COLBHIGH SIGNALFINANCIAL10-K

Columbia Banking System completed its acquisition of Pacific Premier Bancorp on August 31, 2025, creating a substantially larger regional banking franchise.

The acquisition transformed Columbia into a significantly larger institution, as evidenced by the material expansion across all balance sheet categories and the increase in outstanding shares from 210 million to 296 million. The successful integration under the unified "Columbia Bank" brand represents a major strategic milestone that positions the company as a more substantial regional player with enhanced scale and market presence.

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FINANCIAL ANALYSIS

The Pacific Premier acquisition drove substantial balance sheet growth, with total assets expanding to $66.8B from $51.6B and deposits growing to $54.2B from $41.7B, while stockholders' equity increased meaningfully to $7.8B. Revenue grew nearly 19% reflecting the expanded franchise, and credit quality metrics improved with provision for credit losses declining substantially to $1.9M. The financial profile demonstrates successful deal execution with strong operating cash flow growth of 13% supporting the larger combined entity.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-59.4%
$4.8M→$1.9M

Provisions reduced 59.4% — improving credit quality or reserve release boosting reported earnings.

Stockholders Equity
Balance Sheet
+53.2%
$5.1B→$7.8B

Equity base grew 53.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Deposits
Balance Sheet
+29.9%
$41.7B→$54.2B

Deposits grew 29.9% — expanding customer base or increased trust in the institution.

Total Assets
Balance Sheet
+29.6%
$51.6B→$66.8B

Asset base grew 29.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+27%
$46.5B→$59.0B

Liabilities increased 27% — monitor debt-to-equity ratio and interest coverage.

Cash & Equivalents
Balance Sheet
+26.7%
$1.9B→$2.4B

Cash grew 26.7% — improving liquidity position supports investment and shareholder returns.

Revenue
P&L
+18.9%
$148.8M→$177.0M

Revenue growing 18.9% — solid top-line momentum, watch margins for quality of growth.

Operating Cash Flow
Cash Flow
+13.2%
$658.9M→$746.0M

Operating cash flow grew 13.2% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-25
ADDED
The registrant had outstanding 295,550,687 shares of common stock as of January 31, 2026.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 ITEM 7A.
Fintech Financial technology FRB Federal Reserve Bank Freddie Mac Federal Home Loan Mortgage Corporation FRM Financial Risk Management group GAAP Generally Accepted Accounting Principles GDP Gross Domestic Product GNMA Government National Mortgage Association HELOC Home Equity Line of Credit HOA Homeowner's Association IDI Insured Depository Institutions LGD Loss Given Default LIHTC Low Income Housing Tax Credit MSR Mortgage Servicing Rights NM Not Meaningful NOL Net Operating Loss OCC Office of the Comptroller of the Currency Pacific Premier Pacific Premier Bancorp, Inc.
government and retaliatory tariffs proposed or imposed by U.S.
On August 31, 2025, Columbia completed its previously announced acquisition of Pacific Premier.
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REMOVED
The registrant had outstanding 209,649,030 shares of common stock as of January 31, 2025.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 ITEM 7A.
FORM 10-K SUMMARY 147 EXHIBIT INDEX 148 SIGNATURES 156 2 Table of Conte n t s The acronyms, abbreviations, and terms listed below are used in various sections of this Annual Report on Form 10-K, including Item 7.
fiscal and monetary policy, including the interest rate policies of the Federal Reserve or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued or renewed inflation, or any recession or slowdown in economic growth particularly in the western United States; volatility and disruptions in global capital and credit markets; the impact of proposed or imposed tariffs by the U.S.
SEC Filings We electronically file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy and information statements and other information with the SEC.
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