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EX - 99.1 2 a991 colb2q2021 earningsrele.htm PRESS RELEASE - EARNINGS AND DIVIDEND Exhibit 99.1 BB Columbia Banking System Inc. FOR IMMEDIATE RELEASE July 29 , 2021 Columbia Banking System Announces Second Quarter 2021 Results and Quarterly Cash Dividend Notable Items for Second Quarter 2021 • • • Announced merger agreement with Bank of Commerce Holdings Quarterly net income of $ 55.0 million and diluted earnings per share of $ 0.77 Total loans , net of PPP loans increased $ 218.9 million , or 10 % annualized¹ • Record non - PPP loan production of $ 605.2 million • • • • • Deposits increased $ 578.0 million , or 16 % annualized Net interest margin of 3.16 % , a decrease of 15 basis points from the linked quarter Nonperforming assets to period - end assets ratio decreased to 0.14 % Loan balances subject to deferral declined 43 % from March 31 , 2021 Regular cash dividend declared of $ 0.28 per share TACOMA , Washington , July 29 , 2021 -- Clint Stein , President and Chief Executive Officer of Columbia Banking System , Inc. ( " Columbia ” , “ we ” or “ us ” ) and Columbia Bank ( the “ Bank ” ) ( NASDAQ : COLB ) , said today upon the release of Columbia's second quarter 2021 earnings , " It was a solid quarter for us in spite of the difficult interest rate environment . Revenues were up , credit quality remained high , expenses were well - controlled and quarterly loan production exceeded $ 600 million for the first time in our history . On top of this , we announced a merger agreement with Sacramento - based Bank of Commerce Holdings ( " Bank of Commerce " ) , which will allow us to expand the reach of our products and services into the northern California market . " 1 Total loans , net of PPP loans is a non - GAAP measure . See the section titled " Non - GAAP Financial Measures ” in this earnings release for a reconciliation of total loans to total loans , net of PPP loans . 1