COLB 8-K

Columbia Banking System, Inc. (COLB)

8-K 2025-10-30 For: 2025-10-30

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Added on April 10, 2026

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Washington	000-20288	91-1422237
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification Number)


TITLE OF EACH CLASS	TRADING SYMBOL	NAME OF EXCHANGE
Common Stock, No Par Value	COLB	The Nasdaq Stock Market LLC


Item 9.01			Financial Statements and Exhibits.
(d)			EXHIBITS
			99.1 Press Release announcing third quarter 2025 financial results dated October 30, 2025
			99.2 Third Quarter 2025 Investor Presentation
			104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


3Q25 HIGHLIGHTS (COMPARED TO 2Q25)

Net Interest Income and NIM			•Net interest income increased by $59 million from the prior quarter, due to one month operating as a combined company and a favorable shift into lower-cost funding sources.
			•Net interest margin was 3.84%, up 9 basis points from the prior quarter, due to an increase in customer deposits and corresponding reduction in higher-cost funding sources. The net interest margin was also impacted by one month operating as a combined company in the current period.

Non-Interest Income and Expense			•Non-interest income increased by $12 million. Excluding the impact of fair value and hedges,1 non-interest income increased by $6 million, due to one month operating as a combined company.
			•Non-interest expense increased by $115 million, primarily due to merger and restructuring expense of $87 million and one month operating as a combined company.

Credit Quality			•Net charge-offs were 0.22% of average loans and leases (annualized), compared to 0.31% in the prior quarter.
			•Provision expense was $70 million and driven by the acquisition of Pacific Premier.
			•Non-performing assets to total assets was 0.29%, compared to 0.35% as of June 30, 2025.

Capital			•Estimated total risk-based capital ratio of 13.4% and estimated common equity tier 1 risk-based capital ratio of 11.6%.
			•Declared a quarterly cash dividend of $0.36 per common share on August 15, 2025, which was paid September 15, 2025.

Notable Items			•Our third small business and retail campaign of 2026 is ongoing. Through mid-October, these campaigns have brought approximately $1.1 billion in new deposits to the bank.
			•Our Board of Directors authorized the repurchase of up to $700 million of common stock under a new repurchase plan.


3Q25 KEY FINANCIAL DATA

PERFORMANCE METRICS	3Q25		2Q25		3Q24
Return on average assets	0.67%		1.19%		1.12%
Return on average common equity	6.19%		11.56%		11.36%
Return on average tangible common equity 1	8.58%		16.03%		16.34%
Operating return on average assets 1	1.42%		1.25%		1.10%
Operating return on average common equity 1	13.15%		12.16%		11.15%
Operating return on average tangible common equity 1	18.24%		16.85%		16.04%
Net interest margin	3.84%		3.75%		3.56%
Efficiency ratio	67.29%		54.29%		54.56%
Operating efficiency ratio, as adjusted 1	52.32%		51.79%		53.89%

INCOME STATEMENT ($ in millions, excl. per share data)	3Q25		2Q25		3Q24
Net interest income	$505		$446		$430
Provision for credit losses	$70		$30		$29
Non-interest income	$77		$65		$66
Non-interest expense	$393		$278		$271
Pre-provision net revenue 1	$189		$233		$225
Operating pre-provision net revenue 1	$270		$242		$221
Earnings per common share - diluted	$0.40		$0.73		$0.70
Operating earnings per common share - diluted 1	$0.85		$0.76		$0.69
Dividends paid per share	$0.36		$0.36		$0.36

BALANCE SHEET	3Q25		2Q25		3Q24
Total assets	$67.5	B	$51.9	B	$51.9	B
Loans and leases	$48.5	B	$37.6	B	$37.5	B
Deposits	$55.8	B	$41.7	B	$41.5	B
Book value per common share	$26.04		$25.41		$25.17
Tangible book value per common share 1	$18.57		$18.47		$17.81


			Columbia Banking System, Inc. (Registrant)

Dated: October 30, 2025			By: /s/ Ronald L. Farnsworth Ronald L. Farnsworth Executive Vice President/Chief Financial Officer


CEO Commentary
“Our third quarter performance reflects meaningful progress and growing momentum,” said Clint Stein, President and CEO. “We closed our strategic acquisition of Pacific Premier, which completes our Western footprint and enhances our ability to generate top-quartile returns. While reported results were impacted by acquisition-related items, core profitability remained strong. Customer deposit growth supported balance sheet optimization, as we organically reduced transactional loans and non-core funding. Underscoring confidence in our strategy and an outlook for continued excess capital generation, our Board of Directors authorized a $700 million share repurchase program. As we integrate new capabilities and deepen both new and existing customer relationships, we remain focused on delivering consistent, repeatable performance while positioning the company for sustainable, relationship-driven growth and capital return to our shareholders."
–Clint Stein, President and CEO of Columbia Banking System, Inc.


			TABLE INDEX
						Page
			Consolidated Statements of Income			7
			Consolidated Balance Sheets			9
			Financial Highlights			10
			Loan & Lease Portfolio Balances and Mix			12
			Deposit Portfolio Balances and Mix			13
			Credit Quality - Non-performing Assets			14
			Credit Quality - Allowance for Credit Losses			15
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			17
			Residential Mortgage Banking Activity			19
			Purchase Price Allocation			21
			GAAP to Non-GAAP Reconciliation			22


Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended										% Change
($ in millions, shares in thousands)	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	619	$	564	$	553	$	572	$	589	10	%	5	%
Interest and dividends on investments:
Taxable	89		80		69		75		76		11	%	17	%
Exempt from federal income tax	8		7		7		7		7		14	%	14	%
Dividends	4		3		3		3		2		33	%	100	%
Temporary investments and interest bearing deposits	20		16		16		19		25		25	%	(20)	%
Total interest income	740		670		648		676		699		10	%	6	%
Interest expense:
Deposits	195		180		177		189		208		8	%	(6)	%
Securities sold under agreement to repurchase and federal funds purchased	1		1		1		1		1		—	%	—	%
Borrowings	30		35		36		40		50		(14)	%	(40)	%
Junior and other subordinated debentures	9		8		9		9		10		13	%	(10)	%
Total interest expense	235		224		223		239		269		5	%	(13)	%
Net interest income	505		446		425		437		430		13	%	17	%
Provision for credit losses	70		30		27		28		29		133	%	141	%
Non-interest income:
Service charges on deposits	21		20		19		18		18		5	%	17	%
Card-based fees	15		14		13		15		15		7	%	—	%
Financial services and trust revenue	9		6		5		5		5		50	%	80	%
Residential mortgage banking revenue, net	7		8		9		7		7		(13)	%	—	%
Gain (loss) on investment securities, net	2		—		2		(1)		2		nm		—	%
Loss on loan and lease sales, net	—		—		—		(2)		—		nm		nm
Gain (loss) on loans held for investment, at fair value	4		—		7		(7)		9		nm		(56)	%
BOLI income	6		5		5		5		5		20	%	20	%
Other income	13		12		6		10		5		8	%	160	%
Total non-interest income	77		65		66		50		66		18	%	17	%
Non-interest expense:
Salaries and employee benefits	171		155		145		142		147		10	%	16	%
Occupancy and equipment, net	54		47		48		47		45		15	%	20	%
Intangible amortization	31		26		28		29		29		19	%	7	%
FDIC assessments	8		8		8		8		9		—	%	(11)	%
Merger and restructuring expense	87		8		14		2		2		nm		nm
Legal settlement	—		—		55		—		—		nm		nm
Other expenses	42		34		42		39		39		24	%	8	%
Total non-interest expense	393		278		340		267		271		41	%	45	%
Income before provision for income taxes	119		203		124		192		196		(41)	%	(39)	%
Provision for income taxes	23		51		37		49		50		(55)	%	(54)	%
Net income	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%

Weighted average basic shares outstanding (in thousands)	237,838		209,125		208,800		208,548		208,545		14	%	14	%
Weighted average diluted shares outstanding (in thousands)	238,925		209,975		210,023		209,889		209,454		14	%	14	%
Earnings per common share – basic	$	0.40	$	0.73	$	0.41	$	0.69	$	0.70	(45)	%	(43)	%
Earnings per common share – diluted	$	0.40	$	0.73	$	0.41	$	0.68	$	0.70	(45)	%	(43)	%

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


Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Non-performing assets: (1)
Loans and leases on non-accrual status:
	Commercial real estate	$	53		$	31		$	42		$	39		$	37		71	%	43	%
	Commercial	67			67			80			57			62			0	%	8	%


	Total loans and leases on non-accrual status	120			98			122			96			99			22	%	21	%
Loans and leases past due 90+ days and accruing: (2)

	Commercial	5			5			—			5			6			0	%	(17)	%
	Residential (2)	71			74			53			66			61			(4)	%	16	%

	Total loans and leases past due 90+ days and accruing (2)	76			79			53			71			67			(4)	%	13	%
Total non-performing loans and leases (1), (2)		196			177			175			167			166			11	%	18	%
Other real estate owned		3			3			3			3			2			0	%	50	%
Total non-performing assets (1), (2)		$	199		$	180		$	178		$	170		$	168		11	%	18	%


Loans and leases past due 31-89 days		$	85		$	142		$	158		$	105		$	67		(40)	%	27	%
Loans and leases past due 31-89 days to total loans and leases		0.18		%	0.38		%	0.42		%	0.28		%	0.18		%	(0.20)		—
Non-performing loans and leases to total loans and leases (1), (2)		0.40		%	0.47		%	0.47		%	0.44		%	0.44		%	(0.07)		(0.04)
Non-performing assets to total assets (1), (2)		0.29		%	0.35		%	0.35		%	0.33		%	0.32		%	(0.06)		(0.03)
Non-accrual loans and leases to total loan and leases (2)		0.25		%	0.26		%	0.33		%	0.26		%	0.26		%	(0.01)		(0.01)


Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	421		$	421		$	425		$	420		$	419		0	%	0	%
Initial ACL recorded for PCD loans acquired during the period		5			—			—			—			—			nm		nm
Provision for credit losses on loans and leases		69			29			26			30			31			138	%	123	%
Charge-offs
	Commercial real estate	(3)			—			—			(3)			—			nm		nm
	Commercial	(22)			(33)			(33)			(26)			(33)			(33)	%	(33)	%
	Residential	—			—			(1)			—			(1)			nm		nm
	Consumer & other	(2)			(1)			(1)			(1)			(1)			100	%	100	%
	Total charge-offs	(27)			(34)			(35)			(30)			(35)			(21)	%	(23)	%
Recoveries

	Commercial	4			5			4			4			5			(20)	%	(20)	%

	Consumer & other	1			—			1			1			—			nm		nm
	Total recoveries	5			5			5			5			5			0	%	0	%
Net (charge-offs) recoveries
	Commercial real estate	(3)			—			—			(3)			—			nm		nm
	Commercial	(18)			(28)			(29)			(22)			(28)			(36)	%	(36)	%
	Residential	—			—			(1)			—			(1)			nm		nm
	Consumer & other	(1)			(1)			—			—			(1)			0	%	0	%
	Total net charge-offs	(22)			(29)			(30)			(25)			(30)			(24)	%	(27)	%
Balance, end of period		$	473		$	421		$	421		$	425		$	420		12	%	13	%
Reserve for unfunded commitments
Balance, beginning of period		$	18		$	17		$	16		$	18		$	20		6	%	(10)	%
Provision (recapture) for credit losses on unfunded commitments		1			1			1			(2)			(2)			0	%	nm
Balance, end of period		19			18			17			16			18			6	%	6	%
Total Allowance for credit losses (ACL)		$	492		$	439		$	438		$	441		$	438		12	%	12	%

Net charge-offs to average loans and leases (annualized)		0.22		%	0.31		%	0.32		%	0.27		%	0.31		%	(0.09)		(0.09)
Recoveries to gross charge-offs		18.52		%	15.19		%	14.05		%	15.23		%	16.76		%	3.33		1.76
ACLLL to loans and leases		0.98		%	1.12		%	1.12		%	1.13		%	1.12		%	(0.14)		(0.14)
ACL to loans and leases		1.01		%	1.17		%	1.17		%	1.17		%	1.17		%	(0.16)		(0.16)

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


Columbia Banking System, Inc. Purchase Price Allocation (1)
(Unaudited)
($ in millions)		August 31, 2025
Purchase price consideration

	Fair value of common shares issued and exchanged			$	2,355
	Total consideration			$	2,355
Fair value of assets acquired:
	Cash and due from banks	$	874

	Investment securities	2,828

	Loans held for sale	1
	Loans and leases	11,382
	Restricted equity securities	98
	Premises and equipment	53

	Other intangible assets	355

	Deferred tax assets	132
	Other assets	889
	Total assets acquired	$	16,612
Fair value of liabilities assumed:
	Deposits	$	14,542




	Other liabilities	167
	Total liabilities assumed	$	14,709
Net assets acquired				$	1,903
Goodwill				$	452


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions, shares in thousands)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	7,790		$	5,342		$	5,238		$	5,118		$	5,274		46	%	48	%
Less: Goodwill		1,481			1,029			1,029			1,029			1,029			44	%	44	%
Less: Other intangible assets, net		754			430			456			484			513			75	%	47	%
Tangible common shareholders' equity	b	$	5,555		$	3,883		$	3,753		$	3,605		$	3,732		43	%	49	%

Total assets	c	$	67,496		$	51,901		$	51,519		$	51,576		$	51,909		30	%	30	%
Less: Goodwill		1,481			1,029			1,029			1,029			1,029			44	%	44	%
Less: Other intangible assets, net		754			430			456			484			513			75	%	47	%
Tangible assets	d	$	65,261		$	50,442		$	50,034		$	50,063		$	50,367		29	%	30	%
Common shares outstanding at period end (in thousands)	e	299,147			210,213			210,112			209,536			209,532			42	%	43	%

Total shareholders' equity to total assets ratio	a / c	11.54		%	10.29		%	10.17		%	9.92		%	10.16		%	1.25		1.38
Tangible common equity to tangible assets ratio	b / d	8.51		%	7.70		%	7.50		%	7.20		%	7.41		%	0.81		1.10
Book value per common share	a / e	$	26.04		$	25.41		$	24.93		$	24.43		$	25.17		2	%	3	%
Tangible book value per common share	b / e	$	18.57		$	18.47		$	17.86		$	17.20		$	17.81		1	%	4	%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
		Quarter Ended										% Change
($ in millions)		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain (loss) on investment securities, net		$	2	$	—	$	2	$	(1)	$	2	nm		—	%
(Loss) gain on swap derivatives		(1)		(1)		(1)		3		(3)		—	%	(67)	%
Gain (loss) on loans held for investment, at fair value		4		—		7		(7)		9		nm		(56)	%
Change in fair value of MSR due to valuation inputs or assumptions		—		(2)		(1)		7		(6)		nm		nm
MSR hedge gain (loss)		—		2		3		(8)		5		(100)	%	(100)	%
Total non-interest income adjustments	a	$	5	$	(1)	$	10	$	(6)	$	7	nm		(29)	%

Non-Interest Expense Adjustments
Merger and restructuring expense		$	87	$	8	$	14	$	2	$	2	nm		nm
Exit and disposal costs		—		—		1		1		1		nm		(100)	%
FDIC special assessment		(1)		—		—		—		—		nm		nm
Legal settlement		—		—		55		—		—		nm		nm
Total non-interest expense adjustments	b	$	86	$	8	$	70	$	3	$	3	nm		nm

Net interest income	c	$	505	$	446	$	425	$	437	$	430	13	%	17	%

Non-interest income (GAAP)	d	$	77	$	65	$	66	$	50	$	66	18	%	17	%
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Operating non-interest income (non-GAAP)	e	$	72	$	66	$	56	$	56	$	59	9	%	22	%

Revenue (GAAP)	f=c+d	$	582	$	511	$	491	$	487	$	496	14	%	17	%
Operating revenue (non-GAAP)	g=c+e	$	577	$	512	$	481	$	493	$	489	13	%	18	%

Non-interest expense (GAAP)	h	$	393	$	278	$	340	$	267	$	271	41	%	45	%
Less: Non-interest expense adjustments	b	(86)		(8)		(70)		(3)		(3)		nm		nm
Operating non-interest expense (non-GAAP)	i	$	307	$	270	$	270	$	264	$	268	14	%	15	%

Net income (GAAP)	j	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%
Provision for income taxes		23		51		37		49		50		(55)	%	(54)	%
Income before provision for income taxes		119		203		124		192		196		(41)	%	(39)	%
Provision for credit losses		70		30		27		28		29		133	%	141	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	189		233		151		220		225		(19)	%	(16)	%
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Add: Non-interest expense adjustments	b	86		8		70		3		3		nm		nm
Operating PPNR (non-GAAP)	l	$	270	$	242	$	211	$	229	$	221	12	%	22	%

Net income (GAAP)	j	$	96	$	152	$	87	$	143	$	146	(37)	%	(34)	%
Day 1 acquisition provision expense		70		—		—		—		—		nm		nm
Less: Non-interest income adjustments	a	(5)		1		(10)		6		(7)		nm		(29)	%
Add: Non-interest expense adjustments	b	86		8		70		3		3		nm		nm
Tax effect of adjustments		(43)		(1)		(8)		(2)		1		nm		nm
Operating net income (non-GAAP)	m	$	204	$	160	$	139	$	150	$	143	28	%	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
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions, shares in thousands)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Average assets	n	$	56,823		$	51,552		$	51,453		$	51,588		$	52,009		10	%	9	%
Less: Average goodwill and other intangible assets, net		1,719			1,472			1,502			1,528			1,560			17	%	10	%
Average tangible assets	o	$	55,104		$	50,080		$	49,951		$	50,060		$	50,449		10	%	9	%

Average common shareholders' equity	p	$	6,157		$	5,287		$	5,217		$	5,226		$	5,119		16	%	20	%
Less: Average goodwill and other intangible assets, net		1,719			1,472			1,502			1,528			1,560			17	%	10	%
Average tangible common equity	q	$	4,438		$	3,815		$	3,715		$	3,698		$	3,559		16	%	25	%

Weighted average basic shares outstanding (in thousands)	r	237,838			209,125			208,800			208,548			208,545			14	%	14	%
Weighted average diluted shares outstanding (in thousands)	s	238,925			209,975			210,023			209,889			209,454			14	%	14	%

Select Per-Share & Performance Metrics
Earnings per share - basic	j / r	$	0.40		$	0.73		$	0.41		$	0.69		$	0.70		(45)	%	(43)	%
Earnings per share - diluted	j / s	$	0.40		$	0.73		$	0.41		$	0.68		$	0.70		(45)	%	(43)	%
Efficiency ratio (1)	h / f	67.29		%	54.29		%	69.06		%	54.61		%	54.56		%	13.00		12.73
Non-interest expense to average assets	h / n	2.74		%	2.16		%	2.68		%	2.06		%	2.08		%	0.58		0.66
Return on average assets	j / n	0.67		%	1.19		%	0.68		%	1.10		%	1.12		%	(0.52)		(0.45)
Return on average tangible assets	j / o	0.69		%	1.22		%	0.70		%	1.14		%	1.15		%	(0.53)		(0.46)
PPNR return on average assets	k / n	1.32		%	1.81		%	1.19		%	1.70		%	1.72		%	(0.49)		(0.40)
Return on average common equity	j / p	6.19		%	11.56		%	6.73		%	10.91		%	11.36		%	(5.37)		(5.17)
Return on average tangible common equity	j / q	8.58		%	16.03		%	9.45		%	15.41		%	16.34		%	(7.45)		(7.76)

Operating Per-Share & Performance Metrics
Operating earnings per share - basic	m / r	$	0.86		$	0.77		$	0.67		$	0.72		$	0.69		12	%	25	%
Operating earnings per share - diluted	m / s	$	0.85		$	0.76		$	0.67		$	0.71		$	0.69		12	%	23	%
Operating efficiency ratio, as adjusted (1)	u / y	52.32		%	51.79		%	55.11		%	52.51		%	53.89		%	0.53		(1.57)
Operating non-interest expense to average assets	i / n	2.14		%	2.10		%	2.13		%	2.03		%	2.05		%	0.04		0.09
Operating return on average assets	m / n	1.42		%	1.25		%	1.10		%	1.15		%	1.10		%	0.17		0.32
Operating return on average tangible assets	m / o	1.47		%	1.28		%	1.13		%	1.19		%	1.13		%	0.19		0.34
Operating PPNR return on average assets	l / n	1.89		%	1.88		%	1.67		%	1.77		%	1.69		%	0.01		0.20
Operating return on average common equity	m / p	13.15		%	12.16		%	10.87		%	11.40		%	11.15		%	0.99		2.00
Operating return on average tangible common equity	m / q	18.24		%	16.85		%	15.26		%	16.11		%	16.04		%	1.39		2.20


Item 2.02			Results of Operations and Financial Condition.


Item 7.01			Regulation FD Disclosure.


Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term	$	8,444		$	6,190		$	6,179		$	6,278		$	6,392		36	%	32	%
Owner occupied term	7,361			5,320			5,303			5,270			5,210			38	%	41	%
Multifamily	10,377			5,735			5,831			5,804			5,780			81	%	80	%
Construction & development	2,071			2,070			2,071			1,983			1,989			—	%	4	%
Residential development	367			286			252			232			245			28	%	50	%
Commercial:
Term	6,590			5,353			5,490			5,538			5,429			23	%	21	%
Lines of credit & other	3,582			2,951			2,754			2,770			2,641			21	%	36	%
Leases & equipment finance	1,614			1,641			1,644			1,661			1,670			(2)	%	(3)	%
Residential:
Mortgage	5,722			5,830			5,878			5,933			5,945			(2)	%	(4)	%
Home equity loans & lines	2,153			2,083			2,039			2,032			2,017			3	%	7	%
Consumer & other	181			178			175			180			185			2	%	(2)	%
Total loans and leases, net of deferred fees and costs	$	48,462		$	37,637		$	37,616		$	37,681		$	37,503		29	%	29	%

Loans and leases mix:
Commercial real estate:
Non-owner occupied term	18		%	16		%	16		%	17		%	17		%
Owner occupied term	15		%	14		%	14		%	14		%	14		%
Multifamily	21		%	15		%	15		%	15		%	15		%
Construction & development	4		%	6		%	6		%	5		%	5		%
Residential development	1		%	1		%	1		%	1		%	1		%
Commercial:
Term	14		%	14		%	15		%	15		%	15		%
Lines of credit & other	7		%	8		%	7		%	7		%	7		%
Leases & equipment finance	3		%	4		%	4		%	4		%	4		%
Residential:
Mortgage	12		%	15		%	16		%	16		%	16		%
Home equity loans & lines	4		%	6		%	5		%	5		%	5		%
Consumer & other	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			% Change
($ in millions)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	17,810		$	13,220		$	13,414		$	13,308		$	13,534		35	%	32	%
Demand, interest bearing	11,675			8,335			8,494			8,476			8,445			40	%	38	%
Money market	16,816			11,694			11,971			11,475			11,351			44	%	48	%
Savings	2,504			2,276			2,337			2,360			2,451			10	%	2	%
Time	6,966			6,218			6,002			6,102			5,734			12	%	21	%
Total	$	55,771		$	41,743		$	42,218		$	41,721		$	41,515		34	%	34	%

Total core deposits (1)	$	51,535		$	37,294		$	38,079		$	37,488		$	37,775		38	%	36	%

Deposit mix:
Demand, non-interest bearing	32		%	32		%	32		%	32		%	33		%
Demand, interest bearing	21		%	20		%	20		%	20		%	20		%
Money market	30		%	28		%	28		%	27		%	27		%
Savings	5		%	5		%	6		%	6		%	6		%
Time	12		%	15		%	14		%	15		%	14		%
Total	100		%	100		%	100		%	100		%	100		%


Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Operating Efficiency Ratio, as adjusted
(Unaudited)
		Quarter Ended															% Change
($ in millions)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Seq. Quarter		Year over Year
Non-interest expense (GAAP)	h	$	393		$	278		$	340		$	267		$	271		41	%	45	%
Less: Non-interest expense adjustments	b	(86)			(8)			(70)			(3)			(3)			nm		nm
Operating non-interest expense (non-GAAP)	i	307			270			270			264			268			14	%	15	%
Less: B&O taxes	t	(3)			(3)			(3)			(4)			(3)			—	%	—	%
Operating non-interest expense, excluding B&O taxes (non-GAAP)	u	$	304		$	267		$	267		$	260		$	265		14	%	15	%

Net interest income (tax equivalent) (1)	v	$	507		$	447		$	426		$	438		$	431		13	%	18	%
Non-interest income (GAAP)	d	77			65			66			50			66			18	%	17	%
Add: BOLI tax equivalent adjustment (1)	w	2			2			1			1			1			—	%	100	%
Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)	x	586			514			493			489			498			14	%	18	%
Less: Non-interest income adjustments	a	(5)			1			(10)			6			(7)			nm		(29)	%
Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments (tax equivalent) (non-GAAP)	y	$	581		$	515		$	483		$	495		$	491		13	%	18	%

Efficiency ratio (1)	h / f	67.29		%	54.29		%	69.06		%	54.61		%	54.56		%	13.00		12.73
Operating efficiency ratio, as adjusted (non-GAAP) (1)	u / y	52.32		%	51.79		%	55.11		%	52.51		%	53.89		%	0.53		(1.57)

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