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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________ 
FORM 10-Q
________________________________________________________  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File Number 000-20288
 _________________________________________________________________________
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
 _______________________________________________________________
Washington91-1422237
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
1301 A Street
Tacoma, Washington 98402-2156
(Address of principal executive offices and zip code)
(253) 305-1900
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, No Par ValueCOLBThe Nasdaq Stock Market LLC
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes   No x
The number of shares of common stock outstanding at July 31, 2022 was 78,649,458



TABLE OF CONTENTS
 
 Page
PART I — FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i


Glossary of Acronyms, Abbreviations and Terms

The acronyms, abbreviations and terms listed below are used in various sections of the Form 10-Q, including “Item 1. Financial Statements” and “Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations.”
ACLAllowance for Credit LossesFRBFederal Reserve Bank
ASCAccounting Standards CodificationGAAPGenerally Accepted Accounting Principles
ASUAccounting Standards UpdateGDPGross Domestic Product
Bank of CommerceBank of Commerce HoldingsLIBORLondon Interbank Offering Rate
B&OBusiness and OccupationNasdaqNational Association of Securities Dealer Automated Quotations
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013N/MNot meaningful
Capital RulesRisk-based capital standards currently applicable to the Company and the Bank.OPPOOther Personal Property Owned
CDICore Deposit IntangibleOREOOther Real Estate Owned
CECLCurrent Expected Credit LossesPacific ContinentalPacific Continental Corporation
CEOChief Executive OfficerPCDPurchased Credit Deteriorated
CET1Common Equity Tier 1PPPPaycheck Protection Program
CFOChief Financial OfficerRSARestricted Stock Awards
COVID-19Novel CoronavirusRSURestricted Stock Units
DCFDiscounted Cash FlowSBASmall Business Administration
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActSECSecurities and Exchange Commission
EPSEarnings Per ShareSOFRSecured Overnight Financing Rate
FASBFinancial Accounting Standards BoardTDRTroubled Debt Restructuring
FDICFederal Deposit Insurance CorporationUmpquaUmpqua Holdings Corporation
FHLBFederal Home Loan Bank of Des Moines

ii

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
June 30,
2022
December 31,
2021
ASSETS(in thousands)
Cash and due from banks$239,868 $153,414 
Interest-earning deposits with banks174,328 671,300 
Total cash and cash equivalents414,196 824,714 
Debt securities available for sale at fair value (amortized cost of $5,647,523 and $5,898,041, respectively)
5,122,568 5,910,999 
Debt securities held to maturity at amortized cost (fair value of $1,912,526 and $2,122,606, respectively)
2,149,255 2,148,327 
Equity securities13,425 13,425 
FHLB stock at cost10,280 10,280 
Loans held for sale3,718 9,774 
Loans, net of unearned income11,322,387 10,641,937 
Less: ACL149,935 155,578 
Loans, net11,172,452 10,486,359 
Interest receivable57,155 56,019 
Premises and equipment, net168,586 172,144 
OREO33 381 
Goodwill823,172 823,172 
Other intangible assets, net30,140 34,647 
Other assets599,410 455,092 
Total assets$20,564,390 $20,945,333 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing$8,741,488 $8,856,714 
Interest-bearing9,215,438 9,153,401 
Total deposits17,956,926 18,010,115 
FHLB advances7,331 7,359 
Securities sold under agreements to repurchase70,349 86,013 
Subordinated debentures10,000 10,000 
Junior subordinated debentures10,310 10,310 
Other liabilities266,256 232,794 
Total liabilities18,321,172 18,356,591 
Commitments and contingent liabilities (Note 11)
Shareholders’ equity:
June 30,
2022
December 31,
2021
(in thousands)
Preferred stock (no par value)
Authorized shares2,000 2,000 
Common stock (no par value)
Authorized shares115,000 115,000 
Issued80,805 80,695 1,935,180 1,930,187 
Outstanding78,621 78,511 
Retained earnings763,487 694,227 
Accumulated other comprehensive income (loss)(384,615)35,162 
Treasury stock at cost2,184 2,184 (70,834)(70,834)
Total shareholders’ equity2,243,218 2,588,742 
Total liabilities and shareholders’ equity$20,564,390 $20,945,333 

See accompanying Notes to unaudited Consolidated Financial Statements.
1

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
(in thousands except per share amounts)
Interest Income
Loans$111,049 $99,712 $218,152 $200,027 
Taxable securities34,622 24,750 71,784 47,566 
Tax-exempt securities3,755 2,826 7,480 5,585 
Deposits in banks887 159 1,182 311 
Total interest income150,313 127,447 298,598 253,489 
Interest Expense
Deposits2,464 1,426 4,260 2,911 
FHLB advances and FRB borrowings73 72 144 144 
Subordinated debentures172 468 316 936 
Other borrowings153 19 227 42 
Total interest expense2,862 1,985 4,947 4,033 
Net Interest Income147,451 125,462 293,651 249,456 
Provision (recapture) for credit losses2,100 (5,500)(5,700)(6,300)
Net interest income after provision (recapture) for credit losses145,351 130,962 299,351 255,756 
Noninterest Income
Deposit account and treasury management fees8,212 6,701 15,325 13,059 
Card revenue5,031 4,773 9,998 8,506 
Financial services and trust revenue4,192 4,245 8,824 7,626 
Loan revenue3,881 4,514 7,074 11,883 
Bank owned life insurance2,024 1,635 3,812 3,195 
Investment securities gains, net 314  314 
Other1,666 548 4,153 1,313 
Total noninterest income25,006 22,730 49,186 45,896 
Noninterest Expense
Compensation and employee benefits57,386 53,450 120,465 105,186 
Occupancy9,632 9,038 20,641 18,044 
Data processing and software9,185 7,402 19,509 15,853 
Legal and professional fees5,182 3,264 11,717 6,079 
Amortization of intangibles2,219 1,852 4,507 3,776 
B&O taxes1,584 1,490 3,173 2,749 
Advertising and promotion1,208 588 1,934 1,348 
Regulatory premiums1,461 1,112 2,997 2,217 
Net cost of operation of OREO116 111 126 48 
Other7,406 5,809 15,363 12,375 
Total noninterest expense95,379 84,116 200,432 167,675 
Income before income taxes74,978 69,576 148,105 133,977 
Income tax provision16,170 14,537 31,775 27,085 
Net Income$58,808 $55,039 $116,330 $106,892 
Earnings per common share
Basic$0.75 $0.77 $1.49 $1.50 
Diluted$0.75 $0.77 $1.49 $1.50 
Weighted average number of common shares outstanding78,049 70,987 77,989 70,924 
Weighted average number of diluted common shares outstanding78,114 71,164 78,099 71,079 

See accompanying Notes to unaudited Consolidated Financial Statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
Three Months Ended
June 30,
20222021
(in thousands)
Net income$58,808 $55,039 
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) from securities:
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax of $46,306 and $(6,619)
(152,860)21,850 
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $73
 (241)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $630 and $105
(2,080)(345)
Net unrealized gain (loss) from securities, net of reclassification adjustment(154,940)21,264 
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(31) and $(34)
100 115 
Pension plan liability adjustment, net100 115 
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $605 and $604
(1,998)(1,998)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment(1,998)(1,998)
Other comprehensive income (loss)(156,838)19,381 
Total comprehensive income (loss)$(98,030)$74,420 
Six Months Ended
 June 30,
20222021
(in thousands)
Net income$116,330 $106,892 
Other comprehensive loss, net of tax:
Unrealized loss from securities:
Net unrealized holding loss from available for sale debt securities arising during the period, net of tax of $125,065 and $24,463
(412,848)(80,755)
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $73
 (241)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $956 and $105
(3,156)(345)
Net unrealized loss from securities, net of reclassification adjustment (416,004)(81,341)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(61) and $(69)
201 230 
Pension plan liability adjustment, net201 230 
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $1,204 and $1,203
(3,974)(3,975)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment(3,974)(3,975)
Other comprehensive loss(419,777)(85,086)
Total comprehensive income (loss)$(303,447)$21,806 

See accompanying Notes to unaudited Consolidated Financial Statements.
3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended June 30, 2022(in thousands except per share amounts)
Balance at April 1, 202278,644 $1,931,076 $728,314 $(227,777)$(70,834)$2,360,779 
Net income— — 58,808 — — 58,808 
Other comprehensive loss— — — (156,838)— (156,838)
Activity in deferred compensation plan 2 — — — 2 
Issuance of common stock - RSAs and RSUs, net of canceled awards(23)4,115 — — — 4,115 
Purchase and retirement of common stock (13)— — — (13)
Cash dividends declared on common stock ($0.30 per share)
— — (23,635)— — (23,635)
Balance at June 30, 202278,621 $1,935,180 $763,487 $(384,615)$(70,834)$2,243,218 
For the Six Months Ended June 30, 2022
Balance at January 1, 202278,511 $1,930,187 $694,227 $35,162 $(70,834)$2,588,742 
Net income— — 116,330 — — 116,330 
Other comprehensive loss— — — (419,777)— (419,777)
Issuance of common stock - employee stock purchase plan31 1,017 — — — 1,017 
Activity in deferred compensation plan 3 — — — 3 
Issuance of common stock - RSAs and RSUs, net of canceled awards187 7,910 — — — 7,910 
Purchase and retirement of common stock(108)(3,937)— — — (3,937)
Cash dividends declared on common stock ($0.60 per share)
— — (47,070)— — (47,070)
Balance at June 30, 202278,621 $1,935,180 $763,487 $(384,615)$(70,834)$2,243,218 

See accompanying Notes to unaudited Consolidated Financial Statements.
4

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended June 30, 2021(in thousands except per share amounts)
Balance at April 1, 202171,739 $1,661,129 $607,040 $77,728 $(70,834)$2,275,063 
Net income— — 55,039 — — 55,039 
Other comprehensive income— — — 19,381 — 19,381 
Activity in deferred compensation plan (8)— — — (8)
Issuance of common stock - RSAs and RSUs, net of canceled awards4 3,908 — — — 3,908 
Purchase and retirement of common stock(1)(76)— — — (76)
Cash dividends declared on common stock ($0.28 per share)
— — (20,061)— — (20,061)
Balance at June 30, 202171,742 $1,664,953 $642,018 $97,109 $(70,834)$2,333,246 
For the Six Months Ended June 30, 2021
Balance at January 1, 202171,598 $1,660,998 $575,248 $182,195 $(70,834)$2,347,607 
Net income— — 106,892 — — 106,892 
Other comprehensive loss— — — (85,086)— (85,086)
Issuance of common stock - employee stock purchase plan41 1,098 — — — 1,098 
Activity in deferred compensation plan (8)— — — (8)
Issuance of common stock - RSAs and RSUs, net of canceled awards192 6,936 — — — 6,936 
Purchase and retirement of common stock(89)(4,071)— — — (4,071)
Cash dividends declared on common stock ($0.56 per share)
— — (40,122)— — (40,122)
Balance at June 30, 202171,742 $1,664,953 $642,018 $97,109 $(70,834)$2,333,246 

See accompanying Notes to unaudited Consolidated Financial Statements.
5

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Six Months Ended June 30,
20222021
(in thousands)
Cash Flows From Operating Activities
Net income$116,330 $106,892 
Adjustments to reconcile net income to net cash provided by operating activities
Recapture for credit losses(5,700)(6,300)
Stock-based compensation expense7,910 6,936 
Depreciation, amortization and accretion22,599 7,056 
Investment securities gain, net (314)
Net realized gain on sale of premises and equipment and loans held for investment(1,339)(279)
Net realized loss on sale and valuation adjustments of OREO148 40 
Gain on bank owned life insurance death benefit(610)(209)
Originations of loans held for sale (90,137)(195,632)
Proceeds from sales of loans held for sale96,022 208,789 
Change in fair value of loans held for sale171 145 
Net change in:
Interest receivable(1,136)2,484 
Interest payable18 (49)
Other assets(7,201)12,583 
Other liabilities24,488 (14,700)
Net cash provided by operating activities161,563 127,442 
Cash Flows From Investing Activities
Loans originated, net of principal collected(700,946)(177,399)
Investment in low income housing tax credit partnerships(271) 
Purchases of:
Debt securities available for sale(183,803)(1,527,512)
Debt securities held to maturity(97,658)(22,915)
Loans held for investment (74,383)
Premises and equipment(3,639)(3,087)
Proceeds from:
Sales of debt securities available for sale 26,914 
Principal repayments and maturities of debt securities available for sale418,967 385,408 
Principal repayments and maturities of debt securities held to maturity86,328 8,711 
Sales of premises and equipment and loans held for investment27,574 4,296 
Sales of OREO and OPPO200 132 
Bank owned life insurance death benefit 671 
Net cash used in investing activities(453,248)(1,379,164)
6

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Six Months Ended June 30,
20222021