Columbia Banking System (COLB) Investor presentation summary

Transaction overview and strategic rationale

• Second step conversion and stock offering to raise $1.4–$1.9 billion, strengthening capital and enabling acquisition of Northfield Bancorp, with a combined deal value of ~$600 million.

• Combined entity will have ~$18 billion in assets, 100+ branches, and a top 5 community bank position in the NYC metro area.

• Strategic benefits include enhanced scale, improved stockholder returns, and a more flexible capital management strategy.

• Pro forma capital ratios will far exceed regulatory requirements, supporting future M&A flexibility.

• Transaction expected to close mid-July 2026, with a traditional ownership structure and more liquid stock.

Financial highlights and pro forma metrics

• Pro forma company will have $18.0bn in assets, $12.5bn in deposits, and $2.9bn in tangible common equity.

• 2027E ROAA projected at 1.04%, efficiency ratio at 48.6%, and NIM at 2.88%.

• Tangible common equity to tangible assets ratio expected at 16.5%, with CRE/total risk-based capital at 212%.

• Loan/deposit ratio at 96%, and ACL/loans HFI at 1.3%.

• Pro forma valuation at midpoint: P/TBV 0.92x, P/2027E EPS 12.9x.

Management team and experience

• Combined management team brings decades of experience, with key executives from both institutions.

• Leadership includes Thomas J. Kemly (CEO, 45+ years), Dennis E. Gibney (Chief Banking Officer, 25+ years), and Steven M. Klein (COO, 30+ years).

• Team has a strong track record in M&A and community banking.