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HOUSTON--(BUSINESS WIRE)--Comfort Systems USA, Inc. (NYSE: FIX) (the “Company”) today reported results for the quarter ended June 30, 2026. For the quarter ended June 30, 2026, net income was $441.6 million, or $12.53 per diluted share, as compared to $230.8 million, or $6.53 per diluted share, for the quarter ended June 30, 2025. Revenue for the second quarter of 2026 was $3.27 billion compared to $2.17 billion in 2025. The Company reported operating cash flow of $1.14 billion in the current q.

Sonoco Products Company (SON) Q2 2026 Earnings Call July 23, 2026 8:00 AM EDT

Company Participants

Roger Schrum - Head of Investor Relations & Global Marketing Communications
Robert Coker - President, CEO & Director
Paul Joachimczyk - CFO & Principal Accounting Officer

Conference Call Participants

George Staphos - BofA Securities, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
John Dunigan - Jefferies LLC, Research Division
Michael Roxland - Truist Securities, Inc., Research Division
Mark Weintraub - Seaport Research Partners
Hillary Cacanando - Deutsche Bank AG, Research Division
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Matthew Roberts - CGS International
Gabe Hajde - Wells Fargo Securities, LLC, Research Division
Anojja Shah - UBS Investment Bank, Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to the Sonoco Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Roger Schrum, Head of Investor Relations and Global Marketing Communications. Roger, please go ahead.

Roger Schrum
Head of Investor Relations & Global Marketing Communications

Thank you, Warren, and good morning, everyone. Last evening, we issued a news release and posted an investor presentation that reviews Sonoco's Second Quarter 2026 financial results. Both are posted on the Investor Relations section of our website at sonoco.com. A replay of today's conference call will be available on our website later today, and we'll post a transcript later this week.

If you would turn to Slide 2, I'll remind you that during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.

Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition

,  /PRNewswire/ --  

$208 million

$217 million

$0.73

$0.76

Net income

Operating net income1

Earnings per common share -
diluted

Operating earnings per
common share - diluted1

CEO Commentary

"Our second quarter results demonstrate the resilience of our franchise and reflect the value of disciplined execution across the company," said Clint Stein, Chairman, CEO & President. "While the operating environment remains dynamic, we continued to execute on our strategic priorities through prudent expense management, ongoing balance sheet optimization, and consistent capital returns to shareholders. Commercial loan balances continued to grow, reflecting the strength of our customer relationships and the trust we have built across our markets. We also continued to reposition the balance sheet in ways that support stronger long-term performance. Supported by our diversified business model, sound credit culture, and strong capital generation, we remain committed to delivering sustainable returns and creating long-term value for our shareholders."

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

2Q26 HIGHLIGHTS (COMPARED TO 1Q26)

Net Interest
Income and
NIM

• Net interest income decreased by $5 million 
from the prior quarter, due in part to $4 million of
interest income reversals, alongside modest
balance sheet deleveraging.

• Net interest margin was 3.93%, down 3 basis
points from the prior quarter, as the interest
income reversals mentioned above reduced the
net interest margin by 3 basis points.

Non-Interest
Income and
Expense

• Non-interest income increased by $5 million,
due primarily to higher treasury management
and card-based fees, partially offset by quarterly
changes in fair value adjustments and hedging
activity. Results also include $3 million in death
benefit proceeds related to a single policy.

• Non-interest expense decreased by $19 million,
due to lower merger expense and the realization
of acquisition-related cost savings.

Credit
Quality

• Net charge-offs were 0.25% of average loans
and leases (annualized), compared to 0.30% for
the prior quarter.

• Provision expense was $27 million, compared to
$28 million for the prior quarter.

• Non-performing assets to total assets ratio was
0.42%, compared to 0.40% as of March 31,
2026.

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 $0.37 per
common share on May 15, 2026, which was
paid June 15, 2026.

• Repurchased $199 million of common stock
under our current repurchase plan.

Notable
Items

• Our first small business and retail campaign of
2026, which began in February and
ended April 30, 2026, brought over $600
million in new deposits to the bank and also was
successful in generating new SBA lending
relationships. Our second campaign began in
June and has generated approximately $650
million in new deposit balances through mid-
July.

2Q26 KEY FINANCIAL DATA

PERFORMANCE METRICS

2Q26

1Q26

2Q25

Return on average assets

1.27 %

1.18 %

1.19 %

Return on average common equity

10.99 %

10.00 %

11.56 %

Return on average tangible common
equity1

15.29 %

13.88 %

16.03 %

Operating return on average assets1

1.33 %

1.28 %

1.25 %

Operating return on average
common equity1

11.46 %

10.89 %

12.16 %

Operating return on average
tangible common equity1

15.95 %

15.11 %

16.85 %

Net interest margin

3.93 %

3.96 %

3.75 %

Efficiency ratio

55.15 %

58.03 %

54.29 %

Operating efficiency ratio, as
adjusted 1

52.92 %

53.68 %

51.79 %

INCOME STATEMENT

($ in millions, excl. per share data)

2Q26

1Q26

2Q25

Net interest income

$589

$594

$446

Provision for credit losses

$27

$28

$30

Non-interest income

$88

$83

$65

Non-interest expense

$375

$394

$278

Pre-provision net revenue1

$302

$283

$233

Operating pre-provision net
revenue1

$314

$306

$242

Earnings per common
share - diluted

$0.73

$0.66

$0.73

Operating earnings per common
share - diluted1

$0.76

$0.72

$0.76

Dividends paid per share

$0.37

$0.37

$0.36

BALANCE SHEET

($ in millions, excl. per share data)

2Q26

1Q26

2Q25

Total assets

$65,380

$66,027

$51,901

Loans and leases

$47,166

$47,697

$37,637

Deposits

$52,056

$53,489

$41,743

Book value per common share

$26.70

$26.47

$25.41

Tangible book value per common
share1

$19.22

$19.03

$18.47

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. All organizational changes and cost-related synergies were essentially complete as of June 30, 2026, including the achievement of our previously disclosed cost savings target associated with the Pacific Premier acquisition.

During the second quarter, we opened a branch in Colorado Springs and a financial hub in Las Vegas. We continue to strategically expand and refine our physical footprint to support relationship-driven growth, while funding these initiatives through targeted real estate optimization and other efficiency improvements.

Net Interest Income and Net Interest Margin
Net interest income was $589 million for the second quarter of 2026, down $5 million from the first quarter of 2026, due in part to $4 million of interest income reversals, alongside modest balance sheet deleveraging.

Columbia's net interest margin was 3.93% for the second quarter of 2026, down 3 basis points from the first quarter of 2026, as the interest income reversals mentioned above reduced the net interest margin by 3 basis points during the second quarter. Excluding this impact, net interest margin was consistent between periods, as higher yields on loans and leases partially offset a lower yield on taxable securities, driven by changes in prepayment speed expectations. Improved funding costs also contributed favorably to the net interest margin.

The cost of interest-bearing deposits decreased 8 basis points from the prior quarter to 1.96% for the second quarter of 2026, compared to 2.04% for the first quarter of 2026. The decrease during the second quarter reflects our active management of deposit rates and a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 1.95% for the month of June and 1.94% as of June 30, 2026.

Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.21% for the second quarter of 2026, compared to 2.24% for the first quarter of 2026. The cost of interest-bearing liabilities was 2.22% for the month of June and 2.21% as of June 30, 2026. Refer to the Q2 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

Non-interest Income
Non-interest income was $88 million for the second quarter of 2026, up $5 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 loss of $3 million for the second quarter, compared to a net fair value gain of $2 million for the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $91 million2 for the second quarter of 2026, up $10 million between periods, due primarily to higher treasury management and card-based fees. We also received $3 million in death benefit proceeds during the second quarter related to a single policy, which was recorded in other income.

Non-interest Expense
Non-interest expense was $375 million for the second quarter of 2026, down $19 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense and exit and disposal costs, as detailed in our non-GAAP disclosures, non-interest expense was $366 million2, down $3 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Refer to the Q2 2026 Earnings Presentation for additional expense details.

Balance Sheet
Total consolidated assets were $65.4 billion as of June 30, 2026, compared to $66.0 billion as of March 31, 2026. The decrease reflects balance sheet optimization activity. Cash and cash equivalents were $1.8 billion as of June 30, 2026, compared to $2.1 billion as of March 31, 2026. Including secured off-balance sheet lines of credit, total available liquidity was $25.6 billion as of June 30, 2026, representing 39% of total assets, 49% of total deposits, and 125% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of June 30, 2026, compared to $10.9 billion as of March 31, 2026. The increase is due to the purchase of $462 million of investment securities, which offset paydowns and a decrease in the fair value of the portfolio. Refer to the Q2 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.

Gross loans and leases were $47.2 billion as of June 30, 2026, compared to $47.7 billion as of March 31, 2026. The decrease reflects continued expected runoff in below-market-rate transactional loans and lower balances in non-owner occupied commercial real estate given elevated payoffs, due in part to competitive pricing pressure. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 5% on an annualized basis relative to March 31, 2026, partially offsetting contraction in other portfolios. "Our bankers remained focused on relationship-driven activity during the second quarter, generating new business opportunities while continuing to manage the balance sheet with discipline," commented Tory Nixon, President of Columbia Bank. "Commercial relationship growth remained solid, and the continued runoff of lower-return transactional loans is reshaping our balance sheet as intended. Customer engagement remains healthy, and we remain encouraged by the quality of our pipelines and the opportunities we see across our western footprint." Refer to the Q2 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 $52.1 billion as of June 30, 2026, compared to $53.5 billion as of March 31, 2026. The decrease reflects intentional reductions in brokered deposits and wholesale public deposits, which declined to $978 million and $928 million, respectively, as of June 30, 2026, compared to $1.6 billion and $1.2 billion, respectively, as of March 31, 2026. Customer deposit contraction in April due to seasonal tax payments also contributed to the decline between periods. "Seasonal factors reduced deposit balances early in the quarter, with balances stabilizing in May and June despite increasing competition," stated Mr. Nixon. "Our teams continue to emphasize relationship banking, serving our customers through advice-driven conversations and tailored solutions, while preserving the strength of our core deposit franchise. Meeting the evolving needs of our customers remains at the center of the value we provide." We utilized borrowings, which were $4.3 billion as of June 30, 2026, compared to $3.4 billion as of March 31, 2026, to supplement funding needs. Refer to the Q2 2026 Earnings Presentation for additional details related to deposit characteristics and flows.

Credit Quality
The allowance for credit losses ("ACL") was $475 million, or 1.01% of loans and leases, as of June 30, 2026, compared to $478 million, or 1.00% of loans and leases, as of March 31, 2026. The provision for credit losses was $27 million for the second 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 0.25% of average loans and leases (annualized) for the second quarter of 2026, compared to 0.30% for the first quarter of 2026. Net charge-offs in the FinPac portfolio were $15 million for the second quarter, compared to $14 million for the first quarter. Net charge-offs excluding the FinPac portfolio were $15 million for the second quarter, compared to $21 million for the first quarter. Non-performing assets were $273 million, or 0.42% of total assets, as of June 30, 2026, compared to $264 million, or 0.40% of total assets, as of March 31, 2026. Refer to the Q2 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 $26.70 as of June 30, 2026, compared to $26.47 as of March 31, 2026. During the second quarter, Columbia repurchased 6.6 million common shares under its current repurchase plan at an average price of $29.93, representing 2.3% of outstanding common shares. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(310) million as of June 30, 2026, compared to $(291) 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 $275 million as of June 30, 2026, compared to $260 million as of March 31, 2026. Tangible book value per common share3 was $19.22 as of June 30, 2026, compared to $19.03 as of March 31, 2026.

Columbia's estimated total risk-based capital ratio was 13.4% and its estimated common equity tier 1 risk-based capital ratio was 11.6% as of June 30, 2026, compared to 13.5% and 11.7%, respectively, as of March 31, 2026. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of June 30, 2026 are estimates, pending completion and filing of Columbia's regulatory reports. 

Earnings Presentation and Conference Call Information
Columbia's Q2 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.

Columbia will host its second quarter 2026 earnings conference call on July 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 second 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/thdt6a5z/
Register for the call: https://register-conf.media-server.com/register/BIb20bf1c21e7e4dcd93e446da448dd1e9
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) any revenue synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (ii) deposit attrition 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

7

Consolidated Balance Sheets

8

Financial Highlights

10

Loan & Lease Portfolio Balances and Mix

11

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

GAAP to Non-GAAP Reconciliation

21

Columbia Banking System, Inc.

Consolidated Statements of Income

(Unaudited)

Quarter Ended

% Change

($ in millions, shares in thousands)

Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Seq.

Quarter

Year
over
Year

Interest income:

Loans and leases

$       683

$       684

$       722

$       619

$       564

— %

21 %

Interest and dividends on investments:

Taxable

98

103

102

89

80

(5) %

23 %

Exempt from federal income tax

12

12

12

8

7

— %

71 %

Dividends

4

3

3

4

3

33 %

33 %

Temporary investments and interest bearing deposits

13

14

19

20

16

(7) %

(19) %

Total interest income

810

816

858

740

670

(1) %

21 %

Interest expense:

Deposits

173

184

195

195

180

(6) %

(4) %

Securities sold under agreement to repurchase and
federal funds purchased

1

1

1

1

1

— %

— %

Borrowings

39

30

27

30

35

30 %

11 %

Junior and other subordinated debentures

8

7

8

9

8

14 %

— %

Total interest expense

221

222

231

235

224

— %

(1) %

Net interest income

589

594

627

505

446

(1) %

32 %

Provision for credit losses

27

28

23

70

30

(4) %

(10) %

Non-interest income:

Service charges on deposits

23

20

24

21

20

15 %

15 %

Card-based fees

17

15

16

15

14

13 %

21 %

Financial services and trust revenue

15

15

15

9

6

— %

150 %

Residential mortgage banking revenue, net

7

12

7

7

8

(42) %

(13) %

(Loss) gain on investment securities, net

(1)

—

2

2

—

nm

nm

Gain on loan and lease sales, net

—

1

1

—

—

(100) %

nm

(Loss) gain on loans held for investment, at fair value

(1)

(2)

—

4

—

(50) %

nm

BOLI income

9

9

9

6

5

— %

80 %

Other income

19

13

16

13

12

46 %

58 %

Total non-interest income

88

83

90

77

65

6 %

35 %

Non-interest expense:

Salaries and employee benefits

196

196

201

171

155

— %

26 %

Occupancy and equipment, net

65

66

67

54

47

(2) %

38 %

FDIC assessments

9

9

4

8

8

— %

13 %

Intangible amortization

38

41

42

31

26

(7) %

46 %

Merger and restructuring expense

9

24

39

87

8

(63) %

13 %

Other expenses

58

58

59

42

34

— %

71 %

Total non-interest expense

375

394

412

393

278

(5) %

35 %

Income before provision for income taxes

275

255

282

119

203

8 %

35 %

Provision for income taxes

67

63

67

23

51

6 %

31 %

Net income

$       208

$       192

$       215

$         96

$       152

8 %

37 %

Weighted average basic shares outstanding (in
thousands)

285,558

290,933

295,376

237,838

209,125

(2) %

37 %

Weighted average diluted shares outstanding (in
thousands)

286,472

292,160

296,760

238,925

209,975

(2) %

36 %

Earnings per common share – basic

$       0.73

$       0.66

$       0.72

$       0.40

$       0.73

11 %

— %

Earnings per common share – diluted

$       0.73

$       0.66

$       0.72

$       0.40

$       0.73

11 %

— %

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

Columbia Banking System, Inc.

Consolidated Statements of Income

(Unaudited)

Six Months Ended

% Change

($ in millions, shares in thousands)

Jun 30, 2026

Jun 30, 2025

Year over
Year

Interest income:

Loans and leases

$          1,367

$          1,117

22 %

Interest and dividends on investments:

Taxable

201

149

35 %

Exempt from federal income tax

24

14

71 %

Dividends

7

6

17 %

Temporary investments and interest bearing deposits

27

32

(16) %

Total interest income

1,626

1,318

23 %

Interest expense:

Deposits

357

357

0 %

Securities sold under agreement to repurchase and federal funds purchased

2

2

0 %

Borrowings

69

71

(3) %

Junior and other subordinated debentures

15

17

(12) %

Total interest expense

443

447

(1) %

Net interest income

1,183

871

36 %

Provision for credit losses

55

57

(4) %

Non-interest income:

Service charges on deposits

43

39

10 %

Card-based fees

32

27

19 %

Financial services and trust revenue

30

11

173 %

Residential mortgage banking revenue, net

19

17

12 %

(Loss) gain on investment securities, net

(1)

2

(150) %

Gain on loan and lease sales, net

1

—

nm

(Loss) gain on loans held for investment, at fair value

(3)

7

(143) %

BOLI income

18

10

80 %

Other income

32

18

78 %

Total non-interest income

171

131

31 %

Non-interest expense:

Salaries and employee benefits

392

300

31 %

Occupancy and equipment, net

131

95

38 %

FDIC assessments

18

16

13 %

Intangible amortization

79

54

46 %

Merger and restructuring expense

33

23

43 %

Legal settlement

—

55

(100) %

Other expenses

116

75

55 %

Total non-interest expense

769

618

24 %

Income before provision for income taxes

530

327

62 %

Provision for income taxes

130

88

48 %

Net income

$            400

$            239

67 %

Weighted average basic shares outstanding (in thousands)

288,130

208,964

38 %

Weighted average diluted shares outstanding (in thousands)

289,212

209,965

38 %

Earnings per common share – basic

$           1.39

$           1.14

22 %

Earnings per common share – diluted

$           1.38

$           1.14

21 %

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)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Seq.

Quarter

Year
over
Year

Assets:

Cash and due from banks

$         648

$         577

$         511

$         535

$         608

12 %

7 %

Interest-bearing cash and temporary
investments

1,121

1,522

1,869

1,808

1,334

(26) %

(16) %

Investment securities:

Equity and other, at fair value

126

124

113

112

93

2 %

35 %

Available for sale, at fair value

11,131

10,915

11,112

11,013

8,653

2 %

29 %

Held to maturity, at amortized cost

17

18

18

18

2

(6) %

nm

Loans held for sale

61

81

262

340

66

(25) %

(8) %

Loans and leases

47,166

47,697

47,776

48,462

37,637

(1) %

25 %

Allowance for credit losses on loans and
leases

(458)

(459)

(466)

(473)

(421)

— %

9 %

Net loans and leases

46,708

47,238

47,310

47,989

37,216

(1) %

26 %

Restricted equity securities

207

168

159

119

161

23 %

29 %

Premises and equipment, net

424

426

422

416

357

— %

19 %

Goodwill

1,482

1,482

1,482

1,481

1,029

— %

44 %

Other intangible assets, net

633

671

712

754

430

(6) %

47 %

Bank-owned life insurance

1,227

1,222

1,218

1,199

705

— %

74 %

Other assets

1,595

1,583

1,644

1,712

1,247

1 %

28 %

Total assets

$      65,380

$      66,027

$      66,832

$      67,496

$      51,901

(1) %

26 %

Liabilities:

 Deposits

Non-interest-bearing

$      17,218

$      17,635

$      17,419

$      17,810

$      13,220

(2) %

30 %

Interest-bearing

34,838

35,854

36,792

37,961

28,523

(3) %

22 %

  Total deposits

52,056

53,489

54,211

55,771

41,743

(3) %

25 %

Securities sold under agreements to
repurchase

189

162

207

167

191

17 %

(1) %

Borrowings

4,250

3,400

3,200

2,300

3,350

25 %

27 %

Junior subordinated debentures, at fair value

339

333

338

331

323

2 %

5 %

Junior and other subordinated debentures,
at amortized cost

97

97

97

107

108

— %

(10) %

Other liabilities

897

882

939

1,030

844

2 %

6 %

Total liabilities

57,828

58,363

58,992

59,706

46,559

(1) %

24 %

Shareholders' equity:

Common stock

7,702

7,896

8,099

8,189

5,826

(2) %

32 %

Retained earnings (accumulated deficit)

160

59

(26)

(131)

(151)

171 %

nm

Accumulated other comprehensive loss

(310)

(291)

(233)

(268)

(333)

7 %

(7) %

Total shareholders' equity

7,552

7,664

7,840

7,790

5,342

(1) %

41 %

Total liabilities and shareholders' equity

$      65,380

$      66,027

$      66,832

$      67,496

$      51,901

(1) %

26 %

Common shares outstanding at period end (in
thousands)

282,817

289,530

295,422

299,147

210,213

(2) %

35 %

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

Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Seq.
Quarter

Year
over
Year

Per Common Share Data:

Dividends

$   0.37

$   0.37

$   0.37

$   0.36

$   0.36

— %

3 %

Book value

$  26.70

$  26.47

$  26.54

$  26.04

$  25.41

1 %

5 %

Tangible book value (1)

$  19.22

$  19.03

$  19.11

$  18.57

$  18.47

1 %

4 %

Performance Ratios:

Efficiency ratio (2)

55.15 %

58.03 %

57.30 %

67.29 %

54.29 %

(2.88)

0.86

Non-interest expense to average assets (1)

2.29 %

2.41 %

2.44 %

2.74 %

2.16 %

(0.12)

0.13

Return on average assets ("ROAA")

1.27 %

1.18 %

1.27 %

0.67 %

1.19 %

0.09

0.08

Pre-provision net revenue ("PPNR") ROAA (1)

1.85 %

1.73 %

1.80 %

1.32 %

1.81 %

0.12

0.04

Return on average common equity

10.99 %

10.00 %

10.92 %

6.19 %

11.56 %

0.99

(0.57)

Return on average tangible common equity (1)

15.29 %

13.88 %

15.24 %

8.58 %

16.03 %

1.41

(0.74)

Performance Ratios - Operating: (1)

Operating efficiency ratio, as adjusted (1),(2)

52.92 %

53.68 %

51.39 %

52.32 %

51.79 %

(0.76)

1.13

Operating non-interest expense to average assets (1)

2.24 %

2.26 %

2.20 %

2.14 %

2.10 %

(0.02)

0.14

Operating ROAA (1)

1.33 %

1.28 %

1.44 %

1.42 %

1.25 %

0.05

0.08

Operating PPNR ROAA (1)

1.92 %

1.87 %

2.02 %

1.89 %

1.88 %

0.05

0.04

Operating return on average common equity (1)

11.46 %

10.89 %

12.34 %

13.15 %

12.16 %

0.57

(0.70)

Operating return on average tangible common equity (1)

15.95 %

15.11 %

17.22 %

18.24 %

16.85 %

0.84

(0.90)

Average Balance Sheet Yields, Rates, & Ratios:

Yield on loans and leases

5.77 %

5.78 %

5.92 %

5.96 %

6.00 %

(0.01)

(0.23)

Yield on earning assets (2)

5.40 %

5.44 %

5.55 %

5.62 %

5.62 %

(0.04)

(0.22)

Cost of interest bearing deposits

1.96 %

2.04 %

2.08 %

2.43 %

2.52 %

(0.08)

(0.56)

Cost of interest bearing liabilities

2.21 %

2.24 %

2.27 %

2.65 %

2.78 %

(0.03)

(0.57)

Cost of total deposits

1.32 %

1.39 %

1.40 %

1.66 %

1.73 %

(0.07)

(0.41)

Cost of total funding (3)

1.55 %

1.56 %

1.57 %

1.87 %

1.98 %

(0.01)

(0.43)

Net interest margin (2)

3.93 %

3.96 %

4.06 %

3.84 %

3.75 %

(0.03)

0.18

Average interest bearing cash / Average interest earning assets

2.33 %

2.59 %

3.12 %

3.41 %

2.97 %

(0.26)

(0.64)

Average loans and leases / Average interest earning assets

78.67 %

78.44 %

78.12 %

78.39 %

78.64 %

0.23

0.03

Average loans and leases / Average total deposits

90.19 %

88.58 %

87.34 %

88.39 %

90.07 %

1.61

0.12

Average non-interest bearing deposits / Average total deposits

32.90 %

32.26 %

32.45 %

31.41 %

31.39 %

0.64

1.51

Average total deposits / Average total funding (3)

91.88 %

93.58 %

94.52 %

93.47 %

91.92 %

(1.70)

(0.04)

Select Credit & Capital Ratios:

Non-performing loans and leases to total loans and leases

0.57 %

0.55 %

0.41 %

0.40 %

0.47 %

0.02

0.10

Non-performing assets to total assets

0.42 %

0.40 %

0.30 %

0.29 %

0.35 %

0.02

0.07

Allowance for credit losses to loans and leases

1.01 %

1.00 %

1.02 %

1.01 %

1.17 %

0.01

(0.16)

Total risk-based capital ratio (4)

13.4 %

13.5 %

13.6 %

13.4 %

13.0 %

(0.10)

0.40

Common equity tier 1 risk-based capital ratio (4)

11.6 %

11.7 %

11.8 %

11.6 %

10.8 %

(0.10)

0.80

(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.

Financial Highlights

(Unaudited)

Six Months Ended

% Change

Jun 30, 2026

Jun 30, 2025

Year over Year

Per Common Share Data:

Dividends

$        0.74

$        0.72

2.78 %

Performance Ratios:

Efficiency ratio (2)

56.59 %

61.54 %

(4.95)

Non-interest expense to average assets (1)

2.35 %

2.42 %

(0.07)

Return on average assets

1.22 %

0.94 %

0.28

PPNR ROAA (1)

1.79 %

1.50 %

0.29

Return on average common equity

10.49 %

9.18 %

1.31

Return on average tangible common equity (1)

14.58 %

12.80 %

1.78

Performance Ratios - Operating: (1)

Operating efficiency ratio, as adjusted (1),(2)

53.29 %

53.40 %

(0.11)

Operating non-interest expense to average assets (1)

2.25 %

2.11 %

0.14

Operating ROAA (1)

1.30 %

1.17 %

0.13

Operating PPNR ROAA (1)

1.90 %

1.78 %

0.12

Operating return on average common equity (1)

11.17 %

11.52 %

(0.35)

Operating return on average tangible common equity (1)

15.53 %

16.07 %

(0.54)

Average Balance Sheet Yields, Rates, & Ratios:

Yield on loans and leases

5.78 %

5.96 %

(0.18)

Yield on earning assets (2)

5.42 %

5.56 %

(0.14)

Cost of interest bearing deposits

2.00 %

2.52 %

(0.52)

Cost of interest bearing liabilities

2.23 %

2.79 %

(0.56)

Cost of total deposits

1.35 %

1.72 %

(0.37)

Cost of total funding (3)

1.56 %

1.98 %

(0.42)

Net interest margin (2)

3.94 %

3.67 %

0.27

Average interest bearing cash / Average interest earning assets

2.46 %

3.05 %

(0.59)

Average loans and leases / Average interest earning assets

78.55 %

78.78 %

(0.23)

Average loans and leases / Average total deposits

89.38 %

90.21 %

(0.83)

Average non-interest bearing deposits / Average total deposits

32.58 %

31.57 %

1.01

Average total deposits / Average total funding (3)

92.73 %

91.90 %

0.83

(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.

Columbia Banking System, Inc.

Loan & Lease Portfolio Balances and Mix

(Unaudited)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

% Change

($ in millions)

Amount

Amount

Amount

Amount

Amount

Seq.
Quarter

Year
over
Year

Loans and leases:

Commercial real estate: (1)

Non-owner occupied term

$     7,584

$     8,113

$     8,206

$     8,444

$     6,190

(7) %

23 %

Owner occupied term

7,405

7,258

7,314

7,361

5,320

2 %

39 %

Multifamily

10,122

10,173

10,281

10,377

5,735

(1) %

76 %

Construction & development

1,529

1,670

1,707

2,071

2,070

(8) %

(26) %

Residential development

369

373

362

367

286

(1) %

29 %

Commercial:

Term

7,004

6,887

6,713

6,590

5,353

2 %

31 %

Lines of credit & other

3,794

3,804

3,643

3,582

2,951

— %

29 %

Leases & equipment finance

1,617

1,619

1,599

1,614

1,641

— %

(1) %

Residential:

Mortgage

5,402

5,483

5,624

5,722

5,830

(1) %

(7) %

Home equity loans & lines

2,176

2,147

2,149

2,153

2,083

1 %

4 %

   Consumer & other

164

170

178

181

178

(4) %

(8) %

Total loans and leases, net of deferred fees
and costs

$    47,166

$    47,697

$    47,776

$    48,462

$    37,637

(1) %

25 %

Loans and leases mix:

Commercial real estate: (1)

Non-owner occupied term

16 %

17 %

17 %

18 %

16 %

Owner occupied term

16 %

15 %

15 %

15 %

14 %

Multifamily

22 %

21 %

22 %

21 %

15 %

Construction & development

3 %

4 %

4 %

4 %

6 %

Residential development

1 %

1 %

1 %

1 %

1 %

Commercial:

Term

15 %

15 %

14 %

14 %

14 %

Lines of credit & other

8 %

8 %

8 %

7 %

8 %

Leases & equipment finance

3 %

3 %

3 %

3 %

4 %

Residential:

Mortgage

11 %

11 %

12 %

12 %

15 %

Home equity loans & lines

5 %

5 %

4 %

4 %

6 %

Consumer & other

— %

— %

— %

1 %

1 %

Total

100 %

100 %

100 %

100 %

100 %

(1)

During the three months ended June 30, 2026, the Company aligned the presentation of certain loans with its established loan classification methodology. This resulted in approximately $174 million of loans being reported within different commercial real estate loan categories, primarily multifamily loans, with a corresponding decrease in non-owner occupied term loans.

Columbia Banking System, Inc.

Deposit Portfolio Balances and Mix

(Unaudited)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

% Change

($ in millions)

Amount

Amount

Amount

Amount

Amount

Seq. Quarter

Year
over
Year

Deposits:

Demand, non-interest bearing

$    17,218

$    17,635

$    17,419

$    17,810

$    13,220

(2) %

30 %

Demand, interest bearing

11,093

10,860

10,763

11,675

8,335

2 %

33 %

Money market

16,415

16,843

17,013

16,816

11,694

(3) %

40 %

Savings

2,392

2,437

2,442

2,504

2,276

(2) %

5 %

Time

4,938

5,714

6,574

6,966

6,218

(14) %

(21) %

Total

$    52,056

$    53,489

$    54,211

$    55,771

$    41,743

(3) %

25 %

Total core deposits (1)

$    49,488

$    50,245

$    50,174

$    51,535

$    37,294

(2) %

33 %

Deposit mix:

Demand, non-interest bearing

33 %

33 %

32 %

32 %

32 %

Demand, interest bearing

21 %

20 %

20 %

21 %

20 %

Money market

32 %

31 %

31 %

30 %

28 %

Savings

5 %

5 %

5 %

5 %

5 %

Time

9 %

11 %

12 %

12 %

15 %

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)

Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Seq.
Quarter

Year
over
Year

Non-performing assets:(1)

Loans and leases on non-accrual status:

Commercial real estate

$      96

$      91

$      50

$      53

$      31

5 %

210 %

Commercial

84

96

66

67

67

(13) %

25 %

Total loans and leases on non-accrual status

180

187

116

120

98

(4) %

84 %

Loans and leases past due 90+ days and accruing: (2)

Commercial real estate

4

3

2

—

—

33 %

nm

Commercial

4

2

8

5

5

100 %

(20) %

Residential (2)

80

69

72

71

74

16 %

8 %

Total loans and leases past due 90+ days and
accruing (2)

88

74

82

76

79

19 %

11 %

Total non-performing loans and leases (1), (2)

268

261

198

196

177

3 %

51 %

Other real estate owned

5

3

2

3

3

67 %

67 %

Total non-performing assets (1), (2)

$     273

$     264

$     200

$     199

$     180

3 %

52 %

Loans and leases past due 31-89 days

$     125

$     168

$      94

$      85

$     142

(26) %

(12) %

Loans and leases past due 31-89 days to total loans and
leases

0.27 %

0.35 %

0.20 %

0.18 %

0.38 %

(0.08)

(0.11)

Non-performing loans and leases to total loans and
leases (1), (2)

0.57 %

0.55 %

0.41 %

0.40 %

0.47 %

0.02

0.10

Non-performing assets to total assets (1), (2)

0.42 %

0.40 %

0.30 %

0.29 %

0.35 %

0.02

0.07

Non-accrual loans and leases to total loan and leases (2)

0.38 %

0.39 %

0.24 %

0.25 %

0.26 %

(0.01)

0.12

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 $78 million, $88 million, $79 million, $70 million, and $68 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

(2)

Excludes certain mortgage loans that carry a government guarantee, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $4 million, $3 million, $2 million, and $2 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

Columbia Banking System, Inc.

Credit Quality – Allowance for Credit Losses

(Unaudited)

Quarter Ended

% Change

($ in millions)

Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Seq.
Quarter

Year
over
Year

Allowance for credit losses on loans and leases
(ACLLL)

Balance, beginning of period

$     459

$     466

$     473

$     421

$     421

(2) %

9 %

Initial ACL recorded for PCD loans acquired during
the period

—

—

—

5

—

nm

nm

Provision for credit losses on loans and leases

29

28

23

69

29

4 %

0 %

Charge-offs

Commercial real estate

(1)

—

(8)

(3)

—

nm

nm

Commercial

(32)

(39)

(23)

(22)

(33)

(18) %

(3) %

Residential

—

—

(1)

—

—

nm

nm

Consumer & other

(2)

(1)

(1)

(2)

(1)

100 %

100 %

Total charge-offs

(35)

(40)

(33)

(27)

(34)

(13) %

3 %

Recoveries

Commercial

4

4

3

4

5

0 %

(20) %

Consumer & other

1

1

—

1

—

0 %

nm

Total recoveries

5

5

3

5

5

0 %

0 %

Net charge-offs

Commercial real estate

(1)

—

(8)

(3)

—

nm

nm

Commercial

(28)

(35)

(20)

(18)

(28)

(20) %

0 %

Residential

—

—

(1)

—

—

nm

nm

Consumer & other

(1)

—

(1)

(1)

(1)

nm

0 %

Total net charge-offs

(30)

(35)

(30)

(22)

(29)

(14) %

3 %

Balance, end of period

$     458

$     459

$     466

$     473

$     421

0 %

9 %

Reserve for unfunded commitments

Balance, beginning of period

$       19

$       19

$       19

$       18

$       17

0 %

12 %

(Recapture) provision for credit losses on
unfunded commitments

(2)

—

—

1

1

nm

(300) %

Balance, end of period

17

19

19

19

18

(11) %

(6) %

Total Allowance for credit losses (ACL)

$     475

$     478

$     485

$     492

$     439

(1) %

8 %

Net charge-offs to average loans and leases
(annualized)

0.25 %

0.30 %

0.25 %

0.22 %

0.31 %

(0.05)

(0.06)

Recoveries to gross charge-offs

14.29 %

12.50 %

9.09 %

18.52 %

15.19 %

1.79

(0.90)

ACLLL to loans and leases

0.97 %

0.96 %

0.98 %

0.98 %

1.12 %

0.01

(0.15)

ACL to loans and leases

1.01 %

1.00 %

1.02 %

1.01 %

1.17 %

0.01

(0.16)

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

Columbia Banking System, Inc.

Credit Quality – Allowance for Credit Losses

(Unaudited)

Six Months Ended

% Change

($ in millions)

Jun 30, 2026

Jun 30, 2025

Year over Year

Allowance for credit losses on loans and leases (ACLLL)

Balance, beginning of period

$          466

$          425

10 %

Provision for credit losses on loans and leases

57

55

4 %

Charge-offs

Commercial real estate

(1)

—

nm

Commercial

(71)

(66)

8 %

Residential

—

(1)

nm

Consumer & other

(3)

(2)

50 %

Total charge-offs

(75)

(69)

9 %

Recoveries

Commercial

8

9

(11) %

Consumer & other

2

1

100 %

Total recoveries

10

10

0 %

Net charge-offs

Commercial real estate

(1)

—

nm

Commercial

(63)

(57)

11 %

Residential

—

(1)

nm

Consumer & other

(1)

(1)

0 %

Total net charge-offs

(65)

(59)

10 %

Balance, end of period

$          458

$          421

9 %

Reserve for unfunded commitments

Balance, beginning of period

$            19

$            16

19 %

 (Recapture) provision for credit losses on unfunded commitments

(2)

2

(200) %

Balance, end of period

17

18

(6) %

Total Allowance for credit losses (ACL)

$          475

$          439

8 %

Net charge-offs to average loans and leases (annualized)

0.28 %

0.31 %

(0.03)

Recoveries to gross charge-offs

13.33 %

14.62 %

(1.29)

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

June 30, 2026

March 31, 2026

June 30, 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

$         66

$      —

6.86 %

$       189

$       3

5.17 %

$         67

$       1

6.66 %

Loans and leases (1)

47,419

683

5.77 %

47,714

681

5.78 %

37,648

563

6.00 %

Taxable securities

10,173

102

3.97 %

10,097

106

4.22 %

7,937

83

4.22 %

Non-taxable securities (2)

1,219

15

4.63 %

1,253

14

4.51 %

798

8

3.95 %

Temporary investments and
interest-bearing cash

1,402

13

3.71 %

1,578

14

3.65 %

1,421

16

4.46 %

Total interest-earning assets (1), (2)

60,279

$    813

5.40 %

60,831

$    818

5.44 %

47,871

$    671

5.62 %

Goodwill and other intangible
assets

2,136

2,175

1,472

Other assets

3,217

3,209

2,209

Total assets

$    65,632

$    66,215

$    51,552

INTEREST-BEARING LIABILITIES:

Interest-bearing demand deposits

$    11,002

$     45

1.65 %

$    10,780

$     43

1.60 %

$     8,480

$     48

2.28 %

Money market deposits

16,658

87

2.10 %

16,848

88

2.12 %

11,783

72

2.46 %

Savings deposits

2,413

1

0.14 %

2,443

1

0.12 %

2,287

1

0.13 %

Time deposits

5,205

40

3.03 %

6,414

52

3.32 %

6,126

59

3.85 %

Total interest-bearing deposits

35,278

173

1.96 %

36,485

184

2.04 %

28,676

180

2.52 %

Repurchase agreements and
federal funds purchased

163

1

1.65 %

187

1

1.86 %

186

1

2.06 %

Borrowings

4,050

39

3.90 %

3,071

30

3.96 %

3,058

35

4.53 %

Junior and other subordinated
debentures

431

8

7.07 %

435

7

7.03 %

428

8

8.05 %

Total interest-bearing liabilities

39,922

$    221

2.21 %

40,178

$    222

2.24 %

32,348

$    224

2.78 %

Non-interest-bearing deposits

17,301

17,378

13,123

Other liabilities

814

873

794

Total liabilities

58,037

58,429

46,265

Common equity

7,594

7,786

5,287

Total liabilities and shareholders'
equity

$    65,631

$    66,215

$    51,552

NET INTEREST INCOME (2)

$    592

$    596

$    447

NET INTEREST SPREAD (2)

3.19 %

3.20 %

2.84 %

NET INTEREST INCOME TO
EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)

3.93 %

3.96 %

3.75 %

(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 $3 million for the three months ended June 30, 2026, as compared to $2 million for the three months ended March 31, 2026 and $1 million for the three months ended June 30, 2025. 

Columbia Banking System, Inc.

Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates

(Unaudited)

Six Months Ended

June 30, 2026

June 30, 2025

($ in millions)

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

$         127

$          3

5.62 %

$         63

$          2

6.49 %

Loans and leases (1)

47,565

1,364

5.78 %

37,663

1,115

5.96 %

Taxable securities

10,135

208

4.09 %

7,815

155

3.97 %

Non-taxable securities (2)

1,236

29

4.57 %

808

16

3.91 %

Temporary investments and interest-bearing cash

1,490

27

3.67 %

1,457

32

4.46 %

Total interest-earning assets (1), (2)

60,553

$     1,631

5.42 %

47,806

$     1,320

5.56 %

Goodwill and other intangible assets

2,156

1,487

Other assets

3,213

2,210

Total assets

$      65,922

$    51,503

INTEREST-BEARING LIABILITIES:

Interest-bearing demand deposits

$      10,892

$        88

1.63 %

$     8,426

$        95

2.27 %

Money market deposits

16,753

175

2.11 %

11,694

141

2.43 %

Savings deposits

2,428

2

0.13 %

2,319

1

0.12 %

Time deposits

5,806

92

3.19 %

6,131

120

3.93 %

Total interest-bearing deposits

35,879

357

2.00 %

28,570

357

2.52 %

Repurchase agreements and federal funds purchased

175

2

1.76 %

201

2

1.94 %

Borrowings

3,563

69

3.93 %

3,048

71

4.67 %

Junior and other subordinated debentures

433

15

7.05 %

433

17

7.99 %

Total interest-bearing liabilities

40,050

$       443

2.23 %

32,252

$       447

2.79 %

Non-interest-bearing deposits

17,339

13,180

Other liabilities

844

819

Total liabilities

58,233

46,251

Common equity

7,689

5,252

Total liabilities and shareholders' equity

$      65,922

$    51,503

NET INTEREST INCOME (2)

$     1,188

$       873

NET INTEREST SPREAD (2)

3.19 %

2.77 %

NET INTEREST INCOME TO EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)

3.94 %

3.67 %

(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 $5 million for the year ended June 30, 2026, as compared to $2 million for the same period in 2025. 

Columbia Banking System, Inc.

Residential Mortgage Banking Activity

(Unaudited)

Quarter Ended

%

($ in millions)

Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Seq.
Quarter

Year over
Year

Residential mortgage banking revenue:

Origination and sale

$        6

$        5

$        5

$        5

$        5

20 %

20 %

Servicing

5

6

6

5

6

(17) %

(17) %

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

1

6

(1)

—

(2)

(83) %

nm

MSR hedge (loss) gain

(2)

(2)

—

—

2

— %

(200) %

Total

$        7

$       12

$        7

$        7

$        8

(42) %

(13) %

Closed loan volume for sale

$     195

$     171

$     176

$      166

$      164

14 %

19 %

Gain on sale margin

3.08 %

2.92 %

2.84 %

3.01 %

2.77 %

0.16

0.31

Residential mortgage servicing rights:

Balance, beginning of period

$     105

$       99

$     101

$      103

$      106

6 %

(1) %

Additions for new MSR capitalized

2

3

2

1

2

(33) %

— %

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

1

6

(1)

—

(2)

(83) %

nm

Balance, end of period

$     105

$     105

$       99

$      101

$      103

— %

2 %

Residential mortgage loans serviced for others

$   7,734

$   7,812

$   7,755

$    7,797

$    7,852

(1) %

(2) %

MSR as % of serviced portfolio

1.36 %

1.34 %

1.28 %

1.30 %

1.31 %

0.02

0.05

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

Columbia Banking System, Inc.

Residential Mortgage Banking Activity

(Unaudited)

Six Months Ended

% Change

($ in millions)

Jun 30, 2026

Jun 30, 2025

Year over
Year

Residential mortgage banking revenue:

Origination and sale

$          11

$           9

22 %

Servicing

11

12

(8) %

Change in fair value of MSR asset:

Changes due to collection/realization of expected cash flows over time

(6)

(6)

0 %

Changes due to valuation inputs or assumptions

7

(3)

nm

MSR hedge (loss) gain

(4)

5

(180) %

Total

$          19

$          17

12 %

Closed loan volume for sale

$        366

$        300

22 %

Gain on sale margin

3.01 %

2.98 %

0.03

Residential mortgage servicing rights:

Balance, beginning of period

$          99

$        108

(8) %

Additions for new MSR capitalized

5

4

25 %

Change in fair value of MSR asset:

Changes due to collection/realization of expected cash flows over time

(6)

(6)

0 %

Changes due to valuation inputs or assumptions

7

(3)

nm

Balance, end of period

$        105

$        103

2 %

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)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Seq.
Quarter

Year
over
Year

Total shareholders' equity

a

$    7,552

$    7,664

$    7,840

$    7,790

$    5,342

(1) %

41 %

Less: Goodwill

1,482

1,482

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

633

671

712

754

430

(6) %

47 %

Tangible common shareholders' equity

b

$    5,437

$    5,511

$    5,646

$    5,555

$    3,883

(1) %

40 %

Total assets

c

$   65,380

$   66,027

$   66,832

$   67,496

$   51,901

(1) %

26 %

Less: Goodwill

1,482

1,482

1,482

1,481

1,029

— %

44 %

Less: Other intangible assets, net

633

671

712

754

430

(6) %

47 %

Tangible assets

d

$   63,265

$   63,874

$   64,638

$   65,261

$   50,442

(1) %

25 %

Common shares outstanding at period end (in
thousands)

e

282,817

289,530

295,422

299,147

210,213

(2) %

35 %

Total shareholders' equity to total assets ratio

a / c

11.55 %

11.61 %

11.73 %

11.54 %

10.29 %

(0.06)

1.26

Tangible common equity to tangible assets ratio

b / d

8.59 %

8.63 %

8.73 %

8.51 %

7.70 %

(0.04)

0.89

Book value per common share

a / e

$     26.70

$     26.47

$     26.54

$     26.04

$     25.41

1 %

5 %

Tangible book value per common share

b / e

$     19.22

$     19.03

$     19.11

$     18.57

$     18.47

1 %

4 %

Columbia Banking System, Inc.

GAAP to Non-GAAP Reconciliation - Continued

Income Statements, as adjusted

(Unaudited)

Quarter Ended

% Change

($ in millions)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Seq.
Quarter

Year
over
Year

Non-Interest Income Adjustments

(Loss) gain on investment securities, net

$          (1)

$          —

$           2

$           2

$          —

nm

nm

Gain (loss) on swap derivatives

—

—

1

(1)

(1)

nm

nm

(Loss) gain on loans held for investment, at
fair value

(1)

(2)

—

4

—

(50) %

nm

Change in fair value of MSR due to valuation
inputs or assumptions

1

6

(1)

—

(2)

(83) %

nm

MSR hedge (loss) gain

(2)

(2)

—

—

2

— %

(200) %

Total non-interest income adjustments

a

$         (3)

$          2

$          2

$          5

$         (1)

(250) %

200 %

Non-Interest Expense Adjustments

Merger and restructuring expense

$           9

$         24

$         39

$         87

$           8

(63) %

13 %

Exit and disposal costs

—

1

1

—

—

(100) %

nm

FDIC special assessment

—

—

(5)

(1)

—

nm

nm

Legal settlement and other non-operating
expense

—

—

4

—

—

nm

nm

Total non-interest expense adjustments

b

$          9

$         25

$         39

$         86

$          8

(64) %

13 %

Net interest income

c

$        589

$        594

$        627

$        505

$        446

(1) %

32 %

Non-interest income (GAAP)

d

$         88

$         83

$         90

$         77

$         65

6 %

35 %

Less: Non-interest income adjustments

a

3

(2)

(2)

(5)

1

nm

200 %

Operating non-interest income (non-GAAP)

e

$         91

$         81

$         88

$         72

$         66

12 %

38 %

Revenue (GAAP)

f=c+d

$        677

$        677

$        717

$        582

$        511

— %

32 %

Operating revenue (non-GAAP)

g=c+e

$        680

$        675

$        715

$        577

$        512

1 %

33 %

Non-interest expense (GAAP)

h

$        375

$        394

$        412

$        393

$        278

(5) %

35 %

Less: Non-interest expense adjustments

b

(9)

(25)

(39)

(86)

(8)

(64) %

13 %

Operating non-interest expense (non-GAAP)

i

$        366

$        369

$        373

$        307

$        270

(1) %

36 %

Net income (GAAP)

j

$        208

$        192

$        215

$         96

$        152

8 %

37 %

Provision for income taxes

67

63

67

23

51

6 %

31 %

Income before provision for income taxes

275

255

282

119

203

8 %

35 %

Provision for credit losses

27

28

23

70

30

(4) %

(10) %

Pre-provision net revenue (PPNR) (non-
GAAP)

k

302

283

305

189

233

7 %

30 %

Less: Non-interest income adjustments

a

3

(2)

(2)

(5)

1

nm

200 %

Add: Non-interest expense adjustments

b

9

25

39

86

8

(64) %

13 %

Operating PPNR (non-GAAP)

l

$        314

$        306

$        342

$        270

$        242

3 %

30 %

Net income (GAAP)

j

$        208

$        192

$        215

$         96

$        152

8 %

37 %

Acquisition-related provision expense

—

—

—

70

—

nm

nm

Less: Non-interest income adjustments

a

3

(2)

(2)

(5)

1

nm

200 %

Add: Non-interest expense adjustments

b

9

25

39

86

8

(64) %

13 %

Tax effect of adjustments

(3)

(6)

(9)

(43)

(1)

(50) %

200 %

Operating net income (non-GAAP)

m

$        217

$        209

$        243

$        204

$        160

4 %

36 %

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)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Seq.
Quarter

Year
over
Year

Average assets

n

$   65,632

$   66,215

$   67,114

$   56,823

$   51,552

(1) %

27 %

Less: Average goodwill and other intangible
assets, net

2,136

2,175

2,217

1,719

1,472

(2) %

45 %

Average tangible assets

o

$   63,496

$   64,040

$   64,897

$   55,104

$   50,080

(1) %

27 %

Average common shareholders' equity

p

$    7,594

$    7,786

$    7,814

$    6,157

$    5,287

(2) %

44 %

Less: Average goodwill and other intangible
assets, net

2,136

2,175

2,217

1,719

1,472

(2) %

45 %

Average tangible common equity

q

$    5,458

$    5,611

$    5,597

$    4,438

$    3,815

(3) %

43 %

Weighted average basic shares outstanding
(in thousands)

r

285,558

290,933

295,376

237,838

209,125

(2) %

37 %

Weighted average diluted shares
outstanding (in thousands)

s

286,472

292,160

296,760

238,925

209,975

(2) %

36 %

Select Per-Share & Performance Metrics

Earnings per share - basic

j / r

$      0.73

$      0.66

$      0.72

$     0.40

$      0.73

11 %

— %

Earnings per share - diluted

j / s

$      0.73

$      0.66

$      0.72

$     0.40

$      0.73

11 %

— %

Efficiency ratio (1)

h / f

55.15 %

58.03 %

57.30 %

67.29 %

54.29 %

(2.88)

0.86

Non-interest expense to average assets

h / n

2.29 %

2.41 %

2.44 %

2.74 %

2.16 %

(0.12)

0.13

Return on average assets

j / n

1.27 %

1.18 %

1.27 %

0.67 %

1.19 %

0.09

0.08

Return on average tangible assets

j / o

1.31 %

1.22 %

1.31 %

0.69 %

1.22 %

0.09

0.09

PPNR return on average assets

k / n

1.85 %

1.73 %

1.80 %

1.32 %

1.81 %

0.12

0.04

Return on average common equity

j / p

10.99 %

10.00 %

10.92 %

6.19 %

11.56 %

0.99

(0.57)

Return on average tangible common equity

j / q

15.29 %

13.88 %

15.24 %

8.58 %

16.03 %

1.41

(0.74)

Operating Per-Share & Performance Metrics

Operating earnings per share - basic

m / r

$      0.76

$      0.72

$      0.82

$     0.86

$      0.77

6 %

(1) %

Operating earnings per share - diluted

m / s

$      0.76

$      0.72

$      0.82

$     0.85

$      0.76

6 %

— %

Operating efficiency ratio, as adjusted (1)

u / y

52.92 %

53.68 %

51.39 %

52.32 %

51.79 %

(0.76)

1.13

Operating non-interest expense to average assets

i / n

2.24 %

2.26 %

2.20 %

2.14 %

2.10 %

(0.02)

0.14

Operating return on average assets

m / n

1.33 %

1.28 %

1.44 %

1.42 %

1.25 %

0.05

0.08

Operating return on average tangible assets

m / o

1.37 %

1.32 %

1.49 %

1.47 %

1.28 %

0.05

0.09

Operating PPNR return on average assets

l / n

1.92 %

1.87 %

2.02 %

1.89 %

1.88 %

0.05

0.04

Operating return on average common equity

m / p

11.46 %

10.89 %

12.34 %

13.15 %

12.16 %

0.57

(0.70)

Operating return on average tangible common equity

m / q

15.95 %

15.11 %

17.22 %

18.24 %

16.85 %

0.84

(0.90)

(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)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Seq.
Quarter

Year
over
Year

Non-interest expense (GAAP)

h

$      375

$      394

$      412

$      393

$      278

(5) %

35 %

Less: Non-interest expense adjustments

b

(9)

(25)

(39)

(86)

(8)

(64) %

13 %

Operating non-interest expense (non-GAAP)

i

366

369

373

307

270

(1) %

36 %

Less: B&O taxes

t

(3)

(4)

(3)

(3)

(3)

(25) %

— %

Operating non-interest expense, excluding
B&O taxes (non-GAAP)

u

$      363

$      365

$      370

$      304

$      267

(1) %

36 %

Net interest income (tax equivalent) (1)

v

$      592

$      596

$      629

$      507

$      447

(1) %

32 %

Non-interest income (GAAP)

d

88

83

90

77

65

6 %

35 %

Add: BOLI tax equivalent adjustment (1)

w

3

3

3

2

2

— %

50 %

Total Revenue, excluding BOLI tax equivalent
adjustments (tax equivalent)

x

683

682

722

586

514

— %

33 %

Less: Non-interest income adjustments

a

3

(2)

(2)

(5)

1

nm

200 %

Total Adjusted Operating Revenue,
excluding BOLI tax equivalent adjustments
(tax equivalent) (non-GAAP)

y

$      686

$      680

$      720

$      581

$      515

1 %

33 %

Efficiency ratio (1)

h / f

55.15 %

58.03 %

57.30 %

67.29 %

54.29 %

(2.88)

0.86

Operating efficiency ratio, as adjusted (non-
GAAP) (1)

u / y

52.92 %

53.68 %

51.39 %

52.32 %

51.79 %

(0.76)

1.13

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.

Columbia Banking System, Inc.

GAAP to Non-GAAP Reconciliation - Continued

Income Statements, as adjusted

(Unaudited)

Six Months Ended

% Change

($ in millions)

Jun 30, 2026

Jun 30, 2025

Year over Year

Non-Interest Income Adjustments

(Loss) gain on investment securities, net

$              (1)

$               2

(150) %

Loss on swap derivatives

—

(2)

nm

(Loss) gain on loans held for investment, at fair value

(3)

7

(143) %

Change in fair value of MSR due to valuation inputs or assumptions

7

(3)

nm

MSR hedge (loss) gain

(4)

5

(180) %

Total non-interest income adjustments

a

$              (1)

$               9

(111) %

Non-Interest Expense Adjustments

Merger and restructuring expense

$              33

$              23

43 %

Exit and disposal costs

1

1

— %

Legal settlement and other non-operating expense

—

55

(100) %

Total non-interest expense adjustments

b

$              34

$              79

(57) %

Net interest income

c

$           1,183

$             871

36 %

Non-interest income (GAAP)

d

$             171

$             131

31 %

Less: Non-interest income adjustments

a

1

(9)

nm

Operating non-interest income (non-GAAP)

e

$             172

$             122

41 %

Revenue (GAAP)

f=c+d

$           1,354

$           1,002

35 %

Operating revenue (non-GAAP)

g=c+e

$           1,355

$             993

36 %

Non-interest expense (GAAP)

h

$             769

$             618

24 %

Less: Non-interest expense adjustments

b

(34)

(79)

(57) %

Operating non-interest expense (non-GAAP)

i

$             735

$             539

36 %

Net income (GAAP)

j

$             400

$             239

67 %

Provision for income taxes

130

88

48 %

Income before provision for income taxes

530

327

62 %

Provision for credit losses

55

57

(4) %

Pre-provision net revenue (PPNR) (non-GAAP)

k

585

384

52 %

Less: Non-interest income adjustments

a

1

(9)

nm

Add: Non-interest expense adjustments

b

34

79

(57) %

Operating PPNR (non-GAAP)

l

$             620

$             454

37 %

Net income (GAAP)

j

$             400

$             239

67 %

Less: Non-interest income adjustments

a

1

(9)

nm

Add: Non-interest expense adjustments

b

34

79

(57) %

Tax effect of adjustments

(9)

(9)

— %

Operating net income (non-GAAP)

m

$             426

$             300

42 %

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)

Six Months Ended

% Change

($ in millions, shares in thousands)

Jun 30, 2026

Jun 30, 2025

Year over Year

Average assets

n

$          65,922

$          51,503

28 %

Less: Average goodwill and other intangible assets, net

2,156

1,487

45 %

Average tangible assets

o

$          63,766

$          50,016

27 %

Average common shareholders' equity

p

$           7,689

$           5,252

46 %

Less: Average goodwill and other intangible assets, net

2,156

1,487

45 %

Average tangible common equity

q

$           5,533

$           3,765

47 %

Weighted average basic shares outstanding

r

288,130

208,964

38 %

Weighted average diluted shares outstanding

s

289,212

209,965

38 %

Select Per-Share & Performance Metrics

Earnings per share - basic

j / r

$            1.39

$            1.14

22 %

Earnings per share - diluted

j / s

$            1.38

$            1.14

21 %

Efficiency ratio (1)

h / f

56.59 %

61.54 %

(4.95)

Non-interest expense to average assets

h/n

2.35 %

2.42 %

(0.07)

Return on average assets

j / n

1.22 %

0.94 %

0.28

Return on average tangible assets

j / o

1.26 %

0.96 %

0.30

PPNR return on average assets

k/n

1.79 %

1.50 %

0.29

Return on average common equity

j / p

10.49 %

9.18 %

1.31

Return on average tangible common equity

j / q

14.58 %

12.80 %

1.78

Operating Per-Share & Performance Metrics

Operating earnings per share - basic

m / r

$            1.48

$            1.44

3 %

Operating earnings per share - diluted

m / s

$            1.47

$            1.43

3 %

Operating efficiency ratio, as adjusted (1)

u / y

53.29 %

53.40 %

(0.11)

Operating non-interest expense to average assets

i/n

2.25 %

2.11 %

0.14

Operating return on average assets

m / n

1.30 %

1.17 %

0.13

Operating return on average tangible assets

m / o

1.35 %

1.21 %

0.14

Operating PPNR return on average assets

l / n

1.90 %

1.78 %

0.12

Operating return on average common equity

m / p

11.17 %

11.52 %

(0.35)

Operating return on average tangible common equity

m / q

15.53 %

16.07 %

(0.54)

(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)

Six Months Ended

% change

($ in millions)

Jun 30, 2026

Jun 30, 2025

Year over Year

Non-interest expense (GAAP)

h

$             769

$             618

24 %

Less: Non-interest expense adjustments

b

(34)

(79)

(57) %

Operating non-interest expense (non-GAAP)

i

735

539

36 %

Less: B&O taxes

t

(7)

(6)

17 %

Operating non-interest expense, excluding B&O taxes (non-GAAP)

u

$             728

$             533

37 %

Net interest income (tax equivalent) (1)

v

$           1,188

$             873

36 %

Non-interest income (GAAP)

d

171

131

31 %

Add: BOLI tax equivalent adjustment (1)

w

6

3

100 %

Total Revenue, excluding BOLI tax equivalent adjustments (tax equivalent)

x

1,365

1,007

36 %

Less: Non-interest income adjustments

a

1

(9)

nm

Total Adjusted Operating Revenue, excluding BOLI tax equivalent adjustments
(tax equivalent) (non-GAAP)

y

$           1,366

$             998

37 %

Efficiency ratio (1)

h /f

56.59 %

61.54 %

(4.95)

Operating efficiency ratio, as adjusted (non-GAAP) (1)

u / y

53.29 %

53.40 %

(0.11)

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.

SOURCE Columbia Banking System, Inc.