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EX - 99.1 2 a991colb1q2021 earningsrele.htm PRESS RELEASE - EARNINGS AND DIVIDEND Exhibit 99.1 BB Columbia Banking System Inc. FOR IMMEDIATE RELEASE April 29 , 2021 Columbia Banking System Announces First Quarter 2021 Results and Quarterly Cash Dividend Notable Items for First Quarter 2021 • • • • • • • Quarterly net income of $ 51.9 million and diluted earnings per share of $ 0.73 Net loans increased $ 248.7 million , or 3 % , during the first quarter of 2021 Deposits increased $ 897.6 million , or 6 % , during the first quarter of 2021 Net interest margin of 3.31 % , a decrease of 21 basis points from the linked quarter Nonperforming assets to period - end assets ratio decreased to 0.20 % Loan balances subject to deferral were down 51 % from December 31 , 2020 Regular cash dividend declared of $ 0.28 per share TACOMA , Washington , April 29 , 2021 -- Clint Stein , President and Chief Executive Officer of Columbia Banking System , Inc. and Columbia Bank ( NASDAQ : COLB ) ( " Columbia ” ) , said today upon the release of Columbia's first quarter 2021 earnings , “ The momentum gained by our bankers at the end of 2020 accelerated during the quarter , resulting in record first - quarter , non - PPP loan production , exceptional deposit inflows , and record performance for the financial services group . Creating this momentum was intentional . Throughout the pandemic we remained forward - looking and focused on keeping our operations open safely while supporting the unique needs of both existing and new clients . " Mr. Stein continued , “ I cannot be more proud of our team's efforts . Every one of our employees has helped our clients and communities weather the difficulties of an unprecedented year . During the quarter , we handled a higher number of PPP loan applications in the second round than we did in the first round , supporting existing and gaining new clients , and we handled the forgiveness process for first round PPP clients . Those not directly involved in the PPP program focused on growing our business . As the pandemic eases and communities fully reopen , we are well - positioned to take advantage of new opportunities . " 1