Document


CEO Commentary
"It was a historic year for Columbia Banking System and Umpqua Bank,” said Clint Stein, President and CEO. “We closed and integrated the transformational combination of the Northwest's premier banking organizations, expanding our footprint to encompass eight Western states as we achieved our cost-savings targets ahead of schedule and above our original projections. With the integration behind us, we are now turning our focus to optimizing performance and driving shareholder value. The fourth quarter was noisy with the FDIC special assessment and some one-time expense items. Our cost of funds is not immune to the higher-rate environment, as we had some 2022 vintage CDs reprice and saw a material increase in public deposits impact our margin. However, we believe neither of these items dilutes the quality of our core deposit base. Our scale, products, and services empower our talented base of associates to win business, which we believe long-term will drive consistent, repeatable performance.”
–Clint Stein, President and CEO of Columbia Banking System, Inc.


4Q23 HIGHLIGHTS (COMPARED TO 3Q23)

Net Interest Income and NIM			•Net interest income decreased to $454 million from $481 million in 3Q23 due primarily to higher deposit costs that more than offset a decline in the cost of wholesale borrowings.
			•Net interest margin was 3.78%, down 13 basis points from the prior quarter. Higher earning asset yields and a more profitable mix of earning assets were offset by higher deposit costs. Higher balances in public deposits and CD repricing contributed to the quarter's net interest margin contraction.

Non-Interest Income and Expense			•Non-interest income increased by $22 million due primarily to a $28 million favorable change in cumulative non-merger fair value accounting and hedges. Lower mortgage banking revenue reflects an anticipated decline in servicing revenue following the MSR asset sale that closed on September 30, 2023.
			•Non-interest expense increased by $33 million due to a $33 million FDIC special assessment recorded during the quarter and other elevated expense items, which offset lower merger-related expense.

Credit Quality			•Net charge-offs were 0.31% of average loans and leases (annualized) compared to 0.25% in the prior quarter. Charge-off activity remains primarily centered in the FinPac portfolio.
			•Provision expense of $55 million reflects changes in the economic forecasts used in credit models and portfolio migration trends.
			•Non-performing assets to total assets was 0.22% compared to 0.20% at September 30, 2023.

Capital			•Estimated total risk-based capital ratio of 11.8% and estimated common equity tier 1 risk-based capital ratio of 9.6%.
			•Declared a quarterly cash dividend of $0.36 per common share on November 13, 2023, which was paid December 11, 2023.

Notable items			•Consolidated five branches in January 2024.
			•Incurred $7 million in merger-related expense.


4Q23 KEY FINANCIAL DATA

PERFORMANCE METRICS	4Q23		3Q23		4Q22
Return on average assets	0.72%		1.02%		1.04%
Return on average common equity	7.90%		11.07%		13.50%
Return on average tangible common equity 1	12.19%		16.93%		13.53%
Operating return on average assets 1	0.70%		1.23%		1.24%
Operating return on average common equity 1	7.73%		13.40%		16.14%
Operating return on average tangible common equity 1	11.92%		20.48%		16.18%
Net interest margin	3.78%		3.91%		4.01%

Efficiency ratio	64.81%		57.82%		57.24%

INCOME STATEMENT ($ in 000s, excl. per share data)	4Q23		3Q23		4Q22
Net interest income	$453,623		$480,875		$305,479
Provision for credit losses	$54,909		$36,737		$32,948
Non-interest income	$65,533		$43,981		$34,879
Non-interest expense	$337,176		$304,147		$194,982
Pre-provision net revenue 1	$181,980		$220,709		$145,376
Operating pre-provision net revenue1	$179,213		$258,687		$167,094
Earnings per common share - diluted 2	$0.45		$0.65		$0.64
Operating earnings per common share - diluted 1,2	$0.44		$0.79		$0.76
Dividends paid per share 2	$0.36		$0.36		$0.35

BALANCE SHEET	4Q23		3Q23		4Q22
Total assets	$52.2	B	$52.0	B	$31.8	B
Loans and leases	$37.4	B	$37.2	B	$26.2	B
Total deposits	$41.6	B	$41.6	B	$27.1	B
Book value per common share 2	$23.95		$22.21		$19.18
Tangible book value per share1,2	$16.12		$14.22		$19.14

Columbia Banking System, Inc. ("Columbia", "we", or "our") realized $143 million in annualized net merger-related cost-savings as of December 31, 2023, outpacing the $135 million target communicated when the combination was announced. As the integration process is now largely complete, we do not intend to provide future updates on cost savings realizations. However, Columbia has a history of prudent expense management, and the company will continue to evaluate opportunities for improved efficiency as part of the normal course of business to offset franchise development investments. As previously disclosed, Umpqua Bank, the primary subsidiary of Columbia, consolidated five branches during January 2024.

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 first quarter of 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 each of the quarters of 2023 and the year ended December 31, 2023 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in capital, and all references to share quantities or metrics of Columbia have been retrospectively restated to reflect the equivalent number of shares issued in the merger as the merger was treated as a reverse merger. 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 3.78% for the fourth quarter of 2023, down 13 basis points from 3.91% for the third quarter of 2023. The cost of interest-bearing deposits increased 53 basis points on a linked-quarter basis to 2.54% for the fourth quarter of 2023, which compares to 2.71% for the month of December and 2.75% at December 31, 2023. Deposit costs were impacted by the full quarter's run rate of brokered deposits added during the third quarter to replace maturing FHLB advances. Further, higher public deposit balances, which reflect seasonal tax-related trends and a focused effort to attract relationship-based public funds in local communities as we work to reduce wholesale funding, also had an impact. Public balances tend to carry a higher interest rate than most other non-maturity deposit balances. Time deposits also contributed to the quarter's increased cost of deposits as many maturing balances repriced over 200 basis points higher at the expiration of their 12- and 13-month terms. Columbia's cost of interest-bearing liabilities increased 30 basis points on a linked-quarter basis to 3.02% for the fourth quarter of 2023, which compares to 3.15% for the month of December and 3.19% at December 31, 2023. A reduction in the balance of average wholesale borrowings resulted in a smaller increase in the cost of interest-bearing liabilities compared to interest-bearing deposits. Please refer to the Q4 2023 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information as well as to our non-GAAP disclosures in this press release for the impact of purchase accounting accretion and amortization on individual line items.

Total consolidated assets were $52.2 billion as of December 31, 2023, essentially unchanged from September 30, 2023. Cash and cash equivalents was $2.2 billion as of December 31, 2023, a decrease of $241 million relative to September 30, 2023. Including secured off-balance sheet lines of credit, total available liquidity was $18.7 billion as of December 31, 2023, representing 36% of total assets, 45% of total deposits, and 138% of uninsured deposits. Available for sale ("AFS") securities, which are held on balance sheet at fair value, were $8.8 billion as of December 31, 2023, an increase of $326 million relative to September 30, 2023, as an increase in the fair value of the portfolio and accretion of the discount on historical Columbia securities more than offset paydowns. Columbia did not purchase any securities during the fourth quarter. Please refer to the Q4 2023 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.4 billion as of December 31, 2023, an increase of $271 million relative to September 30, 2023. "Higher outstanding commercial term and line balances and other relationship-driven expansion contributed to 3% annualized loan growth in the fourth quarter," stated Chris Merrywell, President of Umpqua Bank. "Our bankers remain laser-focused on generating business founded through relationships that drive balanced growth." Please refer to the Q4 2023 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 $41.6 billion as of December 31, 2023, essentially unchanged from September 30, 2023. "While total deposit balances were stable between September and December, the mix reflects a shift into interest-bearing demand accounts," commented Mr. Merrywell. "Non-interest bearing balance changes continue to reflect customers' use of cash, which includes tax payments and lower escrow balances during the fourth quarter. Our targeted efforts to expand our network of public deposits throughout our communities helped offset seasonal customer declines without the use of wholesale funding." Please refer to the Q4 2023 Earnings Presentation for additional details related to deposit characteristics and flows.

As of December 31, 2023, Columbia's book value per common share increased to $23.95, compared to $22.21 at September 30, 2023. The linked-quarter change in book value primarily reflects a change in accumulated other comprehensive (loss) income ("AOCI") to $(340) million at December 31, 2023, compared to $(680) million at the prior quarter-end. The change in AOCI is due primarily to a decrease in the tax-effected net unrealized loss on AFS securities to $322 million as of December 31, 2023, compared to $650 million as of September 30, 2023. As of December 31, 2023, 54% of the AFS securities portfolio was in an unrealized gain position. Tangible book value per common share1 correspondingly increased to $16.12, compared to $14.22 at September 30, 2023.

Columbia's estimated total risk-based capital ratio was 11.8% and its estimated common equity tier 1 risk-based capital ratio was 9.6% as of December 31, 2023, compared to 11.6% and 9.5%, respectively, as of September 30, 2023. Columbia remains above current “well-capitalized” regulatory minimums. "Our regulatory capital ratios continued to expand in the fourth quarter," stated Ron Farnsworth, Chief Financial Officer of Columbia. "We expect our capital position to continue to build over time, supporting our franchise expansion and increasing flexibility for capital return." The regulatory capital ratios as of December 31, 2023 are estimates, pending completion and filing of Columbia's regulatory reports.

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. In March of 2023, Columbia and Umpqua combined two of the Pacific Northwest's premier financial institutions under the Umpqua Bank brand to create one of the largest banks headquartered in the West and a top-30 U.S. bank. With over $50 billion of assets, Umpqua Bank combines the resources, sophistication and expertise of a national bank with a commitment to deliver personalized service at scale. The bank operates in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington and 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 Management and Columbia Trust Company, a subsidiary of Columbia. 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 (the "SEC"). 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 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 or news developments concerning 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 Operations
(Unaudited)
	Quarter Ended										% Change (2)
($ in thousands, except per share data)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	577,741	$	569,670	$	552,679	$	413,525	$	322,350	1	%	79	%
Interest and dividends on investments:
Taxable	78,010		80,066		79,036		39,729		18,108		(3)	%	331	%
Exempt from federal income tax	6,966		6,929		6,817		3,397		1,288		1	%	441	%
Dividends	4,862		4,941		2,581		719		182		(2)	%	nm
Temporary investments and interest bearing deposits	24,055		34,407		34,616		18,581		10,319		(30)	%	133	%
Total interest income	691,634		696,013		675,729		475,951		352,247		(1)	%	96	%
Interest expense:
Deposits	170,659		126,974		100,408		63,613		31,174		34	%	447	%
Securities sold under agreement to repurchase and federal funds purchased	1,226		1,220		1,071		406		323		0	%	280	%
Borrowings	56,066		77,080		81,004		28,764		8,023		(27)	%	nm
Junior and other subordinated debentures	10,060		9,864		9,271		8,470		7,248		2	%	39	%
Total interest expense	238,011		215,138		191,754		101,253		46,768		11	%	409	%
Net interest income	453,623		480,875		483,975		374,698		305,479		(6)	%	48	%
Provision for credit losses	54,909		36,737		16,014		105,539		32,948		49	%	67	%
Non-interest income:
Service charges on deposits	17,349		17,410		16,454		14,312		12,139		0	%	43	%
Card-based fees	14,593		15,674		13,435		11,561		9,017		(7)	%	62	%
Financial services and trust revenue	3,011		4,651		4,512		1,297		25		(35)	%	nm
Residential mortgage banking revenue (loss), net	4,212		7,103		(2,342)		7,816		(1,812)		(41)	%	nm
Gain on sale of debt securities, net	9		4		—		—		—		125	%	nm
Gain (loss) on equity securities, net	2,636		(2,055)		(697)		2,416		284		nm		nm
Gain on loan and lease sales, net	1,161		1,871		442		940		1,531		(38)	%	(24)	%
BOLI income	4,331		4,440		4,063		2,790		2,033		(2)	%	113	%
Other income (loss)	18,231		(5,117)		3,811		13,603		11,662		nm		56	%
Total non-interest income	65,533		43,981		39,678		54,735		34,879		49	%	88	%
Non-interest expense:
Salaries and employee benefits	157,572		159,041		163,398		136,092		107,982		(1)	%	46	%
Occupancy and equipment, net	48,160		43,070		50,550		41,700		34,021		12	%	42	%
Intangible amortization	33,204		29,879		35,553		12,660		1,019		11	%	nm
FDIC assessments	42,510		11,200		11,579		6,113		3,487		280	%	nm
Merger-related expense	7,174		18,938		29,649		115,898		11,637		(62)	%	(38)	%

Other expenses	48,556		42,019		37,830		30,355		36,836		16	%	32	%
Total non-interest expense	337,176		304,147		328,559		342,818		194,982		11	%	73	%
Income (loss) before provision (benefit) for income taxes	127,071		183,972		179,080		(18,924)		112,428		(31)	%	13	%
Provision (benefit) for income taxes	33,540		48,127		45,703		(4,886)		29,464		(30)	%	14	%
Net income (loss)	$	93,531	$	135,845	$	133,377	$	(14,038)	$	82,964	(31)	%	13	%

Weighted average basic shares outstanding (1)	208,083		208,070		207,977		156,383		129,321		0	%	61	%
Weighted average diluted shares outstanding (1)	208,739		208,645		208,545		156,383		129,801		0	%	61	%
Earnings (loss) per common share – basic (1)	$	0.45	$	0.65	$	0.64	$	(0.09)	$	0.64	(31)	%	(30)	%
Earnings (loss) per common share – diluted (1)	$	0.45	$	0.65	$	0.64	$	(0.09)	$	0.64	(31)	%	(30)	%


Columbia Banking System, Inc.
Consolidated Statements of Operations
(Unaudited)
	Twelve months ended				% Change (2)
($ in thousands, except per share data)	Dec 31, 2023		Dec 31, 2022		Year over Year
Interest income:
Loans and leases	$	2,113,615	$	1,050,258	101	%
Interest and dividends on investments:
Taxable	276,841		72,264		283	%
Exempt from federal income tax	24,109		5,351		351	%
Dividends	13,103		438		nm
Temporary investments and interest bearing deposits	111,659		19,706		467	%
Total interest income	2,539,327		1,148,017		121	%
Interest expense:
Deposits	461,654		48,195		nm
Securities sold under agreement to repurchase and federal funds purchased	3,923		997		293	%
Borrowings	242,914		8,920		nm
Junior and other subordinated debentures	37,665		19,889		89	%
Total interest expense	746,156		78,001		nm
Net interest income	1,793,171		1,070,016		68	%
Provision for credit losses	213,199		84,016		154	%
Non-interest income:
Service charges on deposits	65,525		48,365		35	%
Card-based fees	55,263		37,370		48	%
Brokerage revenue	13,471		90		nm
Residential mortgage banking revenue, net	16,789		106,859		(84)	%
Gain on sale of debt securities, net	13		2		nm
Gain (loss) on equity securities, net	2,300		(7,099)		nm
Gain on loan and lease sales, net	4,414		6,696		(34)	%
BOLI income	15,624		8,253		89	%
Other income (loss)	30,528		(1,008)		nm
Total non-interest income	203,927		199,528		2	%
Non-interest expense:
Salaries and employee benefits	616,103		441,226		40	%
Occupancy and equipment, net	183,480		138,451		33	%
Intangible amortization	111,296		4,095		nm
FDIC assessments	71,402		13,964		411	%
Merger-related expense	171,659		17,356		nm
Other expenses	158,760		119,858		32	%
Total non-interest expense	1,312,700		734,950		79	%
Income before provision for income taxes	471,199		450,578		5	%
Provision for income taxes	122,484		113,826		8	%
Net income	$	348,715	$	336,752	4	%

Weighted average basic shares outstanding (1)	195,304		129,277		51	%
Weighted average diluted shares outstanding (1)	195,871		129,732		51	%
Earnings per common share – basic (1)	$	1.79	$	2.60	(31)	%
Earnings per common share – diluted (1)	$	1.78	$	2.60	(32)	%


Columbia Banking System, Inc. Consolidated Balance Sheets
(Unaudited)
											% Change (2)
($ in thousands, except per share data)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	498,496	$	492,474	$	538,653	$	555,919	$	327,313	1	%	52	%
Interest bearing cash and temporary investments	1,664,038		1,911,221		2,868,563		3,079,266		967,330		(13)	%	72	%
Investment securities:
Equity and other, at fair value	76,995		73,638		76,361		76,532		72,959		5	%	6	%
Available for sale, at fair value	8,829,870		8,503,986		8,998,428		9,249,600		3,196,166		4	%	176	%
Held to maturity, at amortized cost	2,300		2,344		2,388		2,432		2,476		(2)	%	(7)	%
Loans held for sale	30,715		60,313		183,633		49,338		71,647		(49)	%	(57)	%
Loans and leases	37,441,951		37,170,598		37,049,299		37,091,280		26,155,981		1	%	43	%
Allowance for credit losses on loans and leases	(440,871)		(416,560)		(404,603)		(417,464)		(301,135)		6	%	46	%
Net loans and leases	37,001,080		36,754,038		36,644,696		36,673,816		25,854,846		1	%	43	%
Restricted equity securities	179,274		168,524		258,524		246,525		47,144		6	%	280	%
Premises and equipment, net	338,970		337,855		368,698		375,190		176,016		0	%	93	%
Operating lease right-of-use assets	115,811		114,220		119,255		127,296		78,598		1	%	47	%
Goodwill	1,029,234		1,029,234		1,029,234		1,030,142		—		0	%	nm
Other intangible assets, net	603,679		636,883		666,762		702,315		4,745		(5)	%	nm
Residential mortgage servicing rights, at fair value	109,243		117,640		172,929		178,800		185,017		(7)	%	(41)	%
Bank owned life insurance	680,948		648,232		643,727		641,922		331,759		5	%	105	%
Deferred tax asset, net	347,203		469,841		362,880		351,229		132,823		(26)	%	161	%
Other assets	665,740		673,372		657,365		653,904		399,800		(1)	%	67	%
Total assets	$	52,173,596	$	51,993,815	$	53,592,096	$	53,994,226	$	31,848,639	0	%	64	%
Liabilities:
Deposits
Non-interest bearing	$	14,256,452	$	15,532,948	$	16,019,408	$	17,215,781	$	10,288,849	(8)	%	39	%
Interest bearing	27,350,568		26,091,420		24,815,509		24,370,566		16,776,763		5	%	63	%
Total deposits	41,607,020		41,624,368		40,834,917		41,586,347		27,065,612		0	%	54	%
Securities sold under agreements to repurchase	252,119		258,383		294,914		271,047		308,769		(2)	%	(18)	%
Borrowings	3,950,000		3,985,000		6,250,000		5,950,000		906,175		(1)	%	336	%
Junior subordinated debentures, at fair value	316,440		331,545		312,872		297,721		323,639		(5)	%	(2)	%
Junior and other subordinated debentures, at amortized cost	107,895		107,952		108,009		108,066		87,813		0	%	23	%
Operating lease liabilities	130,576		129,845		132,099		140,648		91,694		1	%	42	%

Other liabilities	814,512		924,560		831,097		755,674		585,111		(12)	%	39	%
Total liabilities	47,178,562		47,361,653		48,763,908		49,109,503		29,368,813		0	%	61	%
Shareholders' equity:

Common stock	5,802,747		5,798,167		5,792,792		5,788,553		3,450,493		0	%	68	%
Accumulated deficit	(467,571)		(485,576)		(545,842)		(603,696)		(543,803)		(4)	%	(14)	%
Accumulated other comprehensive loss	(340,142)		(680,429)		(418,762)		(300,134)		(426,864)		(50)	%	(20)	%
Total shareholders' equity	4,995,034		4,632,162		4,828,188		4,884,723		2,479,826		8	%	101	%
Total liabilities and shareholders' equity	$	52,173,596	$	51,993,815	$	53,592,096	$	53,994,226	$	31,848,639	0	%	64	%

Common shares outstanding at period end (1)	208,585		208,575		208,514		208,429		129,321		0	%	61	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Per Common Share Data: (5)
Dividends (5)	$	0.36		$	0.36		$	0.36		$	0.35		$	0.35		0	%	3	%
Book value (5)	$	23.95		$	22.21		$	23.16		$	23.44		$	19.18		8	%	25	%
Tangible book value (1),(5)	$	16.12		$	14.22		$	15.02		$	15.12		$	19.14		13	%	(16)	%


Performance Ratios:
Efficiency ratio (2)	64.81		%	57.82		%	62.60		%	79.71		%	57.24		%	6.99		7.57
Return on average assets ("ROAA")	0.72		%	1.02		%	1.00		%	(0.14)		%	1.04		%	(0.30)		(0.32)
Pre-provision net revenue ("PPNR") ROAA (1)	1.39		%	1.65		%	1.46		%	0.89		%	1.82		%	(0.26)		(0.43)
Return on average common equity	7.90		%	11.07		%	10.84		%	(1.70)		%	13.50		%	(3.17)		(5.60)
Return on average tangible common equity (1)	12.19		%	16.93		%	16.63		%	(2.09)		%	13.53		%	(4.74)		(1.34)

Performance Ratios - Operating: (1)
Operating efficiency ratio (1), (2)	64.47		%	51.97		%	54.85		%	53.46		%	52.01		%	12.50		12.46
Operating ROAA (1)	0.70		%	1.23		%	1.27		%	0.74		%	1.24		%	(0.53)		(0.54)
Operating PPNR ROAA (1)	1.37		%	1.94		%	1.82		%	2.01		%	2.10		%	(0.57)		(0.73)
Operating return on average common equity (1)	7.73		%	13.40		%	13.77		%	8.66		%	16.14		%	(5.67)		(8.41)
Operating return on average tangible common equity (1)	11.92		%	20.48		%	21.13		%	10.64		%	16.18		%	(8.56)		(4.26)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.13		%	6.08		%	5.95		%	5.55		%	4.92		%	0.05		1.21
Yield on earning assets (2)	5.75		%	5.65		%	5.48		%	5.19		%	4.62		%	0.10		1.13
Cost of interest bearing deposits	2.54		%	2.01		%	1.64		%	1.32		%	0.77		%	0.53		1.77
Cost of interest bearing liabilities	3.02		%	2.72		%	2.45		%	1.82		%	1.05		%	0.30		1.97
Cost of total deposits	1.63		%	1.23		%	0.99		%	0.80		%	0.46		%	0.40		1.17
Cost of total funding (3)	2.05		%	1.81		%	1.61		%	1.16		%	0.65		%	0.24		1.40
Net interest margin (2)	3.78		%	3.91		%	3.93		%	4.08		%	4.01		%	(0.13)		(0.23)

Average interest bearing cash / Average interest earning assets	3.64		%	5.17		%	5.47		%	4.33		%	3.62		%	(1.53)		0.02
Average loans and leases / Average interest earning assets	78.04		%	75.64		%	75.18		%	80.96		%	85.32		%	2.40		(7.28)
Average loans and leases / Average total deposits	89.91		%	90.63		%	90.98		%	93.01		%	95.85		%	(0.72)		(5.94)
Average non-interest bearing deposits / Average total deposits	35.88		%	38.55		%	40.05		%	39.55		%	40.30		%	(2.67)		(4.42)
Average total deposits / Average total funding (3)	90.02		%	86.66		%	85.59		%	91.36		%	94.52		%	3.36		(4.50)

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.30		%	0.28		%	0.22		%	0.20		%	0.22		%	0.02		0.08
Non-performing assets to total assets	0.22		%	0.20		%	0.15		%	0.14		%	0.18		%	0.02		0.04
Allowance for credit losses to loans and leases	1.24		%	1.18		%	1.15		%	1.18		%	1.21		%	0.06		0.03
Total risk-based capital ratio (4)	11.8		%	11.6		%	11.3		%	10.9		%	13.7		%	0.20		(1.90)
Common equity tier 1 risk-based capital ratio (4)	9.6		%	9.5		%	9.2		%	8.9		%	11.0		%	0.10		(1.40)


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Twelve months ended						% Change
	Dec 31, 2023			Dec 31, 2022			Year over Year
Per Common Share Data: (4)
Dividends (4)	$	1.43		$	1.40		2.14	%

Performance Ratios:
Efficiency ratio (2)	65.59		%	57.83		%	7.76
ROAA	0.70		%	1.09		%	(0.39)
PPNR ROAA (1)	1.38		%	1.73		%	(0.35)
Return on average common equity	7.81		%	13.07		%	(5.26)
Return on average tangible common equity (1)	11.46		%	13.11		%	(1.65)

Performance Ratios - Operating: (1)
Operating efficiency ratio (1), (2)	56.21		%	55.66		%	0.55
Operating ROAA (1)	1.00		%	1.17		%	(0.17)
Operating PPNR ROAA (1)	1.77		%	1.83		%	(0.06)
Operating return on average common equity (1)	11.12		%	13.97		%	(2.85)
Operating return on average tangible common equity (1)	16.32		%	14.00		%	2.32

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	5.95		%	4.29		%	1.66
Yield on earning assets (2)	5.54		%	3.88		%	1.66
Cost of interest bearing deposits	1.93		%	0.31		%	1.62
Cost of interest bearing liabilities	2.56		%	0.47		%	2.09
Cost of total deposits	1.19		%	0.18		%	1.01
Cost of total funding (3)	1.69		%	0.28		%	1.41
Net interest margin (2)	3.91		%	3.62		%	0.29
Average interest bearing cash / Average interest earning assets	4.68		%	5.28		%	(0.60)
Average loans and leases / Average interest earning assets	77.21		%	81.96		%	(4.75)
Average loans and leases / Average total deposits	91.01		%	90.91		%	0.10
Average non-interest bearing deposits / Average total deposits	38.37		%	41.48		%	(3.11)
Average total deposits / Average total funding (3)	88.18		%	96.06		%	(7.88)


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	6,482,940		$	6,490,638		$	6,434,673		$	6,353,550		$	3,894,840		0	%	66	%
Owner occupied term, net	5,195,605			5,235,227			5,254,401			5,156,848			2,567,761			(1)	%	102	%
Multifamily, net	5,704,734			5,684,495			5,622,875			5,590,587			5,285,791			0	%	8	%
Construction & development, net	1,747,302			1,669,918			1,528,924			1,467,561			1,077,346			5	%	62	%
Residential development, net	323,899			354,922			388,641			440,667			200,838			(9)	%	61	%
Commercial:
Term, net	5,536,765			5,437,915			5,449,787			5,906,774			3,029,547			2	%	83	%
Lines of credit & other, net	2,430,127			2,353,548			2,268,790			2,184,762			960,054			3	%	153	%
Leases & equipment finance, net	1,729,512			1,728,991			1,740,037			1,746,267			1,706,172			0	%	1	%
Residential:
Mortgage, net	6,157,166			6,121,838			6,272,898			6,187,964			5,647,035			1	%	9	%
Home equity loans & lines, net	1,938,166			1,899,948			1,898,958			1,870,002			1,631,965			2	%	19	%
Consumer & other, net	195,735			193,158			189,315			186,298			154,632			1	%	27	%
Total loans and leases, net of deferred fees and costs	$	37,441,951		$	37,170,598		$	37,049,299		$	37,091,280		$	26,155,981		1	%	43	%




Loans and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	17		%	16		%	15		%
Owner occupied term, net	14		%	14		%	14		%	14		%	10		%
Multifamily, net	15		%	15		%	15		%	15		%	20		%
Construction & development, net	5		%	4		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	15		%	15		%	15		%	16		%	12		%
Lines of credit & other, net	6		%	6		%	6		%	6		%	4		%
Leases & equipment finance, net	5		%	5		%	5		%	5		%	6		%
Residential:
Mortgage, net	16		%	17		%	17		%	17		%	21		%
Home equity loans & lines, net	5		%	5		%	5		%	5		%	6		%
Consumer & other, net	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	14,256,452		$	15,532,948		$	16,019,408		$	17,215,781		$	10,288,849		(8)	%	39	%
Demand, interest bearing	8,044,432			6,898,831			6,300,082			5,900,462			4,080,469			17	%	97	%
Money market	10,324,454			10,349,217			10,115,908			10,681,422			7,721,011			0	%	34	%
Savings	2,754,113			3,018,706			3,171,714			3,469,112			2,265,052			(9)	%	22	%
Time	6,227,569			5,824,666			5,227,805			4,319,570			2,710,231			7	%	130	%
Total	$	41,607,020		$	41,624,368		$	40,834,917		$	41,586,347		$	27,065,612		0	%	54	%

Total core deposits (1)	$	37,423,402		$	37,597,830		$	37,639,368		$	39,155,298		$	25,616,010		0	%	46	%

Deposit mix:
Demand, non-interest bearing	34		%	37		%	39		%	41		%	38		%
Demand, interest bearing	19		%	17		%	15		%	14		%	15		%
Money market	25		%	25		%	25		%	26		%	29		%
Savings	7		%	7		%	8		%	9		%	8		%
Time	15		%	14		%	13		%	10		%	10		%
Total	100		%	100		%	100		%	100		%	100		%


	Columbia Banking System, Inc.
	Credit Quality – Non-performing Assets
	(Unaudited)
		Quarter Ended															% Change (2)
($ in thousands)		Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status:
	Commercial real estate, net	$	28,689		$	26,053		$	10,994		$	15,612		$	5,011		10	%	473	%
	Commercial, net	45,682			44,341			39,316			42,301			25,691			3	%	78	%


	Total loans and leases on non-accrual status	74,371			70,394			50,310			57,913			30,702			6	%	142	%
Loans and leases past due 90+ days and accruing (1):
	Commercial real estate, net	870			71			184			1			1			nm		nm
	Commercial, net	8,232			8,606			7,720			151			7,909			(4)	%	4	%
	Residential, net (1)	29,102			25,180			21,370			17,423			19,894			16	%	46	%
	Consumer & other, net	326			240			399			140			134			36	%	143	%
	Total loans and leases past due 90+ days and accruing (1)	38,530			34,097			29,673			17,715			27,938			13	%	38	%
Total non-performing loans and leases		112,901			104,491			79,983			75,628			58,640			8	%	93	%
Other real estate owned		1,036			1,170			278			409			203			(11)	%	410	%
Total non-performing assets		$	113,937		$	105,661		$	80,261		$	76,037		$	58,843		8	%	94	%


Loans and leases past due 31-89 days		$	85,235		$	82,918		$	73,376		$	78,641		$	64,893		3	%	31	%
Loans and leases past due 31-89 days to total loans and leases		0.23		%	0.22		%	0.20		%	0.21		%	0.25		%	0.01		(0.02)
Non-performing loans and leases to total loans and leases (1)		0.30		%	0.28		%	0.22		%	0.20		%	0.22		%	0.02		0.08
Non-performing assets to total assets (1)		0.22		%	0.20		%	0.15		%	0.14		%	0.18		%	0.02		0.04


	Columbia Banking System, Inc.
	Credit Quality – Allowance for Credit Losses
	(Unaudited)
		Quarter Ended															% Change (2)
($ in thousands)		Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	416,560		$	404,603		$	417,464		$	301,135		$	283,065		3	%	47	%
Initial ACL recorded for PCD loans acquired during the period		—			—			—			26,492			—			nm		nm
Provision for credit losses on loans and leases (1)		53,183			35,082			15,216			106,498			30,580			52	%	74	%
Charge-offs
	Commercial real estate, net	(629)			—			(174)			—			(128)			nm		391	%
	Commercial, net	(31,949)			(26,629)			(32,036)			(19,248)			(14,721)			20	%	117	%
	Residential, net	(89)			(206)			(4)			(248)			(53)			(57)	%	68	%
	Consumer & other, net	(1,841)			(1,884)			(1,264)			(773)			(906)			(2)	%	103	%
	Total charge-offs	(34,508)			(28,719)			(33,478)			(20,269)			(15,808)			20	%	118	%
Recoveries
	Commercial real estate, net	35			31			209			58			163			13	%	(79)	%
	Commercial, net	4,414			4,901			4,511			3,058			2,708			(10)	%	63	%
	Residential, net	781			156			63			123			24			401	%	nm
	Consumer & other, net	406			506			618			369			403			(20)	%	1	%
	Total recoveries	5,636			5,594			5,401			3,608			3,298			1	%	71	%
Net (charge-offs) recoveries
	Commercial real estate, net	(594)			31			35			58			35			nm		nm
	Commercial, net	(27,535)			(21,728)			(27,525)			(16,190)			(12,013)			27	%	129	%
	Residential, net	692			(50)			59			(125)			(29)			nm		nm
	Consumer & other, net	(1,435)			(1,378)			(646)			(404)			(503)			4	%	185	%
	Total net charge-offs	(28,872)			(23,125)			(28,077)			(16,661)			(12,510)			25	%	131	%
Balance, end of period		$	440,871		$	416,560		$	404,603		$	417,464		$	301,135		6	%	46	%
Reserve for unfunded commitments
Balance, beginning of period		$	21,482		$	19,827		$	19,029		$	14,221		$	11,853		8	%	81	%
Initial ACL recorded for unfunded commitments acquired during the period		—			—			—			5,767			—			nm		nm
Provision (recapture) for credit losses on unfunded commitments		1,726			1,655			798			(959)			2,368			4	%	(27)	%
Balance, end of period		23,208			21,482			19,827			19,029			14,221			8	%	63	%
Total Allowance for credit losses (ACL)		$	464,079		$	438,042		$	424,430		$	436,493		$	315,356		6	%	47	%

Net charge-offs to average loans and leases (annualized)		0.31		%	0.25		%	0.30		%	0.23		%	0.19		%	0.06		0.12
Recoveries to gross charge-offs		16.33		%	19.48		%	16.13		%	17.80		%	20.86		%	(3.15)		(4.53)
ACLLL to loans and leases		1.18		%	1.12		%	1.09		%	1.13		%	1.15		%	0.06		0.03
ACL to loans and leases		1.24		%	1.18		%	1.15		%	1.18		%	1.21		%	0.06		0.03


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Twelve Months Ended						% Change (2)
($ in thousands)		Dec 31, 2023			Dec 31, 2022			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	301,135		$	248,412		21	%
Initial ACL recorded for PCD loans acquired during the period		26,492			—			nm
Provision for credit losses on loans and leases (1)		209,979			83,605			151	%
Charge-offs
	Commercial real estate, net	(803)			(136)			490	%
	Commercial, net	(109,862)			(41,073)			167	%
	Residential, net	(547)			(224)			144	%
	Consumer & other, net	(5,762)			(3,556)			62	%
	Total charge-offs	(116,974)			(44,989)			160	%
Recoveries
	Commercial real estate, net	333			384			(13)	%
	Commercial, net	16,884			11,029			53	%
	Residential, net	1,123			662			70	%
	Consumer & other, net	1,899			2,032			(7)	%
	Total recoveries	20,239			14,107			43	%
Net (charge-offs) recoveries
	Commercial real estate, net	(470)			248			(290)	%
	Commercial, net	(92,978)			(30,044)			209	%
	Residential, net	576			438			32	%
	Consumer & other, net	(3,863)			(1,524)			153	%
	Total net charge-offs	(96,735)			(30,882)			213	%
Balance, end of period		$	440,871		$	301,135		46	%
Reserve for unfunded commitments
Balance, beginning of period		$	14,221		$	12,767		11	%
Initial ACL recorded for unfunded commitments acquired during the period		5,767			—			nm
Provision for credit losses on unfunded commitments		3,220			1,454			121	%
Balance, end of period		23,208			14,221			63	%
Total Allowance for credit losses (ACL)		$	464,079		$	315,356		47	%

Net charge-offs to average loans and leases (annualized)		0.27		%	0.13		%	0.14
Recoveries to gross charge-offs		17.30		%	31.36		%	(14.06)


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Quarter Ended
	December 31, 2023						September 30, 2023						December 31, 2022
($ 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	$	48,868	$	649	5.31	%	$	199,855	$	1,741	3.49	%	$	110,850	$	1,603	5.79	%
Loans and leases (1)	37,333,310		577,092		6.13	%	37,050,518		567,929		6.08	%	25,855,556		320,747		4.92	%
Taxable securities	7,903,053		82,872		4.19	%	8,356,165		85,007		4.07	%	3,042,044		18,290		2.40	%
Non-taxable securities (2)	809,551		8,073		3.99	%	844,417		8,085		3.83	%	200,825		1,571		3.13	%
Temporary investments and interest-bearing cash	1,743,447		24,055		5.47	%	2,530,150		34,407		5.40	%	1,095,854		10,319		3.74	%
Total interest-earning assets	47,838,229		$	692,741	5.75	%	48,981,105		$	697,169	5.65	%	30,305,129		$	352,530	4.62	%
Goodwill and other intangible assets	1,652,282						1,684,093						5,298
Other assets	2,341,845						2,346,163						1,327,063
Total assets	$	51,832,356					$	53,011,361					$	31,637,490
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	7,617,427	$	44,861	2.34	%	$	6,578,849	$	25,209	1.52	%	$	4,005,643	$	5,372	0.53	%
Money market deposits	10,276,894		61,055		2.36	%	10,249,028		50,039		1.94	%	7,651,974		17,473		0.91	%
Savings deposits	2,880,622		698		0.10	%	3,109,779		1,253		0.16	%	2,345,564		226		0.04	%
Time deposits	5,847,400		64,045		4.35	%	5,184,089		50,473		3.86	%	2,100,803		8,103		1.53	%
Total interest-bearing deposits	26,622,343		170,659		2.54	%	25,121,745		126,974		2.01	%	16,103,984		31,174		0.77	%
Repurchase agreements and federal funds purchased	245,989		1,226		1.98	%	268,444		1,220		1.80	%	354,624		323		0.36	%
Borrowings	3,918,261		56,066		5.68	%	5,603,207		77,080		5.46	%	796,414		8,023		4.00	%
Junior and other subordinated debentures	440,007		10,060		9.07	%	420,582		9,864		9.30	%	413,708		7,248		6.95	%
Total interest-bearing liabilities	31,226,600		$	238,011	3.02	%	31,413,978		$	215,138	2.72	%	17,668,730		$	46,768	1.05	%
Non-interest-bearing deposits	14,899,001						15,759,720						10,870,842
Other liabilities	1,011,019						970,688						659,279
Total liabilities	47,136,620						48,144,386						29,198,851
Common equity	4,695,736						4,866,975						2,438,639
Total liabilities and shareholders' equity	$	51,832,356					$	53,011,361					$	31,637,490
NET INTEREST INCOME (2)			$	454,730					$	482,031					$	305,762
NET INTEREST SPREAD					2.73	%					2.93	%					3.57	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.78	%					3.91	%					4.01	%


Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Twelve months ended
	December 31, 2023						December 31, 2022
($ 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	$	87,675	$	3,871	4.42	%	$	208,141	$	8,812	4.23	%
Loans and leases (1)	35,412,594		2,109,744		5.95	%	24,225,518		1,041,446		4.29	%
Taxable securities	7,479,573		289,944		3.88	%	3,343,721		72,702		2.17	%
Non-taxable securities (2)	740,376		28,236		3.81	%	216,943		6,669		3.07	%
Temporary investments and interest-bearing cash	2,147,348		111,659		5.20	%	1,561,808		19,706		1.26	%
Total interest-earning assets	45,867,566		$	2,543,454	5.54	%	29,556,131		$	1,149,335	3.88	%
Goodwill and other intangible assets	1,423,075						6,847
Other assets	2,205,678						1,254,418
Total assets	$	49,496,319					$	30,817,396
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	6,280,333	$	97,162	1.55	%	$	3,886,390	$	8,185	0.21	%
Money market deposits	9,962,837		185,035		1.86	%	7,552,666		26,415		0.35	%
Savings deposits	2,994,333		3,384		0.11	%	2,411,448		880		0.04	%
Time deposits	4,743,615		176,073		3.71	%	1,743,988		12,715		0.73	%
Total interest-bearing deposits	23,981,118		461,654		1.93	%	15,594,492		48,195		0.31	%
Repurchase agreements and federal funds purchased	269,853		3,923		1.45	%	465,600		997		0.21	%
Borrowings	4,522,656		242,914		5.37	%	226,665		8,920		3.94	%
Junior and other subordinated debentures	421,195		37,665		8.94	%	399,568		19,889		4.98	%
Total interest-bearing liabilities	29,194,822		$	746,156	2.56	%	16,686,325		$	78,001	0.47	%
Non-interest-bearing deposits	14,927,443						11,053,921
Other liabilities	907,329						501,573
Total liabilities	45,029,594						28,241,819
Common equity	4,466,725						2,575,577
Total liabilities and shareholders' equity	$	49,496,319					$	30,817,396
NET INTEREST INCOME (2)			$	1,797,298					$	1,071,334
NET INTEREST SPREAD					2.98	%					3.41	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.91	%					3.62	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change (1)
($ in thousands)	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	2,686		$	2,442		$	3,166		$	3,587		$	4,252		10	%	(37)	%
Servicing	5,966			8,887			9,167			9,397			9,184			(33)	%	(35)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,215)			(4,801)			(4,797)			(4,881)			(4,986)			(33)	%	(36)	%
Changes due to valuation inputs or assumptions	(6,251)			5,308			(2,242)			(2,937)			(9,914)			(218)	%	(37)	%
MSR hedge gain (loss)	5,026			(4,733)			(7,636)			2,650			(348)			nm		nm
Total	$	4,212		$	7,103		$	(2,342)		$	7,816		$	(1,812)		(41)	%	nm

Closed loan volume for-sale	$	87,033		$	103,333		$	119,476		$	131,726		$	216,833		(16)	%	(60)	%
Gain on sale margin	3.09		%	2.36		%	2.65		%	2.72		%	1.96		%	0.73		1.13

Residential mortgage servicing rights:
Balance, beginning of period	$	117,640		$	172,929		$	178,800		$	185,017		$	196,177		(32)	%	(40)	%
Additions for new MSR capitalized	920			1,658			1,168			1,601			3,740			(45)	%	(75)	%
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	(3,215)			(4,801)			(4,797)			(4,881)			(4,986)			(33)	%	(36)	%
Changes due to valuation inputs or assumptions	(6,251)			5,308			(2,242)			(2,937)			(9,914)			(218)	%	(37)	%
Balance, end of period	$	109,243		$	117,640		$	172,929		$	178,800		$	185,017		(7)	%	(41)	%

Residential mortgage loans serviced for others	$	8,175,664		$	8,240,950		$	12,726,615		$	12,914,046		$	13,020,189		(1)	%	(37)	%
MSR as % of serviced portfolio	1.34		%	1.43		%	1.36		%	1.38		%	1.42		%	(0.09)		(0.08)


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Twelve Months Ended						% Change (1)
($ in thousands)	Dec 31, 2023			Dec 31, 2022			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	11,881		$	46,712		(75)	%
Servicing	33,417			37,358			(11)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(17,694)			(20,272)			(13)	%
Changes due to valuation inputs or assumptions	(6,122)			57,537			(111)	%
MSR hedge loss	(4,693)			(14,476)			(68)	%
Total	$	16,789		$	106,859		(84)	%

Closed loan volume for-sale	$	441,568		$	1,839,466		(76)	%
Gain on sale margin	2.69		%	2.54		%	0.15

Residential mortgage servicing rights:
Balance, beginning of period	$	185,017		$	123,615		50	%
Additions for new MSR capitalized	5,347			24,137			(78)	%
Sale of MSR assets	(57,305)			—			nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(17,694)			(20,272)			(13)	%
Changes due to valuation inputs or assumptions	(6,122)			57,537			(111)	%
Balance, end of period	$	109,243		$	185,017		(41)	%

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. 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 (2)
($ in thousands, except per share data)		Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	4,995,034		$	4,632,162		$	4,828,188		$	4,884,723		$	2,479,826		8	%	101	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,030,142			—			0	%	nm
Less: Other intangible assets, net		603,679			636,883			666,762			702,315			4,745			(5)	%	nm
Tangible common shareholders' equity	b	$	3,362,121		$	2,966,045		$	3,132,192		$	3,152,266		$	2,475,081		13	%	36	%



Total assets	c	$	52,173,596		$	51,993,815		$	53,592,096		$	53,994,226		$	31,848,639		0	%	64	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,030,142			—			0	%	nm
Less: Other intangible assets, net		603,679			636,883			666,762			702,315			4,745			(5)	%	nm
Tangible assets	d	$	50,540,683		$	50,327,698		$	51,896,100		$	52,261,769		$	31,843,894		0	%	59	%
Common shares outstanding at period end (1)	e	208,585			208,575			208,514			208,429			129,321			0	%	61	%

Total shareholders' equity to total assets ratio	a / c	9.57		%	8.91		%	9.01		%	9.05		%	7.79		%	0.66		1.78
Tangible common equity ratio	b / d	6.65		%	5.89		%	6.04		%	6.03		%	7.77		%	0.76		(1.12)

Book value per common share (1)	a / e	$	23.95		$	22.21		$	23.16		$	23.44		$	19.18		8	%	25	%
Tangible book value per common share (1)	b / e	$	16.12		$	14.22		$	15.02		$	15.12		$	19.14		13	%	(16)	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change (1)
($ in thousands)		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	9	$	4	$	—	$	—	$	—	125	%	nm
(Loss) gain on equity securities, net		2,636		(2,055)		(697)		2,416		284		nm		nm
Gain (loss) on swap derivatives		(8,042)		5,700		1,288		(3,543)		(2,329)		(241)	%	245	%
Change in fair value of certain loans held for investment		19,354		(19,247)		(6,965)		9,488		4,192		nm		362	%
Change in fair value of MSR due to valuation inputs or assumptions		(6,251)		5,308		(2,242)		(2,937)		(9,914)		(218)	%	(37)	%
MSR hedge (loss) gain		5,026		(4,733)		(7,636)		2,650		(348)		nm		nm
Total non-interest income adjustments	a	$	12,732	$	(15,023)	$	(16,252)	$	8,074	$	(8,115)	nm		nm

Non-Interest Expense Adjustments
Merger-related expense		$	7,174	$	18,938	$	29,649	$	115,898	$	11,637	(62)	%	(38)	%
Exit and disposal costs		2,791		4,017		2,119		1,291		1,966		(31)	%	42	%
Total non-interest expense adjustments	b	$	9,965	$	22,955	$	31,768	$	117,189	$	13,603	(57)	%	(27)	%

Net interest income	c	$	453,623	$	480,875	$	483,975	$	374,698	$	305,479	(6)	%	48	%

Non-interest income (GAAP)	d	$	65,533	$	43,981	$	39,678	$	54,735	$	34,879	49	%	88	%
Less: Non-interest income adjustments	a	(12,732)		15,023		16,252		(8,074)		8,115		(185)	%	(257)	%
Operating non-interest income (non-GAAP)	e	$	52,801	$	59,004	$	55,930	$	46,661	$	42,994	(11)	%	23	%

Revenue (GAAP)	f=c+d	$	519,156	$	524,856	$	523,653	$	429,433	$	340,358	(1)	%	53	%
Operating revenue (non-GAAP)	g=c+e	$	506,424	$	539,879	$	539,905	$	421,359	$	348,473	(6)	%	45	%

Non-interest expense (GAAP)	h	$	337,176	$	304,147	$	328,559	$	342,818	$	194,982	11	%	73	%
Less: Non-interest expense adjustments	b	(9,965)		(22,955)		(31,768)		(117,189)		(13,603)		(57)	%	(27)	%
Operating non-interest expense (non-GAAP)	i	$	327,211	$	281,192	$	296,791	$	225,629	$	181,379	16	%	80	%

Net income (loss) (GAAP)	j	$	93,531	$	135,845	$	133,377	$	(14,038)	$	82,964	(31)	%	13	%
Provision (benefit) for income taxes		33,540		48,127		45,703		(4,886)		29,464		(30)	%	14	%
Income (loss) before provision for income taxes		127,071		183,972		179,080		(18,924)		112,428		(31)	%	13	%
Provision for credit losses		54,909		36,737		16,014		105,539		32,948		49	%	67	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	181,980		220,709		195,094		86,615		145,376		(18)	%	25	%
Less: Non-interest income adjustments	a	(12,732)		15,023		16,252		(8,074)		8,115		(185)	%	(257)	%
Add: Non-interest expense adjustments	b	9,965		22,955		31,768		117,189		13,603		(57)	%	(27)	%
Operating PPNR (non-GAAP)	l	$	179,213	$	258,687	$	243,114	$	195,730	$	167,094	(31)	%	7	%

Net income (loss) (GAAP)	j	$	93,531	$	135,845	$	133,377	$	(14,038)	$	82,964	(31)	%	13	%
Less: Non-interest income adjustments	a	(12,732)		15,023		16,252		(8,074)		8,115		(185)	%	(257)	%
Add: Non-interest expense adjustments	b	9,965		22,955		31,768		117,189		13,603		(57)	%	(27)	%
Tax effect of adjustments		691		(9,482)		(11,981)		(23,565)		(5,459)		nm		nm
Operating net income (non-GAAP)	m	$	91,455	$	164,341	$	169,416	$	71,512	$	99,223	(44)	%	(8)	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended															% Change (3)
($ in thousands, except per share data)		Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Seq. Quarter		Year over Year
Average assets	n	$	51,832,356		$	53,011,361		$	53,540,574		$	39,425,975		$	31,637,490		(2)	%	64	%
Less: Average goodwill and other intangible assets, net		1,652,282			1,684,093			1,718,705			623,042			5,298			(2)	%	nm
Average tangible assets	o	$	50,180,074		$	51,327,268		$	51,821,869		$	38,802,933		$	31,632,192		(2)	%	59	%

Average common shareholders' equity	p	$	4,695,736		$	4,866,975		$	4,935,239		$	3,349,761		$	2,438,639		(4)	%	93	%
Less: Average goodwill and other intangible assets, net		1,652,282			1,684,093			1,718,705			623,042			5,298			(2)	%	nm
Average tangible common equity	q	$	3,043,454		$	3,182,882		$	3,216,534		$	2,726,719		$	2,433,341		(4)	%	25	%

Weighted average basic shares outstanding (1)	r	208,083			208,070			207,977			156,383			129,321			0	%	61	%
Weighted average diluted shares outstanding (1)	s	208,739			208,645			208,545			156,383			129,801			0	%	61	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic (1)	j / r	$	0.45		$	0.65		$	0.64		$	(0.09)		$	0.64		(31)	%	(30)	%
Earnings-per-share - diluted (1)	j / s	$	0.45		$	0.65		$	0.64		$	(0.09)		$	0.64		(31)	%	(30)	%
Efficiency ratio (2)	h / f	64.81		%	57.82		%	62.60		%	79.71		%	57.24		%	6.99		7.57
ROAA	j / n	0.72		%	1.02		%	1.00		%	(0.14)		%	1.04		%	(0.30)		(0.32)
Return on average tangible assets	j / o	0.74		%	1.05		%	1.03		%	(0.15)		%	1.04		%	(0.31)		(0.30)
PPNR ROAA	k / n	1.39		%	1.65		%	1.46		%	0.89		%	1.82		%	(0.26)		(0.43)
Return on average common equity	j / p	7.90		%	11.07		%	10.84		%	(1.70)		%	13.50		%	(3.17)		(5.60)
Return on average tangible common equity	j / q	12.19		%	16.93		%	16.63		%	(2.09)		%	13.53		%	(4.74)		(1.34)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (1)	m / r	$	0.44		$	0.79		$	0.81		$	0.46		$	0.77		(44)	%	(43)	%
Operating earnings-per-share - diluted (1)	m / s	$	0.44		$	0.79		$	0.81		$	0.46		$	0.76		(44)	%	(42)	%
Operating efficiency ratio (2)	i / g	64.47		%	51.97		%	54.85		%	53.46		%	52.01		%	12.50		12.46
Operating ROAA	m / n	0.70		%	1.23		%	1.27		%	0.74		%	1.24		%	(0.53)		(0.54)
Operating return on average tangible assets	m / o	0.72		%	1.27		%	1.31		%	0.75		%	1.24		%	(0.55)		(0.52)
Operating PPNR ROAA	l / n	1.37		%	1.94		%	1.82		%	2.01		%	2.10		%	(0.57)		(0.73)
Operating return on average common equity	m / p	7.73		%	13.40		%	13.77		%	8.66		%	16.14		%	(5.67)		(8.41)
Operating return on average tangible common equity	m / q	11.92		%	20.48		%	21.13		%	10.64		%	16.18		%	(8.56)		(4.26)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Twelve Months Ended				% Change (1)
($ in thousands)		Dec 31, 2023		Dec 31, 2022		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	13	$	2	nm
Gain (loss) on equity securities, net		2,300		(7,099)		(132)	%
(Loss) gain on swap derivatives		(4,597)		16,249		(128)	%
Change in fair value of certain loans held for investment		2,630		(58,464)		(104)	%
Change in fair value of MSR due to valuation inputs or assumptions		(6,122)		57,537		(111)	%
MSR hedge loss		(4,693)		(14,476)		(68)	%
Total non-interest income adjustments	a	$	(10,469)	$	(6,251)	67	%

Non-Interest Expense Adjustments
Merger-related expense		$	171,659	$	17,356	nm
Exit and disposal costs		10,218		6,805		50	%
Total non-interest expense adjustments	b	$	181,877	$	24,161	nm

Net interest income	c	$	1,793,171	$	1,070,016	68	%

Non-interest income (GAAP)	d	$	203,927	$	199,528	2	%
Less: Non-interest income adjustments	a	10,469		6,251		67	%
Operating non-interest income (non-GAAP)	e	$	214,396	$	205,779	4	%

Revenue (GAAP)	f=c+d	$	1,997,098	$	1,269,544	57	%
Operating revenue (non-GAAP)	g=c+e	$	2,007,567	$	1,275,795	57	%

Non-interest expense (GAAP)	h	$	1,312,700	$	734,950	79	%
Less: Non-interest expense adjustments	b	(181,877)		(24,161)		nm
Operating non-interest expense (non-GAAP)	i	$	1,130,823	$	710,789	59	%

Net income (GAAP)	j	$	348,715	$	336,752	4	%
Provision for income taxes		122,484		113,826		8	%
Income before provision for income taxes		471,199		450,578		5	%
Provision for credit losses		213,199		84,016		154	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	684,398		534,594		28	%
Less: Non-interest income adjustments	a	10,469		6,251		67	%
Add: Non-interest expense adjustments	b	181,877		24,161		nm
Operating PPNR (non-GAAP)	l	$	876,744	$	565,006	55	%

Net income (GAAP)	j	$	348,715	$	336,752	4	%
Less: Non-interest income adjustments	a	10,469		6,251		67	%
Add: Non-interest expense adjustments	b	181,877		24,161		nm
Tax effect of adjustments		(44,337)		(7,479)		493	%
Operating net income (non-GAAP)	m	$	496,724	$	359,685	38	%
(1) 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)
		Twelve Months Ended						% Change (1)
($ in thousands)		Dec 31, 2023			Dec 31, 2022			Year over Year
Average assets	n	$	49,496,319		$	30,817,396		61	%
Less: Average goodwill and other intangible assets, net		1,423,075			6,847			nm
Average tangible assets	o	$	48,073,244		$	30,810,549		56	%

Average common shareholders' equity	p	$	4,466,725		$	2,575,577		73	%
Less: Average goodwill and other intangible assets, net		1,423,075			6,847			nm
Average tangible common equity	q	$	3,043,650		$	2,568,730		18	%

Weighted average basic shares outstanding (1)	r	195,304			129,277			51	%
Weighted average diluted shares outstanding (1)	s	195,871			129,732			51	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic (1)	j / r	$	1.79		$	2.60		(31)	%
Earnings-per-share - diluted (1)	j / s	$	1.78		$	2.60		(32)	%
Efficiency ratio (2)	h / f	65.59		%	57.83		%	7.76
ROAA	j / n	0.70		%	1.09		%	(0.39)
Return on average tangible assets	j / o	0.73		%	1.09		%	(0.36)
PPNR ROAA	k/n	1.38		%	1.73		%	(0.35)
Return on average common equity	j / p	7.81		%	13.07		%	(5.26)
Return on average tangible common equity	j / q	11.46		%	13.11		%	(1.65)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (1)	m / r	$	2.54		$	2.78		(9)	%
Operating earnings-per-share - diluted (1)	m / s	$	2.54		$	2.77		(8)	%
Operating efficiency ratio (2)	i / g	56.21		%	55.66		%	0.55
Operating ROAA	m / n	1.00		%	1.17		%	(0.17)
Operating return on average tangible assets	m / o	1.03		%	1.17		%	(0.14)
Operating PPNR ROAA	l / n	1.77		%	1.83		%	(0.06)
Operating return on average common equity	m / p	11.12		%	13.97		%	(2.85)
Operating return on average tangible common equity	m / q	16.32		%	14.00		%	2.32


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change (4)
($ in thousands)		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Seq. Quarter		Year over Year
Loans and leases interest income	a	$	577,092	$	567,929	$	551,997	$	412,726	$	320,747	2	%	80	%
Less: Acquired loan accretion - rate related (2), (3)	b	26,914		28,963		30,548		11,832		387		(7)	%	nm

Less: Acquired loan accretion - credit related (3)	c	5,430		6,370		7,100		3,806		—		(15)	%	nm

Adjusted loans and leases interest income	d=a-b-c	$	544,748	$	532,596	$	514,349	$	397,088	$	320,360	2	%	70	%

Taxable securities interest income	e	$	82,872	$	85,007	$	81,617	$	40,448	$	18,290	(3)	%	353	%

Less: Acquired taxable securities accretion - rate related	f	34,290		39,219		34,801		15,356		—		(13)	%	nm
Adjusted Taxable securities interest income	g=e-f	$	48,582	$	45,788	$	46,816	$	25,092	$	18,290	6	%	166	%

Non-taxable securities interest income (1)	h	$	8,073	$	8,085	$	8,010	$	4,068	$	1,571	0	%	414	%

Less: Acquired non-taxable securities accretion - rate related	i	2,309		2,288		2,274		901		—		1	%	nm
Adjusted Taxable securities interest income (1)	j=h-i	$	5,764	$	5,797	$	5,736	$	3,167	$	1,571	(1)	%	267	%

Interest income (1)	k	$	692,741	$	697,169	$	676,922	$	476,622	$	352,530	(1)	%	97	%
Less: Acquired loan and securities accretion - rate related	l=b+f+i	63,513		70,470		67,623		28,089		387		(10)	%	nm
Less: Acquired loan accretion - credit related	c	5,430		6,370		7,100		3,806		—		(15)	%	nm
Adjusted interest income (1)	m=k-l-c	$	623,798	$	620,329	$	602,199	$	444,727	$	352,143	1	%	77	%

Interest-bearing deposits interest expense	n	$	170,659	$	126,974	$	100,408	$	63,613	$	31,174	34	%	447	%
Less: Acquired deposit accretion	o	(187)		(373)		(280)		(93)		—		(50)	%	nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	170,846	$	127,347	$	100,688	$	63,706	$	31,174	34	%	448	%

Interest expense	q	$	238,011	$	215,138	$	191,754	$	101,253	$	46,768	11	%	409	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(244)		(430)		(337)		(150)		(57)		(43)	%	328	%
Adjusted interest expense	s=q-r	$	238,255	$	215,568	$	192,091	$	101,403	$	46,825	11	%	409	%

Net Interest Income (1)	t	$	454,730	$	482,031	$	485,168	$	375,369	$	305,762	(6)	%	49	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	63,757		70,900		67,960		28,239		444		(10)	%	nm
Less: Acquired loan accretion - credit related (3)	c	5,430		6,370		7,100		3,806		—		(15)	%	nm
Adjusted net interest income (1)	v=t-u-c	$	385,543	$	404,761	$	410,108	$	343,324	$	305,318	(5)	%	26	%

Average loans and leases	aa	37,333,310		37,050,518		37,169,315		29,998,630		25,855,556		1	%	44	%
Average taxable securities	ab	7,903,053		8,356,165		8,656,147		4,960,966		3,042,044		(5)	%	160	%
Average non-taxable securities	ac	809,551		844,417		865,278		437,020		200,825		(4)	%	303	%
Average interest-earning assets	ad	47,838,229		48,981,105		49,442,518		37,055,705		30,305,129		(2)	%	58	%
Average interest-bearing deposits	ae	26,622,343		25,121,745		24,494,717		19,496,551		16,103,984		6	%	65	%
Average interest-bearing liabilities	af	31,226,600		31,413,978		31,372,416		22,548,264		17,668,730		(1)	%	77	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Seq. Quarter	Year over Year
Average yield on loans and leases	a / aa	6.13	%	6.08	%	5.95	%	5.55	%	4.92	%	0.05	1.21

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.29	%	0.31	%	0.33	%	0.16	%	0.01	%	(0.02)	0.28

Less: Acquired loan accretion - credit related (3)	c / aa	0.06	%	0.07	%	0.08	%	0.05	%	—	%	(0.01)	0.06
Adjusted average yield on loans and leases	d / aa	5.78	%	5.70	%	5.54	%	5.34	%	4.91	%	0.08	0.87

Average yield on taxable securities	e / ab	4.19	%	4.07	%	3.77	%	3.26	%	2.40	%	0.12	1.79

Less: Acquired taxable securities accretion - rate related	f / ab	1.72	%	1.86	%	1.61	%	1.26	%	—	%	(0.14)	1.72
Adjusted average yield on taxable securities	g / ab	2.47	%	2.21	%	2.16	%	2.00	%	2.40	%	0.26	0.07

Average yield on non-taxable securities (1)	h / ac	3.99	%	3.83	%	3.70	%	3.72	%	3.13	%	0.16	0.86

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.13	%	1.07	%	1.05	%	0.84	%	—	%	0.06	1.13
Adjusted yield on non-taxable securities (1)	j / ac	2.86	%	2.76	%	2.65	%	2.88	%	3.13	%	0.10	(0.27)

Average yield on interest-earning assets (1)	k / ad	5.75	%	5.65	%	5.48	%	5.19	%	4.62	%	0.10	1.13
Less: Acquired loan and securities accretion - rate related	l / ad	0.53	%	0.57	%	0.55	%	0.31	%	0.01	%	(0.04)	0.52
Less: Acquired loan accretion - credit related	c / ad	0.05	%	0.05	%	0.06	%	0.04	%	—	%	—	0.05
Adjusted average yield on interest-earning assets (1)	m / ad	5.17	%	5.03	%	4.87	%	4.84	%	4.61	%	0.14	0.56

Average rate on interest-bearing deposits	n / ae	2.54	%	2.01	%	1.64	%	1.32	%	0.77	%	0.53	1.77
Less: Acquired deposit accretion	o / ae	—	%	(0.01)	%	—	%	—	%	—	%	0.01	—
Adjusted average rate on interest-bearing deposits	p / ae	2.54	%	2.02	%	1.64	%	1.32	%	0.77	%	0.52	1.77

Average rate on interest-bearing liabilities	q / af	3.02	%	2.72	%	2.45	%	1.82	%	1.05	%	0.30	1.97
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	(0.01)	%	—	%	—	%	—	%	0.01	—
Adjusted average rate on interest-bearing liabilities	s / af	3.02	%	2.73	%	2.45	%	1.82	%	1.05	%	0.29	1.97

Net interest margin (1)	t / ad	3.78	%	3.91	%	3.93	%	4.08	%	4.01	%	(0.13)	(0.23)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.53	%	0.58	%	0.55	%	0.31	%	—	%	(0.05)	0.53
Less: Acquired loan accretion - credit related (3)	c / ad	0.05	%	0.05	%	0.06	%	0.04	%	—	%	—	0.05
Adjusted net interest margin (1)	v / ad	3.20	%	3.28	%	3.32	%	3.73	%	4.01	%	(0.08)	(0.81)


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Twelve Months Ended
($ in thousands)		Dec 31, 2023		Dec 31, 2022		Year over Year (4)
Loans and leases interest income	a	$	2,109,744	$	1,041,446	103	%
Less: Acquired loan accretion - rate related (2), (3)	b	98,257		3,677		nm

Less: Acquired loan accretion - credit related (3)	c	22,706		—		nm

Adjusted loans and leases interest income	d=a-b-c	$	1,988,781	$	1,037,769	92	%

Taxable securities interest income	e	$	289,944	$	72,702	299	%

Less: Acquired taxable securities accretion - rate related	f	123,666		—		nm
Adjusted Taxable securities interest income	g=e-f	$	166,278	$	72,702	129	%

Non-taxable securities interest income (1)	h	$	28,236	$	6,669	323	%

Less: Acquired non-taxable securities accretion - rate related	i	7,772		—		nm
Adjusted Taxable securities interest income (1)	j=h-i	$	20,464	$	6,669	207	%

Interest income (1)	k	$	2,543,454	$	1,149,335	121	%
Less: Acquired loan and securities accretion - rate related	l=b+f+i	229,695		3,677		nm
Less: Acquired loan accretion - credit related	c	22,706		—		nm
Adjusted interest income (1)	m=k-l-c	$	2,291,053	$	1,145,658	100	%

Interest-bearing deposits interest expense	n	$	461,654	$	48,195	nm
Less: Acquired deposit accretion	o	(933)		—		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	462,587	$	48,195	nm

Interest expense	q	$	746,156	$	78,001	nm
Less: Acquired interest-bearing liabilities accretion (2)	r	(1,161)		(228)		409	%
Adjusted interest expense	s=q-r	$	747,317	$	78,229	nm

Net Interest Income (1)	t	$	1,797,298	$	1,071,334	68	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	230,856		3,905		nm
Less: Acquired loan accretion - credit related (3)	c	22,706		—		nm
Adjusted net interest income (1)	v=t-u-c	$	1,543,736	$	1,067,429	45	%

Average loans and leases	aa	35,412,594		24,225,518		46	%
Average taxable securities	ab	7,479,573		3,343,721		124	%
Average non-taxable securities	ac	740,376		216,943		241	%
Average interest-earning assets	ad	45,867,566		29,556,131		55	%
Average interest-bearing deposits	ae	23,981,118		15,594,492		54	%
Average interest-bearing liabilities	af	29,194,822		16,686,325		75	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Twelve Months Ended
($ in thousands)		Dec 31, 2023		Dec 31, 2022		Year over Year
Average yield on loans and leases	a / aa	5.95	%	4.29	%	1.66

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.28	%	0.02	%	0.26

Less: Acquired loan accretion - credit related (3)	c / aa	0.06	%	—	%	0.06
Adjusted average yield on loans and leases	d / aa	5.61	%	4.27	%	1.34

Average yield on taxable securities	e / ab	3.88	%	2.17	%	1.71

Less: Acquired taxable securities accretion - rate related	f / ab	1.65	%	—	%	1.65
Adjusted average yield on taxable securities	g / ab	2.23	%	2.17	%	0.06

Average yield on non-taxable securities (1)	h / ac	3.81	%	3.07	%	0.74

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.05	%	—	%	1.05
Adjusted yield on non-taxable securities (1)	j / ac	2.76	%	3.07	%	(0.31)

Average yield on interest-earning assets (1)	k / ad	5.54	%	3.88	%	1.66
Less: Acquired loan and securities accretion - rate related	l / ad	0.50	%	0.01	%	0.49
Less: Acquired loan accretion - credit related	c / ad	0.05	%	—	%	0.05
Adjusted average yield on interest-earning assets (1)	m / ad	4.99	%	3.87	%	1.12

Average rate on interest-bearing deposits	n / ae	1.93	%	0.31	%	1.62
Less: Acquired deposit accretion	o / ae	—	%	—	%	—
Adjusted average rate on interest-bearing deposits	p / ae	1.93	%	0.31	%	1.62

Average rate on interest-bearing liabilities	q / af	2.56	%	0.47	%	2.09
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	—
Adjusted average rate on interest-bearing liabilities	s / af	2.56	%	0.47	%	2.09

Net interest margin (1)	t / ad	3.91	%	3.62	%	0.29
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.50	%	0.01	%	0.49
Less: Acquired loan accretion - credit related (3)	c / ad	0.05	%	—	%	0.05
Adjusted net interest margin (1)	v / ad	3.36	%	3.61	%	(0.25)


			Fourth Quarter 2023 Results •Net income of $94 million, or $0.45 per diluted common share •Operating net income of $91 million, or $0.44 per diluted common share1 •Consolidated asset balances of $52 billion at quarter end •Loan balances of $37 billion and deposit balances of $42 billion at quarter end •Estimated CET1 and total capital ratios of 9.6% and 11.8% at quarter end


COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2023 RESULTS
$0.45	$0.44	$23.95	$16.12
Earnings per diluted common share	Operating earnings per diluted common share 1	Book value per common share	Tangible book value per common share 1


			TABLE INDEX
						Page
			Consolidated Statements of Operations			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