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COLUMBIA BANKING SYSTEM, INC. REPORTS SECOND QUARTER 2025 RESULTS

1. Second quarter net income rose to $152 million, up 76% from last quarter. 2. Net interest margin increased to 3.75%, reflecting higher loan yields. 3. Total deposits decreased by $475 million; however, new branches opened. 4. Columbia plans to acquire Pacific Premier Bancorp by September 2025. 5. Significant decrease in non-interest expenses due to legal settlement.

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Why Bullish?

Strong quarterly performance and strategic expansion could drive investor confidence.

How important is it?

The article highlights financial strength and strategic growth, likely influencing investor sentiment positively.

Why Long Term?

Positive effects from acquisition and branch openings may accrue over time.

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, /PRNewswire/ -- $152 million $160 million $0.73 $0.76 Net income Operating net income 1 Earnings per common share - diluted Operating earnings per common share - diluted 1 CEO Commentary "Our second quarter results demonstrate our focus on profitability and balance sheet optimization," said Clint Stein, President and CEO. "Commercial loan growth outpaced runoff in transactional portfolios while the net interest margin benefited from loan repricing, controlled deposit pricing, and a rebound in securities yields. Continued expense discipline further supported our strong performance, even as we continue to reinvest in our growing franchise—opening three new branches and planning for the closing of our Pacific Premier acquisition. While customer deposits declined due to normal seasonal activity and increased cash usage, our Business Bank of Choice strategy continues to attract new relationships. We remain laser focused on delivering top-quartile performance and enhancing long-term tangible book value while returning excess capital to our shareholders." –Clint Stein, President and CEO of Columbia Banking System, Inc. 2Q25 HIGHLIGHTS (COMPARED TO 1Q25) Net Interest Income and NIM •   Net interest income increased by $21 million from the prior quarter, due to higher interest income earned on loans and investment securities and relatively stable funding costs. •   Net interest margin was 3.75%, up 15 basis points from the prior quarter, as the yields on investment securities and loans increased and the cost of interest-bearing liabilities decreased by 2 basis points. Non-Interest Income and Expense •   Non-interest income decreased by $2 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $8 million, due to higher core fee-generating businesses, like commercial credit cards and wealth management services. •   Non-interest expense decreased by $62 million, primarily due to a legal settlement and severance expense in the first quarter, which did not repeat. Credit Quality •   Net charge-offs were 0.31% of average loans and leases (annualized), compared to 0.32% in the prior quarter. •   Provision expense was $29 million, compared to $27 million in the prior quarter. •   Non-performing assets to total assets was 0.35%, unchanged from March 31, 2025. Capital •   Estimated total risk-based capital ratio of 13.0% and estimated common equity tier 1 risk-based capital ratio of 10.8%. •   Declared a quarterly cash dividend of $0.36 per common share on May 16, 2025, which was paid June 16, 2025. Notable Items •   The second quarter's small business and retail campaign, which ran through mid-July, brought over $450 million in new deposits to the bank. The campaign was also successful in generating new SBA lending relationships. •   Opened two branches in Arizona, strengthening support for bankers and customers in Phoenix and the surrounding markets. A branch was also opened in Eastern Oregon, bringing essential banking services to an underserved rural community. 2Q25 KEY FINANCIAL DATA PERFORMANCE METRICS 2Q25 1Q25 2Q24 Return on average assets 1.19 % 0.68 % 0.93 % Return on average common equity 11.56 % 6.73 % 9.85 % Return on average tangible common equity 1 16.03 % 9.45 % 14.55 % Operating return on average assets 1 1.25 % 1.10 % 1.08 % Operating return on average common equity 1 12.16 % 10.87 % 11.47 % Operating return on average tangible common equity 1 16.85 % 15.26 % 16.96 % Net interest margin 3.75 % 3.60 % 3.56 % Efficiency ratio 54.29 % 69.06 % 59.02 % Operating efficiency ratio, as adjusted 1 51.79 % 55.11 % 53.56 % INCOME STATEMENT ($ in 000s, excl. per share data) 2Q25 1Q25 2Q24 Net interest income $446,446 $424,995 $427,449 Provision for credit losses $29,449 $27,403 $31,820 Non-interest income $64,462 $66,377 $44,703 Non-interest expense $277,995 $340,122 $279,244 Pre-provision net revenue 1 $232,913 $151,250 $192,908 Operating pre-provision net revenue 1 $242,126 $211,833 $219,390 Earnings per common share - diluted $0.73 $0.41 $0.57 Operating earnings per common share - diluted 1 $0.76 $0.67 $0.67 Dividends paid per share $0.36 $0.36 $0.36 BALANCE SHEET 2Q25 1Q25 2Q24 Total assets       $51.9B       $51.5B       $52.0B Loans and leases       $37.6B       $37.6B       $37.7B Deposits       $41.7B       $42.2B       $41.5B Book value per common share $25.41 $24.93 $23.76 Tangible book value per common share 1 $18.47 $17.86 $16.26 Organizational UpdateColumbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") continues to plan for its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier"), which was announced on April 23, 2025. The shareholders of both companies overwhelmingly approved the combination at their respective special meetings, which were held July 21, 2025. We anticipate closing the transaction as soon as September 1, 2025, pending regulatory approvals and satisfaction of other customary closing conditions. Integration efforts are progressing as planned, driven by the comprehensive preparation of cross-company teams, which are led by Columbia's Integration Management Office, positioning us for a smooth and timely closing once regulatory approvals are secured and other customary closing conditions are satisfied. Columbia expanded its Arizona footprint with the opening of its second branch in Phoenix and its first in Mesa, bringing the total number of branches in the state to four. We also opened a branch in Eastern Oregon, restoring essential banking services to a bank-less rural community. Our branch strategy encompasses thriving metropolitan areas and core community markets alike, supporting bankers already serving customers in our markets and strengthening opportunities to bring new relationships to Columbia. Net Interest IncomeNet interest income was $446 million for the second quarter of 2025, up $21 million from the prior quarter. The increase reflects higher interest income earned on loans and investment securities and relatively stable funding costs. Columbia's net interest margin was 3.75% for the second quarter of 2025, up 15 basis points from the first quarter of 2025. Net interest margin benefited from an increase in the yield on taxable investment securities to 4.22% for the second quarter of 2025, up from 3.72% for the first quarter of 2025. The increase is due to higher conditional prepayment rates ("CPR") and the purchase of higher-yielding investment securities during the quarter. The average yield on the loan portfolio increased by 8 basis points between periods to 6.00% for the second quarter of 2025, due primarily to higher yields on commercial and construction loans and a $2 million interest recovery related to a nonperforming loan that repaid in full. The cost of interest-bearing deposits was unchanged between periods at 2.52% for the second quarter of 2025, in line with the cost of interest-bearing deposits for the month of June and as of June 30, 2025. Columbia's cost of interest-bearing liabilities decreased 2 basis points from the prior quarter to 2.78% for the second quarter of 2025, in line with the cost of interest-bearing liabilities for the month of June and as of June 30, 2025. Please refer to the Q2 2025 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information. Non-interest IncomeNon-interest income was $64 million for the second quarter of 2025, down $2 million from the prior quarter. The decrease was driven by quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, due to interest rate fluctuations during the quarter, collectively resulting in a net fair value loss of $1 million in the second quarter compared to a net fair value gain of $9 million in the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was up $8 million[2] between periods, due primarily to higher card-based fee income and growth in other core fee-generating businesses, including swap-related income, financial services and trust revenue, and treasury management fees. Non-interest ExpenseNon-interest expense was $278 million for the second quarter of 2025, down $62 million from the prior quarter, which included a $55 million accrual related to a legal settlement and $15 million in severance expense. Excluding the legal settlement, exit and disposal costs, and merger and restructuring expense, which includes the first quarter's severance expense, non-interest expense was $269 million2, down $1 million from the prior quarter, as lower legal expense—which was separate from the legal settlement—intangible amortization, and other miscellaneous expenses more than offset an increase in compensation costs. Please refer to the Q2 2025 Earnings Presentation for additional expense details. Balance SheetTotal consolidated assets were $51.9 billion as of June 30, 2025, up from $51.5 billion as of March 31, 2025. Cash and cash equivalents were $1.9 billion as of June 30, 2025, down from $2.1 billion as of March 31, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $18.6 billion as of June 30, 2025, representing 36% of total assets, 44% of total deposits, and 132% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.7 billion as of June 30, 2025, an increase of $424 million relative to March 31, 2025, as purchases and an increase in the fair value of the portfolio offset paydowns. Please refer to the Q2 2025 Earnings Presentation for additional details related to our securities portfolio and liquidity position. Gross loans and leases were $37.6 billion as of June 30, 2025, an increase of $21 million relative to March 31, 2025. The change primarily reflects 2% annualized growth in commercial and owner-occupied commercial real estate loans, which was offset by 7% annualized contraction in multifamily loans. "Our teams remain focused on relationship-driven activity as we continue to let transactional real estate portfolios wind down," commented Chris Merrywell, President of Columbia Bank. "Loan balances were also impacted by an increase in prepayment activity, which muted a double-digit increase in origination volume relative to both the prior and year-ago quarters." Please refer to the Q2 2025 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to our office portfolio. Total deposits were $41.7 billion as of June 30, 2025, a decrease of $475 million relative to March 31, 2025, as customer deposits declined due to seasonal tax payments and other customer cash usage. "We experienced customer deposit contraction in April following strong customer balance growth in March," stated Mr. Merrywell. "Seasonal balance declines were accompanied by customers' usage of cash to pay down debt, which impacted loan prepayment activity. The quarter's results also reflect deposit balances moving off balance sheet into our wealth management products, which enhances our core fee income generation as we provide our customers with needs-based solutions." Borrowings were $3.4 billion as of June 30, 2025, an increase of $800 million relative to March 31, 2025. Please refer to the Q2 2025 Earnings Presentation for additional details related to deposit characteristics and flows. Credit QualityThe allowance for credit losses was $439 million, or 1.17% of loans and leases, as of June 30, 2025, unchanged from March 31, 2025. The provision for credit losses was $29 million for the second quarter of 2025 and reflects credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models. Net charge-offs were 0.31% of average loans and leases (annualized) for the second quarter of 2025, compared to 0.32% for the first quarter of 2025. Net charge-offs in the FinPac portfolio were $14 million in the second quarter, compared to $17 million in the first quarter. Net charge-offs excluding the FinPac portfolio were $15 million in the second quarter, compared to $13 million in the first quarter. Non-performing assets were $180 million, or 0.35% of total assets, as of June 30, 2025, compared to $178 million, or 0.35% of total assets, as of March 31, 2025. Please refer to the Q2 2025 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends. CapitalColumbia's book value per common share was $25.41 as of June 30, 2025, compared to $24.93 as of March 31, 2025. The increase reflects net capital generation and a favorable change in accumulated other comprehensive (loss) income ("AOCI") to $(334) million as of June 30, 2025, compared to $(358) million as of the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on available-for-sale securities to $311 million as of June 30, 2025, compared to $337 million as of March 31, 2025. Tangible book value per common share3 was $18.47 as of June 30, 2025, compared to $17.86 as of March 31, 2025. Columbia's estimated total risk-based capital ratio was 13.0%, and its estimated common equity tier 1 risk-based capital ratio was 10.8% as of June 30, 2025, compared to 12.9% and 10.6%, respectively, as of March 31, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of June 30, 2025 are estimates, pending completion and filing of Columbia's regulatory reports.  Earnings Presentation and Conference Call InformationColumbia's Q2 2025 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com. Columbia will host its second quarter 2025 earnings conference call on July 24, 2025 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its second quarter 2025 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time. Join the audiocast: https://edge.media-server.com/mmc/p/skhq48of/ Register for the call: https://register-conf.media-server.com/register/BI5727811477e9400984084cc006a83205 Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx About Columbia Banking System, Inc.Columbia (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank (dba: Umpqua Bank), an award-winning western U.S. regional bank. Columbia Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. With over $50 billion of assets, Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Advisors and Columbia Trust Company, a division of Columbia Bank. Learn more at www.columbiabankingsystem.com. 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. Forward-Looking StatementsThis 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 or renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our proposed transaction with Pacific Premier (the "Transaction"), including, among others, (i) failure to complete the Transaction or unexpected delays related to the Transaction or either party's inability to satisfy closing conditions required to complete the Transaction, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction, (iii) certain restrictions during the pendency of the Transaction that may impact the parties' ability to pursue certain business opportunities or strategic transactions, (iv) diversion of management's attention from ongoing business operations and opportunities, (v) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, (vi) deposit attrition, customer or employee loss, and/or revenue loss as a result of the announcement of the Transaction, (viii) expenses related to the Transaction being greater than expected, and (ix) shareholder litigation that could prevent or delay the closing of the Transaction or otherwise negatively impact our business and operations; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by Columbia's Board of Directors, and may be subject to regulatory approval or conditions. TABLE INDEX Page Consolidated Statements of Income 8 Consolidated Balance Sheets 9 Financial Highlights 11 Loan & Lease Portfolio Balances and Mix 12 Deposit Portfolio Balances and Mix 14 Credit Quality - Non-performing Assets 15 Credit Quality - Allowance for Credit Losses 16 Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates 18 Residential Mortgage Banking Activity 20 GAAP to Non-GAAP Reconciliation 22 Columbia Banking System, Inc. Consolidated Statements of Income (Unaudited) Quarter Ended % Change ($ in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Interest income: Loans and leases $      564,343 $      552,562 $      572,843 $      588,603 $      583,874 2 % (3) % Interest and dividends on investments: Taxable 80,316 68,688 75,254 76,074 78,828 17 % 2 % Exempt from federal income tax 6,769 6,807 6,852 6,855 6,904 (1) % (2) % Dividends 3,444 2,792 2,678 2,681 2,895 23 % 19 % Temporary investments and interest bearing deposits 15,817 16,394 18,956 24,683 23,035 (4) % (31) % Total interest income 670,689 647,243 676,583 698,896 695,536 4 % (4) % Interest expense: Deposits 180,154 176,634 189,037 208,027 207,307 2 % (13) % Securities sold under agreement to repurchase and federal funds purchased 955 974 971 1,121 1,515 (2) % (37) % Borrowings 34,542 36,074 39,912 49,636 49,418 (4) % (30) % Junior and other subordinated debentures 8,592 8,566 9,290 9,894 9,847 — % (13) % Total interest expense 224,243 222,248 239,210 268,678 268,087 1 % (16) % Net interest income 446,446 424,995 437,373 430,218 427,449 5 % 4 % Provision for credit losses 29,449 27,403 28,199 28,769 31,820 7 % (7) % Non-interest income: Service charges on deposits 19,669 19,301 18,401 18,549 18,503 2 % 6 % Card-based fees 14,559 12,571 14,634 14,591 14,681 16 % (1) % Financial services and trust revenue 5,842 5,187 5,265 5,083 5,396 13 % 8 % Residential mortgage banking revenue, net 7,343 9,334 6,958 6,668 5,848 (21) % 26 % Gain (loss) on sale of debt securities, net 1 4 10 3 (1) (75) % nm Gain (loss) on equity securities, net 410 1,702 (1,424) 2,272 325 (76) % 26 % Gain (loss) on loan and lease sales, net 172 97 (1,719) 161 (1,516) 77 % nm Gain (loss) on loans held for investment, at fair value 212 7,016 (7,355) 9,365 (10,114) (97) % nm BOLI income 5,184 4,883 4,742 4,674 4,705 6 % 10 % Other income 11,070 6,282 10,235 4,793 6,876 76 % 61 % Total non-interest income 64,462 66,377 49,747 66,159 44,703 (3) % 44 % Non-interest expense: Salaries and employee benefits 154,883 145,239 141,958 147,268 145,066 7 % 7 % Occupancy and equipment, net 47,178 48,170 46,878 45,056 45,147 (2) % 4 % Intangible amortization 25,826 27,979 29,055 29,055 29,230 (8) % (12) % FDIC assessments 8,144 8,022 8,121 9,332 9,664 2 % (16) % Merger and restructuring expense 8,186 14,379 2,230 2,364 14,641 (43) % (44) % Legal settlement — 55,000 — — — (100) % nm Other expenses 33,778 41,333 38,334 38,283 35,496 (18) % (5) % Total non-interest expense 277,995 340,122 266,576 271,358 279,244 (18) % — % Income before provision for income taxes 203,464 123,847 192,345 196,250 161,088 64 % 26 % Provision for income taxes 51,041 37,238 49,076 50,068 40,944 37 % 25 % Net income $      152,423 $        86,609 $      143,269 $      146,182 $      120,144 76 % 27 % Weighted average basic shares outstanding 209,125 208,800 208,548 208,545 208,498 — % — % Weighted average diluted shares outstanding 209,975 210,023 209,889 209,454 209,011 — % — % Earnings per common share – basic $           0.73 $           0.41 $           0.69 $           0.70 $           0.58 78 % 26 % Earnings per common share – diluted $           0.73 $           0.41 $           0.68 $           0.70 $           0.57 78 % 28 % nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. Consolidated Statements of Income (Unaudited) Six Months Ended % Change ($ in thousands, except per share data) Jun 30, 2025 Jun 30, 2024 Year over Year Interest income: Loans and leases $          1,116,905 $          1,158,918 (4) % Interest and dividends on investments: Taxable 149,004 153,845 (3) % Exempt from federal income tax 13,576 13,808 (2) % Dividends 6,236 6,602 (6) % Temporary investments and interest bearing deposits 32,211 46,588 (31) % Total interest income 1,317,932 1,379,761 (4) % Interest expense: Deposits 356,788 405,742 (12) % Securities sold under agreement to repurchase and federal funds purchased 1,929 2,781 (31) % Borrowings 70,616 100,693 (30) % Junior and other subordinated debentures 17,158 19,734 (13) % Total interest expense 446,491 528,950 (16) % Net interest income 871,441 850,811 2 % Provision for credit losses 56,852 48,956 16 % Non-interest income: Service charges on deposits 38,970 34,567 13 % Card-based fees 27,130 27,864 (3) % Financial services and trust revenue 11,029 9,860 12 % Residential mortgage banking revenue, net 16,677 10,482 59 % Gain on sale of debt securities, net 5 11 (55) % Gain (loss) on equity securities, net 2,112 (1,240) nm Gain (loss) on loan and lease sales, net 269 (1,295) nm Gain (loss) on loans held for investment, at fair value 7,228 (12,486) nm BOLI income 10,067 9,344 8 % Other income 17,352 17,953 (3) % Total non-interest income 130,839 95,060 38 % Non-interest expense: Salaries and employee benefits 300,122 299,604 — % Occupancy and equipment, net 95,348 90,438 5 % Intangible amortization 53,805 61,321 (12) % FDIC assessments 16,166 24,124 (33) % Merger and restructuring expense 22,565 19,119 18 % Legal settlement 55,000 — nm Other expenses 75,111 72,154 4 % Total non-interest expense 618,117 566,760 9 % Income before provision for income taxes 327,311 330,155 (1) % Provision for income taxes 88,279 85,931 3 % Net income $             239,032 $             244,224 (2) % Weighted average basic shares outstanding 208,964 208,379 0 % Weighted average diluted shares outstanding 209,965 208,999 0 % Earnings per common share – basic $                  1.14 $                  1.17 (3) % Earnings per common share – diluted $                  1.14 $                  1.17 (3) % Columbia Banking System, Inc. Consolidated Balance Sheets (Unaudited) % Change ($ in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Assets: Cash and due from banks $         608,057 $         591,265 $         496,666 $         591,364 $         515,263 3 % 18 % Interest-bearing cash and temporary investments 1,334,113 1,481,441 1,381,589 1,519,658 1,553,568 (10) % (14) % Investment securities: Equity and other, at fair value 92,958 91,580 78,133 79,996 77,221 2 % 20 % Available for sale, at fair value 8,653,172 8,228,805 8,274,615 8,676,807 8,503,000 5 % 2 % Held to maturity, at amortized cost 2,013 2,057 2,101 2,159 2,203 (2) % (9) % Loans held for sale 65,590 64,747 71,535 66,639 56,310 1 % 16 % Loans and leases 37,637,013 37,616,101 37,680,901 37,503,002 37,709,987 — % — % Allowance for credit losses on loans and leases (420,907) (421,495) (424,629) (420,054) (418,671) — % 1 % Net loans and leases 37,216,106 37,194,606 37,256,272 37,082,948 37,291,316 — % — % Restricted equity securities 161,380 125,300 150,024 116,274 116,274 29 % 39 % Premises and equipment, net 356,879 344,926 348,670 338,107 337,842 3 % 6 % Operating lease right-of-use assets 110,478 106,696 111,227 106,224 108,278 4 % 2 % Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — % — % Other intangible assets, net 430,443 456,269 484,248 513,303 542,358 (6) % (21) % Residential mortgage servicing rights, at fair value 102,863 105,663 108,358 101,919 110,039 (3) % (7) % Bank-owned life insurance 704,919 700,768 693,839 691,160 686,485 1 % 3 % Deferred tax asset, net 299,043 311,192 359,425 286,432 361,773 (4) % (17) % Other assets 734,194 684,717 730,461 706,375 756,319 7 % (3) % Total assets $     51,901,442 $     51,519,266 $     51,576,397 $     51,908,599 $     52,047,483 1 % — % Liabilities:  Deposits Non-interest-bearing $     13,219,631 $     13,413,927 $     13,307,905 $     13,534,065 $     13,481,616 (1) % (2) % Interest-bearing 28,523,026 28,803,767 28,412,827 27,980,623 28,041,656 (1) % 2 %   Total deposits 41,742,657 42,217,694 41,720,732 41,514,688 41,523,272 (1) % 1 % Securities sold under agreements to repurchase 191,435 192,386 236,627 183,833 197,860 — % (3) % Borrowings 3,350,000 2,550,000 3,100,000 3,650,000 3,900,000 31 % (14) % Junior subordinated debentures, at fair value 323,015 320,774 330,895 311,896 310,187 1 % 4 % Junior and other subordinated debentures, at amortized cost 107,554 107,611 107,668 107,725 107,781 — % — % Operating lease liabilities 124,522 121,282 125,710 121,298 123,082 3 % 1 % Other liabilities 720,377 771,710 836,541 745,331 908,629 (7) % (21) % Total liabilities 46,559,560 46,281,457 46,458,173 46,634,771 47,070,811 1 % (1) % Shareholders' equity: Common stock 5,826,488 5,823,287 5,817,458 5,812,237 5,807,041 — % — % Accumulated deficit (150,822) (227,006) (237,254) (304,525) (374,687) (34) % (60) % Accumulated other comprehensive loss (333,784) (358,472) (461,980) (233,884) (455,682) (7) % (27) % Total shareholders' equity 5,341,882 5,237,809 5,118,224 5,273,828 4,976,672 2 % 7 % Total liabilities and shareholders' equity $     51,901,442 $     51,519,266 $     51,576,397 $     51,908,599 $     52,047,483 1 % — % Common shares outstanding at period end 210,213 210,112 209,536 209,532 209,459 — % — % Columbia Banking System, Inc. Financial Highlights (Unaudited) Quarter Ended % Change Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Per Common Share Data:  Dividends $         0.36 $         0.36 $         0.36 $         0.36 $         0.36 — % — % Book value $       25.41 $       24.93 $       24.43 $       25.17 $       23.76 2 % 7 % Tangible book value (1) $       18.47 $       17.86 $       17.20 $       17.81 $       16.26 3 % 14 % Performance Ratios: Efficiency ratio (2) 54.29 % 69.06 % 54.61 % 54.56 % 59.02 % (14.77) (4.73) Non-interest expense to average assets (1) 2.16 % 2.68 % 2.06 % 2.08 % 2.16 % (0.52) — Return on average assets ("ROAA") 1.19 % 0.68 % 1.10 % 1.12 % 0.93 % 0.51 0.26 Pre-provision net revenue ("PPNR") ROAA (1) 1.81 % 1.19 % 1.70 % 1.72 % 1.49 % 0.62 0.32 Return on average common equity 11.56 % 6.73 % 10.91 % 11.36 % 9.85 % 4.83 1.71 Return on average tangible common equity (1) 16.03 % 9.45 % 15.41 % 16.34 % 14.55 % 6.58 1.48 Performance Ratios - Operating: (1) Operating efficiency ratio, as adjusted (1), (2) 51.79 % 55.11 % 52.51 % 53.89 % 53.56 % (3.32) (1.77) Operating non-interest expense to average assets (1) 2.10 % 2.13 % 2.03 % 2.05 % 2.03 % (0.03) 0.07 Operating ROAA (1) 1.25 % 1.10 % 1.15 % 1.10 % 1.08 % 0.15 0.17 Operating PPNR ROAA (1) 1.88 % 1.67 % 1.77 % 1.69 % 1.70 % 0.21 0.18 Operating return on average common equity (1) 12.16 % 10.87 % 11.40 % 11.15 % 11.47 % 1.29 0.69 Operating return on average tangible common equity (1) 16.85 % 15.26 % 16.11 % 16.04 % 16.96 % 1.59 (0.11) Average Balance Sheet Yields, Rates, & Ratios: Yield on loans and leases 6.00 % 5.92 % 6.05 % 6.22 % 6.20 % 0.08 (0.20) Yield on earning assets (2) 5.62 % 5.49 % 5.63 % 5.78 % 5.80 % 0.13 (0.18) Cost of interest bearing deposits 2.52 % 2.52 % 2.66 % 2.95 % 2.97 % — (0.45) Cost of interest bearing liabilities 2.78 % 2.80 % 2.98 % 3.29 % 3.31 % (0.02) (0.53) Cost of total deposits 1.73 % 1.72 % 1.80 % 1.99 % 2.01 % 0.01 (0.28) Cost of total funding (3) 1.98 % 1.99 % 2.09 % 2.32 % 2.34 % (0.01) (0.36) Net interest margin (2) 3.75 % 3.60 % 3.64 % 3.56 % 3.56 % 0.15 0.19 Average interest bearing cash / Average interest earning assets 2.97 % 3.13 % 3.29 % 3.74 % 3.51 % (0.16) (0.54) Average loans and leases / Average interest earning assets 78.64 % 78.93 % 78.42 % 77.91 % 78.27 % (0.29) 0.37 Average loans and leases / Average total deposits 90.07 % 90.36 % 89.77 % 90.42 % 90.61 % (0.29) (0.54) Average non-interest bearing deposits / Average total deposits 31.39 % 31.75 % 32.45 % 32.52 % 32.54 % (0.36) (1.15) Average total deposits / Average total funding (3) 91.92 % 91.86 % 91.88 % 90.25 % 90.15 % 0.06 1.77 Select Credit & Capital Ratios: Non-performing loans and leases to total loans and leases 0.47 % 0.47 % 0.44 % 0.44 % 0.41 % — 0.06 Non-performing assets to total assets 0.35 % 0.35 % 0.33 % 0.32 % 0.30 % — 0.05 Allowance for credit losses to loans and leases 1.17 % 1.17 % 1.17 % 1.17 % 1.16 % — 0.01 Total risk-based capital ratio (4) 13.0 % 12.9 % 12.8 % 12.5 % 12.2 % 0.10 0.80 Common equity tier 1 risk-based capital ratio (4) 10.8 % 10.6 % 10.5 % 10.3 % 10.0 % 0.20 0.80 (1) See GAAP to Non-GAAP Reconciliation. (2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate. (3) Total funding = total deposits + total borrowings. (4) Estimated holding company ratios. Columbia Banking System, Inc. Financial Highlights (Unaudited) Six Months Ended % Change Jun 30, 2025 Jun 30, 2024 Year over Year Per Common Share Data: Dividends $                      0.72 $                      0.72 — % Performance Ratios: Efficiency ratio (2) 61.54 % 59.80 % 1.74 Non-interest expense to average assets (1) 2.42 % 2.19 % 0.23 Return on average assets 0.94 % 0.94 % — PPNR ROAA (1) 1.50 % 1.47 % 0.03 Return on average common equity 9.18 % 9.93 % (0.75) Return on average tangible common equity (1) 12.80 % 14.69 % (1.89) Performance Ratios - Operating: (1) Operating efficiency ratio, as adjusted (1), (2) 53.40 % 55.26 % (1.86) Operating non-interest expense to average assets (1) 2.11 % 2.08 % 0.03 Operating ROAA (1) 1.17 % 1.06 % 0.11 Operating PPNR ROAA (1) 1.78 % 1.62 % 0.16 Operating return on average common equity (1) 11.52 % 11.18 % 0.34 Operating return on average tangible common equity (1) 16.07 % 16.54 % (0.47) Average Balance Sheet Yields, Rates, & Ratios: Yield on loans and leases 5.96 % 6.17 % (0.21) Yield on earning assets (2) 5.56 % 5.75 % (0.19) Cost of interest bearing deposits 2.52 % 2.93 % (0.41) Cost of interest bearing liabilities 2.79 % 3.28 % (0.49) Cost of total deposits 1.72 % 1.96 % (0.24) Cost of total funding (3) 1.98 % 2.31 % (0.33) Net interest margin (2) 3.67 % 3.54 % 0.13 Average interest bearing cash / Average interest earning assets 3.05 % 3.54 % (0.49) Average loans and leases / Average interest earning assets 78.78 % 78.07 % 0.71 Average loans and leases / Average total deposits 90.21 % 90.51 % (0.30) Average non-interest bearing deposits / Average total deposits 31.57 % 32.91 % (1.34) Average total deposits / Average total funding (3) 91.90 % 90.12 % 1.78 (1) See GAAP to Non-GAAP Reconciliation. (2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate. (3) Total funding = Total deposits + Total borrowings. Columbia Banking System, Inc. Loan & Lease Portfolio Balances and Mix (Unaudited) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 % Change ($ in thousands) Amount Amount Amount Amount Amount Seq. Quarter Year over Year Loans and leases: Commercial real estate: Non-owner occupied term $    6,189,992 $    6,179,261 $    6,278,154 $    6,391,806 $    6,407,351 — % (3) % Owner occupied term 5,319,529 5,303,424 5,270,294 5,210,485 5,230,511 — % 2 % Multifamily 5,735,057 5,831,266 5,804,364 5,779,737 5,868,848 (2) % (2) % Construction & development 2,069,727 2,070,732 1,983,213 1,988,923 1,946,693 — % 6 % Residential development 286,175 252,349 231,647 244,579 269,106 13 % 6 % Commercial: Term 5,352,598 5,490,189 5,537,618 5,429,209 5,559,548 (3) % (4) % Lines of credit & other 2,950,782 2,753,613 2,769,643 2,640,669 2,558,633 7 % 15 % Leases & equipment finance 1,641,450 1,644,052 1,660,835 1,670,427 1,701,943 — % (4) % Residential: Mortgage 5,829,833 5,878,427 5,933,352 5,944,734 5,992,163 (1) % (3) % Home equity loans & lines 2,082,766 2,039,061 2,031,653 2,017,336 1,982,786 2 % 5 %    Consumer & other 179,104 173,727 180,128 185,097 192,405 3 % (7) % Total loans and leases, net of deferred fees and costs $  37,637,013 $  37,616,101 $  37,680,901 $  37,503,002 $  37,709,987 — % — % Loans and leases mix: Commercial real estate: Non-owner occupied term 16 % 16 % 17 % 17 % 17 % Owner occupied term 14 % 14 % 14 % 14 % 14 % Multifamily 15 % 15 % 15 % 15 % 15 % Construction & development 6 % 6 % 5 % 5 % 5 % Residential development 1 % 1 % 1 % 1 % 1 % Commercial: Term 14 % 15 % 15 % 15 % 15 % Lines of credit & other 8 % 7 % 7 % 7 % 6 % Leases & equipment finance 4 % 4 % 4 % 4 % 5 % Residential: Mortgage 15 % 16 % 16 % 16 % 16 % Home equity loans & lines 6 % 5 % 5 % 5 % 5 % Consumer & other 1 % 1 % 1 % 1 % 1 % Total 100 % 100 % 100 % 100 % 100 % Columbia Banking System, Inc. Deposit Portfolio Balances and Mix (Unaudited) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 % Change ($ in thousands) Amount Amount Amount Amount Amount Seq. Quarter Year over Year Deposits: Demand, non-interest bearing $  13,219,631 $  13,413,927 $  13,307,905 $  13,534,065 $  13,481,616 (1) % (2) % Demand, interest bearing 8,334,553 8,494,493 8,475,693 8,444,424 8,195,284 (2) % 2 % Money market 11,694,412 11,970,785 11,475,055 11,351,066 10,927,813 (2) % 7 % Savings 2,275,500 2,336,727 2,360,040 2,450,924 2,508,598 (3) % (9) % Time 6,218,561 6,001,762 6,102,039 5,734,209 6,409,961 4 % (3) % Total $  41,742,657 $  42,217,694 $  41,720,732 $  41,514,688 $  41,523,272 (1) % 1 % Total core deposits (1) $  37,293,962 $  38,079,274 $  37,487,909 $  37,774,870 $  37,159,069 (2) % 0 % Deposit mix: Demand, non-interest bearing 32 % 32 % 32 % 33 % 33 % Demand, interest bearing 20 % 20 % 20 % 20 % 20 % Money market 28 % 28 % 27 % 27 % 26 % Savings 5 % 6 % 6 % 6 % 6 % Time 15 % 14 % 15 % 14 % 15 % Total 100 % 100 % 100 % 100 % 100 % (1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits. Columbia Banking System, Inc. Credit Quality – Non-performing Assets  (Unaudited) Quarter Ended % Change ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Non-performing assets: (1) Loans and leases on non-accrual status: Commercial real estate $     30,739 $     41,910 $     39,332 $     37,332 $     37,584 (27) % (18) % Commercial 66,809 80,492 57,146 61,464 54,986 (17) % 22 % Total loans and leases on non-accrual status 97,548 122,402 96,478 98,796 92,570 (20) % 5 % Loans and leases past due 90+ days and accruing: (2) Commercial real estate 361 — — 136 — nm nm Commercial 5,581 75 4,684 6,012 5,778 nm (3) % Residential (2) 73,607 52,392 65,552 59,961 54,525 40 % 35 % Consumer & other 337 278 179 317 220 21 % 53 % Total loans and leases past due 90+ days and accruing (2) 79,886 52,745 70,415 66,426 60,523 51 % 32 % Total non-performing loans and leases (1), (2) 177,434 175,147 166,893 165,222 153,093 1 % 16 % Other real estate owned 2,818 2,849 2,666 2,395 2,839 (1) % (1) % Total non-performing assets (1), (2) $    180,252 $    177,996 $    169,559 $    167,617 $    155,932 1 % 16 % Loans and leases past due 31-89 days $    141,863 $    158,026 $    105,199 $     67,310 $     85,998 (10) % 65 % Loans and leases past due 31-89 days to total loans and leases 0.38 % 0.42 % 0.28 % 0.18 % 0.23 % (0.04) 0.15 Non-performing loans and leases to total loans and leases (1), (2) 0.47 % 0.47 % 0.44 % 0.44 % 0.41 % — 0.06 Non-performing assets to total assets (1), (2) 0.35 % 0.35 % 0.33 % 0.32 % 0.30 % — 0.05 Non-accrual loans and leases to total loan and leases (2) 0.26 % 0.33 % 0.26 % 0.26 % 0.25 % (0.07) 0.01 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 $67.8 million, $66.5 million, $73.6 million, $65.8 million, and $64.6 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively. (2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $2.0 million, $2.6 million, $2.4 million, $3.7 million, and $1.0 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively. Columbia Banking System, Inc. Credit Quality – Allowance for Credit Losses (Unaudited) Quarter Ended % Change ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Allowance for credit losses on loans and leases (ACLLL) Balance, beginning of period $    421,495 $    424,629 $    420,054 $    418,671 $    414,344 (1) % 2 % Provision for credit losses on loans and leases 28,757 26,187 30,230 30,498 34,760 10 % (17) % Charge-offs Commercial real estate (77) (119) (2,935) — (585) (35) % (87) % Commercial (33,073) (32,611) (25,780) (32,645) (33,561) 1 % (1) % Residential (285) (303) (26) (936) (504) (6) % (43) % Consumer & other (1,164) (1,080) (1,523) (1,395) (1,551) 8 % (25) % Total charge-offs (34,599) (34,113) (30,264) (34,976) (36,201) 1 % (4) % Recoveries Commercial real estate 71 19 3 44 551 274 % (87) % Commercial 4,676 4,336 4,104 5,258 4,198 8 % 11 % Residential 187 98 163 143 411 91 % (55) % Consumer & other 320 339 339 416 608 (6) % (47) % Total recoveries 5,254 4,792 4,609 5,861 5,768 10 % (9) % Net (charge-offs) recoveries Commercial real estate (6) (100) (2,932) 44 (34) (94) % (82) % Commercial (28,397) (28,275) (21,676) (27,387) (29,363) 0 % (3) % Residential (98) (205) 137 (793) (93) (52) % 5 % Consumer & other (844) (741) (1,184) (979) (943) 14 % (10) % Total net charge-offs (29,345) (29,321) (25,655) (29,115) (30,433) 0 % (4) % Balance, end of period $    420,907 $    421,495 $    424,629 $    420,054 $    418,671 0 % 1 % Reserve for unfunded commitments Balance, beginning of period $     17,384 $     16,168 $     18,199 $     19,928 $     22,868 8 % (24) % Provision (recapture)  for credit losses on unfunded commitments 692 1,216 (2,031) (1,729) (2,940) (43) % nm Balance, end of period 18,076 17,384 16,168 18,199 19,928 4 % (9) % Total Allowance for credit losses (ACL) $    438,983 $    438,879 $    440,797 $    438,253 $    438,599 — % — % Net charge-offs to average loans and leases (annualized) 0.31 % 0.32 % 0.27 % 0.31 % 0.32 % (0.01) (0.01) Recoveries to gross charge-offs 15.19 % 14.05 % 15.23 % 16.76 % 15.93 % 1.14 (0.74) ACLLL to loans and leases 1.12 % 1.12 % 1.13 % 1.12 % 1.11 % — 0.01 ACL to loans and leases 1.17 % 1.17 % 1.17 % 1.17 % 1.16 % — 0.01 nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. Credit Quality – Allowance for Credit Losses (Unaudited) Six Months Ended % Change ($ in thousands) Jun 30, 2025 Jun 30, 2024 Year over Year Allowance for credit losses on loans and leases (ACLLL) Balance, beginning of period $          424,629 $          440,871 (4) % Provision for credit losses on loans and leases  54,944 52,236 5 % Charge-offs Commercial real estate (196) (746) (74) % Commercial (65,684) (80,793) (19) % Residential (588) (994) (41) % Consumer & other (2,244) (3,421) (34) % Total charge-offs (68,712) (85,954) (20) % Recoveries Commercial real estate 90 909 (90) % Commercial 9,012 8,930 1 % Residential 285 581 (51) % Consumer & other 659 1,098 (40) % Total recoveries 10,046 11,518 (13) % Net (charge-offs) recoveries Commercial real estate (106) 163 (165) % Commercial (56,672) (71,863) (21) % Residential (303) (413) (27) % Consumer & other (1,585) (2,323) (32) % Total net charge-offs (58,666) (74,436) (21) % Balance, end of period $          420,907 $          418,671 1 % Reserve for unfunded commitments Balance, beginning of period $            16,168 $            23,208 (30) % (Recapture) provision for credit losses on unfunded commitments 1,908 (3,280) nm Balance, end of period 18,076 19,928 (9) % Total Allowance for credit losses (ACL) $          438,983 $          438,599 0 % Net charge-offs to average loans and leases (annualized) 0.31 % 0.40 % (0.09) Recoveries to gross charge-offs 14.62 % 13.40 % 1.22 nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates (Unaudited) Quarter Ended June 30, 2025 March 31, 2025 June 30, 2024 ($ in thousands) Average Balance Interest Income or Expense Average Yields orRates Average Balance Interest Income or Expense Average Yields orRates Average Balance Interest Income or Expense Average Yields or Rates INTEREST-EARNING ASSETS: Loans held for sale $        66,640 $     1,109 6.66 % $        59,223 $       935 6.32 % $      101,516 $     1,628 6.42 % Loans and leases (1) 37,647,789 563,234 6.00 % 37,678,820 551,627 5.92 % 37,663,396 582,246 6.20 % Taxable securities 7,937,471 83,760 4.22 % 7,690,610 71,480 3.72 % 7,839,202 81,723 4.17 % Non-taxable securities (2) 797,994 7,875 3.95 % 817,392 7,910 3.87 % 825,030 7,889 3.82 % Temporary investments and interest-bearing cash 1,420,976 15,817 4.46 % 1,493,815 16,394 4.45 % 1,688,602 23,035 5.49 % Total interest-earning assets (1), (2) 47,870,870 $ 671,795 5.62 % 47,739,860 $ 648,346 5.49 % 48,117,746 $ 696,521 5.80 % Goodwill and other intangible assets 1,471,975 1,501,590 1,588,239 Other assets 2,209,369 2,211,158 2,275,570 Total assets $  51,552,214 $  51,452,608 $  51,981,555 INTEREST-BEARING LIABILITIES: Interest-bearing demand deposits $   8,479,613 $   48,232 2.28 % $   8,370,584 $   46,632 2.26 % $   8,147,516 $   53,890 2.66 % Money market deposits 11,783,402 72,409 2.46 % 11,603,140 68,719 2.40 % 10,849,259 76,466 2.83 % Savings deposits 2,287,433 756 0.13 % 2,350,459 574 0.10 % 2,555,458 929 0.15 % Time deposits 6,125,997 58,757 3.85 % 6,136,389 60,709 4.01 % 6,488,923 76,022 4.71 % Total interest-bearing deposits 28,676,445 180,154 2.52 % 28,460,572 176,634 2.52 % 28,041,156 207,307 2.97 % Repurchase agreements and federal funds purchased 185,424 955 2.06 % 215,962 974 1.83 % 224,973 1,515 2.71 % Borrowings 3,058,352 34,542 4.53 % 3,039,227 36,074 4.82 % 3,900,000 49,418 5.10 % Junior and other subordinated debentures 428,348 8,592 8.05 % 437,729 8,566 7.94 % 417,329 9,847 9.49 % Total interest-bearing liabilities 32,348,569 $ 224,243 2.78 % 32,153,490 $ 222,248 2.80 % 32,583,458 $ 268,087 3.31 % Non-interest-bearing deposits 13,122,635 13,238,678 13,526,483 Other liabilities 794,448 843,885 963,375 Total liabilities 46,265,652 46,236,053 47,073,316 Common equity 5,286,562 5,216,555 4,908,239 Total liabilities and shareholders' equity $  51,552,214 $  51,452,608 $  51,981,555 NET INTEREST INCOME (2) $ 447,552 $ 426,098 $ 428,434 NET INTEREST SPREAD (2) 2.84 % 2.69 % 2.49 % NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) 3.75 % 3.60 % 3.56 % (1) Non-accrual loans and leases are included in the average balance.    (2) Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.1 million for the three months ended June 30, 2025, as compared to $1.1 million for the three months ended March 31, 2025 and $985,000 for the three months ended June 30, 2024.  Columbia Banking System, Inc. Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates (Unaudited) Six Months Ended June 30, 2025 June 30, 2024 ($ in thousands) Average Balance Interest Income or Expense Average Yields or Rates Average Balance Interest Income or Expense Average Yields or Rates INTEREST-EARNING ASSETS: Loans held for sale $           62,999 $         2,044 6.49 % $        66,033 $         2,153 6.52 % Loans and leases (1) 37,663,046 1,114,861 5.96 % 37,630,248 1,156,765 6.17 % Taxable securities 7,814,761 155,240 3.97 % 7,960,102 160,447 4.03 % Non-taxable securities (2) 807,648 15,785 3.91 % 838,186 15,775 3.76 % Temporary investments and interest-bearing cash 1,457,145 32,211 4.46 % 1,704,697 46,588 5.50 % Total interest-earning assets (1), (2) 47,805,599 $   1,320,141 5.56 % 48,199,266 $   1,381,728 5.75 % Goodwill and other intangible assets 1,486,692 1,603,686 Other assets 2,210,217 2,229,811 Total assets $     51,502,508 $  52,032,763 INTEREST-BEARING LIABILITIES: Interest-bearing demand deposits $      8,425,683 $       94,864 2.27 % $   8,091,427 $     105,268 2.62 % Money market deposits 11,694,209 141,128 2.43 % 10,730,666 148,963 2.79 % Savings deposits 2,318,799 1,330 0.12 % 2,621,909 1,644 0.13 % Time deposits 6,130,653 119,466 3.93 % 6,447,865 149,867 4.67 % Total interest-bearing deposits 28,569,344 356,788 2.52 % 27,891,867 405,742 2.93 % Repurchase agreements and federal funds purchased 200,625 1,929 1.94 % 228,320 2,781 2.45 % Borrowings 3,048,122 70,616 4.67 % 3,910,440 100,693 5.18 % Junior and other subordinated debentures 433,012 17,158 7.99 % 420,428 19,734 9.44 % Total interest-bearing liabilities 32,251,103 $     446,491 2.79 % 32,451,055 $     528,950 3.28 % Non-interest-bearing deposits 13,180,478 13,684,032 Other liabilities 819,040 950,619 Total liabilities 46,250,621 47,085,706 Common equity 5,251,887 4,947,057 Total liabilities and shareholders' equity $     51,502,508 $  52,032,763 NET INTEREST INCOME (2) $     873,650 $     852,778 NET INTEREST SPREAD (2) 2.77 % 2.47 % NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) 3.67 % 3.54 % (1) Non-accrual loans and leases are included in the average balance.    (2) Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $2.2 million for the six months ended June 30, 2025, as compared to $2.0 million for the same period in 2024.  Columbia Banking System, Inc. Residential Mortgage Banking Activity (Unaudited) Quarter Ended % Change ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Residential mortgage banking revenue: Origination and sale $       4,544 $       4,391 $       4,519 $        5,225 $        3,452 3 % 32 % Servicing 5,845 5,855 5,947 6,012 5,952 — % (2) % Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (3,113) (3,141) (3,103) (3,127) (3,183) (1) % (2) % Changes due to valuation inputs or assumptions (1,764) (983) 7,414 (6,540) 1,238 79 % (242) % MSR hedge gain (loss) 1,831 3,212 (7,819) 5,098 (1,611) (43) % nm Total $       7,343 $       9,334 $       6,958 $        6,668 $        5,848 (21) % 26 % Closed loan volume for sale $    163,759 $    136,084 $    175,046 $    161,094 $    140,875 20 % 16 % Gain on sale margin 2.77 % 3.23 % 2.58 % 3.24 % 2.45 % -0.46 0.32 Residential mortgage servicing rights: Balance, beginning of period $    105,663 $    108,358 $    101,919 $    110,039 $    110,444 (2) % (4) % Additions for new MSR capitalized 2,077 1,429 2,128 1,547 1,540 45 % 35 % Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (3,113) (3,141) (3,103) (3,127) (3,183) (1) % (2) % Changes due to valuation inputs or assumptions (1,764) (983) 7,414 (6,540) 1,238 79 % (242) % Balance, end of period $    102,863 $    105,663 $    108,358 $    101,919 $    110,039 (3) % (7) % Residential mortgage loans serviced for others $ 7,851,562 $ 7,888,235 $ 7,939,445 $  7,965,538 $  8,120,046 — % (3) % MSR as % of serviced portfolio 1.31 % 1.34 % 1.36 % 1.28 % 1.36 % (0.03) (0.05) nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. Residential Mortgage Banking Activity (Unaudited) Six Months Ended % Change ($ in thousands) Jun 30, 2025 Jun 30, 2024 Year overYear Residential mortgage banking revenue: Origination and sale $            8,935 $            6,372 40 % Servicing 11,700 11,973 (2) % Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (6,254) (6,336) (1) % Changes due to valuation inputs or assumptions (2,747) 4,355 (163) % MSR hedge gain (loss) 5,043 (5,882) nm Total $          16,677 $          10,482 59 % Closed loan volume for sale $        299,843 $        227,778 32 % Gain on sale margin 2.98 % 2.80 % 0.18 Residential mortgage servicing rights: Balance, beginning of period $        108,358 $        109,243 (1) % Additions for new MSR capitalized 3,506 2,777 26 % Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (6,254) (6,336) (1) % Changes due to valuation inputs or assumptions (2,747) 4,355 (163) % Balance, end of period $        102,863 $        110,039 (7) % nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Non-GAAP Financial MeasuresIn addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation Tangible Capital, as adjusted (Unaudited) Quarter Ended % Change ($ in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Total shareholders' equity a $     5,341,882 $     5,237,809 $     5,118,224 $     5,273,828 $     4,976,672 2 % 7 % Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — % — % Less: Other intangible assets, net 430,443 456,269 484,248 513,303 542,358 (6) % (21) % Tangible common shareholders' equity b $     3,882,205 $     3,752,306 $     3,604,742 $     3,731,291 $     3,405,080 3 % 14 % Total assets c $  51,901,442 $  51,519,266 $  51,576,397 $  51,908,599 $  52,047,483 1 % — % Less: Goodwill 1,029,234 1,029,234 1,029,234 1,029,234 1,029,234 — % — % Less: Other intangible assets, net 430,443 456,269 484,248 513,303 542,358 (6) % (21) % Tangible assets d $  50,441,765 $  50,033,763 $  50,062,915 $  50,366,062 $  50,475,891 1 % — % Common shares outstanding at period end e 210,213 210,112 209,536 209,532 209,459 — % — % Total shareholders' equity to total assets ratio a / c 10.29 % 10.17 % 9.92 % 10.16 % 9.56 % 0.12 0.73 Tangible common equity to tangible assets ratio b / d 7.70 % 7.50 % 7.20 % 7.41 % 6.75 % 0.20 0.95 Book value per common share a / e $              25.41 $              24.93 $              24.43 $              25.17 $              23.76 2 % 7 % Tangible book value per common share b / e $              18.47 $              17.86 $              17.20 $              17.81 $              16.26 3 % 14 % Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Income Statements, as adjusted (Unaudited) Quarter Ended % Change ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Non-Interest Income Adjustments Gain (loss) on sale of debt securities, net $                          1 $                          4 $                       10 $                          3 $                        (1) (75) % nm Gain (loss) on equity securities, net 410 1,702 (1,424) 2,272 325 (76) % 26 % (Loss) gain on swap derivatives (1,330) (1,494) 3,642 (3,596) 424 (11) % (414) % Gain (loss) on loans held for investment, at fair value 212 7,016 (7,355) 9,365 (10,114) (97) % nm Change in fair value of MSR due to valuation inputs or assumptions (1,764) (983) 7,414 (6,540) 1,238 79 % (242) % MSR hedge gain (loss) 1,831 3,212 (7,819) 5,098 (1,611) (43) % nm Total non-interest income adjustments a $                   (640) $                 9,457 $               (5,532) $                 6,602 $               (9,739) (107) % (93) % Non-Interest Expense Adjustments Merger and restructuring expense $                 8,186 $               14,379 $                 2,230 $                 2,364 $               14,641 (43) % (44) % Exit and disposal costs 387 661 872 631 1,218 (41) % (68) %     FDIC special assessment — — — — 884 nm (100) % Legal settlement — 55,000 — — — (100) % nm Total non-interest expense adjustments b $                 8,573 $               70,040 $                 3,102 $                 2,995 $               16,743 (88) % (49) % Net interest income c $            446,446 $            424,995 $            437,373 $            430,218 $            427,449 5 % 4 % Non-interest income (GAAP) d $               64,462 $               66,377 $               49,747 $               66,159 $               44,703 (3) % 44 % Less: Non-interest income adjustments a 640 (9,457) 5,532 (6,602) 9,739 nm (93) % Operating non-interest income (non-GAAP) e $               65,102 $               56,920 $               55,279 $               59,557 $               54,442 14 % 20 % Revenue (GAAP) f=c+d $            510,908 $            491,372 $            487,120 $            496,377 $            472,152 4 % 8 % Operating revenue (non-GAAP) g=c+e $            511,548 $            481,915 $            492,652 $            489,775 $            481,891 6 % 6 % Non-interest expense (GAAP) h $            277,995 $            340,122 $            266,576 $            271,358 $            279,244 (18) % — % Less: Non-interest expense adjustments b (8,573) (70,040) (3,102) (2,995) (16,743) (88) % (49) % Operating non-interest expense (non-GAAP) i $            269,422 $            270,082 $            263,474 $            268,363 $            262,501 — % 3 % Net income (GAAP) j $            152,423 $               86,609 $            143,269 $            146,182 $            120,144 76 % 27 % Provision for income taxes 51,041 37,238 49,076 50,068 40,944 37 % 25 % Income before provision for income taxes 203,464 123,847 192,345 196,250 161,088 64 % 26 % Provision for credit losses 29,449 27,403 28,199 28,769 31,820 7 % (7) % Pre-provision net revenue (PPNR) (non-GAAP) k 232,913 151,250 220,544 225,019 192,908 54 % 21 % Less: Non-interest income adjustments a 640 (9,457) 5,532 (6,602) 9,739 nm (93) % Add: Non-interest expense adjustments b 8,573 70,040 3,102 2,995 16,743 (88) % (49) % Operating PPNR (non-GAAP) l $            242,126 $            211,833 $            229,178 $            221,412 $            219,390 14 % 10 % Net income (GAAP) j $            152,423 $               86,609 $            143,269 $            146,182 $            120,144 76 % 27 % Less: Non-interest income adjustments a 640 (9,457) 5,532 (6,602) 9,739 nm (93) % Add: Non-interest expense adjustments b 8,573 70,040 3,102 2,995 16,743 (88) % (49) % Tax effect of adjustments (1,367) (7,419) (2,158) 902 (6,621) (82) % (79) % Operating net income (non-GAAP) m $            160,269 $            139,773 $            149,745 $            143,477 $            140,005 15 % 14 % nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Average Balances, Earnings Per Share, and Performance Metrics, as adjusted (Unaudited) Quarter Ended % Change ($ in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Average assets n $  51,552,214 $  51,452,608 $  51,588,231 $ 52,009,017 $  51,981,555 — % (1) % Less: Average goodwill and other intangible assets, net 1,471,975 1,501,590 1,528,431 1,559,696 1,588,239 (2) % (7) % Average tangible assets o $  50,080,239 $  49,951,018 $  50,059,800 $ 50,449,321 $  50,393,316 — % (1) % Average common shareholders' equity p $     5,286,562 $     5,216,555 $     5,226,290 $    5,118,592 $     4,908,239 1 % 8 % Less: Average goodwill and other intangible assets, net 1,471,975 1,501,590 1,528,431 1,559,696 1,588,239 (2) % (7) % Average tangible common equity q $     3,814,587 $     3,714,965 $     3,697,859 $    3,558,896 $     3,320,000 3 % 15 % Weighted average basic shares outstanding r 209,125 208,800 208,548 208,545 208,498 — % — % Weighted average diluted shares outstanding s 209,975 210,023 209,889 209,454 209,011 — % — % Select Per-Share & Performance Metrics Earnings per share - basic j / r $                0.73 $                0.41 $                0.69 $               0.70 $                0.58 78 % 26 % Earnings per share - diluted j / s $                0.73 $                0.41 $                0.68 $               0.70 $                0.57 78 % 28 % Efficiency ratio (1) h / f 54.29 % 69.06 % 54.61 % 54.56 % 59.02 % (14.77) (4.73) Non-interest expense to average assets h / n 2.16 % 2.68 % 2.06 % 2.08 % 2.16 % (0.52) — Return on average assets j / n 1.19 % 0.68 % 1.10 % 1.12 % 0.93 % 0.51 0.26 Return on average tangible assets j / o 1.22 % 0.70 % 1.14 % 1.15 % 0.96 % 0.52 0.26 PPNR return on average assets k / n 1.81 % 1.19 % 1.70 % 1.72 % 1.49 % 0.62 0.32 Return on average common equity j / p 11.56 % 6.73 % 10.91 % 11.36 % 9.85 % 4.83 1.71 Return on average tangible common equity j / q 16.03 % 9.45 % 15.41 % 16.34 % 14.55 % 6.58 1.48 Operating Per-Share & Performance Metrics Operating earnings per share - basic  m / r $                0.77 $                0.67 $                0.72 $               0.69 $                0.67 15 % 15 % Operating earnings per share - diluted m / s $                0.76 $                0.67 $                0.71 $               0.69 $                0.67 13 % 13 % Operating efficiency ratio, as adjusted (1) u / y 51.79 % 55.11 % 52.51 % 53.89 % 53.56 % (3.32) (1.77) Operating non-interest expense to average assets i / n 2.10 % 2.13 % 2.03 % 2.05 % 2.03 % (0.03) 0.07 Operating return on average assets m / n 1.25 % 1.10 % 1.15 % 1.10 % 1.08 % 0.15 0.17 Operating return on average tangible assets m / o 1.28 % 1.13 % 1.19 % 1.13 % 1.12 % 0.15 0.16 Operating PPNR return on average assets l / n 1.88 % 1.67 % 1.77 % 1.69 % 1.70 % 0.21 0.18 Operating return on average common equity m / p 12.16 % 10.87 % 11.40 % 11.15 % 11.47 % 1.29 0.69 Operating return on average tangible common equity m / q 16.85 % 15.26 % 16.11 % 16.04 % 16.96 % 1.59 (0.11) (1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Operating Efficiency Ratio, as adjusted (Unaudited) Quarter Ended % Change ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Seq. Quarter Year over Year Non-interest expense (GAAP) h $        277,995 $        340,122 $        266,576 $        271,358 $        279,244 (18) % — % Less: Non-interest expense adjustments b (8,573) (70,040) (3,102) (2,995) (16,743) (88) % (49) % Operating non-interest expense (non-GAAP) i 269,422 270,082 263,474 268,363 262,501 — % 3 % Less: B&O taxes t (3,093) (3,150) (3,495) (3,248) (3,183) (2) % (3) % Operating non-interest expense, excluding B&O taxes (non-GAAP) u $        266,329 $        266,932 $        259,979 $        265,115 $        259,318 — % 3 % Net interest income (tax equivalent) (1) v $        447,552 $        426,098 $        438,424 $        431,184 $        428,434 5 % 4 % Non-interest income (GAAP) d 64,462 66,377 49,747 66,159 44,703 (3) % 44 % Add: BOLI tax equivalent adjustment (1) w 1,608 1,362 1,390 1,248 1,291 18 % 25 % Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 513,622 493,837 489,561 498,591 474,428 4 % 8 % Less: Non-interest income adjustments a 640 (9,457) 5,532 (6,602) 9,739 nm (93) % Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP) y $        514,262 $        484,380 $        495,093 $        491,989 $        484,167 6 % 6 % Efficiency ratio (1) h / f 54.29 % 69.06 % 54.61 % 54.56 % 59.02 % (14.77) (4.73) Operating efficiency ratio, as adjusted (non-GAAP) (1) u / y 51.79 % 55.11 % 52.51 % 53.89 % 53.56 % (3.32) (1.77) nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." (1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Income Statements, as adjusted (Unaudited) Six Months Ended % Change ($ in thousands) Jun 30, 2025 Jun 30, 2024 Year over Year Non-Interest Income Adjustments Gain on sale of debt securities, net $                                      5 $                                   11 (55) % Gain (loss) on equity securities, net 2,112 (1,240) nm (Loss) gain on swap derivatives (2,824) 1,621 (274) % Gain (loss) on loans held for investment, at fair value 7,228 (12,486) nm Change in fair value of MSR due to valuation inputs or assumptions (2,747) 4,355 (163) %    MSR hedge loss 5,043 (5,882) nm Total non-interest income adjustments a $                             8,817 $                        (13,621) nm Non-Interest Expense Adjustments Merger and restructuring expense $                           22,565 $                           19,119 18 % Exit and disposal costs 1,048 2,490 (58) %     FDIC special assessment  — 5,732 (100) % Legal settlement 55,000 — nm Total non-interest expense adjustments b $                           78,613 $                           27,341 188 % Net interest income c $                        871,441 $                        850,811 2 % Non-interest income (GAAP) d $                        130,839 $                           95,060 38 % Less: Non-interest income adjustments a (8,817) 13,621 (165) % Operating non-interest income (non-GAAP) e $                        122,022 $                        108,681 12 % Revenue (GAAP) f=c+d $                    1,002,280 $                        945,871 6 % Operating revenue (non-GAAP) g=c+e $                        993,463 $                        959,492 4 % Non-interest expense (GAAP) h $                        618,117 $                        566,760 9 % Less: Non-interest expense adjustments b (78,613) (27,341) 188 % Operating non-interest expense (non-GAAP) i $                        539,504 $                        539,419 — % Net income (GAAP) j $                        239,032 $                        244,224 (2) % Provision for income taxes 88,279 85,931 3 % Income before provision for income taxes 327,311 330,155 (1) % Provision for credit losses 56,852 48,956 16 % Pre-provision net revenue (PPNR) (non-GAAP) k 384,163 379,111 1 % Less: Non-interest income adjustments a (8,817) 13,621 (165) % Add: Non-interest expense adjustments b 78,613 27,341 188 % Operating PPNR (non-GAAP) l $                        453,959 $                        420,073 8 % Net income (GAAP) j $                        239,032 $                        244,224 (2) % Less: Non-interest income adjustments a (8,817) 13,621 (165) % Add: Non-interest expense adjustments b 78,613 27,341 188 % Tax effect of adjustments (8,786) (10,241) (14) % Operating net income (non-GAAP) m $                        300,042 $                        274,945 9 % nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm." Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Average Balances, Earnings Per Share, and Performance Metrics, as adjusted (Unaudited) Six Months Ended % Change Jun 30, 2025 Jun 30, 2024 Year over Year Average assets n $                  51,502,508 $                  52,032,763 (1) % Less: Average goodwill and other intangible assets, net 1,486,692 1,603,686 (7) % Average tangible assets o $                  50,015,816 $                  50,429,077 (1) % Average common shareholders' equity p $                    5,251,887 $                    4,947,057 6 % Less: Average goodwill and other intangible assets, net 1,486,692 1,603,686 (7) % Average tangible common equity q $                    3,765,195 $                    3,343,371 13 % Weighted average basic shares outstanding r 208,964 208,379 — % Weighted average diluted shares outstanding s 209,965 208,999 — % Select Per-Share & Performance Metrics Earnings per share - basic j / r $                                1.14 $                                1.17 (3) % Earnings per share - diluted j / s $                                1.14 $                                1.17 (3) % Efficiency ratio (1) h / f 61.54 % 59.80 % 1.74 Non-interest expense to average assets h/n 2.42 % 2.19 % 0.23 Return on average assets j / n 0.94 % 0.94 % — Return on average tangible assets j / o 0.96 % 0.97 % (0.01) PPNR return on average assets k/n 1.50 % 1.47 % 0.03 Return on average common equity j / p 9.18 % 9.93 % (0.75) Return on average tangible common equity j / q 12.80 % 14.69 % (1.89) Operating Per-Share & Performance Metrics Operating earnings per share - basic  m / r $                                1.44 $                                1.32 9 % Operating earnings per share - diluted m / s $                                1.43 $                                1.32 8 % Operating efficiency ratio, as adjusted (1) u / y 53.40 % 55.26 % (1.86) Operating non-interest expense to average assets i/n 2.11 % 2.08 % 0.03 Operating return on average assets  m / n 1.17 % 1.06 % 0.11 Operating return on average tangible assets  m / o 1.21 % 1.10 % 0.11 Operating PPNR return on average assets  l / n 1.78 % 1.62 % 0.16 Operating return on average common equity  m / p 11.52 % 11.18 % 0.34 Operating return on average tangible common equity  m / q 16.07 % 16.54 % (0.47) (1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. Columbia Banking System, Inc. GAAP to Non-GAAP Reconciliation - Continued Operating Efficiency Ratio, as adjusted (Unaudited) Six Months Ended % change ($ in thousands) Jun 30, 2025 Jun 30, 2024 Year over Year Non-interest expense (GAAP) h $                        618,117 $                        566,760 9 % Less: Non-interest expense adjustments b (78,613) (27,341) 188 % Operating non-interest expense (non-GAAP) i 539,504 539,419 — % Less: B&O taxes t (6,243) (6,406) (3) % Operating non-interest expense, excluding B&O taxes (non-GAAP) u $                        533,261 $                        533,013 — % Net interest income (tax equivalent) (1) v $                        873,650 $                        852,778 2 % Non-interest income (GAAP) d 130,839 95,060 38 % Add: BOLI tax equivalent adjustment (1) w 2,970 3,100 (4) % Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) x 1,007,459 950,938 6 % Less: Non-interest income adjustments a (8,817) 13,621 (165) % Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP) y $                        998,642 $                        964,559 4 % Efficiency ratio (1) h /f 61.54 % 59.80 % 1.74 Operating efficiency ratio, as adjusted (non-GAAP) (1) u / y 53.40 % 55.26 % (1.86) (1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation. SOURCE Columbia Banking System, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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