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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
 
 
Date of Report: July 25, 2024
(Date of earliest event reported)
 
Columbia Banking System, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Washington000-2028891-1422237
(State or Other Jurisdiction of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
 
1301 A Street
Tacoma, Washington 98402-2156
(address of Principal Executive Offices)(Zip Code)
 
(253) 305-1900

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

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

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

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

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

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

Emerging growth company [ ☐ ]

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





Item 2.02Results of Operations and Financial Condition.
 
On July 25, 2024, Columbia Banking System, Inc. issued a press release announcing second quarter 2024 financial results. The release is attached hereto as Exhibit 99.1. The information included in the press release is considered to be "furnished" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Columbia Banking System, Inc. will include final financial statements and additional analyses for the quarter ended June 30, 2024 as part of its quarterly report on Form 10-Q covering that period.
 
Item 7.01Regulation FD Disclosure.
 
Columbia Banking System, Inc. is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on July 25, 2024. The slides are included as Exhibit 99.2 to this report and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Columbia Banking System, Inc.
(Registrant)
 
Dated: July 25, 2024
By: /s/ Ronald L. Farnsworth 
      Ronald L. Farnsworth
      Executive Vice President/Chief Financial Officer



EXHIBIT 99.1


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00
COLUMBIA BANKING SYSTEM, INC. REPORTS SECOND QUARTER 2024 RESULTS
$120 million$140 million$0.57$0.67
Net incomeOperating net income 1Earnings per diluted common share
Operating earnings per diluted common share 1
0
CEO Commentary
"Our second quarter results reflect continued progress on our targeted actions to improve our financial performance and drive shareholder value,” said Clint Stein, President and CEO. "The successful execution of identified changes following enterprise-wide evaluations resulted in a lower recurring expense run rate and increased stabilization in the cost of customer deposits during the second quarter. While we are encouraged by the early success of our near-term initiatives, we have not diminished our laser focus on regaining Columbia's placement as a top-performing bank across financial metrics. Longer-term initiatives will further enhance our growth and profitability as we strive toward long-term, consistent, repeatable performance."
–Clint Stein, President and CEO of Columbia Banking System, Inc.
2Q24 HIGHLIGHTS (COMPARED TO 1Q24)
Net Interest Income and NIM
•Net interest income expanded by $4 million on a linked-quarter basis due to higher income earned on loans and investment securities, including increased accretion income, partially offset by higher deposit costs.
•Net interest margin was 3.56%, up 4 basis points from the prior quarter as the increase in earning asset yields outpaced the increase in the cost of interest-bearing liabilities given targeted actions taken to stabilize the cost of customer deposits.
Non-Interest Income and Expense
•Non-interest income decreased by $6 million due to the quarterly fluctuation in cumulative fair value accounting and hedges. Excluding these items, non-interest income was stable.
•Non-interest expense decreased by $8 million due to lower compensation and CDI amortization, modest decreases in other categories, and the first quarter's larger FDIC special assessment. The effect was partially offset by restructuring expense.
Credit Quality
•Net charge-offs were 0.32% of average loans and leases (annualized), compared to 0.47% in the prior quarter.
•Provision expense of $32 million compares to $17 million in the prior quarter, which benefited from the recalibration of the commercial CECL model.
•Non-performing assets to total assets was 0.30%, compared to 0.28% as of March 31, 2024.
Capital
•Estimated total risk-based capital ratio of 12.1% and estimated common equity tier 1 risk-based capital ratio of 9.9%.
•Declared a quarterly cash dividend of $0.36 per common share on May 13, 2024, which was paid June 10, 2024.
Notable Items
•Substantially completed our announced near-term initiatives related to operational effectiveness.
•Opened our first retail location in Phoenix, Arizona and our first Financial Hub in Southern California, replacing an existing branch.
2Q24 KEY FINANCIAL DATA
PERFORMANCE METRICS
2Q24
1Q24
2Q23
Return on average assets0.93%0.96%1.00%
Return on average common equity9.85%10.01%10.84%
Return on average tangible common equity 1
14.55%14.82%16.63%
Operating return on average assets 1
1.08%1.04%1.27%
Operating return on average common equity 1
11.47%10.89%13.77%
Operating return on average tangible common equity 1
16.96%16.12%21.13%
Net interest margin3.56%3.52%3.93%
Efficiency ratio59.02%60.57%62.60%
Operating efficiency ratio, as adjusted 1
53.56%56.97%54.04%
INCOME STATEMENT
($ in 000s, excl. per share data)
2Q24
1Q24
2Q23
Net interest income$427,449$423,362$483,975
Provision for credit losses$31,820$17,136$16,014
Non-interest income$44,703$50,357$39,678
Non-interest expense$279,244$287,516$328,559
Pre-provision net revenue 1
$192,908$186,203$195,094
Operating pre-provision net revenue 1
$219,390$200,683$243,114
Earnings per common share - diluted $0.57$0.59$0.64
Operating earnings per common share - diluted 1
$0.67$0.65$0.81
Dividends paid per share$0.36$0.36$0.36
BALANCE SHEET
2Q24
1Q24
2Q23
Total assets$52.0 B$52.2 B$53.6 B
Loans and leases$37.7 B$37.6 B$37.0 B
Deposits$41.5 B$41.7 B$40.8 B
Book value per common share$23.76$23.68$23.16
Tangible book value per share 1
$16.26$16.03$15.02

Investor Contact
Jacquelynne "Jacque" Bohlen, SVP/Investor Relations Director, 503-727-4117, jacquebohlen@umpquabank.com
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 2
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") completed an enterprise-wide evaluation of our operations during the first quarter of 2024. The full-scale review resulted in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. Through June 30, 2024, 91% of the identified cost savings have been realized, and we expect to carry out the remaining actions during the third quarter of 2024. Please refer to the Q2 2024 Earnings Presentation for additional details.

Columbia's primary subsidiary, Umpqua Bank ("Umpqua"), opened its first retail location in Phoenix, Arizona and its first Financial Hub in Southern California, replacing an existing branch. Umpqua has closed four branches on a net basis during 2024 as strategic consolidations offset new locations in targeted growth markets.

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 six months ended June 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 six months ended June 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.

Net Interest Income
Net interest income was $427 million for the second quarter of 2024, up $4 million from the prior quarter. The increase reflects higher income earned on loans and investment securities, including accretion income, and lower borrowing costs. The favorable change was only partially offset by higher deposit costs as targeted pricing actions limited the increase in Columbia's cost of interest-bearing deposits.

Columbia's net interest margin was 3.56% for the second quarter of 2024, up 4 basis points from 3.52% for the first quarter of 2024. The expansion was driven by higher yields on loans and investment securities, including the benefit of accretion income, which offset a modest increase in the cost of interest-bearing deposits following a comprehensive review undertaken during the first quarter of 2024 related to how Columbia evaluates and approves deposit pricing. The cost of interest-bearing deposits increased 9 basis points on a linked-quarter basis, and was 2.97% for both the three months ended June 30, 2024 and as of June 30, 2024, which compares to 3.00% for the month of June. "Actions taken during the first quarter resulted in enhanced pricing visibility, which contributed to stability in interest-bearing core deposit rates during the second quarter," commented Chris Merrywell, President of Umpqua Bank. "Our teams have done an exceptional job leading with service, not price, as they meet with current and prospective customers."

Columbia's cost of interest-bearing liabilities increased 6 basis points on a linked-quarter basis, and was 3.31% for both the three months ended June 30, 2024 and as of June 30, 2024, which compares to 3.34% for the month of June. Please refer to the Q2 2024 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information as well as to our non-GAAP disclosures in this press release for the impact of purchase accounting accretion and amortization on individual line items.

Non-interest Income
Non-interest income was $45 million for the second quarter of 2024, down $6 million from the prior quarter. The decline was driven by quarterly fluctuations in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which collectively resulted in a net fair value loss of $10 million in the second quarter compared to a net fair value loss of $4 million in the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was stable between periods, with favorable trends in card activity, financial services and trust revenue, and mortgage banking.

Non-interest Expense
Non-interest expense was $279 million for the second quarter of 2024, down $8 million from the prior quarter level. Excluding merger and restructuring expense, exit and disposal costs, and accruals for the FDIC special assessment, non-interest expense was $263 million2, down $14 million from the prior quarter due to ongoing strategic actions taken to reduce our non-interest expense run rate, lower CDI amortization following the one-year anniversary of the merger, and a $7.7 million reversal of prior compensation-related accruals. Please refer to the Q2 2024 Earnings Presentation for additional expense details.
2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 3
Balance Sheet
Total consolidated assets were $52.0 billion as of June 30, 2024, down slightly from $52.2 billion as of March 31, 2024. Cash and cash equivalents were $2.1 billion as of June 30, 2024, also down slightly from $2.2 billion as of March 31, 2024. Including secured off-balance sheet lines of credit, total available liquidity was $19.1 billion as of June 30, 2024, representing 37% of total assets, 46% of total deposits, and 140% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.5 billion as of June 30, 2024, a decrease of $114 million relative to March 31, 2024, due to paydowns and a decline in the fair value of the portfolio. Please refer to the Q2 2024 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.7 billion as of June 30, 2024, an increase of $68 million relative to March 31, 2024. Columbia sold loans with a book balance of $95 million during the second quarter of 2024, including $80 million in residential mortgage loans held on the balance sheet at fair value. Excluding these actions, the loan portfolio increased by 2% on an annualized basis during the quarter due primarily to commercial line utilization and construction project activity. Please refer to the Q2 2024 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio.

Total deposits were $41.5 billion as of June 30, 2024, a decrease of $183 million relative to March 31, 2024. Customer deposits drove the quarter's decrease due in part to anticipated customer tax payments, partially offset by targeted campaigns run by our branch network. "Our teams wrapped up a successful small business account campaign in April, generating nearly 6,000 accounts and $345 million in new deposits to the bank, 27% of which were non-interest-bearing balances," stated Mr. Merrywell. "We use a collaborative approach to find needs-based solutions for our customers—and these campaigns do not include promotional pricing." Please refer to the Q2 2024 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality
The allowance for credit losses was $439 million, or 1.16% of loans and leases, essentially unchanged from March 31, 2024. The provision for credit losses was $32 million for the second quarter of 2024, and it reflects credit migration trends and changes in the economic forecasts used in credit models.

Net charge-offs were 0.32% of average loans and leases (annualized) for the second quarter of 2024, compared to 0.47% for the first quarter of 2024. Net charge-offs in the FinPac portfolio were $25 million in the second quarter, largely unchanged from the first quarter. Net charge-offs excluding the FinPac portfolio were only $6 million in the second quarter. As of June 30, 2024, non-accrual loans were $93 million compared to $99 million as of March 31, 2024, due to lower balances in commercial portfolios. Non-performing assets were $156 million, or 0.30% of total assets, as of June 30, 2024, compared to $144 million, or 0.28% of total assets, as of March 31, 2024. The quarter's increase in loans and leases past due 90+ days and accruing, which accounted for the increase in nonperforming assets, was driven in part by the expiration of COVID-related designations within the residential mortgage portfolio. After accounting for government guarantees, non-performing assets declined by $9 million during the second quarter due primarily to lower balances in the FinPac portfolio. Please refer to the Q2 2024 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

Capital
Columbia's book value per common share was $23.76 as of June 30, 2024, compared to $23.68 as of March 31, 2024. The linked-quarter change reflects organic net capital generation, partially offset by a change in accumulated other comprehensive (loss) income ("AOCI") to $(456) million at June 30, 2024, compared to $(426) million at the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $442 million as of June 30, 2024, compared to $413 million as of March 31, 2024. Tangible book value per common share3 was $16.26 as of June 30, 2024, compared to $16.03 as of March 31, 2024.

Columbia's estimated total risk-based capital ratio was 12.1% and its estimated common equity tier 1 risk-based capital ratio was 9.9% as of June 30, 2024, compared to 12.0% and 9.8%, respectively, as of March 31, 2024. Columbia remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of June 30, 2024 are estimates, pending completion and filing of Columbia's regulatory reports.

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 4
Earnings Presentation and Conference Call Information
Columbia's Q2 2024 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

Columbia will host its second quarter 2024 earnings conference call on July 25, 2024, 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 second quarter 2024 financial results. Participants may register for the call using the below link to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.

Register for the call: https://register.vevent.com/register/BIdb1fd24ce3994192abaccb701c2ce451
Join the audiocast: https://edge.media-server.com/mmc/p/tog4rq49/
Access the replay through Columbia's investor relations page: www.columbiabankingsystem.com

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

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, continued 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 or at all; 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. Reports Second Quarter 2024 Results
July 25, 2024
Page 5


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 6
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
 Quarter Ended% Change
($ in thousands, except per share data)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq.
Quarter		Year over Year
Interest income:     
Loans and leases$583,874 $575,044 $577,741 $569,670 $552,679 2 %6 %
Interest and dividends on investments: 
Taxable78,828 75,017 78,010 80,066 79,036 5 %— %
Exempt from federal income tax6,904 6,904 6,966 6,929 6,817 — %1 %
Dividends2,895 3,707 4,862 4,941 2,581 (22)%12 %
Temporary investments and interest bearing deposits23,035 23,553 24,055 34,407 34,616 (2)%(33)%
Total interest income695,536 684,225 691,634 696,013 675,729 2 %3 %
Interest expense:     
Deposits207,307 198,435 170,659 126,974 100,408 4 %106 %
Securities sold under agreement to repurchase and federal funds purchased1,515 1,266 1,226 1,220 1,071 20 %41 %
Borrowings49,418 51,275 56,066 77,080 81,004 (4)%(39)%
Junior and other subordinated debentures9,847 9,887 10,060 9,864 9,271 — %6 %
Total interest expense268,087 260,863 238,011 215,138 191,754 3 %40 %
Net interest income427,449 423,362 453,623 480,875 483,975 1 %(12)%
Provision for credit losses31,820 17,136 54,909 36,737 16,014 86 %99 %
Non-interest income:     
Service charges on deposits18,503 16,064 17,349 17,410 16,454 15 %12 %
Card-based fees14,681 13,183 14,593 15,674 13,435 11 %9 %
Financial services and trust revenue5,396 4,464 3,011 4,651 4,512 21 %20 %
Residential mortgage banking revenue (loss), net5,848 4,634 4,212 7,103 (2,342)26 %nm
(Loss) gain on sale of debt securities, net(1)12 9 4 — (108)%nm
Gain (loss) on equity securities, net325 (1,565)2,636 (2,055)(697)nmnm
(Loss) gain on loan and lease sales, net(1,516)221 1,161 1,871 442 nm(443)%
BOLI income4,705 4,639 4,331 4,440 4,063 1 %16 %
Other (loss) income(3,238)8,705 18,231 (5,117)3,811 (137)%(185)%
Total non-interest income44,703 50,357 65,533 43,981 39,678 (11)%13 %
Non-interest expense:     
Salaries and employee benefits145,066 154,538 157,572 159,041 163,398 (6)%(11)%
Occupancy and equipment, net45,147 45,291 48,160 43,070 50,550 — %(11)%
Intangible amortization29,230 32,091 33,204 29,879 35,553 (9)%(18)%
FDIC assessments9,664 14,460 42,510 11,200 11,579 (33)%(17)%
Merger and restructuring expense14,641 4,478 7,174 18,938 29,649 227 %(51)%
Other expenses35,496 36,658 48,556 42,019 37,830 (3)%(6)%
Total non-interest expense279,244 287,516 337,176 304,147 328,559 (3)%(15)%
Income before provision for income taxes161,088 169,067 127,071 183,972 179,080 (5)%(10)%
Provision for income taxes40,944 44,987 33,540 48,127 45,703 (9)%(10)%
Net income$120,144 $124,080 $93,531 $135,845 $133,377 (3)%(10)%
Weighted average basic shares outstanding208,498 208,260 208,083 208,070 207,977 — %— %
Weighted average diluted shares outstanding209,011 208,956 208,739 208,645 208,545 — %— %
Earnings per common share – basic$0.58 $0.60 $0.45 $0.65 $0.64 (3)%(9)%
Earnings per common share – diluted$0.57 $0.59 $0.45 $0.65 $0.64 (3)%(11)%
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 7

Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
 Six Months Ended% Change
($ in thousands, except per share data)Jun 30, 2024Jun 30, 2023Year over Year
Interest income:   
Loans and leases$1,158,918 $966,204 20 %
Interest and dividends on investments:
Taxable153,845 118,765 30 %
Exempt from federal income tax13,808 10,214 35 %
Dividends6,602 3,300 100 %
Temporary investments and interest bearing deposits46,588 53,197 (12)%
Total interest income1,379,761 1,151,680 20 %
Interest expense: 
Deposits405,742 164,021 147 %
Securities sold under agreement to repurchase and federal funds purchased2,781 1,477 88 %
Borrowings100,693 109,768 (8)%
Junior and other subordinated debentures19,734 17,741 11 %
Total interest expense528,950 293,007 81 %
Net interest income850,811 858,673 (1)%
Provision for credit losses48,956 121,553 (60)%
Non-interest income: 
Service charges on deposits34,567 30,766 12 %
Card-based fees27,864 24,996 11 %
Financial services and trust revenue9,860 5,809 70 %
Residential mortgage banking revenue, net10,482 5,474 91 %
Gain on sale of debt securities, net11 — nm
(Loss) gain on equity securities, net(1,240)1,719 (172)%
(Loss) gain on loan and lease sales, net(1,295)1,382 (194)%
BOLI income9,344 6,853 36 %
Other income5,467 17,414 (69)%
Total non-interest income95,060 94,413 1 %
Non-interest expense: 
Salaries and employee benefits299,604 299,490 — %
Occupancy and equipment, net90,438 92,250 (2)%
Intangible amortization61,321 48,213 27 %
FDIC assessments24,124 17,692 36 %
Merger and restructuring expense19,119 145,547 (87)%
Other expenses72,154 68,185 6 %
Total non-interest expense566,760 671,377 (16)%
Income before provision for income taxes330,155 160,156 106 %
Provision for income taxes85,931 40,817 111 %
Net income$244,224 $119,339 105 %
Weighted average basic shares outstanding208,379 182,325 14 %
Weighted average diluted shares outstanding208,999 182,860 14  %
Earnings per common share – basic$1.17 $0.65 80 %
Earnings per common share – diluted$1.17 $0.65 80 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 8
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
    % Change
($ in thousands, except per share data)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq.
Quarter		Year over Year
Assets:     
Cash and due from banks$515,263 $440,215 $498,496 $492,474 $538,653 17 %(4)%
Interest-bearing cash and temporary investments1,553,568 1,760,902 1,664,038 1,911,221 2,868,563 (12)%(46)%
Investment securities:     
Equity and other, at fair value77,221 77,203 76,995 73,638 76,361 — %1 %
Available for sale, at fair value8,503,000 8,616,545 8,829,870 8,503,986 8,998,428 (1)%(6)%
Held to maturity, at amortized cost2,203 2,247 2,300 2,344 2,388 (2)%(8)%
Loans held for sale56,310 47,201 30,715 60,313 183,633 19 %(69)%
Loans and leases37,709,987 37,642,413 37,441,951 37,170,598 37,049,299 — %2 %
Allowance for credit losses on loans and leases(418,671)(414,344)(440,871)(416,560)(404,603)1 %3 %
Net loans and leases37,291,316 37,228,069 37,001,080 36,754,038 36,644,696 — %2 %
Restricted equity securities116,274 116,274 179,274 168,524 258,524 — %(55)%
Premises and equipment, net337,842 336,869 338,970 337,855 368,698 — %(8)%
Operating lease right-of-use assets108,278 113,833 115,811 114,220 119,255 (5)%(9)%
Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Other intangible assets, net542,358 571,588 603,679 636,883 666,762 (5)%(19)%
Residential mortgage servicing rights, at fair value110,039 110,444 109,243 117,640 172,929 — %(36)%
Bank-owned life insurance686,485 682,293 680,948 648,232 643,727 1 %7 %
Deferred tax asset, net361,773 356,031 347,203 469,841 362,880 2 %— %
Other assets756,319 735,058 665,740 673,372 657,365 3 %15 %
Total assets$52,047,483 $52,224,006 $52,173,596 $51,993,815 $53,592,096 — %(3)%
Liabilities:     
 Deposits
Non-interest-bearing$13,481,616 $13,808,554 $14,256,452 $15,532,948 $16,019,408 (2)%(16)%
Interest-bearing28,041,656 27,897,606 27,350,568 26,091,420 24,815,509 1 %13 %
  Total deposits41,523,272 41,706,160 41,607,020 41,624,368 40,834,917 — %2 %
Securities sold under agreements to repurchase197,860 213,573 252,119 258,383 294,914 (7)%(33)%
Borrowings3,900,000 3,900,000 3,950,000 3,985,000 6,250,000 — %(38)%
Junior subordinated debentures, at fair value310,187 309,544 316,440 331,545 312,872 — %(1)%
Junior and other subordinated debentures, at amortized cost107,781 107,838 107,895 107,952 108,009 — %— %
Operating lease liabilities123,082 129,240 130,576 129,845 132,099 (5)%(7)%
Other liabilities908,629 900,406 814,512 924,560 831,097 1 %9 %
Total liabilities47,070,811 47,266,761 47,178,562 47,361,653 48,763,908 — %(3)%
Shareholders' equity:     
Common stock5,807,041 5,802,322 5,802,747 5,798,167 5,792,792 — %— %
Accumulated deficit(374,687)(418,946)(467,571)(485,576)(545,842)(11)%(31)%
Accumulated other comprehensive loss(455,682)(426,131)(340,142)(680,429)(418,762)7 %9 %
Total shareholders' equity4,976,672 4,957,245 4,995,034 4,632,162 4,828,188 — %3 %
Total liabilities and shareholders' equity$52,047,483 $52,224,006 $52,173,596 $51,993,815 $53,592,096 — %(3)%
Common shares outstanding at period end209,459 209,370 208,585 208,575 208,514 — %— %



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 9
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
 Quarter Ended% Change
 Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Per Common Share Data:
Dividends$0.36 $0.36 $0.36 $0.36 $0.36 — %— %
Book value$23.76 $23.68 $23.95 $22.21 $23.16 — %3 %
Tangible book value (1)
$16.26 $16.03 $16.12 $14.22 $15.02 1 %8 %
Performance Ratios:
Efficiency ratio (2)
59.02 %60.57 %64.81 %57.82 %62.60 %(1.55)(3.58)
Non-interest expense to average assets (1)
2.16 %2.22 %2.58 %2.28 %2.46 %(0.06)(0.30)
Return on average assets ("ROAA")0.93 %0.96 %0.72 %1.02 %1.00 %(0.03)(0.07)
Pre-provision net revenue ("PPNR") ROAA (1)
1.49 %1.44 %1.39 %1.65 %1.46 %0.05 0.03 
Return on average common equity9.85 %10.01 %7.90 %11.07 %10.84 %(0.16)(0.99)
Return on average tangible common equity (1)
14.55 %14.82 %12.19 %16.93 %16.63 %(0.27)(2.08)
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (5), (6)
53.56 %56.97 %57.31 %51.26 %54.04 %(3.41)(0.48)
Operating non-interest expense to average assets (1)
2.03 %2.14 %2.25 %2.10 %2.22 %(0.11)(0.19)
Operating ROAA (1), (6)
1.08 %1.04 %0.89 %1.23 %1.27 %0.04 (0.19)
Operating PPNR ROAA (1), (6)
1.70 %1.55 %1.62 %1.94 %1.82 %0.15 (0.12)
Operating return on average common equity (1), (6)
11.47 %10.89 %9.81 %13.40 %13.77 %0.58 (2.30)
Operating return on average tangible common equity (1), (6)
16.96 %16.12 %15.14 %20.48 %21.13 %0.84 (4.17)
Average Balance Sheet Yields, Rates, & Ratios:     
Yield on loans and leases6.20 %6.13 %6.13 %6.08 %5.95 %0.07 0.25 
Yield on earning assets (2)
5.80 %5.69 %5.75 %5.65 %5.48 %0.11 0.32 
Cost of interest bearing deposits2.97 %2.88 %2.54 %2.01 %1.64 %0.09 1.33 
Cost of interest bearing liabilities3.31 %3.25 %3.02 %2.72 %2.45 %0.06 0.86 
Cost of total deposits2.01 %1.92 %1.63 %1.23 %0.99 %0.09 1.02 
Cost of total funding (3)
2.34 %2.27 %2.05 %1.81 %1.61 %0.07 0.73 
Net interest margin (2)
3.56 %3.52 %3.78 %3.91 %3.93 %0.04 (0.37)
Average interest bearing cash / Average interest earning assets3.51 %3.56 %3.64 %5.17 %5.47 %(0.05)(1.96)
Average loans and leases / Average interest earning assets78.27 %77.87 %78.04 %75.64 %75.18 %0.40 3.09 
Average loans and leases / Average total deposits90.61 %90.41 %89.91 %90.63 %90.98 %0.20 (0.37)
Average non-interest bearing deposits / Average total deposits32.54 %33.29 %35.88 %38.55 %40.05 %(0.75)(7.51)
Average total deposits / Average total funding (3)
90.15 %90.09 %90.02 %86.66 %85.59 %0.06 4.56 
Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases
0.41 %0.38 %0.30 %0.28 %0.22 %0.03 0.19 
Non-performing assets to total assets
0.30 %0.28 %0.22 %0.20 %0.15 %0.02 0.15 
Allowance for credit losses to loans and leases1.16 %1.16 %1.24 %1.18 %1.15 %— 0.01 
Total risk-based capital ratio (4)
12.1 %12.0 %11.9 %11.6 %11.3 %0.10 0.80 
Common equity tier 1 risk-based capital ratio (4)
9.9 %9.8 %9.6 %9.5 %9.2 %0.10 0.70 
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
(4) Estimated holding company ratios.
(5) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.
(6) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 10
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Six Months Ended% Change
 Jun 30, 2024Jun 30, 2023Year over Year
Per Common Share Data:
Dividends$0.72 $0.71 1.41 %
Performance Ratios:
Efficiency ratio (2)
59.80 %70.30 %(10.50)
Non-interest expense to average assets (1)
2.19 %2.91 %(0.72)
Return on average assets0.94 %0.52 %0.42 
PPNR ROAA (1)
1.47 %1.22 %0.25 
Return on average common equity9.93 %5.80 %4.13 
Return on average tangible common equity (1)
14.69 %8.09 %6.60 
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (4), (5)
55.26 %53.51 %1.75 
Operating non-interest expense to average assets (1)
2.08 %2.26 %(0.18)
Operating ROAA (1), (5)
1.06 %1.04 %0.02 
Operating PPNR ROAA (1), (5)
1.62 %1.90 %(0.28)
Operating return on average common equity (1), (5)
11.18 %11.72 %(0.54)
Operating return on average tangible common equity (1), (5)
16.54 %16.34 %0.20 
Average Balance Sheet Yields, Rates, & Ratios:  
Yield on loans and leases6.17 %5.77 %0.40 
Yield on earning assets (2)
5.75 %5.35 %0.40 
Cost of interest bearing deposits2.93 %1.50 %1.43 
Cost of interest bearing liabilities3.28 %2.19 %1.09 
Cost of total deposits1.96 %0.90 %1.06 
Cost of total funding (3)
2.31 %1.42 %0.89 
Net interest margin (2)
3.54 %3.99 %(0.45)
Average interest bearing cash / Average interest earning assets3.54 %4.99 %(1.45)
Average loans and leases / Average interest earning assets78.07 %77.64 %0.43 
Average loans and leases / Average total deposits90.51 %91.87 %(1.36)
Average non-interest bearing deposits / Average total deposits32.91 %39.69 %(6.78)
Average total deposits / Average total funding (3)
90.12 %88.03 %2.09 

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




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 11
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023% Change
($ in thousands)AmountAmountAmountAmountAmountSeq. QuarterYear over Year
Loans and leases:     
Commercial real estate:   
Non-owner occupied term, net$6,407,351 $6,557,768 $6,482,940 $6,490,638 $6,434,673 (2)%— %
Owner occupied term, net5,230,511 5,231,676 5,195,605 5,235,227 5,254,401 — %— %
Multifamily, net5,868,848 5,828,960 5,704,734 5,684,495 5,622,875 1 %4 %
Construction & development, net1,946,693 1,728,652 1,747,302 1,669,918 1,528,924 13 %27 %
Residential development, net269,106 284,117 323,899 354,922 388,641 (5)%(31)%
Commercial:
Term, net5,559,548 5,544,450 5,536,765 5,437,915 5,449,787 — %2 %
Lines of credit & other, net2,558,633 2,491,557 2,430,127 2,353,548 2,268,790 3 %13 %
Leases & equipment finance, net1,701,943 1,706,759 1,729,512 1,728,991 1,740,037 — %(2)%
Residential:
Mortgage, net5,992,163 6,128,884 6,157,166 6,121,838 6,272,898 (2)%(4)%
Home equity loans & lines, net1,982,786 1,950,421 1,938,166 1,899,948 1,898,958 2 %4 %
   Consumer & other, net192,405 189,169 195,735 193,158 189,315 2 %2 %
Total loans and leases, net of deferred fees and costs$37,709,987 $37,642,413 $37,441,951 $37,170,598 $37,049,299 — %2 %
Loans and leases mix:
Commercial real estate:
   Non-owner occupied term, net17 %17 %17 %17 %17 %
   Owner occupied term, net14 %14 %14 %14 %14 %
   Multifamily, net15 %15 %15 %15 %15 %
Construction & development, net5 %5 %5 %4 %4 %
Residential development, net1 %1 %1 %1 %1 %
Commercial: 
Term, net15 %15 %15 %15 %15 %
Lines of credit & other, net6 %6 %6 %6 %6 %
Leases & equipment finance, net5 %5 %5 %5 %5 %
Residential: 
Mortgage, net16 %16 %16 %17 %17 %
Home equity loans & lines, net5 %5 %5 %5 %5 %
   Consumer & other, net1 %1 %1 %1 %1 %
Total100 %100 %100 %100 %100 %




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 12
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023% Change
($ in thousands)AmountAmountAmountAmountAmountSeq. QuarterYear over Year
Deposits:     
Demand, non-interest bearing$13,481,616 $13,808,554 $14,256,452 $15,532,948 $16,019,408 (2)%(16)%
Demand, interest bearing8,195,284 8,095,211 8,044,432 6,898,831 6,300,082 1 %30 %
Money market10,927,813 10,822,498 10,324,454 10,349,217 10,115,908 1 %8 %
Savings2,508,598 2,640,060 2,754,113 3,018,706 3,171,714 (5)%(21)%
Time6,409,961 6,339,837 6,227,569 5,824,666 5,227,805 1 %23 %
Total$41,523,272 $41,706,160 $41,607,020 $41,624,368 $40,834,917 — %2 %
Total core deposits (1)
$37,159,069 $37,436,569 $37,423,402 $37,597,830 $37,639,368 (1)%(1)%
Deposit mix:
Demand, non-interest bearing33 %34 %34 %37 %39 %
Demand, interest bearing20 %19 %19 %17 %15 %
Money market26 %26 %25 %25 %25 %
Savings6 %6 %7 %7 %8 %
Time15 %15 %15 %14 %13 %
Total100 %100 %100 %100 %100 %
 
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 13
Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
 (Unaudited)
 Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Non-performing assets: (1)
     
Loans and leases on non-accrual status:
Commercial real estate, net$37,584 $39,736 $28,689 $26,053 $10,994 (5)%242 %
Commercial, net54,986 58,960 45,682 44,341 39,316 (7)%40 %
Total loans and leases on non-accrual status92,570 98,696 74,371 70,394 50,310 (6)%84 %
Loans and leases past due 90+ days and accruing: (2)
Commercial real estate, net— 253 870 71 184 (100)%(100)%
Commercial, net5,778 10,733 8,232 8,606 7,720 (46)%(25)%
Residential, net (2)
54,525 31,916 29,102 25,180 21,370 71 %155 %
Consumer & other, net220 437 326 240 399 (50)%(45)%
Total loans and leases past due 90+ days and accruing (2)
60,523 43,339 38,530 34,097 29,673 40 %104 %
Total non-performing loans and leases (1), (2)
153,093 142,035 112,901 104,491 79,983 8 %91 %
Other real estate owned2,839 1,762 1,036 1,170 278 61 %nm
Total non-performing assets (1), (2)
$155,932 $143,797 $113,937 $105,661 $80,261 8 %94 %
Loans and leases past due 31-89 days$85,998 $109,673 $85,235 $82,918 $73,376 (22)%17 %
Loans and leases past due 31-89 days to total loans and leases0.23 %0.29 %0.23 %0.22 %0.20 %(0.06)0.03 
Non-performing loans and leases to total loans and leases (1), (2)
0.41 %0.38 %0.30 %0.28 %0.22 %0.03 0.19 
Non-performing assets to total assets (1), (2)
0.30 %0.28 %0.22 %0.20 %0.15 %0.02 0.15 
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 $64.6 million, $43.0 million, $31.6 million, $26.9 million, and $26.6 million at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $1.0 million, $1.6 million, $1.0 million, $700,000, and $1.6 million at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 14

Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period$414,344 $440,871 $416,560 $404,603 $417,464 (6)%(1)%
Provision for credit losses on loans and leases34,760 17,476 53,183 35,082 15,216 99 %128 %
Charge-offs
Commercial real estate, net(585)(161)(629)— (174)263 %236 %
Commercial, net(33,561)(47,232)(31,949)(26,629)(32,036)(29)%5 %
Residential, net(504)(490)(89)(206)(4)3 %nm
Consumer & other, net(1,551)(1,870)(1,841)(1,884)(1,264)(17)%23 %
Total charge-offs(36,201)(49,753)(34,508)(28,719)(33,478)(27)%8 %
Recoveries
Commercial real estate, net551 358 35 31 209 54 %164 %
Commercial, net4,198 4,732 4,414 4,901 4,511 (11)%(7)%
Residential, net411 170 781 156 63 142 %nm
Consumer & other, net608 490 406 506 618 24 %(2)%
Total recoveries 5,768 5,750 5,636 5,594 5,401 0 %7 %
Net (charge-offs) recoveries
Commercial real estate, net(34)197 (594)31 35 (117)%(197)%
Commercial, net(29,363)(42,500)(27,535)(21,728)(27,525)(31)%7 %
Residential, net(93)(320)692 (50)59 (71)%(258)%
Consumer & other, net(943)(1,380)(1,435)(1,378)(646)(32)%46 %
Total net charge-offs(30,433)(44,003)(28,872)(23,125)(28,077)(31)%8 %
Balance, end of period$418,671 $414,344 $440,871 $416,560 $404,603 1 %3 %
Reserve for unfunded commitments
Balance, beginning of period$22,868 $23,208 $21,482 $19,827 $19,029 (1)%20 %
(Recapture) provision for credit losses on unfunded commitments (2,940)(340)1,726 1,655 798 nm(468)%
Balance, end of period19,928 22,868 23,208 21,482 19,827 (13)%1 %
Total Allowance for credit losses (ACL)$438,599 $437,212 $464,079 $438,042 $424,430 0 %3 %
Net charge-offs to average loans and leases (annualized)0.32 %0.47 %0.31 %0.25 %0.30 %(0.15)0.02 
Recoveries to gross charge-offs15.93 %11.56 %16.33 %19.48 %16.13 %4.37 (0.20)
ACLLL to loans and leases1.11 %1.10 %1.18 %1.12 %1.09 %0.01 0.02 
ACL to loans and leases1.16 %1.16 %1.24 %1.18 %1.15 %— 0.01 
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."




Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 15
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Six Months Ended% Change
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period$440,871 $301,135 46 %
Initial ACL recorded for PCD loans acquired during the period— 26,492 (100)%
Provision for credit losses on loans and leases (1)
52,236 121,714 (57)%
Charge-offs
Commercial real estate, net(746)(174)329 %
Commercial, net(80,793)(51,284)58 %
Residential, net(994)(252)294 %
Consumer & other, net(3,421)(2,037)68 %
Total charge-offs(85,954)(53,747)60 %
Recoveries
Commercial real estate, net909 267 240 %
Commercial, net8,930 7,569 18 %
Residential, net581 186 212 %
Consumer & other, net1,098 987 11 %
Total recoveries11,518 9,009 28 %
Net (charge-offs) recoveries
Commercial real estate, net163 93 75 %
Commercial, net(71,863)(43,715)64 %
Residential, net(413)(66)nm
Consumer & other, net(2,323)(1,050)121 %
Total net charge-offs(74,436)(44,738)66 %
Balance, end of period$418,671 $404,603 3 %
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 (3,280)(161)nm
Balance, end of period19,928 19,827 1 %
Total Allowance for credit losses (ACL)$438,599 $424,430 3 %
Net charge-offs to average loans and leases (annualized)0.40 %0.27 %0.13 
Recoveries to gross charge-offs13.40 %16.76 %(3.36)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1) For the six months ended June 30, 2023, the provision for credit losses on loans and leases includes $88.4 million initial provision related to non-PCD loans acquired during the period.


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 16
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
June 30, 2024March 31, 2024June 30, 2023
($ in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or Rates
INTEREST-EARNING ASSETS:      
Loans held for sale$101,516 $1,628 6.42 %$30,550 $525 6.88 %$46,794 $682 5.83 %
Loans and leases (1)
37,663,396 582,246 6.20 %37,597,101 574,519 6.13 %37,169,315 551,997 5.95 %
Taxable securities7,839,202 81,723 4.17 %8,081,003 78,724 3.90 %8,656,147 81,617 3.77 %
Non-taxable securities (2)
825,030 7,889 3.82 %851,342 7,886 3.71 %865,278 8,010 3.70 %
Temporary investments and interest-bearing cash1,688,602 23,035 5.49 %1,720,791 23,553 5.51 %2,704,984 34,616 5.13 %
Total interest-earning assets (1), (2)
48,117,746 $696,521 5.80 %48,280,787 $685,207 5.69 %49,442,518 $676,922 5.48 %
Goodwill and other intangible assets1,588,239 1,619,134 1,718,705 
Other assets2,275,570 2,184,052 2,379,351 
Total assets$51,981,555 $52,083,973 $53,540,574 
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits$8,147,516 $53,890 2.66 %$8,035,339 $51,378 2.57 %$6,131,117 $17,277 1.15 %
Money market deposits10,849,259 76,466 2.83 %10,612,073 72,497 2.75 %10,362,495 41,703 1.60 %
Savings deposits2,555,458 929 0.15 %2,688,360 715 0.11 %3,297,138 877 0.11 %
Time deposits6,488,923 76,022 4.71 %6,406,807 73,845 4.64 %4,703,967 40,551 3.46 %
Total interest-bearing deposits28,041,156 207,307 2.97 %27,742,579 198,435 2.88 %24,494,717 100,408 1.64 %
Repurchase agreements and federal funds purchased224,973 1,515 2.71 %231,667 1,266 2.20 %284,347 1,071 1.51 %
Borrowings3,900,000 49,418 5.10 %3,920,879 51,275 5.26 %6,187,363 81,004 5.25 %
Junior and other subordinated debentures417,329 9,847 9.49 %423,528 9,887 9.39 %405,989 9,271 9.16 %
Total interest-bearing liabilities32,583,458 $268,087 3.31 %32,318,653 $260,863 3.25 %31,372,416 $191,754 2.45 %
Non-interest-bearing deposits13,526,483 13,841,582 16,361,541 
Other liabilities963,375 937,863 871,378 
Total liabilities47,073,316 47,098,098 48,605,335 
Common equity4,908,239 4,985,875 4,935,239 
Total liabilities and shareholders' equity$51,981,555 $52,083,973 $53,540,574 
NET INTEREST INCOME (2)
$428,434 $424,344 $485,168 
NET INTEREST SPREAD (2)
2.49 %2.44 %3.03 %
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
3.56 %3.52 %3.93 %
(1)Non-accrual loans and leases are included in the average balance.   
(2)Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $985,000 for the three months ended June 30, 2024, as compared to $982,000 for the three months ended March 31, 2024 and $1.2 million for the three months ended June 30, 2023. 



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 17
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Six Months Ended
 June 30, 2024June 30, 2023
($ in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or Rates
INTEREST-EARNING ASSETS:      
Loans held for sale$66,033 $2,153 6.52 %$50,381 $1,481 5.88 %
Loans and leases (1)
37,630,248 1,156,765 6.17 %33,603,781 964,723 5.77 %
Taxable securities7,960,102 160,447 4.03 %6,818,764 122,065 3.58 %
Non-taxable securities (2)
838,186 15,775 3.76 %652,332 12,078 3.70 %
Temporary investments and interest-bearing cash1,704,697 46,588 5.50 %2,158,071 53,197 4.97 %
Total interest-earning assets (1), (2)
48,199,266 $1,381,728 5.75 %43,283,329 $1,153,544 5.35 %
Goodwill and other intangible assets1,603,686 1,173,900 
Other assets2,229,811 2,065,036 
Total assets$52,032,763 $46,522,265 
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits$8,091,427 $105,268 2.62 %$5,448,974 $27,092 1.00 %
Money market deposits10,730,666 148,963 2.79 %9,657,738 73,941 1.54 %
Savings deposits2,621,909 1,644 0.13 %2,993,450 1,433 0.10 %
Time deposits6,447,865 149,867 4.67 %3,958,688 61,555 3.14 %
Total interest-bearing deposits27,891,867 405,742 2.93 %22,058,850 164,021 1.50 %
Repurchase agreements and federal funds purchased228,320 2,781 2.45 %282,699 1,477 1.05 %
Borrowings3,910,440 100,693 5.18 %4,280,632 109,768 5.17 %
Junior and other subordinated debentures420,428 19,734 9.44 %411,944 17,741 8.68 %
Total interest-bearing liabilities32,451,055 $528,950 3.28 %27,034,125 $293,007 2.19 %
Non-interest-bearing deposits13,684,032 14,518,864 
Other liabilities950,619 822,396 
Total liabilities47,085,706 42,375,385 
Common equity4,947,057 4,146,880 
Total liabilities and shareholders' equity$52,032,763 $46,522,265 
NET INTEREST INCOME (2)
$852,778 $860,537 
NET INTEREST SPREAD (2)
2.47 %3.16 %
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
  3.54 %  3.99 %
(1)Non-accrual loans and leases are included in the average balance.   
(2)Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $2.0 million for the six months ended June 30, 2024, as compared to $1.9 million for the same period in 2023. 



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 18

Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
 Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Residential mortgage banking revenue:   
Origination and sale$3,452 $2,920 $2,686 $2,442 $3,166 18 %9 %
Servicing5,952 6,021 5,966 8,887 9,167 (1)%(35)%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time(3,183)(3,153)(3,215)(4,801)(4,797)1 %(34)%
Changes due to valuation inputs or assumptions1,238 3,117 (6,251)5,308 (2,242)(60)%nm
MSR hedge (loss) gain (1,611)(4,271)5,026 (4,733)(7,636)(62)%(79)%
Total$5,848 $4,634 $4,212 $7,103 $(2,342)26 %nm
Closed loan volume for-sale$140,875 $86,903 $87,033 $103,333 $119,476 62 %18 %
Gain on sale margin2.45 %3.36 %3.09 %2.36 %2.65 %-0.91-0.20
Residential mortgage servicing rights:     
Balance, beginning of period$110,444 $109,243 $117,640 $172,929 $178,800 1 %(38)%
Additions for new MSR capitalized1,540 1,237 920 1,658 1,168 24 %32 %
Sale of MSR assets— — 149 (57,454)— nmnm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time(3,183)(3,153)(3,215)(4,801)(4,797)1 %(34)%
Changes due to valuation inputs or assumptions 1,238 3,117 (6,251)5,308 (2,242)(60)%nm
Balance, end of period$110,039 $110,444 $109,243 $117,640 $172,929 — %(36)%
Residential mortgage loans serviced for others$8,120,046 $8,081,039 $8,175,664 $8,240,950 $12,726,615 — %(36)%
MSR as % of serviced portfolio1.36 %1.37 %1.34 %1.43 %1.36 %(0.01)0.00 
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."






Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 19

Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
 Six Months Ended% Change
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Residential mortgage banking revenue:  
Origination and sale$6,372 $6,753 (6)%
Servicing11,973 18,564 (36)%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time(6,336)(9,678)(35)%
Changes due to valuation inputs or assumptions4,355 (5,179)nm
MSR hedge loss (5,882)(4,986)18 %
Total$10,482 $5,474 91 %
Closed loan volume for-sale$227,778 $251,202 (9)%
Gain on sale margin2.80 %2.69 %0.11 
Residential mortgage servicing rights:   
Balance, beginning of period$109,243 $185,017 (41)%
Additions for new MSR capitalized2,777 2,769 0 %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time(6,336)(9,678)(35)%
Changes due to valuation inputs or assumptions 4,355 (5,179)nm
Balance, end of period$110,039 $172,929 (36)%
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."





Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 20
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

 
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
Quarter Ended% Change
($ in thousands, except per share data)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Total shareholders' equitya$4,976,672 $4,957,245 $4,995,034 $4,632,162 $4,828,188 — %3 %
Less: Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Less: Other intangible assets, net542,358 571,588 603,679 636,883 666,762 (5)%(19)%
Tangible common shareholders' equityb$3,405,080 $3,356,423 $3,362,121 $2,966,045 $3,132,192 1 %9 %
Total assetsc$52,047,483 $52,224,006 $52,173,596 $51,993,815 $53,592,096 — %(3)%
Less: Goodwill1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — %— %
Less: Other intangible assets, net542,358 571,588 603,679 636,883 666,762 (5)%(19)%
Tangible assetsd$50,475,891 $50,623,184 $50,540,683 $50,327,698 $51,896,100 — %(3)%
Common shares outstanding at period end e209,459 209,370 208,585 208,575 208,514 — %— %
Total shareholders' equity to total assets ratioa / c9.56 %9.49 %9.57 %8.91 %9.01 %0.07 0.55 
Tangible common equity ratiob / d6.75 %6.63 %6.65 %5.89 %6.04 %0.12 0.71 
Book value per common sharea / e$23.76 $23.68 $23.95 $22.21 $23.16 — %3 %
Tangible book value per common shareb / e$16.26 $16.03 $16.12 $14.22 $15.02 1 %8 %



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 21
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Non-Interest Income Adjustments
(Loss) gain on sale of debt securities, net$(1)$12 $9 $4 $— (108)%nm
Gain (loss) on equity securities, net325 (1,565)2,636 (2,055)(697)nmnm
Gain (loss) on swap derivatives424 1,197 (8,042)5,700 1,288 (65)%(67)%
Change in fair value of certain loans held for investment(10,114)(2,372)19,354 (19,247)(6,965)326 %45 %
Change in fair value of MSR due to valuation inputs or assumptions1,238 3,117 (6,251)5,308 (2,242)(60)%nm
MSR hedge (loss) gain(1,611)(4,271)5,026 (4,733)(7,636)(62)%(79)%
Total non-interest income adjustmentsa$(9,739)$(3,882)$12,732 $(15,023)$(16,252)151 %(40)%
Non-Interest Expense Adjustments
Merger and restructuring expense$14,641 $4,478 $7,174 $18,938 $29,649 227 %(51)%
Exit and disposal costs1,218 1,272 2,791 4,017 2,119 (4)%(43)%
    FDIC special assessment (2)
884 4,848 32,923 — — (82)%nm
Total non-interest expense adjustmentsb$16,743 $10,598 $42,888 $22,955 $31,768 58 %(47)%
Net interest incomec$427,449 $423,362 $453,623 $480,875 $483,975 1 %(12)%
Non-interest income (GAAP)d$44,703 $50,357 $65,533 $43,981 $39,678 (11)%13 %
Less: Non-interest income adjustmentsa9,739 3,882 (12,732)15,023 16,252 151 %(40)%
Operating non-interest income (non-GAAP)e$54,442 $54,239 $52,801 $59,004 $55,930 — %(3)%
Revenue (GAAP)f=c+d$472,152 $473,719 $519,156 $524,856 $523,653 — %(10)%
Operating revenue (non-GAAP)g=c+e$481,891 $477,601 $506,424 $539,879 $539,905 1 %(11)%
Non-interest expense (GAAP)h$279,244 $287,516 $337,176 $304,147 $328,559 (3)%(15)%
Less: Non-interest expense adjustmentsb(16,743)(10,598)(42,888)(22,955)(31,768)58 %(47)%
Operating non-interest expense (non-GAAP)i$262,501 $276,918 $294,288 $281,192 $296,791 (5)%(12)%
Net income (GAAP)j$120,144 $124,080 $93,531 $135,845 $133,377 (3)%(10)%
Provision for income taxes40,944 44,987 33,540 48,127 45,703 (9)%(10)%
Income before provision for income taxes161,088 169,067 127,071 183,972 179,080 (5)%(10)%
Provision for credit losses31,820 17,136 54,909 36,737 16,014 86 %99 %
Pre-provision net revenue (PPNR) (non-GAAP)k192,908 186,203 181,980 220,709 195,094 4 %(1)%
Less: Non-interest income adjustmentsa9,739 3,882 (12,732)15,023 16,252 151 %(40)%
Add: Non-interest expense adjustmentsb16,743 10,598 42,888 22,955 31,768 58 %(47)%
Operating PPNR (non-GAAP)l$219,390 $200,683 $212,136 $258,687 $243,114 9 %(10)%
Net income (GAAP)j$120,144 $124,080 $93,531 $135,845 $133,377 (3)%(10)%
Less: Non-interest income adjustmentsa9,739 3,882 (12,732)15,023 16,252 151 %(40)%
Add: Non-interest expense adjustmentsb16,743 10,598 42,888 22,955 31,768 58 %(47)%
Tax effect of adjustments(6,621)(3,620)(7,539)(9,482)(11,981)83 %(45)%
Operating net income (non-GAAP)m$140,005 $134,940 $116,148 $164,341 $169,416 4 %(17)%
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
 


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 22
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands, except per share data)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Average assetsn$51,981,555 $52,083,973 $51,832,356 $53,011,361 $53,540,574 — %(3)%
Less: Average goodwill and other intangible assets, net1,588,239 1,619,134 1,652,282 1,684,093 1,718,705 (2)%(8)%
Average tangible assetso$50,393,316 $50,464,839 $50,180,074 $51,327,268 $51,821,869 — %(3)%
Average common shareholders' equityp$4,908,239 $4,985,875 $4,695,736 $4,866,975 $4,935,239 (2)%(1)%
Less: Average goodwill and other intangible assets, net1,588,239 1,619,134 1,652,282 1,684,093 1,718,705 (2)%(8)%
Average tangible common equityq$3,320,000 $3,366,741 $3,043,454 $3,182,882 $3,216,534 (1)%3 %
Weighted average basic shares outstanding r208,498 208,260 208,083 208,070 207,977 — %— %
Weighted average diluted shares outstanding s209,011 208,956 208,739 208,645 208,545 — %— %
Select Per-Share & Performance Metrics
Earnings-per-share - basic j / r$0.58 $0.60 $0.45 $0.65 $0.64 (3)%(9)%
Earnings-per-share - dilutedj / s$0.57 $0.59 $0.45 $0.65 $0.64 (3)%(11)%
Efficiency ratio (1)
h / f59.02 %60.57 %64.81 %57.82 %62.60 %(1.55)(3.58)
Non-interest expense to average assetsh / n2.16 %2.22 %2.58 %2.28 %2.46 %(0.06)(0.30)
Return on average assetsj / n0.93 %0.96 %0.72 %1.02 %1.00 %(0.03)(0.07)
Return on average tangible assetsj / o0.96 %0.99 %0.74 %1.05 %1.03 %(0.03)(0.07)
PPNR return on average assetsk / n1.49 %1.44 %1.39 %1.65 %1.46 %0.05 0.03 
Return on average common equityj / p9.85 %10.01 %7.90 %11.07 %10.84 %(0.16)(0.99)
Return on average tangible common equityj / q14.55 %14.82 %12.19 %16.93 %16.63 %(0.27)(2.08)
Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)
m / r$0.67 $0.65 $0.56 $0.79 $0.81 3 %(17)%
Operating earnings-per-share - diluted (2)
m / s$0.67 $0.65 $0.56 $0.79 $0.81 3 %(17)%
Operating efficiency ratio, as adjusted (1), (2), (3)
u / y53.56 %56.97 %57.31 %51.26 %54.04 %(3.41)(0.48)
Operating non-interest expense to average assets i / n2.03 %2.14 %2.25 %2.10 %2.22 %(0.11)(0.19)
Operating return on average assets (2)
m / n1.08 %1.04 %0.89 %1.23 %1.27 %0.04 (0.19)
Operating return on average tangible assets (2)
m / o1.12 %1.08 %0.92 %1.27 %1.31 %0.04 (0.19)
Operating PPNR return on average assets (2)
l / n1.70 %1.55 %1.62 %1.94 %1.82 %0.15 (0.12)
Operating return on average common equity (2)
m / p11.47 %10.89 %9.81 %13.40 %13.77 %0.58 (2.30)
Operating return on average tangible common equity (2)
m / q16.96 %16.12 %15.14 %20.48 %21.13 %0.84 (4.17)
(1) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.



Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 23
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Non-interest expense (GAAP)h$279,244 $287,516 $337,176 $304,147 $328,559 (3)%(15)%
Less: Non-interest expense adjustmentsb(16,743)(10,598)(42,888)(22,955)(31,768)58 %(47)%
Operating non-interest expense (non-GAAP)i262,501 276,918 294,288 281,192 296,791 (5)%(12)%
Less: B&O taxest(3,183)(3,223)(2,727)(3,275)(3,647)(1)%(13)%
Operating non-interest expense, excluding B&O taxes (non-GAAP)u$259,318 $273,695 $291,561 $277,917 $293,144 (5)%(12)%
Net interest income (tax equivalent) (1)
v$428,434 $424,344 $454,730 $482,031 $485,168 1 %(12)%
Non-interest income (GAAP)d44,703 50,357 65,533 43,981 39,678 (11)%13 %
Add: BOLI tax equivalent adjustment (1)
w1,291 1,809 1,182 1,178 1,360 (29)%(5)%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)x474,428 476,510 521,445 527,190 526,206 — %(10)%
Less: Non-interest income adjustmentsa9,739 3,882 (12,732)15,023 16,252 151 %(40)%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)y$484,167 $480,392 $508,713 $542,213 $542,458 1 %(11)%
Efficiency ratio (1)
h / f59.02 %60.57 %64.81 %57.82 %62.60 %(1.55)(3.58)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)
u / y53.56 %56.97 %57.31 %51.26 %54.04 %(3.41)(0.48)

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 24

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Six Months Ended% Change
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net$11 $— nm
(Loss) gain on equity securities, net(1,240)1,719 (172)%
Gain (loss) on swap derivatives1,621 (2,255)nm
Change in fair value of certain loans held for investment(12,486)2,523 nm
Change in fair value of MSR due to valuation inputs or assumptions4,355 (5,179)nm
   MSR hedge loss(5,882)(4,986)18 %
Total non-interest income adjustmentsa$(13,621)$(8,178)67 %
Non-Interest Expense Adjustments
Merger and restructuring expense$19,119 $145,547 (87)%
Exit and disposal costs2,490 3,410 (27)%
    FDIC special assessment (2)
$5,732 $— nm
Total non-interest expense adjustmentsb$27,341 $148,957 (82)%
Net interest incomec$850,811 $858,673 (1)%
Non-interest income (GAAP)d$95,060 $94,413 1 %
Less: Non-interest income adjustmentsa13,621 8,178 67 %
Operating non-interest income (non-GAAP)e$108,681 $102,591 6 %
Revenue (GAAP)f=c+d$945,871 $953,086 (1)%
Operating revenue (non-GAAP)g=c+e$959,492 $961,264 — %
Non-interest expense (GAAP)h$566,760 $671,377 (16)%
Less: Non-interest expense adjustmentsb(27,341)(148,957)(82)%
Operating non-interest expense (non-GAAP)i$539,419 $522,420 3 %
Net income (GAAP)j$244,224 $119,339 105 %
Provision for income taxes85,931 40,817 111 %
Income before provision for income taxes330,155 160,156 106 %
Provision for credit losses48,956 121,553 (60)%
Pre-provision net revenue (PPNR) (non-GAAP)k379,111 281,709 35 %
Less: Non-interest income adjustmentsa13,621 8,178 67 %
Add: Non-interest expense adjustmentsb27,341 148,957 (82)%
Operating PPNR (non-GAAP)l$420,073 $438,844 (4)%
Net income (GAAP)j$244,224 $119,339 105 %
Less: Non-interest income adjustmentsa13,621 8,178 67 %
Add: Non-interest expense adjustmentsb27,341 148,957 (82)%
Tax effect of adjustments(10,241)(35,546)(71)%
Operating net income (non-GAAP)m$274,945 $240,928 14 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 25
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Six Months Ended% Change
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Average assetsn$52,032,763 $46,522,265 12 %
Less: Average goodwill and other intangible assets, net1,603,686 1,173,900 37 %
Average tangible assetso$50,429,077 $45,348,365 11 %
Average common shareholders' equityp$4,947,057 $4,146,880 19 %
Less: Average goodwill and other intangible assets, net1,603,686 1,173,900 37 %
Average tangible common equityq$3,343,371 $2,972,980 12 %
Weighted average basic shares outstandingr208,379 182,325 14 %
Weighted average diluted shares outstandings208,999 182,860 14 %
Select Per-Share & Performance Metrics
Earnings-per-share - basic j / r$1.17 $0.65 80 %
Earnings-per-share - dilutedj / s$1.17 $0.65 80 %
Efficiency ratio (1)
h / f59.80 %70.30 %(10.50)
Non-interest expense to average assetsh/n2.19 %2.91 %(0.72)
Return on average assetsj / n0.94 %0.52 %0.42 
Return on average tangible assetsj / o0.97 %0.53 %0.44 
PPNR return on average assetsk/n1.47 %1.22 %0.25 
Return on average common equityj / p9.93 %5.80 %4.13 
Return on average tangible common equityj / q14.69 %8.09 %6.60 
Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)
m / r$1.32 $1.32 — %
Operating earnings-per-share - diluted (2)
m / s$1.32 $1.32 — %
Operating efficiency ratio, as adjusted (1), (2), (3)
u / y55.26 %53.51 %1.75 
Operating non-interest expense to average assetsi/n2.08 %2.26 %(0.18)
Operating return on average assets (2)
m / n1.06 %1.04 %0.02 
Operating return on average tangible assets (2)
m / o1.10 %1.07 %0.03 
Operating PPNR return on average assets (2)
l / n1.62 %1.90 %(0.28)
Operating return on average common equity (2)
m / p11.18 %11.72 %(0.54)
Operating return on average tangible common equity (2)
m / q16.54 %16.34 %0.20 
    
(1) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
(2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.
(3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.






Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 26
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
Six Months Ended% change
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Non-interest expense (GAAP)h$566,760 $671,377 (16)%
Less: Non-interest expense adjustmentsb(27,341)(148,957)(82)%
Operating non-interest expense (non-GAAP)i539,419 522,420 3 %
Less: B&O taxest(6,406)(5,776)11 %
Operating non-interest expense, excluding B&O taxes (non-GAAP)u$533,013 $516,644 3 %
Net interest income (tax equivalent) (1)
v$852,778 $860,537 (1)%
Non-interest income (GAAP)d95,060 94,413 1 %
Add: BOLI tax equivalent adjustment (1)
w3,100 2,317 34 %
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)x950,938 957,267 (1)%
Less: Non-interest income adjustmentsa13,621 8,178 67 %
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)y$964,559 $965,445 — %
Efficiency ratio (1)
h /f59.80 %70.30 %(10.50)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)
u / y55.26 %53.51 %1.75 

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 27
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Loans and leases interest incomea$582,246 $574,519 $577,092 $567,929 $551,997 1 %5 %
Less: Acquired loan accretion - rate related (2), (3)
b24,942 23,482 26,914 28,963 30,548 6 %(18)%
Less: Acquired loan accretion - credit related (3)
c4,835 5,119 5,430 6,370 7,100 (6)%(32)%
Adjusted loans and leases interest incomed=a-b-c$552,469 $545,918 $544,748 $532,596 $514,349 1 %7 %
Taxable securities interest incomee$81,723 $78,724 $82,872 $85,007 $81,617 4 %— %
Less: Acquired taxable securities accretion - rate relatedf40,120 31,527 34,290 39,219 34,801 27 %15 %
Adjusted Taxable securities interest incomeg=e-f$41,603 $47,197 $48,582 $45,788 $46,816 (12)%(11)%
Non-taxable securities interest income (1)
h$7,889 $7,886 $8,073 $8,085 $8,010 — %(2)%
Less: Acquired non-taxable securities accretion - rate relatedi2,256 2,270 2,309 2,288 2,274 (1)%(1)%
Adjusted Taxable securities interest income (1)
j=h-i$5,633 $5,616 $5,764 $5,797 $5,736 — %(2)%
Interest income (1)
k$696,521 $685,207 $692,741 $697,169 $676,922 2 %3 %
Less: Acquired loan and securities accretion - rate related (3)
l=b+f+i67,318 57,279 63,513 70,470 67,623 18 %— %
Less: Acquired loan accretion - credit related (3)
c4,835 5,119 5,430 6,370 7,100 (6)%(32)%
Adjusted interest income (1)
m=k-l-c$624,368 $622,809 $623,798 $620,329 $602,199 — %4 %
Interest-bearing deposits interest expensen$207,307 $198,435 $170,659 $126,974 $100,408 4 %106 %
Less: Acquired deposit accretiono— — (187)(373)(280)nmnm
Adjusted interest-bearing deposits interest expensep=n-o$207,307 $198,435 $170,846 $127,347 $100,688 4 %106 %
Interest expenseq$268,087 $260,863 $238,011 $215,138 $191,754 3 %40 %
Less: Acquired interest-bearing liabilities accretion (2)
r(57)(57)(244)(430)(337)— %(83)%
Adjusted interest expenses=q-r$268,144 $260,920 $238,255 $215,568 $192,091 3 %40 %
Net Interest Income (1)
t$428,434 $424,344 $454,730 $482,031 $485,168 1 %(12)%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)
u=l-r67,375 57,336 63,757 70,900 67,960 18 %(1)%
Less: Acquired loan accretion - credit related (3)
c4,835 5,119 5,430 6,370 7,100 (6)%(32)%
Adjusted net interest income (1)
v=t-u-c$356,224 $361,889 $385,543 $404,761 $410,108 (2)%(13)%
Average loans and leasesaa37,663,396 37,597,101 37,333,310 37,050,518 37,169,315 — %1 %
Average taxable securitiesab7,839,202 8,081,003 7,903,053 8,356,165 8,656,147 (3)%(9)%
Average non-taxable securitiesac825,030 851,342 809,551 844,417 865,278 (3)%(5)%
Average interest-earning assetsad48,117,746 48,280,787 47,838,229 48,981,105 49,442,518 — %(3)%
Average interest-bearing depositsae28,041,156 27,742,579 26,622,343 25,121,745 24,494,717 1 %14 %
Average interest-bearing liabilitiesaf32,583,458 32,318,653 31,226,600 31,413,978 31,372,416 1 %4 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 28
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Quarter Ended% Change
($ in thousands)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Seq. QuarterYear over Year
Average yield on loans and leasesa / aa6.20 %6.13 %6.13 %6.08 %5.95 %0.07 0.25 
Less: Acquired loan accretion - rate related (2),(3)
b / aa0.27 %0.25 %0.29 %0.31 %0.33 %0.02 (0.06)
Less: Acquired loan accretion - credit related (3)
c / aa0.05 %0.05 %0.06 %0.07 %0.08 %— (0.03)
Adjusted average yield on loans and leasesd / aa5.88 %5.83 %5.78 %5.70 %5.54 %0.05 0.34 
Average yield on taxable securitiese / ab4.17 %3.90 %4.19 %4.07 %3.77 %0.27 0.40 
Less: Acquired taxable securities accretion - rate relatedf / ab2.06 %1.57 %1.72 %1.86 %1.61 %0.49 0.45 
Adjusted average yield on taxable securitiesg / ab2.11 %2.33 %2.47 %2.21 %2.16 %(0.22)(0.05)
Average yield on non-taxable securities (1)
h / ac3.82 %3.71 %3.99 %3.83 %3.70 %0.11 0.12 
Less: Acquired non-taxable securities accretion - rate relatedi / ac1.10 %1.07 %1.13 %1.07 %1.05 %0.03 0.05 
Adjusted yield on non-taxable securities (1)
j / ac2.72 %2.64 %2.86 %2.76 %2.65 %0.08 0.07 
Average yield on interest-earning assets (1)
k / ad5.80 %5.69 %5.75 %5.65 %5.48 %0.11 0.32 
Less: Acquired loan and securities accretion - rate related (3)
l / ad0.56 %0.48 %0.53 %0.57 %0.55 %0.08 0.01 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.04 %0.05 %0.05 %0.06 %— (0.02)
Adjusted average yield on interest-earning assets (1)
m / ad5.20 %5.17 %5.17 %5.03 %4.87 %0.03 0.33 
Average rate on interest-bearing depositsn / ae2.97 %2.88 %2.54 %2.01 %1.64 %0.09 1.33 
Less: Acquired deposit accretiono / ae— %— %— %(0.01)%— %— — 
Adjusted average rate on interest-bearing depositsp / ae2.97 %2.88 %2.54 %2.02 %1.64 %0.09 1.33 
Average rate on interest-bearing liabilitiesq / af3.31 %3.25 %3.02 %2.72 %2.45 %0.06 0.86 
Less: Acquired interest-bearing liabilities accretion (2)
r / af— %— %— %(0.01)%— %— — 
Adjusted average rate on interest-bearing liabilitiess / af3.31 %3.25 %3.02 %2.73 %2.45 %0.06 0.86 
Net interest margin (1)
t / ad3.56 %3.52 %3.78 %3.91 %3.93 %0.04 (0.37)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)
u / ad0.56 %0.48 %0.53 %0.58 %0.55 %0.08 0.01 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.04 %0.05 %0.05 %0.06 %— (0.02)
Adjusted net interest margin (1)
v / ad2.96 %3.00 %3.20 %3.28 %3.32 %(0.04)(0.36)

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 29
 
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Six Months Ended
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Loans and leases interest incomea$1,156,765 $964,723 20 %
Less: Acquired loan accretion - rate related (2), (3)
b48,424 42,380 14 %
Less: Acquired loan accretion - credit related (3)
c9,954 10,906 (9)%
Adjusted loans and leases interest incomed=a-b-c$1,098,387 $911,437 21 %
Taxable securities interest incomee$160,447 $122,065 31 %
Less: Acquired taxable securities accretion - rate relatedf71,647 50,157 43 %
Adjusted Taxable securities interest incomeg=e-f$88,800 $71,908 23 %
Non-taxable securities interest income (1)
h$15,775 $12,078 31 %
Less: Acquired non-taxable securities accretion - rate relatedi4,526 3,175 43 %
Adjusted Taxable securities interest income (1)
j=h-i$11,249 $8,903 26 %
Interest income (1)
k$1,381,728 $1,153,544 20 %
Less: Acquired loan and securities accretion - rate related (3)
l=b+f+i124,597 95,712 30 %
Less: Acquired loan accretion - credit related (3)
c9,954 10,906 (9)%
Adjusted interest income (1)
m=k-l-c$1,247,177 $1,046,926 19 %
Interest-bearing deposits interest expensen$405,742 $164,021 147 %
Less: Acquired deposit accretiono— (373)nm
Adjusted interest-bearing deposits interest expensep=n-o$405,742 $164,394 147 %
Interest expenseq$528,950 $293,007 81 %
Less: Acquired interest-bearing liabilities accretion (2)
r(114)(487)(77)%
Adjusted interest expenses=q-r$529,064 $293,494 80 %
Net Interest Income (1)
t$852,778 $860,537 (1)%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)
u=l-r124,711 96,199 30 %
Less: Acquired loan accretion - credit related (3)
c9,954 10,906 (9)%
Adjusted net interest income (1)
v=t-u-c$718,113 $753,432 (5)%
Average loans and leasesaa37,630,248 33,603,781 12 %
Average taxable securitiesab7,960,102 6,818,764 17 %
Average non-taxable securitiesac838,186 652,332 28 %
Average interest-earning assetsad48,199,266 43,283,329 11 %
Average interest-bearing depositsae27,891,867 22,058,850 26 %
Average interest-bearing liabilitiesaf32,451,055 27,034,125 20 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

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


Columbia Banking System, Inc. Reports Second Quarter 2024 Results
July 25, 2024
Page 30
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Six Months Ended
($ in thousands)Jun 30, 2024Jun 30, 2023Year over Year
Average yield on loans and leasesa / aa6.17 %5.77 %0.40 
Less: Acquired loan accretion - rate related (2),(3)
b / aa0.26 %0.25 %0.01 
Less: Acquired loan accretion - credit related (3)
c / aa0.05 %0.07 %(0.02)
Adjusted average yield on loans and leasesd / aa5.86 %5.45 %0.41 
Average yield on taxable securitiese / ab4.03 %3.58 %0.45 
Less: Acquired taxable securities accretion - rate relatedf / ab1.81 %1.48 %0.33 
Adjusted average yield on taxable securitiesg / ab2.22 %2.10 %0.12 
Average yield on non-taxable securities (1)
h / ac3.76 %3.70 %0.06 
Less: Acquired non-taxable securities accretion - rate relatedi / ac1.09 %0.98 %0.11 
Adjusted yield on non-taxable securities (1)
j / ac2.67 %2.72 %(0.05)
Average yield on interest-earning assets (1)
k / ad5.75 %5.35 %0.40 
Less: Acquired loan and securities accretion - rate related (3)
l / ad0.52 %0.45 %0.07 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.05 %(0.01)
Adjusted average yield on interest-earning assets (1)
m / ad5.19 %4.85 %0.34 
Average rate on interest-bearing depositsn / ae2.93 %1.50 %1.43 
Less: Acquired deposit accretiono / ae— %— %— 
Adjusted average rate on interest-bearing depositsp / ae2.93 %1.50 %1.43 
Average rate on interest-bearing liabilitiesq / af3.28 %2.19 %1.09 
Less: Acquired interest-bearing liabilities accretion (2)
r / af— %— %— 
Adjusted average rate on interest-bearing liabilitiess / af3.28 %2.19 %1.09 
Net interest margin (1)
t / ad3.54 %3.99 %(0.45)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)
u / ad0.52 %0.45 %0.07 
Less: Acquired loan accretion - credit related (3)
c / ad0.04 %0.05 %(0.01)
Adjusted net interest margin (1)
v / ad2.98 %3.49 %(0.51)

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

2nd Quarter 2024 Earnings Presentation July 25, 2024

 
Disclaimer FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward- looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, continued 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 or at all; 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. NON-GAAP FINANCIAL MEASURES In addition to results presented in accordance with GAAP, this presentation contains certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the Appendix. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. REVERSE ACQUISITION METHOD OF ACCOUNTING On February 28, 2023, Columbia Banking System, Inc. (“Columbia,” “we,” or “our”) completed its merger with Umpqua Holdings Corporation ("UHC"), combining the two premier banks in the Northwest to create one of the largest banks headquartered in the West (the "merger"). Columbia's financial results for any periods ended prior to February 28, 2023 reflect UHC results only on a standalone basis. In addition, Columbia's reported financial results for the six months ended June 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 six months ended June 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. 2

 
Columbia Banking System: A Franchise Like No Other 3 West-Focused Regional Powerhouse Business Bank of Choice ■ In-market, relationship-based commercial banking ■ Attractive footprint in high-growth markets ■ Full suite of deposit products and services with contemporary digital capabilities ■ Expertise in treasury management, foreign exchange, and global cash management ■ Expanding small business platform ■ Comprehensive and growing wealth advisory and trust businesses ■ Niche verticals include diverse agricultural, healthcare, tribal banking, and equipment finance Columbia at a Glance Co rp or at e Ticker COLB Headquarters Tacoma, Washington Offices ~300 in eight states Fi na nc ia ls a s of Ju ne 3 0, 2 02 4 Assets $52 billion Loans $38 billion Deposits $42 billion Common Equity Tier 1 Capital Ratio 9.9%(1) Total Capital Ratio 12.1%(1) (1) Regulatory capital ratios are estimates pending completion and filing of Columbia’s regulatory reports.

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

 
Operating in Large, Attractive Western Markets 5 Foothold in the West(1) Northwest (population in millions) Seattle, WA Portland, OR California and Nevada Los Angeles, CA Sacramento, CA Other West Phoenix, AZ Denver, CO 4.1mm 2.5mm 12.9mm 2.4mm 5.1mm 3.0mm Top Regional Bank in the NW (WA, OR, ID)(1) Total Northwest Rank Bank (HQ State) Assets ($B) Deposits ($B) Mkt Shr 1 Bank of America (NC) $3,274 $62 17.3 % 2 U.S. Bancorp (MN) 684 51 14.4 % 3 JPMorgan (NY) 4,091 47 13.3 % 4 Wells Fargo (CA) 1,959 42 11.7 % 5 COLB (WA) 52 33 9.3 % 6 KeyCorp (OH) 187 18 5.0 % 7 WaFd (WA) 30 12 3.3 % 8 Banner Corp. (WA) 16 11 3.0 % 5th Largest Bank HQ’d in our Footprint(1) Total Eight-State Footprint Rank Bank (HQ State) Assets ($B) Deposits ($B) Mkt Shr 1 Wells Fargo (CA) $1,959 $459 16.7 % 2 Zions (UT) 87 61 2.2 % 3 Western Alliance (AZ) 77 51 1.9 % 4 East West (CA) 71 49 1.8 % 5 COLB (WA) 52 41 1.5 % 6 Banc of California (CA) 36 29 1.1 % 7 WaFd (WA) 30 20 0.7 % 8 FirstBank (CO) 28 24 0.9 % Established Presence in Attractive Markets(1) ■ Our market share in the Northwest stands with large national and super regional banks, at over 9% ■ Our foothold in top western markets and scaled franchise provide us the opportunity to increase share in California, Arizona, Colorado, and Utah ■ Projected population growth of 3.2% over the next five years in our collective footprint exceeds the national average of 2.4% ■ Current household income in our footprint is 109% of the national average, and the five-year growth rate of 10.4% compares favorably to 10.1% nationally Boise, ID Salt Lake City, UT Las Vegas, NV 0.8mm 2.4mm 1.3mm (1) Population, household income, asset, deposit, and market share data sourced from S&P Global Market Intelligence. Assets as of March 31, 2024; deposits and market share as of June 30, 2023 and adjusted by S&P to include acquisitions announced or closed subsequent to that date.

 
Opportunity to Increase Density and Gain Share throughout Our Footprint 6 Expand Footprint in California Broaden Presence in Other Western MarketsImprove Density in the Northwest Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Seattle 4,107 $143,835 $7,561 5.2 % Portland 2,537 67,109 5,673 8.5 % Boise 835 16,886 189 1.1 % Spokane 605 12,868 3,040 23.6 % Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Phoenix 5,120 $166,520 Opportunity to add targeted retail locations to support existing commercial banking presence Denver 3,031 114,538 Salt Lake City 1,284 69,725 Las Vegas 2,368 78,063 Population Deposits ($mm) COLB MSA(1) (000s) Market COLB Mkt Shr Los Angeles 12,869 $684,438 $848 0.1 % Sacramento 2,440 94,707 1,934 2.0 % San Francisco 4,592 458,774 525 0.1 % San Diego 3,298 105,112 16 < 0.1% (1) Population, deposit, and market share data sourced from S&P Global Market Intelligence. Deposits and market share as of June 30, 2023 and adjusted by S&P to include acquisitions announced or closed subsequent to that date.

 
FINANCIAL HIGHLIGHTS

 
YTD 2024 Highlights 8 ■ Opened Umpqua Bank’s first retail location in Phoenix, AZ and its first Financial Hub in Southern CA, replacing an existing branch. Umpqua has closed four branches on a net basis during 2024 as strategic consolidations offset new locations in targeted growth markets. ■ Total risk-based capital ratio of 12.1%(2) as of June 30, 2024 highlights continued strong net capital generation since the merger closed in Q1 2023. ■ Launched a targeted campaign from February to April 2024, which generated nearly 6,000 new small business accounts and $345 million in new deposits to the bank, 27% of which were non-interest bearing balances. The campaign included bundled solutions for customers without promotional pricing, and a similar campaign was launched in June 2024, with over $110 million in new deposits brought into the bank through mid-July. ■ Named the best U.S. regional bank in the Far West by Global Finance. Reported Operating(1) $244 million $275 million Net Income Net Income $379 million $420 million Pre-Provision Net Revenue(1) Pre-Provision Net Revenue $1.17 $1.32 Earnings-per-Share - Diluted Earnings-per-Share - Diluted 0.94% 1.06% Return on Assets Return on Assets 1.47% 1.62% PPNR Return on Assets(1) PPNR Return on Assets 9.93% 11.18% Return on Equity Return on Equity 14.69% 16.54% Return on Tangible Common Equity(1) Return on Tangible Common Equity (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement for each is provided in the Appendix of this slide presentation. (2) Regulatory capital ratios are estimates pending completion and filing of Columbia’s regulatory reports.

 
Second Quarter 2024 Highlights (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement for each is provided in the Appendix of this slide presentation. 9 ■ Completed an enterprise-wide evaluation of our operations during Q1 2024 that resulted in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. Identified savings drive an expected Q4 2024 core expense run rate of $965 million to $985 million annualized, which excludes CDI amortization and non-operating expense(1). Through June 30, 2024, 91% of identified cost savings have been realized, and we expect to carry out the remaining actions during Q3 2024. ■ Introduced a new Business Online Banking platform designed specifically to meet the needs of our small business customers. ■ Sold transactional residential mortgages with a book value of $80 million. As these loans were held on balance sheet at fair value, there was no gain or loss on sale, and a reduction in this small portfolio is expected to reduce future earnings volatility. ■ Selected as the primary partner to administer a Matched Savings Program in partnership with Washington Workforce Association and Financial Beginnings to offer low-income and under-employed job seekers access to financial coaching and matched savings accounts. Reported Operating(1) $120 million $140 million Net Income Net Income $193 million $219 million Pre-Provision Net Revenue(1) Pre-Provision Net Revenue $0.57 $0.67 Earnings-per-Share - Diluted Earnings-per-Share - Diluted 0.93% 1.08% Return on Assets Return on Assets 1.49% 1.70% PPNR Return on Assets(1) PPNR Return on Assets 9.85% 11.47% Return on Equity Return on Equity 14.55% 16.96% Return on Tangible Common Equity(1) Return on Tangible Common Equity

 
Our Diversified Commercial Bank Business Model with a Strong Retail Network Supports our Granular, High-Quality Deposit Base Non-interest, 33% Demand, 20% Money Market, 26% Savings, 6% Time, 15% Enterprise-wide Deposit Composition 10 ■ Deposits were $42 billion as of June 30, 2024 and represented by a granular base that is diversified by business line, industry, and geography. Our average customer account balance is $35 thousand(1). ■ Our use of public and brokered deposits as a source of funding beyond term debt impacts the composition of our enterprise-wide deposit portfolio. Our customer deposit composition(1) is more illustrative of the quality of Columbia’s core deposit franchise. Our bankers’ activity is geared toward protecting the quality of our relationship-based franchise while generating net customer balance growth to reduce the need for non-core funding sources over time. Commercial, 27% Commercial - Small Business, 19% Consumer, 39% Brokered, 8% Public & Other, 7% Deposits by Category Customer Deposit Composition(1) Non-interest, 36% Demand, 19% Money Market, 28% Savings, 7% Time, 10% (1) Excludes all public, administrative, and brokered deposits, as detailed on the “Liquidity Overview” slide in the Appendix. Excluded balances accounted for 15% of total deposits as of June 30, 2024. This is a non-GAAP financial measure.

 
Available-for-Sale Securities Portfolio as of June 30, 2024 ($ in millions) Current Par Amortized Cost Unrealized Gains Unrealized Losses Fair Value % of Total AFS Portfolio Effective Duration Book Yield U.S. Treasuries $390 $382 $0 ($7) $375 4 % 1.9 3.56 % U.S. Agencies 1,156 1,172 $0 ($79) 1,093 13 % 3.8 2.79 % Mortgage-backed securities - residential agency 3,124 2,923 $0 ($305) 2,618 31 % 6.7 3.28 % Collateralized mortgage obligations(1) 1,308 1,223 $1 ($114) 1,109 13 % 5.7 3.45 % Obligations of states and political subdivisions 1,125 1,064 $4 ($34) 1,035 12 % 4.8 3.40 % Commercial mortgage-backed securities - agency 2,477 2,335 $0 ($62) 2,274 27 % 4.2 4.70 % Total available for sale securities $9,581 $9,098 $5 ($601) $8,503 5.2 3.63 % Percentage of current par 95% 0% (6%) 89% 11 Securities Portfolio Overview Note: Table may not foot due to rounding. (1) Portfolio includes $255 million in high-quality non-agency collateralized mortgage obligations (“CMO”) that were in a small unrealized loss position at June 30, 2024 (amortized cost of $259 million). The remaining $854 million of the portfolio is comprised primarily of residential agency CMOs. ■ The total available-for-sale (“AFS”) securities portfolio had a book yield of 3.63% and an effective duration of 5.2 as of June 30, 2024, compared to 3.58% and 5.3, respectively, as of March 31, 2024. ■ As of June 30, 2024, 7% of the AFS securities portfolio (by fair value) was in an unrealized gain position and had a weighted average book yield of 4.63%. The remaining 93% of the portfolio was in an unrealized loss position and had a weighted average book yield of 3.56%.

 
Loan Roll Forward Activity $ in m ill io ns Three Months Ended June 30, 2024 $37,642 $910 ($95) ($392) ($468) $113 $37,710 Beginning Balance (3/31/2024) New Originations Net Advances/ Payments Prepayments Payoffs or Sales Other¹ Ending Balance (6/30/2024) 12 (1) Other includes purchase accounting accretion and amortization. $ in m ill io ns Three Months Ended June 30, 2023 $37,091 $1,208 ($13) ($477) ($748) ($11) $37,049 Beginning Balance (3/31/2023) New Originations Net Advances/ Payments Prepayments Payoffs or Sales Other¹ Ending Balance (6/30/2023) $ in m ill io ns Six Months Ended June 30, 2024 $37,442 $— $1,681 ($168) ($734) ($644) $133 $37,710 Beginning Balance (12/31/2023) Merger New Originations Net Advances/ Payments PrepaymentsPayoffs or Sales Other¹ Ending Balance (6/30/2024) $ in m ill io ns Six Months Ended June 30, 2023 $26,156 $10,884 $1,964 ($145) ($929) ($925) $44 $37,049 Beginning Balance (12/31/2022) Merger New Originations Net Advances/ Payments PrepaymentsPayoffs or Sales Other¹ Ending Balance (6/30/2023)

 
Diversified, High Quality Loan and Lease Portfolio Note: Portfolio statistics and delinquencies as of June 30, 2024. Annualized net charge-off rates for Q2 2024. Loan-to-value (“LTV”), FICO, and debt service coverage (“DSC”) ratios are based on weighted averages for portfolios where data are available. LTV represents average LTV based on most recent appraisal against updated loan balance. Totals may not foot due to rounding. • Portfolio average loan size of $484,000 • 2Q24 average loan size of $462,000 • Portfolio average FICO of 761 and LTV of 62% • 2Q24 average FICO of 769 and LTV of 72% • Total delinquencies of 1.09% • Annualized net charge-off (recovery) rate of 0.02% Non-owner Occupied CRE • Portfolio average loan size of $1.7 million • 2Q24 average loan size of $1.8 million • Portfolio average LTV of 51% and DSC of 1.88 • 2Q24 average LTV of 58% and DSC of 2.02 • Total delinquencies of 0.10% • Annualized net charge-off (recovery) rate of (0.01)% Commercial & Industrial • Portfolio average loan size of $716,000 • 2Q24 average loan size of $1.0 million • Total delinquencies of 0.63% • Annualized net charge-off (recovery) rate of 0.24% Multifamily • Portfolio average loan size of $2.3 million • 2Q24 average loan size of $2.3 million • Portfolio average LTV of 54% and DSC of 1.56 • 2Q24 average LTV of 57% and DSC of 1.21 • Total delinquencies of 0.00% • Annualized net charge-off (recovery) rate of 0.00% Owner Occupied CRE • Portfolio average loan size of $1.0 million • 2Q24 average loan size of $1.8 million • Portfolio average LTV of 55% • 2Q24 average LTV of 71% • Total delinquencies of 0.69% • Annualized net charge-off (recovery) rate of 0.04% Lease & Equipment Finance (FinPac) • Portfolio average loan & lease size of $42,000 • 2Q24 average loan & lease size of $60,000 • Portfolio average yield: ~10% • Total delinquencies of 3.85% • Annualized net charge-off (recovery) rate of 5.87% Puget Sound, 20% WA Other, 8% Portland Metro, 13% OR Other, 14% Bay Area, 7% Northern CA, 9% Southern CA, 15% Other, 14% Mortgage, 16% FinPac, 5% C&I, 21% Owner Occupied CRE, 14% Non-OO CRE, 17% Multifamily, 15% Other Loan Categories, 12% Portfolio Composition at June 30, 2024 Geographic Distribution at June 30, 2024 Mortgage 13

 
C&I and CRE Portfolio Composition Agriculture, 8.8% Contractors, 7.8% Finance/Insurance, 7.1% Manufacturing, 7.5% Professional, 4.0% Public Admin, 6.4% Rental & Leasing, 7.2% Retail, 2.6% Support Services, 3.9% Transportation/ Warehousing, 8.4% Wholesale, 7.0% Gaming, 5.6% Dentists, 7.2% Other Healthcare, 3.5% Other, 13.1% Office, 16.2% Multifamily, 34.0% Industrial, 15.8% Retail, 11.3% Special Purpose, 7.5% Hotel/Motel, 4.2% Other, 11.0% CRE Portfolio Composition(1) $17.5 Billion at June 30, 2024 C&I Portfolio Composition(1) $9.8 Billion at June 30, 2024 (1) C&I portfolio composition includes term, lines of credit & other, and leases & equipment finance balances. CRE portfolio composition includes non-owner occupied term and owner occupied term balances as well as multifamily balances. (2) Owner occupied and non-owner occupied disclosure relates to commercial real estate portfolio excluding multifamily loans. 45% Owner Occupied / 55% Non-Owner Occupied(2)Commercial Line Utilization was 36% at June 30, 2024 14

 
Office Portfolio Details Puget Sound, 22% WA Other, 5% Portland Metro, 12% OR Other, 15%Bay Area, 6% N. CA, 11% S. CA, 20% Other, 9% Office Portfolio Metrics at June 30, 2024 Average loan size $1.35 million Average LTV 57% DSC (non-owner occupied) 1.78x % with guaranty (by $ / by #) 86% / 84% Past due 30-89 days $0.9mm / 0.03% of office Nonaccrual $11.4mm / 0.38% of office Special mention $11.1mm / 0.37% of office Classified $60.8mm / 2.04% of office Number of Loans by Balance Geography 15 ■ Loans secured by office properties represented 8% of our total loan portfolio at June 30, 2024. ■ Our office portfolio is 39% owner occupied, 57% non-owner occupied, and 4% construction. Dental and other healthcare loans compose 17% of our office portfolio. ■ The average loan size in our office portfolio is $1.35 million, delinquencies are at a de minimis level, and the majority of our loans contain a guaranty. ■ Excluding floating rate loans, which have already repriced to prevailing rates, only 6% of our office portfolio reprices through 2025. Loans repricing in 2024 and 2025 have average balances of $0.3 million and $1.1 million, respectively. ■ Properties located in suburban markets secure the majority of our office portfolio as only 6% of non-owner occupied office loans are located in downtown core business districts. 1,746 441 71 38 7 6 <$1mm $1-5mm $5-10mm $10-20mm $20-30mm >$30mm 2024, 1% 2025, 5% 2026, 4% 2027 & After, 14% Fixed Rate¹, 68% Floating Rate, 8% Repricing Schedule (1) Loans with a swap component are displayed as a fixed rate loan if the swap maturity is equal to the maturity of the loan. If the swap matures prior to the loan, the loan is displayed as adjustable with the rate resetting at the time of the swap maturity. 2024, 3% 2025, 7% 2026, 6% 2027 & After, 84% Maturity Schedule , 19 8 9 6 7 1,649 0 6

 
Continued Strong Credit Quality Provision Expense, Net Charge-Offs to Average Loans, and Non-Performing Assets to Total Assets $16.0 $36.7 $54.9 $17.1 $31.8 0.30% 0.25% 0.31% 0.47% 0.32% 0.15% 0.20% 0.22% 0.28% 0.30% Provision Expense ($mm) Net Charge-Offs / Average Loans (annualized) Non-Performing Assets / Total Assets Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 16 Allowance for Credit Losses $424 $438 $464 $437 $439 $94 $86 $80 $74 $69 1.15% 1.18% 1.24% 1.16% 1.16% ACL ($mm) Credit Discount ($mm) ACL / Total Loans and Leases ACL + Credit Discount / Total Loans and Leases Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ■ The remaining credit discount on loans of $69 million as of June 30, 2024 provides an additional 19 basis points of loss absorption when added to the ACL of $439 million. ■ Charge-off activity in Q2 2024 remained concentrated in the trucking portfolio of the FinPac business as bank charge-off activity was otherwise at a low level. Bank charge- offs were 0.06% of average bank loans in Q2 2024 (annualized). ■ The linked-quarter increase in non- performing assets was driven in part by the expiration of certain COVID-related designations within the residential mortgage portfolio, as non-performing loans in commercial portfolios declined. ■ Nonperforming loans of $153 million as of June 30, 2024 included $65 million of loans with government guarantees. 1.40% 1.41% 1.45% 1.36% 1.35%

 
ACL Reflects Strong Portfolio Credit Metrics (1) Total includes reserve for unfunded commitments of $19.9 million and $22.9 million as of June 30, 2024 and March 31, 2024, respectively. 17 ■ Our reserve coverage by loan segment and for the overall loan and lease portfolio reflects our robust underwriting criteria and ongoing, routine portfolio monitoring activities. For example, we stress applicable variables, like interest rates, cash flows, and occupancy, at inception and loan review and limit borrower proceeds as a result. These factors contribute to lower LTVs and higher DSC ratios, which are taken into consideration in the estimation of our ACL. ■ The quarter’s provision expense of $32 million reflects credit migration trends and changes in the economic forecasts used in credit models. We used components of Moody’s Analytics’ May 2024 baseline economic forecast to estimate our ACL as of June 30, 2024. Allowance for Credit Losses (“ACL”) by Loan Segment ($ in thousands) Commercial Lease & Equipment Commercial Real Estate Residential & Home Equity Consumer Total(1) Remaining Credit Discount on Loans Total ACL including Credit Discount on Loans(1) Balance as of March 31, 2024 $96,777 $111,870 $159,304 $60,767 $8,494 $437,212 $74,098 $511,310 Q2 2024 Net (Charge-offs) Recoveries (4,673) (24,690) (34) (93) (943) (30,433) Reserve Build (Release) 30,024 16,953 (6,178) (9,511) 532 31,820 Balance as of June 30, 2024 $122,128 $104,133 $153,092 $51,163 $8,083 $438,599 $69,177 $507,776 % of Loans and Leases Outstanding 1.50% 6.12% 0.78% 0.64% 4.20% 1.16% 1.35%

 
Capital Management 18 Regulatory Capital Ratios: Bank and Holding Company as of June 30, 2024 8.5% 10.7% 10.7% 11.7% 7.9% 9.9% 9.9% 12.1% Umpqua Bank Columbia Banking System Tier 1 Leverage CET1 Tier 1 Capital Total Risk-Based —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% ■ Regulatory capital ratios declined during Q1 2023 as a result of the merger and the impact of rate-related asset discounts on capital. Our capital ratios have continued to increase on a quarterly basis post merger closing. ■ We expect to organically generate capital above what is required to support prudent growth and our regular dividend, with excess capital driving ratios higher and providing for longer-term flexibility for return to shareholders. Note: Umpqua Bank and Columbia Banking System, Inc. long-term capital ratio targets reflect a targeted excess level of capital above regulatory well-capitalized minimums inclusive of the capital conservation buffer (“CCB”) where applicable. The minimum capital ratios to be considered well capitalized inclusive of the CCB are 7.0%, 8.5%, and 10.5% for the common equity tier 1 (“CET1”) ratio, tier 1 capital ratio, and total risk-based capital ratio, respectively. The CCB does not apply to the tier 1 leverage ratio, which has a well-capitalized minimum level of 5.0%. All regulatory capital ratios as of June 30, 2024 are estimates pending completion and filing of Columbia’s and Umpqua Bank’s regulatory reports. Capital Ratios Continue to Trend Up 9.2% 9.5% 9.6% 9.8% 9.9% 11.3% 11.6% 11.9% 12.0% 12.1% COLB: CET1 Ratio COLB: Total RBC Ratio 6/30/2023 9/30/2023 12/31/2023 3/31/2024 06/30/2024 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 12% Long-Term Target 9% Long-Term Target 9% Long-Term Target 6.5% Long-Term Target

 
Net Interest Income and Net Interest Margin (1) Chart Abbreviations: “PAA” = purchase accounting accretion and amortization; “LHFI” = loans held for investment. Net Interest Income and Net Interest Margin $484 $481 $454 $423 $427 3.93% 3.91% 3.78% 3.52% 3.56% Net Interest Income ($ in millions) Net Interest Margin Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net Interest Margin: Q1 2024 vs Q2 2024 3.52% 0.05% 0.01% 0.04% (0.07)% 0.02% (0.01)% 3.56% Q1 2024 Reported LHFI-ex PAA¹ LHFI-PAA¹ Invest- ments Deposits Term Debt Other Q2 2024 Reported 19 ■ We conducted a comprehensive review during Q1 2024 related to the evaluation and approval of deposit pricing, which resulted in enhanced pricing visibility that contributed to stability in interest-bearing core deposit rates during Q2 2024. The cost of interest-bearing deposits increased 9 basis points on a linked- quarter basis, and was 2.97% for both the three months ended June 30, 2024 and as of June 30, 2024, which compares to 3.00% for the month of June. ■ The cost of interest-bearing liabilities increased 6 basis points on a linked-quarter basis, and was 3.31% for both the three months ended June 30, 2024 and as of June 30, 2024, which compares to 3.34% for the month of June. ■ The net interest margin increased 4 basis points on a linked quarter basis to 3.56%, which compares to 3.52% for the month of June. Higher yields on loans and investment securities, including the benefit of accretion income, offset a modest increase in the cost of interest-bearing liabilities and resulted in linked-quarter net interest margin expansion.

 
Loan Maturities at June 30, 2024 <=6 7 to 12 13 to 24 25 to 36 37 to 60 61+ % of ($ in millions) Months(1) Months Months Months Months Months Total Total(2) Fixed(1) $509 $319 $649 $988 $2,287 $8,922 $13,674 36 % Floating(1) 3,236 1,135 1,481 874 1,508 4,773 13,007 34 % Adjustable 103 112 236 259 632 10,064 11,406 30 % Total $3,848 $1,566 $2,366 $2,121 $4,427 $23,759 $38,087 100 % Interest Rate Sensitivity Floors: Floating and Adjustable Rate Loans at June 30, 2024 ($ in millions) No Floor(3) At Floor(3) Above Floor(3) Total Floating $8,432 $159 $4,416 $13,007 Adjustable 1,696 56 9,654 11,406 Total $10,128 $215 $14,070 $24,413 % of Total 41% 1% 58% 100% 20 Note: Tables may not foot due to rounding. Loan totals on this slide do not include purchase accounting adjustments. Deferred fees and costs also drive variances between loan totals on this slide and loan totals in the earnings press release. (1) Commercial tranche loans that mature in one month are included in the floating rate loan category, not the fixed rate loan category, as these loans reprice in a manner similar to floating rate loans. (2) Floating rate loans are indexed to prime (8% of the total loan portfolio) and 1-month underlying interest rates (26% of the total loan portfolio). When adjustable rate loans reprice, they are indexed to interest rates that span 1-month tenors to 10-year tenors as well as the prime rate; the most prevalent underlying index rates are 6-month tenors (16% of the total loan portfolio) and 5-year tenors (6% of the total loan portfolio). (3) Loans were grouped into three buckets: (1) No Floor: no contractual floor on the loan; (2) At Floor: current rate = floor; (3) Above Floor: current rate exceeds floor. The amount above the floor was based on the current margin plus the current index assuming the loan repriced on June 30, 2024. The adjustable loans may not reprice until well into the future, depending on the timing and size of interest rate changes. (4) Deposit and funding repricing beta data present combined company results as if historical Columbia and historical UHC were one company for all periods through December 31, 2022; subsequent time periods present data on a legal basis given the merger. The beta presentation is calculated in this manner for comparison purposes. (5) For the scenarios shown, the interest rate simulations assume a parallel and sustained shift in market interest rates ratably over a twelve-month period (ramp) or immediately (shock). The simulation repricing betas applied to interest-bearing deposits in the rising rate and declining rate scenarios are 58% and 56%, respectively, for June 30, 2024. Additional data related to interest rate simulations are available in Columbia’s Form 10-K for the fiscal year ended December 31, 2023. Deposit and Funding Repricing Betas During the Current Rising-Rate Cycle(4) Effective Fed Funds Rate (Daily Avg.) Cost of Combined Company(4) Three Months Ended Interest- Bearing Deposits Total Deposits Total Funding June 30, 2024 5.33% 2.97% 2.01% 2.34% December 31, 2023 5.33% 2.54% 1.63% 2.05% December 31, 2022 3.65% 0.62% 0.35% 0.51% December 31, 2021 0.08% 0.10% 0.05% 0.09% Variance: Peak (Peak Value less Q4 2021) +5.25% +2.87% +1.96% +2.25% Repricing Betas: Cycle-to-Date 55% 37% 43% Interest Rate Simulation Impact on Net Interest Income at June 30, 2024(5) Ramp Shock Year 1 Year 2 Year 1 Year 2 Up 200 basis points (1.3)% (2.0)% (1.1)% (0.3)% Up 100 basis points (0.6)% (1.0)% (0.5)% (0.2)% Down 100 basis points 0.5% 0.6% 0.3% (0.2)% Down 200 basis points 1.0% 0.8% 0.7% (1.1)% Down 300 basis points 1.7% 0.6% 1.0% (2.4)%

 
Non-Interest Income Note: Tables may not foot due to rounding. (1) Other commercial product revenue includes swaps, syndication, and international banking revenue, which are captured in “other income” on the income statement. Other income statement line items, like card-based fees, include other sources of commercial product revenue. For the Quarter Ended ($ in millions) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Service charges on deposits $18.5 $16.1 $17.3 $17.4 $16.5 Card-based fees 14.7 13.2 14.6 15.7 13.4 Financial services and trust revenue 5.4 4.5 3.0 4.7 4.5 Residential mortgage banking revenue (loss), net 5.8 4.6 4.2 7.1 (2.3) Gain (loss) on equity securities, net 0.3 (1.6) 2.6 (2.1) (0.7) (Loss) gain on loan and lease sales, net (1.5) 0.2 1.2 1.9 0.4 BOLI income 4.7 4.6 4.3 4.4 4.1 Other income Other commercial product revenue(1) $2.6 $2.3 $3.9 $3.0 $3.0 Commercial servicing revenue 0.2 0.6 (0.2) 0.5 0.4 Loan-related fees 4.1 3.7 3.2 3.6 3.3 Change in fair value of certain loans held for investment (10.1) (2.4) 19.4 (19.2) (7.0) Misc. income (0.4) 3.3 (0.1) 1.3 2.8 Swap derivative gain (loss) 0.4 1.2 (8.0) 5.7 1.3 21 Q2 2024 Highlights (compared to Q1 2024) ■ The second quarter’s results reflect favorable trends in card activity, financial services and trust revenue, and other commercial product revenue like syndication and international banking fees. Our Business Bank of Choice strategy incorporates a collaborative team approach to deliver needs-based solutions to our customers, which deepens relationships and provides growth in sustainable core fee income to the bank. ■ Higher interest rates in the second quarter compared to the first quarter drove fair value changes in certain loans held for investment, which, when coupled with the swap derivative gain, reduced non-interest income by $9 million compared to the first quarter. These items are captured in other income.

 
Non-Interest Expense 22 $ in m ill io ns Non-Interest Expense ("NIE") $328.6 $304.1 $337.2 $287.5 $279.2 $296.8 $281.2 $294.3 $276.9 $262.5 GAAP Non-Interest Expense Operating Non-Interest Expense¹ Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ■ Non-interest expense in Q2 2024 declined $8 million from the prior quarter to $279 million. Operating non-interest expense(1) declined $14 million from the prior quarter to $263 million. Ongoing strategic actions taken to reduce our non-interest expense run rate, lower CDI amortization following the one- year anniversary of the merger, and a $7.7 million reversal of prior compensation-related accruals drove the linked-quarter decline. ■ We completed an enterprise-wide evaluation of our operations during Q1 2024 that resulted in consolidated positions, simplified reporting and organizational structures, and an improved profitability outlook. Identified savings drive an expected Q4 2024 core expense run rate of $965 million to $985 million annualized, which excludes CDI amortization and non-operating expense(1). Through June 30, 2024, 91% of identified cost savings have been realized, and we expect to carry out the remaining actions during Q3 2024. $ in m ill io ns Non-Interest Expense: Q1 2024 vs Q2 2024 $287.5 $(7.7) $(1.8) $(2.9) $(2.0) $6.1 $279.2 Q1 2024 NIE Comp. Accrual Reversal Other Comp. CDI Amort. Misc. Other Non- operating¹ Q2 2024 NIE (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. Non-operating expense items include exit and disposal costs, merger and restructuring expense, and an FDIC special assessment. These items are detailed in the “Non-GAAP Reconciliation” section of the Appendix. Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

 
APPENDIX

 
Summary Income Statements Note: Tables may not foot due to rounding. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. For the Quarter Ended ($ in millions, except per-share data) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Net interest income before provision $427.4 $423.4 $453.6 $480.9 $484.0 Provision for credit losses 31.8 17.1 54.9 36.7 16.0 Net interest income after provision 395.6 406.2 398.7 444.1 468.0 Non-interest income 44.7 50.4 65.5 44.0 39.7 Non-interest expense 279.2 287.5 337.2 304.1 328.6 Income before provision for income taxes 161.1 169.1 127.1 184.0 179.1 Provision for income taxes 40.9 45.0 33.5 48.1 45.7 Net income $120.1 $124.1 $93.5 $135.8 $133.4 Earnings per share, diluted $0.57 $0.59 $0.45 $0.65 $0.64 Non-interest expense, excluding merger and restructuring expense(1) 264.6 283.0 330.0 285.2 298.9 Pre-provision net revenue(1) $192.9 $186.2 $182.0 $220.7 $195.1 Operating pre-provision net revenue(1) $219.4 $200.7 $212.1 $258.7 $243.1 Operating net income(1) $140.0 $134.9 $116.1 $164.3 $169.4 Operating earnings per share, diluted(1) $0.67 $0.65 $0.56 $0.79 $0.81 24 Q2 2024 Highlights (compared to Q1 2024) ■ Net interest income increased by $4 million due to higher income earned on loans and investment securities, including increased accretion income, partially offset by higher deposit costs. ■ Non-interest income decreased by $6 million due to the quarterly fluctuation in cumulative fair value accounting and hedges. Excluding these items, non- interest income was stable. ■ Non-interest expense decreased by $8 million due to lower compensation and CDI amortization and other variances detailed on the “Non-Interest Expense” slide. ■ Provision expense of $32 million compares to $17 million in the prior quarter, which benefited from the recalibration of the commercial CECL model.

 
Summary Period-End Balance Sheets Note: Tables may not foot due to rounding. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation. ($ in millions, except per-share data) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 ASSETS: Total assets $52,047.5 $52,224.0 $52,173.6 $51,993.8 $53,592.1 Interest bearing cash and temporary investments 1,553.6 1,760.9 1,664.0 1,911.2 2,868.6 Investment securities available for sale, fair value 8,503.0 8,616.5 8,829.9 8,504.0 8,998.4 Loans and leases, gross 37,710.0 37,642.4 37,442.0 37,170.6 37,049.3 Allowance for credit losses on loans and leases (418.7) (414.3) (440.9) (416.6) (404.6) Goodwill and other intangibles, net 1,571.6 1,600.8 1,632.9 1,666.1 1,696.0 LIABILITIES AND EQUITY: Deposits 41,523.3 41,706.2 41,607.0 41,624.4 40,834.9 Securities sold under agreements to repurchase 197.9 213.6 252.1 258.4 294.9 Borrowings 3,900.0 3,900.0 3,950.0 3,985.0 6,250.0 Total shareholders' equity 4,976.7 4,957.2 4,995.0 4,632.2 4,828.2 RATIOS AND PER-SHARE METRICS: Loan to deposit ratio 90.8% 90.3% 90.0% 89.3% 90.7% Book value per common share $23.76 $23.68 $23.95 $22.21 $23.16 Tangible book value per common share(1) $16.26 $16.03 $16.12 $14.22 $15.02 Common equity to assets ratio 9.6% 9.5% 9.6% 8.9% 9.0% Tangible common equity to tangible assets ratio(1) 6.7% 6.6% 6.7% 5.9% 6.0% 25 Q2 2024 Highlights (compared to Q1 2024) ■ Commercial line utilization and construction project activity were the primary contributors to loan growth in Q2 2024. Columbia sold loans with a book balance of $95 million during the quarter, including $80 million in residential mortgage loans held on the balance sheet at fair value. Excluding these actions, the loan portfolio increased by 2% on an annualized basis. ■ Deposit balances were down modestly during the quarter, due in part to anticipated customer tax payments, partially offset by targeted campaigns based on products and services, not price. ■ Book value and tangible book value increased 0.3% and 1.4%, respectively, as organic net capital generation was only partially offset by an increase in accumulated other comprehensive loss.

 
Liquidity Overview Total Available Liquidity at June 30, 2024 ($ in millions) Total off-balance sheet liquidity (available lines of credit): $13,917 Cash and equivalents, less reserve requirement 1,765 Excess bond collateral 3,382 Total available liquidity $19,064 TOTAL AVAILABLE LIQUIDITY AS A PERCENTAGE OF: Assets of $52.0 billion at June 30, 2024 37 % Deposits of $41.5 billion at June 30, 2024 46 % Uninsured deposits of $13.6 billion at June 30, 2024 140 % Total Off-Balance Sheet Liquidity Available at June 30, 2024 ($ in millions) Gross Availability Utilization Net Availability FHLB lines $11,772 $2,370 $9,402 Federal Reserve Discount Window 3,915 — 3,915 Federal Reserve Term Funding Program(1) 1,550 1,550 — Uncommitted lines of credit 600 — 600 Total off-balance sheet liquidity $17,837 $3,920 $13,917 26 ■ Net contraction in customer deposits was partially driven by anticipated customer tax payments. ■ Contraction in small business deposits during Q2 2024 was almost entirely offset by targeted campaigns that ran in April and June to generate new business. The current campaign runs through July 2024 and includes bundled solutions for customers without promotional pricing. Select Balance Sheet Items Three Months Ended Sequential Quarter Change ($ in millions) Q2 2024 Q1 2024 Q2 2023 Q2 2024 Commercial deposits $11,188 $11,207 $10,788 ($19) Small business deposits 8,070 8,103 8,835 (33) Consumer deposits 15,988 16,241 16,200 (253) Total customer deposits 35,246 35,551 35,823 (305) Public deposits - non-interest bearing 627 645 643 (18) Public deposits - interest bearing 2,334 2,285 1,782 49 Total public deposits 2,961 2,930 2,425 31 Administrative deposits 147 135 241 12 Brokered deposits 3,169 3,090 2,346 79 Total deposits $41,523 $41,706 $40,835 ($183) Term debt $3,900 $3,900 $6,250 $— Cash & cash equivalents $2,069 $2,201 $3,407 ($132) Available-for-sale securities $8,503 $8,617 $8,998 ($114) Loans and leases $37,710 $37,642 $37,049 $68 Note: Tables may not foot due to rounding. (1) The Federal Reserve’s Bank Term Funding Program was discontinued in March 2024. We present associated balances as they were outstanding on Columbia’s balance sheet as of June 30, 2024.

 
Purchase Accounting Details (1) Table does not capture all assets and liabilities with an associated fair value discount or premium. Assets and liabilities not presented have a significantly smaller impact on income through the accretion or amortization of their discount or premium. (2) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. Adjustment at Closing Remaining Balances at Select Purchase Accounting Items(1) February 28, 2023 March 31, 2024 June 30, 2024 Notes ITEMS TO ACCRETE THROUGH INTEREST INCOME: Available for sale securities - rate discount $(1,011) million $(543) million $(518) million While an adjustment to historical Columbia securities’ book value was $1.0 billion at the closing of the merger, the purchase discount that will accrete into interest income over time was $0.6 billion when previously existing purchase premiums and the discount associated with bonds sold as part of the Q1 2023 portfolio restructuring were eliminated. Loans - rate discount(2) $(618) million $(444) million $(419) million Total rate discount on loans and securities $(1,629) million $(987) million $(938) million Loans - credit mark(2) $(130) million $(74) million $(69) million Total discount on loans and securities $(1,759) million $(1,061) million $(1,007) million Fair value discounts are accreted into interest income using the effective interest method, which amortizes the discount over the life of the loan or security. ITEM TO AMORTIZE THROUGH NON-INTEREST EXPENSE: Core deposit intangible $710 million $571 million $542 million CDI amortizes through non-interest expense over 10 years using the sum-of-the-years-digits method. 27

 
Non-GAAP Reconciliation: Tangible Capital ($ in thousands, except per-share data) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Total shareholders' equity a $4,976,672 $4,957,245 $4,995,034 $4,632,162 $4,828,188 Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 Less: Other intangible assets, net 542,358 571,588 603,679 636,883 666,762 Tangible common shareholders’ equity b 3,405,080 3,356,423 3,362,121 2,966,045 3,132,192 Total assets c $52,047,483 $52,224,006 $52,173,596 $51,993,815 $53,592,096 Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 Less: Other intangible assets, net 542,358 571,588 603,679 636,883 666,762 Tangible assets d $50,475,891 $50,623,184 $50,540,683 $50,327,698 $51,896,100 Common shares outstanding at period end e 209,459 209,370 208,585 208,575 208,514 Total shareholders' equity to total assets ratio a / c 9.56 % 9.49 % 9.57 % 8.91 % 9.01 % Tangible common equity to tangible assets ratio b / d 6.75 % 6.63 % 6.65 % 5.89 % 6.04 % Book value per common share a / e $23.76 $23.68 $23.95 $22.21 $23.16 Tangible book value per common share b / e $16.26 $16.03 $16.12 $14.22 $15.02 28

 
Non-GAAP Reconciliation: Adjustments and Average Balances For the Quarter Ended For the Six Months Ended ($ in thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Non-Interest Income Adjustments (Loss) gain on sale of debt securities, net $ (1) $ 12 $ 9 $ 4 $ — $ 11 $ — Gain (loss) on equity securities, net 325 (1,565) 2,636 (2,055) (697) (1,240) 1,719 Gain (loss) on swap derivatives 424 1,197 (8,042) 5,700 1,288 1,621 (2,255) Change in fair value of certain loans held for investment (10,114) (2,372) 19,354 (19,247) (6,965) (12,486) 2,523 Change in fair value of MSR due to valuation inputs or assumptions 1,238 3,117 (6,251) 5,308 (2,242) 4,355 (5,179) MSR hedge (loss) gain (1,611) (4,271) 5,026 (4,733) (7,636) (5,882) (4,986) Total non-interest income adjustments a $ (9,739) $ (3,882) $ 12,732 $ (15,023) $ (16,252) $ (13,621) $ (8,178) Non-Interest Expense Adjustments Merger and restructuring expense $ 14,641 $ 4,478 $ 7,174 $ 18,938 $ 29,649 $ 19,119 $ 145,547 Exit and disposal costs 1,218 1,272 2,791 4,017 2,119 2,490 3,410 FDIC special assessment(1) 884 4,848 32,923 — — 5,732 — Total non-interest expense adjustments b $ 16,743 $ 10,598 $ 42,888 $ 22,955 $ 31,768 $ 27,341 $ 148,957 Average Assets n $ 51,981,555 $ 52,083,973 $ 51,832,356 $ 53,011,361 $ 53,540,574 $ 52,032,763 $ 46,522,265 Less: Average goodwill and other intangible assets, net 1,588,239 1,619,134 1,652,282 1,684,093 1,718,705 1,603,686 1,173,900 Average tangible assets o $ 50,393,316 $ 50,464,839 $ 50,180,074 $ 51,327,268 $ 51,821,869 $ 50,429,077 $ 45,348,365 Average common shareholders’ equity p $ 4,908,239 $ 4,985,875 $ 4,695,736 $ 4,866,975 $ 4,935,239 $ 4,947,057 $ 4,146,880 Less: Average goodwill and other intangible assets, net 1,588,239 1,619,134 1,652,282 1,684,093 1,718,705 1,603,686 1,173,900 Average tangible common equity q $ 3,320,000 $ 3,366,741 $ 3,043,454 $ 3,182,882 $ 3,216,534 $ 3,343,371 $ 2,972,980 Weighted average basic shares outstanding r 208,498 208,260 208,083 208,070 207,977 208,379 182,325 Weighted average diluted shares outstanding s 209,011 208,956 208,739 208,645 208,545 208,999 182,860 29 (1) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

 
Non-GAAP Reconciliation: Income Statements For the Quarter Ended For the Six Months Ended ($ in thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Net interest income c $ 427,449 $ 423,362 $ 453,623 $ 480,875 $ 483,975 $ 850,811 $ 858,673 Non-interest income (GAAP) d $ 44,703 $ 50,357 $ 65,533 $ 43,981 $ 39,678 $ 95,060 $ 94,413 Less: Non-interest income adjustments a 9,739 3,882 (12,732) 15,023 16,252 13,621 8,178 Operating non-interest income (non-GAAP) e $ 54,442 $ 54,239 $ 52,801 $ 59,004 $ 55,930 $ 108,681 $ 102,591 Revenue (GAAP) f=c+d $ 472,152 $ 473,719 $ 519,156 $ 524,856 $ 523,653 $ 945,871 $ 953,086 Operating revenue (non-GAAP) g=c+e $ 481,891 $ 477,601 $ 506,424 $ 539,879 $ 539,905 $ 959,492 $ 961,264 Non-interest expense (GAAP) h $ 279,244 $ 287,516 $ 337,176 $ 304,147 $ 328,559 $ 566,760 $ 671,377 Less: Non-interest expense adjustments b (16,743) (10,598) (42,888) (22,955) (31,768) (27,341) (148,957) Operating non-interest expense (non-GAAP) i $ 262,501 $ 276,918 $ 294,288 $ 281,192 $ 296,791 $ 539,419 $ 522,420 Net income (loss) (GAAP) j $ 120,144 $ 124,080 $ 93,531 $ 135,845 $ 133,377 $ 244,224 $ 119,339 Provision (benefit) for income taxes 40,944 44,987 33,540 48,127 45,703 85,931 40,817 Income (loss) before provision for income taxes 161,088 169,067 127,071 183,972 179,080 330,155 160,156 Provision for credit losses 31,820 17,136 54,909 36,737 16,014 48,956 121,553 Pre-provision net revenue (PPNR) (non-GAAP) k 192,908 186,203 181,980 220,709 195,094 379,111 281,709 Less: Non-interest income adjustments a 9,739 3,882 (12,732) 15,023 16,252 13,621 8,178 Add: Non-interest expense adjustments b 16,743 10,598 42,888 22,955 31,768 27,341 148,957 Operating PPNR (non-GAAP) l $ 219,390 $ 200,683 $ 212,136 $ 258,687 $ 243,114 $ 420,073 $ 438,844 Net income (GAAP) j $ 120,144 $ 124,080 $ 93,531 $ 135,845 $ 133,377 $ 244,224 $ 119,339 Less: Non-interest income adjustments a 9,739 3,882 (12,732) 15,023 16,252 13,621 8,178 Add: Non-interest expense adjustments b 16,743 10,598 42,888 22,955 31,768 27,341 148,957 Tax effect of adjustments (6,621) (3,620) (7,539) (9,482) (11,981) (10,241) (35,546) Operating net income (non-GAAP) m $ 140,005 $ 134,940 $ 116,148 $ 164,341 $ 169,416 $ 274,945 $ 240,928 30

 
Non-GAAP Reconciliation: Earnings Per-Share and Performance Metrics For the Quarter Ended For the Six Months Ended ($ in thousands, except per-share data) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Select Per-Share & Performance Metrics Earnings per share - basic j/r $ 0.58 $ 0.60 $ 0.45 $ 0.65 $ 0.64 $ 1.17 $ 0.65 Earnings per share - diluted j/s $ 0.57 $ 0.59 $ 0.45 $ 0.65 $ 0.64 $ 1.17 $ 0.65 Efficiency ratio(1) h/f 59.02 % 60.57 % 64.81 % 57.82 % 62.60 % 59.80 % 70.30 % Non-interest expense to average assets h/n 2.16 % 2.22 % 2.58 % 2.28 % 2.46 % 2.19 % 2.91 % Return on average assets j/n 0.93 % 0.96 % 0.72 % 1.02 % 1.00 % 0.94 % 0.52 % Return on average tangible assets j/o 0.96 % 0.99 % 0.74 % 1.05 % 1.03 % 0.97 % 0.53 % PPNR return on average assets k/n 1.49 % 1.44 % 1.39 % 1.65 % 1.46 % 1.47 % 1.22 % Return on average common equity j/p 9.85 % 10.01 % 7.90 % 11.07 % 10.84 % 9.93 % 5.80 % Return on average tangible common equity j/q 14.55 % 14.82 % 12.19 % 16.93 % 16.63 % 14.69 % 8.09 % Operating Per-Share & Performance Metrics Operating earnings per share - basic(2) m/r $ 0.67 $ 0.65 $ 0.56 $ 0.79 $ 0.81 $ 1.32 $ 1.32 Operating earnings per share - diluted(2) m/s $ 0.67 $ 0.65 $ 0.56 $ 0.79 $ 0.81 $ 1.32 $ 1.32 Operating efficiency ratio, as adjusted(1), (2), (3) u/y 53.56 % 56.97 % 57.31 % 51.26 % 54.04 % 55.26 % 53.51 % Operating non-interest expense to average assets i/n 2.03 % 2.14 % 2.25 % 2.10 % 2.22 % 2.08 % 2.26 % Operating return on average assets(2) m/n 1.08 % 1.04 % 0.89 % 1.23 % 1.27 % 1.06 % 1.04 % Operating return on average tangible assets(2) m/o 1.12 % 1.08 % 0.92 % 1.27 % 1.31 % 1.10 % 1.07 % Operating PPNR return on average assets(2) l/n 1.70 % 1.55 % 1.62 % 1.94 % 1.82 % 1.62 % 1.90 % Operating return on average common equity(2) m/p 11.47 % 10.89 % 9.81 % 13.40 % 13.77 % 11.18 % 11.72 % Operating return on average tangible common equity(2) m/q 16.96 % 16.12 % 15.14 % 20.48 % 21.13 % 16.54 % 16.34 % (1) Tax-exempt income has been adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. (2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company. (3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation. 31

 
Non-GAAP Reconciliation: Operating Efficiency Ratio, as Adjusted 32 For the Quarter Ended For the Six Months Ended ($ in thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Non-interest expense (GAAP) h $279,244 $287,516 $337,176 $304,147 $328,559 $566,760 $671,377 Less: Non-interest expense adjustments b (16,743) (10,598) (42,888) (22,955) (31,768) (27,341) (148,957) Operating non-interest expense (non-GAAP) i 262,501 276,918 294,288 281,192 296,791 539,419 522,420 Less: B&O taxes t (3,183) (3,223) (2,727) (3,275) (3,647) (6,406) (5,776) Operating non-interest expense, excluding B&O taxes (non-GAAP) u $259,318 $273,695 $291,561 $277,917 $293,144 $533,013 $516,644 Non-interest income (tax equivalent)(1) v $428,434 $424,344 $454,730 $482,031 $485,168 $852,778 $860,537 Non-interest income (GAAP) d 44,703 50,357 65,533 43,981 39,678 95,060 94,413 Add: BOLI tax equivalent adjustment(1) w 1,291 1,809 1,182 1,178 1,360 3,100 2,317 Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 474,428 476,510 521,445 527,190 526,206 950,938 957,267 Less: non-interest income adjustments a 9,739 3,882 (12,732) 15,023 16,252 13,621 8,178 Total Adjusted operating revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP) y $484,167 $480,392 $508,713 $542,213 $542,458 $964,559 $965,445 Efficiency ratio(1) h/f 59.02 % 60.57 % 64.81 % 57.82 % 62.60 % 59.80 % 70.30 % Operating efficieny ratio, as adjusted (non-GAAP)(1), (2), (3) u/y 53.56 % 56.97 % 57.31 % 51.26 % 54.04 % 55.26 % 53.51 % (1) Tax-exempt income has been adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. (2) Non-interest expense adjustments were revised subsequent to the Company's reporting of its earnings results for the period ended December 31, 2023. The revision includes the FDIC special assessment in non-interest expense adjustments, which removes the special assessment from the Company's calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company. (3) The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia's calculation of its operating efficiency ratio with its pre-merger calculation.

 
Non-GAAP Reconciliation: Net Interest Income & Net Interest Margin (1) The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. (2) Tax-exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. 33 For the Quarter Ended For the Six Months Ended ($ in thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Net interest income(2) a $428,434 $424,344 $454,730 $482,031 $485,168 $852,778 $860,537 Less: Acquired loan accretion - credit related(1) b 4,835 5,119 5,430 6,370 7,100 9,954 10,906 Net Interest Income, excluding credit PAA(1), (2) c 423,599 419,225 449,300 475,661 478,068 842,824 849,631 Less: Acquired rate-related accretion(1) d 67,375 57,336 63,757 70,900 67,960 124,711 96,199 Adjusted net interest income(1), (2) e $356,224 $361,889 $385,543 $404,761 $410,108 $718,113 $753,432 Average interest-earning assets f $48,117,746 $48,280,787 $47,838,229 $48,981,105 $49,442,518 $48,199,266 $43,283,329 Net interest margin(2) a / f 3.56 % 3.52 % 3.78 % 3.91 % 3.93 % 3.54 % 3.99 % Less: Acquired loan accretion - credit related(1) b / f 0.04 % 0.04 % 0.05 % 0.05 % 0.06 % 0.04 % 0.05 % Net Interest margin, excluding credit PAA(1), (2) c / f 3.52 % 3.48 % 3.73 % 3.86 % 3.87 % 3.50 % 3.94 % Less: Acquired rate-related accretion(1) d / f 0.56 % 0.48 % 0.53 % 0.58 % 0.55 % 0.52 % 0.45 % Adjusted net interest margin(1), (2) e / f 2.96 % 3.00 % 3.20 % 3.28 % 3.32 % 2.98 % 3.49 %

 
v3.24.2
Cover
Jul. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 25, 2024
Entity Registrant Name Columbia Banking System, Inc.
Entity Incorporation, State or Country Code WA
Entity File Number 000-20288
Entity Tax Identification Number 91-1422237
Entity Address, Address Line One 1301 A Street
Entity Address, City or Town Tacoma
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98402-2156
City Area Code 253
Local Phone Number 305-1900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(g) Security Common Stock, No Par Value
Trading Symbol COLB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000887343
Amendment Flag false
Columbia Banking System (NASDAQ:COLB)
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