Slide 1: 2Q 2022 Forward Looking Statements
NASDAQ - COLB 2Q 2022 Port of Seattle, Washington Forward Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “may,” “expected,” “anticipate”, “continue,” or othe
Slide 2: Lasting Strength
Post Falls Dam, Post Falls, Idaho OVERVIEW OF COLUMBIA BANK Lasting Strength Sustained track record of driving long-term shareholder value Maintained a strong capital position with ample liquidity Seasoned acquirer with proven integration success Low-cost deposit funding base Award-winning company t
Slide 3: By the Numbers
OVERVIEW OF COLUMBIA BANK By the Numbers $20.6 Billion in Total Assets $11.3 Billion in Total Loans $18.0 Billion in Total Deposits 152 Branches 14 Acquisitions Since founded in 1993 13.7% Total Risk-Based Capital (1) 10.00% CB 8.9% Leverage Ratio (1) 5.00% CB 3 Represents Well-Capitalized Regulator
Slide 4: Continually Building Value
Continually Building Value October 2021 Acquired: April 2013 November 2017 Bank of Commerce Acquired: Acquired: Holdings $2.0B Assets $24.82 West Coast Bancorp $2.6B Assets Pacific Continental Corp $2.9B Assets $23.85 November 2014 Acquired: $22.57 Intermountain Community $22.05 Bancorp $964MM Asset
Slide 5: 2Q 2022 Recap
(1) Pre-tax, Pre-provision Income OVERVIEW OF COLUMBIA BANK Q1 Q2 Q3 Q4 Totals may not foot due to rounding 2Q 2022 Recap 2022 YTD $67 $79 $146 Second quarter net income of $58.8 2021 $66 $66 $69 $67 $267 million; diluted earnings per share of $0.75 2020 $61 $82 $64 $71 $278 Pre-tax, pre-provision i
Slide 6: Summary Income Statement
Summary Income Statement $ in thousands 2Q22 1Q22 4Q21 3Q21 2Q21 (except EPS) Net Interest Income $147,451 $146,200 $145,523 $132,540 $125,462 Provision/(Recapture) for Credit Losses 2,100 (7,800) 11,100 — (5,500) Net Interest Income after 145,351 154,000 134,423 132,540 130,962 Provision/(Recapture
Slide 7: Selected Balance Sheet & Ratios
Selected Balance Sheet & Ratios $ in millions Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Total Assets $20,564 $20,964 $20,945 $18,602 $18,013 Securities, Including Debt Securities, Equity Securities 7,296 7,754 8,083 6,931 6,238 & FHLB Stock Loans, Net of unearned Income 11,322
Slide 8: Diversified, Relationship-Centered Deposit Base
Diversified, Relationship-Centered Deposit Base 2Q21 2Q22 $15.3 billion $18.0 billion 61% Business & 39% Consumer 60% Business & 40% Consumer Cost of Deposits = 4 bps Cost of Deposits = 5 bps 9.9% 11.7% 19.2% 18.9% 50.2% 48.7% 9.0% 9.2% 4.7% 4.1% 1.3% 1.3% 0.7% 0.8% 5.0% 5.3% As of Jun 30, 2021 As o
Slide 9: Net Interest Margin
Net Interest Margin 4.33% 4.24% 3.67% 3.65% 3.17% 3.17% 3.16% 3.14% 3.16% 3.12% 3.05% 3.09% 3.12% 3.15% 3.09% 3.14% 3.00% 2.99% $535.3 $501.8 $507.6 $486.7 $148.3 $149.5 $147.6 $134.4 $297.8 $127.4 2018 2019 2020 2021 2022 YTD 2Q21 3Q21 4Q21 1Q22 2Q22 Net Interest Income (tax equivalent) Net Interes
Slide 10: Interest Rate Sensitivity
Interest Rate Sensitivity Loan Repricing Detail (in millions) Upward Rate Change to Move from Floor (in millions) (in millions) Mar-22 Jun-22 Mar-22 Jun-22 Loans At <25 26-50 51-75 76-100 101-125 >150 Floor bps bps bps bps bps bps Total Fixed $5,764 $6,151 54 % 54 % Balances (in millions) PPP $85 $3
Slide 11: Deposit Rate Sensitivity
Deposit Rate Sensitivity Columbia Bank Deposit Rates vs Federal Funds Relationship-focused deposits well-positioned for rising rates (Fed Effective) 3.00% • Columbia's deposit rate movements have historically lagged and 2.50% were materially less than changes in market rates 2.00% • Deposit growth h
Slide 12: Noninterest Income
Noninterest Income $104,500 $97,181 16,710 $94,094 $88,256 20,024 10,687 8,464 9,211 11,866 22,044 13,465 24,802 12,135 $25,006 $23,958 $24,240 $24,180 12,799 $22,730 2,742 3,123 3,690 15,753 $49,186 4,275 2,497 19,719 12,830 3,881 7,965 5,184 4,977 3,193 15,198 4,514 18,503 7,074 4,192 13,928 4,250
Slide 13: Strong Earnings Performance
Strong Earnings Performance $0.16 $0.09 $0.11 $0.01 $0.02 $0.07 $0.04 $2.68 $2.78 $2.36 $2.17 $0.12 $11,466 $1.49 $0.77 $0.74 $0.74 $0.75 $202,820 $0.55 $194,451 $6,842 $172,882 $152,244 $8,657 $116,330 $403 $5,575 $3,082 $1,731 $57,522 $58,808 $55,039 $53,017 $9,332 $42,911 (1) 2018 2019 2020 $0 20
Slide 14: Improved Operating Leverage
Improved Operating Leverage 2.61% 2.59% 2.17% 1.87% 1.89% 1.92% 1.87% 1.82% 1.76% 1.74% $20,862 $20,858 $20,956 $20,770 $18,448 $18,330 $17,670 $15,401 $13,341 $12,725 2018 2019 2020 2021 2022 2Q21 3Q21 4Q21 1Q22 2Q22 Average Total Assets Core NIE/Avg Assets (1) $ in millions 14 (1) Non-GAAP financi
Slide 15: Total Loans
Total Loans Rolling 5 Quarters Loan Production Total Loans, Net of Unearned Income $11.3 billion Annualized Quarterly Growth = 23% $734 (excluding PPP Loans (1)) $657 $640 $464 $366 605 (2) 2Q21 3Q21 4Q21 1Q22 2Q22 Commercial Business Loan Originations PPP Loan Originations Commercial 32.2% Real Est
Slide 16: Well Diversified C&I and Agriculture Loan Portfolios
Well Diversified C&I and Agriculture Loan Portfolios C&I Portfolio Agriculture Portfolio $3.6 billion $853 million Dairy Cattle Healthcare 3.7% & Milk Production Wholesalers Dentists 21.3% 3.2% 4.2% Cattle 12.1% Fishing 5.2% Finance/ Contractors Other 34.0% Insurance 6.8% 11.5% Retail 2.2% Row Crops
Slide 17: Balanced CRE Loan Portfolio
Balanced CRE Loan Portfolio CRE Portfolio $5.3 billion Consistent CRE Coverage Balanced with 54% Income Property and 46% Owner-occupied 212.4% 200.6% 195.6% 185.6% 184.8% 131.1% 132.0% 128.3% 127.0% 127.6% Office 24.4% $6,584 Multifamily $6,127 $6,217 Education 9.3% 2.3% 1,333 1,146 1,170 $5,016 $5,
Slide 18: Components of 2Q Change in Loans
Components of 2Q Change in Loans 2Q22 $133 $734 $15 $(225) $(46) $(49) $11,322 $10,760 Beginning Balance New Originations Net Advances/ Prepayments Payoffs PPP Payoffs Other Ending Balance Payments 2Q21 $657 $(123) $9 $(225) $(60) $9,676 $(241) $9,693 Beginning Balance New Originations Net Advances/
Slide 19: Allowance for Credit Losses (ACL)
Allowance for Credit Losses (ACL) 1.59% 1.55% 1.49% 1.38% 1.33% 1.48% 1.50% 1.46% 1.37% 1.32% $155,578 $149,935 $146,949 $142,988 $142,785 Jun 30, 2021 Sep 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 (1) Allowance for Credit Losses % Allowance for Credit Losses % Allowance for Credit Losses excl
Slide 20: Nonperforming Assets
Nonperforming Assets 0.46% 0.24% 0.21% $60,891 0.11% 0.14% 0.13% 0.11% 0.08% 0.09% 0.08% 6,049 $35,359 $33,612 54,842 $24,402 $24,557 $23,422 $23,422 $17,031 $17,822 $17,031 33,060 34,806 23,041 24,021 24,176 23,041 16,998 17,441 16,998 Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 Jun 30, 202
Slide 21: Highly Quality Securities Portfolio
Highly Quality Securities Portfolio (1) Investment Portfolio Mix (1) Portfolio is conservatively positioned: $7.0 billion • Strong credit quality with focus on agencies and high-quality municipal securities Municipals 12.5% • About half of the MBS portfolio is Agency Commercial Mortgage Backed Secur
Slide 22: Strong Capital, Dividend Payouts & Total Return
Strong Capital, Dividend Payouts & Total Return 14.5% 14.3% 14.2% 14.0% Total Return Performance 13.7% 600 500 9.0% 8.6% 8.6% 7.5% 400 7.1% Index Value $0.77 $0.75 $0.74 $0.74 300 $0.55 200 $0.28 $0.30 $0.30 $0.30 $0.30 100 0 D 1, 1 31 008 30 21 D 1, 9 D 1, 7 D 1, 5 D 1, 3 D 1, 9 2 Ju 1, 0 D 1, 8 D
Slide 23: Diversity, Equity and Inclusion
Diversity, Equity and Inclusion Columbia's Diversity, Equity and Inclusivity program continues to make a positive impact on clients and the broader Northwest Community. Over More than $120,000 $360,000 $100,000 Awarded through the Bank's Provided to BIPOC and Scholarship Fund for NW Equity and Inclu
Slide 24: Dedicated to Our Communities
Walnut Orchard, near Corning, California Fundraising Volunteer Hours Dedicated to Our $388,850 Communities $369,978 20,549 16,373 $430,988 28,313 At Columbia Bank, we empower $342,754 26,944 employees to address the unique needs $303,929 20,614 of their communities and offer support $286,027 15,336
Slide 25: Columbia – An Award-Winning Company
Columbia – An Award-Winning Company 25
Slide 26: Responsibility: ESG Encompasses Columbia's Do RIGHT Values
NEW SLIDE - NEEDS APPROVAL Responsibility ESG Encompasses Columbia's Do RIGHT Values When we Do RIGHT by our people and our clients, shareholders invest and communities prosper. E nvironment S ocial G overnance Investing in Board Climate Valuing our Charitable Stewardship Investment our Independence
Slide 27: Executive Leadership Team
Executive Leadership Team Vineyard, Dundee, Oregon Investor Relations 253-471-4065 investorrelations@columbiabank.com Clint Stein Kumi Yamamoto Baruffi Aaron James Deer President Executive Vice President Executive Vice President Chief Executive Officer General Counsel Chief Financial Officer Columbi
Slide 28: Strategic Updates
Strategic Updates 28 New Suburban Housing Development, Spokane Washington
Slide 29: Creating a West Coast Franchise Unlike Any Other
Creating a West Coast Franchise Unlike Any Other Combined company deepens its Synergies anticipated to drive growth in loans, foothold in the Northwest and ...creating a West Coast regional powerhouse deposits, and fee-based products and services* California... • Dramatically increases delivery chan
Slide 30: Current Priorities: Integration and Growth
Current Priorities: Integration and Growth • The top priorities at Columbia and Umpqua are to prepare and execute the seamless integration of our two banks following the closing without disrupting the growth momentum that began in 2H 2020 and that we expect to continue into 2023. • The establishment
Slide 31: Many Integration Milestones Are Independent of Legal Day 1
Many Integration Milestones Are Independent of Legal Day 1 • Although our closing date is not yet set, we continue to plan for and complete necessary milestones that lead to our scheduled core system conversion date, and many of these projects run independently of legal day 1. Integration planning r
Slide 32: Revenue: Scale Expected to Enhance Opportunities
Revenue: Scale Expected to Enhance Opportunities Our combination enables us to: • Lend with a bigger balance sheet ◦ Magnifies the opportunity to grow the loan book as it reduces the need to participate out larger deals, favorably impacting new business and enabling the expansion of existing client
Slide 33: Appendix
Appendix Logging Truck, Redding, California 33
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures Tangible Book Value per Common Share $ in thousands 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/21/18 12/31/19 12/31/20 12/31/21 6/30/22 Total Shareholders' Equity $759,338 $764,008 $1,053,249 $1,228,175 $1,242,128 $1,251,012 $1,949,922 $2,033,649 $2
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures NIE/Average Assets $ in thousands 2018 2019 2020 2021 2022 2Q21 3Q21 4Q21 1Q22 2Q22 Reported Noninterest Expense (numerator A) $ 340,490 $ 345,482 $ 334,519 $ 360,304 $ 200,432 $ 84,116 $ 90,007 $ 102,622 $ 105,053 $ 95,379 -Merger Related Costs (8,661) — — (14,514) (10,9
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures Net Interest Margin $ in Thousands 2018 2019 2020 2021 2022 2Q21 3Q21 4Q21 1Q22 2Q22 Net Interest Income (tax equivalent) (numerator A) $ 486,667 $ 501,770 $ 507,574 $ 535,311 $ 297,810 $ 127,409 $ 134,439 $ 147,574 $ 148,268 $ 149,542 Adjustments to arrive at operating n
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures Tangible Common Equity ROATCE $ in thousands 6/30/21 9/30/21 12/31/21 3/31/22 6/30/22 $ in thousands 2Q21 3Q21 4Q21 1Q22 2Q22 Net Inc Applicable to Common Total Shareholders' Equity (numerator A) $2,333,246 $2,323,267 $2,588,742 $2,360,779 $2,243,218 Shareholders (numerat
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures Operating Efficiency Ratio $ in thousand 2Q21 3Q21 4Q21 1Q22 2Q22 Noninterest expense (numerator A) $ 84,116 $ 90,007 $ 102,622 $ 105,053 $ 95,379 Adjustments to arrive at operating noninterest expense: Merger related expenses (510) (2,192) (11,812) (7,057) (3,901) Net be
Slide 39: The Power of a Larger Balance Sheet: A Hypothetical Example
The Power of a Larger Balance Sheet: A Hypothetical Example • The opportunities to grow the loan book by expanding business with our existing customer base are dramatic, and they are potentially multiplicative as we continue to win business in our markets. (a) Columbia 9/30/21 Tangible Common Equity
Slide 40: Non-GAAP Reconciliation: GAAP and Core Case EPS Accretion
Non-GAAP Reconciliation: GAAP and Core Case Earnings per Share Accretion GAAP ($mm) Core cash ($mm) Millions of diluted shares Columbia 2023E standalone net income $215 $215 78.7 Umpqua 2023E standalone net income 407 407 218.1 Combined net income $623 $623 After-tax cash adjustments Cost savings -
Slide 41: Non-GAAP Reconciliation: Purchase Accounting Summary
Non-GAAP Reconciliation: Purchase Accounting Summary Tangible Book Value Per Share Dilution Calculation of Intangibles Created Millions of $ millions basic shares $ per share $ millons Columbia Columbia tangible book value as of June 30, 2021 $1,692 78.5 Fixed exchange ratio 0.5989x (-) Reduction in