TACOMA, Wash., April 23, 2026 /PRNewswire/ --
$192 million
$209 million $0.66 $0.72
Net income Operating net Earnings per common Operating earnings
income(1) share - per
diluted common share -
diluted(1)
CEO Commentary
"Our first quarter results reflect continued execution against the priorities we have previously outlined: delivering sustainable performance, strengthening our balance sheet, and returning excess capital to shareholders," said Clint Stein, Chair, CEO & President. "During the quarter, we increased capital returns, reflecting our confidence in earnings durability and ongoing capital generation. We also made further progress optimizing our balance sheet, as commercial loan growth and muted seasonal
deposit trends contributed to the profitable remix of assets and liabilities, positioning Columbia for attractive returns over time. At the same time, our credit performance continues to benefit from disciplined underwriting and our diversified, relationship-based loan portfolio that is performing as designed. With these actions, we remain focused on delivering consistent, repeatable performance and creating long?term value for our shareholders."
Clint Stein, Chair, CEO & President of Columbia Banking System, Inc.
1Q26 HIGHLIGHTS (COMPARED TO 4Q25)
Net Interest • Net interest income decreased by $33
million
Income and NIM from the prior quarter, which included
$17
million of net interest income related to
premium
amortization on acquired time deposits
and an
accelerated loan repayment that did not
repeat
in the current quarter. The remaining
decrease
reflects lower average interest-earning
asset
balances, partially offset by a more
profitable
balance sheet mix.
• Net interest margin was 3.96%, down 10 basis
points from the prior quarter, which included an
11-basis point benefit related to premium
amortization on acquired time deposits and an
accelerated loan repayment, neither of which
repeated in the current quarter.
Non-Interest • Non-interest income decreased by $7
million,
Income and due in part to lower swap, syndication,
Expense and
international banking revenue following
strong
performance in the prior quarter, as well
as an
expected slow down in customer activity
that is
typical for the first quarter.
• Non-interest expense decreased by $18 million,
due to lower merger expense and the realization
of acquisition-related cost savings.
Credit • Net charge-offs were 0.30% of average
loans
Quality and leases (annualized), compared to
0.25% for
the prior quarter.
• Provision expense was $28 million, compared to
$23 million for the prior quarter.
• Non-performing assets to total assets ratio was
0.40%, compared to 0.30% as of
December 31, 2025.
Capital • Estimated total risk-based capital
ratio of 13.3%
and estimated common equity tier 1 risk-
based
capital ratio of 11.5%.
• Declared a quarterly cash dividend of $0.37 per
common share on February 13, 2026, which
was paid March 16, 2026.
• Repurchased $200 million of common stock
under our current repurchase plan.
Notable • Our first small business and retail
campaign of
Items 2026, which runs through April 30, 2026,
has
brought nearly $450 million in new
deposits to
the bank through mid-April and has also
been
successful in generating new SBA lending
relationships.
1Q26 KEY FINANCIAL DATA
PERFORMANCE METRICS 1Q26 4Q25 1Q25
Return on average assets 1.18 % 1.27 % 0.68 %
Return on average common equity 10.00 % 10.92 % 6.73 %
Return on average tangible common equity(1) 13.88 % 15.24 % 9.45 %
Operating return on average assets(1) 1.28 % 1.44 % 1.10 %
Operating return on average common equity(1) 10.89 % 12.34 % 10.87 %
Operating return on average tangible common equity(1) 15.11 % 17.22 % 15.26 %
Net interest margin 3.96 % 4.06 % 3.60 %
Efficiency ratio 58.03 % 57.30 % 69.06 %
Operating efficiency ratio, as adjusted (1) 53.68 % 51.39 % 55.11 %
INCOME STATEMENT 1Q26 4Q25 1Q25
($ in millions, excl. per share data)
Net interest income $594 $627 $425
Provision for credit losses $28 $23 $27
Non-interest income $83 $90 $66
Non-interest expense $394 $412 $340
Pre-provision net revenue(1) $283 $305 $151
Operating pre-provision net revenue(1) $306 $342 $211
Earnings per common share - diluted $0.66 $0.72 $0.41
Operating earnings per common share - diluted(1) $0.72 $0.82 $0.67
Dividends paid per share $0.37 $0.37 $0.36
BALANCE SHEET 1Q26 4Q25 1Q25
($ in millions, excl. per share data)
Total assets $66,027 $66,832 $51,519
Loans and leases $47,697 $47,776 $37,616
Deposits $53,489 $54,211 $42,218
Book value per common share $26.47 $26.54 $24.93
Tangible book value per common share(1) $19.03 $19.11 $17.86
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and completed the systems conversion and nine branch consolidations during the first quarter of 2026. We continue to expect to realize all previously disclosed related cost savings by June 30, 2026.
Net Interest Income and Net Interest Margin
Net interest income was $594 million for the first quarter of 2026, down $33 million from the prior quarter, which included $5 million in interest income related to an accelerated loan repayment and a $12 million reduction to interest expense related to the amortization of a premium related to Pacific Premier's time deposits, neither of which repeated in the current quarter. The remaining decrease in net interest income between periods largely reflects lower average interest-earning asset balances, partially offset by an improved mix of higher-yielding loans and investment securities.
Columbia's net interest margin was 3.96% for the first quarter of 2026, down 10 basis points from the fourth quarter of 2025. The fourth quarter's net interest margin included an 8-basis point benefit related to the amortization of a premium on acquired time deposits and a 3-basis point benefit related to an accelerated loan repayment. Net interest margin was otherwise consistent between periods, as lower yields on loans and cash following reductions to the federal funds rate during the fourth quarter were offset by lower deposit costs.
The cost of interest-bearing deposits decreased 4 basis points from the prior quarter to 2.04% for the first quarter of 2026, compared to 2.08% for the fourth quarter of 2025. During the fourth quarter, we recorded a $12 million benefit to interest expense related to the amortization of a premium on acquired time deposits, which favorably impacted the cost of interest-bearing deposits by 12 basis points. The decrease during the first quarter reflects our active management of deposit rates ahead of and following reductions to the federal funds rate, as well as a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 2.02% for the month of March and 1.98% as of March 31, 2026.
Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.24% for the first quarter of 2026, compared to 2.27% for the fourth quarter of 2025. The previously discussed premium amortization favorably impacted the cost of interest-bearing liabilities for the fourth quarter of 2025 by 11 basis points. The cost of interest-bearing liabilities was 2.23% for the month of March and 2.19% as of March 31, 2026. Please refer to the Q1 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest Income
Non-interest income was $83 million for the first quarter of 2026, down $7 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value gain of $2 million for the first quarter, unchanged from the fourth quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $81 million2 for the first quarter of 2026, down $7 million between periods, due to lower swap, syndication, and international banking revenue following strong performance in the prior quarter, as well as an expected slowdown in customer activity that is typical for the first quarter.
Non-interest Expense
Non-interest expense was $394 million for the first quarter of 2026, down $18 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, reversals of prior FDIC assessment expense, and other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $369 million2, down $4 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Please refer to the Q1 2026 Earnings Presentation for additional expense details.
Balance Sheet
Total consolidated assets were $66.0 billion as of March 31, 2026, compared to $66.8 billion as of December 31, 2025. The decrease reflects balance sheet optimization activity, which includes the reduction of excess cash. Cash and cash equivalents were $2.1 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.1 billion as of March 31, 2026, representing 41% of total assets, 51% of total deposits, and 129% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $10.9 billion as of March 31, 2026, compared to $11.1 billion as of December 31, 2025. The decrease is due to paydowns and a decrease in the fair value of the portfolio, partially offset by the purchase of $208 million of investment securities. Please refer to the Q1 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.
Gross loans and leases were $47.7 billion as of March 31, 2026, compared to $47.8 billion as of December 31, 2025. The decrease reflects continued expected runoff in below-market-rate transactional loans. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 6% on an annualized basis relative to December 31, 2025, partially offsetting contraction in other portfolios. "Our teams delivered a strong quarter, continuing to generate relationship-based commercial business while successfully supporting customers through a core systems conversion," commented Chris Merrywell, President of Columbia Bank. "Loan origination volume rose 38% from the prior-year quarter, driven by increased customer activity and the addition of bankers from Pacific Premier. Payoff activity also moderated following elevated levels in the latter part of 2025." Please refer to the Q1 2026 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.
Total deposits were $53.5 billion as of March 31, 2026, compared to $54.2 billion as of December 31, 2025. The decrease reflects an intentional reduction in brokered deposits, which declined to $1.6 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. A $110 million increase in customer deposits and the deployment of excess cash contributed to our reduced reliance on wholesale funding sources. "Despite seasonal deposit pressure during the first quarter, our teams' focus on generating new business and strong quarter-end inflows supported growth in customer balances," stated Mr. Merrywell. "We remain focused on deepening customer relationships and strengthening our industry-leading core deposit franchise, while continuing to reduce brokered and non-relationship public deposits." We utilized borrowings, which were $3.4 billion as of March 31, 2026, compared to $3.2 billion as of December 31, 2025, to supplement funding needs. Please refer to the Q1 2026 Earnings Presentation for additional details related to deposit characteristics and flows.
Credit Quality
The allowance for credit losses ("ACL") was $478 million, or 1.00% of loans and leases, as of March 31, 2026, compared to $485 million, or 1.02% of loans and leases, as of December 31, 2025. The provision for credit losses was $28 million for the first quarter of 2026 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.
Net charge-offs were 0.30% of average loans and leases (annualized) for the first quarter of 2026, compared to 0.25% for the fourth quarter of 2026. Net charge-offs in the FinPac portfolio were $14 million for the first quarter, unchanged from the fourth quarter. Net charge-offs excluding the FinPac portfolio were $21 million for the first quarter, compared to $16 million for the fourth quarter. Non-performing assets were $264 million, or 0.40% of total assets, as of March 31, 2026, compared to $200 million, or 0.30% of total assets, as of December 31, 2025. The increase in net charge-offs and non-performing assets between periods was driven by an agricultural industry relationship. Please refer to the Q1 2026 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
Capital
Columbia's book value per common share was $26.47 as of March 31, 2026, compared to $26.54 as of December 31, 2025. During the first quarter, Columbia repurchased 6.5 million common shares under its current repurchase plan at an average price of $30.74. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(291) million as of March 31, 2026, compared to $(233) million as of the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $260 million as of March 31, 2026, compared to $199 million as of December 31, 2025. Tangible book value per common share3 was $19.03 as of March 31, 2026, compared to $19.11 as of December 31, 2025.
Columbia's estimated total risk-based capital ratio was 13.3% and its estimated common equity tier 1 risk-based capital ratio was 11.5% as of March 31, 2026, compared to 13.6% and 11.8%, respectively, as of December 31, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of March 31, 2026 are estimates, pending completion and filing of Columbia's regulatory reports.
Earnings Presentation and Conference Call Information
Columbia's Q1 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its first quarter 2026 earnings conference call on April 23, 2026 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its first quarter 2026 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/y2c5ea4c/
Register for the call: https://register-conf.media-server.com/register/BI6f2e58fad341429a8b85e604aa895766
Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc.
Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management's attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.
_________________________
(1) "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
(2) "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
(3) "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
TABLE INDEX
Page
Consolidated Statements of Income 8
Consolidated Balance Sheets 8
Financial Highlights 10
Loan & Lease Portfolio Balances and Mix 10
Deposit Portfolio Balances and Mix 12
Credit Quality - Non-performing Assets 13
Credit Quality - Allowance for Credit Losses 14
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates 15
Residential Mortgage Banking Activity 16
GAAP to Non-GAAP Reconciliation 17
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended % Change
($ in millions, shares in thousands) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Seq. Year
2026 2025 2025 2025 2025 over
Quarter Year
Interest income:
Loans and leases $684 $722 $619 $564 $553 (5) % 24 %
Interest and dividends on investments:
Taxable 103 102 89 80 69 1 % 49 %
Exempt from federal income tax 12 12 8 7 7 - % 71 %
Dividends 3 3 4 3 3 - % - %
Temporary investments and interest bearing deposits 14 19 20 16 16 (26) % (13) %
Total interest income 816 858 740 670 648 (5) % 26 %
Interest expense:
Deposits 184 195 195 180 177 (6) % 4 %
Securities sold under agreement to repurchase and 1 1 1 1 1 - % - %
federal funds purchased
Borrowings 30 27 30 35 36 11 % (17) %
Junior and other subordinated debentures 7 8 9 8 9 (13) % (22) %
Total interest expense 222 231 235 224 223 (4) % - %
Net interest income 594 627 505 446 425 (5) % 40 %
Provision for credit losses 28 23 70 30 27 22 % 4 %
Non-interest income:
Service charges on deposits 20 24 21 20 19 (17) % 5 %
Card-based fees 15 16 15 14 13 (6) % 15 %
Financial services and trust revenue 15 15 9 6 5 - % 200 %
Residential mortgage banking revenue, net 12 7 7 8 9 71 % 33 %
Gain on investment securities, net - 2 2 2 (100) % (100) %
Gain on loan and lease sales, net 1 1 - % nm
(Loss) gain on loans held for investment, at fair value (2) 4 7 nm (129) %
BOLI income 9 9 6 5 5 - % 80 %
Other income 13 16 13 12 6 (19) % 117 %
Total non-interest income 83 90 77 65 66 (8) % 26 %
Non-interest expense:
Salaries and employee benefits 196 201 171 155 145 (2) % 35 %
Occupancy and equipment, net 66 67 54 47 48 (1) % 38 %
FDIC assessments 9 4 8 8 8 125 % 13 %
Intangible amortization 41 42 31 26 28 (2) % 46 %
Merger and restructuring expense 24 39 87 8 14 (38) % 71 %
Legal settlement - 55 nm (100) %
Other expenses 58 59 42 34 42 (2) % 38 %
Total non-interest expense 394 412 393 278 340 (4) % 16 %
Income before provision for income taxes 255 282 119 203 124 (10) % 106 %
Provision for income taxes 63 67 23 51 37 (6) % 70 %
Net income $192 $215 $96 $152 $87 (11) % 121 %
Weighted average basic shares outstanding (in 290,933 295,376 237,838 209,125 208,800 (2) % 39 %
thousands)
Weighted average diluted shares outstanding (in 292,160 296,760 238,925 209,975 210,023 (2) % 39 %
thousands)
Earnings per common share - basic $0.66 $0.72 $0.40 $0.73 $0.41 (8) % 61 %
Earnings per common share - diluted $0.66 $0.72 $0.40 $0.73 $0.41 (8) % 61 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
% Change
($ in millions, shares in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30,
2025 Jun 30, 2025 Mar 31, 2025 Seq. Year
over
Quarter Year
Assets:
Cash and due from banks $577 $511 $535 $608 $591 13 % (2) %
Interest-bearing cash and temporary 1,522 1,869 1,808 1,334 1,481 (19) % 3 %
investments
Investment securities:
Equity and other, at fair value 124 113 112 93 92 10 % 35 %
Available for sale, at fair value 10,915 11,112 11,013 8,653 8,229 (2) % 33 %
Held to maturity, at amortized cost 18 18 18 2 2 - % nm
Loans held for sale 81 262 340 66 65 (69) % 25 %
Loans and leases 47,697 47,776 48,462 37,637 37,616 - % 27 %
Allowance for credit losses on loans and (459) (466) (473) (421) (421) (2) % 9 %
leases
Net loans and leases 47,238 47,310 47,989 37,216 37,195 - % 27 %
Restricted equity securities 168 159 119 161 125 6 % 34 %
Premises and equipment, net 426 422 416 357 345 1 % 23 %
Goodwill 1,482 1,482 1,481 1,029 1,029 - % 44 %
Other intangible assets, net 671 712 754 430 456 (6) % 47 %
Bank-owned life insurance 1,222 1,218 1,199 705 701 - % 74 %
Other assets 1,583 1,644 1,712 1,247 1,208 (4) % 31 %
Total assets $66,027 $66,832 $67,496 $51,901 $51,519 (1) % 28 %
Liabilities:
Deposits
Non-interest-bearing $17,635 $17,419 $17,810 $13,220 $13,414 1 % 31 %
Interest-bearing 35,854 36,792 37,961 28,523 28,804 (3) % 24 %
Total deposits 53,489 54,211 55,771 41,743 42,218 (1) % 27 %
Securities sold under agreements to 162 207 167 191 192 (22) % (16) %
repurchase
Borrowings 3,400 3,200 2,300 3,350 2,550 6 % 33 %
Junior subordinated debentures, at fair value 333 338 331 323 321 (1) % 4 %
Junior and other subordinated debentures, 97 97 107 108 108 - % (10) %
at amortized cost
Other liabilities 882 939 1,030 844 892 (6) % (1) %
Total liabilities 58,363 58,992 59,706 46,559 46,281 (1) % 26 %
Shareholders' equity:
Common stock 7,896 8,099 8,189 5,826 5,823 (3) % 36 %
Retained earnings (accumulated deficit) 59 (26) (131) (151) (227) nm nm
Accumulated other comprehensive loss (291) (233) (268) (333) (358) 25 % (19) %
Total shareholders' equity 7,664 7,840 7,790 5,342 5,238 (2) % 46 %
Total liabilities and shareholders' equity $66,027 $66,832 $67,496 $51,901 $51,519 (1) % 28 %
Common shares outstanding at period end (in 289,530 295,422 299,147 210,213 210,112 (2) % 38 %
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
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Seq. Year
2026 2025 2025 2025 2025 Quarter over
Year
Per Common Share Data:
---
Dividends $0.37 $0.37 $0.36 $0.36 $0.36 - % 3 %
Book value $26.47 $26.54 $26.04 $25.41 $24.93 - % 6 %
Tangible book value (1) $19.03 $19.11 $18.57 $18.47 $17.86 - % 7 %
Performance Ratios:
---
Efficiency ratio (2) 58.03 % 57.30 % 67.29 % 54.29 % 69.06 % 0.73 (11.03)
Non-interest expense to average assets (1) 2.41 % 2.44 % 2.74 % 2.16 % 2.68 % (0.03) (0.27)
Return on average assets ("ROAA") 1.18 % 1.27 % 0.67 % 1.19 % 0.68 % (0.09) 0.50
Pre-provision net revenue ("PPNR") ROAA (1) 1.73 % 1.80 % 1.32 % 1.81 % 1.19 % (0.07) 0.54
Return on average common equity 10.00 % 10.92 % 6.19 % 11.56 % 6.73 % (0.92) 3.27
Return on average tangible common equity (1) 13.88 % 15.24 % 8.58 % 16.03 % 9.45 % (1.36) 4.43
Performance Ratios - Operating:
(1)
---
Operating efficiency ratio, as adjusted (1), (2) 53.68 % 51.39 % 52.32 % 51.79 % 55.11 % 2.29 (1.43)
Operating non-interest expense to average assets (1) 2.26 % 2.20 % 2.14 % 2.10 % 2.13 % 0.06 0.13
Operating ROAA (1) 1.28 % 1.44 % 1.42 % 1.25 % 1.10 % (0.16) 0.18
Operating PPNR ROAA (1) 1.87 % 2.02 % 1.89 % 1.88 % 1.67 % (0.15) 0.20
Operating return on average common equity (1) 10.89 % 12.34 % 13.15 % 12.16 % 10.87 % (1.45) 0.02
Operating return on average tangible common equity (1) 15.11 % 17.22 % 18.24 % 16.85 % 15.26 % (2.11) (0.15)
Average Balance Sheet Yields, Rates, & Ratios:
---
Yield on loans and leases 5.78 % 5.92 % 5.96 % 6.00 % 5.92 % (0.14) (0.14)
Yield on earning assets (2) 5.44 % 5.55 % 5.62 % 5.62 % 5.49 % (0.11) (0.05)
Cost of interest bearing deposits 2.04 % 2.08 % 2.43 % 2.52 % 2.52 % (0.04) (0.48)
Cost of interest bearing liabilities 2.24 % 2.27 % 2.65 % 2.78 % 2.80 % (0.03) (0.56)
Cost of total deposits 1.39 % 1.40 % 1.66 % 1.73 % 1.72 % (0.01) (0.33)
Cost of total funding (3) 1.56 % 1.57 % 1.87 % 1.98 % 1.99 % (0.01) (0.43)
Net interest margin (2) 3.96 % 4.06 % 3.84 % 3.75 % 3.60 % (0.10) 0.36
Average interest bearing cash / Average interest earning assets 2.59 % 3.12 % 3.41 % 2.97 % 3.13 % (0.53) (0.54)
Average loans and leases / Average interest earning assets 78.44 % 78.12 % 78.39 % 78.64 % 78.93 % 0.32 (0.49)
Average loans and leases / Average total deposits 88.58 % 87.34 % 88.39 % 90.07 % 90.36 % 1.24 (1.78)
Average non-interest bearing deposits / Average total deposits 32.26 % 32.45 % 31.41 % 31.39 % 31.75 % (0.19) 0.51
Average total deposits / Average total funding (3) 93.58 % 94.52 % 93.47 % 91.92 % 91.86 % (0.94) 1.72
Select Credit & Capital Ratios:
---
Non-performing loans and leases to total loans and leases 0.55 % 0.41 % 0.40 % 0.47 % 0.47 % 0.14 0.08
Non-performing assets to total assets 0.40 % 0.30 % 0.29 % 0.35 % 0.35 % 0.10 0.05
Allowance for credit losses to loans and leases 1.00 % 1.02 % 1.01 % 1.17 % 1.17 % (0.02) (0.17)
Total risk-based capital ratio (4) 13.3 % 13.6 % 13.4 % 13.0 % 12.9 % (0.30) 0.40
Common equity tier 1 risk-based capital ratio (4) 11.5 % 11.8 % 11.6 % 10.8 % 10.6 % (0.30) 0.90
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = total deposits + total borrowings.
(4) Estimated holding company ratios.
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Mar 31, Dec 31, 2025 Sep 30, Jun 30, Mar 31,
2026 2025 2025 2025 % Change
($ in millions) Amount Amount Amount Amount Amount Seq. Year
Quarter over
Year
Loans and leases:
---
Commercial real estate:
Non-owner occupied term $8,113 $8,206 $8,444 $6,190 $6,179 (1) % 31 %
Owner occupied term 7,258 7,314 7,361 5,320 5,303 (1) % 37 %
Multifamily 10,173 10,281 10,377 5,735 5,831 (1) % 74 %
Construction & development 1,670 1,707 2,071 2,070 2,071 (2) % (19) %
Residential development 373 362 367 286 252 3 % 48 %
Commercial:
Term 6,887 6,713 6,590 5,353 5,490 3 % 25 %
Lines of credit & other 3,804 3,643 3,582 2,951 2,754 4 % 38 %
Leases & equipment finance 1,619 1,599 1,614 1,641 1,644 1 % (2) %
Residential:
Mortgage 5,483 5,624 5,722 5,830 5,878 (3) % (7) %
Home equity loans & lines 2,147 2,149 2,153 2,083 2,039 - % 5 %
Consumer & other 170 178 181 178 175 (4) % (3) %
Total loans and leases, net of deferred fees $47,697 $47,776 $48,462 $37,637 $37,616 - % 27 %
and costs
Loans and leases mix:
---
Commercial real estate:
Non-owner occupied term 17 % 17 % 18 % 16 % 16 %
Owner occupied term 15 % 15 % 15 % 14 % 14 %
Multifamily 21 % 22 % 21 % 15 % 15 %
Construction & development 4 % 4 % 4 % 6 % 6 %
Residential development 1 % 1 % 1 % 1 % 1 %
Commercial:
Term 15 % 14 % 14 % 14 % 15 %
Lines of credit & other 8 % 8 % 7 % 8 % 7 %
Leases & equipment finance 3 % 3 % 3 % 4 % 4 %
Residential:
Mortgage 11 % 12 % 12 % 15 % 16 %
Home equity loans & lines 5 % 4 % 4 % 6 % 5 %
Consumer & other - % - % 1 % 1 % 1 %
Total 100 % 100 % 100 % 100 % 100 %
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Mar 31, Dec 31, Sep 30, 2025 Jun 30, Mar 31,
2026 2025 2025 2025 % Change
($ in millions) Amount Amount Amount Amount Amount Seq. Year
Quarter over
Year
Deposits:
---
Demand, non-interest bearing $17,635 $17,419 $17,810 $13,220 $13,414 1 % 31 %
Demand, interest bearing 10,860 10,763 11,675 8,335 8,494 1 % 28 %
Money market 16,843 17,013 16,816 11,694 11,971 (1) % 41 %
Savings 2,437 2,442 2,504 2,276 2,337 0 % 4 %
Time 5,714 6,574 6,966 6,218 6,002 (13) % (5) %
Total $53,489 $54,211 $55,771 $41,743 $42,218 (1) % 27 %
Total core deposits (1) $50,245 $50,174 $51,535 $37,294 $38,079 - % 32 %
Deposit mix:
---
Demand, non-interest bearing 33 % 32 % 32 % 32 % 32 %
Demand, interest bearing 20 % 20 % 21 % 20 % 20 %
Money market 31 % 31 % 30 % 28 % 28 %
Savings 5 % 5 % 5 % 5 % 6 %
Time 11 % 12 % 12 % 15 % 14 %
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) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Seq. Year
2026 2025 2025 2025 2025 Quarter over
Year
Non-performing assets:
(1)
---
Loans and leases on non-accrual status:
Commercial real estate $91 $50 $53 $31 $42 82 % 117 %
Commercial 96 66 67 67 80 45 % 20 %
Total loans and leases on non-accrual
status 187 116 120 98 122 61 % 53 %
Loans and leases past due 90+ days and accruing: (2)
Commercial real estate 3 2 50 % nm
Commercial 2 8 5 5 (75) % nm
Residential (2) 69 72 71 74 53 (4) % 30 %
Total loans and leases past due 90+ days
and 74 82 76 79 53 (10) % 40 %
accruing (2)
Total non-performing loans and leases (1), (2) 261 198 196 177 175 32 % 49 %
Other real estate owned 3 2 3 3 3 50 % 0 %
Total non-performing assets (1), (2) $264 $200 $199 $180 $178 32 % 48 %
Loans and leases past due 31-89 days $168 $94 $85 $142 $158 79 % 6 %
Loans and leases past due 31-89 days to total loans and 0.35 % 0.20 % 0.18 % 0.38 % 0.42 % 0.15 (0.07)
leases
Non-performing loans and leases to total loans and 0.55 % 0.41 % 0.40 % 0.47 % 0.47 % 0.14 0.08
leases (1), (2)
Non-performing assets to total assets (1), (2) 0.40 % 0.30 % 0.29 % 0.35 % 0.35 % 0.10 0.05
Non-accrual loans and leases to total loan and leases (2) 0.39 % 0.24 % 0.25 % 0.26 % 0.33 % 0.15 0.06
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1) Non-accrual and 90+ days past due loans include government guarantees of $88 million, $79 million, $70 million, $68 million, and $67 million at March 31, 2026, December 31, 2025, September 30, 2025, June
30, 2025, and March 31, 2025, respectively.
(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $3 million, $2 million, $2 million, and $3 million at
March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
Columbia Banking System, Inc.
Credit Quality - Allowance for Credit Losses
(Unaudited)
Quarter Ended % Change
($ in millions) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Seq. Year
2026 2025 2025 2025 2025 Quarter over
Year
Allowance for credit losses on loans and leases
(ACLLL)
Balance, beginning of period $466 $473 $421 $421 $425 (1) % 10 %
Initial ACL recorded for PCD loans acquired during 5 nm nm
the period
Provision for credit losses on loans and leases 28 23 69 29 26 22 % 8 %
Charge-offs
Commercial real estate (8) (3) nm nm
Commercial (39) (23) (22) (33) (33) 70 % 18 %
Residential (1) (1) nm nm
Consumer & other (1) (1) (2) (1) (1) 0 % 0 %
Total charge-offs (40) (33) (27) (34) (35) 21 % 14 %
Recoveries
Commercial 4 3 4 5 4 33 % 0 %
Consumer & other 1 1 1 nm 0 %
Total recoveries 5 3 5 5 5 67 % 0 %
Net (charge-offs) recoveries
Commercial real estate (8) (3) nm nm
Commercial (35) (20) (18) (28) (29) 75 % 21 %
Residential (1) (1) nm nm
Consumer & other (1) (1) (1) nm nm
Total net charge-offs (35) (30) (22) (29) (30) 17 % 17 %
Balance, end of period $459 $466 $473 $421 $421 (2) % 9 %
Reserve for unfunded commitments
Balance, beginning of period $19 $19 $18 $17 $16 0 % 19 %
Provision for credit losses on unfunded 1 1 1 nm (100) %
commitments
Balance, end of period 19 19 19 18 17 0 % 12 %
Total Allowance for credit losses (ACL) $478 $485 $492 $439 $438 (1) % 9 %
Net charge-offs to average loans and leases 0.30 % 0.25 % 0.22 % 0.31 % 0.32 % 0.05 (0.02)
(annualized)
Recoveries to gross charge-offs 12.50 % 9.09 % 18.52 % 15.19 % 14.05 % 3.41 (1.55)
ACLLL to loans and leases 0.96 % 0.98 % 0.98 % 1.12 % 1.12 % (0.02) (0.16)
ACL to loans and leases 1.00 % 1.02 % 1.01 % 1.17 % 1.17 % (0.02) (0.17)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
March 31, 2026 December 31, 2025 March 31, 2025
($ in millions) Average 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 $189 $3 5.17 % $306 $5 5.51 % $59 $1 6.32 %
Loans and leases (1) 47,714 681 5.78 % 48,186 717 5.92 % 37,679 552 5.92 %
Taxable securities 10,097 106 4.22 % 9,996 105 4.23 % 7,691 72 3.72 %
Non-taxable securities (2) 1,253 14 4.51 % 1,268 14 4.53 % 817 8 3.87 %
Temporary investments and 1,578 14 3.65 % 1,923 19 3.82 % 1,494 16 4.45 %
interest-bearing cash
Total interest-earning assets (1), (2) 60,831 $818 5.44 % 61,679 $860 5.55 % 47,740 $649 5.49 %
Goodwill and other intangible 2,175 2,217 1,502
assets
Other assets 3,209 3,218 2,211
Total assets $66,215 $67,114 $51,453
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits $10,780 $43 1.60 % $11,052 $51 1.81 % $8,371 $46 2.26 %
Money market deposits 16,848 88 2.12 % 17,010 94 2.22 % 11,603 69 2.40 %
Savings deposits 2,443 1 0.12 % 2,463 1 0.12 % 2,350 1 0.10 %
Time deposits (3) 6,414 52 3.32 % 6,741 49 2.88 % 6,136 61 4.01 %
Total interest-bearing deposits 36,485 184 2.04 % 37,266 195 2.08 % 28,460 177 2.52 %
Repurchase agreements and 187 1 1.86 % 184 1 2.16 % 216 1 1.83 %
federal funds purchased
Borrowings 3,071 30 3.96 % 2,581 27 4.20 % 3,039 36 4.82 %
Junior and other subordinated debentures 435 7 7.03 % 436 8 7.53 % 438 9 7.94 %
Total interest-bearing liabilities 40,178 $222 2.24 % 40,467 $231 2.27 % 32,153 $223 2.80 %
Non-interest-bearing deposits 17,378 17,902 13,239
Other liabilities 873 931 844
Total liabilities 58,429 59,300 46,236
Common equity 7,786 7,814 5,217
Total liabilities and shareholders' $66,215 $67,114 $51,453
equity
NET INTEREST INCOME
(2) $596 $629 $426
NET INTEREST SPREAD
(2) 3.20 % 3.28 % 2.69 %
NET INTEREST INCOME TO 3.96 % 4.06 % 3.60 %
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 March 31,
2026, as compared to $2 million for the three months ended December 31, 2025 and $1 million for the three months ended March 31, 2025.
(3) Includes the amortization of a premium on acquired time deposits that reduced interest expense by $12 million for the three months ended December 31, 2025. There was no amortization for the three months
ended March 31, 2026 or March 31, 2025.
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Quarter Ended %
($ in millions) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Seq. Year
2026 2025 2025 2025 2025 Quarter over
Year
Residential mortgage banking revenue:
---
Origination and sale $5 $5 $5 $5 $4 - % 25 %
Servicing 6 6 5 6 6 - % - %
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 6 (1) (2) (1) nm nm
assumptions
MSR hedge (loss) gain (2) 2 3 nm (167) %
Total $12 $7 $7 $8 $9 71 % 33 %
Closed loan volume for sale $171 $176 $166 $164 $136 (3) % 26 %
Gain on sale margin 2.92 % 2.84 % 3.01 % 2.77 % 3.23 % 0.08 -0.31
Residential mortgage servicing rights:
---
Balance, beginning of period $99 $101 $103 $106 $108 (2) % (8) %
Additions for new MSR capitalized 3 2 1 2 2 50 % 50 %
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 6 (1) (2) (1) nm nm
assumptions
Balance, end of period $105 $99 $101 $103 $106 6 % (1) %
Residential mortgage loans serviced for others $7,812 $7,755 $7,797 $7,852 $7,888 1 % (1) %
MSR as % of serviced portfolio 1.34 % 1.28 % 1.30 % 1.31 % 1.34 % 0.06
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions, except per-share data) Mar 31, Dec 31, 2025 Sep 30, 2025 Jun 30, Mar 31,
2026 2025 2025 Seq. Year
Quarter over
Year
Total shareholders' equity a $7,664 $7,840 $7,790 $5,342 $5,238 (2) % 46 %
Less: Goodwill 1,482 1,482 1,481 1,029 1,029 - % 44 %
Less: Other intangible assets, net 671 712 754 430 456 (6) % 47 %
Tangible common shareholders' equity b $5,511 $5,646 $5,555 $3,883 $3,753 (2) % 47 %
Total assets c $66,027 $66,832 $67,496 $51,901 $51,519 (1) % 28 %
Less: Goodwill 1,482 1,482 1,481 1,029 1,029 - % 44 %
Less: Other intangible assets, net 671 712 754 430 456 (6) % 47 %
Tangible assets d $63,874 $64,638 $65,261 $50,442 $50,034 (1) % 28 %
Common shares outstanding at period end
(in e 289,530 295,422 299,147 210,213 210,112 (2) % 38 %
thousands)
Total shareholders' equity to total assets ratio a /c 11.61 % 11.73 % 11.54 % 10.29 % 10.17 % (0.12) 1.44
Tangible common equity to tangible assets ratio b /d 8.63 % 8.73 % 8.51 % 7.70 % 7.50 % (0.10) 1.13
Book value per common share a /e $26.47 $26.54 $26.04 $25.41 $24.93 - % 6 %
Tangible book value per common share b /e $19.03 $19.11 $18.57 $18.47 $17.86 - % 7 %
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions) Mar 31, Dec 31, 2025 Sep 30, 2025 Jun 30, Mar 31,
2026 2025 2025 Seq. Year
Quarter over
Year
Non-Interest Income Adjustments
---
Gain on investment securities, net
$ - $2 $2
$ - $2 (100) % (100) %
Gain (loss) on swap derivatives 1 (1) (1) (1) (100) % nm
(Loss) gain on loans held for investment, at (2) 4 7 nm (129) %
fair value
Change in fair value of MSR due to valuation 6 (1) (2) (1) nm nm
inputs or assumptions
MSR hedge (loss) gain (2) 2 3 nm (167) %
Total non-interest income adjustments a $2 $2 $5 $(1) $10 - % (80) %
Non-Interest Expense Adjustments
---
Merger and restructuring expense $24 $39 $87 $8 $14 (38) % 71 %
Exit and disposal costs 1 1 1 0 % - %
FDIC special assessment (5) (1) nm nm
Legal settlement and other non-operating 4 55 (100) % (100) %
expense
Total non-interest expense adjustments b $25 $39 $86 $8 $70 (36) % (64) %
Net interest income c $594 $627 $505 $446 $425 (5) % 40 %
Non-interest income (GAAP) d $83 $90 $77 $65 $66 (8) % 26 %
Less: Non-interest income adjustments a (2) (2) (5) 1 (10) - % (80) %
Operating non-interest income (non-GAAP) e $81 $88 $72 $66 $56 (8) % 45 %
Revenue (GAAP) f=c+d $677 $717 $582 $511 $491 (6) % 38 %
Operating revenue (non-GAAP) g=c+e $675 $715 $577 $512 $481 (6) % 40 %
Non-interest expense (GAAP) h $394 $412 $393 $278 $340 (4) % 16 %
Less: Non-interest expense adjustments b (25) (39) (86) (8) (70) (36) % (64) %
Operating non-interest expense (non-GAAP) i $369 $373 $307 $270 $270 (1) % 37 %
Net income (GAAP) j $192 $215 $96 $152 $87 (11) % 121 %
Provision for income taxes 63 67 23 51 37 (6) % 70 %
Income before provision for income taxes 255 282 119 203 124 (10) % 106 %
Provision for credit losses 28 23 70 30 27 22 % 4 %
Pre-provision net revenue (PPNR) (non- k 283 305 189 233 151 (7) % 87 %
GAAP)
Less: Non-interest income adjustments a (2) (2) (5) 1 (10) - % (80) %
Add: Non-interest expense adjustments b 25 39 86 8 70 (36) % (64) %
Operating PPNR (non-GAAP) l $306 $342 $270 $242 $211 (11) % 45 %
Net income (GAAP) j $192 $215 $96 $152 $87 (11) % 121 %
Acquisition-related provision expense 70 nm nm
Less: Non-interest income adjustments a (2) (2) (5) 1 (10) - % (80) %
Add: Non-interest expense adjustments b 25 39 86 8 70 (36) % (64) %
Tax effect of adjustments (6) (9) (43) (1) (8) (33) % (25) %
Operating net income (non-GAAP) m $209 $243 $204 $160 $139 (14) % 50 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions, shares in thousands) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2026 2025 2025 2025 2025 Seq. Year
Quarter over
Year
Average assets n $66,215 $67,114 $56,823 $51,552 $51,453 (1) % 29 %
Less: Average goodwill and other intangible 2,175 2,217 1,719 1,472 1,502 (2) % 45 %
assets, net
Average tangible assets o $64,040 $64,897 $55,104 $50,080 $49,951 (1) % 28 %
Average common shareholders' equity p $7,786 $7,814 $6,157 $5,287 $5,217 0 % 49 %
Less: Average goodwill and other intangible 2,175 2,217 1,719 1,472 1,502 (2) % 45 %
assets, net
Average tangible common equity q $5,611 $5,597 $4,438 $3,815 $3,715 0 % 51 %
Weighted average basic shares outstanding r 290,933 295,376 237,838 209,125 208,800 (2) % 39 %
(in thousands)
Weighted average diluted shares s 292,160 296,760 238,925 209,975 210,023 (2) % 39 %
outstanding
(in thousands)
Select Per-Share & Performance Metrics
---
Earnings per share - basic j /r $0.66 $0.72 $0.40 $0.73 $0.41 (8) % 61 %
Earnings per share - diluted j /s $0.66 $0.72 $0.40 $0.73 $0.41 (8) % 61 %
Efficiency ratio (1) h /f 58.03 % 57.30 % 67.29 % 54.29 % 69.06 % 0.73 (11.03)
Non-interest expense to average assets h /n 2.41 % 2.44 % 2.74 % 2.16 % 2.68 % (0.03) (0.27)
Return on average assets j /n 1.18 % 1.27 % 0.67 % 1.19 % 0.68 % (0.09) 0.50
Return on average tangible assets j /o 1.22 % 1.31 % 0.69 % 1.22 % 0.70 % (0.09) 0.52
PPNR return on average assets k /n 1.73 % 1.80 % 1.32 % 1.81 % 1.19 % (0.07) 0.54
Return on average common equity j /p 10.00 % 10.92 % 6.19 % 11.56 % 6.73 % (0.92) 3.27
Return on average tangible common equity j /q 13.88 % 15.24 % 8.58 % 16.03 % 9.45 % (1.36) 4.43
Operating Per-Share & Performance Metrics
---
Operating earnings per share - basic m /r $0.72 $0.82 $0.86 $0.77 $0.67 (12) % 7 %
Operating earnings per share - diluted m /s $0.72 $0.82 $0.85 $0.76 $0.67 (12) % 7 %
Operating efficiency ratio, as adjusted (1) u /y 53.68 % 51.39 % 52.32 % 51.79 % 55.11 % 2.29 (1.43)
Operating non-interest expense to average i /n 2.26 % 2.20 % 2.14 % 2.10 % 2.13 % 0.06 0.13
assets
Operating return on average assets m /n 1.28 % 1.44 % 1.42 % 1.25 % 1.10 % (0.16) 0.18
Operating return on average tangible assets m /o 1.32 % 1.49 % 1.47 % 1.28 % 1.13 % (0.17) 0.19
Operating PPNR return on average assets l /n 1.87 % 2.02 % 1.89 % 1.88 % 1.67 % (0.15) 0.20
Operating return on average common equity m /p 10.89 % 12.34 % 13.15 % 12.16 % 10.87 % (1.45) 0.02
Operating return on average tangible common m /q 15.11 % 17.22 % 18.24 % 16.85 % 15.26 % (2.11) (0.15)
equity
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Quarter Ended % Change
($ in millions) Mar 31, Dec 31, 2025 Sep 30, Jun 30, Mar 31,
2026 2025 2025 2025 Seq. Year
Quarter over
Year
Non-interest expense (GAAP) h $394 $412 $393 $278 $340 (4) % 16 %
Less: Non-interest expense adjustments b (25) (39) (86) (8) (70) (36) % (64) %
Operating non-interest expense (non-GAAP) i 369 373 307 270 270 (1) % 37 %
Less: B&O taxes t (4) (3) (3) (3) (3) 33 % 33 %
Operating non-interest expense, excluding u $365 $370 $304 $267 $267 (1) % 37 %
B&O taxes (non-GAAP)
Net interest income (tax equivalent)
(1) v $596 $629 $507 $447 $426 (5) % 40 %
Non-interest income (GAAP) d 83 90 77 65 66 (8) % 26 %
Add: BOLI tax equivalent adjustment (1) w 3 3 2 2 1 - % 200 %
Total Revenue, excluding BOLI tax equivalent x 682 722 586 514 493 (6) % 38 %
adjustments (tax equivalent)
Less: Non-interest income adjustments a (2) (2) (5) 1 (10) - % (80) %
Total Adjusted Operating Revenue, y $680 $720 $581 $515 $483 (6) % 41 %
excluding BOLI tax equivalent adjustments
(tax equivalent) (non-GAAP)
Efficiency ratio (1) h /
f 58.03 % 57.30 % 67.29 % 54.29 % 69.06 % 0.73 (11.03)
Operating efficiency ratio, as adjusted (non-GAAP) (1) u /
y 53.68 % 51.39 % 52.32 % 51.79 % 55.11 % 2.29 (1.43)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
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SOURCE Columbia Banking System, Inc.
Investor Contact, Jacquelynne "Jacque" Bohlen, SVP/Director of Investor Relations, 503-727-4100, jacquebohlen@columbiabank.com