Document


CEO Commentary
"Our first quarter results reflect early progress on our targeted actions to improve our financial performance and drive shareholder value,” said Clint Stein, President and CEO. "Enterprise-wide evaluations and targeted changes resulted in tighter expense control and stabilizing deposit costs in the latter part of the quarter. We will continue to exercise prudent expense management, and we expect to see the positive financial impact of near-term initiatives fully reflected in the fourth quarter's expense run rate. Longer-term initiatives will optimize our performance from a revenue, expense, and profitability standpoint. As an organization, Columbia remains laser-focused on regaining our placement as a top-quartile bank across financial metrics as we strive to drive long-term, consistent, repeatable performance."
–Clint Stein, President and CEO of Columbia Banking System, Inc.


1Q24 HIGHLIGHTS (COMPARED TO 4Q23)

Net Interest Income and NIM			•Net interest income decreased by $30 million on a linked-quarter basis due to higher deposit costs relative to the fourth quarter and lower income earned on investment securities given slower prepayment activity.
			•Net interest margin was 3.52%, down 26 basis points from the prior quarter given the full-quarter effect of deposit repricing and balance mix shift during the fourth quarter.

Non-Interest Income and Expense			•Non-interest income decreased by $15 million due to the quarterly fluctuation in cumulative non-merger fair value accounting and hedges. Excluding these items, non-interest income increased by $1 million.
			•Non-interest expense decreased by $50 million due to lower discretionary spend and the fourth quarter's larger FDIC special assessment.

Credit Quality			•Net charge-offs were 0.47% of average loans and leases (annualized), compared to 0.31% in the prior quarter.
			•Provision expense of $17 million compares to $55 million in the prior quarter.
			•Non-performing assets to total assets was 0.28%, compared to 0.22% as of December 31, 2023.

Capital			•Estimated total risk-based capital ratio of 12.0% and estimated common equity tier 1 risk-based capital ratio of 9.8%.
			•Declared a quarterly cash dividend of $0.36 per common share on February 9, 2024, which was paid March 11, 2024.

Notable Items			•Recalibrated the commercial CECL model to be more reflective of the post-merger loan portfolio after a full year operating as a combined organization.
			•Incurred $4 million in merger-related expense and $5 million in expense related to an FDIC special assessment.


1Q24 KEY FINANCIAL DATA

PERFORMANCE METRICS	1Q24		4Q23		1Q23
Return on average assets	0.96%		0.72%		(0.14)%
Return on average common equity	10.01%		7.90%		(1.70)%
Return on average tangible common equity 1	14.82%		12.19%		(2.09)%
Operating return on average assets 1	1.04%		0.89%		0.74%
Operating return on average common equity 1	10.89%		9.81%		8.66%
Operating return on average tangible common equity 1	16.12%		15.14%		10.64%
Net interest margin	3.52%		3.78%		4.08%
Efficiency ratio	60.57%		64.81%		79.71%
Operating efficiency ratio, as adjusted 1	56.97%		57.31%		52.84%

INCOME STATEMENT ($ in 000s, excl. per share data)	1Q24		4Q23		1Q23
Net interest income	$423,362		$453,623		$374,698
Provision for credit losses	$17,136		$54,909		$105,539
Non-interest income	$50,357		$65,533		$54,735
Non-interest expense	$287,516		$337,176		$342,818
Pre-provision net revenue 1	$186,203		$181,980		$86,615
Operating pre-provision net revenue 1	$200,684		$212,136		$195,730
Earnings per common share - diluted	$0.59		$0.45		($0.09)
Operating earnings per common share - diluted 1	$0.65		$0.56		$0.46
Dividends paid per share	$0.36		$0.36		$0.35

BALANCE SHEET	1Q24		4Q23		1Q23
Total assets	$52.2	B	$52.2	B	$54.0	B
Loans and leases	$37.6	B	$37.4	B	$37.1	B
Total deposits	$41.7	B	$41.6	B	$41.6	B
Book value per common share	$23.68		$23.95		$23.44
Tangible book value per share 1	$16.03		$16.12		$15.12

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. 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 3.52% for the first quarter of 2024, down 26 basis points from 3.78% for the fourth quarter of 2023. The contraction was driven by higher average deposit costs, which increased at an accelerated pace through the fourth quarter and into January before stabilizing in the latter part of the first quarter. The cost of interest-bearing deposits increased 34 basis points on a linked-quarter basis to 2.88% for the first quarter of 2024, which compares to 2.90% for the month of March and 2.89% at March 31, 2024. "During the first quarter, we executed a comprehensive review related to how we evaluate and approve deposit pricing," commented Tory Nixon, President of Umpqua Bank. "This resulted in enhanced pricing visibility, which contributed to stability in interest-bearing core deposit rates."

The cost of interest-bearing liabilities benefited from the movement of $1.4 billion in FHLB Advances to the Federal Reserve's Bank Term Funding Program in January, lowering the cost of these funds by approximately 75 basis points. Columbia's cost of interest-bearing liabilities increased 23 basis points on a linked-quarter basis to 3.25% for the first quarter of 2024, which compares to 3.24% for both the month of March and at March 31, 2024. Please refer to the Q1 2024 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information as well as to our non-GAAP disclosures in this press release for the impact of purchase accounting accretion and amortization on individual line items.

Total consolidated assets were $52.2 billion as of March 31, 2024, unchanged from December 31, 2023. Cash and cash equivalents was $2.2 billion as of March 31, 2024, also unchanged from December 31, 2023. Including secured off-balance sheet lines of credit, total available liquidity was $18.6 billion as of March 31, 2024, representing 36% of total assets, 45% of total deposits, and 138% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $8.6 billion as of March 31, 2024, a decrease of $213 million relative to December 31, 2023 due to paydowns and a decline in the fair value of the portfolio. Please refer to the Q1 2024 Earnings Presentation for additional details related to our securities portfolio and liquidity position.

Gross loans and leases were $37.6 billion as of March 31, 2024, an increase of $200 million relative to December 31, 2023. Commercial line utilization and construction project activity were the primary contributors to the 2% annualized loan growth in the quarter. Higher commercial real estate ("CRE") term balances reflect projects that transitioned from construction to permanent financing. Excluding this shift, origination volume during the first quarter was centered in our commercial and owner-occupied CRE portfolios. Please refer to the Q1 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 $41.7 billion as of March 31, 2024, an increase of $99 million relative to December 31, 2023. Customer deposits drove the quarter's increase, enabling a slight reduction in brokered deposits and borrowings. "Our teams are focused on customer deposit generation to reduce wholesale funding sources that create a drag on our earnings power," stated Mr. Nixon. "While inflationary pressures and seasonal patterns affected deposit flows, the teams generated successful momentum through targeted campaigns focused on extraordinary products and service, not price." Please refer to the Q1 2024 Earnings Presentation for additional details related to deposit characteristics and flows.

The allowance for credit losses was $437 million, or 1.16% of loans and leases, as of March 31, 2024, compared to $464 million, or 1.24% of loans and leases, as of December 31, 2023. The provision for credit losses was $17 million for the first quarter of 2024, and it reflects credit migration trends, changes in the economic forecasts used in credit models, charge-off activity, and a change within our Current Expected Credit Losses ("CECL") methodology. During the first quarter, we recalibrated the commercial CECL model to be more reflective of the post-merger loan portfolio after a full year operating as a combined organization. We believe the recalibrated CECL model is more reflective of the quality of our underwriting and borrower profiles.

Net charge-offs were 0.47% of average loans and leases (annualized) for the first quarter of 2024, compared to 0.31% for the fourth quarter of 2023. Net charge-offs in the FinPac portfolio were $24 million in the first quarter, largely unchanged from the fourth quarter, and were up $14 million in the commercial portfolio from the prior quarter, with the increase centered in a single credit. Charge-off activity in other portfolios, inclusive of a small net recovery in the CRE portfolio, was at an insignificant level. As of March 31, 2024, non-performing assets were $144 million, or 0.28% of total assets, compared to $114 million, or 0.22% of total assets, as of December 31, 2023. The quarter's increase was driven primarily by migration in our SBA portfolio and an owner-occupied CRE property. Nonperforming assets as of March 31, 2024 included $43 million of government guarantees. Please refer to the Q1 2024 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

Columbia's estimated total risk-based capital ratio was 12.0% and its estimated common equity tier 1 risk-based capital ratio was 9.8% as of March 31, 2024, compared to 11.9% and 9.6%, respectively, as of December 31, 2023. Columbia remains above current “well-capitalized” regulatory minimums. "Our total risk-based capital ratio at the parent company is now at our long-term target of 12%," stated Ron Farnsworth, Chief Financial Officer of Columbia. "We expect continued organic earnings generation to drive all capital ratios above target levels over time, increasing our flexibility for capital return in the future." The regulatory capital ratios as of March 31, 2024 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. 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 Operations
(Unaudited)
	Quarter Ended										% Change
($ in thousands, except per share data)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	575,044	$	577,741	$	569,670	$	552,679	$	413,525	—	%	39	%
Interest and dividends on investments:
Taxable	75,017		78,010		80,066		79,036		39,729		(4)	%	89	%
Exempt from federal income tax	6,904		6,966		6,929		6,817		3,397		(1)	%	103	%
Dividends	3,707		4,862		4,941		2,581		719		(24)	%	416	%
Temporary investments and interest bearing deposits	23,553		24,055		34,407		34,616		18,581		(2)	%	27	%
Total interest income	684,225		691,634		696,013		675,729		475,951		(1)	%	44	%
Interest expense:
Deposits	198,435		170,659		126,974		100,408		63,613		16	%	212	%
Securities sold under agreement to repurchase and federal funds purchased	1,266		1,226		1,220		1,071		406		3	%	212	%
Borrowings	51,275		56,066		77,080		81,004		28,764		(9)	%	78	%
Junior and other subordinated debentures	9,887		10,060		9,864		9,271		8,470		(2)	%	17	%
Total interest expense	260,863		238,011		215,138		191,754		101,253		10	%	158	%
Net interest income	423,362		453,623		480,875		483,975		374,698		(7)	%	13	%
Provision for credit losses	17,136		54,909		36,737		16,014		105,539		(69)	%	(84)	%
Non-interest income:
Service charges on deposits	16,064		17,349		17,410		16,454		14,312		(7)	%	12	%
Card-based fees	13,183		14,593		15,674		13,435		11,561		(10)	%	14	%
Financial services and trust revenue	4,464		3,011		4,651		4,512		1,297		48	%	244	%
Residential mortgage banking revenue (loss), net	4,634		4,212		7,103		(2,342)		7,816		10	%	(41)	%
Gain on sale of debt securities, net	12		9		4		—		—		33	%	nm
(Loss) gain on equity securities, net	(1,565)		2,636		(2,055)		(697)		2,416		(159)	%	(165)	%
Gain on loan and lease sales, net	221		1,161		1,871		442		940		(81)	%	(76)	%
BOLI income	4,639		4,331		4,440		4,063		2,790		7	%	66	%
Other income (loss)	8,705		18,231		(5,117)		3,811		13,603		(52)	%	(36)	%
Total non-interest income	50,357		65,533		43,981		39,678		54,735		(23)	%	(8)	%
Non-interest expense:
Salaries and employee benefits	154,538		157,572		159,041		163,398		136,092		(2)	%	14	%
Occupancy and equipment, net	45,291		48,160		43,070		50,550		41,700		(6)	%	9	%
Intangible amortization	32,091		33,204		29,879		35,553		12,660		(3)	%	153	%
FDIC assessments	14,460		42,510		11,200		11,579		6,113		(66)	%	137	%
Merger-related expense	4,478		7,174		18,938		29,649		115,898		(38)	%	(96)	%
Other expenses	36,658		48,556		42,019		37,830		30,355		(25)	%	21	%
Total non-interest expense	287,516		337,176		304,147		328,559		342,818		(15)	%	(16)	%
Income (loss) before provision (benefit) for income taxes	169,067		127,071		183,972		179,080		(18,924)		33	%	nm
Provision (benefit) for income taxes	44,987		33,540		48,127		45,703		(4,886)		34	%	nm
Net income (loss)	$	124,080	$	93,531	$	135,845	$	133,377	$	(14,038)	33	%	nm

Weighted average basic shares outstanding	208,260		208,083		208,070		207,977		156,383		—	%	33	%
Weighted average diluted shares outstanding	208,956		208,739		208,645		208,545		156,383		—	%	34	%
Earnings (loss) per common share – basic	$	0.60	$	0.45	$	0.65	$	0.64	$	(0.09)	33	%	nm
Earnings (loss) per common share – diluted	$	0.59	$	0.45	$	0.65	$	0.64	$	(0.09)	31	%	nm

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)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	440,215	$	498,496	$	492,474	$	538,653	$	555,919	(12)	%	(21)	%
Interest-bearing cash and temporary investments	1,760,902		1,664,038		1,911,221		2,868,563		3,079,266		6	%	(43)	%
Investment securities:
Equity and other, at fair value	77,203		76,995		73,638		76,361		76,532		—	%	1	%
Available for sale, at fair value	8,616,545		8,829,870		8,503,986		8,998,428		9,249,600		(2)	%	(7)	%
Held to maturity, at amortized cost	2,247		2,300		2,344		2,388		2,432		(2)	%	(8)	%
Loans held for sale	47,201		30,715		60,313		183,633		49,338		54	%	(4)	%
Loans and leases	37,642,413		37,441,951		37,170,598		37,049,299		37,091,280		1	%	1	%
Allowance for credit losses on loans and leases	(414,344)		(440,871)		(416,560)		(404,603)		(417,464)		(6)	%	(1)	%
Net loans and leases	37,228,069		37,001,080		36,754,038		36,644,696		36,673,816		1	%	2	%
Restricted equity securities	116,274		179,274		168,524		258,524		246,525		(35)	%	(53)	%
Premises and equipment, net	336,869		338,970		337,855		368,698		375,190		(1)	%	(10)	%
Operating lease right-of-use assets	113,833		115,811		114,220		119,255		127,296		(2)	%	(11)	%
Goodwill	1,029,234		1,029,234		1,029,234		1,029,234		1,030,142		—	%	—	%
Other intangible assets, net	571,588		603,679		636,883		666,762		702,315		(5)	%	(19)	%
Residential mortgage servicing rights, at fair value	110,444		109,243		117,640		172,929		178,800		1	%	(38)	%
Bank-owned life insurance	682,293		680,948		648,232		643,727		641,922		—	%	6	%
Deferred tax asset, net	356,031		347,203		469,841		362,880		351,229		3	%	1	%
Other assets	735,058		665,740		673,372		657,365		653,904		10	%	12	%
Total assets	$	52,224,006	$	52,173,596	$	51,993,815	$	53,592,096	$	53,994,226	—	%	(3)	%
Liabilities:
Deposits
Non-interest-bearing	$	13,808,554	$	14,256,452	$	15,532,948	$	16,019,408	$	17,215,781	(3)	%	(20)	%
Interest-bearing	27,897,606		27,350,568		26,091,420		24,815,509		24,370,566		2	%	14	%
Total deposits	41,706,160		41,607,020		41,624,368		40,834,917		41,586,347		—	%	—	%
Securities sold under agreements to repurchase	213,573		252,119		258,383		294,914		271,047		(15)	%	(21)	%
Borrowings	3,900,000		3,950,000		3,985,000		6,250,000		5,950,000		(1)	%	(34)	%
Junior subordinated debentures, at fair value	309,544		316,440		331,545		312,872		297,721		(2)	%	4	%
Junior and other subordinated debentures, at amortized cost	107,838		107,895		107,952		108,009		108,066		—	%	—	%
Operating lease liabilities	129,240		130,576		129,845		132,099		140,648		(1)	%	(8)	%

Other liabilities	900,406		814,512		924,560		831,097		755,674		11	%	19	%
Total liabilities	47,266,761		47,178,562		47,361,653		48,763,908		49,109,503		—	%	(4)	%
Shareholders' equity:

Common stock	5,802,322		5,802,747		5,798,167		5,792,792		5,788,553		—	%	—	%
Accumulated deficit	(418,946)		(467,571)		(485,576)		(545,842)		(603,696)		(10)	%	(31)	%
Accumulated other comprehensive loss	(426,131)		(340,142)		(680,429)		(418,762)		(300,134)		25	%	42	%
Total shareholders' equity	4,957,245		4,995,034		4,632,162		4,828,188		4,884,723		(1)	%	1	%
Total liabilities and shareholders' equity	$	52,224,006	$	52,173,596	$	51,993,815	$	53,592,096	$	53,994,226	—	%	(3)	%

Common shares outstanding at period end	209,370		208,585		208,575		208,514		208,429		—	%	—	%


Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.36		$	0.36		$	0.36		$	0.36		$	0.35		—	%	3	%
Book value	$	23.68		$	23.95		$	22.21		$	23.16		$	23.44		(1)	%	1	%
Tangible book value (1)	$	16.03		$	16.12		$	14.22		$	15.02		$	15.12		(1)	%	6	%

Performance Ratios:
Efficiency ratio (2)	60.57		%	64.81		%	57.82		%	62.60		%	79.71		%	(4.24)		(19.14)
Non-interest expense to average assets (1)	2.22		%	2.58		%	2.28		%	2.46		%	3.53		%	(0.36)		(1.31)
Return on average assets ("ROAA")	0.96		%	0.72		%	1.02		%	1.00		%	(0.14)		%	0.24		1.10
Pre-provision net revenue ("PPNR") ROAA (1)	1.44		%	1.39		%	1.65		%	1.46		%	0.89		%	0.05		0.55
Return on average common equity	10.01		%	7.90		%	11.07		%	10.84		%	(1.70)		%	2.11		11.71
Return on average tangible common equity (1)	14.82		%	12.19		%	16.93		%	16.63		%	(2.09)		%	2.63		16.91

Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2), (5), (6)	56.97		%	57.31		%	51.26		%	54.04		%	52.84		%	(0.34)		4.13
Operating non-interest expense to average assets (1)	2.14		%	2.25		%	2.10		%	2.22		%	2.32		%	(0.11)		(0.18)
Operating ROAA (1), (5)	1.04		%	0.89		%	1.23		%	1.27		%	0.74		%	0.15		0.30
Operating PPNR ROAA (1), (5)	1.55		%	1.62		%	1.94		%	1.82		%	2.01		%	(0.07)		(0.46)
Operating return on average common equity (1), (5)	10.89		%	9.81		%	13.40		%	13.77		%	8.66		%	1.08		2.23
Operating return on average tangible common equity (1), (5)	16.12		%	15.14		%	20.48		%	21.13		%	10.64		%	0.98		5.48

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	6.13		%	6.13		%	6.08		%	5.95		%	5.55		%	—		0.58
Yield on earning assets (2)	5.69		%	5.75		%	5.65		%	5.48		%	5.19		%	(0.06)		0.50
Cost of interest bearing deposits	2.88		%	2.54		%	2.01		%	1.64		%	1.32		%	0.34		1.56
Cost of interest bearing liabilities	3.25		%	3.02		%	2.72		%	2.45		%	1.82		%	0.23		1.43
Cost of total deposits	1.92		%	1.63		%	1.23		%	0.99		%	0.80		%	0.29		1.12
Cost of total funding (3)	2.27		%	2.05		%	1.81		%	1.61		%	1.16		%	0.22		1.11
Net interest margin (2)	3.52		%	3.78		%	3.91		%	3.93		%	4.08		%	(0.26)		(0.56)
Average interest bearing cash / Average interest earning assets	3.56		%	3.64		%	5.17		%	5.47		%	4.33		%	(0.08)		(0.77)
Average loans and leases / Average interest earning assets	77.87		%	78.04		%	75.64		%	75.18		%	80.96		%	(0.17)		(3.09)
Average loans and leases / Average total deposits	90.41		%	89.91		%	90.63		%	90.98		%	93.01		%	0.50		(2.60)
Average non-interest bearing deposits / Average total deposits	33.29		%	35.88		%	38.55		%	40.05		%	39.55		%	(2.59)		(6.26)
Average total deposits / Average total funding (3)	90.09		%	90.02		%	86.66		%	85.59		%	91.36		%	0.07		(1.27)

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.38		%	0.30		%	0.28		%	0.22		%	0.20		%	0.08		0.18
Non-performing assets to total assets	0.28		%	0.22		%	0.20		%	0.15		%	0.14		%	0.06		0.14
Allowance for credit losses to loans and leases	1.16		%	1.24		%	1.18		%	1.15		%	1.18		%	(0.08)		(0.02)
Total risk-based capital ratio (4)	12.0		%	11.9		%	11.6		%	11.3		%	10.9		%	0.10		1.10
Common equity tier 1 risk-based capital ratio (4)	9.8		%	9.6		%	9.5		%	9.2		%	8.9		%	0.20		0.90
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	6,557,768		$	6,482,940		$	6,490,638		$	6,434,673		$	6,353,550		1	%	3	%
Owner occupied term, net	5,231,676			5,195,605			5,235,227			5,254,401			5,156,848			1	%	1	%
Multifamily, net	5,828,960			5,704,734			5,684,495			5,622,875			5,590,587			2	%	4	%
Construction & development, net	1,728,652			1,747,302			1,669,918			1,528,924			1,467,561			(1)	%	18	%
Residential development, net	284,117			323,899			354,922			388,641			440,667			(12)	%	(36)	%
Commercial:
Term, net	5,544,450			5,536,765			5,437,915			5,449,787			5,906,774			—	%	(6)	%
Lines of credit & other, net	2,491,557			2,430,127			2,353,548			2,268,790			2,184,762			3	%	14	%
Leases & equipment finance, net	1,706,759			1,729,512			1,728,991			1,740,037			1,746,267			(1)	%	(2)	%
Residential:
Mortgage, net	6,128,884			6,157,166			6,121,838			6,272,898			6,187,964			—	%	(1)	%
Home equity loans & lines, net	1,950,421			1,938,166			1,899,948			1,898,958			1,870,002			1	%	4	%
Consumer & other, net	189,169			195,735			193,158			189,315			186,298			(3)	%	2	%
Total loans and leases, net of deferred fees and costs	$	37,642,413		$	37,441,951		$	37,170,598		$	37,049,299		$	37,091,280		1	%	1	%

Loans and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	17		%	17		%	16		%
Owner occupied term, net	14		%	14		%	14		%	14		%	14		%
Multifamily, net	15		%	15		%	15		%	15		%	15		%
Construction & development, net	5		%	5		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	15		%	15		%	15		%	15		%	16		%
Lines of credit & other, net	6		%	6		%	6		%	6		%	6		%
Leases & equipment finance, net	5		%	5		%	5		%	5		%	5		%
Residential:
Mortgage, net	16		%	16		%	17		%	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)
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			% Change
($ in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	13,808,554		$	14,256,452		$	15,532,948		$	16,019,408		$	17,215,781		(3)	%	(20)	%
Demand, interest bearing	8,095,211			8,044,432			6,898,831			6,300,082			5,900,462			1	%	37	%
Money market	10,822,498			10,324,454			10,349,217			10,115,908			10,681,422			5	%	1	%
Savings	2,640,060			2,754,113			3,018,706			3,171,714			3,469,112			(4)	%	(24)	%
Time	6,339,837			6,227,569			5,824,666			5,227,805			4,319,570			2	%	47	%
Total	$	41,706,160		$	41,607,020		$	41,624,368		$	40,834,917		$	41,586,347		—	%	—	%

Total core deposits (1)	$	37,436,569		$	37,423,402		$	37,597,830		$	37,639,368		$	39,155,298		—	%	(4)	%

Deposit mix:
Demand, non-interest bearing	33		%	34		%	37		%	39		%	41		%
Demand, interest bearing	20		%	19		%	17		%	15		%	14		%
Money market	26		%	25		%	25		%	25		%	26		%
Savings	6		%	7		%	7		%	8		%	9		%
Time	15		%	15		%	14		%	13		%	10		%
Total	100		%	100		%	100		%	100		%	100		%


	Columbia Banking System, Inc.
	Credit Quality – Non-performing Assets
	(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate, net	$	39,736		$	28,689		$	26,053		$	10,994		$	15,612		39	%	155	%
	Commercial, net	58,960			45,682			44,341			39,316			42,301			29	%	39	%


	Total loans and leases on non-accrual status	98,696			74,371			70,394			50,310			57,913			33	%	70	%
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate, net	253			870			71			184			1			(71)	%	nm
	Commercial, net	10,733			8,232			8,606			7,720			151			30	%	nm
	Residential, net (2)	31,916			29,102			25,180			21,370			17,423			10	%	83	%
	Consumer & other, net	437			326			240			399			140			34	%	212	%
	Total loans and leases past due 90+ days and accruing	43,339			38,530			34,097			29,673			17,715			12	%	145	%
Total non-performing loans and leases (1), (2)		142,035			112,901			104,491			79,983			75,628			26	%	88	%
Other real estate owned		1,762			1,036			1,170			278			409			70	%	331	%
Total non-performing assets (1), (2)		$	143,797		$	113,937		$	105,661		$	80,261		$	76,037		26	%	89	%


Loans and leases past due 31-89 days		$	109,673		$	85,235		$	82,918		$	73,376		$	78,641		29	%	39	%
Loans and leases past due 31-89 days to total loans and leases		0.29		%	0.23		%	0.22		%	0.20		%	0.21		%	0.06		0.08
Non-performing loans and leases to total loans and leases (1), (2)		0.38		%	0.30		%	0.28		%	0.22		%	0.20		%	0.08		0.18
Non-performing assets to total assets (1), (2)		0.28		%	0.22		%	0.20		%	0.15		%	0.14		%	0.06		0.14

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)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	440,871		$	416,560		$	404,603		$	417,464		$	301,135		6	%	46	%
Initial ACL recorded for PCD loans acquired during the period		—			—			—			—			26,492			nm		(100)	%
Provision for credit losses on loans and leases (1)		17,476			53,183			35,082			15,216			106,498			(67)	%	(84)	%
Charge-offs
	Commercial real estate, net	(161)			(629)			—			(174)			—			(74)	%	nm
	Commercial, net	(47,232)			(31,949)			(26,629)			(32,036)			(19,248)			48	%	145	%
	Residential, net	(490)			(89)			(206)			(4)			(248)			451	%	98	%
	Consumer & other, net	(1,870)			(1,841)			(1,884)			(1,264)			(773)			2	%	142	%
	Total charge-offs	(49,753)			(34,508)			(28,719)			(33,478)			(20,269)			44	%	145	%
Recoveries
	Commercial real estate, net	358			35			31			209			58			nm		nm
	Commercial, net	4,732			4,414			4,901			4,511			3,058			7	%	55	%
	Residential, net	170			781			156			63			123			(78)	%	38	%
	Consumer & other, net	490			406			506			618			369			21	%	33	%
	Total recoveries	5,750			5,636			5,594			5,401			3,608			2	%	59	%
Net (charge-offs) recoveries
	Commercial real estate, net	197			(594)			31			35			58			nm		240	%
	Commercial, net	(42,500)			(27,535)			(21,728)			(27,525)			(16,190)			54	%	163	%
	Residential, net	(320)			692			(50)			59			(125)			(146)	%	156	%
	Consumer & other, net	(1,380)			(1,435)			(1,378)			(646)			(404)			(4)	%	242	%
	Total net charge-offs	(44,003)			(28,872)			(23,125)			(28,077)			(16,661)			52	%	164	%
Balance, end of period		$	414,344		$	440,871		$	416,560		$	404,603		$	417,464		(6)	%	(1)	%
Reserve for unfunded commitments
Balance, beginning of period		$	23,208		$	21,482		$	19,827		$	19,029		$	14,221		8	%	63	%
Initial ACL recorded for unfunded commitments acquired during the period		—			—			—			—			5,767			nm		(100)	%
(Recapture) provision for credit losses on unfunded commitments		(340)			1,726			1,655			798			(959)			(120)	%	(65)	%
Balance, end of period		22,868			23,208			21,482			19,827			19,029			(1)	%	20	%
Total Allowance for credit losses (ACL)		$	437,212		$	464,079		$	438,042		$	424,430		$	436,493		(6)	%	—	%

Net charge-offs to average loans and leases (annualized)		0.47		%	0.31		%	0.25		%	0.30		%	0.23		%	0.16		0.24
Recoveries to gross charge-offs		11.56		%	16.33		%	19.48		%	16.13		%	17.80		%	(4.77)		(6.24)
ACLLL to loans and leases		1.10		%	1.18		%	1.12		%	1.09		%	1.13		%	(0.08)		(0.03)
ACL to loans and leases		1.16		%	1.24		%	1.18		%	1.15		%	1.18		%	(0.08)		(0.02)

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
	March 31, 2024						December 31, 2023						March 31, 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	$	30,550	$	525	6.88	%	$	48,868	$	649	5.31	%	$	54,008	$	799	5.92	%
Loans and leases (1)	37,597,101		574,519		6.13	%	37,333,310		577,092		6.13	%	29,998,630		412,726		5.55	%
Taxable securities	8,081,003		78,724		3.90	%	7,903,053		82,872		4.19	%	4,960,966		40,448		3.26	%
Non-taxable securities (2)	851,342		7,886		3.71	%	809,551		8,073		3.99	%	437,020		4,068		3.72	%
Temporary investments and interest-bearing cash	1,720,791		23,553		5.51	%	1,743,447		24,055		5.47	%	1,605,081		18,581		4.69	%
Total interest-earning assets	48,280,787		$	685,207	5.69	%	47,838,229		$	692,741	5.75	%	37,055,705		$	476,622	5.19	%
Goodwill and other intangible assets	1,619,134						1,652,282						623,042
Other assets	2,184,052						2,341,845						1,747,228
Total assets	$	52,083,973					$	51,832,356					$	39,425,975
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,035,339	$	51,378	2.57	%	$	7,617,427	$	44,861	2.34	%	$	4,759,251	$	9,815	0.84	%
Money market deposits	10,612,073		72,497		2.75	%	10,276,894		61,055		2.36	%	8,845,784		32,238		1.48	%
Savings deposits	2,688,360		715		0.11	%	2,880,622		698		0.10	%	2,686,388		556		0.08	%
Time deposits	6,406,807		73,845		4.64	%	5,847,400		64,045		4.35	%	3,205,128		21,004		2.66	%
Total interest-bearing deposits	27,742,579		198,435		2.88	%	26,622,343		170,659		2.54	%	19,496,551		63,613		1.32	%
Repurchase agreements and federal funds purchased	231,667		1,266		2.20	%	245,989		1,226		1.98	%	281,032		406		0.59	%
Borrowings	3,920,879		51,275		5.26	%	3,918,261		56,066		5.68	%	2,352,715		28,764		4.96	%
Junior and other subordinated debentures	423,528		9,887		9.39	%	440,007		10,060		9.07	%	417,966		8,470		8.22	%
Total interest-bearing liabilities	32,318,653		$	260,863	3.25	%	31,226,600		$	238,011	3.02	%	22,548,264		$	101,253	1.82	%
Non-interest-bearing deposits	13,841,582						14,899,001						12,755,080
Other liabilities	937,863						1,011,019						772,870
Total liabilities	47,098,098						47,136,620						36,076,214
Common equity	4,985,875						4,695,736						3,349,761
Total liabilities and shareholders' equity	$	52,083,973					$	51,832,356					$	39,425,975
NET INTEREST INCOME (2)			$	424,344					$	454,730					$	375,369
NET INTEREST SPREAD					2.44	%					2.73	%					3.37	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.52	%					3.78	%					4.08	%


Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	2,920		$	2,686		$	2,442		$	3,166		$	3,587		9	%	(19)	%
Servicing	6,021			5,966			8,887			9,167			9,397			1	%	(36)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,153)			(3,215)			(4,801)			(4,797)			(4,881)			(2)	%	(35)	%
Changes due to valuation inputs or assumptions	3,117			(6,251)			5,308			(2,242)			(2,937)			nm		nm
MSR hedge (loss) gain	(4,271)			5,026			(4,733)			(7,636)			2,650			(185)	%	(261)	%
Total	$	4,634		$	4,212		$	7,103		$	(2,342)		$	7,816		10	%	(41)	%

Closed loan volume for-sale	$	86,903		$	87,033		$	103,333		$	119,476		$	131,726		—	%	(34)	%
Gain on sale margin	3.36		%	3.09		%	2.36		%	2.65		%	2.72		%	0.27		0.64

Residential mortgage servicing rights:
Balance, beginning of period	$	109,243		$	117,640		$	172,929		$	178,800		$	185,017		(7)	%	(41)	%
Additions for new MSR capitalized	1,237			920			1,658			1,168			1,601			34	%	(23)	%
Sale of MSR assets	—			149			(57,454)			—			—			(100)	%	nm
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3,153)			(3,215)			(4,801)			(4,797)			(4,881)			(2)	%	(35)	%
Changes due to valuation inputs or assumptions	3,117			(6,251)			5,308			(2,242)			(2,937)			nm		nm
Balance, end of period	$	110,444		$	109,243		$	117,640		$	172,929		$	178,800		1	%	(38)	%

Residential mortgage loans serviced for others	$	8,081,039		$	8,175,664		$	8,240,950		$	12,726,615		$	12,914,046		(1)	%	(37)	%
MSR as % of serviced portfolio	1.37		%	1.34		%	1.43		%	1.36		%	1.38		%	0.03		(0.01)

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. 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)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	4,957,245		$	4,995,034		$	4,632,162		$	4,828,188		$	4,884,723		(1)	%	1	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,030,142			—	%	—	%
Less: Other intangible assets, net		571,588			603,679			636,883			666,762			702,315			(5)	%	(19)	%
Tangible common shareholders' equity	b	$	3,356,423		$	3,362,121		$	2,966,045		$	3,132,192		$	3,152,266		—	%	6	%



Total assets	c	$	52,224,006		$	52,173,596		$	51,993,815		$	53,592,096		$	53,994,226		—	%	(3)	%
Less: Goodwill		1,029,234			1,029,234			1,029,234			1,029,234			1,030,142			—	%	—	%
Less: Other intangible assets, net		571,588			603,679			636,883			666,762			702,315			(5)	%	(19)	%
Tangible assets	d	$	50,623,184		$	50,540,683		$	50,327,698		$	51,896,100		$	52,261,769		—	%	(3)	%
Common shares outstanding at period end	e	209,370			208,585			208,575			208,514			208,429			—	%	—	%

Total shareholders' equity to total assets ratio	a / c	9.49		%	9.57		%	8.91		%	9.01		%	9.05		%	(0.08)		0.44
Tangible common equity ratio	b / d	6.63		%	6.65		%	5.89		%	6.04		%	6.03		%	(0.02)		0.60

Book value per common share	a / e	$	23.68		$	23.95		$	22.21		$	23.16		$	23.44		(1)	%	1	%
Tangible book value per common share	b / e	$	16.03		$	16.12		$	14.22		$	15.02		$	15.12		(1)	%	6	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
		Quarter Ended										% Change
($ in thousands)		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	12	$	9	$	4	$	—	$	—	33	%	nm
(Loss) gain on equity securities, net		(1,565)		2,636		(2,055)		(697)		2,416		(159)	%	(165)	%
Gain (loss) on swap derivatives		1,197		(8,042)		5,700		1,288		(3,543)		nm		nm
Change in fair value of certain loans held for investment		(2,372)		19,354		(19,247)		(6,965)		9,488		(112)	%	(125)	%
Change in fair value of MSR due to valuation inputs or assumptions		3,116		(6,251)		5,308		(2,242)		(2,937)		nm		nm
MSR hedge (loss) gain		(4,271)		5,026		(4,733)		(7,636)		2,650		(185)	%	(261)	%
Total non-interest income adjustments	a	$	(3,883)	$	12,732	$	(15,023)	$	(16,252)	$	8,074	(130)	%	(148)	%

Non-Interest Expense Adjustments
Merger-related expense		$	4,478	$	7,174	$	18,938	$	29,649	$	115,898	(38)	%	(96)	%
Exit and disposal costs		1,272		2,791		4,017		2,119		1,291		(54)	%	(1)	%
FDIC special assessment (2)		4,848		32,923		—		—		—		(85)	%	nm
Total non-interest expense adjustments	b	$	10,598	$	42,888	$	22,955	$	31,768	$	117,189	(75)	%	(91)	%

Net interest income	c	$	423,362	$	453,623	$	480,875	$	483,975	$	374,698	(7)	%	13	%

Non-interest income (GAAP)	d	$	50,357	$	65,533	$	43,981	$	39,678	$	54,735	(23)	%	(8)	%
Less: Non-interest income adjustments	a	3,883		(12,732)		15,023		16,252		(8,074)		nm		nm
Operating non-interest income (non-GAAP)	e	$	54,240	$	52,801	$	59,004	$	55,930	$	46,661	3	%	16	%

Revenue (GAAP)	f=c+d	$	473,719	$	519,156	$	524,856	$	523,653	$	429,433	(9)	%	10	%
Operating revenue (non-GAAP)	g=c+e	$	477,602	$	506,424	$	539,879	$	539,905	$	421,359	(6)	%	13	%

Non-interest expense (GAAP)	h	$	287,516	$	337,176	$	304,147	$	328,559	$	342,818	(15)	%	(16)	%
Less: Non-interest expense adjustments	b	(10,598)		(42,888)		(22,955)		(31,768)		(117,189)		(75)	%	(91)	%
Operating non-interest expense (non-GAAP)	i	$	276,918	$	294,288	$	281,192	$	296,791	$	225,629	(6)	%	23	%

Net income (loss) (GAAP)	j	$	124,080	$	93,531	$	135,845	$	133,377	$	(14,038)	33	%	nm
Provision (benefit) for income taxes		44,987		33,540		48,127		45,703		(4,886)		34	%	nm
Income (loss) before provision for income taxes		169,067		127,071		183,972		179,080		(18,924)		33	%	nm
Provision for credit losses		17,136		54,909		36,737		16,014		105,539		(69)	%	(84)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	186,203		181,980		220,709		195,094		86,615		2	%	115	%
Less: Non-interest income adjustments	a	3,883		(12,732)		15,023		16,252		(8,074)		nm		nm
Add: Non-interest expense adjustments	b	10,598		42,888		22,955		31,768		117,189		(75)	%	(91)	%
Operating PPNR (non-GAAP)	l	$	200,684	$	212,136	$	258,687	$	243,114	$	195,730	(5)	%	3	%

Net income (loss) (GAAP)	j	$	124,080	$	93,531	$	135,845	$	133,377	$	(14,038)	33	%	nm
Less: Non-interest income adjustments	a	3,883		(12,732)		15,023		16,252		(8,074)		nm		nm
Add: Non-interest expense adjustments	b	10,598		42,888		22,955		31,768		117,189		(75)	%	(91)	%
Tax effect of adjustments		(3,620)		(7,539)		(9,482)		(11,981)		(23,565)		(52)	%	(85)	%
Operating net income (non-GAAP)	m	$	134,941	$	116,148	$	164,341	$	169,416	$	71,512	16	%	89	%

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)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Average assets	n	$	52,083,973		$	51,832,356		$	53,011,361		$	53,540,574		$	39,425,975		—	%	32	%
Less: Average goodwill and other intangible assets, net		1,619,134			1,652,282			1,684,093			1,718,705			623,042			(2)	%	160	%
Average tangible assets	o	$	50,464,839		$	50,180,074		$	51,327,268		$	51,821,869		$	38,802,933		1	%	30	%

Average common shareholders' equity	p	$	4,985,875		$	4,695,736		$	4,866,975		$	4,935,239		$	3,349,761		6	%	49	%
Less: Average goodwill and other intangible assets, net		1,619,134			1,652,282			1,684,093			1,718,705			623,042			(2)	%	160	%
Average tangible common equity	q	$	3,366,741		$	3,043,454		$	3,182,882		$	3,216,534		$	2,726,719		11	%	23	%

Weighted average basic shares outstanding	r	208,260			208,083			208,070			207,977			156,383			—	%	33	%
Weighted average diluted shares outstanding	s	208,956			208,739			208,645			208,545			156,383			—	%	34	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.60		$	0.45		$	0.65		$	0.64		$	(0.09)		33	%	nm
Earnings-per-share - diluted	j / s	$	0.59		$	0.45		$	0.65		$	0.64		$	(0.09)		31	%	nm
Efficiency ratio (1)	h / f	60.57		%	64.81		%	57.82		%	62.60		%	79.71		%	(4.24)		(19.14)
Non-interest expense to average assets	h / n	2.22		%	2.58		%	2.28		%	2.46		%	3.53		%	(0.36)		(1.31)
Return on average assets	j / n	0.96		%	0.72		%	1.02		%	1.00		%	(0.14)		%	0.24		1.10
Return on average tangible assets	j / o	0.99		%	0.74		%	1.05		%	1.03		%	(0.15)		%	0.25		1.14
PPNR return on average assets	k / n	1.44		%	1.39		%	1.65		%	1.46		%	0.89		%	0.05		0.55
Return on average common equity	j / p	10.01		%	7.90		%	11.07		%	10.84		%	(1.70)		%	2.11		11.71
Return on average tangible common equity	j / q	14.82		%	12.19		%	16.93		%	16.63		%	(2.09)		%	2.63		16.91

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic (2)	m / r	$	0.65		$	0.56		$	0.79		$	0.81		$	0.46		16	%	41	%
Operating earnings-per-share - diluted (2)	m / s	$	0.65		$	0.56		$	0.79		$	0.81		$	0.46		16	%	41	%
Operating efficiency ratio, as adjusted (1), (2), (3)	u / y	56.97		%	57.31		%	51.26		%	54.04		%	52.84		%	(0.34)		4.13
Operating non-interest expense to average assets	i / n	2.14		%	2.25		%	2.10		%	2.22		%	2.32		%	(0.11)		(0.18)
Operating return on average assets (2)	m / n	1.04		%	0.89		%	1.23		%	1.27		%	0.74		%	0.15		0.30
Operating return on average tangible assets (2)	m / o	1.08		%	0.92		%	1.27		%	1.31		%	0.75		%	0.16		0.33
Operating PPNR return on average assets (2)	l / n	1.55		%	1.62		%	1.94		%	1.82		%	2.01		%	(0.07)		(0.46)
Operating return on average common equity (2)	m / p	10.89		%	9.81		%	13.40		%	13.77		%	8.66		%	1.08		2.23
Operating return on average tangible common equity (2)	m / q	16.12		%	15.14		%	20.48		%	21.13		%	10.64		%	0.98		5.48

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


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in thousands)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	287,516		$	337,176		$	304,147		$	328,559		$	342,818		(15)	%	(16)	%
Less: Non-interest expense adjustments	b	(10,598)			(42,888)			(22,955)			(31,768)			(117,189)			(75)	%	(91)	%
Operating non-interest expense (non-GAAP)	i	276,918			294,288			281,192			296,791			225,629			(6)	%	23	%
Less: B&O taxes	t	(3,223)			(2,727)			(3,275)			(3,647)			(2,129)			18	%	51	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	273,695		$	291,561		$	277,917		$	293,144		$	223,500		(6)	%	22	%




Net interest income (tax equivalent) (1)	v	$	424,344		$	454,730		$	482,031		$	485,168		$	375,369		(7)	%	13	%
Non-interest income (GAAP)	d	50,357			65,533			43,981			39,678			54,735			(23)	%	(8)	%
Add: BOLI tax equivalent adjustment (1)	w	1,809			1,182			1,178			1,360			957			53	%	89	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	476,510			521,445			527,190			526,206			431,061			(9)	%	11	%
Less: Non-interest income adjustments	a	3,883			(12,732)			15,023			16,252			(8,074)			nm		nm
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	480,393		$	508,713		$	542,213		$	542,458		$	422,987		(6)	%	14	%

Efficiency ratio (1)	h / f	60.57		%	64.81		%	57.82		%	62.60		%	79.71		%	(4.24)		(19.14)

Operating efficiency ratio, as adjusted (non-GAAP) (1), (2), (3)	u / y	56.97		%	57.31		%	51.26		%	54.04		%	52.84		%	(0.34)		4.13

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)		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Seq. Quarter		Year over Year
Loans and leases interest income	a	$	574,519	$	577,092	$	567,929	$	551,997	$	412,726	—	%	39	%
Less: Acquired loan accretion - rate related (2), (3)	b	23,482		26,914		28,963		30,548		11,832		(13)	%	98	%

Less: Acquired loan accretion - credit related (3)	c	5,119		5,430		6,370		7,100		3,806		(6)	%	34	%

Adjusted loans and leases interest income	d=a-b-c	$	545,918	$	544,748	$	532,596	$	514,349	$	397,088	—	%	37	%

Taxable securities interest income	e	$	78,724	$	82,872	$	85,007	$	81,617	$	40,448	(5)	%	95	%

Less: Acquired taxable securities accretion - rate related	f	31,527		34,290		39,219		34,801		15,356		(8)	%	105	%
Adjusted Taxable securities interest income	g=e-f	$	47,197	$	48,582	$	45,788	$	46,816	$	25,092	(3)	%	88	%

Non-taxable securities interest income (1)	h	$	7,886	$	8,073	$	8,085	$	8,010	$	4,068	(2)	%	94	%

Less: Acquired non-taxable securities accretion - rate related	i	2,270		2,309		2,288		2,274		901		(2)	%	152	%
Adjusted Taxable securities interest income (1)	j=h-i	$	5,616	$	5,764	$	5,797	$	5,736	$	3,167	(3)	%	77	%

Interest income (1)	k	$	685,207	$	692,741	$	697,169	$	676,922	$	476,622	(1)	%	44	%
Less: Acquired loan and securities accretion - rate related	l=b+f+i	57,279		63,513		70,470		67,623		28,089		(10)	%	104	%
Less: Acquired loan accretion - credit related	c	5,119		5,430		6,370		7,100		3,806		(6)	%	34	%
Adjusted interest income (1)	m=k-l-c	$	622,809	$	623,798	$	620,329	$	602,199	$	444,727	—	%	40	%

Interest-bearing deposits interest expense	n	$	198,435	$	170,659	$	126,974	$	100,408	$	63,613	16	%	212	%
Less: Acquired deposit accretion	o	—		(187)		(373)		(280)		(93)		nm		nm
Adjusted interest-bearing deposits interest expense	p=n-o	$	198,435	$	170,846	$	127,347	$	100,688	$	63,706	16	%	211	%

Interest expense	q	$	260,863	$	238,011	$	215,138	$	191,754	$	101,253	10	%	158	%
Less: Acquired interest-bearing liabilities accretion (2)	r	(57)		(244)		(430)		(337)		(150)		(77)	%	(62)	%
Adjusted interest expense	s=q-r	$	260,920	$	238,255	$	215,568	$	192,091	$	101,403	10	%	157	%

Net Interest Income (1)	t	$	424,344	$	454,730	$	482,031	$	485,168	$	375,369	(7)	%	13	%
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u=l-r	57,336		63,757		70,900		67,960		28,239		(10)	%	103	%
Less: Acquired loan accretion - credit related (3)	c	5,119		5,430		6,370		7,100		3,806		(6)	%	34	%
Adjusted net interest income (1)	v=t-u-c	$	361,889	$	385,543	$	404,761	$	410,108	$	343,324	(6)	%	5	%

Average loans and leases	aa	37,597,101		37,333,310		37,050,518		37,169,315		29,998,630		1	%	25	%
Average taxable securities	ab	8,081,003		7,903,053		8,356,165		8,656,147		4,960,966		2	%	63	%
Average non-taxable securities	ac	851,342		809,551		844,417		865,278		437,020		5	%	95	%
Average interest-earning assets	ad	48,280,787		47,838,229		48,981,105		49,442,518		37,055,705		1	%	30	%
Average interest-bearing deposits	ae	27,742,579		26,622,343		25,121,745		24,494,717		19,496,551		4	%	42	%
Average interest-bearing liabilities	af	32,318,653		31,226,600		31,413,978		31,372,416		22,548,264		3	%	43	%

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)		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Seq. Quarter	Year over Year
Average yield on loans and leases	a / aa	6.13	%	6.13	%	6.08	%	5.95	%	5.55	%	—	0.58

Less: Acquired loan accretion - rate related (2),(3)	b / aa	0.25	%	0.29	%	0.31	%	0.33	%	0.16	%	(0.04)	0.09

Less: Acquired loan accretion - credit related (3)	c / aa	0.05	%	0.06	%	0.07	%	0.08	%	0.05	%	(0.01)	—
Adjusted average yield on loans and leases	d / aa	5.83	%	5.78	%	5.70	%	5.54	%	5.34	%	0.05	0.49

Average yield on taxable securities	e / ab	3.90	%	4.19	%	4.07	%	3.77	%	3.26	%	(0.29)	0.64

Less: Acquired taxable securities accretion - rate related	f / ab	1.57	%	1.72	%	1.86	%	1.61	%	1.26	%	(0.15)	0.31
Adjusted average yield on taxable securities	g / ab	2.33	%	2.47	%	2.21	%	2.16	%	2.00	%	(0.14)	0.33

Average yield on non-taxable securities (1)	h / ac	3.71	%	3.99	%	3.83	%	3.70	%	3.72	%	(0.28)	(0.01)

Less: Acquired non-taxable securities accretion - rate related	i / ac	1.07	%	1.13	%	1.07	%	1.05	%	0.84	%	(0.06)	0.23
Adjusted yield on non-taxable securities (1)	j / ac	2.64	%	2.86	%	2.76	%	2.65	%	2.88	%	(0.22)	(0.24)

Average yield on interest-earning assets (1)	k / ad	5.69	%	5.75	%	5.65	%	5.48	%	5.19	%	(0.06)	0.50
Less: Acquired loan and securities accretion - rate related	l / ad	0.48	%	0.53	%	0.57	%	0.55	%	0.31	%	(0.05)	0.17
Less: Acquired loan accretion - credit related	c / ad	0.04	%	0.05	%	0.05	%	0.06	%	0.04	%	(0.01)	—
Adjusted average yield on interest-earning assets (1)	m / ad	5.17	%	5.17	%	5.03	%	4.87	%	4.84	%	—	0.33

Average rate on interest-bearing deposits	n / ae	2.88	%	2.54	%	2.01	%	1.64	%	1.32	%	0.34	1.56
Less: Acquired deposit accretion	o / ae	—	%	—	%	(0.01)	%	—	%	—	%	—	—
Adjusted average rate on interest-bearing deposits	p / ae	2.88	%	2.54	%	2.02	%	1.64	%	1.32	%	0.34	1.56

Average rate on interest-bearing liabilities	q / af	3.25	%	3.02	%	2.72	%	2.45	%	1.82	%	0.23	1.43
Less: Acquired interest-bearing liabilities accretion (2)	r / af	—	%	—	%	(0.01)	%	—	%	—	%	—	—
Adjusted average rate on interest-bearing liabilities	s / af	3.25	%	3.02	%	2.73	%	2.45	%	1.82	%	0.23	1.43

Net interest margin (1)	t / ad	3.52	%	3.78	%	3.91	%	3.93	%	4.08	%	(0.26)	(0.56)
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3)	u / ad	0.48	%	0.53	%	0.58	%	0.55	%	0.31	%	(0.05)	0.17
Less: Acquired loan accretion - credit related (3)	c / ad	0.04	%	0.05	%	0.05	%	0.06	%	0.04	%	(0.01)	—
Adjusted net interest margin (1)	v / ad	3.00	%	3.20	%	3.28	%	3.32	%	3.73	%	(0.20)	(0.73)


COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2024 RESULTS
$0.59	$0.65	$23.68	$16.03
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			7
			Financial Highlights			8
			Loan & Lease Portfolio Balances and Mix			9
			Deposit Portfolio Balances and Mix			10
			Credit Quality - Non-performing Assets			11
			Credit Quality - Allowance for Credit Losses			12
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			13
			Residential Mortgage Banking Activity			14
			GAAP to Non-GAAP Reconciliation			15