Broad Branch Network Delivering Superior Funding. A network of over 140 branches throughout the Northwest

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1 NASDAQ:COLB 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 other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2016, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

2 Why Columbia Bank? Fortress balance sheet Very low cost, stable funding base Relationship centric C&I focused loan portfolio Diversified loan portfolio with top tier credit quality Seasoned acquirer with proven results and superior acquisition currency. Located in one of the top regional economies in the U.S. Sustained track record of delivering above market return to shareholders. 1

3 Broad Branch Network Delivering Superior Funding A network of over 140 branches throughout the Northwest

4 Economics Demographics Attractive Northwest Markets Better Than or Equal to U.S. Average Seattle- Tacoma- Bellevue Portland- Vancouver Boise Washington Oregon Idaho United States Population Increase ( ) Projected Population Change ( ) Projected HH Income Change ( ) 10.70% 9.46% 12.85% 8.73% 6.98% 7.41% 5.31% 7.09% 6.39% 7.62% 6.31% 5.29% 5.49% 3.77% 11.72% 8.53% 9.66% 8.90% 9.83% 8.89% 7.27% Unemployment Rate (1) (July 2017) 4.0% 4.1% 2.9% 4.5% 3.8% 3.0% 4.3% Home Price Index Change 12 months ending Jun months ending Jun 2017 Low in 1Q12 Jun % 25.9% 78.1% 8.2% 21.7% 71.9% n/a n/a n/a n/a 5.8% 11.0% 43.7% (1) MSA unemployment rates are not seasonally adjusted. State and US rates are seasonally adjusted. Sources: SNL Financial, Bureau of Labor Statistics, Case-Schiller 3

5 Positive Business Climate & Economic Outlook Leading economic indicators such as employment trends, housing, consumer confidence and spending point to increasing forward momentum in the Northwest s export-driven, diversified economy. Of the 20 major US metropolitan cities, the Seattle and Portland home indexes had the highest increases over the past 12 months rising by 13.4% and 8.2%, respectively. The Northwest has an established presence in aerospace, technology, agriculture and consumer product sectors. Local world-class companies, including Boeing, Starbucks, Microsoft, Amazon, Costco, Nordstrom and Nike are anchors of these sectors. Diversified agriculture is a key component of Northwest s success. Washington is the #1 producer of apples and hops; Oregon #1 for Christmas trees, hazelnuts and blackberries; Idaho is #1 for potatoes and trout. Tacoma, Seattle and Portland ports are big economic drivers in the region. The Northwest Seaport Alliance is the 4th largest container gateway in North America, and Portland is the number one port on the west coast for automobile exports. Military a major driver of the Northwest economy. Over 115,000 Active and Civilian personnel across Washington, Oregon and Idaho. 4

6 Seasoned Acquirer with Proven Integration Track Record Acquired Mount Rainier Bank in July 2007 $266MM Assets Acquired Town Center Bank in July 2007 $166MM Assets FDIC Assisted acquisition Columbia River Bank Jan $913MM Assets FDIC Assisted acquisition American Marine Bank Jan-2010 $308MM Assets FDIC Assisted acquisition Summit Bank May-2011 $131MM Assets FDIC Assisted acquisition First Heritage Bank May-2011 $165MM Assets FDIC Assisted acquisition Bank of Whitman Aug-2011 $438MM Assets Acquired West Coast Bancorp in Apr-2013 $2.6B Assets Acquired Intermountain Community Bancorp in Nov-2014 $964MM Assets *Pacific Continental Corp. Announced 1/9/17 and expected to close in mid 2017 $2.5B Assets (pending) H17 Consolidation of 2 branches Consolidation of 4 branches Consolidation of 2 branches Consolidation of 2 branches Consolidation of 3 branches Consolidation of 15 branches Consolidation of 3 branches Consolidation of 4 branches Consolidation of 6 branches 1 branch consolidation Consolidated 42 and sold 3 branches since Sold 3 branches 5

7 Continuous Growth in Earnings and Assets $10 $9 $8 Total Assets $ in Billions $8.6 $9.0 $9.5 $9.7 $10.0 $9.0 $8.0 $2.25 $2.00 $1.75 Earnings per Share $1.81 $1.71 $7 $6 $5 10 Year CAGR = 14% $4.8 $4.9 $4.3 $7.2 $7.0 $6.0 $5.0 $1.50 $1.25 $1.00 $1.16 $0.34 $1.21 $0.38 $1.52 $0.34 $0.41 $0.46 $0.53 $0.45 $0.47 $0.97 $4 $3 $2 $1 $3.2 $3.1 $3.2 $4.0 $3.0 $2.0 $1.0 $0.75 $0.50 $0.25 $0.30 $0.30 $0.22 $0.25 $0.40 $0.38 $0.44 $0.28 $0.31 $0.37 $0.42 $0.37 $0.47 $ $ Q2-17 Acquisitions FDIC Assisted Acquisitions $0.0 $ st Quarter 3rd Quarter 2nd Quarter 4th Quarter Acquisitions: 2007 Town Center, Mount Rainier 2013 West Coast Bank 2010 American Marine, Columbia River 2014 Intermountain Community Due to averaging of shares, quarterly earnings per share may not add up to the totals reported for the full year Bank of Whitman, First Heritage, Summit

8 Record Loan Originations & Portfolio Diversity $613 Annual Loan Originations $1,119 $1,040 $811 $1,261 Total Portfolio = $6.4 Billion Annualized linked quarter growth of 13% Commercial Business 42% 1-4 Family Residential 3% Owner Occupied Com'l Real Estate 22% $ in Millions 2 nd Quarter Loan Originations Income Property Com'l Real Estate 21% $400 $300 $200 $100 $190 $252 $282 $338 $316 Purchased Credit Impaired 2% Consumer 5% Com'l RE Construction 3% Residential RE Construction 2% 7 $0 2Q13 2Q14 2Q15 2Q16 2Q17 $ in Millions As of June 30, 2017

9 Well Diversified C&I and CRE Loan Portfolios C&I Portfolio $2.7 Billion Annualized linked quarter growth of 23% Manufacturing 7% Real Estate 4% Finance & Insurance 14% Other 5% Casino 3% Healthcare 15% Professional 14% Transportation/ Warehouse 6% Wholesalers 6% Agriculture/ Forest/Fish 17% Construction 7% Retail 2% CRE Portfolio = $2.8 Billion Income Property and Owner Occupied each comprise 50% of the total. $6,000 Agriculture Portfolio $466 Million Annualized linked quarter growth of 62% Forestry & Logging 5% Other 8% Fishing 12% Vegetable & Melon Farming 9% Animal Production 20% Other Crop Farming 13% Consistent CRE Coverage $ in Millions Hops Farming 12% Grain Farming 10% Fruit & Tree Nut Farming 9% Greenhouse, Nursery, & Floriculture Production 2% 211% 214% 211% 210% 215% Multifamily 8% Warehouse 16% Manufacturing 5% Land 11% Hotel 6% $5,000 $4,000 $3, % 133% 132% 133% 131% $3,133 $3,198 $3,207 $3,258 $3,362 $482 $511 $487 $475 $ % 100% 0% -100% -200% 8 Office 20% Retail 11% Other 16% Healthcare 3% Residential 1% Recreational 3% $2,000 $1,000 As of June 30, 2017 $0 $2,651 $2,687 $2,720 $2,783 $2,788 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 CRE Loans NOO CRE as a % of Reg Capital Unfunded CRE Commitments OO CRE as a % of Reg Capital -300% -400% -500%

10 1% 0% -1% -2% -3% -4% Credit Metrics Remain Healthy $70,000 Nonperforming Assets $60, % 0.32% 0.35% 0.32% 0.42% 0.60% 0.40% OREO & OPPO Nonaccrual Loans NPA's/Total Assets $50,000 $40,000 $30,000 $20,000 $10,000 $33,528 $30,360 10,613 8,994 22,915 21,366 $33,754 $30,066 5,998 4,519 27,756 25,547 $40,882 4,058 36, % 0.00% -0.20% -0.40% $0-0.60% $ in Thousands Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Provision Expense Net Charge-Offs Charge-offs Recoveries ALLL/Total Loans $6,200 $4,200 $2,200 $200 ($1,800) ALLL Coverage 1.13% 1.12% 1.13% 1.14% 1.14% 3,640 3,600 6,234 1, , (2,634) (3,698) (3,480) 2,775 3,177 1,797 6,018 3,719 3,815 1,214 0 (2,018) (4,804) $ in Thousands ($3,800) 2Q16 3Q16 4Q16 1Q17 2Q17 9

11 Diversified, Relationship Centered Deposit Base Total Deposits = $8.1 Billion 1.0% 0.87% Favorable Cost of Deposits 0.9% 0.8% Noninterest Bearing 49% Interest Bearing Demand 12% Money Market 22% Savings 9% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% 0.58% 0.58% 0.38% 0.26% 0.29% 0.22% 0.21% 0.22% 0.26% 0.15% 0.07% 0.05% 0.04% 0.04% 0.04% H17 Columbia Bank Peer Group Average CDARS & Brokered MM 3% As of June 30, 2017 CD's < $250,000 4% CD's > $250,000 1% Twelve month growth rate of 5%. Core deposit ratio = 96% Balanced 51% Business and 49% Consumer mix. Deposit Market Share Growth Northwest (Washington, Oregon & Idaho) 2016 Institution (ST) Rank 2016 Deposits ($000s) 2016 Market Share* 1 Bank of America (NC) 40,727, % 2 Wells Fargo (CA) 34,978, % 3 U.S. Bank (MN) 33,999, % 4 JP Morgan Chase (NY) 21,965, % 5 Key Bank (OH) 15,465, % 6 Umpqua Bank (OR) 12,829, % 7 Washington Federal (WA) 7,844, % 8 Columbia Bank (WA) 7,682, % 9 Banner Bank (WA) 6,092, % 10 Washington Trust (WA) 4,494, % * Based on June 30, 2016 FDIC deposit market share data 10

12 Stable Operating Net Interest Margin* 5% 5% 4.76% 4.35% 0.55% 4.12% 4.13% 4.11% 4.20% 4.12% 0.20% 0.11% 0.10% 0.12% 0.11% 0.03% 4% 4% 3% 3% 2% 4.21% 4.15% 4.01% 4.03% 3.99% 4.09% 4.09% 2% 1% 1% 0% Q16 4Q16 1Q17 2Q17 Operating Margin Margin from Other Items, primarily Incremental Accretion 12.0% Historically, Deposit Costs Lag Market in Rising Rate Environments 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 4.25% 1.38% 5.25% 2.56% 1.23% 0.98% 8.25% 7.25% 5.36% 4.70% 3.25% 2.67% 1.90% 0.30% 0.30% COLB Total Cost of Deposits Prime 3 Month LIBOR 3.75% 4.25% 1.30% 0.04% 11 *Operating Net Interest Margin is a non-gaap financial measure. Refer to appendix for additional information.

13 Conservative Investment Portfolio YTD Yield and Portfolio Duration at 6/30/17 = 2.48% & 3.7 Years, respectively. 2,500 $2,280 $2,360 $2,279 $2,331 $2,265 2,000 $335 $339 $333 $352 $353 $526 $492 $474 $456 $439 1,500 $518 $503 $475 $487 $483 1, $901 $1,026 $997 $1,036 $990 - $ in Millions 2Q16 3Q16 4Q16 Agency Pass-Through Securities Agency CMOs 1Q17 2Q17 Municipal Securities US Government Agencies 12

14 Balances Duration Interest Rate Sensitivity Net interest income sensitivity is estimated based on a stable balance sheet, internal prepayment and loan pricing assumptions, decay rates and deposit betas. The percentage change from base scenario for the next 12 months are shown below:: -100 bp +100 bp +200 bp -9.1% +4.2% +8.5% Deposit durations are effective durations and are based on estimated decay rates and deposit rate betas. The decay rate approximates 17%. Betas approximate 5% for savings, 50% to 75% for money market and interest checking and 55% for time deposits. Interest rate floors within the loan portfolio total $2.0 billion with 47% or $916 million in the money. Floor Exceeds Fully Indexed Rate by (basis points): <= >150 $547MM $153MM $142MM $41MM $33MM Duration in Years Investments Loans Earning Assets Funding Dec-14 Dec-15 Dec-16 Jun ,000 2,500 2,000 1,500 1,000 Duration & Balances of Loans Prime Libor 1 Year 3 Year 5 Year 5+ Fixed $ Millions Years Year Bal Duration Asset and liability durations are estimates Variable rate of 1, 3 5, 5+ represent various indexes such as FHLB, swap or US Treasury Loan balances exclude allowances, premiums/discounts Loan Repricing Detail (1) Jun-16 Jun-17 Jun-16 Jun-17 Fixed $2,513,566 $2,677,310 41% 42% Prime 1,283,881 1,224,751 21% 19% Libor 1,110,306 1,343,491 18% 21% 1 Year 64,516 91,288 1% 1% Variable-1 Year or Less 2,458,703 2,659,530 40% 41% 3 Year 162, ,862 3% 1% 5 Year 910, ,793 14% 14% Over 5 Year 95, ,461 2% 2% Variable-Greater than 1Y 1,169,110 1,113,115 19% 17% Total $6,141,379 $6,449, % 100%

15 Financial Highlights with Superior ROAA and ROATCE $ in Millions 2Q17 1Q17 4Q16 3Q16 2Q16 Total Assets $9,685 $9,527 $9,510 $9,587 $9,354 Total Loans $6,423 $6,228 $6,213 $6,260 $6,107 Investment Securities (1) $2,281 $2,342 $2,289 $2,373 $2,298 Core Deposits (2) $7,722 $7,795 $7,750 $7,809 $7,448 Total Deposits $8,072 $8,089 $8,059 $8,058 $7,673 NPAs/Total Assets 0.42% 0.32% 0.35% 0.32% 0.36% 1H17 1H16 ROAA 1.13% 1.23% 1.28% 1.16% 1.10% 1.18% 1.03% ROACE 8.38% 9.26% 9.65% 8.60% 8.02% 8.81% 7.39% ROATCE (3) 12.46% 13.96% 14.51% 13.00% 12.23% 13.19% 11.35% $ in Thousands 2Q17 1Q17 4Q16 3Q16 2Q16 1H17 1H16 Net Interest Income $86,161 $86,675 $85,737 $85,572 $82,140 $172,836 $162,310 Provision for Loan Losses 3,177 2, ,866 3,640 5,952 8,894 Net Int Inc after Prov 82,984 83,900 85,719 83,706 78,500 $166,884 $153,416 Noninterest Income 24,135 24,859 22,330 23,166 21,940 48,994 42,586 Noninterest Expense (4) 68,867 68,986 65,014 67,264 63, , ,864 Pre-tax Net Income 38,252 39,773 43,035 39,608 36,650 78,025 67,138 Prov for Income Taxes 11,120 10,574 12,317 12,124 11,245 21,694 20,474 Net Income $27,132 $29,199 $30,718 $27,484 $25,405 $56,331 $46,664 EPS (Diluted) (5) $0.47 $0.50 $0.53 $0.47 $0.44 $0.97 $0.80 Acquisition Related Costs* $1,023 $1,364 $291 $ - $ - $2,387 $2, (1 ) Includes Federal Home Loan Bank Stock (2) Core deposits include Certificates of Deposit less than $250,000. (3) Return on Average Tangible Equity is a non-gaap measure. Refer to appendix for additional information. (4) Noninterest expense includes one-time costs related to current and prior acquisitions. (5) Due to averaging of shares, quarterly earnings per share may not add up to the totals reported for the full year.

16 Continued Improvement in Expense Management $12,500 $12,000 $11, % 3.24% 3.09% 2.96% 2.77% 2.85% 2.73% 4% 3% $11,000 $10,500 $10,000 $9,500 $9,000 $8,655 $9,312 $9,474 $9,597 3% 2% $8,500 $8,000 $7,468 2% $7,500 $7,000 $6,559 1% $6,500 1% $6,000 $5,500 $5,000 $4,826 0% $4,500 $4,000-1% $3,500 $3, Q17 2Q17-1% $ in Millions Average Total Assets Core NIE/Avg Assets *Core NIE/Average Total Assets is a non-gaap measure. Refer to appendix for additional information. 15

17 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 03/31/17 06/30/17 $0.19 $0.20 $0.20 $0.22 $0.22 $0.22 $0.18 $0.19 $0.19 Announced PCBK Acquisition Jan 9, 2017* Index Value Strong Capital, Dividend Payouts & Total Return $ % 12.7% 12.4% 12.6% 13.0% 13.0% 15% 500 Total Return $0.60 $ % 9.7% 9.5% 9.3% 9.6% 9.7% $0.37 $0.37 $0.40 $0.53 $0.50 $0.47 $0.47 $0.44 $0.39 $ % 5% 0% -5% -10% $ % 200 $0.22 $0.22 $ % 150 $ % 100 $ % 50-35% 0 $ % 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Special Dividend Regular Dividend EPS (Diluted) Total RBC Ratio Tangible Common Equity Ratio * Pending regulatory approval. Columbia Banking System, Inc. KBW Nasdaq Regional Banking 16

18 17 Columbia An Award-Winning Company

19 Acquisition of Pacific Continental Corporation Definitive agreement signed January 9, 2017; acquisition is expected to close mid-2017

20 Compelling Northwest Footprint COLB (143) PCBK (14)* 19 *Note: PCBK branches excludes branch in Bellevue that is expected to be closed in January Source: SNL Financial, company websites, and Microsoft MapPoint.

21 Transaction Highlights Strengthens COLB s presence in key metropolitan markets in the Northwest Significantly increases COLB s market share in the Eugene MSA and provides opportunities to enhance efficiency in the Seattle and Portland markets Transaction Rationale Risk Management Attractive Financial Returns PCBK is the 2 nd largest community bank headquartered in Oregon with $2.5 billion in assets Solidifies Columbia as the largest bank solely focused on the NW with ~$12 billion in assets Complementary community-focused banking models built around strong core deposit cultures Noninterest bearing deposits of 49% and 42% for COLB and PCBK, respectively Expands healthcare lending platform Delivers COLB s expanded product suite and higher lending capacity to PCBK s customer base Pro forma assumptions driven by significant due diligence COLB is well-positioned to cross the $10 billion asset threshold Track record of 9 successfully integrated acquisitions over the last 9 years ~8% earnings accretion in 2018 and ~10% earnings accretion in 2019 > 15% IRR Tangible Book Value Earnback of ~3.7 years ~6% TBV Dilution at Close 20 20

22 Transaction Assumptions and Pro Forma Adjustments Transaction Value (1) ~$644.1 million Cost Savings Revenue Enhancements Deal Related Expenses Loan Mark (4) Estimated Fair Value and Pro Forma Adjustments (4) Estimated at approximately $19.4 million or 34% of PCBK s 2017e NIE Expected to be phased 50% in 2017, 85% in 2018 and 100% thereafter Not included Approximately $30.4 million, pre-tax Estimated gross loan mark of $33.1 million or 1.70% of loans (2) Estimated Core Deposit Intangible equaling 1.75% of PCBK s core deposits (3) Estimated Fixed Asset markup of $2.8 million; estimated OREO markdown of $2.3 million Estimated Subordinated debt markup of $1.1 million Trust Preferred Redemption of $14.0 million; reversal of the $2.6 million Foundation Trust Preferred Mark 21 (1) Based on COLB s closing stock price as of 1/9/17. Merger consideration value and price per share will change, and partial cash consideration may be included, based on the fluctuation in COLB s stock price. Please see Appendix. (2) Per 3 rd party loan review. (3) Core deposits equal to all non-time deposits. (4) Adjustments based on projected balances at close. 21

23 22 Appendix

24 Non-GAAP Financial Measures Net Interest Margin $ in Thousands Q16 4Q16 1Q17 2Q17 Net interest margin (tax equiv) $312,146 $334,549 $344,425 $88,318 $88,500 $89,518 $89,075 Incremental accretion income: FDIC PCI loans (20,224) (9,096) (5,972) (1,816) (1,199) (2,117) (753) Incr accretion income: Other FDIC acq d loans (1) (484) (234) Incremental accretion income: Other acq d loans (21,093) (17,862) (11,983) (2,749) (3,087) (1,948) (2,356) Premium amortization on acquired securities 7,123 10,216 7,738 1,991 1,348 1,462 1,669 Investment portfolio premium amort adj (2,622) Interest reversals on nonaccrual loans 1,291 1,713 1, Operating net interest margin (tax equivalent) $276,137 $319,286 $335,280 $86,010 $85,808 $87,180 $88,382 Average Earning Assets 6,561,047 7,685,734 8,363,308 8,544,876 8,612,498 8,520,291 8,651,735 Net Interest Margin (tax equivalent) 4.76% 4.35% 4.12% 4.13% 4.11% 4.20% 4.12% Operating Net Interest Margin (tax equivalent) 4.21% 4.15% 4.01% 4.03% 3.99% 4.09% 4.09% Net interest margin (tax equivalent) 4.76% 4.35% 4.12% 4.13% 4.11% 4.20% 4.12% Incr accretion income: FDIC PCI loans (0.31%) (0.12%) (0.07%) (0.08%) (0.06%) (0.10%) (0.03%) Incr accretion income: Other FDIC acq d loans (1) (0.01%) Incremental accretion income: Other acq d loans (0.32%) (0.23%) (0.14%) (0.13%) (0.14%) (0.09%) (0.11%) Premium amortization on acquired securities 0.11% 0.13% 0.09% 0.10% 0.06% 0.07% 0.03% Investment portfolio premium amort adj (0.04%) Interest reversals on nonaccrual loans 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.08% Operating net interest margin (tax equivalent) 4.21% 4.15% 4.01% 4.03% 3.99% 4.09% 4.09% NIE/Average Assets $ in Thousands Q17 2Q17 Reported Noninterest Expense $162,913 $230,883 $239,286 $266,149 $261,142 $68,986 $68,867 - FDIC Clawback (Expense)/Recap 54 (278) (294) (979) (280) Acquisition Related Costs (1,780) (25,488) (9,432) (10,917) (2,727) (1,364) (1,023) - OREO/OPPO Expense, Net 1,969 7,539 1,182 1, Term of FDIC Loss Sharing Agreement (2,409) Core Noninterest Expense $163,156 $212,656 $230,742 $255,977 $257,591 $67,526 $65,436 Average Assets 4,826,283 6,558,517 7,468,091 8,655,243 9,311,621 9,473,698 9,597,274 Noninterest Expense/Average Assets 3.38% 3.52% 3.20% 3.08% 2.80% 2.91% 2.87% Core NIE/Average Assets 3.38% 3.24% 3.09% 2.96% 2.77% 2.85% 2.73% Capital Ratios $ in Thousands Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Total Shareholders' Equity $1,274,479 $1,276,735 $1,251,012 1,275,343 1,297,314 - Preferred Stock (2,217) (2,217) (2,217) Goodwill (382,762) (382,762) (382,762) (382,762) (382,762) - Other Intangible Assets, net (20,511) (19,051) (17,631) (16,282) (15,033) Tangible Common Equity $868,989 $872,705 $848,402 $876,299 $899,519 Total Assets $9,353,651 $9,586,754 $9,509,607 $9,527,272 $9,685,110 Goodwill (382,762) (382,762) (382,762) (382,762) (382,762) - Other Intangible Assets, net (20,511) (19,051) (17,631) (16,282) (15,033) Tangible Assets $8,950,378 $9,184,941 $9,109,214 $9,128,228 $9,287,315 Tangible Common Equity Ratio 9.71% 9.50% 9.31% 9.60% 9.69% ROATCE $ in Thousands 2Q17 1Q17 4Q16 3Q16 2Q16 (1) Effective 1/1/2016, incremental accretion income on other FDIC acquired loans is no longer considered significant and is no longer tracked for non-gaap financial measures YTD 2016 YTD Net Income $27,132 $29,199 $30,718 $27,484 $25,405 $56,331 $46,664 - Preferred Dividends - - (40) (40) (38) (77) Net Inc Applicable to Common Shareholders 27,132 29,199 30,678 27,444 25,367 56,331 46,587 + Amortization of Intangibles 1,249 1,349 1,420 1,460 1,483 2,598 3,066 - Tax Effect on Intangible Amort (437) (472) (497) (511) (519) (909) (1,073) Adjusted Net Inc $27,944 $30,076 $31,601 $28,393 $26,331 $58,020 $48,580 Avg Shareholders Equity 1,295,564 1,261,652 1,274,388 1,278,588 1,267,670 $1,278,702 $1,263,040 - Average Preferred Equity - (271) (2,217) (2,217) (2,217) (135) (2,217) - Average Intangibles (398,385) (399,672) ( ) (402,505) (403,976) (399,025) (404,742) Adjusted Avg Common Shareholders Equity Return on Average Tangible Common Shareholders Equity $897,179 $861,709 $871,116 $873,866 $861,477 $879,542 $856, % 13.96% 14.51% 13.00% 12.23% 13.19% 11.35% 23

25 Hadley S. Robbins President & Chief Executive Officer Clint E. Stein Executive Vice President & Chief Operating Officer Investor Relations: Columbia Bank Center 1301 A Street, Suite 900 P.O. Box 2156 Tacoma, WA