COLUMBIA BANKING SYSTEM, INC. — Director's Dealing 2014

Nov 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COLUMBIA BANKING SYSTEM INC (COLB)
CIK: 0000887343
Period of Report: 2014-11-01

Reporting Person: Elsaesser Ford (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-01	Common Stock	A	33096	—	Acquired	33096	Direct
2014-11-01	Common Stock	A	389	—	Acquired	33485	Indirect
2014-11-01	Common Stock	A	52	—	Acquired	33537	Indirect
2014-11-01	Common Stock	A	5	—	Acquired	33542	Indirect
2014-11-01	Common Stock	A	26	—	Acquired	33568	Indirect
2014-11-01	Common Stock	A	5	—	Acquired	33573	Indirect

Footnotes

F1: In connection with the merger of Intermountain Community Bancorp ("Intermountain") with and into Columbia Banking System, Inc. ("Columbia") on November 1, 2014 pursuant to the Agreement and Plan of Merger, dated July 23, 2014, as amended, between Intermountain and Columbia (the "Merger"), the reporting person was entitled to receive, subject to proration, 33,096 shares of the Columbia common stock reported above, together with $3,549.56 in cash, in exchange for 45,254 shares of Intermountain common stock.

F2: In connection with the Merger, the reporting person was entitled to receive, subject to proration, 389 shares of the Columbia common stock reported above, together with $1,389.56 in cash, in exchange for 606 shares of Intermountain common stock.

F3: In connection with the Merger, the reporting person was entitled to receive, subject to proration, 52 shares of the Columbia common stock reported above in exchange for 72 shares of Intermountain common stock.

F4: In connection with the Merger, the reporting person was entitled to receive, subject to proration, 5 shares of the Columbia common stock reported above together with $18.34 in cash, in exchange for 8 shares of Intermountain common stock.

F5: In connection with the Merger, the reporting person was entitled to receive, subject to proration, 26 shares of the Columbia common stock reported above together with $94.01 in cash, in exchange for 41 shares of Intermountain common stock.

F6: In connection with the Merger, the reporting person was entitled to receive, subject to proration, 5 shares of the Columbia common stock reported above together with $20.64 in cash, in exchange for 9 shares of Intermountain common stock.

F7: On October 31, 2014, the trading day immediately prior to the November 1, 2014 effective date of the Merger, the closing price of Intermountain's common stock was $20.00 per share and the closing price of Columbia's common stock was $27.78 per share.