Forward-Looking Statements This Quarterly Report on Form 10-Q contains certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These statements may include statements that expressly or implicitly predict future results, performance, or events. Statements other than statements of historical fact are forward-looking statements. You can find many of these statements by looking for words such as "anticipates," "expects," "believes," "estimates," "intends," "forecast," and words or phrases of similar meaning. We make forward-looking statements including, but not limited to, statements about derivatives and hedging; the results and performance of models and economic assumptions used in our calculation of the ACL; projected sources of funds and the Company's liquidity position and deposit level and types; our securities portfolio; loan sales; adequacy of our ACL, including the RUC; provision for credit losses; non-performing loans and future losses; our CRE portfolio, its collectability and subsequent charge-offs; resolution of non-accrual loans; mortgage volumes and the impact of rate changes; the economic environment; inflation and interest rates generally; litigation; dividends; junior subordinated debentures; fair values of certain assets and liabilities, including MSR values and sensitivity analyses; tax rates; deposit pricing; and the effect of accounting pronouncements and changes in accounting methodology. Forward-looking statements involve substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. There are many factors that could cause actual results to differ materially from those contemplated by these forward-looking statements. Risks and uncertainties include those set forth in our filings with the Securities and Exchange Commission and the following factors that, among others, could cause actual results to differ materially from the anticipated results expressed or implied by forward-looking statements: •changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically; •deterioration in economic conditions that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; •uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve or the effects of any declines in housing and CRE prices, high or increasing unemployment rates, renewed or sustained inflation, or any recession or slowdown in economic growth particularly in the western United States; •volatility and disruptions in global capital and credit markets; •risks related to the acquisition of Pacific Premier including, among others, any revenue synergies from the acquisition may not be fully realized or may take longer than anticipated to be realized, and the risk that deposit attrition may result from 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; •the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; •changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds; •competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services; •the competitive and other impacts on our business of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence, quantum computing and related innovations affecting both us and the banking industry generally; •continued consolidation in the financial services industry resulting in the creation of larger financial institutions that have greater resources; •our ability to successfully, including on time and on budget, implement and sustain information technology product and system enhancements and operational initiatives; •our ability to attract new deposits and loans and leases; •our ability to retain deposits; •our ability to achieve the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions, infrastructure, and technology; 47 Table of Contents •the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; •demand for financial services in our market areas; •stability, cost, and continued availability of borrowings and other funding sources, such as brokered and public deposits; •changes in legal or regulatory requirements or the results of regulatory examinations that could increase expenses or restrict growth; •changes in the scope and cost of FDIC insurance and other coverage; •our ability to manage climate change concerns, related regulations, and potential impacts on the creditworthiness of our customers; •our ability to recruit and retain key management and staff; •our ability to raise capital or incur debt on reasonable terms; •regulatory limits on the Bank's ability to pay dividends to the Company that could impact the timing and amount of dividends to shareholders; •financial services reform and the impact of legislation and implementing regulations on our business operations, including our compliance costs, interest expense, and revenue; •a breach or failure of our operational or security systems, or those of our third-party vendors, including as a result of cyber-attacks; •success, impact, and timing of our business strategies, including market acceptance of any new products or services; •the outcome of legal proceedings; •our ability to effectively manage credit risk, interest rate risk, market risk, operational risk, legal risk, liquidity risk, and regulatory and compliance risk; •the possibility that the anticipated benefits from ongoing initiatives to improve operational performance and efficiency are not realized in the amounts or when expected if at all; •economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates; •the effect of geopolitical instability, including wars, conflicts, and terrorist attacks; •natural disasters, including earthquakes, tsunamis, flooding, fires, pandemics, and other similarly unexpected events outside of our control; •our ability to effectively manage problem credits; •our ability to successfully negotiate with landlords or reconfigure facilities; and •the effects of any damage to our reputation resulting from developments related to any of the items identified above. There are many factors that could cause actual results to differ materially from those contemplated by these forward-looking statements. Forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under federal securities laws. Readers should consider any forward-looking statements in light of this explanation, and we caution readers about relying on forward-looking statements. General Columbia Banking System, Inc. (referred to in this Quarterly Report on Form 10-Q as "we," "our," "the Company" and "Columbia") is a registered financial holding company, which wholly owns the Bank. FinPac, a commercial equipment leasing company, is a subsidiary of Columbia Bank. Columbia Bank is 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. 48 Table of Contents Along with its subsidiaries, the Company is subject to the regulations of state and federal agencies and undergoes regular examinations by these regulatory agencies. Executive Overview Financial Performance Comparison of current quarter to prior quarter •Earnings per diluted common share was $0.73 for the three months ended June 30, 2026, as compared to $0.66 for the three months ended March 31, 2026. The increase was primarily attributable to lower non-interest expense and higher non-interest income, partially offset by lower net interest income and higher provision for income tax. Non-interest expense benefited from lower merger and restructuring expense, and the continued realization of cost savings associated with the Pacific Premier acquisition. The decrease in net interest income primarily reflects lower average interest-earning asset balances and lower yields on taxable securities, partially offset by lower interest expense as lower deposit costs offset the impact of higher average borrowings balances. Lower weighted-average diluted common shares outstanding for the three months ended June 30, 2026, as compared to the three months ended March 31, 2026, also contributed to the increase in earnings per diluted common share between periods, as Columbia repurchased 2.3% of its common shares outstanding during the second quarter. •Net interest margin, on a tax-equivalent basis, was 3.93% for the three months ended June 30, 2026, as compared to 3.96% for the three months ended March 31, 2026. The 3 basis point decrease was driven primarily by interest income reversals recorded during the three months ended June 30, 2026. Otherwise, net interest income was relatively consistent between periods as a lower yield on taxable securities was offset by lower deposit costs and continued improvement in the Company's funding mix, including a lower proportion of higher-cost brokered deposits. The average cost of interest-bearing deposits declined by 8 basis points to 1.96%, while the cost of interest-bearing liabilities declined 3 basis points to 2.21%. The decline in the yield on taxable securities between periods was driven by changes in prepayment speed expectations. •Non-interest income was $88 million for the three months ended June 30, 2026, as compared to $83 million for the three months ended March 31, 2026. Interest rate movements resulted in a net fair value loss of $3 million related to fair value adjustments and mortgage servicing rights hedging activity during the second quarter of 2026, as compared to a net fair value gain of $2 million during the first quarter of 2026. Excluding these impacts, the increase in non-interest income primarily reflects higher customer fee income, including service charges on deposits, card-based fees, and other income. Other income also benefited from $3 million of BOLI death benefit proceeds from a single policy, while trading, international banking, syndication, and swap-related revenue increased from the seasonally lower levels typically experienced during the first quarter. •Non-interest expense was $375 million for the three months ended June 30, 2026, a decrease of $19 million as compared to the three months ended March 31, 2026. The decrease was primarily due to a $15 million reduction in merger and restructuring expense following the systems conversion completed during the first quarter, as well as the continued realization of cost savings associated with the Pacific Premier acquisition. Comparison of current year-to-date to prior year period •Earnings per diluted common share was $1.38 for the six months ended June 30, 2026, as compared to $1.14 for the six months ended June 30, 2025. The increase primarily reflects the acquisition of Pacific Premier and continued balance sheet optimization, including the replacement of lower-yielding transactional loans with relationship-based commercial loans and a reduced reliance on higher-cost wholesale funding sources, as well as growth in recurring fee income streams. These benefits were partially offset by an increase in weighted-average diluted common shares outstanding following the issuance of shares in connection with the acquisition. •Net interest margin, on a tax-equivalent basis, was 3.94% for the six months ended June 30, 2026, as compared to 3.67% for the six months ended June 30, 2025. The increase was primarily attributable to lower funding costs and a favorable balance sheet mix shift toward lower-cost customer deposits and away from higher-cost wholesale funding sources, including borrowings and brokered deposits. These benefits were partially offset by lower earning-asset yields resulting from the lower rate environment. 49 Table of Contents •Non-interest income was $171 million for the six months ended June 30, 2026, as compared to $131 million for the six months ended June 30, 2025. The increase was primarily driven by higher financial services and trust revenue reflecting the combined operations following the acquisition of Pacific Premier, including the addition of Pacific Premier's custodial trust business, as well as growth in customer-related fee income. These increases were partially offset by unfavorable fair value adjustments and hedging activity, resulting in a net fair value loss of $1 million for the six months ended June 30, 2026, as compared to a net fair value gain of $9 million for the prior-year period. •Non-interest expense was $769 million for the six months ended June 30, 2026, as compared to $618 million for the six months ended June 30, 2025. The increase primarily reflects the combined operations following the Pacific Premier acquisition, including higher salaries and employee benefits, occupancy and software costs, intangible amortization, and merger and restructuring expense. The prior-year period included a $55 million legal settlement that did not occur in 2026. Comparison of current period end to prior year end •Total loans and leases were $47.2 billion as of June 30, 2026, a decrease of $610 million as compared to December 31, 2025. The decrease primarily reflects ongoing balance sheet optimization efforts, including continued runoff of below-market-rate transactional loans, partially offset by growth in relationship-based commercial lending. •Total deposits were $52.1 billion as of June 30, 2026, a decrease of $2.2 billion as compared to December 31, 2025. The decrease primarily reflects a deliberate reduction in brokered deposits as part of the Company's funding optimization strategy, which targets the replacement of wholesale funding sources with relationship-based customer deposits over time. Seasonal tax payments in the early part of the second quarter also reduced deposits between periods. •Total consolidated assets were $65.4 billion as of June 30, 2026, as compared to $66.8 billion as of December 31, 2025. The decrease primarily reflects the continued execution of the Company's balance sheet optimization strategy, including lower cash and transactional real estate loan balances and a reduction in wholesale funding. Credit Quality •Non-performing assets were $273 million, or 0.42% of total assets, as of June 30, 2026, as compared to $200 million, or 0.30% of total assets, as of December 31, 2025. Non-performing loans and leases were $268 million, or 0.57% of total loans and leases, as of June 30, 2026, compared to $198 million, or 0.41% of total loans and leases, as of December 31, 2025. As of June 30, 2026, non-performing loans included $78 million in government guaranteed balances. The increases in non-performing assets and loans primarily reflect adverse performance in a single agricultural industry relationship and are not indicative of broader portfolio deterioration. •The ACL was $475 million as of June 30, 2026, a decrease of $10 million from December 31, 2025. The change reflects the combined effect of lower loan portfolio balances, updated economic assumptions, portfolio activity and credit migration, and changes to the Company's ACL estimation methodology and qualitative adjustments. For additional information regarding this change in estimate, see Note 5 – Allowance for Credit Losses. •Provision for credit losses was $27 million and $55 million for the three and six months ended June 30, 2026, as compared to $28 million for the three months ended March 31, 2026 and $57 million for the six months ended June 30, 2025. The provision reflects changes in variables that influence changes in the ACL between periods, as mentioned above. Liquidity •Total cash and cash equivalents were $1.8 billion as of June 30, 2026, a decrease of $611 million from December 31, 2025. The decline primarily reflects a reduction in interest-bearing cash balances as the Company optimized on balance-sheet liquidity levels during the six months ended June 30, 2026, consistent with improved liquidity risk metrics compared to the prior year. The Company manages its cash position with a comprehensive liquidity framework designed to maintain a high-quality liquid asset base, fund lending and investment activity, and reduce debt and other non-deposit liabilities when market conditions are favorable. •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 estimated uninsured deposits. 50 Table of Contents Capital •The Company's total risk-based capital ratio was 13.5% and its common equity tier 1 ("CET1") capital ratio was 11.7% as of June 30, 2026. As of December 31, 2025, the Company's total risk-based capital ratio was 13.6% and its CET1 capital ratio was 11.8%. The modest decline in regulatory capital ratios primarily reflects capital actions during the six months ended June 30, 2026, including common share repurchases, while remaining well in excess of regulatory well-capitalized standards. •Columbia declared a quarterly cash dividend of $0.37 per common share, which was paid to shareholders on June 15, 2026. •On October 29, 2025, Columbia's Board of Directors authorized the repurchase of up to $700 million of the Company's common stock under a repurchase program, which is scheduled to expire on November 30, 2026. Under this program, during the three and six months ended June 30, 2026, the Company repurchased 6.6 million and 13.1 million shares of common stock, respectively, for $199 million and $398 million, respectively. The timing and amount of common share repurchases remain subject to senior management discretion and subject to various factors, including, without limitation, Columbia’s capital position, financial performance, market conditions, and regulatory considerations. As of June 30, 2026, $202 million remained available under the repurchase authorization. Critical Accounting Estimates Our critical accounting estimates are described in detail in the Critical Accounting Estimates section of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. The consolidated financial statements are prepared in conformity with GAAP and follow general practices within the financial services industry in which the Company operates. This preparation requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, actual results could differ from the estimates, assumptions, and judgments reflected in the financial statements. Certain estimates inherently have a greater reliance on the use of assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. Management believes that the estimate for the ACL and business combinations are important to the portrayal of the Company's financial condition and results of operations and require difficult, subjective, or complex judgments. There have been no material changes in the methodology of these estimates during the six months ended June 30, 2026. Results of Operations Columbia's financial results for periods ended prior to August 31, 2025, the acquisition date of Pacific Premier, reflect Columbia's results only on a standalone basis. Accordingly, Columbia's reported financial results for the first eight months of 2025 include only Columbia's financial results through the closing of the acquisition. As a result, Columbia's financial results for the six months ended June 30, 2026, may not be directly comparable to results reported for periods prior to the acquisition or to future periods that fully reflect the combined operations. Comparison of current quarter to prior quarter The Company reported net income of $208 million for the three months ended June 30, 2026, compared to $192 million for the three months ended March 31, 2026. The increase was primarily attributable to a $19 million decrease in non-interest expense, reflecting lower merger and restructuring expense and the continued realization of previously disclosed cost savings associated with the Pacific Premier acquisition, as well as a $5 million increase in non-interest income. These favorable impacts were partially offset by a $5 million decrease in net interest income and a $4 million increase in provision for income taxes. The decrease in net interest income primarily reflects lower average interest-earning asset balances and lower yields on taxable investment securities, partially offset by interest expense, as lower deposit costs offset the impact of higher average borrowing balances. 51 Table of Contents Comparison of current year-to-date to prior year period For the six months ended June 30, 2026, the Company reported net income of $400 million, compared to $239 million for the same period in 2025. The increase primarily reflects higher net interest income and non-interest income of $312 million and $40 million, respectively. These increases largely reflect the impact of the Pacific Premier acquisition, which did not contribute to the Company's results during the comparable prior-year period, as well as our continued balance sheet optimization efforts, including the replacement of transactional loans and wholesale funding sources with relationship-based commercial lending and customer deposits, as well as growth in recurring fee income streams, which improved profitability. These increases were partially offset by higher non-interest expense of $151 million and income tax expense of $42 million. The increase in FHLB advances was driven by a shift in the Bank's funding mix during 2026, as FHLB advance rates were more favorable than alternative wholesale funding sources, including brokered deposits. The increase in non-interest expense reflects increased salaries and employee benefits, occupancy, deposit costs, and higher merger and restructuring expense associated with the Pacific Premier acquisition, partially offset by a $55 million accrual for a legal settlement recognized in the prior-year period that did not recur. The increase in income tax expense primarily reflects higher pre-tax income resulting from the acquisition. The following table presents the return on average assets (GAAP), average common shareholders' equity (GAAP), and average tangible common shareholders' equity (non-GAAP) for the periods indicated. For each period presented, the table includes the calculated ratios based on reported net income. To the extent return on average common shareholders' equity is used to compare our performance with other financial institutions that do not have merger and acquisition-related intangible assets, management believes it is also meaningful to consider return on average tangible common shareholders' equity. This measure is useful for evaluating performance as it reflects returns available to common shareholders excluding the impact of intangible assets and their related amortization. Return on average tangible common shareholders' equity is calculated by dividing net income by average shareholders' common equity less average goodwill and other intangible assets, net (excluding MSR). This measure is considered a non-GAAP financial measure and should be viewed in conjunction with the return on average common shareholders' equity. Return on average tangible common shareholders' equity is also used as a performance metric in the Company's executive incentive compensation program. Return on Average Assets, Common Shareholders' Equity and Tangible Common Shareholders' Equity Three Months Ended Six Months Ended (in millions) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Return on average assets 1.27 % 1.18 % 1.22 % 0.94 % Return on average common shareholders' equity 10.99 % 10.00 % 10.49 % 9.18 % Return on average tangible common shareholders' equity 15.29 % 13.88 % 14.58 % 12.80 % Calculation of average common tangible shareholders' equity: Average common shareholders' equity $ 7,594 $ 7,786 $ 7,689 $ 5,252 Less: average goodwill and other intangible assets, net 2,136 2,175 2,156 1,487 Average tangible common shareholders' equity $ 5,458 $ 5,611 $ 5,533 $ 3,765 In addition, management believes tangible common equity and the tangible common equity ratio are meaningful measures of the Company's capital adequacy. Management believes that excluding certain intangible assets from the calculation of tangible common equity and the tangible common equity ratio provides a meaningful basis for period-to-period and company-to-company comparisons and assists investors in evaluating the Company's operating performance and capital position. Tangible common equity is calculated as total shareholders' equity less goodwill and other intangible assets, net (excluding MSR). Tangible assets are calculated as total assets less goodwill and other intangible assets, net (excluding MSR). The tangible common equity ratio is calculated as tangible common shareholders' equity divided by tangible assets. Tangible common equity and the tangible common equity ratio are considered non-GAAP financial measures and should be viewed in conjunction with total shareholders' equity and the total shareholders' equity ratio. 52 Table of Contents The following table provides a reconciliation of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP) as of the dates presented: (in millions) June 30, 2026 December 31, 2025 Total shareholders' equity $ 7,552 $ 7,840 Less: Goodwill 1,482 1,482 Less: Other intangible assets, net 633 712 Tangible common shareholders' equity $ 5,437 $ 5,646 Total assets $ 65,380 $ 66,832 Less: Goodwill 1,482 1,482 Less: Other intangible assets, net 633 712 Tangible assets $ 63,265 $ 64,638 Total shareholders' equity to total assets ratio 11.55 % 11.73 % Tangible common equity to tangible assets ratio 8.59 % 8.73 % Non-GAAP financial measures have inherent limitations, are not determined in accordance with GAAP, and may not be comparable to similarly titled measures used by other companies. In addition, these measures are not audited or reviewed. While management believes that non-GAAP financial measures are useful to investors and other stakeholders in evaluating the Company's performance, they should not be considered in isolation or as a substitute for results reported in accordance with GAAP. Net Interest Income Comparison of current quarter to prior quarter Net interest income for the three months ended June 30, 2026 was $589 million, a decrease of $5 million compared to the three months ended March 31, 2026, primarily driven by a $6 million decrease in interest income due to $4 million of interest income reversals as well as lower average interest-earning asset balances and lower yields on taxable securities. The decrease in interest income was partially offset by a $1 million decrease in interest expense, reflecting lower rates paid on interest-bearing deposits and changes in funding composition, including lower balances of higher-cost brokered deposits, partially offset by higher average borrowings balances. Net interest margin, calculated as net interest income as a percentage of average interest-earning assets on a fully tax-equivalent basis, was 3.93% for the three months ended June 30, 2026, as compared to 3.96% for the three months ended March 31, 2026. The 3 basis point decrease was driven primarily by interest income reversals during the three months ended June 30, 2026. Net interest margin was otherwise consistent between periods, as a lower yield on taxable securities was offset by lower funding costs resulting from reduced balances of higher-cost brokered deposits and lower deposit pricing. The cost of interest-bearing deposits for the three months ended June 30, 2026 was 1.96%, a decrease of 8 basis points compared to the three months ended March 31, 2026, reflecting lower deposit pricing and reduced balances of higher-cost brokered deposits. The cost of interest-bearing liabilities for the three months ended June 30, 2026 was 2.21%, a decrease of 3 basis points compared to the three months ended March 31, 2026. The decrease reflects the same underlying drivers as interest-bearing deposits, partially offset by higher average borrowings. 53 Table of Contents Comparison of current year-to-date to prior year period Net interest income for the six months ended June 30, 2026 was $1.2 billion, an increase of $312 million compared to the six months ended June 30, 2025. The increase was primarily driven by an additional $308 million of interest income resulting from higher average balances of loans and leases and investment securities acquired in the Pacific Premier acquisition, as well as Columbia's balance sheet optimization activity. Acquired balances were recorded at fair value as of August 31, 2025. Net interest margin, calculated on a fully tax-equivalent basis, was 3.94% for the six months ended June 30, 2026, as compared to 3.67% for the six months ended June 30, 2025. The increase was primarily attributable to lower funding costs and a favorable balance sheet mix shift toward lower-cost customer deposits and away from higher-cost wholesale funding sources, which include borrowings and brokered deposits. The cost of interest-bearing liabilities was 2.23% for the six months ended June 30, 2026, compared to 2.79% for the six months ended June 30, 2025, a decrease of 56 basis points. The decrease was driven primarily by reductions in the federal funds rate, continued optimization of the Company's funding mix, and lower balances of higher-cost funding sources. These benefits were partially offset by lower earning-asset yields. The yield on earning assets was 5.42% for the six months ended June 30, 2026, compared to 5.56% for the six months ended June 30, 2025, a decrease of 14 basis points. The yield on loans and leases was 5.78% for the six months ended June 30, 2026, as compared to 5.96% for the six months ended June 30, 2025, a decrease of 18 basis points, reflecting the declining rate environment during 2025, partially offset by the replacement of lower-yielding transactional loans with relationship-based commercial loans. An increase in the yield on investment securities reflects higher-yielding new purchases, including acquired securities recorded at fair value in connection with the Pacific Premier acquisition, replacing principal paydowns from lower-yielding securities, partially offsetting the decrease in the yield on loans and leases. During 2025, the Federal Reserve reduced the target range for the federal funds rate by an aggregate of 0.75% through a series of 0.25% reductions primarily implemented in the fourth quarter. The target range remained unchanged during the first six months of 2026. As of June 30, 2026, the balance sheet remains modestly liability sensitive. Management expects customer deposit balance trends, replacement of wholesale funding sources with relationship-based deposits, and continued optimization of the funding mix to be key drivers of net interest margin performance as the Company continues to target a lower reliance on brokered deposits and FHLB advances. 54 Table of Contents The following tables present condensed average balance sheet information, including interest income and yields on average interest-earning assets, as well as interest expense and rates paid on average interest-bearing liabilities, for the periods presented: Three Months Ended June 30, 2026 March 31, 2026 (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 $ 66 $ — 6.86 % $ 189 $ 3 5.17 % Loans and leases (1) 47,419 683 5.77 % 47,714 681 5.78 % Taxable securities 10,173 102 3.97 % 10,097 106 4.22 % Non-taxable securities (2) 1,219 15 4.63 % 1,253 14 4.51 % Temporary investments and interest-bearing cash 1,402 13 3.71 % 1,578 14 3.65 % Total interest-earning assets (1), (2) 60,279 $ 813 5.40 % 60,831 $ 818 5.44 % Goodwill and other intangible assets 2,136 2,175 Other assets 3,217 3,209 Total assets $ 65,632 $ 66,215 INTEREST-BEARING LIABILITIES: Interest-bearing demand deposits $ 11,002 $ 45 1.65 % $ 10,780 $ 43 1.60 % Money market deposits 16,658 87 2.10 % 16,848 88 2.12 % Savings deposits 2,413 1 0.14 % 2,443 1 0.12 % Time deposits 5,205 40 3.03 % 6,414 52 3.32 % Total interest-bearing deposits 35,278 173 1.96 % 36,485 184 2.04 % Repurchase agreements and federal funds purchased 163 1 1.65 % 187 1 1.86 % Borrowings 4,050 39 3.90 % 3,071 30 3.96 % Junior and other subordinated debentures 431 8 7.07 % 435 7 7.03 % Total interest-bearing liabilities 39,922 $ 221 2.21 % 40,178 $ 222 2.24 % Non-interest-bearing deposits 17,301 17,378 Other liabilities 815 873 Total liabilities 58,038 58,429 Common equity 7,594 7,786 Total liabilities and shareholders' equity $ 65,632 $ 66,215 NET INTEREST INCOME (2) $ 592 $ 596 NET INTEREST SPREAD (2) 3.19 % 3.20 % NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) 3.93 % 3.96 % (1)Non-accrual loans and leases are included in the average balance.(2)Tax-exempt investment security 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 $3 million for the three months ended June 30, 2026, as compared to $2 million for the three months ended March 31, 2026. 55 Table of Contents 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 investment security 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 six months ended June 30, 2026, as compared to approximately $2 million for the same period in 2025. 56 Table of Contents The following table presents a summary of the changes in tax equivalent net interest income due to changes in average balances (volume) and changes in average rates (rate) for the periods presented. Changes in tax equivalent interest income and expense that are not specifically attributable to either volume or rate are allocated proportionately between the two components. Three Months Ended Six Months Ended June 30, 2026 compared to March 31, 2026 June 30, 2026 compared to June 30, 2025 Increase (decrease) in interest income and expense due to changes in Increase (decrease) in interest income and expense due to changes in (in millions) Volume Rate Total Volume Rate Total INTEREST-EARNING ASSETS: Loans held for sale $ (2) $ (1) $ (3) $ 2 $ (1) $ 1 Loans and leases 1 1 2 293 (44) 249 Taxable securities 1 (5) (4) 46 7 53 Non-taxable securities (1) — 1 1 9 4 13 Temporary investments and interest-bearing cash (1) — (1) 1 (6) (5) Total interest-earning assets (1) (1) (4) (5) 351 (40) 311 INTEREST-BEARING LIABILITIES: Interest-bearing demand deposits 1 1 2 28 (35) (7) Money market deposits (1) — (1) 61 (27) 34 Savings deposits — — — — 1 1 Time deposits (9) (3) (12) (7) (21) (28) Borrowings 9 — 9 12 (14) (2) Junior and other subordinated debentures 1 — 1 — (2) (2) Total interest-bearing liabilities 1 (2) (1) 94 (98) (4) Net increase in net interest income (1) $ (2) $ (2) $ (4) $ 257 $ 58 $ 315 (1) Tax-exempt investment security income was adjusted to a tax-equivalent basis at a 21% tax rate. Provision for Credit Losses Comparison of current quarter to prior quarter The Company had a $27 million provision for credit losses for the three months ended June 30, 2026, as compared to a $28 million provision for the three months ended March 31, 2026. The provision remained relatively stable quarter over quarter, reflecting the combined effect of lower loan portfolio balances, updated economic assumptions, portfolio activity and credit migration, and changes to the Company's ACL estimation methodology and qualitative adjustments. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the three months ended June 30, 2026 was 0.23%, as compared to 0.24% for the three months ended March 31, 2026. For the three months ended June 30, 2026 and March 31, 2026, net charge-offs were $30 million and $35 million, respectively. As an annualized percentage of average outstanding loans and leases, net charge-offs for the three months ended June 30, 2026 were 0.25%, as compared to 0.30% for the three months ended March 31, 2026. Net charge-offs within the FinPac portfolio were $15 million for the three months ended June 30, 2026, as compared to $14 million three months ended March 31, 2026. Excluding the FinPac portfolio, net charge-offs were $15 million, as compared to $21 million for the prior quarter, reflecting improved charge-off performance across the remainder of the loan portfolio. Comparison of current year-to-date to prior year period The Company had a $55 million provision for credit losses for the six months ended June 30, 2026, as compared to $57 million for the six months ended June 30, 2025. The decrease in the provision reflects changes in loan portfolio balances, economic assumptions, portfolio activity and credit migration, and changes to the Company's ACL estimation methodology and qualitative adjustments. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the six months ended June 30, 2026 was 0.23%, as compared to 0.30% for the six months ended June 30, 2025. 57 Table of Contents For the six months ended June 30, 2026, net charge-offs were $65 million, as compared to $59 million for the six months ended June 30, 2025. As an annualized percentage of average outstanding loans and leases, net charge-offs for the six months ended June 30, 2026 were 0.28%, as compared to 0.31% for the six months ended June 30, 2025. Net charge-offs within the FinPac portfolio were $29 million for the six months ended June 30, 2026, as compared to $31 million for the six months ended June 30, 2025, reflecting continued improvement in the FinPac lease portfolio. Excluding the FinPac portfolio, net charge-offs were $36 million and $28 million for the six months ended June 30, 2026 and 2025, respectively, with the variance driven primarily by commercial loan charge-offs. Non-accrual leases and equipment finance agreements totaled $16 million at June 30, 2026 and carried a related ACL of $14 million. Under the Company's CECL methodology, homogeneous leases and equipment finance agreements continue to carry an ACL until charged off at 181 days past due. Management does not expect additional material losses on these balances absent further deterioration in collateral values. Non-Interest Income The following table presents the key components of non-interest income and the related dollar and percentage change from period to period: Three Months Ended Six Months Ended (in millions) June 30, 2026 March 31, 2026 Change Amount Change Percent June 30, 2026 June 30, 2025 Change Amount Change Percent Service charges on deposits $ 23 $ 20 $ 3 15 % $ 43 $ 39 $ 4 10 % Card-based fees 17 15 2 13 % 32 27 5 19 % Financial services and trust revenue 15 15 — — % 30 11 19 173 % Residential mortgage banking revenue, net 7 12 (5) (42) % 19 17 2 12 % (Loss) gain on investment securities, net (1) — (1) nm (1) 2 (3) (150) % Gain on loan and lease sales, net — 1 (1) (100) % 1 — 1 nm (Loss) gain on certain loans held for investment, at fair value (1) (2) 1 (50) % (3) 7 (10) (143) % Bank-owned life insurance income 9 9 — — % 18 10 8 80 % Other income 19 13 6 46 % 32 18 14 78 % Total non-interest income $ 88 $ 83 $ 5 6 % $ 171 $ 131 $ 40 31 % Comparison of current quarter to prior quarter Customer fee income increased during the three months ended June 30, 2026, reflecting higher service charges on deposits and card-based fees. Other income also increased, driven in part by $3 million of BOLI death benefit proceeds from a single policy. Customer activity increased during the second quarter across several fee-based businesses compared to the seasonally slower first quarter. Residential mortgage banking revenue decreased during the three months ended June 30, 2026. The decrease was primarily driven by a lower gain on the fair value of the MSR asset related to changes in valuation inputs and assumptions, with a $1 million gain recognized during the three months ended June 30, 2026, compared to a gain of $6 million for the three months ended March 31, 2026. 58 Table of Contents Comparison of current year-to-date to prior year period Financial services and trust revenue increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase reflects the combined operations following the acquisition of Pacific Premier, which contributed to higher transaction volumes and an expanded client base. In addition, the Pacific Premier acquisition significantly expanded the Company's wealth management platform through the addition of Pacific Premier's custodial trust business, resulting in a 173% increase in financial services and trust revenue compared to the prior-year period. Gain (loss) on certain loans held for investment, at fair value, resulted in a loss of $3 million for the six months ended June 30, 2026, compared to a gain of $7 million for the six months ended June 30, 2025. The variance was primarily driven by changes in market interest rates and related fair value adjustments between periods. Other income increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to $3 million of BOLI death benefit proceeds from a single policy, as well as increased miscellaneous income, swap related income, loan related fees, and a reduction in swap derivative loss, resulting in a net increase of $13 million between periods. Non-Interest Expense The following table presents the key elements of non-interest expense and the related dollar and percentage change from period to period: Three Months Ended Six Months Ended (in millions) June 30, 2026 March 31, 2026 Change Amount Change Percent June 30, 2026 June 30, 2025 Change Amount Change Percent Salaries and employee benefits $ 196 $ 196 $ — — % $ 392 $ 300 $ 92 31 % Occupancy and equipment, net 65 66 (1) (2) % 131 95 36 38 % Communications 5 4 1 25 % 9 7 2 29 % Marketing 5 5 — — % 10 6 4 67 % Services 16 15 1 7 % 31 27 4 15 % Deposit costs 14 14 — — % 28 4 24 nm FDIC assessments 9 9 — — % 18 16 2 13 % Intangible amortization 38 41 (3) (7) % 79 54 25 46 % Merger and restructuring expense 9 24 (15) (63) % 33 23 10 43 % Legal settlement — — — nm — 55 (55) (100) % Other expenses 18 20 (2) (10) % 38 31 7 23 % Total non-interest expense $ 375 $ 394 $ (19) (5) % $ 769 $ 618 $ 151 24 % Comparison of current quarter to prior quarter Merger and restructuring expense decreased during the three months ended June 30, 2026, as compared to the three months ended March 31, 2026, reflecting lower personnel-related costs, legal and professional fees, and occupancy and benefit expense, as integration activities associated with the Pacific Premier acquisition continued to wind down. During the six months ended June 30, 2026, the Company completed the Pacific Premier systems conversion and consolidated nine branches as part of the integration process. Integration activities continued throughout the period, and all previously disclosed acquisition-related cost savings were realized as of June 30, 2026. These cost savings contributed to lower underlying non-interest expense and are expected to benefit future operating results. 59 Table of Contents Comparison of current year-to-date to prior year period Salaries and employee benefits increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to the addition of Pacific Premier employees following the acquisition. Occupancy and equipment, net increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to the expanded branch network and additional technology and software costs resulting from the acquisition of Pacific Premier. Deposit costs increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily driven by higher HOA-related fees associated with the growth in the Company's HOA banking business as part of the acquisition of Pacific Premier. Intangible amortization increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, reflecting the ongoing amortization of the core deposit intangibles recognized in the acquisition of Pacific Premier. Refer to Note 6 – Goodwill and Other Intangible Assets for additional information regarding expected amortization expense. Merger and restructuring expense increased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to costs incurred in connection with the Pacific Premier acquisition. These costs consisted primarily of severance and retention payments, professional service fees, systems conversion and integration activities, contract termination costs, branch consolidation activities, and other acquisition-related expenses incurred to integrate operations and realize acquisition synergies. Legal settlement decreased during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, reflecting a $55 million accrual recorded in the first quarter of 2025 related to a legal settlement, which was not repeated in the current period. The Company maintains a disciplined approach to expense management while continuing to invest in customer-facing technology, relationship banking talent, and strategic market expansion. Management believes these investments support long-term operating efficiency, strengthen the customer experience, and enhance revenue growth opportunities in support of its Business Bank of Choice strategy. Income Taxes The Company's effective tax rate for the three and six months ended June 30, 2026 was 24.4% and 24.5%, respectively, as compared to 24.7% for the three months ended March 31, 2026 and 27.0% for the six months ended June 30, 2025. The effective tax rates differed from the statutory federal income tax rate primarily due to the impact of state income taxes, non-deductible compensation, non-deductible FDIC assessments, and income from tax-exempt investment securities and loans. The change in the effective tax rate for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, was primarily attributable to reduced non-deductible compensation, as the prior year included elevated severance that did not repeat. 60 Table of Contents FINANCIAL CONDITION Cash and Cash Equivalents Cash and cash equivalents were $1.8 billion as of June 30, 2026 compared to $2.4 billion as of December 31, 2025. The decrease in interest-bearing cash was due to a decision to decrease on balance sheet liquidity as a result of lower liquidity risk as compared to the prior year. The Company manages its cash position within the broader liquidity framework designed to maintain a high-quality liquid asset base, support balance sheet flexibility, fund growth across lending and investment activities, and reduce debt and other non-deposit liabilities when market conditions are favorable. Debt Securities Investment debt securities classified as available for sale were $11.1 billion as of both June 30, 2026 and December 31, 2025. The change was primarily due to $671 million investment securities purchases, partially offset by paydowns, amortization and accretion, and redemptions of $548 million and a $104 million decline in the fair value of available for sale investment securities, reflecting higher interest rates during the period. The overall portfolio remained relatively stable during the period as purchase activity and other portfolio movements largely offset principal runoff and the decline in fair value. The following tables present the par value, amortized cost, and fair values of investment debt securities as available for sale and held to maturity by major type as of the dates presented: June 30, 2026 December 31, 2025 (in millions) Current Par Amortized Cost Fair Value % of Portfolio Current Par Amortized Cost Fair Value % of Portfolio Available for sale: U.S. Treasury and agencies $ 1,264 $ 1,272 $ 1,231 11 % $ 1,322 $ 1,332 $ 1,300 12 % Obligations of states and political subdivisions 1,836 1,563 1,594 14 % 1,875 1,597 1,629 15 % Mortgage-backed securities and collateralized mortgage obligations 9,222 8,664 8,306 75 % 9,051 8,447 8,183 73 % Total available for sale securities $ 12,322 $ 11,499 $ 11,131 100 % $ 12,248 $ 11,376 $ 11,112 100 % Held to maturity: Corporate and other securities $ 18 $ 17 $ 18 100 % $ 19 $ 18 $ 19 100 % Total held to maturity securities $ 18 $ 17 $ 18 100 % $ 19 $ 18 $ 19 100 % We evaluate our investment securities on an ongoing basis for potential impairment, considering current market conditions, the relationship of fair value to amortized cost, the magnitude and duration of unrealized losses, changes in issuer credit ratings or credit trends, and other relevant factors. We also assess whether we intend to sell a security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity. As of June 30, 2026, the available for sale investment portfolio had gross unrealized losses of $433 million, including $374 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations. The unrealized losses were primarily attributable to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, not deterioration in credit quality. In the opinion of management, no ACL was considered necessary on these debt securities as of June 30, 2026. 61 Table of Contents Loans and Leases Total loans and leases outstanding as of June 30, 2026 were $47.2 billion, a decrease of $610 million as compared to December 31, 2025. The decrease primarily reflects continued 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, partially offset by growth in commercial loans. Management expects the loan portfolio to continue shifting toward relationship-based lending opportunities, consistent with the Company's balance sheet optimization strategy. The loan-to-deposit ratio was 91% and 88% as of June 30, 2026 and December 31, 2025, respectively. The following table presents the concentration distribution of the loan and lease portfolio as of the dates presented: June 30, 2026 December 31, 2025 (in millions) Amount % Amount % Commercial real estate Non-owner occupied term $ 7,584 16 % $ 8,206 17 % Owner occupied term 7,405 16 % 7,314 15 % Multifamily 10,122 22 % 10,281 22 % Construction & development 1,529 3 % 1,707 4 % Residential development 369 1 % 362 1 % Commercial Term 7,004 15 % 6,713 14 % Lines of credit & other 3,794 8 % 3,643 8 % Leases & equipment finance 1,617 3 % 1,599 3 % Residential Mortgage 5,402 11 % 5,624 12 % Home equity loans & lines 2,176 5 % 2,149 4 % Consumer & other 164 — % 178 — % Total, net of deferred fees and costs $ 47,166 100 % $ 47,776 100 % Loan Origination/Risk Management The Bank has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies, and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. The Bank maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the appropriate committees of our Board of Directors. The loan review process evaluates that the risk identification and assessment decisions made by lenders and credit personnel are in line with our policies and procedures. For a more comprehensive discussion of our loan and lease underwriting criteria, refer to discussion in the "Loans and Leases" section of Management's Discussion and Analysis included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Commercial Real Estate and Commercial Loans CRE and commercial loan portfolios are the largest classifications within earning assets, representing 45% and 20%, respectively, of average earning assets at June 30, 2026 and 43% and 20%, respectively, at December 31, 2025. Delinquency and non-accrual loan movements during the period reflect an anticipated move toward a normalized credit environment following a phase of exceptionally high credit quality. Non-performing loans in the CRE and commercial portfolios include $37 million in government guarantees, which partially offsets our credit exposure in those portfolios. 62 Table of Contents Commercial Real Estate Loans The CRE portfolio includes loans to developers and institutional sponsors supporting income-producing or for-sale CRE properties. We mitigate our risk on these loans by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied real estate loans are based on cash flows from ongoing operations, and the borrower must generally occupy more than 50% of rentable space or pay more than 50% of rents. As of June 30, 2026, approximately 27% of the outstanding principal balance of our CRE loan portfolio were secured by owner-occupied properties. As of June 30, 2026, the CRE loan portfolio was $27.0 billion, a decrease of $861 million compared to December 31, 2025, driven in part by the intentional runoff in below-market rate transactional loans as part of the Company's balance sheet optimization strategy and elevated payoffs in the non-owner occupied commercial real estate portfolio. CRE concentrations are managed with a goal of optimizing relationship-driven commercial loans, as well as geographic and business diversity, primarily in our footprint. The following table provides detail of CRE loans by property type: June 30, 2026 December 31, 2025 (in millions) Outstanding Non-Accrual (1) % of Non-Accrual to Total CRE Outstanding Non-Accrual (1) % of Non-Accrual to Total CRE CRE by property type: Multifamily $ 11,154 $ — — % $ 11,448 $ — — % Industrial 3,854 11 0.04 % 3,975 4 0.01 % Office 3,559 30 0.11 % 3,619 15 0.05 % Retail 2,514 10 0.04 % 2,634 12 0.04 % Special Purpose 1,915 5 0.02 % 1,958 5 0.02 % Hotel/Motel 918 2 0.01 % 988 5 0.02 % Other 3,095 38 0.14 % 3,248 9 0.02 % Total CRE loans $ 27,009 $ 96 0.36 % $ 27,870 $ 50 0.18 % (1) CRE non-accrual loans are inclusive of government guarantees of $19 million and $21 million as of June 30, 2026 and December 31, 2025, respectively. The following table provides detail on the geographic distribution of our CRE portfolio as of the periods indicated: June 30, 2026 December 31, 2025 (in millions) Amount % of Total Amount % of Total Southern California $ 8,789 33 % $ 9,147 32 % Puget Sound 3,895 14 % 4,049 15 % Portland Metro 2,934 11 % 3,013 11 % Oregon Other 2,928 11 % 2,952 11 % Northern California (excluding the Bay Area) 2,079 8 % 2,165 8 % Bay Area 1,740 6 % 1,847 7 % Washington Other 1,396 5 % 1,456 5 % Other 3,248 12 % 3,241 11 % Total CRE loans $ 27,009 100 % $ 27,870 100 % Loans secured by multifamily properties, including construction, represented 24% of the total loan portfolio as of both June 30, 2026 and December 31, 2025. These assets continue to perform well due to demand for rental properties in our geographic footprint. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax and rent control policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary geographic footprint in particular, could have an adverse impact on the repayment of these loans. 63 Table of Contents Loans secured by office properties, which are predominantly located in suburban markets, represented approximately 8% of our total loan portfolio at both June 30, 2026 and December 31, 2025, and were comprised of 50% non-owner occupied, 47% owner occupied, and 3% construction loans at June 30, 2026, compared to 53% non-owner occupied, 45% owner occupied, and 2% construction loans at December 31, 2025. The following table provides details on the geographic distribution of our CRE secured by office properties: June 30, 2026 December 31, 2025 (in millions) Amount % of Total Amount % of Total Southern California $ 1,112 31 % $ 1,135 31 % Puget Sound 542 15 % 551 15 % Oregon Other 478 13 % 467 13 % Portland Metro 377 11 % 386 11 % Northern California (excluding the Bay Area) 274 8 % 308 9 % Washington Other 148 4 % 151 4 % Bay Area 146 4 % 179 5 % Other 482 14 % 442 12 % Total CRE loans secured by office properties $ 3,559 100 % $ 3,619 100 % Commercial Loans and Leases Commercial loans are made to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, or other projects. The Bank focuses on borrowers doing business within our geographic markets. Commercial loans are generally underwritten individually and secured with the assets of the company and/or the personal guarantee of the business owners. Lease and equipment financing products are designed to address the diverse financing needs of small to large companies, primarily for the acquisition of equipment. As of June 30, 2026, commercial loans held in our loan portfolio were $12.4 billion, an increase of $460 million, or 8% on an annualized basis, compared to December 31, 2025, driven primarily by relationship-based loan originations. The leases and equipment finance portfolio represented 13% of the commercial portfolio and 3% of the total loan portfolio as of both June 30, 2026 and December 31, 2025. Net charge-offs in the FinPac lease portfolio were $15 million and $29 million for the three and six months ended June 30, 2026, compared to $14 million for the three months ended March 31, 2026 and $31 million for the six months ended June 30, 2025. Net charge-offs in the remaining commercial portfolio were $15 million and $36 million for the three and six months ended June 30, 2026, compared to $21 million for the three months ended March 31, 2026 and $28 million for the six months ended June 30, 2025. 64 Table of Contents The following table provides details on commercial loans and leases by industry type: June 30, 2026 December 31, 2025 (in millions) Outstanding Non-Accrual (1) % of Non-Accrual to Total Commercial Outstanding Non-Accrual (1) % of Non-Accrual to Total Commercial Commercial loans and leases by industry type: Agriculture $ 1,069 $ 38 0.31 % $ 1,016 $ 22 0.18 % Contractors 1,013 5 0.04 % 973 6 0.05 % Dentist 607 3 0.02 % 629 — — % Finance/insurance 994 — — % 990 — — % Franchise/quick-service restaurants 405 — — % 331 — — % Gaming 537 — — % 877 — — % Healthcare 566 4 0.03 % 545 2 0.02 % Manufacturing 954 5 0.04 % 1,054 8 0.07 % Professional 461 1 0.01 % 432 2 0.02 % Public admin 689 — — % 692 — — % Rental and leasing 750 — — % 688 — — % Retail 459 7 0.06 % 397 9 0.08 % Support services 546 5 0.04 % 501 1 0.01 % Transportation/warehousing 884 7 0.06 % 765 8 0.07 % Wholesale 796 3 0.02 % 909 3 0.03 % Other 1,685 6 0.05 % 1,156 5 0.05 % Total commercial portfolio $ 12,415 $ 84 0.68 % $ 11,955 $ 66 0.55 % (1) Commercial non-accrual loans and leases are inclusive of government guarantees of $18 million and $17 million as of June 30, 2026 and December 31, 2025, respectively. Residential Real Estate Loans Residential real estate loans represent mortgage loans and lines of credit to consumers for the purchase or refinance of a residence. As of June 30, 2026, residential real estate loans held in our loan portfolio were $7.6 billion, a decrease of $195 million as compared to December 31, 2025. Residential real estate loan balances declined during the quarter, primarily reflecting continued runoff driven by prior‑period actions to scale the residential lending platform and which have resulted in origination levels that are intentionally below those necessary to fully offset normal loan repayments and paydowns. The decline also reflects the intentional reduction of exposure within the transactional residential mortgage portfolio, consistent with the Company’s balance sheet optimization strategy. Consumer Loans Consumer loans, including secured and unsecured personal loans, personal lines of credit, and motor vehicle loans, decreased $14 million to $164 million as of June 30, 2026, as compared to December 31, 2025. The change was due to normal business activity. 65 Table of Contents Asset Quality and Non-Performing Assets The Bank manages asset quality and controls credit risk primarily through diversification of its loan and lease portfolio and the consistent application of credit policies designed to support sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration department is charged with monitoring asset quality, establishing credit policies and procedures, and enforcing the consistent application of these policies and procedures across the Bank. The Bank conducts ongoing reviews of non-performing, past due loans and leases, and larger credits, designed to identify potential charges to the ACL, and to determine the adequacy of the ACL. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions, and other factors. The following table summarizes the Bank's non-performing assets, the ACL, and asset quality ratios as of the dates presented: (in millions) June 30, 2026 December 31, 2025 Non-performing assets: (1) Loans and leases on non-accrual status Commercial real estate $ 96 $ 50 Commercial 84 66 Total loans and leases on non-accrual status 180 116 Loans and leases past due 90 days or more and accruing (2) Commercial real estate 4 2 Commercial 4 8 Residential (2) 80 72 Total loans and leases past due 90 days or more and accruing (2) 88 82 Total non-performing loans and leases (1), (2) 268 198 Other real estate owned 5 2 Total non-performing assets (1), (2) $ 273 $ 200 ACLLL $ 458 $ 466 Reserve for unfunded commitments 17 19 ACL $ 475 $ 485 Asset quality ratios: Non-performing assets to total assets (1), (2) 0.42 % 0.30 % Non-performing loans and leases to total loans and leases (1), (2) 0.57 % 0.41 % Non-accrual loans and leases to total loans and leases (2) 0.38 % 0.24 % ACLLL to total loans and leases 0.97 % 0.98 % ACL to total loans and leases 1.01 % 1.02 % ACL to non-accrual loans and leases 264 % 418 % ACL to total non-performing loans and leases 177 % 245 % (1) Non-accrual and 90+ days past due loans include government guarantees of $37 million and $41 million, respectively, as of June 30, 2026. As of December 31, 2025, non-accrual and 90+ days past due loans include government guarantees of $38 million and $41 million, respectively. (2) Excludes certain mortgage loans that carry a government guarantee, which the Company has a unilateral right to repurchase but has not exercised that right. Such loans totaled $4 million as of June 30, 2026 and $3 million at December 31, 2025. As of June 30, 2026, loans modified for borrowers experiencing financial difficulties totaled $142 million or 0.30% of total loans, compared to $193 million or 0.40% as of December 31, 2025. A decline in economic conditions and other factors could adversely impact individual borrowers or the loan portfolio as a whole. Accordingly, there can be no assurance that additional loans will not become 90 days or more past due, be placed on non-accrual status, be restructured, or be transferred to other real estate owned in the future. 66 Table of Contents ALLOWANCE FOR CREDIT LOSSES The ACL represents management's best estimate of lifetime credit losses for loans and leases and unfunded commitments. The ACL totaled $475 million as of June 30, 2026, a decrease of $10 million from $485 million as of December 31, 2025. The change in the ACL estimate during the three and six months ended June 30, 2026 reflects the combined effect of updated economic assumptions, portfolio activity and credit migration, and changes to the Company's ACL estimation methodology and qualitative adjustments. The following table shows the activity in the ACL for the periods indicated: Three Months Ended Six Months Ended (in millions) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Allowance for credit losses on loans and leases Balance, beginning of period $ 459 $ 466 $ 466 $ 425 Provision for credit losses on loans and leases 29 28 57 55 Charge-offs: Commercial real estate (1) — (1) — Commercial (32) (39) (71) (66) Residential — — — (1) Consumer & other (2) (1) (3) (2) Total charge-offs (35) (40) (75) (69) Recoveries: Commercial 4 4 8 9 Consumer & other 1 1 2 1 Total recoveries 5 5 10 10 Net (charge-offs) recoveries: Commercial real estate (1) — (1) — Commercial (28) (35) (63) (57) Residential — — — (1) Consumer & other (1) — (1) (1) Total net charge-offs (30) (35) (65) (59) Balance, end of period $ 458 $ 459 $ 458 $ 421 Reserve for unfunded commitments Balance, beginning of period $ 19 $ 19 $ 19 $ 16 (Recapture) provision for credit losses on unfunded commitments (2) — (2) 2 Balance, end of period 17 19 17 18 Total allowance for credit losses $ 475 $ 478 $ 475 $ 439 As a percentage of average loans and leases (annualized): Net charge-offs 0.25 % 0.30 % 0.28 % 0.31 % Provision for credit losses 0.23 % 0.24 % 0.23 % 0.30 % Recoveries as a percentage of charge-offs 14.29 % 12.50 % 13.33 % 14.62 % 67 Table of Contents The following table shows the change in the ACL from March 31, 2026 to June 30, 2026: (in millions) March 31, 2026 Q2 2026 Net (Charge-Offs) Reserve (Release) Build June 30, 2026 % of Loans and Leases Outstanding Commercial real estate $ 223 $ (1) $ 4 $ 226 0.84 % Commercial 214 (28) 34 220 1.77 % Residential 34 — (12) 22 0.29 % Consumer & other 7 (1) 1 7 4.27 % Total ACL $ 478 $ (30) $ 27 $ 475 1.01 % % of loans and leases outstanding 1.00 % 1.01 % The ACL reflects management's estimate of expected credit losses over the contractual life of the loan and lease portfolio and is influenced by portfolio composition, credit quality trends, economic conditions, and reasonable and supportable forecasts. The Company's CECL model incorporates macroeconomic forecasts relevant to each loan and lease portfolio, supplemented by qualitative adjustments to address risks and uncertainties that may not be fully captured in the quantitative analysis. In estimating the ACL at June 30, 2026, the Company utilized Moody's Analytics' May 2026 consensus economic forecast. Relative to the economic assumptions used in the December 31, 2025 ACL estimate, the May 2026 forecast reflected marginally improved projected GDP growth, partially offset by higher expected unemployment rates. In addition, during the second quarter of 2026, the Company modified its ACL estimation methodology by transitioning from a DCF methodology to a non-DCF methodology for substantially all loan segments. Refer to Note 1 – Summary of Significant Accounting Policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for a description of the ACL methodology and to Note 5 – Allowance for Credit Losses above for information regarding the methodology changes implemented during the quarter. The ACL models are sensitive to changes in economic assumptions, and changes in those assumptions may result in volatility in the ACL over time. Management believes the ACL as of June 30, 2026 is sufficient to absorb losses inherent in the loan and lease portfolio and in credit commitments outstanding as of that date based on the information available. If the economic conditions decline, the Bank may need additional provisions for credit losses in future periods. The following table sets forth the allocation of the ACLLL and percent of loans and leases in each category to total loans and leases as of the date presented: June 30, 2026 December 31, 2025 (in millions) Amount % Amount % Commercial real estate $ 217 58 % $ 198 59 % Commercial 214 26 % 226 25 % Residential 21 16 % 34 16 % Consumer & other 6 — % 8 — % Total ACLLL $ 458 100 % $ 466 100 % 68 Table of Contents Residential Mortgage Servicing Rights The Company measures its MSR asset at fair value with changes in fair value reported in residential mortgage banking revenue, net. The following table presents the changes in our residential MSR portfolio for the periods indicated: Three Months Ended Six Months Ended (in millions) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Balance, beginning of period $ 105 $ 99 $ 99 $ 108 Additions for new MSR capitalized 2 3 5 4 Changes in fair value: Changes due to collection/realization of expected cash flows over time (3) (3) (6) (6) Changes due to valuation inputs or assumptions (1) 1 6 7 (3) Balance, end of period $ 105 $ 105 $ 105 $ 103 (1) The changes in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates. The following table presents information related to our residential serviced loan portfolio as of the dates presented: (in millions) June 30, 2026 December 31, 2025 Balance of loans serviced for others $ 7,734 $ 7,755 MSR as a percentage of serviced loans 1.36 % 1.28 % Residential MSR are adjusted to fair value each quarter, with change in fair value recorded in residential mortgage banking revenue in the Consolidated Statements of Income. MSR assets are recorded in other assets on the Consolidated Balance Sheets. The fair value of servicing rights can fluctuate based on changes in interest rates and other market factors. Generally, declining interest rates increase borrower refinancing activity and prepayment speeds, which reduce the expected life of servicing assets and lowers their fair value as anticipated future servicing fee collections decline. Conversely, increases in market interest rates generally result in lower prepayment expectations and an increase in the fair value of residential MSR. Goodwill and Other Intangible Assets Goodwill was $1.5 billion as of June 30, 2026 and December 31, 2025. Goodwill is recorded in connection with business combinations and represents the excess of the purchase price over the estimated fair value of the net assets acquired. As of June 30, 2026, we had other intangible assets of $633 million, as compared to $712 million at December 31, 2025. As part of a business acquisition, the fair value of identifiable intangible assets such as core deposits, which includes all deposits except certificates of deposit, was recognized at the acquisition date. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives. Core deposit intangibles are amortized on an accelerated basis over a period of 10 years using the sum-of-the-years-digits method. Refer to Note 6 – Goodwill and Other Intangible Assets, for forecasted amortization expense for intangible assets as of June 30, 2026. Intangible assets are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment losses have been recognized in the periods presented. 69 Table of Contents Deposits Total deposits were $52.1 billion as of June 30, 2026, a decrease of $2.2 billion as compared to December 31, 2025. The decrease was primarily due to an intentional reduction in brokered deposits and wholesale public deposits. Seasonal tax payments in the early part of the second quarter also reduced deposits between periods. The following table presents deposit balances by category as of the dates presented: June 30, 2026 December 31, 2025 (in millions) Amount % Amount % By type: Non-interest-bearing demand $ 17,218 33 % $ 17,419 32 % Interest-bearing demand 11,093 21 % 10,763 20 % Money market 16,415 32 % 17,013 31 % Savings 2,392 5 % 2,442 5 % Time, $250,000 or less 3,347 6 % 4,893 9 % Time, greater than $250,000 1,591 3 % 1,681 3 % Total deposits $ 52,056 100 % $ 54,211 100 % Total deposits (insured/uninsured): Insured deposits $ 31,464 60 % $ 34,428 64 % Uninsured deposits (1) 20,592 40 % 19,783 36 % Total deposits $ 52,056 100 % $ 54,211 100 % (1) Represents estimated uninsured deposits as calculated using the methodologies and assumptions applied in the Bank's Call Report, which is prepared at the bank level. The following table presents total deposit balances by the categories shown as of the dates presented: June 30, 2026 December 31, 2025 (in millions) Amount % Amount % Customer deposits $ 48,229 93 % $ 48,758 90 % Public and administrative deposits 2,849 5 % 3,098 6 % Brokered deposits 978 2 % 2,355 4 % Total deposits $ 52,056 100 % $ 54,211 100 % The Company's total core deposits, defined as total deposits excluding time deposits greater than $250,000 and all brokered deposits, totaled $49.5 billion as of June 30, 2026, compared to $50.2 billion as of December 31, 2025. The Company's total brokered deposits were $978 million or 2% of total deposits as of June 30, 2026, compared to $2.4 billion or 4% of total deposits as of December 31, 2025. Management's funding strategy emphasizes a higher proportion of customer deposits and a reduced reliance on wholesale funding sources, including brokered deposits and FHLB advances, as well as the optimization of wholesale funding. Consistent with this strategy, the Company replaced $650 million in brokered deposits with advances from the FHLB, which provided a more favorable effective cost of funds after considering the associated dividend, as detailed in the following section. Excess cash also was used to reduce brokered deposits as of June 30, 2026. Borrowings As of June 30, 2026, the Bank had outstanding securities sold under agreements to repurchase of $189 million, a decrease of $18 million from December 31, 2025. The Bank also had outstanding borrowings consisting of advances from the FHLB of $4.3 billion as of June 30, 2026 and $3.2 billion as of December 31, 2025. The increase primarily reflects changes in the Company's funding mix, including the replacement of brokered deposits with FHLB advances, which provided a more favorable effective cost of funds. FHLB advances have fixed interest rates ranging from 3.83% to 4.02% and all mature in 2026. Advances from the FHLB are secured by loans collateralized by real estate. 70 Table of Contents Junior and Other Subordinated Debentures The Company had junior and other subordinated debentures with carrying values of $436 million and $435 million as of June 30, 2026 and December 31, 2025, respectively. The change in fair value was driven by higher implied forward rates and narrower credit spreads, partially offset by higher market interest rates. As of June 30, 2026, substantially all of the Company's junior subordinated debentures had interest at variable rates that reset on a quarterly basis based on a spread over three-month term SOFR. The junior subordinated debentures are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indentures. The Company has the right to redeem them in whole on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. Liquidity and Cash Flow The principal objective of the Bank's liquidity management program is to ensure liquidity to meet the day-to-day cash flow needs of customers, including deposit withdrawals and draws on credit facilities. The Bank's liquidity strategy includes maintaining sufficient on-balance sheet liquidity to support balance sheet flexibility, fund growth in the loan and investment portfolios, and reduce reliance on non-deposit funding sources as economic conditions permit. Management believes that the Company maintains sufficient cash balances and access to borrowings to operate effectively in the current economic environment and to meet its working capital and other liquidity needs. The Company will continue to prudently manage and evaluate its liquidity positions, including its capacity to fund future loan growth and manage borrowings. The Bank regularly conducts liquidity stress testing to assess its ability to withstand adverse market conditions and unexpected funding needs. These stress tests consider a range of scenarios, including rapid deposit outflows, changes in collateral requirements for public deposits, and limited access to wholesale funding markets. The results of these analyses inform contingency funding plans and help ensure that sufficient liquidity is maintained under both normal and stressed conditions. The Bank maintains a liquidity buffer and identifiable contingent sources that are designed to support obligations independent of bank dividends under adverse scenarios. Management believes that the Company's diversified funding sources and available liquidity position provide resilience against potential market disruptions. The Bank actively monitors its sources and uses of funds on a daily basis to maintain an appropriate liquidity position. Public deposits represent one source of funding, and individual state laws generally require banks to collateralize public deposits in excess of FDIC insurance coverage. Public deposits represented 5% of total deposits as of both June 30, 2026 and December 31, 2025. Collateral requirements vary by state and in certain cases, by institution based on regulatory assessments. Changes in collateral requirements for uninsured public deposits may require the pledging of additional collateral, the use of other funding sources to support collateral needs, or could lead to the withdrawal of certain public deposits. The Bank's diversified deposit base provides a significant source of stable, low-cost funding, and reduces reliance on wholesale funding markets. Total core deposits were $49.5 billion as of June 30, 2026, as compared to $50.2 billion at December 31, 2025. In addition, the Bank maintains liquidity supported by excess bond collateral of $5.0 billion, further strengthening its liquidity position. In addition to liquidity from core deposits and the repayments and maturities of loans and investment securities, the Bank has the ability to generate liquidity through securities sold under agreements to repurchase, the issuance of brokered certificates of deposit, and the utilization of off-balance sheet funding sources. The Bank also maintains substantial liquidity through off-balance sheet funding sources. These sources include borrowing capacity under uncommitted lines of credit, advances from the FHLB, and access to the Federal Reserve Bank's Discount Window. Availability under the uncommitted lines of credit is subject to federal funds balances and continued counterparty eligibility, and such facilities are generally intended to support short-term liquidity needs and may limit consecutive day usage. 71 Table of Contents The following table presents total off-balance sheet liquidity as of the date presented: June 30, 2026 (in millions) Gross Availability Utilization Net Availability FHLB lines $ 16,808 $ 4,429 $ 12,379 Federal Reserve Discount Window 5,943 — 5,943 Uncommitted lines of credit 700 — 700 Total off-balance sheet liquidity $ 23,451 $ 4,429 $ 19,022 The following table presents total available liquidity as of the date presented: (in millions) June 30, 2026 Total off-balance sheet liquidity $ 19,022 Cash and cash equivalents, less reserve requirements 1,582 Excess bond collateral 5,044 Total available liquidity $ 25,648 The Company is a separate legal entity from the Bank and is required to maintain its own liquidity. Substantially all of the Company's cash flows are derived from dividends declared and paid by the Bank. During the six months ended June 30, 2026, there were $250 million of dividends paid by the Bank to the Company. There are statutory and regulatory provisions that limit the ability of the Bank to pay dividends to the Company. FDIC and Oregon Division of Financial Regulation approval is required for quarterly dividends from the Bank to the Company. In addition to dividends, the Company may utilize other capital management actions to support parent‑level liquidity and capital objectives, as appropriate. Looking ahead, management expects the liquidity positions of both the Bank and the Company to remain satisfactory through 2026, with possible fluctuations in deposit balances due to pricing pressure or customers' behavior in the current economic environment. To support liquidity, the Bank may adjust deposit pricing, which could increase interest expense, or utilize more costly borrowings and other funding sources. Management will continue to closely monitor liquidity levels, conduct regular stress testing, and maintain contingency plans to address potential risks, including regulatory changes and market volatility. Commitments and Other Contractual Obligations - The Company participates in many different contractual arrangements which may or may not be recorded on its balance sheet, under which the Company has an obligation to pay certain amounts, provide credit or liquidity enhancements, or provide market risk support. Our material contractual obligations are primarily for time deposits and borrowings. As of June 30, 2026, time deposits totaled $4.9 billion, of which $4.8 billion mature in a year or less. Total FHLB advances as of June 30, 2026 were $4.3 billion, all of which mature within one year. These arrangements also include off-balance sheet commitments to extend credit, letters of credit, and various forms of guarantees. Total junior subordinated borrowings were $436 million as of June 30, 2026, maturing in 2031 through 2037. As of June 30, 2026, our loan commitments were $12.3 billion, and letter of credit commitments were $438 million. A portion of the commitments will eventually result in funded loans and increase our profitability through net interest income when drawn and unused commitment fees prior to being drawn. Refer to Note 8 – Commitments and Contingencies for further information. Financing commitments, letters of credit, and deferred purchase commitments are presented at contractual amounts and do not necessarily reflect future cash outflows as many are expected to expire unused or partially used. Off-Balance-Sheet Arrangements Information regarding Off-Balance-Sheet Arrangements is included in Note 8 – Commitments and Contingencies of the Notes to Consolidated Financial Statements. Concentrations of Credit Risk Information regarding Concentrations of Credit Risk is included in Note 8 – Commitments and Contingencies of the Notes to Consolidated Financial Statements. 72 Table of Contents Capital Resources Shareholders' equity as of June 30, 2026 was $7.6 billion, a decrease of $288 million from December 31, 2025. The decrease was primarily driven by $418 million of common stock repurchased and retired, $214 million of cash dividends, and $77 million of other comprehensive loss, partially offset by net income of $400 million. The Company's dividend policy considers a number of factors, including earnings, regulatory capital requirements, the overall payout ratio, and expected asset growth, in determining the amount of dividends, if any, to be declared on a quarterly basis. There can be no assurance that future cash dividends on common shares will be declared or increased. Management cannot predict the impact of changes in economic conditions that could result in reduced or insufficient earnings, regulatory restrictions or limitations, changes to capital requirements, or a determination to retain earnings to strengthen capital, any of which could limit or eliminate the Company's ability to pay dividends at historical levels, or at all. On May 15, 2026, the Company declared a cash dividend of $0.37 per common share related to first quarter 2026 performance, which was paid on June 15, 2026. The following table presents cash dividends declared and the related dividend payout ratios (dividends declared per common share divided by basic earnings per common share) for the periods presented: Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Dividend declared per common share $ 0.37 $ 0.37 $ 0.74 $ 0.72 Dividend payout ratio 51 % 56 % 53 % 63 % As of June 30, 2026, the Company has authorization from its Board to repurchase up to $700 million of shares of common stock. Authorization for such share repurchase program will expire on November 30, 2026. As of June 30, 2026, $202 million remained available to repurchase shares under this program. During the three and six months ended June 30, 2026, the Company repurchased 6.6 million and 13.1 million shares under this program, respectively. The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, our capital plan, and bank or bank holding company regulatory approvals. As part of the Company's capital management strategy, and in support of Columbia’s authorized share repurchase program, the Bank upstreams capital through the repurchase of Bank common stock rather than through dividends. This approach allows capital to be transferred to the parent while avoiding reductions to Bank retained earnings. During the three and six months ended June 30, 2026, the Bank repurchased $200 million and $400 million of its common stock, respectively. These transactions are accounted for as reductions to Bank common stock, represent intercompany equity transactions, and do not impact consolidated capital, results of operations, or regulatory capital ratios. Bank stock repurchases are distinct from dividends and are executed subject to applicable state and federal regulatory approvals. The Company is committed to managing capital to maintain strong protection for depositors and creditors and for maximum shareholder benefit. The Company also manages its capital to exceed regulatory capital requirements for banking organizations. Regulatory capital requirements applicable to the Company are based on Basel III and require the Company to calculate capital adequacy as a percentage of risk-weighted assets under the standardized approach. All regulatory ratios exceeded regulatory "well-capitalized" requirements. 73 Table of Contents The following table shows the Company's consolidated and the Bank's capital adequacy ratios compared to the regulatory minimum capital ratio and the regulatory minimum capital ratio needed to qualify as a "well-capitalized" institution, as calculated under regulatory guidelines of the Basel III at the dates presented: Actual For Capital Adequacy Purposes To be Well-Capitalized (in millions) Amount Ratio Ratio Ratio June 30, 2026 Total Capital (to Risk Weighted Assets) Consolidated $ 6,870 13.52 % 8.00 % 10.00 % Bank $ 6,669 13.13 % 8.00 % 10.00 % Tier I Capital (to Risk Weighted Assets) Consolidated $ 5,940 11.69 % 6.00 % 8.00 % Bank $ 6,200 12.21 % 6.00 % 8.00 % Tier I Common (to Risk Weighted Assets) Consolidated $ 5,940 11.69 % 4.50 % 6.50 % Bank $ 6,200 12.21 % 4.50 % 6.50 % Tier I Capital (to Average Assets) Consolidated $ 5,940 9.28 % 4.00 % 5.00 % Bank $ 6,200 9.68 % 4.00 % 5.00 % December 31, 2025 Total Capital (to Risk Weighted Assets) Consolidated $ 7,012 13.63 % 8.00 % 10.00 % Bank $ 6,819 13.26 % 8.00 % 10.00 % Tier I Capital (to Risk Weighted Assets) Consolidated $ 6,070 11.80 % 6.00 % 8.00 % Bank $ 6,339 12.32 % 6.00 % 8.00 % Tier I Common (to Risk Weighted Assets) Consolidated $ 6,070 11.80 % 4.50 % 6.50 % Bank $ 6,339 12.32 % 4.50 % 6.50 % Tier I Capital (to Average Assets) Consolidated $ 6,070 9.29 % 4.00 % 5.00 % Bank $ 6,339 9.70 % 4.00 % 5.00 % 74 Table of Contents