Columbia Banking System Announces Leadership Transition
Tacoma, WA – March 30, 2025 – Columbia Banking System, Inc. (Nasdaq: COLB) announced that Cort O’Haver will step down as Executive Chair of the Board, effective March 31, 2025, following the successful integration of Columbia and Umpqua Holdings Corporation. The Executive Chair position will be eliminated as part of this transition.

Mr. O’Haver will also resign from the board and leave the company entirely. He will receive severance benefits in accordance with his 2021 employment agreement.

Effective April 1, 2025, Maria Pope, CEO of Portland General Electric (NYSE: POR), will assume the role of independent, non-executive chair of the board.

The announcement was made via a Form 8-K and an accompanying press release filed with the SEC.

Columbia Banking System, Inc. reported fourth-quarter 2024 net income of $143 million, with diluted earnings per share of $0.68. Operating net income was $150 million, or $0.71 per share. Net interest income rose to $437 million due to lower funding costs, while non-interest income declined to $50 million, impacted by loan sale losses and fair value changes. Non-interest expenses dropped to $267 million, reflecting lower benefits costs.

Loans grew to $37.7 billion, with deposits increasing slightly to $41.7 billion. The net interest margin improved to 3.64%, supported by lower deposit costs. Credit quality remained stable, with non-performing assets at 0.33% of total assets. Columbia maintained strong capital ratios and declared a $0.36 quarterly dividend. 2024 marked the first full year post-merger with Umpqua, achieving cost savings and branch expansions, with continued investment in technology and customer services planned for 2025.