TACOMA, Wash., Sept. 14, 2026 /PRNewswire/ -- Columbia Bank (the "Bank"), the wholly-owned banking subsidiary of Columbia Banking System, Inc. ("Columbia") (Nasdaq: COLB), announced today the pricing of its offering of $250 million aggregate principal amount of its 6.721% Fixed-to-Fixed Rate Subordinated Notes due 2036 (the "Notes"). The offering of the Notes is expected to close on September 18, 2026, subject to customary closing conditions.

The Notes have an initial fixed interest rate of 6.721% per annum, payable semi-annually in arrears, from the original issuance date through September 18, 2031, unless redeemed earlier. From and including September 18, 2031, through maturity, unless redeemed earlier, the Notes will bear interest at a fixed rate per annum equal to the Five-Year U.S. Treasury Rate as of the applicable reset determination date plus 195 basis points, payable semi-annually in arrears.

The Notes are intended to qualify as Tier 2 capital of the Bank for regulatory capital purposes.

The Bank intends to use the net proceeds from the offering for general corporate purposes, including to support growth and capital adequacy, and to return up to $250 million of capital to Columbia. Columbia intends to use the returned capital to redeem certain of its outstanding trust preferred securities.

The Notes will be unsecured, subordinated obligations and will be subordinated in right of payment to all of the Bank's existing and future senior debt, whether secured or unsecured, including claims of depositors and general creditors. The Notes will be obligations of the Bank only and will not be obligations of, and will not be guaranteed by, Columbia.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and are being offered and sold only to institutional accredited investors within the meaning of the Securities Act in reliance on the exemption contained in Section 3(a)(2) of the Securities Act. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Columbia
Columbia is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, 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.

Investor Relations Contact:
Jacquelynne "Jacque" Bohlen
ir@columbiabank.com
(503) 727-4100

Note Regarding Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate," "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and June 30, 2026, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

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SOURCE Columbia Banking System, Inc.