Document


CEO Commentary
“Our third quarter results reflect our continued work and success as we strive toward top-quartile performance,” said Clint Stein, President and CEO. “Our recurring expense run rate reflects a 25% reduction in costs over the 18 months we have operated as a combined organization, as we eliminated redundancies and streamlined operations. Our teams’ dedication to driving value for our customers contributed to solid core deposit growth, even as deposit costs were reduced. Although loan balances contracted during the quarter, they reflect healthy customer activity and our focus on reducing transactional assets and their funding sources, as we regain Columbia’s placement as a top-performing bank that delivers long-term, consistent, repeatable results for our shareholders.”
–Clint Stein, President and CEO of Columbia Banking System, Inc.


3Q24 HIGHLIGHTS (COMPARED TO 2Q24)

Net Interest Income and NIM			•Net interest income increased by $3 million from the prior quarter due to higher income earned on loans, which occurred despite a reduction in accretion income, and relatively stable funding costs prior to the late-quarter reduction in the federal funds rate.
			•Net interest margin was 3.56%, unchanged from the prior quarter, as a favorable balance sheet funding mix shift into lower-cost deposits and a slight increase in loan yields offset a lower yield on securities.

Non-Interest Income and Expense			•Non-interest income increased by $21 million due to the quarterly fluctuation in cumulative fair value accounting and hedges, which drove $16 million of the change. Higher core banking activity contributed to the remaining increase.
			•Non-interest expense decreased by $8 million due to lower restructuring expense and a $6 million decline in salary and wages expense related to operational initiatives. The effect was partially offset by the prior quarter's reversal of compensation-related accruals, which did not repeat in the third quarter.

Credit Quality			•Net charge-offs were 0.31% of average loans and leases (annualized), compared to 0.32% in the prior quarter. Lower activity in the FinPac portfolio drove the decline.
			•Provision expense of $29 million compares to $32 million in the prior quarter.
			•Non-performing assets to total assets was 0.32%, compared to 0.30% as of June 30, 2024.

Capital			•Estimated total risk-based capital ratio of 12.5% and estimated common equity tier 1 risk-based capital ratio of 10.3%.
			•Declared a quarterly cash dividend of $0.36 per common share on August 12, 2024, which was paid September 9, 2024.

Notable Items			•Realized $82 million in annualized cost savings associated with recent operational initiatives as of September 30, 2024. Reinvestment of $12 million in savings is ongoing and expected to extend into 2025.
			•Opened our second retail branch in Arizona, which will be complemented by a planned third location in the state, slated to open in early 2025.


3Q24 KEY FINANCIAL DATA

PERFORMANCE METRICS	3Q24		2Q24		3Q23
Return on average assets	1.12%		0.93%		1.02%
Return on average common equity	11.36%		9.85%		11.07%
Return on average tangible common equity 1	16.34%		14.55%		16.93%
Operating return on average assets 1	1.10%		1.08%		1.23%
Operating return on average common equity 1	11.15%		11.47%		13.40%
Operating return on average tangible common equity 1	16.04%		16.96%		20.48%
Net interest margin	3.56%		3.56%		3.91%
Efficiency ratio	54.56%		59.02%		57.82%
Operating efficiency ratio, as adjusted 1	53.89%		53.56%		51.26%

INCOME STATEMENT ($ in 000s, excl. per share data)	3Q24		2Q24		3Q23
Net interest income	$430,218		$427,449		$480,875
Provision for credit losses	$28,769		$31,820		$36,737
Non-interest income	$66,159		$44,703		$43,981
Non-interest expense	$271,358		$279,244		$304,147
Pre-provision net revenue 1	$225,019		$192,908		$220,709
Operating pre-provision net revenue 1	$221,412		$219,390		$258,687
Earnings per common share - diluted	$0.70		$0.57		$0.65
Operating earnings per common share - diluted 1	$0.69		$0.67		$0.79
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	3Q24		2Q24		3Q23
Total assets	$51.9	B	$52.0	B	$52.0	B
Loans and leases	$37.5	B	$37.7	B	$37.2	B
Deposits	$41.5	B	$41.5	B	$41.6	B
Book value per common share	$25.17		$23.76		$22.21
Tangible book value per share 1	$17.81		$16.26		$14.22

Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") completed an enterprise-wide evaluation of our operations during the first quarter of 2024. Cost savings identified through the comprehensive review were fully realized as of September 30, 2024, with a portion reserved to fund franchise reinvestment into 2025. Planned reinvestments, some of which have already occurred, include new talent additions, opening de novo locations in targeted growth markets within our existing footprint, and investments in products and technology that create operational efficiencies and revenue growth opportunities. During the third quarter, Columbia's primary subsidiary, Umpqua Bank ("Umpqua"), added new team members with specialty focuses in three of our markets. We also announced the opening of a retail branch in Scottsdale, Arizona, which will be complemented by a planned location in Mesa, Arizona, slated to open in early 2025 as our third branch in the Phoenix metropolitan area. Please refer to the Q3 2024 Earnings Presentation for additional details on our cost savings initiatives and planned reinvestments.

On February 28, 2023, Columbia completed its merger with Umpqua Holdings Corporation ("UHC"), combining the two premier banks in the Northwest to create one of the largest banks headquartered in the West (the "merger"). Columbia's financial results for any periods ended prior to February 28, 2023 reflect UHC results only on a standalone basis. In addition, Columbia's reported financial results for the nine months ended September 30, 2023 reflect UHC financial results only until the closing of the merger after the close of business on February 28, 2023. As a result of these two factors, Columbia's financial results for the nine months ended September 30, 2024 may not be directly comparable to prior reported periods. Under the reverse acquisition method of accounting, the assets and liabilities of Columbia as of February 28, 2023 ("historical Columbia") were recorded at their respective fair values.

Columbia's net interest margin was 3.56% for the third quarter of 2024, unchanged from the second quarter of 2024. A favorable balance sheet funding mix shift into lower-cost deposits and a slight increase in loan yields offset a lower yield on securities, contributing to net interest margin stability between periods. The cost of interest-bearing deposits decreased 2 basis points from the prior quarter to 2.95% for the third quarter of 2024, which compares to 2.90% for the month of September and 2.74% as of September 30, 2024. "Anticipated seasonal deposit inflows and successful small business campaigns contributed to customer balance growth during the third quarter," commented Tory Nixon, President of Umpqua Bank. "We continue to use bundled solutions to generate lower-cost customer deposit balances, not promotional pricing. Overall deposit pricing was reduced ahead of and following the federal funds rate reduction in September."

Non-interest income was $66 million for the third quarter of 2024, up $21 million from the prior quarter. The increase was driven by quarterly fluctuations in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which collectively resulted in a net fair value gain of $7 million in the third quarter compared to a net fair value loss of $10 million in the second quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was up $5 million2 between periods due primarily to higher swap and mortgage banking income and last quarter's $2 million loss on loan sales, which did not repeat in the third quarter. Treasury management fees, a component of service charges on deposits, increased by 2% from the prior quarter and by 12% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Non-interest expense was $271 million for the third quarter of 2024, down $8 million from the prior quarter. Excluding merger and restructuring expense, exit and disposal costs, and accruals for the FDIC special assessment, non-interest expense was $268 million2, up $6 million from the prior quarter, which included an $8 million reversal of prior compensation-related accruals that did not repeat in the third quarter. Salary and wages expense was down $6 million from the prior quarter, due largely to staff reductions that took place throughout the second quarter of 2024, with some of the benefit offset by higher group insurance costs. Please refer to the Q3 2024 Earnings Presentation for additional expense details.

Total consolidated assets were $51.9 billion as of September 30, 2024, down slightly from $52.0 billion as of June 30, 2024. Cash and cash equivalents were $2.1 billion as of September 30, 2024, essentially unchanged from June 30, 2024. Including secured off-balance sheet lines of credit, total available liquidity was $19.4 billion as of September 30, 2024, representing 37% of total assets, 47% of total deposits, and 138% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.7 billion as of September 30, 2024, an increase of $174 million relative to June 30, 2024, as the increase in the fair value of the portfolio more than offset paydowns. Please refer to the Q3 2024 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.5 billion as of September 30, 2024, a decrease of $207 million relative to June 30, 2024. "Healthy business activity, like loan payoffs related to business and property sales and project completions, contributed to the quarter's loan contraction," commented Mr. Nixon. "Balances also declined as a result of our strategic decision to allow transactional loans to trend lower as we organically remix the portfolio into relationship-driven commercial loans." Please refer to the Q3 2024 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio.

Net charge-offs were 0.31% of average loans and leases (annualized) for the third quarter of 2024, compared to 0.32% for the second quarter of 2024. Net charge-offs in the FinPac portfolio were $20 million in the third quarter, down $5 million from the second quarter as lower delinquencies in the transportation sector of the portfolio resulted in lower charge-off activity. Net charge-offs excluding the FinPac portfolio were $9 million in the third quarter. Non-performing assets were $168 million, or 0.32% of total assets, as of September 30, 2024, compared to $156 million, or 0.30% of total assets, as of June 30, 2024. Please refer to the Q3 2024 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

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

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	588,603	$	583,874	$	575,044	$	577,741	$	569,670	1	%	3	%
Interest and dividends on investments:
Taxable	76,074		78,828		75,017		78,010		80,066		(3)	%	(5)	%
Exempt from federal income tax	6,855		6,904		6,904		6,966		6,929		(1)	%	(1)	%
Dividends	2,681		2,895		3,707		4,862		4,941		(7)	%	(46)	%
Temporary investments and interest bearing deposits	24,683		23,035		23,553		24,055		34,407		7	%	(28)	%
Total interest income	698,896		695,536		684,225		691,634		696,013		—	%	—	%
Interest expense:
Deposits	208,027		207,307		198,435		170,659		126,974		—	%	64	%
Securities sold under agreement to repurchase and federal funds purchased	1,121		1,515		1,266		1,226		1,220		(26)	%	(8)	%
Borrowings	49,636		49,418		51,275		56,066		77,080		—	%	(36)	%
Junior and other subordinated debentures	9,894		9,847		9,887		10,060		9,864		—	%	—	%
Total interest expense	268,678		268,087		260,863		238,011		215,138		—	%	25	%
Net interest income	430,218		427,449		423,362		453,623		480,875		1	%	(11)	%
Provision for credit losses	28,769		31,820		17,136		54,909		36,737		(10)	%	(22)	%
Non-interest income:
Service charges on deposits	18,549		18,503		16,064		17,349		17,410		—	%	7	%
Card-based fees	14,591		14,681		13,183		14,593		15,674		(1)	%	(7)	%
Financial services and trust revenue	5,083		5,396		4,464		3,011		4,651		(6)	%	9	%
Residential mortgage banking revenue, net	6,668		5,848		4,634		4,212		7,103		14	%	(6)	%
Gain (loss) on sale of debt securities, net	3		(1)		12		9		4		nm		(25)	%
Gain (loss) on equity securities, net	2,272		325		(1,565)		2,636		(2,055)		nm		nm
Gain (loss) on loan and lease sales, net	161		(1,516)		221		1,161		1,871		nm		(91)	%
BOLI income	4,674		4,705		4,639		4,331		4,440		(1)	%	5	%
Other income (loss)	14,158		(3,238)		8,705		18,231		(5,117)		nm		nm
Total non-interest income	66,159		44,703		50,357		65,533		43,981		48	%	50	%
Non-interest expense:
Salaries and employee benefits	147,268		145,066		154,538		157,572		159,041		2	%	(7)	%
Occupancy and equipment, net	45,056		45,147		45,291		48,160		43,070		—	%	5	%
Intangible amortization	29,055		29,230		32,091		33,204		29,879		(1)	%	(3)	%
FDIC assessments	9,332		9,664		14,460		42,510		11,200		(3)	%	(17)	%
Merger and restructuring expense	2,364		14,641		4,478		7,174		18,938		(84)	%	(88)	%
Other expenses	38,283		35,496		36,658		48,556		42,019		8	%	(9)	%
Total non-interest expense	271,358		279,244		287,516		337,176		304,147		(3)	%	(11)	%
Income before provision for income taxes	196,250		161,088		169,067		127,071		183,972		22	%	7	%
Provision for income taxes	50,068		40,944		44,987		33,540		48,127		22	%	4	%
Net income	$	146,182	$	120,144	$	124,080	$	93,531	$	135,845	22	%	8	%

Weighted average basic shares outstanding	208,545		208,498		208,260		208,083		208,070		—	%	—	%
Weighted average diluted shares outstanding	209,454		209,011		208,956		208,739		208,645		—	%	—	%
Earnings per common share – basic	$	0.70	$	0.58	$	0.60	$	0.45	$	0.65	21	%	8	%
Earnings per common share – diluted	$	0.70	$	0.57	$	0.59	$	0.45	$	0.65	23	%	8	%

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Nine Months Ended				% Change
($ in thousands, except per share data)	Sep 30, 2024		Sep 30, 2023		Year over Year
Interest income:
Loans and leases	$	1,747,521	$	1,535,874	14	%
Interest and dividends on investments:
Taxable	229,919		198,831		16	%
Exempt from federal income tax	20,663		17,143		21	%
Dividends	9,283		8,241		13	%
Temporary investments and interest bearing deposits	71,271		87,604		(19)	%
Total interest income	2,078,657		1,847,693		13	%
Interest expense:
Deposits	613,769		290,995		111	%
Securities sold under agreement to repurchase and federal funds purchased	3,902		2,697		45	%
Borrowings	150,329		186,848		(20)	%
Junior and other subordinated debentures	29,628		27,605		7	%
Total interest expense	797,628		508,145		57	%
Net interest income	1,281,029		1,339,548		(4)	%
Provision for credit losses	77,725		158,290		(51)	%
Non-interest income:
Service charges on deposits	53,116		48,176		10	%
Card-based fees	42,455		40,670		4	%
Financial services and trust revenue	14,943		10,460		43	%
Residential mortgage banking revenue, net	17,150		12,577		36	%
Gain on sale of debt securities, net	14		4		250	%
Gain (loss) on equity securities, net	1,032		(336)		nm
(Loss) gain on loan and lease sales, net	(1,134)		3,253		(135)	%
BOLI income	14,018		11,293		24	%
Other income	19,625		12,297		60	%
Total non-interest income	161,219		138,394		16	%
Non-interest expense:
Salaries and employee benefits	446,872		458,531		(3)	%
Occupancy and equipment, net	135,494		135,320		0	%
Intangible amortization	90,376		78,092		16	%
FDIC assessments	33,456		28,892		16	%
Merger and restructuring expense	21,483		164,485		(87)	%
Other expenses	110,437		110,204		0	%
Total non-interest expense	838,118		975,524		(14)	%
Income before provision for income taxes	526,405		344,128		53	%
Provision for income taxes	135,999		88,944		53	%
Net income	$	390,406	$	255,184	53	%

Weighted average basic shares outstanding	208,435		190,997		9	%
Weighted average diluted shares outstanding	209,137		191,546		9	%
Earnings per common share – basic	$	1.87	$	1.34	40	%
Earnings per common share – diluted	$	1.87	$	1.33	41	%

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 thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	591,364	$	515,263	$	440,215	$	498,496	$	492,474	15	%	20	%
Interest-bearing cash and temporary investments	1,519,658		1,553,568		1,760,902		1,664,038		1,911,221		(2)	%	(20)	%
Investment securities:
Equity and other, at fair value	79,996		77,221		77,203		76,995		73,638		4	%	9	%
Available for sale, at fair value	8,676,807		8,503,000		8,616,545		8,829,870		8,503,986		2	%	2	%
Held to maturity, at amortized cost	2,159		2,203		2,247		2,300		2,344		(2)	%	(8)	%
Loans held for sale	66,639		56,310		47,201		30,715		60,313		18	%	10	%
Loans and leases	37,503,002		37,709,987		37,642,413		37,441,951		37,170,598		(1)	%	1	%
Allowance for credit losses on loans and leases	(420,054)		(418,671)		(414,344)		(440,871)		(416,560)		—	%	1	%
Net loans and leases	37,082,948		37,291,316		37,228,069		37,001,080		36,754,038		(1)	%	1	%
Restricted equity securities	116,274		116,274		116,274		179,274		168,524		—	%	(31)	%
Premises and equipment, net	338,107		337,842		336,869		338,970		337,855		—	%	—	%
Operating lease right-of-use assets	106,224		108,278		113,833		115,811		114,220		(2)	%	(7)	%
Goodwill	1,029,234		1,029,234		1,029,234		1,029,234		1,029,234		—	%	—	%
Other intangible assets, net	513,303		542,358		571,588		603,679		636,883		(5)	%	(19)	%
Residential mortgage servicing rights, at fair value	101,919		110,039		110,444		109,243		117,640		(7)	%	(13)	%
Bank-owned life insurance	691,160		686,485		682,293		680,948		648,232		1	%	7	%
Deferred tax asset, net	286,432		361,773		356,031		347,203		469,841		(21)	%	(39)	%
Other assets	706,375		756,319		735,058		665,740		673,372		(7)	%	5	%
Total assets	$	51,908,599	$	52,047,483	$	52,224,006	$	52,173,596	$	51,993,815	—	%	—	%
Liabilities:
Deposits
Non-interest-bearing	$	13,534,065	$	13,481,616	$	13,808,554	$	14,256,452	$	15,532,948	—	%	(13)	%
Interest-bearing	27,980,623		28,041,656		27,897,606		27,350,568		26,091,420		—	%	7	%
Total deposits	41,514,688		41,523,272		41,706,160		41,607,020		41,624,368		—	%	—	%
Securities sold under agreements to repurchase	183,833		197,860		213,573		252,119		258,383		(7)	%	(29)	%
Borrowings	3,650,000		3,900,000		3,900,000		3,950,000		3,985,000		(6)	%	(8)	%
Junior subordinated debentures, at fair value	311,896		310,187		309,544		316,440		331,545		1	%	(6)	%
Junior and other subordinated debentures, at amortized cost	107,725		107,781		107,838		107,895		107,952		—	%	—	%
Operating lease liabilities	121,298		123,082		129,240		130,576		129,845		(1)	%	(7)	%

Other liabilities	745,331		908,629		900,406		814,512		924,560		(18)	%	(19)	%
Total liabilities	46,634,771		47,070,811		47,266,761		47,178,562		47,361,653		(1)	%	(2)	%
Shareholders' equity:

Common stock	5,812,237		5,807,041		5,802,322		5,802,747		5,798,167		—	%	—	%
Accumulated deficit	(304,525)		(374,687)		(418,946)		(467,571)		(485,576)		(19)	%	(37)	%
Accumulated other comprehensive loss	(233,884)		(455,682)		(426,131)		(340,142)		(680,429)		(49)	%	(66)	%
Total shareholders' equity	5,273,828		4,976,672		4,957,245		4,995,034		4,632,162		6	%	14	%
Total liabilities and shareholders' equity	$	51,908,599	$	52,047,483	$	52,224,006	$	52,173,596	$	51,993,815	—	%	—	%

Common shares outstanding at period end	209,532		209,459		209,370		208,585		208,575		—	%	—	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.36		—	%	—	%
Book value	$	25.17		$	23.76		$	23.68		$	23.95		$	22.21		6	%	13	%
Tangible book value (1)	$	17.81		$	16.26		$	16.03		$	16.12		$	14.22		10	%	25	%

Performance Ratios:
Efficiency ratio (2)	54.56		%	59.02		%	60.57		%	64.81		%	57.82		%	(4.46)		(3.26)
Non-interest expense to average assets (1)	2.08		%	2.16		%	2.22		%	2.58		%	2.28		%	(0.08)		(0.20)
Return on average assets ("ROAA")	1.12		%	0.93		%	0.96		%	0.72		%	1.02		%	0.19		0.10
Pre-provision net revenue ("PPNR") ROAA (1)	1.72		%	1.49		%	1.44		%	1.39		%	1.65		%	0.23		0.07
Return on average common equity	11.36		%	9.85		%	10.01		%	7.90		%	11.07		%	1.51		0.29
Return on average tangible common equity (1)	16.34		%	14.55		%	14.82		%	12.19		%	16.93		%	1.79		(0.59)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (5), (6)	53.89		%	53.56		%	56.97		%	57.31		%	51.26		%	0.33		2.63
Operating non-interest expense to average assets (1)	2.05		%	2.03		%	2.14		%	2.25		%	2.10		%	0.02		(0.05)
Operating ROAA (1), (6)	1.10		%	1.08		%	1.04		%	0.89		%	1.23		%	0.02		(0.13)
Operating PPNR ROAA (1), (6)	1.69		%	1.70		%	1.55		%	1.62		%	1.94		%	(0.01)		(0.25)
Operating return on average common equity (1), (6)	11.15		%	11.47		%	10.89		%	9.81		%	13.40		%	(0.32)		(2.25)
Operating return on average tangible common equity (1), (6)	16.04		%	16.96		%	16.12		%	15.14		%	20.48		%	(0.92)		(4.44)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.22		%	6.20		%	6.13		%	6.13		%	6.08		%	0.02		0.14
Yield on earning assets (2)	5.78		%	5.80		%	5.69		%	5.75		%	5.65		%	(0.02)		0.13
Cost of interest bearing deposits	2.95		%	2.97		%	2.88		%	2.54		%	2.01		%	(0.02)		0.94
Cost of interest bearing liabilities	3.29		%	3.31		%	3.25		%	3.02		%	2.72		%	(0.02)		0.57
Cost of total deposits	1.99		%	2.01		%	1.92		%	1.63		%	1.23		%	(0.02)		0.76
Cost of total funding (3)	2.32		%	2.34		%	2.27		%	2.05		%	1.81		%	(0.02)		0.51
Net interest margin (2)	3.56		%	3.56		%	3.52		%	3.78		%	3.91		%	—		(0.35)
Average interest bearing cash / Average interest earning assets	3.74		%	3.51		%	3.56		%	3.64		%	5.17		%	0.23		(1.43)
Average loans and leases / Average interest earning assets	77.91		%	78.27		%	77.87		%	78.04		%	75.64		%	(0.36)		2.27
Average loans and leases / Average total deposits	90.42		%	90.61		%	90.41		%	89.91		%	90.63		%	(0.19)		(0.21)
Average non-interest bearing deposits / Average total deposits	32.52		%	32.54		%	33.29		%	35.88		%	38.55		%	(0.02)		(6.03)
Average total deposits / Average total funding (3)	90.25		%	90.15		%	90.09		%	90.02		%	86.66		%	0.10		3.59

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.44		%	0.41		%	0.38		%	0.30		%	0.28		%	0.03		0.16
Non-performing assets to total assets	0.32		%	0.30		%	0.28		%	0.22		%	0.20		%	0.02		0.12
Allowance for credit losses to loans and leases	1.17		%	1.16		%	1.16		%	1.24		%	1.18		%	0.01		(0.01)
Total risk-based capital ratio (4)	12.5		%	12.2		%	12.0		%	11.9		%	11.6		%	0.30		0.90
Common equity tier 1 risk-based capital ratio (4)	10.3		%	10.0		%	9.8		%	9.6		%	9.5		%	0.30		0.80


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Nine Months Ended						% Change
	Sep 30, 2024			Sep 30, 2023			Year over Year
Per Common Share Data:
Dividends	$	1.08		$	1.07		0.93	%

Performance Ratios:
Efficiency ratio (2)	57.99		%	65.87		%	(7.88)
Non-interest expense to average assets (1)	2.15		%	2.68		%	(0.53)
Return on average assets	1.00		%	0.70		%	0.30
PPNR ROAA (1)	1.55		%	1.38		%	0.17
Return on average common equity	10.42		%	7.77		%	2.65
Return on average tangible common equity (1)	15.27		%	11.21		%	4.06

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (4), (5)	54.80		%	52.70		%	2.10
Operating non-interest expense to average assets (1)	2.07		%	2.21		%	(0.14)
Operating ROAA (1), (5)	1.07		%	1.11		%	(0.04)
Operating PPNR ROAA (1), (5)	1.65		%	1.91		%	(0.26)
Operating return on average common equity (1), (5)	11.17		%	12.34		%	(1.17)
Operating return on average tangible common equity (1), (5)	16.36		%	17.80		%	(1.44)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.18		%	5.88		%	0.30
Yield on earning assets (2)	5.76		%	5.46		%	0.30
Cost of interest bearing deposits	2.93		%	1.68		%	1.25
Cost of interest bearing liabilities	3.28		%	2.38		%	0.90
Cost of total deposits	1.97		%	1.02		%	0.95
Cost of total funding (3)	2.31		%	1.56		%	0.75
Net interest margin (2)	3.55		%	3.96		%	(0.41)
Average interest bearing cash / Average interest earning assets	3.61		%	5.05		%	(1.44)
Average loans and leases / Average interest earning assets	78.02		%	76.91		%	1.11
Average loans and leases / Average total deposits	90.48		%	91.42		%	(0.94)
Average non-interest bearing deposits / Average total deposits	32.78		%	39.28		%	(6.50)
Average total deposits / Average total funding (3)	90.16		%	87.53		%	2.63


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	6,391,806		$	6,407,351		$	6,557,768		$	6,482,940		$	6,490,638		—	%	(2)	%
Owner occupied term, net	5,210,485			5,230,511			5,231,676			5,195,605			5,235,227			—	%	—	%
Multifamily, net	5,779,737			5,868,848			5,828,960			5,704,734			5,684,495			(2)	%	2	%
Construction & development, net	1,988,923			1,946,693			1,728,652			1,747,302			1,669,918			2	%	19	%
Residential development, net	244,579			269,106			284,117			323,899			354,922			(9)	%	(31)	%
Commercial:
Term, net	5,429,209			5,559,548			5,544,450			5,536,765			5,437,915			(2)	%	—	%
Lines of credit & other, net	2,640,669			2,558,633			2,491,557			2,430,127			2,353,548			3	%	12	%
Leases & equipment finance, net	1,670,427			1,701,943			1,706,759			1,729,512			1,728,991			(2)	%	(3)	%
Residential:
Mortgage, net	5,944,734			5,992,163			6,128,884			6,157,166			6,121,838			(1)	%	(3)	%
Home equity loans & lines, net	2,017,336			1,982,786			1,950,421			1,938,166			1,899,948			2	%	6	%
Consumer & other, net	185,097			192,405			189,169			195,735			193,158			(4)	%	(4)	%
Total loans and leases, net of deferred fees and costs	$	37,503,002		$	37,709,987		$	37,642,413		$	37,441,951		$	37,170,598		(1)	%	1	%

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


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	13,534,065		$	13,481,616		$	13,808,554		$	14,256,452		$	15,532,948		0	%	(13)	%
Demand, interest bearing	8,444,424			8,195,284			8,095,211			8,044,432			6,898,831			3	%	22	%
Money market	11,351,066			10,927,813			10,822,498			10,324,454			10,349,217			4	%	10	%
Savings	2,450,924			2,508,598			2,640,060			2,754,113			3,018,706			(2)	%	(19)	%
Time	5,734,209			6,409,961			6,339,837			6,227,569			5,824,666			(11)	%	(2)	%
Total	$	41,514,688		$	41,523,272		$	41,706,160		$	41,607,020		$	41,624,368		—	%	—	%

Total core deposits (1)	$	37,774,870		$	37,159,069		$	37,436,569		$	37,423,402		$	37,597,830		2	%	0	%

Deposit mix:
Demand, non-interest bearing	33		%	33		%	34		%	34		%	37		%
Demand, interest bearing	20		%	20		%	19		%	19		%	17		%
Money market	27		%	26		%	26		%	25		%	25		%
Savings	6		%	6		%	6		%	7		%	7		%
Time	14		%	15		%	15		%	15		%	14		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate, net	$	37,332		$	37,584		$	39,736		$	28,689		$	26,053		(1)	%	43	%
	Commercial, net	61,464			54,986			58,960			45,682			44,341			12	%	39	%


	Total loans and leases on non-accrual status	98,796			92,570			98,696			74,371			70,394			7	%	40	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate, net	136			—			253			870			71			nm		92	%
	Commercial, net	6,012			5,778			10,733			8,232			8,606			4	%	(30)	%
	Residential, net (2)	59,961			54,525			31,916			29,102			25,180			10	%	138	%
	Consumer & other, net	317			220			437			326			240			44	%	32	%
	Total loans and leases past due 90+ days and accruing (2)	66,426			60,523			43,339			38,530			34,097			10	%	95	%
Total non-performing loans and leases (1), (2)		165,222			153,093			142,035			112,901			104,491			8	%	58	%
Other real estate owned		2,395			2,839			1,762			1,036			1,170			(16)	%	105	%
Total non-performing assets (1), (2)		$	167,617		$	155,932		$	143,797		$	113,937		$	105,661		7	%	59	%


Loans and leases past due 31-89 days		$	67,310		$	85,998		$	109,673		$	85,235		$	82,918		(22)	%	(19)	%
Loans and leases past due 31-89 days to total loans and leases		0.18		%	0.23		%	0.29		%	0.23		%	0.22		%	(0.05)		(0.04)
Non-performing loans and leases to total loans and leases (1), (2)		0.44		%	0.41		%	0.38		%	0.30		%	0.28		%	0.03		0.16
Non-performing assets to total assets (1), (2)		0.32		%	0.30		%	0.28		%	0.22		%	0.20		%	0.02		0.12


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)
		Quarter Ended															% Change
($ in thousands)		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	418,671		$	414,344		$	440,871		$	416,560		$	404,603		1	%	3	%

Provision for credit losses on loans and leases		30,498			34,760			17,476			53,183			35,082			(12)	%	(13)	%
Charge-offs
	Commercial real estate, net	—			(585)			(161)			(629)			—			nm		nm
	Commercial, net	(32,645)			(33,561)			(47,232)			(31,949)			(26,629)			(3)	%	23	%
	Residential, net	(936)			(504)			(490)			(89)			(206)			86	%	354	%
	Consumer & other, net	(1,395)			(1,551)			(1,870)			(1,841)			(1,884)			(10)	%	(26)	%
	Total charge-offs	(34,976)			(36,201)			(49,753)			(34,508)			(28,719)			(3)	%	22	%
Recoveries
	Commercial real estate, net	44			551			358			35			31			(92)	%	42	%
	Commercial, net	5,258			4,198			4,732			4,414			4,901			25	%	7	%
	Residential, net	143			411			170			781			156			(65)	%	(8)	%
	Consumer & other, net	416			608			490			406			506			(32)	%	(18)	%
	Total recoveries	5,861			5,768			5,750			5,636			5,594			2	%	5	%
Net (charge-offs) recoveries
	Commercial real estate, net	44			(34)			197			(594)			31			nm		42	%
	Commercial, net	(27,387)			(29,363)			(42,500)			(27,535)			(21,728)			(7)	%	26	%
	Residential, net	(793)			(93)			(320)			692			(50)			nm		nm
	Consumer & other, net	(979)			(943)			(1,380)			(1,435)			(1,378)			4	%	(29)	%
	Total net charge-offs	(29,115)			(30,433)			(44,003)			(28,872)			(23,125)			(4)	%	26	%
Balance, end of period		$	420,054		$	418,671		$	414,344		$	440,871		$	416,560		0	%	1	%
Reserve for unfunded commitments
Balance, beginning of period		$	19,928		$	22,868		$	23,208		$	21,482		$	19,827		(13)	%	1	%

(Recapture) provision for credit losses on unfunded commitments		(1,729)			(2,940)			(340)			1,726			1,655			(41)	%	(204)	%
Balance, end of period		18,199			19,928			22,868			23,208			21,482			(9)	%	(15)	%
Total Allowance for credit losses (ACL)		$	438,253		$	438,599		$	437,212		$	464,079		$	438,042		0	%	—	%

Net charge-offs to average loans and leases (annualized)		0.31		%	0.32		%	0.47		%	0.31		%	0.25		%	(0.01)		0.06
Recoveries to gross charge-offs		16.76		%	15.93		%	11.56		%	16.33		%	19.48		%	0.83		(2.72)
ACLLL to loans and leases		1.12		%	1.11		%	1.10		%	1.18		%	1.12		%	0.01		—
ACL to loans and leases		1.17		%	1.16		%	1.16		%	1.24		%	1.18		%	0.01		(0.01)

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)
		Nine Months Ended						% Change
($ in thousands)		Sep 30, 2024			Sep 30, 2023			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	440,871		$	301,135		46	%
Initial ACL recorded for PCD loans acquired during the period		—			26,492			(100)	%
Provision for credit losses on loans and leases (1)		82,734			156,796			(47)	%
Charge-offs
	Commercial real estate, net	(746)			(174)			329	%
	Commercial, net	(113,438)			(77,913)			46	%
	Residential, net	(1,930)			(458)			321	%
	Consumer & other, net	(4,816)			(3,921)			23	%
	Total charge-offs	(120,930)			(82,466)			47	%
Recoveries
	Commercial real estate, net	953			298			220	%
	Commercial, net	14,188			12,470			14	%
	Residential, net	724			342			112	%
	Consumer & other, net	1,514			1,493			1	%
	Total recoveries	17,379			14,603			19	%
Net (charge-offs) recoveries
	Commercial real estate, net	207			124			67	%
	Commercial, net	(99,250)			(65,443)			52	%
	Residential, net	(1,206)			(116)			nm
	Consumer & other, net	(3,302)			(2,428)			36	%
	Total net charge-offs	(103,551)			(67,863)			53	%
Balance, end of period		$	420,054		$	416,560		1	%
Reserve for unfunded commitments
Balance, beginning of period		$	23,208		$	14,221		63	%
Initial ACL recorded for unfunded commitments acquired during the period		—			5,767			(100)	%
Recapture for credit losses on unfunded commitments		(5,009)			1,494			(435)	%
Balance, end of period		18,199			21,482			(15)	%
Total Allowance for credit losses (ACL)		$	438,253		$	438,042		0	%

Net charge-offs to average loans and leases (annualized)		0.37		%	0.26		%	0.11
Recoveries to gross charge-offs		14.37		%	17.71		%	(3.34)

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
	September 30, 2024						June 30, 2024						September 30, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	67,764	$	1,122	6.62	%	$	101,516	$	1,628	6.42	%	$	199,855	$	1,741	3.49	%
Loans and leases (1)	37,543,561		587,481		6.22	%	37,663,396		582,246		6.20	%	37,050,518		567,929		6.08	%
Taxable securities	7,943,391		78,755		3.97	%	7,839,202		81,723		4.17	%	8,356,165		85,007		4.07	%
Non-taxable securities (2)	828,362		7,821		3.78	%	825,030		7,889		3.82	%	844,417		8,085		3.83	%
Temporary investments and interest-bearing cash	1,802,396		24,683		5.45	%	1,688,602		23,035		5.49	%	2,530,150		34,407		5.40	%
Total interest-earning assets (1), (2)	48,185,474		$	699,862	5.78	%	48,117,746		$	696,521	5.80	%	48,981,105		$	697,169	5.65	%
Goodwill and other intangible assets	1,559,696						1,588,239						1,684,093
Other assets	2,263,847						2,275,570						2,346,163
Total assets	$	52,009,017					$	51,981,555					$	53,011,361
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,312,685	$	57,237	2.74	%	$	8,147,516	$	53,890	2.66	%	$	6,578,849	$	25,209	1.52	%
Money market deposits	11,085,499		77,948		2.80	%	10,849,259		76,466		2.83	%	10,249,028		50,039		1.94	%
Savings deposits	2,480,170		1,085		0.17	%	2,555,458		929		0.15	%	3,109,779		1,253		0.16	%
Time deposits	6,140,692		71,757		4.65	%	6,488,923		76,022		4.71	%	5,184,089		50,473		3.86	%
Total interest-bearing deposits	28,019,046		208,027		2.95	%	28,041,156		207,307		2.97	%	25,121,745		126,974		2.01	%
Repurchase agreements and federal funds purchased	194,805		1,121		2.29	%	224,973		1,515		2.71	%	268,444		1,220		1.80	%
Borrowings	3,873,913		49,636		5.10	%	3,900,000		49,418		5.10	%	5,603,207		77,080		5.46	%
Junior and other subordinated debentures	417,393		9,894		9.43	%	417,329		9,847		9.49	%	420,582		9,864		9.30	%
Total interest-bearing liabilities	32,505,157		$	268,678	3.29	%	32,583,458		$	268,087	3.31	%	31,413,978		$	215,138	2.72	%
Non-interest-bearing deposits	13,500,235						13,526,483						15,759,720
Other liabilities	885,033						963,375						970,688
Total liabilities	46,890,425						47,073,316						48,144,386
Common equity	5,118,592						4,908,239						4,866,975
Total liabilities and shareholders' equity	$	52,009,017					$	51,981,555					$	53,011,361
NET INTEREST INCOME (2)			$	431,184					$	428,434					$	482,031
NET INTEREST SPREAD (2)					2.49	%					2.49	%					2.93	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.56	%					3.56	%					3.91	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Nine Months Ended
	September 30, 2024						September 30, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	66,614	$	3,275	6.56	%	$	100,753	$	3,222	4.26	%
Loans and leases (1)	37,601,142		1,744,246		6.18	%	34,765,319		1,532,652		5.88	%
Taxable securities	7,954,491		239,202		4.01	%	7,336,862		207,072		3.76	%
Non-taxable securities (2)	834,887		23,596		3.77	%	717,064		20,163		3.75	%
Temporary investments and interest-bearing cash	1,737,501		71,271		5.48	%	2,283,461		87,604		5.13	%
Total interest-earning assets (1), (2)	48,194,635		$	2,081,590	5.76	%	45,203,459		$	1,850,713	5.46	%
Goodwill and other intangible assets	1,588,916						1,345,833
Other assets	2,241,239						2,159,775
Total assets	$	52,024,790					$	48,709,067
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,165,718	$	162,505	2.66	%	$	5,829,737	$	52,301	1.20	%
Money market deposits	10,849,807		226,911		2.79	%	9,857,001		123,980		1.68	%
Savings deposits	2,574,318		2,729		0.14	%	3,032,653		2,686		0.12	%
Time deposits	6,344,727		221,624		4.67	%	4,371,643		112,028		3.43	%
Total interest-bearing deposits	27,934,570		613,769		2.93	%	23,091,034		290,995		1.68	%
Repurchase agreements and federal funds purchased	217,067		3,902		2.40	%	277,896		2,697		1.30	%
Borrowings	3,898,175		150,329		5.15	%	4,726,335		186,848		5.29	%
Junior and other subordinated debentures	419,409		29,628		9.44	%	414,855		27,605		8.90	%
Total interest-bearing liabilities	32,469,221		$	797,628	3.28	%	28,510,120		$	508,145	2.38	%
Non-interest-bearing deposits	13,622,319						14,937,028
Other liabilities	928,597						872,370
Total liabilities	47,020,137						44,319,518
Common equity	5,004,653						4,389,549
Total liabilities and shareholders' equity	$	52,024,790					$	48,709,067
NET INTEREST INCOME (2)			$	1,283,962					$	1,342,568
NET INTEREST SPREAD (2)					2.48	%					3.08	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.55	%					3.96	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	5,225		$	3,452		$	2,920		$	2,686		$	2,442		51	%	114	%
Servicing	6,012			5,952			6,021			5,966			8,887			1	%	(32)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,127)			(3,183)			(3,153)			(3,215)			(4,801)			(2)	%	(35)	%
Changes due to valuation inputs or assumptions	(6,540)			1,238			3,117			(6,251)			5,308			nm		(223)	%
MSR hedge gain (loss)	5,098			(1,611)			(4,271)			5,026			(4,733)			nm		nm
Total	$	6,668		$	5,848		$	4,634		$	4,212		$	7,103		14	%	(6)	%

Closed loan volume for-sale	$	161,094		$	140,875		$	86,903		$	87,033		$	103,333		14	%	56	%
Gain on sale margin	3.24		%	2.45		%	3.36		%	3.09		%	2.36		%	0.79		0.88

Residential mortgage servicing rights:
Balance, beginning of period	$	110,039		$	110,444		$	109,243		$	117,640		$	172,929		—	%	(36)	%
Additions for new MSR capitalized	1,547			1,540			1,237			920			1,658			—	%	(7)	%
Sale of MSR assets	—			—			—			149			(57,454)			nm		nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,127)			(3,183)			(3,153)			(3,215)			(4,801)			(2)	%	(35)	%
Changes due to valuation inputs or assumptions	(6,540)			1,238			3,117			(6,251)			5,308			nm		(223)	%
Balance, end of period	$	101,919		$	110,039		$	110,444		$	109,243		$	117,640		(7)	%	(13)	%

Residential mortgage loans serviced for others	$	7,965,538		$	8,120,046		$	8,081,039		$	8,175,664		$	8,240,950		(2)	%	(3)	%
MSR as % of serviced portfolio	1.28		%	1.36		%	1.37		%	1.34		%	1.43		%	(0.08)		(0.15)

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


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Nine Months Ended						% Change
($ in thousands)	Sep 30, 2024			Sep 30, 2023			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	11,597		$	9,195		26	%
Servicing	17,985			27,451			(34)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(9,463)			(14,479)			(35)	%
Changes due to valuation inputs or assumptions	(2,185)			129			nm
MSR hedge loss	(784)			(9,719)			(92)	%
Total	$	17,150		$	12,577		36	%

Closed loan volume for-sale	$	388,872		$	354,535		10	%
Gain on sale margin	2.98		%	2.59		%	0.39

Residential mortgage servicing rights:
Balance, beginning of period	$	109,243		$	185,017		(41)	%
Additions for new MSR capitalized	4,324			4,427			(2)	%
Sale of MSR assets	—			(57,454)			nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(9,463)			(14,479)			(35)	%
Changes due to valuation inputs or assumptions	(2,185)			129			nm
Balance, end of period	$	101,919		$	117,640		(13)	%

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

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	5,273,828		$	4,976,672		$	4,957,245		$	4,995,034		$	4,632,162		6	%	14	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		513,303			542,358			571,588			603,679			636,883			(5)	%	(19)	%
Tangible common shareholders' equity	b	$	3,731,291		$	3,405,080		$	3,356,423		$	3,362,121		$	2,966,045		10	%	26	%



Total assets	c	$	51,908,599		$	52,047,483		$	52,224,006		$	52,173,596		$	51,993,815		—	%	—	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		513,303			542,358			571,588			603,679			636,883			(5)	%	(19)	%
Tangible assets	d	$	50,366,062		$	50,475,891		$	50,623,184		$	50,540,683		$	50,327,698		—	%	—	%
Common shares outstanding at period end	e	209,532			209,459			209,370			208,585			208,575			—	%	—	%

Total shareholders' equity to total assets ratio	a / c	10.16		%	9.56		%	9.49		%	9.57		%	8.91		%	0.60		1.25
Tangible common equity to tangible assets ratio	b / d	7.41		%	6.75		%	6.63		%	6.65		%	5.89		%	0.66		1.52

Book value per common share	a / e	$	25.17		$	23.76		$	23.68		$	23.95		$	22.21		6	%	13	%
Tangible book value per common share	b / e	$	17.81		$	16.26		$	16.03		$	16.12		$	14.22		10	%	25	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on sale of debt securities, net		$	3	$	(1)	$	12	$	9	$	4	nm		(25)	%
Gain (loss) on equity securities, net		2,272		325		(1,565)		2,636		(2,055)		nm		nm
(Loss) gain on swap derivatives		(3,596)		424		1,197		(8,042)		5,700		nm		(163)	%
Change in fair value of certain loans held for investment		9,365		(10,114)		(2,372)		19,354		(19,247)		nm		nm
Change in fair value of MSR due to valuation inputs or assumptions		(6,540)		1,238		3,117		(6,251)		5,308		nm		(223)	%
MSR hedge gain (loss)		5,098		(1,611)		(4,271)		5,026		(4,733)		nm		nm
Total non-interest income adjustments	a	$	6,602	$	(9,739)	$	(3,882)	$	12,732	$	(15,023)	nm		nm

Non-Interest Expense Adjustments
Merger and restructuring expense		$	2,364	$	14,641	$	4,478	$	7,174	$	18,938	(84)	%	(88)	%
Exit and disposal costs		631		1,218		1,272		2,791		4,017		(48)	%	(84)	%
FDIC special assessment (2)		—		884		4,848		32,923		—		(100)	%	nm
Total non-interest expense adjustments	b	$	2,995	$	16,743	$	10,598	$	42,888	$	22,955	(82)	%	(87)	%

Net interest income	c	$	430,218	$	427,449	$	423,362	$	453,623	$	480,875	1	%	(11)	%

Non-interest income (GAAP)	d	$	66,159	$	44,703	$	50,357	$	65,533	$	43,981	48	%	50	%
Less: Non-interest income adjustments	a	(6,602)		9,739		3,882		(12,732)		15,023		(168)	%	(144)	%
Operating non-interest income (non-GAAP)	e	$	59,557	$	54,442	$	54,239	$	52,801	$	59,004	9	%	1	%

Revenue (GAAP)	f=c+d	$	496,377	$	472,152	$	473,719	$	519,156	$	524,856	5	%	(5)	%
Operating revenue (non-GAAP)	g=c+e	$	489,775	$	481,891	$	477,601	$	506,424	$	539,879	2	%	(9)	%

Non-interest expense (GAAP)	h	$	271,358	$	279,244	$	287,516	$	337,176	$	304,147	(3)	%	(11)	%
Less: Non-interest expense adjustments	b	(2,995)		(16,743)		(10,598)		(42,888)		(22,955)		(82)	%	(87)	%
Operating non-interest expense (non-GAAP)	i	$	268,363	$	262,501	$	276,918	$	294,288	$	281,192	2	%	(5)	%

Net income (GAAP)	j	$	146,182	$	120,144	$	124,080	$	93,531	$	135,845	22	%	8	%
Provision for income taxes		50,068		40,944		44,987		33,540		48,127		22	%	4	%
Income before provision for income taxes		196,250		161,088		169,067		127,071		183,972		22	%	7	%
Provision for credit losses		28,769		31,820		17,136		54,909		36,737		(10)	%	(22)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	225,019		192,908		186,203		181,980		220,709		17	%	2	%
Less: Non-interest income adjustments	a	(6,602)		9,739		3,882		(12,732)		15,023		(168)	%	(144)	%
Add: Non-interest expense adjustments	b	2,995		16,743		10,598		42,888		22,955		(82)	%	(87)	%
Operating PPNR (non-GAAP)	l	$	221,412	$	219,390	$	200,683	$	212,136	$	258,687	1	%	(14)	%

Net income (GAAP)	j	$	146,182	$	120,144	$	124,080	$	93,531	$	135,845	22	%	8	%
Less: Non-interest income adjustments	a	(6,602)		9,739		3,882		(12,732)		15,023		(168)	%	(144)	%
Add: Non-interest expense adjustments	b	2,995		16,743		10,598		42,888		22,955		(82)	%	(87)	%
Tax effect of adjustments		902		(6,621)		(3,620)		(7,539)		(9,482)		nm		nm
Operating net income (non-GAAP)	m	$	143,477	$	140,005	$	134,940	$	116,148	$	164,341	2	%	(13)	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Average assets	n	$	52,009,017		$	51,981,555		$	52,083,973		$	51,832,356		$	53,011,361		—	%	(2)	%
Less: Average goodwill and other intangible assets, net		1,559,696			1,588,239			1,619,134			1,652,282			1,684,093			(2)	%	(7)	%
Average tangible assets	o	$	50,449,321		$	50,393,316		$	50,464,839		$	50,180,074		$	51,327,268		—	%	(2)	%

Average common shareholders' equity	p	$	5,118,592		$	4,908,239		$	4,985,875		$	4,695,736		$	4,866,975		4	%	5	%
Less: Average goodwill and other intangible assets, net		1,559,696			1,588,239			1,619,134			1,652,282			1,684,093			(2)	%	(7)	%
Average tangible common equity	q	$	3,558,896		$	3,320,000		$	3,366,741		$	3,043,454		$	3,182,882		7	%	12	%

Weighted average basic shares outstanding	r	208,545			208,498			208,260			208,083			208,070			—	%	—	%
Weighted average diluted shares outstanding	s	209,454			209,011			208,956			208,739			208,645			—	%	—	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.70		$	0.58		$	0.60		$	0.45		$	0.65		21	%	8	%
Earnings-per-share - diluted	j / s	$	0.70		$	0.57		$	0.59		$	0.45		$	0.65		23	%	8	%
Efficiency ratio (1)	h / f	54.56		%	59.02		%	60.57		%	64.81		%	57.82		%	(4.46)		(3.26)
Non-interest expense to average assets	h / n	2.08		%	2.16		%	2.22		%	2.58		%	2.28		%	(0.08)		(0.20)
Return on average assets	j / n	1.12		%	0.93		%	0.96		%	0.72		%	1.02		%	0.19		0.10
Return on average tangible assets	j / o	1.15		%	0.96		%	0.99		%	0.74		%	1.05		%	0.19		0.10
PPNR return on average assets	k / n	1.72		%	1.49		%	1.44		%	1.39		%	1.65		%	0.23		0.07
Return on average common equity	j / p	11.36		%	9.85		%	10.01		%	7.90		%	11.07		%	1.51		0.29
Return on average tangible common equity	j / q	16.34		%	14.55		%	14.82		%	12.19		%	16.93		%	1.79		(0.59)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	0.69		$	0.67		$	0.65		$	0.56		$	0.79		3	%	(13)	%
Operating earnings-per-share - diluted (2)	m / s	$	0.69		$	0.67		$	0.65		$	0.56		$	0.79		3	%	(13)	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	53.89		%	53.56		%	56.97		%	57.31		%	51.26		%	0.33		2.63
Operating non-interest expense to average assets	i / n	2.05		%	2.03		%	2.14		%	2.25		%	2.10		%	0.02		(0.05)
Operating return on average assets (2)	m / n	1.10		%	1.08		%	1.04		%	0.89		%	1.23		%	0.02		(0.13)
Operating return on average tangible assets (2)	m / o	1.13		%	1.12		%	1.08		%	0.92		%	1.27		%	0.01		(0.14)
Operating PPNR return on average assets (2)	l / n	1.69		%	1.70		%	1.55		%	1.62		%	1.94		%	(0.01)		(0.25)
Operating return on average common equity (2)	m / p	11.15		%	11.47		%	10.89		%	9.81		%	13.40		%	(0.32)		(2.25)
Operating return on average tangible common equity (2)	m / q	16.04		%	16.96		%	16.12		%	15.14		%	20.48		%	(0.92)		(4.44)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	271,358		$	279,244		$	287,516		$	337,176		$	304,147		(3)	%	(11)	%
Less: Non-interest expense adjustments	b	(2,995)			(16,743)			(10,598)			(42,888)			(22,955)			(82)	%	(87)	%
Operating non-interest expense (non-GAAP)	i	268,363			262,501			276,918			294,288			281,192			2	%	(5)	%
Less: B&O taxes	t	(3,248)			(3,183)			(3,223)			(2,727)			(3,275)			2	%	(1)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	265,115		$	259,318		$	273,695		$	291,561		$	277,917		2	%	(5)	%

Net interest income (tax equivalent) (1)	v	$	431,184		$	428,434		$	424,344		$	454,730		$	482,031		1	%	(11)	%
Non-interest income (GAAP)	d	66,159			44,703			50,357			65,533			43,981			48	%	50	%
Add: BOLI tax equivalent adjustment (1)	w	1,248			1,291			1,809			1,182			1,178			(3)	%	6	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	498,591			474,428			476,510			521,445			527,190			5	%	(5)	%
Less: Non-interest income adjustments	a	(6,602)			9,739			3,882			(12,732)			15,023			(168)	%	(144)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	491,989		$	484,167		$	480,392		$	508,713		$	542,213		2	%	(9)	%

Efficiency ratio (1)	h / f	54.56		%	59.02		%	60.57		%	64.81		%	57.82		%	(4.46)		(3.26)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	53.89		%	53.56		%	56.97		%	57.31		%	51.26		%	0.33		2.63


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Nine Months Ended				% Change
($ in thousands)		Sep 30, 2024		Sep 30, 2023		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	14	$	4	250	%
Gain (loss) on equity securities, net		1,032		(336)		nm
(Loss) gain on swap derivatives		(1,975)		3,445		(157)	%
Change in fair value of certain loans held for investment		(3,121)		(16,724)		(81)	%
Change in fair value of MSR due to valuation inputs or assumptions		(2,185)		129		nm
MSR hedge loss		(784)		(9,719)		(92)	%
Total non-interest income adjustments	a	$	(7,019)	$	(23,201)	(70)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	21,483	$	164,485	(87)	%
Exit and disposal costs		3,121		7,427		(58)	%
FDIC special assessment (2)		5,732		—		nm
Total non-interest expense adjustments	b	$	30,336	$	171,912	(82)	%

Net interest income	c	$	1,281,029	$	1,339,548	(4)	%

Non-interest income (GAAP)	d	$	161,219	$	138,394	16	%
Less: Non-interest income adjustments	a	7,019		23,201		(70)	%
Operating non-interest income (non-GAAP)	e	$	168,238	$	161,595	4	%

Revenue (GAAP)	f=c+d	$	1,442,248	$	1,477,942	(2)	%
Operating revenue (non-GAAP)	g=c+e	$	1,449,267	$	1,501,143	(3)	%

Non-interest expense (GAAP)	h	$	838,118	$	975,524	(14)	%
Less: Non-interest expense adjustments	b	(30,336)		(171,912)		(82)	%
Operating non-interest expense (non-GAAP)	i	$	807,782	$	803,612	1	%

Net income (GAAP)	j	$	390,406	$	255,184	53	%
Provision for income taxes		135,999		88,944		53	%
Income before provision for income taxes		526,405		344,128		53	%
Provision for credit losses		77,725		158,290		(51)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	604,130		502,418		20	%
Less: Non-interest income adjustments	a	7,019		23,201		(70)	%
Add: Non-interest expense adjustments	b	30,336		171,912		(82)	%
Operating PPNR (non-GAAP)	l	$	641,485	$	697,531	(8)	%

Net income (GAAP)	j	$	390,406	$	255,184	53	%
Less: Non-interest income adjustments	a	7,019		23,201		(70)	%
Add: Non-interest expense adjustments	b	30,336		171,912		(82)	%
Tax effect of adjustments		(9,339)		(45,028)		(79)	%
Operating net income (non-GAAP)	m	$	418,422	$	405,269	3	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Nine Months Ended						% Change
($ in thousands)		Sep 30, 2024			Sep 30, 2023			Year over Year
Average assets	n	$	52,024,790		$	48,709,067		7	%
Less: Average goodwill and other intangible assets, net		1,588,916			1,345,833			18	%
Average tangible assets	o	$	50,435,874		$	47,363,234		6	%

Average common shareholders' equity	p	$	5,004,653		$	4,389,549		14	%
Less: Average goodwill and other intangible assets, net		1,588,916			1,345,833			18	%
Average tangible common equity	q	$	3,415,737		$	3,043,716		12	%

Weighted average basic shares outstanding	r	208,435			190,997			9	%
Weighted average diluted shares outstanding	s	209,137			191,546			9	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	1.87		$	1.34		40	%
Earnings-per-share - diluted	j / s	$	1.87		$	1.33		41	%
Efficiency ratio (1)	h / f	57.99		%	65.87		%	(7.88)
Non-interest expense to average assets	h/n	2.15		%	2.68		%	(0.53)
Return on average assets	j / n	1.00		%	0.70		%	0.30
Return on average tangible assets	j / o	1.03		%	0.72		%	0.31
PPNR return on average assets	k/n	1.55		%	1.38		%	0.17
Return on average common equity	j / p	10.42		%	7.77		%	2.65
Return on average tangible common equity	j / q	15.27		%	11.21		%	4.06

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	2.01		$	2.12		(5)	%
Operating earnings-per-share - diluted (2)	m / s	$	2.00		$	2.12		(6)	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	54.80		%	52.70		%	2.10
Operating non-interest expense to average assets	i/n	2.07		%	2.21		%	(0.14)
Operating return on average assets (2)	m / n	1.07		%	1.11		%	(0.04)
Operating return on average tangible assets (2)	m / o	1.11		%	1.14		%	(0.03)
Operating PPNR return on average assets (2)	l / n	1.65		%	1.91		%	(0.26)
Operating return on average common equity (2)	m / p	11.17		%	12.34		%	(1.17)
Operating return on average tangible common equity (2)	m / q	16.36		%	17.80		%	(1.44)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Nine Months Ended						% change
($ in thousands)		Sep 30, 2024			Sep 30, 2023			Year over Year
Non-interest expense (GAAP)	h	$	838,118		$	975,524		(14)	%
Less: Non-interest expense adjustments	b	(30,336)			(171,912)			(82)	%
Operating non-interest expense (non-GAAP)	i	807,782			803,612			1	%
Less: B&O taxes	t	(9,654)			(9,051)			7	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	798,128		$	794,561		—	%

Net interest income (tax equivalent) (1)	v	$	1,283,962		$	1,342,568		(4)	%
Non-interest income (GAAP)	d	161,219			138,394			16	%
Add: BOLI tax equivalent adjustment (1)	w	4,348			3,495			24	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	1,449,529			1,484,457			(2)	%
Less: Non-interest income adjustments	a	7,019			23,201			(70)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	1,456,548		$	1,507,658		(3)	%

Efficiency ratio (1)	h /f	57.99		%	65.87		%	(7.88)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	54.80		%	52.70		%	2.10


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Seq. Quarter		Year over Year
Loans and leases interest income	a	$	587,481	$	582,246	$	574,519	$	577,092	$	567,929	1	%	3	%
Less: Acquired loan accretion - rate related (2), (3)	b	21,963		24,942		23,482		26,914		28,963		(12)	%	(24)	%

Less: Acquired loan accretion - credit related (3)	c	4,127		4,835		5,119		5,430		6,370		(15)	%	(35)	%

Adjusted loans and leases interest income	d=a-b-c	$	561,391	$	552,469	$	545,918	$	544,748	$	532,596	2	%	5	%

Taxable securities interest income	e	$	78,755	$	81,723	$	78,724	$	82,872	$	85,007	(4)	%	(7)	%

Less: Acquired taxable securities accretion - rate related	f	35,359		40,120		31,527		34,290		39,219		(12)	%	(10)	%
Adjusted Taxable securities interest income	g=e-f	$	43,396	$	41,603	$	47,197	$	48,582	$	45,788	4	%	(5)	%

Non-taxable securities interest income (1)	h	$	7,821	$	7,889	$	7,886	$	8,073	$	8,085	(1)	%	(3)	%

Less: Acquired non-taxable securities accretion - rate related	i	2,241		2,256		2,270		2,309		2,288		(1)	%	(2)	%
Adjusted Taxable securities interest income (1)	j=h-i	$	5,580	$	5,633	$	5,616	$	5,764	$	5,797	(1)	%	(4)	%

Interest income (1)	k	$	699,862	$	696,521	$	685,207	$	692,741	$	697,169	—	%	—	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	59,563		67,318		57,279		63,513		70,470		(12)	%	(15)	%
Less: Acquired loan accretion - credit related (3)	c	4,127		4,835		5,119		5,430		6,370		(15)	%	(35)	%
Adjusted interest income (1)	m=k-l-c	$	636,172	$	624,368	$	622,809	$	623,798	$	620,329	2	%	3	%

Interest-bearing deposits interest expense	n	$	208,027	$	207,307	$	198,435	$	170,659	$	126,974	—	%	64	%
Less: Acquired deposit accretion	o	—		—		—		(187)		(373)		nm		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	208,027	$	207,307	$	198,435	$	170,846	$	127,347	—	%	63	%

Interest expense	q	$	268,678	$	268,087	$	260,863	$	238,011	$	215,138	—	%	25	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(57)		(57)		(57)		(244)		(430)		—	%	(87)	%
Adjusted interest expense	s=q-r	$	268,735	$	268,144	$	260,920	$	238,255	$	215,568	—	%	25	%

Net Interest Income (1)	t	$	431,184	$	428,434	$	424,344	$	454,730	$	482,031	1	%	(11)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	59,620		67,375		57,336		63,757		70,900		(12)	%	(16)	%
Less: Acquired loan accretion - credit related (3)	c	4,127		4,835		5,119		5,430		6,370		(15)	%	(35)	%
Adjusted net interest income (1)	v=t-u-c	$	367,437	$	356,224	$	361,889	$	385,543	$	404,761	3	%	(9)	%

Average loans and leases	aa	37,543,561		37,663,396		37,597,101		37,333,310		37,050,518		—	%	1	%
Average taxable securities	ab	7,943,391		7,839,202		8,081,003		7,903,053		8,356,165		1	%	(5)	%
Average non-taxable securities	ac	828,362		825,030		851,342		809,551		844,417		—	%	(2)	%
Average interest-earning assets	ad	48,185,474		48,117,746		48,280,787		47,838,229		48,981,105		—	%	(2)	%
Average interest-bearing deposits	ae	28,019,046		28,041,156		27,742,579		26,622,343		25,121,745		0	%	12	%
Average interest-bearing liabilities	af	32,505,157		32,583,458		32,318,653		31,226,600		31,413,978		0	%	3	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Seq. Quarter	Year over Year
Average yield on loans and leases	a / aa	6.22	%	6.20	%	6.13	%	6.13	%	6.08	%	0.02	0.14

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.23	%	0.27	%	0.25	%	0.29	%	0.31	%	(0.04)	(0.08)

Less: Acquired loan accretion - credit related (3)	c / aa	0.04	%	0.05	%	0.05	%	0.06	%	0.07	%	(0.01)	(0.03)
Adjusted average yield on loans and leases	d / aa	5.95	%	5.88	%	5.83	%	5.78	%	5.70	%	0.07	0.25

Average yield on taxable securities	e / ab	3.97	%	4.17	%	3.90	%	4.19	%	4.07	%	(0.20)	(0.10)

Less: Acquired taxable securities accretion - rate related	f / ab	1.77	%	2.06	%	1.57	%	1.72	%	1.86	%	(0.29)	(0.09)
Adjusted average yield on taxable securities	g / ab	2.20	%	2.11	%	2.33	%	2.47	%	2.21	%	0.09	(0.01)

Average yield on non-taxable securities (1)	h / ac	3.78	%	3.82	%	3.71	%	3.99	%	3.83	%	(0.04)	(0.05)

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.08	%	1.10	%	1.07	%	1.13	%	1.07	%	(0.02)	0.01
Adjusted yield on non-taxable securities (1)	j / ac	2.70	%	2.72	%	2.64	%	2.86	%	2.76	%	(0.02)	(0.06)

Average yield on interest-earning assets (1)	k / ad	5.78	%	5.80	%	5.69	%	5.75	%	5.65	%	(0.02)	0.13
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.49	%	0.56	%	0.48	%	0.53	%	0.57	%	(0.07)	(0.08)
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.04	%	0.04	%	0.05	%	0.05	%	—	(0.01)
Adjusted average yield on interest-earning assets (1)	m / ad	5.25	%	5.20	%	5.17	%	5.17	%	5.03	%	0.05	0.22

Average rate on interest-bearing deposits	n / ae	2.95	%	2.97	%	2.88	%	2.54	%	2.01	%	(0.02)	0.94
Less: Acquired deposit accretion	o / ae	—	%	—	%	—	%	—	%	(0.01)	%	—	0.01
Adjusted average rate on interest-bearing deposits	p / ae	2.95	%	2.97	%	2.88	%	2.54	%	2.02	%	(0.02)	0.93

Average rate on interest-bearing liabilities	q / af	3.29	%	3.31	%	3.25	%	3.02	%	2.72	%	(0.02)	0.57
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—	%	—	%	(0.01)	%	—	0.01
Adjusted average rate on interest-bearing liabilities	s / af	3.29	%	3.31	%	3.25	%	3.02	%	2.73	%	(0.02)	0.56

Net interest margin (1)	t / ad	3.56	%	3.56	%	3.52	%	3.78	%	3.91	%	—	(0.35)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.49	%	0.56	%	0.48	%	0.53	%	0.58	%	(0.07)	(0.09)
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.04	%	0.04	%	0.05	%	0.05	%	—	(0.01)
Adjusted net interest margin (1)	v / ad	3.03	%	2.96	%	3.00	%	3.20	%	3.28	%	0.07	(0.25)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Nine Months Ended
($ in thousands)		Sep 30, 2024		Sep 30, 2023		Year over Year
Loans and leases interest income	a	$	1,744,246	$	1,532,652	14	%
Less: Acquired loan accretion - rate related (2), (3)	b	70,387		71,343		(1)	%

Less: Acquired loan accretion - credit related (3)	c	14,081		17,276		(18)	%

Adjusted loans and leases interest income	d=a-b-c	$	1,659,778	$	1,444,033	15	%

Taxable securities interest income	e	$	239,202	$	207,072	16	%

Less: Acquired taxable securities accretion - rate related	f	107,006		89,376		20	%
Adjusted Taxable securities interest income	g=e-f	$	132,196	$	117,696	12	%

Non-taxable securities interest income (1)	h	$	23,596	$	20,163	17	%

Less: Acquired non-taxable securities accretion - rate related	i	6,767		5,463		24	%
Adjusted Taxable securities interest income (1)	j=h-i	$	16,829	$	14,700	14	%

Interest income (1)	k	$	2,081,590	$	1,850,713	12	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	184,160		166,182		11	%
Less: Acquired loan accretion - credit related (3)	c	14,081		17,276		(18)	%
Adjusted interest income (1)	m=k-l-c	$	1,883,349	$	1,667,255	13	%

Interest-bearing deposits interest expense	n	$	613,769	$	290,995	111	%
Less: Acquired deposit accretion	o	—		(746)		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	613,769	$	291,741	110	%

Interest expense	q	$	797,628	$	508,145	57	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(171)		(917)		(81)	%
Adjusted interest expense	s=q-r	$	797,799	$	509,062	57	%

Net Interest Income (1)	t	$	1,283,962	$	1,342,568	(4)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	184,331		167,099		10	%
Less: Acquired loan accretion - credit related (3)	c	14,081		17,276		(18)	%
Adjusted net interest income (1)	v=t-u-c	$	1,085,550	$	1,158,193	(6)	%

Average loans and leases	aa	37,601,142		34,765,319		8	%
Average taxable securities	ab	7,954,491		7,336,862		8	%
Average non-taxable securities	ac	834,887		717,064		16	%
Average interest-earning assets	ad	48,194,635		45,203,459		7	%
Average interest-bearing deposits	ae	27,934,570		23,091,034		21	%
Average interest-bearing liabilities	af	32,469,221		28,510,120		14	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Nine Months Ended
($ in thousands)		Sep 30, 2024		Sep 30, 2023		Year over Year
Average yield on loans and leases	a / aa	6.18	%	5.88	%	0.30

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.25	%	0.27	%	(0.02)

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.07	%	(0.02)
Adjusted average yield on loans and leases	d / aa	5.88	%	5.54	%	0.34

Average yield on taxable securities	e / ab	4.01	%	3.76	%	0.25

Less: Acquired taxable securities accretion - rate related	f / ab	1.80	%	1.63	%	0.17
Adjusted average yield on taxable securities	g / ab	2.21	%	2.13	%	0.08

Average yield on non-taxable securities (1)	h / ac	3.77	%	3.75	%	0.02

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.08	%	1.02	%	0.06
Adjusted yield on non-taxable securities (1)	j / ac	2.69	%	2.73	%	(0.04)

Average yield on interest-earning assets (1)	k / ad	5.76	%	5.46	%	0.30
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.51	%	0.49	%	0.02
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted average yield on interest-earning assets (1)	m / ad	5.21	%	4.92	%	0.29

Average rate on interest-bearing deposits	n / ae	2.93	%	1.68	%	1.25
Less: Acquired deposit accretion	o / ae	—	%	—	%	—
Adjusted average rate on interest-bearing deposits	p / ae	2.93	%	1.68	%	1.25

Average rate on interest-bearing liabilities	q / af	3.28	%	2.38	%	0.90
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—
Adjusted average rate on interest-bearing liabilities	s / af	3.28	%	2.38	%	0.90

Net interest margin (1)	t / ad	3.55	%	3.96	%	(0.41)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.51	%	0.49	%	0.02
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted net interest margin (1)	v / ad	3.00	%	3.42	%	(0.42)


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