COLUMBIA BANKING SYSTEM, INC. REPORTS FIRST QUARTER 2026 RESULTS

Rhea-AI Summary

Columbia Banking System (NASDAQ:COLB) reported 1Q26 net income of $192 million, diluted EPS of $0.66 and operating EPS of $0.72. Net interest income was $594 million with net interest margin of 3.96%. The company repurchased $200 million of stock and declared a $0.37 quarterly dividend.

Loan balances were $47.7 billion, deposits $53.5 billion, allowance for credit losses $478 million (1.00% of loans), and estimated CET1 was 11.5%.

Positive

• Repurchased $200 million of common stock in 1Q26
• Operating EPS of $0.72 for 1Q26
• Commercial loan growth annualized ~6% versus 4Q25

Negative

• Net interest income decreased by $33 million quarter‑over‑quarter
• Net interest margin declined 10 bps to 3.96%
• Non‑performing assets increased to $264 million (0.40% of assets)

News Market Reaction – COLB

-1.45%

1 alert

-1.45% News Effect

On the day this news was published, COLB declined 1.45%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Net income: $192 million Diluted EPS: $0.66 Net interest margin: 3.96% +5 more

8 metrics

Net income $192 million 1Q26 reported net income

Diluted EPS $0.66 1Q26 earnings per common share - diluted

Net interest margin 3.96% 1Q26 NIM vs 4.06% in 4Q25

Provision for credit losses $28 million 1Q26 provision expense vs $23 million in 4Q25

Return on average assets 1.18% 1Q26 ROAA vs 0.68% in 1Q25

Total assets $66.0 billion Balance sheet at March 31, 2026

Total deposits $53.5 billion Deposits at March 31, 2026

CET1 ratio 11.5% Estimated common equity tier 1 risk-based capital ratio 1Q26

Market Reality Check

Price: $29.57 Vol: Volume 3,185,000 vs 20-da...

normal vol

$29.57 Last Close

Volume Volume 3,185,000 vs 20-day average 2,626,958 (relative volume 1.21x) ahead of earnings. normal

Technical Shares at $29.00 are trading above the 200-day MA of $27.27 and 11.31% below the 52-week high.

Peers on Argus

COLB was down 0.31% with regional peers ZION, CBSH, CMA, PNFP and WTFC also nega...

COLB was down 0.31% with regional peers ZION, CBSH, CMA, PNFP and WTFC also negative (from -0.45% to -2.49%), but the momentum scanner did not flag a broad sector move.

Common Catalyst Select peers had routine corporate updates (shareholder meeting, recruiting) rather than a clear sector-wide catalyst.

Previous Earnings Reports

5 past events · Latest: Jan 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Quarterly earnings	Positive	-2.7%	4Q25 results with higher NII, improved NIM, and solid capital ratios.
Oct 30	Quarterly earnings	Positive	+3.0%	3Q25 results showing Pacific Premier integration and new buyback plan.
Jul 24	Quarterly earnings	Positive	+6.3%	2Q25 strong NIM expansion, higher NII, stable credit quality.
Apr 23	Quarterly earnings	Positive	-0.8%	1Q25 results plus announcement of Pacific Premier merger.
Jan 23	Quarterly earnings	Positive	-0.7%	4Q24 results with NIM expansion and deposit-driven loan growth.

Pattern Detected

Earnings releases often saw mixed reactions, with three of the last five positive-sounding reports followed by share price declines.

Recent Company History

Over the past five earnings cycles, Columbia Banking System has reported rising scale, margin expansion, and the transformative Pacific Premier acquisition. Key quarters like 3Q25 and 2Q25 saw strong net income growth, higher NIM, and healthy credit metrics, often accompanied by new branch openings and deposit campaigns. However, market reactions were inconsistent, with some solid reports (e.g., 4Q24, 1Q25, 4Q25) met by modest share price declines, underscoring a tendency for mixed post-earnings trading.

Historical Comparison

+1.0% avg move · In the last five earnings releases, COLB moved an average of ±1.02%. Today’s modest -0.31% move on 1...

earnings

+1.0%

Average Historical Move earnings

In the last five earnings releases, COLB moved an average of ±1.02%. Today’s modest -0.31% move on 1Q26 results fits within its typical earnings-day volatility range.

Earnings reports over 2024–2026 trace Columbia’s evolution from a standalone regional bank through announcing and closing the Pacific Premier acquisition, then into integration and cost-savings realization, with growing scale in assets, loans, and deposits.

Market Pulse Summary

This announcement details 1Q26 performance with $192 million in net income, diluted EPS of $0.66, an...

Analysis

This announcement details 1Q26 performance with $192 million in net income, diluted EPS of $0.66, and a 3.96% net interest margin alongside higher provisions and slightly softer asset levels. Compared with prior quarters, the story continues to center on integrating Pacific Premier, extracting cost savings, and managing credit quality. Investors may focus on trends in NIM, provision expense, and capital ratios like the 11.5% CET1 when assessing future updates.

Key Terms

net interest margin, provision for credit losses, non-interest income, non-interest expense, +4 more

8 terms

net interest margin financial

"Net interest margin was 3.96%, down 10 basis points from the prior quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

provision for credit losses financial

"Provision for credit losses | $28 | | $23 | | $27"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

non-interest income financial

"Non-interest income was $83 million for the first quarter of 2026, down $7 million"

Non-interest income is the money a bank or financial company earns from activities other than charging interest on loans, such as service fees, account charges, trading gains, and income from managing client investments. For investors, it matters because it diversifies a firm’s revenue stream—like a store that sells both products and offers repair services—making profits less tied to lending rates and helping stability when interest-driven income falls.

non-interest expense financial

"Non-interest expense was $394 million for the first quarter of 2026, down $18 million"

Costs a company incurs that are not related to paying or earning interest, such as wages, rent, utilities, marketing, professional fees and equipment depreciation. Investors watch these expenses because they directly reduce operating profit and reveal how efficiently a business runs—like comparing household bills aside from mortgage interest to see where you can cut costs and improve savings.

allowance for credit losses financial

"The allowance for credit losses ("ACL") was $478 million, or 1.00% of loans"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

available-for-sale securities financial

"Available-for-sale securities, which are held on balance sheet at fair value, were $10.9 billion"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

common equity tier 1 risk-based capital ratio financial

"estimated common equity tier 1 risk-based capital ratio was 11.5%"

A measure of a bank’s core capital — mainly common shares and retained earnings — divided by its assets after those assets are adjusted for how risky they are. Think of it like a household emergency fund sized against the value and riskiness of what you own: the larger the cushion, the better the bank can absorb losses. Investors use it to judge a bank’s financial strength, safety, and regulatory soundness, which affects dividends, lending capacity and the chance of government intervention.

basis points financial

"Net interest margin was 3.96%, down 10 basis points from the fourth quarter of 2025"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. Not financial advice.

TACOMA, Wash., April 23, 2026 /PRNewswire/ --

$192 million		$209 million		$0.66		$0.72
Net income		Operating net income1		Earnings per common share - diluted		Operating earnings per common share - diluted1

CEO Commentary

"Our first quarter results reflect continued execution against the priorities we have previously outlined: delivering sustainable performance, strengthening our balance sheet, and returning excess capital to shareholders," said Clint Stein, Chair, CEO & President. "During the quarter, we increased capital returns, reflecting our confidence in earnings durability and ongoing capital generation. We also made further progress optimizing our balance sheet, as commercial loan growth and muted seasonal deposit trends contributed to the profitable remix of assets and liabilities, positioning Columbia for attractive returns over time. At the same time, our credit performance continues to benefit from disciplined underwriting and our diversified, relationship-based loan portfolio that is performing as designed. With these actions, we remain focused on delivering consistent, repeatable performance and creating long‑term value for our shareholders."

Clint Stein, Chair, CEO & President of Columbia Banking System, Inc.

1Q26 HIGHLIGHTS (COMPARED TO 4Q25)
Net Interest Income and NIM	• Net interest income decreased by $33 million from the prior quarter, which included $17 million of net interest income related to premium  amortization on acquired time deposits and an accelerated loan repayment that did not repeat in the current quarter. The remaining decrease reflects lower average interest-earning asset balances, partially offset by a more profitable balance sheet mix.
	• Net interest margin was 3.96%, down 10 basis points from the prior quarter, which included an 11-basis point benefit related to premium  amortization on acquired time deposits and an accelerated loan repayment, neither of which repeated in the current quarter.
Non-Interest Income and Expense	• Non-interest income decreased by $7 million, due in part to lower swap, syndication, and international banking revenue following strong  performance in the prior quarter, as well as an expected slow down in customer activity that is typical for the first quarter.
	• Non-interest expense decreased by $18 million, due to lower merger expense and the realization of acquisition-related cost savings.
Credit Quality	• Net charge-offs were 0.30% of average loans and leases (annualized), compared to 0.25% for the prior quarter.
	• Provision expense was $28 million, compared to $23 million for the prior quarter.
	• Non-performing assets to total assets ratio was 0.40%, compared to 0.30% as of  December 31, 2025.
Capital	• Estimated total risk-based capital ratio of 13.3% and estimated common equity tier 1 risk-based capital ratio of 11.5%.
	•  Declared a quarterly cash dividend of $0.37 per common share on February 13, 2026, which was paid March 16, 2026.
	• Repurchased $200 million of common stock under our current repurchase plan.
Notable Items	• Our first small business and retail campaign of 2026, which runs through April 30, 2026, has brought nearly $450 million in new deposits to the bank through mid-April and has also been successful in generating new SBA lending relationships.

1Q26 KEY FINANCIAL DATA
PERFORMANCE METRICS	1Q26		4Q25		1Q25
Return on average assets	1.18 %		1.27 %		0.68 %
Return on average common equity	10.00 %		10.92 %		6.73 %
Return on average tangible common equity1	13.88 %		15.24 %		9.45 %
Operating return on average assets1	1.28 %		1.44 %		1.10 %
Operating return on average common equity1	10.89 %		12.34 %		10.87 %
Operating return on average tangible common equity1	15.11 %		17.22 %		15.26 %
Net interest margin	3.96 %		4.06 %		3.60 %
Efficiency ratio	58.03 %		57.30 %		69.06 %
Operating efficiency ratio, as adjusted 1	53.68 %		51.39 %		55.11 %
INCOME STATEMENT ($ in millions, excl. per share data)	1Q26		4Q25		1Q25
Net interest income	$594		$627		$425
Provision for credit losses	$28		$23		$27
Non-interest income	$83		$90		$66
Non-interest expense	$394		$412		$340
Pre-provision net revenue1	$283		$305		$151
Operating pre-provision net revenue1	$306		$342		$211
Earnings per common share - diluted	$0.66		$0.72		$0.41
Operating earnings per common share - diluted1	$0.72		$0.82		$0.67
Dividends paid per share	$0.37		$0.37		$0.36
BALANCE SHEET ($ in millions, excl. per share data)	1Q26		4Q25		1Q25
Total assets	$66,027		$66,832		$51,519
Loans and leases	$47,697		$47,776		$37,616
Deposits	$53,489		$54,211		$42,218
Book value per common share	$26.47		$26.54		$24.93
Tangible book value per common share1	$19.03		$19.11		$17.86

Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and completed the systems conversion and nine branch consolidations during the first quarter of 2026. We continue to expect to realize all previously disclosed related cost savings by June 30, 2026.

Net Interest Income and Net Interest Margin
Net interest income was $594 million for the first quarter of 2026, down $33 million from the prior quarter, which included $5 million in interest income related to an accelerated loan repayment and a $12 million reduction to interest expense related to the amortization of a premium related to Pacific Premier's time deposits, neither of which repeated in the current quarter. The remaining decrease in net interest income between periods largely reflects lower average interest-earning asset balances, partially offset by an improved mix of higher-yielding loans and investment securities.

Columbia's net interest margin was 3.96% for the first quarter of 2026, down 10 basis points from the fourth quarter of 2025. The fourth quarter's net interest margin included an 8-basis point benefit related to the amortization of a premium on acquired time deposits and a 3-basis point benefit related to an accelerated loan repayment. Net interest margin was otherwise consistent between periods, as lower yields on loans and cash following reductions to the federal funds rate during the fourth quarter were offset by lower deposit costs.

The cost of interest-bearing deposits decreased 4 basis points from the prior quarter to 2.04% for the first quarter of 2026, compared to 2.08% for the fourth quarter of 2025. During the fourth quarter, we recorded a $12 million benefit to interest expense related to the amortization of a premium on acquired time deposits, which favorably impacted the cost of interest-bearing deposits by 12 basis points. The decrease during the first quarter reflects our active management of deposit rates ahead of and following reductions to the federal funds rate, as well as a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 2.02% for the month of March and 1.98% as of March 31, 2026.

Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.24% for the first quarter of 2026, compared to 2.27% for the fourth quarter of 2025. The previously discussed premium amortization favorably impacted the cost of interest-bearing liabilities for the fourth quarter of 2025 by 11 basis points. The cost of interest-bearing liabilities was 2.23% for the month of March and 2.19% as of March 31, 2026. Please refer to the Q1 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

Non-interest Income
Non-interest income was $83 million for the first quarter of 2026, down $7 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value gain of $2 million for the first quarter, unchanged from the fourth quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $81 million² for the first quarter of 2026, down $7 million between periods, due to lower swap, syndication, and international banking revenue following strong performance in the prior quarter, as well as an expected slowdown in customer activity that is typical for the first quarter.

Non-interest Expense
Non-interest expense was $394 million for the first quarter of 2026, down $18 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense, exit and disposal costs, reversals of prior FDIC assessment expense, and other non-operating expense, as detailed in our non-GAAP disclosures, non-interest expense was $369 million², down $4 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Please refer to the Q1 2026 Earnings Presentation for additional expense details.

Balance Sheet
Total consolidated assets were $66.0 billion as of March 31, 2026, compared to $66.8 billion as of December 31, 2025. The decrease reflects balance sheet optimization activity, which includes the reduction of excess cash. Cash and cash equivalents were $2.1 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. Including secured off-balance sheet lines of credit, total available liquidity was $27.1 billion as of March 31, 2026, representing 41% of total assets, 51% of total deposits, and 129% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $10.9 billion as of March 31, 2026, compared to $11.1 billion as of December 31, 2025. The decrease is due to paydowns and a decrease in the fair value of the portfolio, partially offset by the purchase of $208 million of investment securities. Please refer to the Q1 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.

Gross loans and leases were $47.7 billion as of March 31, 2026, compared to $47.8 billion as of December 31, 2025. The decrease reflects continued expected runoff in below-market-rate transactional loans. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 6% on an annualized basis relative to December 31, 2025, partially offsetting contraction in other portfolios. "Our teams delivered a strong quarter, continuing to generate relationship-based commercial business while successfully supporting customers through a core systems conversion," commented Chris Merrywell, President of Columbia Bank. "Loan origination volume rose 38% from the prior-year quarter, driven by increased customer activity and the addition of bankers from Pacific Premier. Payoff activity also moderated following elevated levels in the latter part of 2025." Please refer to the Q1 2026 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.

Total deposits were $53.5 billion as of March 31, 2026, compared to $54.2 billion as of December 31, 2025. The decrease reflects an intentional reduction in brokered deposits, which declined to $1.6 billion as of March 31, 2026, compared to $2.4 billion as of December 31, 2025. A $110 million increase in customer deposits and the deployment of excess cash contributed to our reduced reliance on wholesale funding sources. "Despite seasonal deposit pressure during the first quarter, our teams' focus on generating new business and strong quarter-end inflows supported growth in customer balances," stated Mr. Merrywell. "We remain focused on deepening customer relationships and strengthening our industry-leading core deposit franchise, while continuing to reduce brokered and non-relationship public deposits." We utilized borrowings, which were $3.4 billion as of March 31, 2026, compared to $3.2 billion as of December 31, 2025, to supplement funding needs. Please refer to the Q1 2026 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality
The allowance for credit losses ("ACL") was $478 million, or 1.00% of loans and leases, as of March 31, 2026, compared to $485 million, or 1.02% of loans and leases, as of December 31, 2025. The provision for credit losses was $28 million for the first quarter of 2026 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

Net charge-offs were 0.30% of average loans and leases (annualized) for the first quarter of 2026, compared to 0.25% for the fourth quarter of 2026. Net charge-offs in the FinPac portfolio were $14 million for the first quarter, unchanged from the fourth quarter. Net charge-offs excluding the FinPac portfolio were $21 million for the first quarter, compared to $16 million for the fourth quarter. Non-performing assets were $264 million, or 0.40% of total assets, as of March 31, 2026, compared to $200 million, or 0.30% of total assets, as of December 31, 2025. The increase in net charge-offs and non-performing assets between periods was driven by an agricultural industry relationship. Please refer to the Q1 2026 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.

Capital
Columbia's book value per common share was $26.47 as of March 31, 2026, compared to $26.54 as of December 31, 2025. During the first quarter, Columbia repurchased 6.5 million common shares under its current repurchase plan at an average price of $30.74. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(291) million as of March 31, 2026, compared to $(233) million as of the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $260 million as of March 31, 2026, compared to $199 million as of December 31, 2025. Tangible book value per common share³ was $19.03 as of March 31, 2026, compared to $19.11 as of December 31, 2025.

Columbia's estimated total risk-based capital ratio was 13.3% and its estimated common equity tier 1 risk-based capital ratio was 11.5% as of March 31, 2026, compared to 13.6% and 11.8%, respectively, as of December 31, 2025. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of March 31, 2026 are estimates, pending completion and filing of Columbia's regulatory reports. 

Earnings Presentation and Conference Call Information
Columbia's Q1 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com. 

Columbia will host its first quarter 2026 earnings conference call on April 23, 2026 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its first quarter 2026 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.

Join the audiocast: https://edge.media-server.com/mmc/p/y2c5ea4c/
Register for the call: https://register-conf.media-server.com/register/BI6f2e58fad341429a8b85e604aa895766
Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx 

About Columbia Banking System, Inc.
Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com. 

Forward-Looking Statements
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, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) diversion of management's attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (iii) deposit attrition, customer or employee loss, and/or revenue loss as a result of the Transaction; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.

_________________________

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

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

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

TABLE INDEX
	Page
Consolidated Statements of Income	8
Consolidated Balance Sheets	8
Financial Highlights	10
Loan & Lease Portfolio Balances and Mix	10
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	15
Residential Mortgage Banking Activity	16
GAAP to Non-GAAP Reconciliation	17

Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in millions, shares in thousands)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$        684		$        722		$        619		$        564		$        553		(5) %		24 %
Interest and dividends on investments:
Taxable	103		102		89		80		69		1 %		49 %
Exempt from federal income tax	12		12		8		7		7		— %		71 %
Dividends	3		3		4		3		3		— %		— %
Temporary investments and interest bearing deposits	14		19		20		16		16		(26) %		(13) %
Total interest income	816		858		740		670		648		(5) %		26 %
Interest expense:
Deposits	184		195		195		180		177		(6) %		4 %
Securities sold under agreement to repurchase and   federal funds purchased	1		1		1		1		1		— %		— %
Borrowings	30		27		30		35		36		11 %		(17) %
Junior and other subordinated debentures	7		8		9		8		9		(13) %		(22) %
Total interest expense	222		231		235		224		223		(4) %		— %
Net interest income	594		627		505		446		425		(5) %		40 %
Provision for credit losses	28		23		70		30		27		22 %		4 %
Non-interest income:
Service charges on deposits	20		24		21		20		19		(17) %		5 %
Card-based fees	15		16		15		14		13		(6) %		15 %
Financial services and trust revenue	15		15		9		6		5		— %		200 %
Residential mortgage banking revenue, net	12		7		7		8		9		71 %		33 %
Gain on investment securities, net	—		2		2		—		2		(100) %		(100) %
Gain on loan and lease sales, net	1		1		—		—		—		— %		nm
(Loss) gain on loans held for investment, at fair value	(2)		—		4		—		7		nm		(129) %
BOLI income	9		9		6		5		5		— %		80 %
Other income	13		16		13		12		6		(19) %		117 %
Total non-interest income	83		90		77		65		66		(8) %		26 %
Non-interest expense:
Salaries and employee benefits	196		201		171		155		145		(2) %		35 %
Occupancy and equipment, net	66		67		54		47		48		(1) %		38 %
FDIC assessments	9		4		8		8		8		125 %		13 %
Intangible amortization	41		42		31		26		28		(2) %		46 %
Merger and restructuring expense	24		39		87		8		14		(38) %		71 %
Legal settlement	—		—		—		—		55		nm		(100) %
Other expenses	58		59		42		34		42		(2) %		38 %
Total non-interest expense	394		412		393		278		340		(4) %		16 %
Income before provision for income taxes	255		282		119		203		124		(10) %		106 %
Provision for income taxes	63		67		23		51		37		(6) %		70 %
Net income	$        192		$        215		$         96		$        152		$         87		(11) %		121 %
Weighted average basic shares outstanding (in thousands)	290,933		295,376		237,838		209,125		208,800		(2) %		39 %
Weighted average diluted shares outstanding (in thousands)	292,160		296,760		238,925		209,975		210,023		(2) %		39 %
Earnings per common share – basic	$       0.66		$       0.72		$       0.40		$       0.73		$       0.41		(8) %		61 %
Earnings per common share – diluted	$       0.66		$       0.72		$       0.40		$       0.73		$       0.41		(8) %		61 %
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 millions, shares in thousands)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$          577		$          511		$          535		$          608		$          591		13 %		(2) %
Interest-bearing cash and temporary investments	1,522		1,869		1,808		1,334		1,481		(19) %		3 %
Investment securities:
Equity and other, at fair value	124		113		112		93		92		10 %		35 %
Available for sale, at fair value	10,915		11,112		11,013		8,653		8,229		(2) %		33 %
Held to maturity, at amortized cost	18		18		18		2		2		— %		nm
Loans held for sale	81		262		340		66		65		(69) %		25 %
Loans and leases	47,697		47,776		48,462		37,637		37,616		— %		27 %
Allowance for credit losses on loans and leases	(459)		(466)		(473)		(421)		(421)		(2) %		9 %
Net loans and leases	47,238		47,310		47,989		37,216		37,195		— %		27 %
Restricted equity securities	168		159		119		161		125		6 %		34 %
Premises and equipment, net	426		422		416		357		345		1 %		23 %
Goodwill	1,482		1,482		1,481		1,029		1,029		— %		44 %
Other intangible assets, net	671		712		754		430		456		(6) %		47 %
Bank-owned life insurance	1,222		1,218		1,199		705		701		— %		74 %
Other assets	1,583		1,644		1,712		1,247		1,208		(4) %		31 %
Total assets	$      66,027		$      66,832		$      67,496		$      51,901		$      51,519		(1) %		28 %
Liabilities:
Deposits
Non-interest-bearing	$      17,635		$      17,419		$      17,810		$      13,220		$      13,414		1 %		31 %
Interest-bearing	35,854		36,792		37,961		28,523		28,804		(3) %		24 %
Total deposits	53,489		54,211		55,771		41,743		42,218		(1) %		27 %
Securities sold under agreements to repurchase	162		207		167		191		192		(22) %		(16) %
Borrowings	3,400		3,200		2,300		3,350		2,550		6 %		33 %
Junior subordinated debentures, at fair value	333		338		331		323		321		(1) %		4 %
Junior and other subordinated debentures, at amortized cost	97		97		107		108		108		— %		(10) %
Other liabilities	882		939		1,030		844		892		(6) %		(1) %
Total liabilities	58,363		58,992		59,706		46,559		46,281		(1) %		26 %
Shareholders' equity:
Common stock	7,896		8,099		8,189		5,826		5,823		(3) %		36 %
Retained earnings (accumulated deficit)	59		(26)		(131)		(151)		(227)		nm		nm
Accumulated other comprehensive loss	(291)		(233)		(268)		(333)		(358)		25 %		(19) %
Total shareholders' equity	7,664		7,840		7,790		5,342		5,238		(2) %		46 %
Total liabilities and shareholders' equity	$      66,027		$      66,832		$      67,496		$      51,901		$      51,519		(1) %		28 %
Common shares outstanding at period end (in thousands)	289,530		295,422		299,147		210,213		210,112		(2) %		38 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
		Quarter Ended										% Change
		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Per Common Share Data:
Dividends		$   0.37		$   0.37		$   0.36		$   0.36		$   0.36		— %		3 %
Book value		$  26.47		$  26.54		$  26.04		$  25.41		$  24.93		— %		6 %
Tangible book value (1)		$  19.03		$  19.11		$  18.57		$  18.47		$  17.86		— %		7 %
Performance Ratios:
Efficiency ratio (2)		58.03 %		57.30 %		67.29 %		54.29 %		69.06 %		0.73		(11.03)
Non-interest expense to average assets (1)		2.41 %		2.44 %		2.74 %		2.16 %		2.68 %		(0.03)		(0.27)
Return on average assets ("ROAA")		1.18 %		1.27 %		0.67 %		1.19 %		0.68 %		(0.09)		0.50
Pre-provision net revenue ("PPNR") ROAA (1)		1.73 %		1.80 %		1.32 %		1.81 %		1.19 %		(0.07)		0.54
Return on average common equity		10.00 %		10.92 %		6.19 %		11.56 %		6.73 %		(0.92)		3.27
Return on average tangible common equity (1)		13.88 %		15.24 %		8.58 %		16.03 %		9.45 %		(1.36)		4.43
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1), (2)		53.68 %		51.39 %		52.32 %		51.79 %		55.11 %		2.29		(1.43)
Operating non-interest expense to average assets (1)		2.26 %		2.20 %		2.14 %		2.10 %		2.13 %		0.06		0.13
Operating ROAA (1)		1.28 %		1.44 %		1.42 %		1.25 %		1.10 %		(0.16)		0.18
Operating PPNR ROAA (1)		1.87 %		2.02 %		1.89 %		1.88 %		1.67 %		(0.15)		0.20
Operating return on average common equity (1)		10.89 %		12.34 %		13.15 %		12.16 %		10.87 %		(1.45)		0.02
Operating return on average tangible common equity (1)		15.11 %		17.22 %		18.24 %		16.85 %		15.26 %		(2.11)		(0.15)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases		5.78 %		5.92 %		5.96 %		6.00 %		5.92 %		(0.14)		(0.14)
Yield on earning assets (2)		5.44 %		5.55 %		5.62 %		5.62 %		5.49 %		(0.11)		(0.05)
Cost of interest bearing deposits		2.04 %		2.08 %		2.43 %		2.52 %		2.52 %		(0.04)		(0.48)
Cost of interest bearing liabilities		2.24 %		2.27 %		2.65 %		2.78 %		2.80 %		(0.03)		(0.56)
Cost of total deposits		1.39 %		1.40 %		1.66 %		1.73 %		1.72 %		(0.01)		(0.33)
Cost of total funding (3)		1.56 %		1.57 %		1.87 %		1.98 %		1.99 %		(0.01)		(0.43)
Net interest margin (2)		3.96 %		4.06 %		3.84 %		3.75 %		3.60 %		(0.10)		0.36
Average interest bearing cash / Average interest earning assets		2.59 %		3.12 %		3.41 %		2.97 %		3.13 %		(0.53)		(0.54)
Average loans and leases / Average interest earning assets		78.44 %		78.12 %		78.39 %		78.64 %		78.93 %		0.32		(0.49)
Average loans and leases / Average total deposits		88.58 %		87.34 %		88.39 %		90.07 %		90.36 %		1.24		(1.78)
Average non-interest bearing deposits / Average total deposits		32.26 %		32.45 %		31.41 %		31.39 %		31.75 %		(0.19)		0.51
Average total deposits / Average total funding (3)		93.58 %		94.52 %		93.47 %		91.92 %		91.86 %		(0.94)		1.72
Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases		0.55 %		0.41 %		0.40 %		0.47 %		0.47 %		0.14		0.08
Non-performing assets to total assets		0.40 %		0.30 %		0.29 %		0.35 %		0.35 %		0.10		0.05
Allowance for credit losses to loans and leases		1.00 %		1.02 %		1.01 %		1.17 %		1.17 %		(0.02)		(0.17)
Total risk-based capital ratio (4)		13.3 %		13.6 %		13.4 %		13.0 %		12.9 %		(0.30)		0.40
Common equity tier 1 risk-based capital ratio (4)		11.5 %		11.8 %		11.6 %		10.8 %		10.6 %		(0.30)		0.90

(1) See GAAP to Non-GAAP Reconciliation.

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

(3) Total funding = total deposits + total borrowings.

(4) Estimated holding company ratios.

Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		% Change
($ in millions)	Amount		Amount		Amount		Amount		Amount		Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term	$      8,113		$      8,206		$      8,444		$      6,190		$      6,179		(1) %		31 %
Owner occupied term	7,258		7,314		7,361		5,320		5,303		(1) %		37 %
Multifamily	10,173		10,281		10,377		5,735		5,831		(1) %		74 %
Construction & development	1,670		1,707		2,071		2,070		2,071		(2) %		(19) %
Residential development	373		362		367		286		252		3 %		48 %
Commercial:
Term	6,887		6,713		6,590		5,353		5,490		3 %		25 %
Lines of credit & other	3,804		3,643		3,582		2,951		2,754		4 %		38 %
Leases & equipment finance	1,619		1,599		1,614		1,641		1,644		1 %		(2) %
Residential:
Mortgage	5,483		5,624		5,722		5,830		5,878		(3) %		(7) %
Home equity loans & lines	2,147		2,149		2,153		2,083		2,039		— %		5 %
Consumer & other	170		178		181		178		175		(4) %		(3) %
Total loans and leases, net of deferred fees   and costs	$    47,697		$    47,776		$    48,462		$    37,637		$    37,616		— %		27 %
Loans and leases mix:
Commercial real estate:
Non-owner occupied term	17 %		17 %		18 %		16 %		16 %
Owner occupied term	15 %		15 %		15 %		14 %		14 %
Multifamily	21 %		22 %		21 %		15 %		15 %
Construction & development	4 %		4 %		4 %		6 %		6 %
Residential development	1 %		1 %		1 %		1 %		1 %
Commercial:
Term	15 %		14 %		14 %		14 %		15 %
Lines of credit & other	8 %		8 %		7 %		8 %		7 %
Leases & equipment finance	3 %		3 %		3 %		4 %		4 %
Residential:
Mortgage	11 %		12 %		12 %		15 %		16 %
Home equity loans & lines	5 %		4 %		4 %		6 %		5 %
Consumer & other	— %		— %		1 %		1 %		1 %
Total	100 %		100 %		100 %		100 %		100 %

Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		% Change
($ in millions)	Amount		Amount		Amount		Amount		Amount		Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$    17,635		$    17,419		$    17,810		$    13,220		$    13,414		1 %		31 %
Demand, interest bearing	10,860		10,763		11,675		8,335		8,494		1 %		28 %
Money market	16,843		17,013		16,816		11,694		11,971		(1) %		41 %
Savings	2,437		2,442		2,504		2,276		2,337		0 %		4 %
Time	5,714		6,574		6,966		6,218		6,002		(13) %		(5) %
Total	$    53,489		$    54,211		$    55,771		$    41,743		$    42,218		(1) %		27 %
Total core deposits (1)	$    50,245		$    50,174		$    51,535		$    37,294		$    38,079		— %		32 %
Deposit mix:
Demand, non-interest bearing	33 %		32 %		32 %		32 %		32 %
Demand, interest bearing	20 %		20 %		21 %		20 %		20 %
Money market	31 %		31 %		30 %		28 %		28 %
Savings	5 %		5 %		5 %		5 %		6 %
Time	11 %		12 %		12 %		15 %		14 %
Total	100 %		100 %		100 %		100 %		100 %

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

Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$      91		$      50		$      53		$      31		$      42		82 %		117 %
	Commercial	96		66		67		67		80		45 %		20 %
	Total loans and leases on non-accrual status	187		116		120		98		122		61 %		53 %
Loans and leases past due 90+ days and accruing: (2)
	Commercial real estate	3		2		—		—		—		50 %		nm
	Commercial	2		8		5		5		—		(75) %		nm
	Residential (2)	69		72		71		74		53		(4) %		30 %
	Total loans and leases past due 90+ days and accruing (2)	74		82		76		79		53		(10) %		40 %
Total non-performing loans and leases (1), (2)		261		198		196		177		175		32 %		49 %
Other real estate owned		3		2		3		3		3		50 %		0 %
Total non-performing assets (1), (2)		$     264		$     200		$     199		$     180		$     178		32 %		48 %
Loans and leases past due 31-89 days		$     168		$      94		$      85		$     142		$     158		79 %		6 %
Loans and leases past due 31-89 days to total loans and leases		0.35 %		0.20 %		0.18 %		0.38 %		0.42 %		0.15		(0.07)
Non-performing loans and leases to total loans and leases (1), (2)		0.55 %		0.41 %		0.40 %		0.47 %		0.47 %		0.14		0.08
Non-performing assets to total assets (1), (2)		0.40 %		0.30 %		0.29 %		0.35 %		0.35 %		0.10		0.05
Non-accrual loans and leases to total loan and leases (2)		0.39 %		0.24 %		0.25 %		0.26 %		0.33 %		0.15		0.06
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1)	Non-accrual and 90+ days past due loans include government guarantees of $88 million, $79 million, $70 million, $68 million, and $67 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
(2)	Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $3 million, $2 million, $2 million, and $3 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$      466		$      473		$      421		$      421		$      425		(1) %		10 %
Initial ACL recorded for PCD loans acquired during the period		—		—		5		—		—		nm		nm
Provision for credit losses on loans and leases		28		23		69		29		26		22 %		8 %
Charge-offs
	Commercial real estate	—		(8)		(3)		—		—		nm		nm
	Commercial	(39)		(23)		(22)		(33)		(33)		70 %		18 %
	Residential	—		(1)		—		—		(1)		nm		nm
	Consumer & other	(1)		(1)		(2)		(1)		(1)		0 %		0 %
	Total charge-offs	(40)		(33)		(27)		(34)		(35)		21 %		14 %
Recoveries
	Commercial	4		3		4		5		4		33 %		0 %
	Consumer & other	1		—		1		—		1		nm		0 %
	Total recoveries	5		3		5		5		5		67 %		0 %
Net (charge-offs) recoveries
	Commercial real estate	—		(8)		(3)		—		—		nm		nm
	Commercial	(35)		(20)		(18)		(28)		(29)		75 %		21 %
	Residential	—		(1)		—		—		(1)		nm		nm
	Consumer & other	—		(1)		(1)		(1)		—		nm		nm
	Total net charge-offs	(35)		(30)		(22)		(29)		(30)		17 %		17 %
Balance, end of period		$      459		$      466		$      473		$      421		$      421		(2) %		9 %
Reserve for unfunded commitments
Balance, beginning of period		$       19		$       19		$       18		$       17		$       16		0 %		19 %
Provision for credit losses on unfunded commitments		—		—		1		1		1		nm		(100) %
Balance, end of period		19		19		19		18		17		0 %		12 %
Total Allowance for credit losses (ACL)		$      478		$      485		$      492		$      439		$      438		(1) %		9 %
Net charge-offs to average loans and leases (annualized)		0.30 %		0.25 %		0.22 %		0.31 %		0.32 %		0.05		(0.02)
Recoveries to gross charge-offs		12.50 %		9.09 %		18.52 %		15.19 %		14.05 %		3.41		(1.55)
ACLLL to loans and leases		0.96 %		0.98 %		0.98 %		1.12 %		1.12 %		(0.02)		(0.16)
ACL to loans and leases		1.00 %		1.02 %		1.01 %		1.17 %		1.17 %		(0.02)		(0.17)
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, 2026						December 31, 2025						March 31, 2025
($ in millions)	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	$        189		$       3		5.17 %		$        306		$       5		5.51 %		$         59		$       1		6.32 %
Loans and leases (1)	47,714		681		5.78 %		48,186		717		5.92 %		37,679		552		5.92 %
Taxable securities	10,097		106		4.22 %		9,996		105		4.23 %		7,691		72		3.72 %
Non-taxable securities (2)	1,253		14		4.51 %		1,268		14		4.53 %		817		8		3.87 %
Temporary investments and interest-bearing cash	1,578		14		3.65 %		1,923		19		3.82 %		1,494		16		4.45 %
Total interest-earning assets (1), (2)	60,831		$    818		5.44 %		61,679		$    860		5.55 %		47,740		$    649		5.49 %
Goodwill and other intangible assets	2,175						2,217						1,502
Other assets	3,209						3,218						2,211
Total assets	$    66,215						$    67,114						$    51,453
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$    10,780		$      43		1.60 %		$    11,052		$      51		1.81 %		$      8,371		$      46		2.26 %
Money market deposits	16,848		88		2.12 %		17,010		94		2.22 %		11,603		69		2.40 %
Savings deposits	2,443		1		0.12 %		2,463		1		0.12 %		2,350		1		0.10 %
Time deposits (3)	6,414		52		3.32 %		6,741		49		2.88 %		6,136		61		4.01 %
Total interest-bearing deposits	36,485		184		2.04 %		37,266		195		2.08 %		28,460		177		2.52 %
Repurchase agreements and federal funds purchased	187		1		1.86 %		184		1		2.16 %		216		1		1.83 %
Borrowings	3,071		30		3.96 %		2,581		27		4.20 %		3,039		36		4.82 %
Junior and other subordinated debentures	435		7		7.03 %		436		8		7.53 %		438		9		7.94 %
Total interest-bearing liabilities	40,178		$    222		2.24 %		40,467		$    231		2.27 %		32,153		$    223		2.80 %
Non-interest-bearing deposits	17,378						17,902						13,239
Other liabilities	873						931						844
Total liabilities	58,429						59,300						46,236
Common equity	7,786						7,814						5,217
Total liabilities and shareholders' equity	$    66,215						$    67,114						$    51,453
NET INTEREST INCOME (2)			$    596						$    629						$    426
NET INTEREST SPREAD (2)					3.20 %						3.28 %						2.69 %
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.96 %						4.06 %						3.60 %

(1)	Non-accrual loans and leases are included in the average balance.
(2)	Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $2 million for the three months ended March 31, 2026, as compared to $2 million for the three months ended December 31, 2025 and $1 million for the three months ended March 31, 2025.
(3)	Includes the amortization of a premium on acquired time deposits that reduced interest expense by $12 million for the three months ended December 31, 2025. There was no amortization for the three months ended March 31, 2026 or March 31, 2025.

Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended										%
($ in millions)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$        5		$        5		$        5		$         5		$         4		— %		25 %
Servicing	6		6		5		6		6		— %		— %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3)		(3)		(3)		(3)		(3)		— %		— %
Changes due to valuation inputs or assumptions	6		(1)		—		(2)		(1)		nm		nm
MSR hedge (loss) gain	(2)		—		—		2		3		nm		(167) %
Total	$       12		$        7		$        7		$         8		$         9		71 %		33 %
Closed loan volume for sale	$      171		$      176		$      166		$      164		$      136		(3) %		26 %
Gain on sale margin	2.92 %		2.84 %		3.01 %		2.77 %		3.23 %		0.08		-0.31
Residential mortgage servicing rights:
Balance, beginning of period	$       99		$      101		$      103		$      106		$      108		(2) %		(8) %
Additions for new MSR capitalized	3		2		1		2		2		50 %		50 %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(3)		(3)		(3)		(3)		(3)		— %		— %
Changes due to valuation inputs or assumptions	6		(1)		—		(2)		(1)		nm		nm
Balance, end of period	$      105		$       99		$      101		$      103		$      106		6 %		(1) %
Residential mortgage loans serviced for others	$    7,812		$    7,755		$    7,797		$    7,852		$    7,888		1 %		(1) %
MSR as % of serviced portfolio	1.34 %		1.28 %		1.30 %		1.31 %		1.34 %		0.06		—
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

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

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
			Quarter Ended										% Change
($ in millions, except per-share data)			Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Total shareholders' equity	a		$     7,664		$     7,840		$     7,790		$     5,342		$     5,238		(2) %		46 %
Less: Goodwill			1,482		1,482		1,481		1,029		1,029		— %		44 %
Less: Other intangible assets, net			671		712		754		430		456		(6) %		47 %
Tangible common shareholders' equity	b		$     5,511		$     5,646		$     5,555		$     3,883		$     3,753		(2) %		47 %
Total assets	c		$   66,027		$   66,832		$   67,496		$   51,901		$   51,519		(1) %		28 %
Less: Goodwill			1,482		1,482		1,481		1,029		1,029		— %		44 %
Less: Other intangible assets, net			671		712		754		430		456		(6) %		47 %
Tangible assets	d		$   63,874		$   64,638		$   65,261		$   50,442		$   50,034		(1) %		28 %
Common shares outstanding at period end (in thousands)	e		289,530		295,422		299,147		210,213		210,112		(2) %		38 %
Total shareholders' equity to total assets ratio	a / c		11.61 %		11.73 %		11.54 %		10.29 %		10.17 %		(0.12)		1.44
Tangible common equity to tangible assets ratio	b / d		8.63 %		8.73 %		8.51 %		7.70 %		7.50 %		(0.10)		1.13
Book value per common share	a / e		$     26.47		$     26.54		$     26.04		$     25.41		$     24.93		— %		6 %
Tangible book value per common share	b / e		$     19.03		$     19.11		$     18.57		$     18.47		$     17.86		— %		7 %

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
			Quarter Ended										% Change
($ in millions)			Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on investment securities, net			$          —		$           2		$           2		$          —		$           2		(100) %		(100) %
Gain (loss) on swap derivatives			—		1		(1)		(1)		(1)		(100) %		nm
(Loss) gain on loans held for investment, at fair value			(2)		—		4		—		7		nm		(129) %
Change in fair value of MSR due to valuation inputs or assumptions			6		(1)		—		(2)		(1)		nm		nm
MSR hedge (loss) gain			(2)		—		—		2		3		nm		(167) %
Total non-interest income adjustments	a		$           2		$           2		$           5		$          (1)		$          10		— %		(80) %
Non-Interest Expense Adjustments
Merger and restructuring expense			$          24		$          39		$          87		$           8		$          14		(38) %		71 %
Exit and disposal costs			1		1		—		—		1		0 %		— %
FDIC special assessment			—		(5)		(1)		—		—		nm		nm
Legal settlement and other non-operating expense			—		4		—		—		55		(100) %		(100) %
Total non-interest expense adjustments	b		$          25		$          39		$          86		$           8		$          70		(36) %		(64) %
Net interest income	c		$        594		$        627		$        505		$        446		$        425		(5) %		40 %
Non-interest income (GAAP)	d		$          83		$          90		$          77		$          65		$          66		(8) %		26 %
Less: Non-interest income adjustments	a		(2)		(2)		(5)		1		(10)		— %		(80) %
Operating non-interest income (non-GAAP)	e		$          81		$          88		$          72		$          66		$          56		(8) %		45 %
Revenue (GAAP)	f=c+d		$        677		$        717		$        582		$        511		$        491		(6) %		38 %
Operating revenue (non-GAAP)	g=c+e		$        675		$        715		$        577		$        512		$        481		(6) %		40 %
Non-interest expense (GAAP)	h		$        394		$        412		$        393		$        278		$        340		(4) %		16 %
Less: Non-interest expense adjustments	b		(25)		(39)		(86)		(8)		(70)		(36) %		(64) %
Operating non-interest expense (non-GAAP)	i		$        369		$        373		$        307		$        270		$        270		(1) %		37 %
Net income (GAAP)	j		$        192		$        215		$          96		$        152		$          87		(11) %		121 %
Provision for income taxes			63		67		23		51		37		(6) %		70 %
Income before provision for income taxes			255		282		119		203		124		(10) %		106 %
Provision for credit losses			28		23		70		30		27		22 %		4 %
Pre-provision net revenue (PPNR) (non- GAAP)	k		283		305		189		233		151		(7) %		87 %
Less: Non-interest income adjustments	a		(2)		(2)		(5)		1		(10)		— %		(80) %
Add: Non-interest expense adjustments	b		25		39		86		8		70		(36) %		(64) %
Operating PPNR (non-GAAP)	l		$        306		$        342		$        270		$        242		$        211		(11) %		45 %
Net income (GAAP)	j		$        192		$        215		$          96		$        152		$          87		(11) %		121 %
Acquisition-related provision expense			—		—		70		—		—		nm		nm
Less: Non-interest income adjustments	a		(2)		(2)		(5)		1		(10)		— %		(80) %
Add: Non-interest expense adjustments	b		25		39		86		8		70		(36) %		(64) %
Tax effect of adjustments			(6)		(9)		(43)		(1)		(8)		(33) %		(25) %
Operating net income (non-GAAP)	m		$        209		$        243		$        204		$        160		$        139		(14) %		50 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
			Quarter Ended										% Change
($ in millions, shares in thousands)			Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Average assets	n		$   66,215		$   67,114		$   56,823		$   51,552		$   51,453		(1) %		29 %
Less: Average goodwill and other intangible assets, net			2,175		2,217		1,719		1,472		1,502		(2) %		45 %
Average tangible assets	o		$   64,040		$   64,897		$   55,104		$   50,080		$   49,951		(1) %		28 %
Average common shareholders' equity	p		$     7,786		$     7,814		$     6,157		$    5,287		$     5,217		0 %		49 %
Less: Average goodwill and other intangible assets, net			2,175		2,217		1,719		1,472		1,502		(2) %		45 %
Average tangible common equity	q		$     5,611		$     5,597		$     4,438		$    3,815		$     3,715		0 %		51 %
Weighted average basic shares outstanding (in thousands)	r		290,933		295,376		237,838		209,125		208,800		(2) %		39 %
Weighted average diluted shares outstanding (in thousands)	s		292,160		296,760		238,925		209,975		210,023		(2) %		39 %
Select Per-Share & Performance Metrics
Earnings per share - basic	j / r		$      0.66		$      0.72		$      0.40		$     0.73		$      0.41		(8) %		61 %
Earnings per share - diluted	j / s		$      0.66		$      0.72		$      0.40		$     0.73		$      0.41		(8) %		61 %
Efficiency ratio (1)	h / f		58.03 %		57.30 %		67.29 %		54.29 %		69.06 %		0.73		(11.03)
Non-interest expense to average assets	h / n		2.41 %		2.44 %		2.74 %		2.16 %		2.68 %		(0.03)		(0.27)
Return on average assets	j / n		1.18 %		1.27 %		0.67 %		1.19 %		0.68 %		(0.09)		0.50
Return on average tangible assets	j / o		1.22 %		1.31 %		0.69 %		1.22 %		0.70 %		(0.09)		0.52
PPNR return on average assets	k / n		1.73 %		1.80 %		1.32 %		1.81 %		1.19 %		(0.07)		0.54
Return on average common equity	j / p		10.00 %		10.92 %		6.19 %		11.56 %		6.73 %		(0.92)		3.27
Return on average tangible common equity	j / q		13.88 %		15.24 %		8.58 %		16.03 %		9.45 %		(1.36)		4.43
Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r		$      0.72		$      0.82		$      0.86		$     0.77		$      0.67		(12) %		7 %
Operating earnings per share - diluted	m / s		$      0.72		$      0.82		$      0.85		$     0.76		$      0.67		(12) %		7 %
Operating efficiency ratio, as adjusted (1)	u / y		53.68 %		51.39 %		52.32 %		51.79 %		55.11 %		2.29		(1.43)
Operating non-interest expense to average assets	i / n		2.26 %		2.20 %		2.14 %		2.10 %		2.13 %		0.06		0.13
Operating return on average assets	m / n		1.28 %		1.44 %		1.42 %		1.25 %		1.10 %		(0.16)		0.18
Operating return on average tangible assets	m / o		1.32 %		1.49 %		1.47 %		1.28 %		1.13 %		(0.17)		0.19
Operating PPNR return on average assets	l / n		1.87 %		2.02 %		1.89 %		1.88 %		1.67 %		(0.15)		0.20
Operating return on average common equity	m / p		10.89 %		12.34 %		13.15 %		12.16 %		10.87 %		(1.45)		0.02
Operating return on average tangible common equity	m / q		15.11 %		17.22 %		18.24 %		16.85 %		15.26 %		(2.11)		(0.15)

(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.

Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
			Quarter Ended										% Change
($ in millions)			Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h		$      394		$      412		$      393		$      278		$      340		(4) %		16 %
Less: Non-interest expense adjustments	b		(25)		(39)		(86)		(8)		(70)		(36) %		(64) %
Operating non-interest expense (non-GAAP)	i		369		373		307		270		270		(1) %		37 %
Less: B&O taxes	t		(4)		(3)		(3)		(3)		(3)		33 %		33 %
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u		$      365		$      370		$      304		$      267		$      267		(1) %		37 %
Net interest income (tax equivalent) (1)	v		$      596		$      629		$      507		$      447		$      426		(5) %		40 %
Non-interest income (GAAP)	d		83		90		77		65		66		(8) %		26 %
Add: BOLI tax equivalent adjustment (1)	w		3		3		2		2		1		— %		200 %
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x		682		722		586		514		493		(6) %		38 %
Less: Non-interest income adjustments	a		(2)		(2)		(5)		1		(10)		— %		(80) %
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y		$      680		$      720		$      581		$      515		$      483		(6) %		41 %
Efficiency ratio (1)	h / f		58.03 %		57.30 %		67.29 %		54.29 %		69.06 %		0.73		(11.03)
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y		53.68 %		51.39 %		52.32 %		51.79 %		55.11 %		2.29		(1.43)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."

(1) Tax-exempt income was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.

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SOURCE Columbia Banking System, Inc.

FAQ

What did COLB report for earnings per share in 1Q26?

Columbia reported diluted EPS of $0.66 for 1Q26, and operating diluted EPS of $0.72. According to Columbia, results reflect acquisition integration, balance‑sheet optimization, and capital return activity.

How large was Columbia's share repurchase in 1Q26 and what was the average price?

Columbia repurchased common stock totaling $200 million in 1Q26 and repurchased 6.5 million shares at an average price of $30.74. According to Columbia, repurchases reflect excess capital and confidence in earnings durability.

What were Columbia's key capital and liquidity metrics as of March 31, 2026 (COLB)?

Estimated total risk‑based capital was 13.3% and CET1 was 11.5% as of March 31, 2026. According to Columbia, total available liquidity was $27.1 billion, about 41% of total assets.

How did Columbia's net interest margin and net interest income change in 1Q26?

Net interest margin fell to 3.96% (down 10 bps) and net interest income was $594 million, down $33 million versus the prior quarter. According to Columbia, declines reflected non‑recurring amortization and lower average earning assets.

What credit trends did Columbia report for 1Q26 (COLB)?

Allowance for credit losses was $478 million (1.00% of loans) and net charge‑offs were 0.30% annualized in 1Q26. According to Columbia, an agricultural relationship drove higher charge‑offs and an increase in non‑performing assets.