Document


CEO Commentary
"Our second quarter results reflect continued progress on our targeted actions to improve our financial performance and drive shareholder value,” said Clint Stein, President and CEO. "The successful execution of identified changes following enterprise-wide evaluations resulted in a lower recurring expense run rate and increased stabilization in the cost of customer deposits during the second quarter. While we are encouraged by the early success of our near-term initiatives, we have not diminished our laser focus on regaining Columbia's placement as a top-performing bank across financial metrics. Longer-term initiatives will further enhance our growth and profitability as we strive toward long-term, consistent, repeatable performance."
–Clint Stein, President and CEO of Columbia Banking System, Inc.


2Q24 HIGHLIGHTS (COMPARED TO 1Q24)

Net Interest Income and NIM			•Net interest income expanded by $4 million on a linked-quarter basis due to higher income earned on loans and investment securities, including increased accretion income, partially offset by higher deposit costs.
			•Net interest margin was 3.56%, up 4 basis points from the prior quarter as the increase in earning asset yields outpaced the increase in the cost of interest-bearing liabilities given targeted actions taken to stabilize the cost of customer deposits.

Non-Interest Income and Expense			•Non-interest income decreased by $6 million due to the quarterly fluctuation in cumulative fair value accounting and hedges. Excluding these items, non-interest income was stable.
			•Non-interest expense decreased by $8 million due to lower compensation and CDI amortization, modest decreases in other categories, and the first quarter's larger FDIC special assessment. The effect was partially offset by restructuring expense.

Credit Quality			•Net charge-offs were 0.32% of average loans and leases (annualized), compared to 0.47% in the prior quarter.
			•Provision expense of $32 million compares to $17 million in the prior quarter, which benefited from the recalibration of the commercial CECL model.
			•Non-performing assets to total assets was 0.30%, compared to 0.28% as of March 31, 2024.

Capital			•Estimated total risk-based capital ratio of 12.1% and estimated common equity tier 1 risk-based capital ratio of 9.9%.
			•Declared a quarterly cash dividend of $0.36 per common share on May 13, 2024, which was paid June 10, 2024.

Notable Items			•Substantially completed our announced near-term initiatives related to operational effectiveness.
			•Opened our first retail location in Phoenix, Arizona and our first Financial Hub in Southern California, replacing an existing branch.


2Q24 KEY FINANCIAL DATA

PERFORMANCE METRICS	2Q24		1Q24		2Q23
Return on average assets	0.93%		0.96%		1.00%
Return on average common equity	9.85%		10.01%		10.84%
Return on average tangible common equity 1	14.55%		14.82%		16.63%
Operating return on average assets 1	1.08%		1.04%		1.27%
Operating return on average common equity 1	11.47%		10.89%		13.77%
Operating return on average tangible common equity 1	16.96%		16.12%		21.13%
Net interest margin	3.56%		3.52%		3.93%
Efficiency ratio	59.02%		60.57%		62.60%
Operating efficiency ratio, as adjusted 1	53.56%		56.97%		54.04%

INCOME STATEMENT ($ in 000s, excl. per share data)	2Q24		1Q24		2Q23
Net interest income	$427,449		$423,362		$483,975
Provision for credit losses	$31,820		$17,136		$16,014
Non-interest income	$44,703		$50,357		$39,678
Non-interest expense	$279,244		$287,516		$328,559
Pre-provision net revenue 1	$192,908		$186,203		$195,094
Operating pre-provision net revenue 1	$219,390		$200,683		$243,114
Earnings per common share - diluted	$0.57		$0.59		$0.64
Operating earnings per common share - diluted 1	$0.67		$0.65		$0.81
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	2Q24		1Q24		2Q23
Total assets	$52.0	B	$52.2	B	$53.6	B
Loans and leases	$37.7	B	$37.6	B	$37.0	B
Deposits	$41.5	B	$41.7	B	$40.8	B
Book value per common share	$23.76		$23.68		$23.16
Tangible book value per share 1	$16.26		$16.03		$15.02

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

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

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

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

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

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

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

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

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in thousands, except per share data)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	583,874	$	575,044	$	577,741	$	569,670	$	552,679	2	%	6	%
Interest and dividends on investments:
Taxable	78,828		75,017		78,010		80,066		79,036		5	%	—	%
Exempt from federal income tax	6,904		6,904		6,966		6,929		6,817		—	%	1	%
Dividends	2,895		3,707		4,862		4,941		2,581		(22)	%	12	%
Temporary investments and interest bearing deposits	23,035		23,553		24,055		34,407		34,616		(2)	%	(33)	%
Total interest income	695,536		684,225		691,634		696,013		675,729		2	%	3	%
Interest expense:
Deposits	207,307		198,435		170,659		126,974		100,408		4	%	106	%
Securities sold under agreement to repurchase and federal funds purchased	1,515		1,266		1,226		1,220		1,071		20	%	41	%
Borrowings	49,418		51,275		56,066		77,080		81,004		(4)	%	(39)	%
Junior and other subordinated debentures	9,847		9,887		10,060		9,864		9,271		—	%	6	%
Total interest expense	268,087		260,863		238,011		215,138		191,754		3	%	40	%
Net interest income	427,449		423,362		453,623		480,875		483,975		1	%	(12)	%
Provision for credit losses	31,820		17,136		54,909		36,737		16,014		86	%	99	%
Non-interest income:
Service charges on deposits	18,503		16,064		17,349		17,410		16,454		15	%	12	%
Card-based fees	14,681		13,183		14,593		15,674		13,435		11	%	9	%
Financial services and trust revenue	5,396		4,464		3,011		4,651		4,512		21	%	20	%
Residential mortgage banking revenue (loss), net	5,848		4,634		4,212		7,103		(2,342)		26	%	nm
(Loss) gain on sale of debt securities, net	(1)		12		9		4		—		(108)	%	nm
Gain (loss) on equity securities, net	325		(1,565)		2,636		(2,055)		(697)		nm		nm
(Loss) gain on loan and lease sales, net	(1,516)		221		1,161		1,871		442		nm		(443)	%
BOLI income	4,705		4,639		4,331		4,440		4,063		1	%	16	%
Other (loss) income	(3,238)		8,705		18,231		(5,117)		3,811		(137)	%	(185)	%
Total non-interest income	44,703		50,357		65,533		43,981		39,678		(11)	%	13	%
Non-interest expense:
Salaries and employee benefits	145,066		154,538		157,572		159,041		163,398		(6)	%	(11)	%
Occupancy and equipment, net	45,147		45,291		48,160		43,070		50,550		—	%	(11)	%
Intangible amortization	29,230		32,091		33,204		29,879		35,553		(9)	%	(18)	%
FDIC assessments	9,664		14,460		42,510		11,200		11,579		(33)	%	(17)	%
Merger and restructuring expense	14,641		4,478		7,174		18,938		29,649		227	%	(51)	%
Other expenses	35,496		36,658		48,556		42,019		37,830		(3)	%	(6)	%
Total non-interest expense	279,244		287,516		337,176		304,147		328,559		(3)	%	(15)	%
Income before provision for income taxes	161,088		169,067		127,071		183,972		179,080		(5)	%	(10)	%
Provision for income taxes	40,944		44,987		33,540		48,127		45,703		(9)	%	(10)	%
Net income	$	120,144	$	124,080	$	93,531	$	135,845	$	133,377	(3)	%	(10)	%

Weighted average basic shares outstanding	208,498		208,260		208,083		208,070		207,977		—	%	—	%
Weighted average diluted shares outstanding	209,011		208,956		208,739		208,645		208,545		—	%	—	%
Earnings per common share – basic	$	0.58	$	0.60	$	0.45	$	0.65	$	0.64	(3)	%	(9)	%
Earnings per common share – diluted	$	0.57	$	0.59	$	0.45	$	0.65	$	0.64	(3)	%	(11)	%

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


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Six Months Ended				% Change
($ in thousands, except per share data)	Jun 30, 2024		Jun 30, 2023		Year over Year
Interest income:
Loans and leases	$	1,158,918	$	966,204	20	%
Interest and dividends on investments:
Taxable	153,845		118,765		30	%
Exempt from federal income tax	13,808		10,214		35	%
Dividends	6,602		3,300		100	%
Temporary investments and interest bearing deposits	46,588		53,197		(12)	%
Total interest income	1,379,761		1,151,680		20	%
Interest expense:
Deposits	405,742		164,021		147	%
Securities sold under agreement to repurchase and federal funds purchased	2,781		1,477		88	%
Borrowings	100,693		109,768		(8)	%
Junior and other subordinated debentures	19,734		17,741		11	%
Total interest expense	528,950		293,007		81	%
Net interest income	850,811		858,673		(1)	%
Provision for credit losses	48,956		121,553		(60)	%
Non-interest income:
Service charges on deposits	34,567		30,766		12	%
Card-based fees	27,864		24,996		11	%
Financial services and trust revenue	9,860		5,809		70	%
Residential mortgage banking revenue, net	10,482		5,474		91	%
Gain on sale of debt securities, net	11		—		nm
(Loss) gain on equity securities, net	(1,240)		1,719		(172)	%
(Loss) gain on loan and lease sales, net	(1,295)		1,382		(194)	%
BOLI income	9,344		6,853		36	%
Other income	5,467		17,414		(69)	%
Total non-interest income	95,060		94,413		1	%
Non-interest expense:
Salaries and employee benefits	299,604		299,490		—	%
Occupancy and equipment, net	90,438		92,250		(2)	%
Intangible amortization	61,321		48,213		27	%
FDIC assessments	24,124		17,692		36	%
Merger and restructuring expense	19,119		145,547		(87)	%
Other expenses	72,154		68,185		6	%
Total non-interest expense	566,760		671,377		(16)	%
Income before provision for income taxes	330,155		160,156		106	%
Provision for income taxes	85,931		40,817		111	%
Net income	$	244,224	$	119,339	105	%

Weighted average basic shares outstanding	208,379		182,325		14	%
Weighted average diluted shares outstanding	208,999		182,860		14	%
Earnings per common share – basic	$	1.17	$	0.65	80	%
Earnings per common share – diluted	$	1.17	$	0.65	80	%

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


Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
											% Change
($ in thousands, except per share data)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	515,263	$	440,215	$	498,496	$	492,474	$	538,653	17	%	(4)	%
Interest-bearing cash and temporary investments	1,553,568		1,760,902		1,664,038		1,911,221		2,868,563		(12)	%	(46)	%
Investment securities:
Equity and other, at fair value	77,221		77,203		76,995		73,638		76,361		—	%	1	%
Available for sale, at fair value	8,503,000		8,616,545		8,829,870		8,503,986		8,998,428		(1)	%	(6)	%
Held to maturity, at amortized cost	2,203		2,247		2,300		2,344		2,388		(2)	%	(8)	%
Loans held for sale	56,310		47,201		30,715		60,313		183,633		19	%	(69)	%
Loans and leases	37,709,987		37,642,413		37,441,951		37,170,598		37,049,299		—	%	2	%
Allowance for credit losses on loans and leases	(418,671)		(414,344)		(440,871)		(416,560)		(404,603)		1	%	3	%
Net loans and leases	37,291,316		37,228,069		37,001,080		36,754,038		36,644,696		—	%	2	%
Restricted equity securities	116,274		116,274		179,274		168,524		258,524		—	%	(55)	%
Premises and equipment, net	337,842		336,869		338,970		337,855		368,698		—	%	(8)	%
Operating lease right-of-use assets	108,278		113,833		115,811		114,220		119,255		(5)	%	(9)	%
Goodwill	1,029,234		1,029,234		1,029,234		1,029,234		1,029,234		—	%	—	%
Other intangible assets, net	542,358		571,588		603,679		636,883		666,762		(5)	%	(19)	%
Residential mortgage servicing rights, at fair value	110,039		110,444		109,243		117,640		172,929		—	%	(36)	%
Bank-owned life insurance	686,485		682,293		680,948		648,232		643,727		1	%	7	%
Deferred tax asset, net	361,773		356,031		347,203		469,841		362,880		2	%	—	%
Other assets	756,319		735,058		665,740		673,372		657,365		3	%	15	%
Total assets	$	52,047,483	$	52,224,006	$	52,173,596	$	51,993,815	$	53,592,096	—	%	(3)	%
Liabilities:
Deposits
Non-interest-bearing	$	13,481,616	$	13,808,554	$	14,256,452	$	15,532,948	$	16,019,408	(2)	%	(16)	%
Interest-bearing	28,041,656		27,897,606		27,350,568		26,091,420		24,815,509		1	%	13	%
Total deposits	41,523,272		41,706,160		41,607,020		41,624,368		40,834,917		—	%	2	%
Securities sold under agreements to repurchase	197,860		213,573		252,119		258,383		294,914		(7)	%	(33)	%
Borrowings	3,900,000		3,900,000		3,950,000		3,985,000		6,250,000		—	%	(38)	%
Junior subordinated debentures, at fair value	310,187		309,544		316,440		331,545		312,872		—	%	(1)	%
Junior and other subordinated debentures, at amortized cost	107,781		107,838		107,895		107,952		108,009		—	%	—	%
Operating lease liabilities	123,082		129,240		130,576		129,845		132,099		(5)	%	(7)	%

Other liabilities	908,629		900,406		814,512		924,560		831,097		1	%	9	%
Total liabilities	47,070,811		47,266,761		47,178,562		47,361,653		48,763,908		—	%	(3)	%
Shareholders' equity:

Common stock	5,807,041		5,802,322		5,802,747		5,798,167		5,792,792		—	%	—	%
Accumulated deficit	(374,687)		(418,946)		(467,571)		(485,576)		(545,842)		(11)	%	(31)	%
Accumulated other comprehensive loss	(455,682)		(426,131)		(340,142)		(680,429)		(418,762)		7	%	9	%
Total shareholders' equity	4,976,672		4,957,245		4,995,034		4,632,162		4,828,188		—	%	3	%
Total liabilities and shareholders' equity	$	52,047,483	$	52,224,006	$	52,173,596	$	51,993,815	$	53,592,096	—	%	(3)	%

Common shares outstanding at period end	209,459		209,370		208,585		208,575		208,514		—	%	—	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.36		—	%	—	%
Book value	$	23.76		$	23.68		$	23.95		$	22.21		$	23.16		—	%	3	%
Tangible book value (1)	$	16.26		$	16.03		$	16.12		$	14.22		$	15.02		1	%	8	%

Performance Ratios:
Efficiency ratio (2)	59.02		%	60.57		%	64.81		%	57.82		%	62.60		%	(1.55)		(3.58)
Non-interest expense to average assets (1)	2.16		%	2.22		%	2.58		%	2.28		%	2.46		%	(0.06)		(0.30)
Return on average assets ("ROAA")	0.93		%	0.96		%	0.72		%	1.02		%	1.00		%	(0.03)		(0.07)
Pre-provision net revenue ("PPNR") ROAA (1)	1.49		%	1.44		%	1.39		%	1.65		%	1.46		%	0.05		0.03
Return on average common equity	9.85		%	10.01		%	7.90		%	11.07		%	10.84		%	(0.16)		(0.99)
Return on average tangible common equity (1)	14.55		%	14.82		%	12.19		%	16.93		%	16.63		%	(0.27)		(2.08)

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (5), (6)	53.56		%	56.97		%	57.31		%	51.26		%	54.04		%	(3.41)		(0.48)
Operating non-interest expense to average assets (1)	2.03		%	2.14		%	2.25		%	2.10		%	2.22		%	(0.11)		(0.19)
Operating ROAA (1), (6)	1.08		%	1.04		%	0.89		%	1.23		%	1.27		%	0.04		(0.19)
Operating PPNR ROAA (1), (6)	1.70		%	1.55		%	1.62		%	1.94		%	1.82		%	0.15		(0.12)
Operating return on average common equity (1), (6)	11.47		%	10.89		%	9.81		%	13.40		%	13.77		%	0.58		(2.30)
Operating return on average tangible common equity (1), (6)	16.96		%	16.12		%	15.14		%	20.48		%	21.13		%	0.84		(4.17)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.20		%	6.13		%	6.13		%	6.08		%	5.95		%	0.07		0.25
Yield on earning assets (2)	5.80		%	5.69		%	5.75		%	5.65		%	5.48		%	0.11		0.32
Cost of interest bearing deposits	2.97		%	2.88		%	2.54		%	2.01		%	1.64		%	0.09		1.33
Cost of interest bearing liabilities	3.31		%	3.25		%	3.02		%	2.72		%	2.45		%	0.06		0.86
Cost of total deposits	2.01		%	1.92		%	1.63		%	1.23		%	0.99		%	0.09		1.02
Cost of total funding (3)	2.34		%	2.27		%	2.05		%	1.81		%	1.61		%	0.07		0.73
Net interest margin (2)	3.56		%	3.52		%	3.78		%	3.91		%	3.93		%	0.04		(0.37)
Average interest bearing cash / Average interest earning assets	3.51		%	3.56		%	3.64		%	5.17		%	5.47		%	(0.05)		(1.96)
Average loans and leases / Average interest earning assets	78.27		%	77.87		%	78.04		%	75.64		%	75.18		%	0.40		3.09
Average loans and leases / Average total deposits	90.61		%	90.41		%	89.91		%	90.63		%	90.98		%	0.20		(0.37)
Average non-interest bearing deposits / Average total deposits	32.54		%	33.29		%	35.88		%	38.55		%	40.05		%	(0.75)		(7.51)
Average total deposits / Average total funding (3)	90.15		%	90.09		%	90.02		%	86.66		%	85.59		%	0.06		4.56

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.41		%	0.38		%	0.30		%	0.28		%	0.22		%	0.03		0.19
Non-performing assets to total assets	0.30		%	0.28		%	0.22		%	0.20		%	0.15		%	0.02		0.15
Allowance for credit losses to loans and leases	1.16		%	1.16		%	1.24		%	1.18		%	1.15		%	—		0.01
Total risk-based capital ratio (4)	12.1		%	12.0		%	11.9		%	11.6		%	11.3		%	0.10		0.80
Common equity tier 1 risk-based capital ratio (4)	9.9		%	9.8		%	9.6		%	9.5		%	9.2		%	0.10		0.70


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Six Months Ended						% Change
	Jun 30, 2024			Jun 30, 2023			Year over Year
Per Common Share Data:
Dividends	$	0.72		$	0.71		1.41	%

Performance Ratios:
Efficiency ratio (2)	59.80		%	70.30		%	(10.50)
Non-interest expense to average assets (1)	2.19		%	2.91		%	(0.72)
Return on average assets	0.94		%	0.52		%	0.42
PPNR ROAA (1)	1.47		%	1.22		%	0.25
Return on average common equity	9.93		%	5.80		%	4.13
Return on average tangible common equity (1)	14.69		%	8.09		%	6.60

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (4), (5)	55.26		%	53.51		%	1.75
Operating non-interest expense to average assets (1)	2.08		%	2.26		%	(0.18)
Operating ROAA (1), (5)	1.06		%	1.04		%	0.02
Operating PPNR ROAA (1), (5)	1.62		%	1.90		%	(0.28)
Operating return on average common equity (1), (5)	11.18		%	11.72		%	(0.54)
Operating return on average tangible common equity (1), (5)	16.54		%	16.34		%	0.20

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.17		%	5.77		%	0.40
Yield on earning assets (2)	5.75		%	5.35		%	0.40
Cost of interest bearing deposits	2.93		%	1.50		%	1.43
Cost of interest bearing liabilities	3.28		%	2.19		%	1.09
Cost of total deposits	1.96		%	0.90		%	1.06
Cost of total funding (3)	2.31		%	1.42		%	0.89
Net interest margin (2)	3.54		%	3.99		%	(0.45)
Average interest bearing cash / Average interest earning assets	3.54		%	4.99		%	(1.45)
Average loans and leases / Average interest earning assets	78.07		%	77.64		%	0.43
Average loans and leases / Average total deposits	90.51		%	91.87		%	(1.36)
Average non-interest bearing deposits / Average total deposits	32.91		%	39.69		%	(6.78)
Average total deposits / Average total funding (3)	90.12		%	88.03		%	2.09


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	6,407,351		$	6,557,768		$	6,482,940		$	6,490,638		$	6,434,673		(2)	%	—	%
Owner occupied term, net	5,230,511			5,231,676			5,195,605			5,235,227			5,254,401			—	%	—	%
Multifamily, net	5,868,848			5,828,960			5,704,734			5,684,495			5,622,875			1	%	4	%
Construction & development, net	1,946,693			1,728,652			1,747,302			1,669,918			1,528,924			13	%	27	%
Residential development, net	269,106			284,117			323,899			354,922			388,641			(5)	%	(31)	%
Commercial:
Term, net	5,559,548			5,544,450			5,536,765			5,437,915			5,449,787			—	%	2	%
Lines of credit & other, net	2,558,633			2,491,557			2,430,127			2,353,548			2,268,790			3	%	13	%
Leases & equipment finance, net	1,701,943			1,706,759			1,729,512			1,728,991			1,740,037			—	%	(2)	%
Residential:
Mortgage, net	5,992,163			6,128,884			6,157,166			6,121,838			6,272,898			(2)	%	(4)	%
Home equity loans & lines, net	1,982,786			1,950,421			1,938,166			1,899,948			1,898,958			2	%	4	%
Consumer & other, net	192,405			189,169			195,735			193,158			189,315			2	%	2	%
Total loans and leases, net of deferred fees and costs	$	37,709,987		$	37,642,413		$	37,441,951		$	37,170,598		$	37,049,299		—	%	2	%

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


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	13,481,616		$	13,808,554		$	14,256,452		$	15,532,948		$	16,019,408		(2)	%	(16)	%
Demand, interest bearing	8,195,284			8,095,211			8,044,432			6,898,831			6,300,082			1	%	30	%
Money market	10,927,813			10,822,498			10,324,454			10,349,217			10,115,908			1	%	8	%
Savings	2,508,598			2,640,060			2,754,113			3,018,706			3,171,714			(5)	%	(21)	%
Time	6,409,961			6,339,837			6,227,569			5,824,666			5,227,805			1	%	23	%
Total	$	41,523,272		$	41,706,160		$	41,607,020		$	41,624,368		$	40,834,917		—	%	2	%

Total core deposits (1)	$	37,159,069		$	37,436,569		$	37,423,402		$	37,597,830		$	37,639,368		(1)	%	(1)	%

Deposit mix:
Demand, non-interest bearing	33		%	34		%	34		%	37		%	39		%
Demand, interest bearing	20		%	19		%	19		%	17		%	15		%
Money market	26		%	26		%	25		%	25		%	25		%
Savings	6		%	6		%	7		%	7		%	8		%
Time	15		%	15		%	15		%	14		%	13		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate, net	$	37,584		$	39,736		$	28,689		$	26,053		$	10,994		(5)	%	242	%
	Commercial, net	54,986			58,960			45,682			44,341			39,316			(7)	%	40	%


	Total loans and leases on non-accrual status	92,570			98,696			74,371			70,394			50,310			(6)	%	84	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate, net	—			253			870			71			184			(100)	%	(100)	%
	Commercial, net	5,778			10,733			8,232			8,606			7,720			(46)	%	(25)	%
	Residential, net (2)	54,525			31,916			29,102			25,180			21,370			71	%	155	%
	Consumer & other, net	220			437			326			240			399			(50)	%	(45)	%
	Total loans and leases past due 90+ days and accruing (2)	60,523			43,339			38,530			34,097			29,673			40	%	104	%
Total non-performing loans and leases (1), (2)		153,093			142,035			112,901			104,491			79,983			8	%	91	%
Other real estate owned		2,839			1,762			1,036			1,170			278			61	%	nm
Total non-performing assets (1), (2)		$	155,932		$	143,797		$	113,937		$	105,661		$	80,261		8	%	94	%


Loans and leases past due 31-89 days		$	85,998		$	109,673		$	85,235		$	82,918		$	73,376		(22)	%	17	%
Loans and leases past due 31-89 days to total loans and leases		0.23		%	0.29		%	0.23		%	0.22		%	0.20		%	(0.06)		0.03
Non-performing loans and leases to total loans and leases (1), (2)		0.41		%	0.38		%	0.30		%	0.28		%	0.22		%	0.03		0.19
Non-performing assets to total assets (1), (2)		0.30		%	0.28		%	0.22		%	0.20		%	0.15		%	0.02		0.15


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


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	414,344		$	440,871		$	416,560		$	404,603		$	417,464		(6)	%	(1)	%

Provision for credit losses on loans and leases		34,760			17,476			53,183			35,082			15,216			99	%	128	%
Charge-offs
	Commercial real estate, net	(585)			(161)			(629)			—			(174)			263	%	236	%
	Commercial, net	(33,561)			(47,232)			(31,949)			(26,629)			(32,036)			(29)	%	5	%
	Residential, net	(504)			(490)			(89)			(206)			(4)			3	%	nm
	Consumer & other, net	(1,551)			(1,870)			(1,841)			(1,884)			(1,264)			(17)	%	23	%
	Total charge-offs	(36,201)			(49,753)			(34,508)			(28,719)			(33,478)			(27)	%	8	%
Recoveries
	Commercial real estate, net	551			358			35			31			209			54	%	164	%
	Commercial, net	4,198			4,732			4,414			4,901			4,511			(11)	%	(7)	%
	Residential, net	411			170			781			156			63			142	%	nm
	Consumer & other, net	608			490			406			506			618			24	%	(2)	%
	Total recoveries	5,768			5,750			5,636			5,594			5,401			0	%	7	%
Net (charge-offs) recoveries
	Commercial real estate, net	(34)			197			(594)			31			35			(117)	%	(197)	%
	Commercial, net	(29,363)			(42,500)			(27,535)			(21,728)			(27,525)			(31)	%	7	%
	Residential, net	(93)			(320)			692			(50)			59			(71)	%	(258)	%
	Consumer & other, net	(943)			(1,380)			(1,435)			(1,378)			(646)			(32)	%	46	%
	Total net charge-offs	(30,433)			(44,003)			(28,872)			(23,125)			(28,077)			(31)	%	8	%
Balance, end of period		$	418,671		$	414,344		$	440,871		$	416,560		$	404,603		1	%	3	%
Reserve for unfunded commitments
Balance, beginning of period		$	22,868		$	23,208		$	21,482		$	19,827		$	19,029		(1)	%	20	%

(Recapture) provision for credit losses on unfunded commitments		(2,940)			(340)			1,726			1,655			798			nm		(468)	%
Balance, end of period		19,928			22,868			23,208			21,482			19,827			(13)	%	1	%
Total Allowance for credit losses (ACL)		$	438,599		$	437,212		$	464,079		$	438,042		$	424,430		0	%	3	%

Net charge-offs to average loans and leases (annualized)		0.32		%	0.47		%	0.31		%	0.25		%	0.30		%	(0.15)		0.02
Recoveries to gross charge-offs		15.93		%	11.56		%	16.33		%	19.48		%	16.13		%	4.37		(0.20)
ACLLL to loans and leases		1.11		%	1.10		%	1.18		%	1.12		%	1.09		%	0.01		0.02
ACL to loans and leases		1.16		%	1.16		%	1.24		%	1.18		%	1.15		%	—		0.01

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


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Six Months Ended						% Change
($ in thousands)		Jun 30, 2024			Jun 30, 2023			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	440,871		$	301,135		46	%


Initial ACL recorded for PCD loans acquired during the period		—			26,492			(100)	%
Provision for credit losses on loans and leases (1)		52,236			121,714			(57)	%
Charge-offs
	Commercial real estate, net	(746)			(174)			329	%
	Commercial, net	(80,793)			(51,284)			58	%
	Residential, net	(994)			(252)			294	%
	Consumer & other, net	(3,421)			(2,037)			68	%
	Total charge-offs	(85,954)			(53,747)			60	%
Recoveries
	Commercial real estate, net	909			267			240	%
	Commercial, net	8,930			7,569			18	%
	Residential, net	581			186			212	%
	Consumer & other, net	1,098			987			11	%
	Total recoveries	11,518			9,009			28	%
Net (charge-offs) recoveries
	Commercial real estate, net	163			93			75	%
	Commercial, net	(71,863)			(43,715)			64	%
	Residential, net	(413)			(66)			nm
	Consumer & other, net	(2,323)			(1,050)			121	%
	Total net charge-offs	(74,436)			(44,738)			66	%
Balance, end of period		$	418,671		$	404,603		3	%
Reserve for unfunded commitments
Balance, beginning of period		$	23,208		$	14,221		63	%
Initial ACL recorded for unfunded commitments acquired during the period		—			5,767			(100)	%
Recapture for credit losses on unfunded commitments		(3,280)			(161)			nm
Balance, end of period		19,928			19,827			1	%
Total Allowance for credit losses (ACL)		$	438,599		$	424,430		3	%

Net charge-offs to average loans and leases (annualized)		0.40		%	0.27		%	0.13
Recoveries to gross charge-offs		13.40		%	16.76		%	(3.36)

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, 2024						March 31, 2024						June 30, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	101,516	$	1,628	6.42	%	$	30,550	$	525	6.88	%	$	46,794	$	682	5.83	%
Loans and leases (1)	37,663,396		582,246		6.20	%	37,597,101		574,519		6.13	%	37,169,315		551,997		5.95	%
Taxable securities	7,839,202		81,723		4.17	%	8,081,003		78,724		3.90	%	8,656,147		81,617		3.77	%
Non-taxable securities (2)	825,030		7,889		3.82	%	851,342		7,886		3.71	%	865,278		8,010		3.70	%
Temporary investments and interest-bearing cash	1,688,602		23,035		5.49	%	1,720,791		23,553		5.51	%	2,704,984		34,616		5.13	%
Total interest-earning assets (1), (2)	48,117,746		$	696,521	5.80	%	48,280,787		$	685,207	5.69	%	49,442,518		$	676,922	5.48	%
Goodwill and other intangible assets	1,588,239						1,619,134						1,718,705
Other assets	2,275,570						2,184,052						2,379,351
Total assets	$	51,981,555					$	52,083,973					$	53,540,574
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,147,516	$	53,890	2.66	%	$	8,035,339	$	51,378	2.57	%	$	6,131,117	$	17,277	1.15	%
Money market deposits	10,849,259		76,466		2.83	%	10,612,073		72,497		2.75	%	10,362,495		41,703		1.60	%
Savings deposits	2,555,458		929		0.15	%	2,688,360		715		0.11	%	3,297,138		877		0.11	%
Time deposits	6,488,923		76,022		4.71	%	6,406,807		73,845		4.64	%	4,703,967		40,551		3.46	%
Total interest-bearing deposits	28,041,156		207,307		2.97	%	27,742,579		198,435		2.88	%	24,494,717		100,408		1.64	%
Repurchase agreements and federal funds purchased	224,973		1,515		2.71	%	231,667		1,266		2.20	%	284,347		1,071		1.51	%
Borrowings	3,900,000		49,418		5.10	%	3,920,879		51,275		5.26	%	6,187,363		81,004		5.25	%
Junior and other subordinated debentures	417,329		9,847		9.49	%	423,528		9,887		9.39	%	405,989		9,271		9.16	%
Total interest-bearing liabilities	32,583,458		$	268,087	3.31	%	32,318,653		$	260,863	3.25	%	31,372,416		$	191,754	2.45	%
Non-interest-bearing deposits	13,526,483						13,841,582						16,361,541
Other liabilities	963,375						937,863						871,378
Total liabilities	47,073,316						47,098,098						48,605,335
Common equity	4,908,239						4,985,875						4,935,239
Total liabilities and shareholders' equity	$	51,981,555					$	52,083,973					$	53,540,574
NET INTEREST INCOME (2)			$	428,434					$	424,344					$	485,168
NET INTEREST SPREAD (2)					2.49	%					2.44	%					3.03	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.56	%					3.52	%					3.93	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Six Months Ended
	June 30, 2024						June 30, 2023
($ in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	66,033	$	2,153	6.52	%	$	50,381	$	1,481	5.88	%
Loans and leases (1)	37,630,248		1,156,765		6.17	%	33,603,781		964,723		5.77	%
Taxable securities	7,960,102		160,447		4.03	%	6,818,764		122,065		3.58	%
Non-taxable securities (2)	838,186		15,775		3.76	%	652,332		12,078		3.70	%
Temporary investments and interest-bearing cash	1,704,697		46,588		5.50	%	2,158,071		53,197		4.97	%
Total interest-earning assets (1), (2)	48,199,266		$	1,381,728	5.75	%	43,283,329		$	1,153,544	5.35	%
Goodwill and other intangible assets	1,603,686						1,173,900
Other assets	2,229,811						2,065,036
Total assets	$	52,032,763					$	46,522,265
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,091,427	$	105,268	2.62	%	$	5,448,974	$	27,092	1.00	%
Money market deposits	10,730,666		148,963		2.79	%	9,657,738		73,941		1.54	%
Savings deposits	2,621,909		1,644		0.13	%	2,993,450		1,433		0.10	%
Time deposits	6,447,865		149,867		4.67	%	3,958,688		61,555		3.14	%
Total interest-bearing deposits	27,891,867		405,742		2.93	%	22,058,850		164,021		1.50	%
Repurchase agreements and federal funds purchased	228,320		2,781		2.45	%	282,699		1,477		1.05	%
Borrowings	3,910,440		100,693		5.18	%	4,280,632		109,768		5.17	%
Junior and other subordinated debentures	420,428		19,734		9.44	%	411,944		17,741		8.68	%
Total interest-bearing liabilities	32,451,055		$	528,950	3.28	%	27,034,125		$	293,007	2.19	%
Non-interest-bearing deposits	13,684,032						14,518,864
Other liabilities	950,619						822,396
Total liabilities	47,085,706						42,375,385
Common equity	4,947,057						4,146,880
Total liabilities and shareholders' equity	$	52,032,763					$	46,522,265
NET INTEREST INCOME (2)			$	852,778					$	860,537
NET INTEREST SPREAD (2)					2.47	%					3.16	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.54	%					3.99	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
($ in thousands)	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	3,452		$	2,920		$	2,686		$	2,442		$	3,166		18	%	9	%
Servicing	5,952			6,021			5,966			8,887			9,167			(1)	%	(35)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,183)			(3,153)			(3,215)			(4,801)			(4,797)			1	%	(34)	%
Changes due to valuation inputs or assumptions	1,238			3,117			(6,251)			5,308			(2,242)			(60)	%	nm
MSR hedge (loss) gain	(1,611)			(4,271)			5,026			(4,733)			(7,636)			(62)	%	(79)	%
Total	$	5,848		$	4,634		$	4,212		$	7,103		$	(2,342)		26	%	nm

Closed loan volume for-sale	$	140,875		$	86,903		$	87,033		$	103,333		$	119,476		62	%	18	%
Gain on sale margin	2.45		%	3.36		%	3.09		%	2.36		%	2.65		%	-0.91		-0.20

Residential mortgage servicing rights:
Balance, beginning of period	$	110,444		$	109,243		$	117,640		$	172,929		$	178,800		1	%	(38)	%
Additions for new MSR capitalized	1,540			1,237			920			1,658			1,168			24	%	32	%
Sale of MSR assets	—			—			149			(57,454)			—			nm		nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,183)			(3,153)			(3,215)			(4,801)			(4,797)			1	%	(34)	%
Changes due to valuation inputs or assumptions	1,238			3,117			(6,251)			5,308			(2,242)			(60)	%	nm
Balance, end of period	$	110,039		$	110,444		$	109,243		$	117,640		$	172,929		—	%	(36)	%

Residential mortgage loans serviced for others	$	8,120,046		$	8,081,039		$	8,175,664		$	8,240,950		$	12,726,615		—	%	(36)	%
MSR as % of serviced portfolio	1.36		%	1.37		%	1.34		%	1.43		%	1.36		%	(0.01)		0.00

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


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Six Months Ended						% Change
($ in thousands)	Jun 30, 2024			Jun 30, 2023			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	6,372		$	6,753		(6)	%
Servicing	11,973			18,564			(36)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,336)			(9,678)			(35)	%
Changes due to valuation inputs or assumptions	4,355			(5,179)			nm
MSR hedge loss	(5,882)			(4,986)			18	%
Total	$	10,482		$	5,474		91	%

Closed loan volume for-sale	$	227,778		$	251,202		(9)	%
Gain on sale margin	2.80		%	2.69		%	0.11

Residential mortgage servicing rights:
Balance, beginning of period	$	109,243		$	185,017		(41)	%
Additions for new MSR capitalized	2,777			2,769			0	%

Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,336)			(9,678)			(35)	%
Changes due to valuation inputs or assumptions	4,355			(5,179)			nm
Balance, end of period	$	110,039		$	172,929		(36)	%

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

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	4,976,672		$	4,957,245		$	4,995,034		$	4,632,162		$	4,828,188		—	%	3	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		542,358			571,588			603,679			636,883			666,762			(5)	%	(19)	%
Tangible common shareholders' equity	b	$	3,405,080		$	3,356,423		$	3,362,121		$	2,966,045		$	3,132,192		1	%	9	%



Total assets	c	$	52,047,483		$	52,224,006		$	52,173,596		$	51,993,815		$	53,592,096		—	%	(3)	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,029,234			—	%	—	%
Less: Other intangible assets, net		542,358			571,588			603,679			636,883			666,762			(5)	%	(19)	%
Tangible assets	d	$	50,475,891		$	50,623,184		$	50,540,683		$	50,327,698		$	51,896,100		—	%	(3)	%
Common shares outstanding at period end	e	209,459			209,370			208,585			208,575			208,514			—	%	—	%

Total shareholders' equity to total assets ratio	a / c	9.56		%	9.49		%	9.57		%	8.91		%	9.01		%	0.07		0.55
Tangible common equity ratio	b / d	6.75		%	6.63		%	6.65		%	5.89		%	6.04		%	0.12		0.71

Book value per common share	a / e	$	23.76		$	23.68		$	23.95		$	22.21		$	23.16		—	%	3	%
Tangible book value per common share	b / e	$	16.26		$	16.03		$	16.12		$	14.22		$	15.02		1	%	8	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
(Loss) gain on sale of debt securities, net		$	(1)	$	12	$	9	$	4	$	—	(108)	%	nm
Gain (loss) on equity securities, net		325		(1,565)		2,636		(2,055)		(697)		nm		nm
Gain (loss) on swap derivatives		424		1,197		(8,042)		5,700		1,288		(65)	%	(67)	%
Change in fair value of certain loans held for investment		(10,114)		(2,372)		19,354		(19,247)		(6,965)		326	%	45	%
Change in fair value of MSR due to valuation inputs or assumptions		1,238		3,117		(6,251)		5,308		(2,242)		(60)	%	nm
MSR hedge (loss) gain		(1,611)		(4,271)		5,026		(4,733)		(7,636)		(62)	%	(79)	%
Total non-interest income adjustments	a	$	(9,739)	$	(3,882)	$	12,732	$	(15,023)	$	(16,252)	151	%	(40)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	14,641	$	4,478	$	7,174	$	18,938	$	29,649	227	%	(51)	%
Exit and disposal costs		1,218		1,272		2,791		4,017		2,119		(4)	%	(43)	%
FDIC special assessment (2)		884		4,848		32,923		—		—		(82)	%	nm
Total non-interest expense adjustments	b	$	16,743	$	10,598	$	42,888	$	22,955	$	31,768	58	%	(47)	%

Net interest income	c	$	427,449	$	423,362	$	453,623	$	480,875	$	483,975	1	%	(12)	%

Non-interest income (GAAP)	d	$	44,703	$	50,357	$	65,533	$	43,981	$	39,678	(11)	%	13	%
Less: Non-interest income adjustments	a	9,739		3,882		(12,732)		15,023		16,252		151	%	(40)	%
Operating non-interest income (non-GAAP)	e	$	54,442	$	54,239	$	52,801	$	59,004	$	55,930	—	%	(3)	%

Revenue (GAAP)	f=c+d	$	472,152	$	473,719	$	519,156	$	524,856	$	523,653	—	%	(10)	%
Operating revenue (non-GAAP)	g=c+e	$	481,891	$	477,601	$	506,424	$	539,879	$	539,905	1	%	(11)	%

Non-interest expense (GAAP)	h	$	279,244	$	287,516	$	337,176	$	304,147	$	328,559	(3)	%	(15)	%
Less: Non-interest expense adjustments	b	(16,743)		(10,598)		(42,888)		(22,955)		(31,768)		58	%	(47)	%
Operating non-interest expense (non-GAAP)	i	$	262,501	$	276,918	$	294,288	$	281,192	$	296,791	(5)	%	(12)	%

Net income (GAAP)	j	$	120,144	$	124,080	$	93,531	$	135,845	$	133,377	(3)	%	(10)	%
Provision for income taxes		40,944		44,987		33,540		48,127		45,703		(9)	%	(10)	%
Income before provision for income taxes		161,088		169,067		127,071		183,972		179,080		(5)	%	(10)	%
Provision for credit losses		31,820		17,136		54,909		36,737		16,014		86	%	99	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	192,908		186,203		181,980		220,709		195,094		4	%	(1)	%
Less: Non-interest income adjustments	a	9,739		3,882		(12,732)		15,023		16,252		151	%	(40)	%
Add: Non-interest expense adjustments	b	16,743		10,598		42,888		22,955		31,768		58	%	(47)	%
Operating PPNR (non-GAAP)	l	$	219,390	$	200,683	$	212,136	$	258,687	$	243,114	9	%	(10)	%

Net income (GAAP)	j	$	120,144	$	124,080	$	93,531	$	135,845	$	133,377	(3)	%	(10)	%
Less: Non-interest income adjustments	a	9,739		3,882		(12,732)		15,023		16,252		151	%	(40)	%
Add: Non-interest expense adjustments	b	16,743		10,598		42,888		22,955		31,768		58	%	(47)	%
Tax effect of adjustments		(6,621)		(3,620)		(7,539)		(9,482)		(11,981)		83	%	(45)	%
Operating net income (non-GAAP)	m	$	140,005	$	134,940	$	116,148	$	164,341	$	169,416	4	%	(17)	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended															% Change
($ in thousands, except per share data)		Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Average assets	n	$	51,981,555		$	52,083,973		$	51,832,356		$	53,011,361		$	53,540,574		—	%	(3)	%
Less: Average goodwill and other intangible assets, net		1,588,239			1,619,134			1,652,282			1,684,093			1,718,705			(2)	%	(8)	%
Average tangible assets	o	$	50,393,316		$	50,464,839		$	50,180,074		$	51,327,268		$	51,821,869		—	%	(3)	%

Average common shareholders' equity	p	$	4,908,239		$	4,985,875		$	4,695,736		$	4,866,975		$	4,935,239		(2)	%	(1)	%
Less: Average goodwill and other intangible assets, net		1,588,239			1,619,134			1,652,282			1,684,093			1,718,705			(2)	%	(8)	%
Average tangible common equity	q	$	3,320,000		$	3,366,741		$	3,043,454		$	3,182,882		$	3,216,534		(1)	%	3	%

Weighted average basic shares outstanding	r	208,498			208,260			208,083			208,070			207,977			—	%	—	%
Weighted average diluted shares outstanding	s	209,011			208,956			208,739			208,645			208,545			—	%	—	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.58		$	0.60		$	0.45		$	0.65		$	0.64		(3)	%	(9)	%
Earnings-per-share - diluted	j / s	$	0.57		$	0.59		$	0.45		$	0.65		$	0.64		(3)	%	(11)	%
Efficiency ratio (1)	h / f	59.02		%	60.57		%	64.81		%	57.82		%	62.60		%	(1.55)		(3.58)
Non-interest expense to average assets	h / n	2.16		%	2.22		%	2.58		%	2.28		%	2.46		%	(0.06)		(0.30)
Return on average assets	j / n	0.93		%	0.96		%	0.72		%	1.02		%	1.00		%	(0.03)		(0.07)
Return on average tangible assets	j / o	0.96		%	0.99		%	0.74		%	1.05		%	1.03		%	(0.03)		(0.07)
PPNR return on average assets	k / n	1.49		%	1.44		%	1.39		%	1.65		%	1.46		%	0.05		0.03
Return on average common equity	j / p	9.85		%	10.01		%	7.90		%	11.07		%	10.84		%	(0.16)		(0.99)
Return on average tangible common equity	j / q	14.55		%	14.82		%	12.19		%	16.93		%	16.63		%	(0.27)		(2.08)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	0.67		$	0.65		$	0.56		$	0.79		$	0.81		3	%	(17)	%
Operating earnings-per-share - diluted (2)	m / s	$	0.67		$	0.65		$	0.56		$	0.79		$	0.81		3	%	(17)	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	53.56		%	56.97		%	57.31		%	51.26		%	54.04		%	(3.41)		(0.48)
Operating non-interest expense to average assets	i / n	2.03		%	2.14		%	2.25		%	2.10		%	2.22		%	(0.11)		(0.19)
Operating return on average assets (2)	m / n	1.08		%	1.04		%	0.89		%	1.23		%	1.27		%	0.04		(0.19)
Operating return on average tangible assets (2)	m / o	1.12		%	1.08		%	0.92		%	1.27		%	1.31		%	0.04		(0.19)
Operating PPNR return on average assets (2)	l / n	1.70		%	1.55		%	1.62		%	1.94		%	1.82		%	0.15		(0.12)
Operating return on average common equity (2)	m / p	11.47		%	10.89		%	9.81		%	13.40		%	13.77		%	0.58		(2.30)
Operating return on average tangible common equity (2)	m / q	16.96		%	16.12		%	15.14		%	20.48		%	21.13		%	0.84		(4.17)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	279,244		$	287,516		$	337,176		$	304,147		$	328,559		(3)	%	(15)	%
Less: Non-interest expense adjustments	b	(16,743)			(10,598)			(42,888)			(22,955)			(31,768)			58	%	(47)	%
Operating non-interest expense (non-GAAP)	i	262,501			276,918			294,288			281,192			296,791			(5)	%	(12)	%
Less: B&O taxes	t	(3,183)			(3,223)			(2,727)			(3,275)			(3,647)			(1)	%	(13)	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	259,318		$	273,695		$	291,561		$	277,917		$	293,144		(5)	%	(12)	%

Net interest income (tax equivalent) (1)	v	$	428,434		$	424,344		$	454,730		$	482,031		$	485,168		1	%	(12)	%
Non-interest income (GAAP)	d	44,703			50,357			65,533			43,981			39,678			(11)	%	13	%
Add: BOLI tax equivalent adjustment (1)	w	1,291			1,809			1,182			1,178			1,360			(29)	%	(5)	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	474,428			476,510			521,445			527,190			526,206			—	%	(10)	%
Less: Non-interest income adjustments	a	9,739			3,882			(12,732)			15,023			16,252			151	%	(40)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	484,167		$	480,392		$	508,713		$	542,213		$	542,458		1	%	(11)	%

Efficiency ratio (1)	h / f	59.02		%	60.57		%	64.81		%	57.82		%	62.60		%	(1.55)		(3.58)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	53.56		%	56.97		%	57.31		%	51.26		%	54.04		%	(3.41)		(0.48)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Six Months Ended				% Change
($ in thousands)		Jun 30, 2024		Jun 30, 2023		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	11	$	—	nm
(Loss) gain on equity securities, net		(1,240)		1,719		(172)	%
Gain (loss) on swap derivatives		1,621		(2,255)		nm
Change in fair value of certain loans held for investment		(12,486)		2,523		nm
Change in fair value of MSR due to valuation inputs or assumptions		4,355		(5,179)		nm
MSR hedge loss		(5,882)		(4,986)		18	%
Total non-interest income adjustments	a	$	(13,621)	$	(8,178)	67	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	19,119	$	145,547	(87)	%
Exit and disposal costs		2,490		3,410		(27)	%
FDIC special assessment (2)		$	5,732	$	—	nm
Total non-interest expense adjustments	b	$	27,341	$	148,957	(82)	%

Net interest income	c	$	850,811	$	858,673	(1)	%

Non-interest income (GAAP)	d	$	95,060	$	94,413	1	%
Less: Non-interest income adjustments	a	13,621		8,178		67	%
Operating non-interest income (non-GAAP)	e	$	108,681	$	102,591	6	%

Revenue (GAAP)	f=c+d	$	945,871	$	953,086	(1)	%
Operating revenue (non-GAAP)	g=c+e	$	959,492	$	961,264	—	%

Non-interest expense (GAAP)	h	$	566,760	$	671,377	(16)	%
Less: Non-interest expense adjustments	b	(27,341)		(148,957)		(82)	%
Operating non-interest expense (non-GAAP)	i	$	539,419	$	522,420	3	%

Net income (GAAP)	j	$	244,224	$	119,339	105	%
Provision for income taxes		85,931		40,817		111	%
Income before provision for income taxes		330,155		160,156		106	%
Provision for credit losses		48,956		121,553		(60)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	379,111		281,709		35	%
Less: Non-interest income adjustments	a	13,621		8,178		67	%
Add: Non-interest expense adjustments	b	27,341		148,957		(82)	%
Operating PPNR (non-GAAP)	l	$	420,073	$	438,844	(4)	%

Net income (GAAP)	j	$	244,224	$	119,339	105	%
Less: Non-interest income adjustments	a	13,621		8,178		67	%
Add: Non-interest expense adjustments	b	27,341		148,957		(82)	%
Tax effect of adjustments		(10,241)		(35,546)		(71)	%
Operating net income (non-GAAP)	m	$	274,945	$	240,928	14	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Six Months Ended						% Change
($ in thousands)		Jun 30, 2024			Jun 30, 2023			Year over Year
Average assets	n	$	52,032,763		$	46,522,265		12	%
Less: Average goodwill and other intangible assets, net		1,603,686			1,173,900			37	%
Average tangible assets	o	$	50,429,077		$	45,348,365		11	%

Average common shareholders' equity	p	$	4,947,057		$	4,146,880		19	%
Less: Average goodwill and other intangible assets, net		1,603,686			1,173,900			37	%
Average tangible common equity	q	$	3,343,371		$	2,972,980		12	%

Weighted average basic shares outstanding	r	208,379			182,325			14	%
Weighted average diluted shares outstanding	s	208,999			182,860			14	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	1.17		$	0.65		80	%
Earnings-per-share - diluted	j / s	$	1.17		$	0.65		80	%
Efficiency ratio (1)	h / f	59.80		%	70.30		%	(10.50)
Non-interest expense to average assets	h/n	2.19		%	2.91		%	(0.72)
Return on average assets	j / n	0.94		%	0.52		%	0.42
Return on average tangible assets	j / o	0.97		%	0.53		%	0.44
PPNR return on average assets	k/n	1.47		%	1.22		%	0.25
Return on average common equity	j / p	9.93		%	5.80		%	4.13
Return on average tangible common equity	j / q	14.69		%	8.09		%	6.60

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	1.32		$	1.32		—	%
Operating earnings-per-share - diluted (2)	m / s	$	1.32		$	1.32		—	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	55.26		%	53.51		%	1.75
Operating non-interest expense to average assets	i/n	2.08		%	2.26		%	(0.18)
Operating return on average assets (2)	m / n	1.06		%	1.04		%	0.02
Operating return on average tangible assets (2)	m / o	1.10		%	1.07		%	0.03
Operating PPNR return on average assets (2)	l / n	1.62		%	1.90		%	(0.28)
Operating return on average common equity (2)	m / p	11.18		%	11.72		%	(0.54)
Operating return on average tangible common equity (2)	m / q	16.54		%	16.34		%	0.20


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Six Months Ended						% change
($ in thousands)		Jun 30, 2024			Jun 30, 2023			Year over Year
Non-interest expense (GAAP)	h	$	566,760		$	671,377		(16)	%
Less: Non-interest expense adjustments	b	(27,341)			(148,957)			(82)	%
Operating non-interest expense (non-GAAP)	i	539,419			522,420			3	%
Less: B&O taxes	t	(6,406)			(5,776)			11	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	533,013		$	516,644		3	%

Net interest income (tax equivalent) (1)	v	$	852,778		$	860,537		(1)	%
Non-interest income (GAAP)	d	95,060			94,413			1	%
Add: BOLI tax equivalent adjustment (1)	w	3,100			2,317			34	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	950,938			957,267			(1)	%
Less: Non-interest income adjustments	a	13,621			8,178			67	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	964,559		$	965,445		—	%

Efficiency ratio (1)	h /f	59.80		%	70.30		%	(10.50)
Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	55.26		%	53.51		%	1.75


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Seq. Quarter		Year over Year
Loans and leases interest income	a	$	582,246	$	574,519	$	577,092	$	567,929	$	551,997	1	%	5	%
Less: Acquired loan accretion - rate related (2), (3)	b	24,942		23,482		26,914		28,963		30,548		6	%	(18)	%

Less: Acquired loan accretion - credit related (3)	c	4,835		5,119		5,430		6,370		7,100		(6)	%	(32)	%

Adjusted loans and leases interest income	d=a-b-c	$	552,469	$	545,918	$	544,748	$	532,596	$	514,349	1	%	7	%

Taxable securities interest income	e	$	81,723	$	78,724	$	82,872	$	85,007	$	81,617	4	%	—	%

Less: Acquired taxable securities accretion - rate related	f	40,120		31,527		34,290		39,219		34,801		27	%	15	%
Adjusted Taxable securities interest income	g=e-f	$	41,603	$	47,197	$	48,582	$	45,788	$	46,816	(12)	%	(11)	%

Non-taxable securities interest income (1)	h	$	7,889	$	7,886	$	8,073	$	8,085	$	8,010	—	%	(2)	%

Less: Acquired non-taxable securities accretion - rate related	i	2,256		2,270		2,309		2,288		2,274		(1)	%	(1)	%
Adjusted Taxable securities interest income (1)	j=h-i	$	5,633	$	5,616	$	5,764	$	5,797	$	5,736	—	%	(2)	%

Interest income (1)	k	$	696,521	$	685,207	$	692,741	$	697,169	$	676,922	2	%	3	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	67,318		57,279		63,513		70,470		67,623		18	%	—	%
Less: Acquired loan accretion - credit related (3)	c	4,835		5,119		5,430		6,370		7,100		(6)	%	(32)	%
Adjusted interest income (1)	m=k-l-c	$	624,368	$	622,809	$	623,798	$	620,329	$	602,199	—	%	4	%

Interest-bearing deposits interest expense	n	$	207,307	$	198,435	$	170,659	$	126,974	$	100,408	4	%	106	%
Less: Acquired deposit accretion	o	—		—		(187)		(373)		(280)		nm		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	207,307	$	198,435	$	170,846	$	127,347	$	100,688	4	%	106	%

Interest expense	q	$	268,087	$	260,863	$	238,011	$	215,138	$	191,754	3	%	40	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(57)		(57)		(244)		(430)		(337)		—	%	(83)	%
Adjusted interest expense	s=q-r	$	268,144	$	260,920	$	238,255	$	215,568	$	192,091	3	%	40	%

Net Interest Income (1)	t	$	428,434	$	424,344	$	454,730	$	482,031	$	485,168	1	%	(12)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	67,375		57,336		63,757		70,900		67,960		18	%	(1)	%
Less: Acquired loan accretion - credit related (3)	c	4,835		5,119		5,430		6,370		7,100		(6)	%	(32)	%
Adjusted net interest income (1)	v=t-u-c	$	356,224	$	361,889	$	385,543	$	404,761	$	410,108	(2)	%	(13)	%

Average loans and leases	aa	37,663,396		37,597,101		37,333,310		37,050,518		37,169,315		—	%	1	%
Average taxable securities	ab	7,839,202		8,081,003		7,903,053		8,356,165		8,656,147		(3)	%	(9)	%
Average non-taxable securities	ac	825,030		851,342		809,551		844,417		865,278		(3)	%	(5)	%
Average interest-earning assets	ad	48,117,746		48,280,787		47,838,229		48,981,105		49,442,518		—	%	(3)	%
Average interest-bearing deposits	ae	28,041,156		27,742,579		26,622,343		25,121,745		24,494,717		1	%	14	%
Average interest-bearing liabilities	af	32,583,458		32,318,653		31,226,600		31,413,978		31,372,416		1	%	4	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Seq. Quarter	Year over Year
Average yield on loans and leases	a / aa	6.20	%	6.13	%	6.13	%	6.08	%	5.95	%	0.07	0.25

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.27	%	0.25	%	0.29	%	0.31	%	0.33	%	0.02	(0.06)

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.05	%	0.06	%	0.07	%	0.08	%	—	(0.03)
Adjusted average yield on loans and leases	d / aa	5.88	%	5.83	%	5.78	%	5.70	%	5.54	%	0.05	0.34

Average yield on taxable securities	e / ab	4.17	%	3.90	%	4.19	%	4.07	%	3.77	%	0.27	0.40

Less: Acquired taxable securities accretion - rate related	f / ab	2.06	%	1.57	%	1.72	%	1.86	%	1.61	%	0.49	0.45
Adjusted average yield on taxable securities	g / ab	2.11	%	2.33	%	2.47	%	2.21	%	2.16	%	(0.22)	(0.05)

Average yield on non-taxable securities (1)	h / ac	3.82	%	3.71	%	3.99	%	3.83	%	3.70	%	0.11	0.12

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.10	%	1.07	%	1.13	%	1.07	%	1.05	%	0.03	0.05
Adjusted yield on non-taxable securities (1)	j / ac	2.72	%	2.64	%	2.86	%	2.76	%	2.65	%	0.08	0.07

Average yield on interest-earning assets (1)	k / ad	5.80	%	5.69	%	5.75	%	5.65	%	5.48	%	0.11	0.32
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.56	%	0.48	%	0.53	%	0.57	%	0.55	%	0.08	0.01
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.04	%	0.05	%	0.05	%	0.06	%	—	(0.02)
Adjusted average yield on interest-earning assets (1)	m / ad	5.20	%	5.17	%	5.17	%	5.03	%	4.87	%	0.03	0.33

Average rate on interest-bearing deposits	n / ae	2.97	%	2.88	%	2.54	%	2.01	%	1.64	%	0.09	1.33
Less: Acquired deposit accretion	o / ae	—	%	—	%	—	%	(0.01)	%	—	%	—	—
Adjusted average rate on interest-bearing deposits	p / ae	2.97	%	2.88	%	2.54	%	2.02	%	1.64	%	0.09	1.33

Average rate on interest-bearing liabilities	q / af	3.31	%	3.25	%	3.02	%	2.72	%	2.45	%	0.06	0.86
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—	%	(0.01)	%	—	%	—	—
Adjusted average rate on interest-bearing liabilities	s / af	3.31	%	3.25	%	3.02	%	2.73	%	2.45	%	0.06	0.86

Net interest margin (1)	t / ad	3.56	%	3.52	%	3.78	%	3.91	%	3.93	%	0.04	(0.37)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.56	%	0.48	%	0.53	%	0.58	%	0.55	%	0.08	0.01
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.04	%	0.05	%	0.05	%	0.06	%	—	(0.02)
Adjusted net interest margin (1)	v / ad	2.96	%	3.00	%	3.20	%	3.28	%	3.32	%	(0.04)	(0.36)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Six Months Ended
($ in thousands)		Jun 30, 2024		Jun 30, 2023		Year over Year
Loans and leases interest income	a	$	1,156,765	$	964,723	20	%
Less: Acquired loan accretion - rate related (2), (3)	b	48,424		42,380		14	%

Less: Acquired loan accretion - credit related (3)	c	9,954		10,906		(9)	%

Adjusted loans and leases interest income	d=a-b-c	$	1,098,387	$	911,437	21	%

Taxable securities interest income	e	$	160,447	$	122,065	31	%

Less: Acquired taxable securities accretion - rate related	f	71,647		50,157		43	%
Adjusted Taxable securities interest income	g=e-f	$	88,800	$	71,908	23	%

Non-taxable securities interest income (1)	h	$	15,775	$	12,078	31	%

Less: Acquired non-taxable securities accretion - rate related	i	4,526		3,175		43	%
Adjusted Taxable securities interest income (1)	j=h-i	$	11,249	$	8,903	26	%

Interest income (1)	k	$	1,381,728	$	1,153,544	20	%
Less: Acquired loan and securities accretion - rate related (3)	l=b+f+i	124,597		95,712		30	%
Less: Acquired loan accretion - credit related (3)	c	9,954		10,906		(9)	%
Adjusted interest income (1)	m=k-l-c	$	1,247,177	$	1,046,926	19	%

Interest-bearing deposits interest expense	n	$	405,742	$	164,021	147	%
Less: Acquired deposit accretion	o	—		(373)		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	405,742	$	164,394	147	%

Interest expense	q	$	528,950	$	293,007	81	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(114)		(487)		(77)	%
Adjusted interest expense	s=q-r	$	529,064	$	293,494	80	%

Net Interest Income (1)	t	$	852,778	$	860,537	(1)	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	124,711		96,199		30	%
Less: Acquired loan accretion - credit related (3)	c	9,954		10,906		(9)	%
Adjusted net interest income (1)	v=t-u-c	$	718,113	$	753,432	(5)	%

Average loans and leases	aa	37,630,248		33,603,781		12	%
Average taxable securities	ab	7,960,102		6,818,764		17	%
Average non-taxable securities	ac	838,186		652,332		28	%
Average interest-earning assets	ad	48,199,266		43,283,329		11	%
Average interest-bearing deposits	ae	27,891,867		22,058,850		26	%
Average interest-bearing liabilities	af	32,451,055		27,034,125		20	%

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Six Months Ended
($ in thousands)		Jun 30, 2024		Jun 30, 2023		Year over Year
Average yield on loans and leases	a / aa	6.17	%	5.77	%	0.40

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.26	%	0.25	%	0.01

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.07	%	(0.02)
Adjusted average yield on loans and leases	d / aa	5.86	%	5.45	%	0.41

Average yield on taxable securities	e / ab	4.03	%	3.58	%	0.45

Less: Acquired taxable securities accretion - rate related	f / ab	1.81	%	1.48	%	0.33
Adjusted average yield on taxable securities	g / ab	2.22	%	2.10	%	0.12

Average yield on non-taxable securities (1)	h / ac	3.76	%	3.70	%	0.06

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.09	%	0.98	%	0.11
Adjusted yield on non-taxable securities (1)	j / ac	2.67	%	2.72	%	(0.05)

Average yield on interest-earning assets (1)	k / ad	5.75	%	5.35	%	0.40
Less: Acquired loan and securities accretion - rate related (3)	l / ad	0.52	%	0.45	%	0.07
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted average yield on interest-earning assets (1)	m / ad	5.19	%	4.85	%	0.34

Average rate on interest-bearing deposits	n / ae	2.93	%	1.50	%	1.43
Less: Acquired deposit accretion	o / ae	—	%	—	%	—
Adjusted average rate on interest-bearing deposits	p / ae	2.93	%	1.50	%	1.43

Average rate on interest-bearing liabilities	q / af	3.28	%	2.19	%	1.09
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—
Adjusted average rate on interest-bearing liabilities	s / af	3.28	%	2.19	%	1.09

Net interest margin (1)	t / ad	3.54	%	3.99	%	(0.45)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.52	%	0.45	%	0.07
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	(0.01)
Adjusted net interest margin (1)	v / ad	2.98	%	3.49	%	(0.51)


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