diluted m /s $3.12 $2.71 15 %
Operating efficiency ratio, as adjusted (1) u /y 52.54 % 54.22 % (1.68)
Operating non-interest expense to average assets i/n 2.15 % 2.06 % 0.09
Operating return on average assets m /n 1.31 % 1.09 % 0.22
Operating return on average tangible assets m /o 1.36 % 1.13 % 0.23
Operating PPNR return on average assets l /n 1.88 % 1.68 % 0.20
Operating return on average common equity m /p 12.18 % 11.23 % 0.95
Operating return on average tangible common equity m /q 16.97 % 16.30 % 0.67
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated
revenue for this calculation.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Year Ended % change
($ in millions) Dec 31, 2025 Dec 31, 2024 Year over
Year
Non-interest expense (GAAP) h $1,423 $1,104 29 %
Less: Non-interest expense adjustments b (203) (33)
nm
Operating non-interest expense (non-GAAP) i 1,220 1,071 14 %
Less: B&O taxes t (12) (13) (8) %
Operating non-interest expense, excluding B&O taxes (non-GAAP) u $1,208 $1,058 14 %
Net interest income (tax equivalent) (1) v $2,009 $1,722 17 %
Non-interest income (GAAP) d 298 211 41 %
Add: BOLI tax equivalent adjustment (1) w 8 6 33 %
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 2,315 1,939 19 %
Less: Non-interest income adjustments a (16) 13 (223) %
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments y $2,299 $1,952 18 %
(tax equivalent) (non-GAAP)
Efficiency ratio (1) h /f 61.68 % 57.14 % 4.54
Operating efficiency ratio, as adjusted (non-GAAP) (1) u /
y 52.54 % 54.22 % (1.68)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated
revenue for this calculation.
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
3 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
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SOURCE Columbia Banking System, Inc.
Jacquelynne "Jacque" Bohlen, SVP/Director of Investor Relations, 503-727-4100, jacquebohlen@columbiabank.com