COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2024 RESULTS

$143 million

$150 million

$0.68

$0.71

Net income

Operating net income ¹

Earnings per diluted common
share

Operating earnings per diluted
common share ¹

CEO Commentary

“Our fourth quarter and 2024 results reflect significant strides toward top-quartile performance,” said Clint Stein, President and CEO. “Our optimized expense base, improved pricing strategies, and targeted franchise investments have not only strengthened our financial position but also supported our commitment to deliver exceptional value to our customers and shareholders alike. Relative to the first quarter, our fourth quarter results reflect deposit-driven net interest margin expansion, relationship-driven commercial loan growth, and higher income from core fee-generating products in support of our customers’ needs. I want to thank our associates for their hard work and dedication during our first full year as a combined organization. Their accomplishments contribute to the building momentum that supports long-term, consistent, repeatable performance.”

–Clint Stein, President and CEO of Columbia Banking System, Inc.

4Q24 HIGHLIGHTS (COMPARED TO 3Q24)

Net Interest Income and NIM

•   Net interest income increased by $7 million from the prior quarter, as lower funding costs more than offset lower interest income.

•   Net interest margin was 3.64%, up 8 basis points from the prior quarter, as a reduction in deposit costs more than offset lower loan yields. A favorable balance sheet funding mix shift into lower-cost sources also occurred throughout the quarter.

Non-Interest Income and Expense

•   Non-interest income decreased by $16 million due to the quarterly fluctuation in cumulative fair value accounting and hedges, which drove $12 million of the change. Income was also lower due to loan sale activity, slightly offset by higher core banking activity.

•   Non-interest expense decreased by $5 million due to lower benefits expense, which was partially affected by elevated group insurance costs in the third quarter.

Credit Quality

•   Net charge-offs were 0.27% of average loans and leases (annualized), compared to 0.31% in the prior quarter. Lower activity in the FinPac portfolio contributed to the decline.

•   Provision expense of $28 million compares to $29 million in the prior quarter.

•   Non-performing assets to total assets was 0.33%, compared to 0.32% as of September 30, 2024.

Capital

•   Estimated total risk-based capital ratio of 12.6% and estimated common equity tier 1 risk-based capital ratio of 10.5%.

•   Declared a quarterly cash dividend of $0.36 per common share on November 15, 2024, which was paid December 16, 2024.

Notable Items

•   Executed three successful small business campaigns in 2024, following program buildout and associate training in 2023. Our campaigns use bundled solutions for customers without promotional pricing, and they generated approximately $700 million in new deposits to the bank in 2024.

•   Our 2025 branch plans include the opening of five additional locations in strategic growth markets throughout our footprint. The expansion reflects the reinvestment of savings generated from four net branch consolidations in 2024.

4Q24 KEY FINANCIAL DATA

PERFORMANCE METRICS

4Q24

3Q24

4Q23

Return on average assets

1.10 %

1.12 %

0.72 %

Return on average common equity

10.91 %

11.36 %

7.90 %

Return on average tangible common equity ¹

15.41 %

16.34 %

12.19 %

Operating return on average assets ¹

1.15 %

1.10 %

0.89 %

Operating return on average common equity ¹

11.40 %

11.15 %

9.81 %

Operating return on average tangible common equity ¹

16.11 %

16.04 %

15.14 %

Net interest margin

3.64 %

3.56 %

3.78 %

Efficiency ratio

54.61 %

54.56 %

64.81 %

Operating efficiency ratio, as adjusted ¹

52.51 %

53.89 %

57.31 %

INCOME STATEMENT

($ in 000s, excl. per share data)

4Q24

3Q24

4Q23

Net interest income

$437,373

$430,218

$453,623

Provision for credit losses

$28,199

$28,769

$54,909

Non-interest income

$49,747

$66,159

$65,533

Non-interest expense

$266,576

$271,358

$337,176

Pre-provision net revenue ¹

$220,544

$225,019

$181,980

Operating pre-provision net revenue ¹

$229,178

$221,412

$212,136

Earnings per common share – diluted

$0.68

$0.70

$0.45

Operating earnings per common share – diluted ¹

$0.71

$0.69

$0.56

Dividends paid per share

$0.36

$0.36

$0.36

BALANCE SHEET

4Q24

3Q24

4Q23

Total assets

       $51.6B

       $51.9B

       $52.2B

Loans and leases

       $37.7B

       $37.5B

       $37.4B

Deposits

       $41.7B

       $41.5B

       $41.6B

Book value per common share

$24.43

$25.17

$23.95

Tangible book value per share ¹

$17.20

$17.81

$16.12

¹ “Non-GAAP” financial measure. See GAAP to Non-GAAP Reconciliation for additional information.

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

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

TABLE INDEX

Page

Consolidated Statements of Income

7

Consolidated Balance Sheets

8

Financial Highlights

10

Loan & Lease Portfolio Balances and Mix

11

Deposit Portfolio Balances and Mix

13

Credit Quality – Non-performing Assets

14

Credit Quality – Allowance for Credit Losses

15

Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates

17

Residential Mortgage Banking Activity

19

GAAP to Non-GAAP Reconciliation

21

Columbia Banking System, Inc.

Consolidated Statements of Income

(Unaudited)

Quarter Ended

% Change

($ in thousands, except per share data)

Dec 31, 2024

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Seq.

Quarter

Year
over
Year

Interest income:

Loans and leases

$      572,843

$      588,603

$      583,874

$      575,044

$      577,741

(3) %

(1) %

Interest and dividends on investments:

Taxable

75,254

76,074

78,828

75,017

78,010

(1) %

(4) %

Exempt from federal income tax

6,852

6,855

6,904

6,904

6,966

— %

(2) %

Dividends

2,678

2,681

2,895

3,707

4,862

— %

(45) %

Temporary investments and interest bearing deposits

18,956

24,683

23,035

23,553

24,055

(23) %

(21) %

Total interest income

676,583

698,896

695,536

684,225

691,634

(3) %

(2) %

Interest expense:

Deposits

189,037

208,027

207,307

198,435

170,659

(9) %

11 %

Securities sold under agreement to repurchase and federal funds purchased

971

1,121

1,515

1,266

1,226

(13) %

(21) %

Borrowings

39,912

49,636

49,418

51,275

56,066

(20) %

(29) %

Junior and other subordinated debentures

9,290

9,894

9,847

9,887

10,060

(6) %

(8) %

Total interest expense

239,210

268,678

268,087

260,863

238,011

(11) %

1 %

Net interest income

437,373

430,218

427,449

423,362

453,623

2 %

(4) %

Provision for credit losses

28,199

28,769

31,820

17,136

54,909

(2) %

(49) %

Non-interest income:

Service charges on deposits

18,401

18,549

18,503

16,064

17,349

(1) %

6 %

Card-based fees

14,634

14,591

14,681

13,183

14,593

— %

— %

Financial services and trust revenue

5,265

5,083

5,396

4,464

3,011

4 %

75 %

Residential mortgage banking revenue, net

6,958

6,668

5,848

4,634

4,212

4 %

65 %

Gain (loss) on sale of debt securities, net

10

3

(1)

12

9

233 %

11 %

(Loss) gain on equity securities, net

(1,424)

2,272

325

(1,565)

2,636

(163) %

(154) %

(Loss) gain on loan and lease sales, net

(1,719)

161

(1,516)

221

1,161

nm

(248) %

BOLI income

4,742

4,674

4,705

4,639

4,331

1 %

9 %

Other income (loss)

2,880

14,158

(3,238)

8,705

18,231

(80) %

(84) %

Total non-interest income

49,747

66,159

44,703

50,357

65,533

(25) %

(24) %

Non-interest expense:

Salaries and employee benefits

141,958

147,268

145,066

154,538

157,572

(4) %

(10) %

Occupancy and equipment, net

46,878

45,056

45,147

45,291

48,160

4 %

(3) %

Intangible amortization

29,055

29,055

29,230

32,091

33,204

— %

(12) %

FDIC assessments

8,121

9,332

9,664

14,460

42,510

(13) %

(81) %

Merger and restructuring expense

2,230

2,364

14,641

4,478

7,174

(6) %

(69) %

Other expenses

38,334

38,283

35,496

36,658

48,556

— %

(21) %

Total non-interest expense

266,576

271,358

279,244

287,516

337,176

(2) %

(21) %

Income before provision for income taxes

192,345

196,250

161,088

169,067

127,071

(2) %

51 %

Provision for income taxes

49,076

50,068

40,944

44,987

33,540

(2) %

46 %

Net income

$      143,269

$      146,182

$      120,144

$      124,080

$        93,531

(2) %

53 %

Weighted average basic shares outstanding

208,548

208,545

208,498

208,260

208,083

— %

— %

Weighted average diluted shares outstanding

209,889

209,454

209,011

208,956

208,739

— %

1 %

Earnings per common share – basic

$           0.69

$           0.70

$           0.58

$           0.60

$           0.45

(1) %

53 %

Earnings per common share – diluted

$           0.68

$           0.70

$           0.57

$           0.59

$           0.45

(3) %

51 %

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

Columbia Banking System, Inc.

Consolidated Statements of Income

(Unaudited)

Year Ended

% Change

($ in thousands, except per share data)

Dec 31, 2024

Dec 31, 2023

Year over
Year

Interest income:

Loans and leases

$          2,320,364

$          2,113,615

10 %

Interest and dividends on investments:

Taxable

305,173

276,841

10 %

Exempt from federal income tax

27,515

24,109

14 %

Dividends

11,961

13,103

(9) %

Temporary investments and interest bearing deposits

90,227

111,659

(19) %

Total interest income

2,755,240

2,539,327

9 %

Interest expense:

Deposits

802,806

461,654

74 %

Securities sold under agreement to repurchase and federal funds purchased

4,873

3,923

24 %

Borrowings

190,241

242,914

(22) %

Junior and other subordinated debentures

38,918

37,665

3 %

Total interest expense

1,036,838

746,156

39 %

Net interest income

1,718,402

1,793,171

(4) %

Provision for credit losses

105,924

213,199

(50) %

Non-interest income:

Service charges on deposits

71,517

65,525

9 %

Card-based fees

57,089

55,263

3 %

Financial services and trust revenue

20,208

13,471

50 %

Residential mortgage banking revenue, net

24,108

16,789

44 %

Gain on sale of debt securities, net

24

13

85 %

(Loss) gain on equity securities, net

(392)

2,300

(117) %

(Loss) gain on loan and lease sales, net

(2,853)

4,414

(165) %

BOLI income

18,760

15,624

20 %

Other income

22,505

30,528

(26) %

Total non-interest income

210,966

203,927

3 %

Non-interest expense:

Salaries and employee benefits

588,830

616,103

(4) %

Occupancy and equipment, net

182,372

183,480

(1) %

Intangible amortization

119,431

111,296

7 %

FDIC assessments

41,577

71,402

(42) %

Merger and restructuring expense

23,713

171,659

(86) %

Other expenses

148,771

158,760

(6) %

Total non-interest expense

1,104,694

1,312,700

(16) %

Income before provision for income taxes

718,750

471,199

53 %

Provision for income taxes

185,075

122,484

51 %

Net income

$             533,675

$             348,715

53 %

Weighted average basic shares outstanding

208,463

195,304

7 %

Weighted average diluted shares outstanding

209,337

195,871

7 %

Earnings per common share – basic

$                  2.56

$                  1.79

43 %

Earnings per common share – diluted

$                  2.55

$                  1.78

43 %

Columbia Banking System, Inc.

Consolidated Balance Sheets

(Unaudited)

% Change

($ in thousands, except per share data)

Dec 31, 2024

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Seq.

Quarter

Year
over
Year

Assets:

Cash and due from banks

$         496,666

$         591,364

$         515,263

$         440,215

$         498,496

(16) %

— %

Interest-bearing cash and temporary investments

1,381,589

1,519,658

1,553,568

1,760,902

1,664,038

(9) %

(17) %

Investment securities:

Equity and other, at fair value

78,133

79,996

77,221

77,203

76,995

(2) %

1 %

Available for sale, at fair value

8,274,615

8,676,807

8,503,000

8,616,545

8,829,870

(5) %

(6) %

Held to maturity, at amortized cost

2,101

2,159

2,203

2,247

2,300

(3) %

(9) %

Loans held for sale

71,535

66,639

56,310

47,201

30,715

7 %

133 %

Loans and leases

37,680,901

37,503,002

37,709,987

37,642,413

37,441,951

— %

1 %

Allowance for credit losses on loans and leases

(424,629)

(420,054)

(418,671)

(414,344)

(440,871)

1 %

(4) %

Net loans and leases

37,256,272

37,082,948

37,291,316

37,228,069

37,001,080

— %

1 %

Restricted equity securities

150,024

116,274

116,274

116,274

179,274

29 %

(16) %

Premises and equipment, net

348,670

338,107

337,842

336,869

338,970

3 %

3 %

Operating lease right-of-use assets

111,227

106,224

108,278

113,833

115,811

5 %

(4) %

Goodwill

1,029,234

1,029,234

1,029,234

1,029,234

1,029,234

— %

— %

Other intangible assets, net

484,248

513,303

542,358

571,588

603,679

(6) %

(20) %

Residential mortgage servicing rights, at fair value

108,358

101,919

110,039

110,444

109,243

6 %

(1) %

Bank-owned life insurance

693,839

691,160

686,485

682,293

680,948

— %

2 %

Deferred tax asset, net

359,425

286,432

361,773

356,031

347,203

25 %

4 %

Other assets

730,461

706,375

756,319

735,058

665,740

3 %

10 %

Total assets

$     51,576,397

$     51,908,599

$     52,047,483

$     52,224,006

$     52,173,596

(1) %

(1) %

Liabilities:

 Deposits

Non-interest-bearing

$     13,307,905

$     13,534,065

$     13,481,616

$     13,808,554

$     14,256,452

(2) %

(7) %

Interest-bearing

28,412,827

27,980,623

28,041,656

27,897,606

27,350,568

2 %

4 %

  Total deposits

41,720,732

41,514,688

41,523,272

41,706,160

41,607,020

— %

— %

Securities sold under agreements to repurchase

236,627

183,833

197,860

213,573

252,119

29 %

(6) %

Borrowings

3,100,000

3,650,000

3,900,000

3,900,000

3,950,000

(15) %

(22) %

Junior subordinated debentures, at fair value

330,895

311,896

310,187

309,544

316,440

6 %

5 %

Junior and other subordinated debentures, at amortized cost

107,668

107,725

107,781

107,838

107,895

— %

— %

Operating lease liabilities

125,710

121,298

123,082

129,240

130,576

4 %

(4) %

Other liabilities

836,541

745,331

908,629

900,406

814,512

12 %

3 %

Total liabilities

46,458,173

46,634,771

47,070,811

47,266,761

47,178,562

— %

(2) %

Shareholders’ equity:

Common stock

5,817,458

5,812,237

5,807,041

5,802,322

5,802,747

— %

— %

Accumulated deficit

(237,254)

(304,525)

(374,687)

(418,946)

(467,571)

(22) %

(49) %

Accumulated other comprehensive loss

(461,980)

(233,884)

(455,682)

(426,131)

(340,142)

98 %

36 %

Total shareholders’ equity

5,118,224

5,273,828

4,976,672

4,957,245

4,995,034

(3) %

2 %

Total liabilities and shareholders’ equity

$     51,576,397

$     51,908,599

$     52,047,483

$     52,224,006

$     52,173,596

(1) %

(1) %

Common shares outstanding at period end

209,536

209,532

209,459

209,370

208,585

— %

— %

Columbia Banking System, Inc.

Financial Highlights

(Unaudited)

Quarter Ended

% Change

Dec 31, 2024

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Seq.
Quarter

Year
over
Year

Per Common Share Data:
 

Dividends

$         0.36

$         0.36

$         0.36

$         0.36

$         0.36

— %

— %

Book value

$       24.43

$       25.17

$       23.76

$       23.68

$       23.95

(3) %

2 %

Tangible book value ⁽¹⁾

$       17.20

$       17.81

$       16.26

$       16.03

$       16.12

(3) %

7 %

Performance Ratios:

Efficiency ratio ⁽²⁾

54.61 %

54.56 %

59.02 %

60.57 %

64.81 %

0.05

(10.20)

Non-interest expense to average assets ⁽¹⁾

2.06 %

2.08 %

2.16 %

2.22 %

2.58 %

(0.02)

(0.52)

Return on average assets (“ROAA”)

1.10 %

1.12 %

0.93 %

0.96 %

0.72 %

(0.02)

0.38

Pre-provision net revenue (“PPNR”) ROAA ⁽¹⁾

1.70 %

1.72 %

1.49 %

1.44 %

1.39 %

(0.02)

0.31

Return on average common equity

10.91 %

11.36 %

9.85 %

10.01 %

7.90 %

(0.45)

3.01

Return on average tangible common equity ⁽¹⁾

15.41 %

16.34 %

14.55 %

14.82 %

12.19 %

(0.93)

3.22

Performance Ratios – Operating:



⁽¹⁾

Operating efficiency ratio, as adjusted ^{(1),(2), (5), (6)}

52.51 %

53.89 %

53.56 %

56.97 %

57.31 %

(1.38)

(4.80)

Operating non-interest expense to average assets ⁽¹⁾

2.03 %

2.05 %

2.03 %

2.14 %

2.25 %

(0.02)

(0.22)

Operating ROAA ^{(1), (6)}

1.15 %

1.10 %

1.08 %

1.04 %

0.89 %

0.05

0.26

Operating PPNR ROAA ^{(1), (6)}

1.77 %

1.69 %

1.70 %

1.55 %

1.62 %

0.08

0.15

Operating return on average common equity ^{(1), (6)}

11.40 %

11.15 %

11.47 %

10.89 %

9.81 %

0.25

1.59

Operating return on average tangible common equity ^{(1), (6)}

16.11 %

16.04 %

16.96 %

16.12 %

15.14 %

0.07

0.97

Average Balance Sheet Yields, Rates, & Ratios:

Yield on loans and leases

6.05 %

6.22 %

6.20 %

6.13 %

6.13 %

(0.17)

(0.08)

Yield on earning assets ⁽²⁾

5.63 %

5.78 %

5.80 %

5.69 %

5.75 %

(0.15)

(0.12)

Cost of interest bearing deposits

2.66 %

2.95 %

2.97 %

2.88 %

2.54 %

(0.29)

0.12

Cost of interest bearing liabilities

2.98 %

3.29 %

3.31 %

3.25 %

3.02 %

(0.31)

(0.04)

Cost of total deposits

1.80 %

1.99 %

2.01 %

1.92 %

1.63 %

(0.19)

0.17

Cost of total funding ⁽³⁾

2.09 %

2.32 %

2.34 %

2.27 %

2.05 %

(0.23)

0.04

Net interest margin ⁽²⁾

3.64 %

3.56 %

3.56 %

3.52 %

3.78 %

0.08

(0.14)

Average interest bearing cash / Average interest earning assets

3.29 %

3.74 %

3.51 %

3.56 %

3.64 %

(0.45)

(0.35)

Average loans and leases / Average interest earning assets

78.42 %

77.91 %

78.27 %

77.87 %

78.04 %

0.51

0.38

Average loans and leases / Average total deposits

89.77 %

90.42 %

90.61 %

90.41 %

89.91 %

(0.65)

(0.14)

Average non-interest bearing deposits / Average total deposits

32.45 %

32.52 %

32.54 %

33.29 %

35.88 %

(0.07)

(3.43)

Average total deposits / Average total funding ⁽³⁾

91.88 %

90.25 %

90.15 %

90.09 %

90.02 %

1.63

1.86

Select Credit & Capital Ratios:

Non-performing loans and leases to total loans and leases

0.44 %

0.44 %

0.41 %

0.38 %

0.30 %

—

0.14

Non-performing assets to total assets

0.33 %

0.32 %

0.30 %

0.28 %

0.22 %

0.01

0.11

Allowance for credit losses to loans and leases

1.17 %

1.17 %

1.16 %

1.16 %

1.24 %

—

(0.07)

Total risk-based capital ratio ⁽⁴⁾

12.6 %

12.5 %

12.2 %

12.0 %

11.9 %

0.10

0.70

Common equity tier 1 risk-based capital ratio ⁽⁴⁾

10.5 %

10.3 %

10.0 %

9.8 %

9.6 %

0.20

0.90

⁽¹⁾

See GAAP to Non-GAAP Reconciliation.

⁽²⁾

Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.

⁽³⁾

Total funding = Total deposits + Total borrowings.

⁽⁴⁾

Estimated holding company ratios.

⁽⁵⁾

The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia’s calculation of its operating efficiency ratio with its pre-merger calculation.

⁽⁶⁾

Non-interest expense adjustments were revised subsequent to the Company’s reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company’s calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

Columbia Banking System, Inc.

Financial Highlights

(Unaudited)

Year Ended

% Change

Dec 31, 2024

Dec 31, 2023

Year over Year

Per Common Share Data:

Dividends

$                      1.44

$                      1.43

0.70 %

Performance Ratios:

Efficiency ratio ⁽²⁾

57.14 %

65.59 %

(8.45)

Non-interest expense to average assets ⁽¹⁾

2.13 %

2.65 %

(0.52)

Return on average assets

1.03 %

0.70 %

0.33

PPNR ROAA ⁽¹⁾

1.59 %

1.38 %

0.21

Return on average common equity

10.55 %

7.81 %

2.74

Return on average tangible common equity ⁽¹⁾

15.31 %

11.46 %

3.85

Performance Ratios – Operating:



⁽¹⁾

Operating efficiency ratio, as adjusted ^{(1),(2), (4), (5)}

54.22 %

53.87 %

0.35

Operating non-interest expense to average assets ⁽¹⁾

2.06 %

2.22 %

(0.16)

Operating ROAA ^{(1), (5)}

1.09 %

1.05 %

0.04

Operating PPNR ROAA ^{(1), (5)}

1.68 %

1.84 %

(0.16)

Operating return on average common equity ^{(1), (5)}

11.23 %

11.67 %

(0.44)

Operating return on average tangible common equity ^{(1), (5)}

16.30 %

17.13 %

(0.83)

Average Balance Sheet Yields, Rates, & Ratios:

Yield on loans and leases

6.15 %

5.95 %

0.20

Yield on earning assets ⁽²⁾

5.73 %

5.54 %

0.19

Cost of interest bearing deposits

2.87 %

1.93 %

0.94

Cost of interest bearing liabilities

3.21 %

2.56 %

0.65

Cost of total deposits

1.93 %

1.19 %

0.74

Cost of total funding ⁽³⁾

2.26 %

1.69 %

0.57

Net interest margin ⁽²⁾

3.57 %

3.91 %

(0.34)

Average interest bearing cash / Average interest earning assets

3.53 %

4.68 %

(1.15)

Average loans and leases / Average interest earning assets

78.12 %

77.21 %

0.91

Average loans and leases / Average total deposits

90.30 %

91.01 %

(0.71)

Average non-interest bearing deposits / Average total deposits

32.70 %

38.37 %

(5.67)

Average total deposits / Average total funding ⁽³⁾

90.59 %

88.18 %

2.41

⁽¹⁾

See GAAP to Non-GAAP Reconciliation.

⁽²⁾

Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.

⁽³⁾

Total funding = Total deposits + Total borrowings.

⁽⁴⁾

The operating efficiency ratio was adjusted in the first quarter of 2024 to remove B&O taxes and for a tax-equivalent adjustment to BOLI income. The Company views the adjusted operating efficiency ratio as a better representation of its efficiency ratio when compared to other banks as it normalizes for the tax treatment of the adjusted items. The adjustment re-aligns Columbia’s calculation of its operating efficiency ratio with its pre-merger calculation.

⁽⁵⁾

Non-interest expense adjustments were revised subsequent to the Company’s reporting of its earnings results for the period ended December 31, 2023. The revision includes adding the FDIC special assessment to the non-interest expense adjustments, which removes the special assessment from the Company’s calculation of operating non-interest expense. The Company views the special assessment as an infrequent expense that is outside the control of the Company.

Columbia Banking System, Inc.

Loan & Lease Portfolio Balances and Mix

(Unaudited)

Dec 31, 2024

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

% Change

($ in thousands)

Amount

Amount

Amount

Amount

Amount

Seq.
Quarter

Year
over
Year

Loans and leases:

Commercial real estate:

Non-owner occupied term, net

$    6,278,154

$    6,391,806

$    6,407,351

$    6,557,768

$    6,482,940

(2) %

(3) %

Owner occupied term, net

5,270,294

5,210,485

5,230,511

5,231,676

5,195,605

1 %

1 %

Multifamily, net

5,804,364

5,779,737

5,868,848

5,828,960

5,704,734

— %

2 %

Construction & development, net

1,983,213

1,988,923

1,946,693

1,728,652

1,747,302

— %

14 %

Residential development, net

231,647

244,579

269,106

284,117

323,899

(5) %

(28) %

Commercial:

Term, net

5,537,618

5,429,209

5,559,548

5,544,450

5,536,765

2 %

— %

Lines of credit & other, net

2,769,643

2,640,669

2,558,633

2,491,557

2,430,127

5 %

14 %

Leases & equipment finance, net

1,660,835

1,670,427

1,701,943

1,706,759

1,729,512

(1) %

(4) %

Residential:

Mortgage, net

5,933,352

5,944,734

5,992,163

6,128,884

6,157,166

— %

(4) %

Home equity loans & lines, net

2,031,653

2,017,336

1,982,786

1,950,421

1,938,166

1 %

5 %

   Consumer & other, net

180,128

185,097

192,405

189,169

195,735

(3) %

(8) %

Total loans and leases, net of deferred fees and costs

$  37,680,901

$  37,503,002

$  37,709,987

$  37,642,413

$  37,441,951

— %

1 %

Loans and leases mix:

Commercial real estate:

   Non-owner occupied term, net

17 %

17 %

17 %

17 %

17 %

   Owner occupied term, net

14 %

14 %

14 %

14 %

14 %

   Multifamily, net

15 %

15 %

15 %

15 %

15 %

Construction & development, net

5 %

5 %

5 %

5 %

5 %

Residential development, net

1 %

1 %

1 %

1 %

1 %

Commercial:

Term, net

15 %

15 %

15 %

15 %

15 %

Lines of credit & other, net

7 %

7 %

6 %

6 %

6 %

Leases & equipment finance, net

4 %

4 %

5 %

5 %

5 %

Residential:

Mortgage, net

16 %

16 %

16 %

16 %

16 %

Home equity loans & lines, net

5 %

5 %

5 %

5 %

5 %

   Consumer & other, net

1 %

1 %

1 %

1 %

1 %

Total

100 %

100 %

100 %

100 %

100 %

Columbia Banking System, Inc.

Deposit Portfolio Balances and Mix

(Unaudited)

Dec 31, 2024

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

% Change

($ in thousands)

Amount

Amount

Amount

Amount

Amount

Seq.
Quarter

Year
over
Year

Deposits:

Demand, non-interest bearing

$  13,307,905

$  13,534,065

$  13,481,616

$  13,808,554

$  14,256,452

(2) %

(7) %

Demand, interest bearing

8,475,693

8,444,424

8,195,284

8,095,211

8,044,432

0 %

5 %

Money market

11,475,055

11,351,066

10,927,813

10,822,498

10,324,454

1 %

11 %

Savings

2,360,040

2,450,924

2,508,598

2,640,060

2,754,113

(4) %

(14) %

Time

6,102,039

5,734,209

6,409,961

6,339,837

6,227,569

6 %

(2) %

Total

$  41,720,732

$  41,514,688

$  41,523,272

$  41,706,160

$  41,607,020

— %

— %

Total core deposits ⁽¹⁾

$  37,487,909

$  37,774,870

$  37,159,069

$  37,436,569

$  37,423,402

(1) %

0 %

Deposit mix:

Demand, non-interest bearing

32 %

33 %

33 %

34 %

34 %

Demand, interest bearing

20 %

20 %

20 %

19 %

19 %

Money market

27 %

27 %

26 %

26 %

25 %

Savings

6 %

6 %

6 %

6 %

7 %

Time

15 %

14 %

15 %

15 %

15 %

Total

100 %

100 %

100 %

100 %

100 %

⁽¹⁾

Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.

Columbia Banking System, Inc.

Credit Quality – Non-performing Assets

 (Unaudited)

Quarter Ended

% Change