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Columbia Banking System Inc. FOR IMMEDIATE RELEASE October 28 , 2021 Columbia Banking System Announces Third Quarter 2021 Results Notable Items for Third Quarter 2021 • • • • • • Quarterly net income of $ 53.0 million and diluted earnings per share of $ 0.74 Total loans , net of PPP loans , increased $ 183.2 million , or 8 % annualized¹ Strong loan production of $ 366.2 million Deposits increased $ 608.0 million , or 16 % annualized Net interest margin of 3.17 % , an increase of 1 basis point from the linked quarter Nonperforming assets to period - end assets ratio decreased to 0.13 % Loan balances subject to deferral declined 20 % from June 30 , 2021 TACOMA , Washington , October 28 , 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 third quarter 2021 earnings , “ Third quarter performance was very good on all fronts . Our bankers worked hard to serve our clients , which directly translated into robust balance sheet growth , improved credit quality , expanding pipelines , stable noninterest income and well - controlled expenses . " 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