CB Declares Regular and Special Cash Dividend

Columbia Banking System Declares Regular Cash Dividend
and Special Cash Dividend

Columbia Banking System, Inc. announced that a quarterly cash dividend of $0.12 per common share, and per common share equivalent for holders of preferred stock, will be paid on May 21, 2014 to shareholders of record as of the close of business on May 7, 2014.

In addition, the Board of Directors declared a special cash dividend of $0.12 per common share, and per common share equivalent for holders of preferred stock, which will also be paid on May 21, 2014 to shareholders of record as of the close of business on May 7, 2014.

Melanie Dressel, President and Chief Executive Officer noted, "Our ongoing commitment is to actively manage our capital position. In light of the quality of our quarterly earnings and increasing capital levels, we are pleased to pay a special cash dividend. Along with our regular dividend, this constitutes a payout ratio of 65% for the quarter and dividend yield of 3.5% based on our most recent closing price." Ms. Dressel continued, "With total risk based capital approaching 15% and tangible common equity of 10%, we believe we are still well positioned from a capital perspective to take full advantage of any strategic opportunities that may arise."