Columbia Banking System Inc. announced that a quarterly cash dividend of $0.16 per common share, and per common share equivalent for holders of preferred stock, will be paid on February 25, 2015 to shareholders of record as of the close of business on February 11, 2015.

In addition, the Board of Directors declared a special cash dividend of $0.14 per common share, and per common
share equivalent for holders of preferred stock, which will also be paid on February 25, 2015 to shareholders of
record as of the close of business on February 11, 2015.