Broad Branch Network Delivering Superior Funding. A network of over 150 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 integration results and superior acquisition currency. Most recent acquisition was Pacific Continental Corporation, which closed November 1, 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 150 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) (Sep 2017, MSA s Aug 2017) 4.2% 4.2% 2.6% 4.6% 4.2% 2.8% 4.2% Home Price Index Change 12 months ending Jul months ending Jul 2017 Low in 1Q12 Jul % 26.2% 79.2% 7.6% 20.8% 72.9% n/a n/a n/a n/a 5.9% 11.2% 44.9% (1) MSA unemployment rates are not seasonally adjusted. State and US rates are seasonally adjusted. Sources: Bureau of Labor Statistics, S&P-Case Schiller, SNL FInancial 3

5 The Strongest Economic Region in the US The competition for commercial office space is high in the Puget Sound and Portland markets driven by the expansion of technology companies such as Amazon, Google and F5 Networks. Of the 20 major US metropolitan cities, the Seattle and Portland home indexes continued with the highest increases over the past 12 months rising by 13.5% and 7.6%, respectively. Washington s GDP growth rate of 3.7% was the best in the nation in 2016 with Oregon second at 3.3%. Both were more than double the national rate of 1.5%. Idaho also outpaced the nation with growth of 1.8%. 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 Acquired Pacific Continental Corp. on November 1, YTD 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 $13 Total Assets $ in Billions $12.5 $2.25 Earnings per Share $11 $9 10 Year CAGR = 12% $7.2 $8.6 $9.0 $9.5 $9.8 $10.5 $8.5 $2.00 $1.75 $1.50 $1.25 $1.16 $1.21 $1.52 $0.34 $1.71 $0.46 $1.81 $0.53 $1.67 $0.70 $7 $5 $3 $1 $3.2 $3.1 $3.2 $4.3 $4.8 $4.9 $6.5 $4.5 $2.5 $0.5 $1.00 $0.75 $0.50 $0.25 $0.34 $0.30 $0.30 $0.22 $0.38 $0.41 $0.45 $0.47 $0.25 $0.40 $0.38 $0.44 $0.28 $0.31 $0.37 $0.42 $0.37 $0.47 $0.50 $ Q $2 Acquisitions Acquisitions: 2007 Town Center, Mount Rainier 2010 American Marine, Columbia River 2011 Bank of Whitman, First Heritage, Summit FDIC Assisted Acquisitions 2013 West Coast Bank 2014 Intermountain Community ($1.5) 1st Quarter 3rd Quarter Due to averaging of shares, quarterly earnings per share may not add up to the totals reported for the full year. 2nd Quarter 4th Quarter 6

8 Record Loan Originations & Portfolio Diversity $613 Annual Loan Originations $1,261 $1,040 $1,119 $811 $823 Total Portfolio = $6.5 Billion Growth over the past 12 months = 4% Commercial Business 42% 1-4 Family Residential 3% Owner Occupied Com'l Real Estate 22% YTD $ in Millions $400 $300 $200 $100 3 rd Quarter Loan Originations $348 $375 $251 $255 $192 Purchased Credit Impaired 2% Consumer 5% Com'l RE Construction 3% Income Property Com'l Real Estate 21% Residential RE Construction 2% $0 3Q13 3Q14 3Q15 3Q16 3Q17 $ in Millions As of September 30,

9 Well Diversified C&I and CRE Loan Portfolios C&I Portfolio $2.7 Billion Growth over the past 12 months = 4% Manufacturing 7% 8 Real Estate 4% Multifamily 8% Finance & Insurance 13% Other 6% Casino 2% Office 20% Healthcare 15% Professional 15% Transportation/ Warehouse 6% Warehouse 16% Retail 11% Other 15% Wholesalers 6% Construction 6% Agriculture/ Forest/Fish 18% Manufacturing 6% Land 11% Retail 2% CRE Portfolio = $2.8 Billion Owner Occupied and Income Property comprise 51% and 49% of the total, respectively. Hotel 6% Healthcare 3% Residential 1% Recreational 3% $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 As of September 30, 2017 $0 Agriculture Portfolio $490 Million Growth over the past 12 months = 9% Forestry & Logging 4% Other 7% Fishing 11% Vegetable & Melon Farming 8% Consistent CRE Coverage 214% 211% 210% 215% 207% 133% 132% 133% 131% 127% $3,198 $3,207 $3,258 $3,362 $3,340 $511 $487 $475 $574 $514 $2,687 $2,720 $2,783 $2,788 $2,826 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 CRE Loans NOO CRE as a % of Reg Capital Animal Production 19% Other Crop Farming 15% $ in Millions Fruit & Tree Nut Farming 9% Greenhouse, Nursery, & Hops Farming 16% Grain Farming 9% Floriculture Production 2% Unfunded CRE Commitments OO CRE as a % of Reg Capital 200% 100% 0% -100% -200% -300% -400% -500%

10 1% 0% -1% -2% -3% -4% Credit Metrics Remain Healthy $70,000 Nonperforming Assets OREO & OPPO Nonaccrual Loans NPA's/Total Assets $60,000 $50,000 $40,000 $30,000 $20,000 $10, % 0.35% 0.32% $33,754 $30,360 $30,066 5,998 8,994 4,519 27,756 21,366 25, % 0.45% $40,882 $43,999 4,058 3,682 36,824 40, % 0.40% 0.20% 0.00% -0.20% -0.40% $0-0.60% $ in Thousands Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Provision Expense Net Charge-Offs Charge-offs Recoveries ALLL/Total Loans $6,200 $4,200 $2,200 $200 ($1,800) 1, % 1.13% 1.14% 1.14% 1.10% 4, ALLL Coverage 2,775 3,177 1,797 6,018 3,719 3,815 1, (2,018) (3,698) (3,480) (648) (4,804) 3,258 (2,538) $ in Thousands ($3,800) 3Q16 4Q16 1Q17 2Q17 3Q17 9

11 Diversified, Relationship Centered Deposit Base 1.0% 0.87% Favorable Cost of Deposits Total Deposits = $8.3 Billion 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% 0.58% 0.58% 0.38% 0.26% 0.29% 0.22% 0.21% 0.22% 0.29% 0.15% 0.07% 0.05% 0.04% 0.04% 0.05% YTD Columbia Bank Peer Group Average 2017 Deposit Market Share Growth Northwest (Washington, Oregon & Idaho) 2017 Rank Institution (HQ State) 2017 Deposits ($ Millions) 2017 Market Share* Growth since Bank of America (NC) $44, % +0.13% 2 Wells Fargo (CA) 36, % -0.42% 3 U.S. Bank (MN) 36, % -0.07% 4 JP Morgan Chase (NY) 25, % +0.63% 5 Key Bank (OH) 16, % +0.13% 6 Umpqua Bank (OR) 13, % -0.19% 7 Columbia Bank + Pacific Continental 10, % +0.76% 8 Washington Federal (WA) 7, % -0.17% 9 Banner Bank (WA) 6, % +0.06% 10 Washington Trust (WA) 4, % +0.02% Noninterest Bearing 50% CDARS & Brokered MM 3% Interest Bearing Demand 12% As of September 30, 2017 Money Market 22% Savings 9% CD's < $250,000 3% CD's > $250,000 1% Annualized linked quarter growth of 13%. Core deposit ratio = 96% Balanced 51% Business and 49% Consumer mix. 10 * Based on June 30, 2017 FDIC deposit market share data

12 Stable Operating Net Interest Margin* 5% 5% 4% 4.76% 4.35% 0.55% 0.20% 4.12% 4.17% 4.20% 4.12% 4.20% 0.11% 0.06% 0.11% 0.03% 0.05% 4% 3% 3% 2% 4.21% 4.15% 4.01% 4.11% 4.09% 4.09% 4.15% 2% 1% 1% 0% YTD 1Q17 2Q17 3Q17 Operating Margin Margin from Other Items, primarily Incremental Accretion 12% Historically, Deposit Costs Lag Market in Rising Rate Environments 10% 8% 6% 4% 2% 0% 4.25% 1.38% 5.25% 2.56% 1.23% 0.98% 8.25% 7.25% 5.36% 4.70% 2.67% 1.90% COLB Total Cost of Deposits Prime 3 Month LIBOR 3.25% 3.50% 3.75% 4.25% 0.30% 0.30% 0.61% 1.00% 1.33% 0.05% 11 *Operating Net Interest Margin is a non-gaap financial measure. Refer to slide 18 for additional information.

13 Conservative Investment Portfolio YTD Yield and Portfolio Duration at 9/30/17 = 2.43% & 3.6 Years, respectively. 2,500 2,000 $2,360 $339 $2,279 $333 $2,331 $352 $2,265 $353 $2,208 $342 $492 $474 $456 $439 $422 1,500 $503 $475 $487 $483 $483 1, $1,026 $997 $1,036 $990 $961 - $ in Millions 3Q16 4Q16 1Q17 Agency Pass-Through Securities Agency CMOs 2Q17 3Q17 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 -9.7% +5.1% +10.1% 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 39% or $774 million in the money. Floor Exceeds Fully Indexed Rate by (basis points): <= >150 $426MM $144MM $138MM $38MM $28MM Duration in Years Investments Loans Earning Assets Funding Dec-16 Mar-17 Jun-17 Sep ,000 2,500 2,000 1,500 1,000 Duration & Balances of Loans Prime Libor 1 Year 3 Year 5 Year 7 Year 10 Year Fixed $ Millions Years Bal Duration 2.3 Asset and liability durations are estimates Variable rate of 1, 3 5, 7 and 10 represent FHLB, swap or US Treasury rate indexes Loan balances exclude allowances, premiums/discounts Loan Repricing Detail Sep-16 Sep-17 Sep-16 Sep-17 Fixed $2,575,497 $2,703,778 41% 41% Prime 1,268,500 1,147,250 20% 18% 1 Month 1,079,623 1,379,386 17% 21% 3 Month 140, ,581 2% 2% 1 Year 57,554 91,622 1% 1% Variable-1 Year or Less 2,545,786 2,728,839 40% 42% 3 Year 156, ,881 2% 2% 5 Year 922, ,241 15% 13% 10 Year 89,454 89,372 1% 1% Variable-Greater than 1 Yr 1,168,095 1,098,494 19% 17% Total $6,289,378 $6,531, % 100%

15 Financial Highlights with Superior ROAA and ROATCE $ in Millions 3Q17 2Q17 1Q17 4Q16 3Q16 Total Assets $9,815 $9,685 $9,527 $9,510 $9,587 Total Loans $6,512 $6,423 $6,228 $6,213 $6,260 Investment Securities (1) $2,218 $2,281 $2,342 $2,289 $2,373 Core Deposits (2) $7,999 $7,722 $7,795 $7,750 $7,809 Total Deposits $8,342 $8,072 $8,089 $8,059 $8,058 NPAs/Total Assets 0.45% 0.42% 0.32% 0.35% 0.32% 2017 YTD 2016 YTD ROAA 1.68% 1.13% 1.23% 1.28% 1.16% 1.35% 1.07% ROACE 12.32% 8.38% 9.26% 9.65% 8.60% 10.01% 7.80% ROATCE (3) 17.93% 12.46% 13.96% 14.51% 13.00% 14.83% 11.91% $ in Thousands 3Q17 2Q17 1Q17 4Q16 3Q YTD 2016 YTD Net Interest Income $88,929 $86,161 $86,675 $85,737 $85,572 $261,765 $247,882 Provision for Loan Losses (648) 3,177 2, ,866 5,304 10,760 Net Int Inc after Prov 89,577 82,984 83,900 85,719 83, , ,122 Noninterest Income 37,067 24,135 24,859 22,330 23,166 86,061 65,752 Noninterest Expense (4) 67,537 68,867 68,986 65,014 67, , ,128 Pre-tax Net Income 59,107 38,252 39,773 43,035 39, , ,746 Prov for Income Taxes 18,338 11,120 10,574 12,317 12,124 40,032 32,598 Net Income $40,769 $27,132 $29,199 $30,718 $27,484 $97,100 $74,148 EPS (Diluted) (5) $0.70 $0.47 $0.50 $0.53 $0.47 $1.67 $1.28 Acquisition Related Costs $1,171 $1,023 $1,364 $291 $ - $3,558 $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 slide 18 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, % 3.09% 2.96% 2.77% 2.85% 2.73% 2.73% 4% 3% $11,000 $10,500 $10,000 $9,500 $9,000 $8,655 $9,312 $9,474 $9,597 $9,695 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 0% $4,500 $4,000-1% $3,500 $3,000-1% Q17 2Q17 3Q17 $ in Millions Average Total Assets Core NIE/Avg Assets* *Core NIE/Average Total Assets is a non-gaap measure. Refer to slide 18 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 3/31/17 6/30/17 9/30/17 $0.20 $0.22 $0.22 $0.22 $0.22 $0.19 Announced PCBK Acquisition Jan 9, 2017** Index Value Strong Capital, Dividend Payouts & Total Return $0.90 $0.80 $ % 12.6% 13.0% 13.0% 13.2% 9.5% 9.3% 9.6% 9.7% 9.9% $ % 10% 5% Total Return 0% 400 $0.60 $0.50 $0.40 $0.47 $0.39 $0.53 $0.50 $0.47-5% -10% -15% % $0.30 $0.20 $0.22 $0.22 $0.22 $ % % $ % 100 $ % 50 3Q16 4Q16 1Q17 2Q17 3Q17 Special Dividend Regular Dividend EPS (Diluted) Total RBC Ratio Tangible Common Equity Ratio* 0 * Tangible Common Equity Ratio is a non-gaap measure. Refer to slide 18 for additional information. ** The PCBK acquisition is closing on November 1, Columbia Banking System, Inc. KBW Nasdaq Regional Banking Index 16

18 17 Columbia An Award-Winning Company

19 Non-GAAP Financial Measures Net Interest Margin $ in Thousands YTD 1Q17 2Q17 3Q17 Tangible Common Equity $ in Thousands Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Net interest margin (tax equiv) $312,146 $334,549 $344,425 $270,480 $89,518 $89,075 $91,887 Incremental accretion income: FDIC PCI loans (20,224) (9,096) (5,972) (3,842) (2,117) (753) (972) Incr accretion income: Other FDIC acq d loans (1) (484) (234) Incremental accretion income: Other acq d loans (21,093) (17,862) (11,983) (6,207) (1,948) (2,356) (1,903) Premium amortization on acquired securities 7,123 10,216 7,738 4,658 1,462 1,669 1,527 Investment portfolio premium amort adj (2,622) Interest reversals on nonaccrual loans 1,291 1,713 1,072 1, Operating net interest margin (tax equivalent) $276,137 $319,286 $335,280 $266,412 $87,180 $88,382 $90,850 Average Earning Assets 6,561,047 7,685,734 8,363,308 8,641,706 8,520,291 8,651,735 8,750,561 Net Interest Margin (tax equivalent) 4.76% 4.35% 4.12% 4.17% 4.20% 4.12% 4.20% Operating Net Interest Margin (tax equivalent) 4.21% 4.15% 4.01% 4.11% 4.09% 4.09% 4.15% Net interest margin (tax equivalent) 4.76% 4.35% 4.12% 4.17% 4.20% 4.12% 4.20% Incr accretion income: FDIC PCI loans (0.31%) (0.12%) (0.07%) (0.06%) (0.10%) (0.03%) (0.04%) Incr accretion income: Other FDIC acq d loans (1) (0.01%) Incremental accretion income: Other acq d loans (0.32%) (0.23%) (0.14%) (0.10%) (0.09%) (0.11%) (0.09%) Premium amortization on acquired securities 0.11% 0.13% 0.09% 0.07% 0.07% 0.03% 0.07% Investment portfolio premium amort adj (0.04%) Interest reversals on nonaccrual loans 0.02% 0.02% 0.01% 0.02% 0.01% 0.08% 0.01% Operating net interest margin (tax equivalent) 4.21% 4.15% 4.01% 4.11% 4.09% 4.09% 4.15% NIE/Average Assets $ in Thousands Q17 2Q17 3Q17 Reported Noninterest Expense $230,883 $239,286 $266,149 $261,142 $68,986 $68,867 $67,537 - FDIC Clawback (Expense)/Recap (278) (294) (979) (280) Acquisition Related Costs (25,488) (9,432) (10,917) (2,727) (1,364) (1,023) (1,170) - OREO/OPPO Expense, Net 7,539 1,182 1,724 (544) (150) 1 (271) - Term of FDIC Loss Sharing Agreement (2,409) - Core Noninterest Expense $212,656 $230,742 $255,977 $257,591 $67,526 $65,436 $66,096 Average Assets 6,558,517 7,468,091 8,655,243 9,311,621 9,473,698 9,597,274 9,695,005 Noninterest Expense/Average Assets 3.52% 3.20% 3.08% 2.80% 2.91% 2.87% 2.79% Core NIE/Average Assets 3.24% 3.09% 2.96% 2.77% 2.85% 2.73% 2.73% Total Shareholders' Equity $1,276,735 $1,251,012 $1,275,343 $1,297,314 $1,328,428 - Preferred Stock (2,217) (2,217) Goodwill (382,762) (382,762) (382,762) (382,762) (382,762) - Other Intangible Assets, net (19,051) (17,631) (16,282) (15,033) (13,845) Tangible Common Equity $872,705 $848,402 $876,299 $899,519 $931,821 Total Assets $9,586,754 $9,509,607 $9,527,272 $9,685,110 $9,814,578 Goodwill (382,762) (382,762) (382,762) (382,762) (382,762) - Other Intangible Assets, net (19,051) (17,631) (16,282) (15,033) (13,845) Tangible Assets $9,184,941 $9,109,214 $9,128,228 $9,287,315 $9,417,971 Tangible Common Equity Ratio 9.50% 9.31% 9.60% 9.69% 9.89% ROATCE $ in Thousands 3Q17 2Q17 1Q17 4Q16 3Q16 (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 YTD Net Income $40,769 $27,132 $29,199 $30,718 $27,484 $97,100 $74,148 - Preferred Dividends (40) (40) - (117) Net Inc Applicable to Common Shareholders + Amortization of Intangibles - Tax Effect on Intangible Amort 40,769 27,132 29,199 30,678 27,444 97,100 74,031 1,188 1,249 1,349 1,420 1,460 3,786 4,526 (416) (437) (472) (497) (511) (1,325) (1,584) Adjusted Net Inc $41,541 $27,944 $30,076 $31,601 $28,393 $99,561 $76,973 Avg Shareholders Equity 1,323,794 1,295,564 1,261,652 1,274,388 1,278,588 $1,293,898 $1,268,261 - Average Preferred Equity - - (271) (2,217) (2,217) (89) (2,217) - Average Intangibles (397,160) (398,385) (399,672) (401,055) (402,505) (398,397) (403,991) Adjusted Avg Common Shareholders Equity Return on Average Tangible Common Shareholders Equity $926,634 $897,179 $861,709 $871,116 $873,866 $895,412 $862, % 12.46% 13.96% 14.51% 13.00% 14.83% 11.91% 18

20 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