Company Quick10K Filing
Quick10K
Columbia Banking System
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$38.45 73 $2,820
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-01-24 Earnings, Other Events, Exhibits
8-K 2019-01-24 Earnings, Other Events, Exhibits
8-K 2018-12-11 Officers
8-K 2018-10-25 Earnings, Other Events, Exhibits
8-K 2018-07-26 Earnings, Other Events, Exhibits
8-K 2018-07-25 Officers
8-K 2018-06-04 Officers
8-K 2018-05-23 Shareholder Vote
8-K 2018-05-02 Officers, Exhibits
8-K 2018-04-26 Earnings, Other Events, Exhibits
8-K 2018-01-24 Officers, Exhibits
8-K 2018-01-19 Other Events, Exhibits
CFG Citizens Financial Group
TCF TCF Financial
RNST Renasant
HOPE Hope Bancorp
LION Fidelity Southern
LBAI Lakeland Bancorp
WTBA West Bancorporation
FBSS Fauquier Bankshares
MELR Melrose Bancorp
GLBZ Glen Burnie Bancorp
COLB 2018-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 colb3q2018ex101.htm
EX-10.2 colb3q2018ex102.htm
EX-10.3 colb3q2018ex103.htm
EX-10.4 colb3q2018ex104.htm
EX-31.1 colb3q2018ex311.htm
EX-31.2 colb3q2018ex312.htm
EX-32 colb3q2018ex32.htm

Columbia Banking System Earnings 2018-09-30

COLB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 colb3q2018form10-q.htm 10-Q Document
 
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 September 30, 2018.
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 0-20288
 ________________________________________________________
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
 ________________________________________________________
Washington
 
91-1422237
(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)
 
(Zip Code)
(253) 305-1900
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)________________________________________________________ 
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  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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  ☒    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 filer
 
 
Accelerated 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  ☒
The number of shares of common stock outstanding at October 31, 2018 was 73,257,775.
 



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



PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
 
 
 
 
 
September 30,
2018
 
December 31,
2017
ASSETS
 
(in thousands)
Cash and due from banks
 
$
220,706

 
$
244,615

Interest-earning deposits with banks
 
21,456

 
97,918

Total cash and cash equivalents
 
242,162

 
342,533

Debt securities available for sale at fair value
 
2,921,114

 
2,737,751

Equity securities at fair value
 
4,901

 
5,080

Federal Home Loan Bank stock at cost
 
16,640

 
10,440

Loans held for sale
 
5,275

 
5,766

Loans, net of unearned income
 
8,514,317

 
8,358,657

Less: allowance for loan and lease losses
 
83,787

 
75,646

Loans, net
 
8,430,530

 
8,283,011

Interest receivable
 
48,476

 
40,881

Premises and equipment, net
 
169,681

 
169,490

Other real estate owned
 
7,331

 
13,298

Goodwill
 
765,842

 
765,842

Other intangible assets, net
 
48,827

 
58,173

Other assets
 
295,817

 
284,621

Total assets
 
$
12,956,596

 
$
12,716,886

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Deposits:
 
 
 
 
 
 
 
Noninterest-bearing
 
$
5,250,222

 
$
5,081,901

Interest-bearing
 
5,353,735

 
5,450,184

Total deposits
 
10,603,957

 
10,532,085

Federal Home Loan Bank advances
 
166,536

 
11,579

Securities sold under agreements to repurchase
 
62,197

 
79,059

Subordinated debentures
 
35,508

 
35,647

Junior subordinated debentures
 

 
8,248

Other liabilities
 
107,003

 
100,346

Total liabilities
 
10,975,201

 
10,766,964

Commitments and contingent liabilities (Note 12)
 

 

Shareholders’ equity:
 
 
 
 
 
 
 
 
September 30,
2018
 
December 31,
2017
 
 
 
 
 
(in thousands)
 
 
 
 
Common stock (no par value)
 
 
 
 
 
 
 
Authorized shares
115,000

 
115,000

 
 
 
 
Issued and outstanding
73,260

 
73,020

 
1,640,140

 
1,634,705

Retained earnings
 
411,264

 
337,442

Accumulated other comprehensive loss
 
(70,009
)
 
(22,225
)
Total shareholders’ equity
 
1,981,395

 
1,949,922

Total liabilities and shareholders’ equity
 
$
12,956,596

 
$
12,716,886


 

See accompanying Notes to unaudited Consolidated Financial Statements.

1


CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands except per share amounts)
Interest Income
 
 
 
 
 
 
 
 
Loans
 
$
109,748

 
$
78,641

 
$
318,187

 
$
228,340

Taxable securities
 
14,654

 
8,718

 
39,285

 
29,172

Tax-exempt securities
 
3,069

 
2,718

 
9,196

 
8,125

Deposits in banks
 
104

 
226

 
600

 
268

Total interest income
 
127,575

 
90,303

 
367,268

 
265,905

Interest Expense
 
 
 
 
 
 
 
 
Deposits
 
3,193

 
1,083

 
8,274

 
2,778

Federal Home Loan Bank advances
 
966

 
163

 
2,351

 
979

Subordinated debentures
 
468

 

 
1,404

 

Other borrowings
 
152

 
128

 
288

 
383

Total interest expense
 
4,779

 
1,374

 
12,317

 
4,140

Net Interest Income
 
122,796

 
88,929

 
354,951

 
261,765

Provision (recapture) for loan and lease losses
 
3,153

 
(648
)
 
12,980

 
5,304

Net interest income after provision (recapture) for loan and lease losses
 
119,643

 
89,577

 
341,971

 
256,461

Noninterest Income
 
 
 
 
 
 
 
 
Deposit account and treasury management fees
 
9,266

 
7,685

 
26,689

 
22,368

Card revenue
 
3,714

 
6,735

 
16,143

 
18,660

Financial services and trust revenue
 
2,975

 
2,645

 
8,924

 
8,520

Loan revenue
 
3,282

 
3,154

 
9,522

 
9,736

Merchant processing revenue
 

 

 

 
4,283

Bank owned life insurance
 
1,402

 
1,290

 
4,540

 
4,003

Investment securities losses, net
 
(62
)
 

 
(73
)
 

Change in FDIC loss-sharing asset
 

 

 

 
(447
)
Gain on sale of merchant card services portfolio
 

 
14,000

 

 
14,000

Other
 
442

 
1,558

 
2,109

 
4,938

Total noninterest income
 
21,019

 
37,067

 
67,854

 
86,061

Noninterest Expense
 
 
 
 
 
 
 
 
Compensation and employee benefits
 
49,419

 
39,983

 
148,938

 
119,201

Occupancy
 
8,321

 
8,085

 
27,718

 
22,853

Merchant processing expense
 

 

 

 
2,196

Advertising and promotion
 
1,472

 
969

 
4,523

 
2,923

Data processing
 
4,466

 
4,122

 
14,957

 
13,071

Legal and professional fees
 
4,695

 
2,880

 
12,103

 
9,196

Taxes, licenses and fees
 
1,562

 
1,505

 
4,547

 
3,494

Regulatory premiums
 
904

 
782

 
2,778

 
2,299

Net cost of operation of other real estate owned
 
485

 
271

 
1,244

 
422

Amortization of intangibles
 
3,070

 
1,188

 
9,346

 
3,786

Other
 
8,447

 
7,752

 
27,317

 
25,949

Total noninterest expense
 
82,841

 
67,537

 
253,471

 
205,390

Income before income taxes
 
57,821

 
59,107

 
156,354

 
137,132

Income tax provision
 
11,406

 
18,338

 
28,220

 
40,032

Net Income
 
$
46,415

 
$
40,769

 
$
128,134

 
$
97,100

Earnings per common share
 
 
 
 
 
 
 
 
Basic
 
$
0.63

 
$
0.70

 
$
1.75

 
$
1.67

Diluted
 
$
0.63

 
$
0.70

 
$
1.75

 
$
1.67

Dividends declared per common share
 
$
0.26

 
$
0.22

 
$
0.74

 
$
0.66

Weighted average number of common shares outstanding
 
72,427

 
57,566

 
72,370

 
57,459

Weighted average number of diluted common shares outstanding
 
72,432

 
57,571

 
72,374

 
57,465


See accompanying Notes to unaudited Consolidated Financial Statements.

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
 
 
Three Months Ended
 
 
September 30,
 
 
2018
 
2017
 
 
(in thousands)
Net income
 
$
46,415

 
$
40,769

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 $4,286 and ($312)
 
(14,149
)
 
549

Net unrealized gain (loss) from securities, net of reclassification adjustment
 
(14,149
)
 
549

Pension plan liability adjustment:
 
 
 
 
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($19) and ($26)
 
61

 
46

Pension plan liability adjustment, net
 
61

 
46

Other comprehensive income (loss)
 
(14,088
)
 
595

Total comprehensive income
 
$
32,327

 
$
41,364

 
 
 
 
 
 
 
Nine Months Ended
 
 
September 30,
 
 
2018
 
2017
 
 
(in thousands)
Net income
 
$
128,134

 
$
97,100

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 $14,554 and ($4,716)
 
(48,043
)
 
8,284

Reclassification adjustment of net gain from sale of available for sale debt securities included in income, net of tax of $25 and $0
 
(81
)
 

Net unrealized gain (loss) from securities, net of reclassification adjustment
 
(48,124
)
 
8,284

Pension plan liability adjustment:
 
 
 
 
Reduction in unfunded defined benefit plan liability during the period, net of tax of $0 and ($2,622)
 

 
4,604

Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($56) and ($101)
 
183

 
178

Pension plan liability adjustment, net
 
183

 
4,782

Other comprehensive income (loss)
 
(47,941
)
 
13,066

Total comprehensive income
 
$
80,193

 
$
110,166

See accompanying Notes to unaudited Consolidated Financial Statements.

3


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
 
 
Preferred Stock
 
Common Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
 
 
Number of
Shares
 
Amount
 
Number of
Shares
 
Amount
 
 
 
(in thousands)
Balance at January 1, 2018
 

 
$

 
73,020

 
$
1,634,705

 
$
337,442

 
$
(22,225
)
 
$
1,949,922

Adjustment to opening retained earnings pursuant to adoption of ASU 2016-01
 

 

 

 

 
(157
)
 
157

 

Net income
 

 

 

 

 
128,134

 

 
128,134

Other comprehensive loss
 

 

 

 

 

 
(47,941
)
 
(47,941
)
Issuance of common stock - stock option and other plans
 

 

 
45

 
1,857

 

 

 
1,857

Activity in deferred compensation plan
 

 

 

 
7

 

 

 
7

Issuance of common stock - restricted stock awards, net of canceled awards
 

 

 
257

 
6,231

 

 

 
6,231

Purchase and retirement of common stock
 

 

 
(62
)
 
(2,660
)
 

 

 
(2,660
)
Cash dividends declared on common stock
 

 

 

 

 
(54,155
)
 

 
(54,155
)
Balance at September 30, 2018
 

 
$

 
73,260

 
$
1,640,140

 
$
411,264

 
$
(70,009
)
 
$
1,981,395

Balance at January 1, 2017
 
9

 
$
2,217

 
58,042

 
$
995,837

 
$
271,957

 
$
(18,999
)
 
$
1,251,012

Adjustment to opening retained earnings pursuant to adoption of ASU 2016-09
 

 

 

 
184

 
(117
)
 

 
67

Net income
 

 

 

 

 
97,100

 

 
97,100

Other comprehensive income
 

 

 

 

 

 
13,066

 
13,066

Issuance of common stock - stock option and other plans
 

 

 
49

 
1,980

 

 

 
1,980

Issuance of common stock - restricted stock awards, net of canceled awards
 

 

 
238

 
5,915

 

 

 
5,915

Preferred stock conversion to common stock
 
(9
)
 
(2,217
)
 
102

 
2,217

 

 

 

Purchase and retirement of common stock
 

 

 
(55
)
 
(2,246
)
 

 

 
(2,246
)
Cash dividends declared on common stock
 

 

 

 

 
(38,466
)
 

 
(38,466
)
Balance at September 30, 2017
 

 
$

 
58,376

 
$
1,003,887

 
$
330,474

 
$
(5,933
)
 
$
1,328,428


See accompanying Notes to unaudited Consolidated Financial Statements.

4


CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
 
(in thousands)
Cash Flows From Operating Activities
 
 
 
 
Net income
 
$
128,134

 
$
97,100

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
Provision for loan and lease losses
 
12,980

 
5,304

Stock-based compensation expense
 
6,231

 
5,915

Depreciation, amortization and accretion
 
25,807

 
21,483

Investment securities losses, net
 
73

 

Net realized (gain) loss on sale of premises and equipment, loans held for investment and other assets
 
142

 
(189
)
Net realized loss on sale and valuation adjustments of other real estate owned
 
1,299

 
489

Gain on sale of merchant card services portfolio
 

 
(14,000
)
Gain on bank owned life insurance death benefit
 

 
(2,980
)
Termination of FDIC loss share agreements charge
 

 
2,409

Originations of loans held for sale
 
(103,614
)
 
(99,130
)
Proceeds from sales of loans held for sale
 
104,105

 
97,174

Net change in:
 
 
 
 
Interest receivable
 
(7,595
)
 
(6,089
)
Interest payable
 
618

 
(21
)
Other assets
 
(2,599
)
 
(4,406
)
Other liabilities
 
5,662

 
(2,624
)
Net cash provided by operating activities
 
171,243

 
100,435

Cash Flows From Investing Activities
 
 
 
 
Loans originated, net of principal collected
 
(168,382
)
 
(304,831
)
Purchases of:
 
 
 
 
Debt securities available for sale
 
(606,052
)
 
(130,906
)
Premises and equipment
 
(8,253
)
 
(4,380
)
Federal Home Loan Bank stock
 
(136,120
)
 
(92,040
)
Proceeds from:
 
 
 
 
FDIC reimbursement on loss-sharing asset
 

 
26

Sales of debt securities available for sale
 
32,330

 

Principal repayments and maturities of debt securities available for sale
 
311,956

 
200,470

Sales of premises and equipment and loans held for investment
 
14,956

 
12,157

Sale of merchant card services portfolio
 

 
14,000

Redemption of Federal Home Loan Bank stock
 
129,920

 
92,040

Sales of other real estate and other personal property owned
 
5,868

 
1,901

Bank owned life insurance death benefit
 
5,074

 
10,745

Payment to FDIC to terminate loss-sharing agreements
 

 
(4,666
)
Payments to FDIC related to loss-sharing asset
 

 
(210
)
Net cash used in investing activities
 
(418,703
)
 
(205,694
)
Cash Flows From Financing Activities
 
 
 
 
Net increase in deposits
 
72,151

 
282,336

Net decrease in sweep repurchase agreements
 
(16,862
)
 
(39,889
)
Proceeds from:
 
 
 
 
Federal Home Loan Bank advances
 
3,403,000

 
2,301,000

Federal Reserve Bank borrowings
 
5,010

 
10

Exercise of stock options
 
1,857

 
1,980

Payments for:
 
 
 
 
Repayment of Federal Home Loan Bank advances
 
(3,248,000
)
 
(2,301,000
)
Repayment of Federal Reserve Bank borrowings
 
(5,010
)
 
(10
)
Common stock dividends
 
(54,149
)
 
(38,466
)
Repayment of junior subordinated debentures
 
(8,248
)
 

Purchase and retirement of common stock
 
(2,660
)
 
(2,246
)
Net cash provided by financing activities
 
147,089

 
203,715

Increase (decrease) in cash and cash equivalents
 
(100,371
)
 
98,456

Cash and cash equivalents at beginning of period
 
342,533

 
224,238

Cash and cash equivalents at end of period
 
$
242,162

 
$
322,694


5


CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued
Columbia Banking System, Inc.
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
 
(in thousands)
 
 
 
 
 
Supplemental Information:
 
 
 
 
Cash paid during the period for:
 
 
 
 
Interest
 
$
11,699

 
$
4,161

Income tax
 
$
12,768

 
$
37,701

Non-cash investing and financing activities
 
 
 
 
Loans transferred to other real estate owned
 
$
1,200

 
$
74

Premises and equipment expenditures incurred but not yet paid
 
$
464

 
$

Change in dividends payable on unvested shares included in other liabilities
 
$
6

 
$




See accompanying Notes to unaudited Consolidated Financial Statements.

6


NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Columbia Banking System, Inc.
1.
Basis of Presentation, Significant Accounting Policies and Reclassifications
Basis of Presentation
The interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of Columbia Banking System, Inc. (“we”, “our”, “Columbia” or the “Company”) and its subsidiaries, including its wholly owned banking subsidiary Columbia State Bank (“Columbia Bank” or the “Bank”) and Columbia Trust Company (“Columbia Trust”). All intercompany transactions and accounts have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The results of operations for the nine months ended September 30, 2018 are not necessarily indicative of results to be anticipated for the year ending December 31, 2018. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2017 Annual Report on Form 10-K.
Significant Accounting Policies
The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2017 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2017 Form 10-K disclosure for the year ended December 31, 2017.
Reclassifications
Certain amounts reported in prior periods have been reclassified in the Consolidated Financial Statements to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
2.
Accounting Pronouncements Recently Issued
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, including reasonably certain renewal periods. The amendments in ASU 2018-15 are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact that this guidance will have on its Consolidated Financial Statements.
In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU provide specific guidance on several statement of cash flow classification issues to reduce diversity in practice. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company has reclassified items in the Statement of Cash Flows for the nine months ended September 30, 2017 to conform with its current presentation based on its adoption of ASU 2016-15.
In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The amendments included in this ASU require an entity to reflect its current estimate of all expected credit losses for assets held at an amortized cost basis. For available for sale debt securities, credit losses will be measured in a manner similar to current GAAP, however, this ASU will require that credit losses be presented as an allowance rather than as a write-down. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and are required to be adopted through a modified retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the ASU is effective.

7


Currently, the Company cannot reasonably estimate the impact that adoption of ASU 2016-13 will have on its Consolidated Financial Statements; however, the impact may be significant. That assessment is based upon the fact that, unlike the incurred loss models in existing GAAP, the current expected credit loss (“CECL”) model in ASU 2016-13 does not specify a threshold for the recognition of an impairment allowance. Rather, the Company will recognize an impairment allowance equal to its estimate of lifetime expected credit losses, adjusted for prepayments, for in-scope financial instruments as of the end of the reporting period. Accordingly, the impairment allowance measured under the CECL model could increase significantly from the impairment allowance measured under the Company’s existing incurred loss model. The Company has engaged a third-party vendor to assist in the CECL calculation and has developed an internal governance framework to oversee the CECL implementation. Other significant CECL implementation matters being addressed by the Company include selecting loss estimation methodologies, identifying, sourcing and storing data, addressing data gaps, defining a reasonable and supportable forecast period, selecting historical loss information which will be reverted to, documenting the CECL estimation process, assessing the impact to internal controls over financial reporting, capital planning and seeking process approval from audit and regulatory stakeholders.
In February 2016, the FASB issued ASU 2016-02, Leases. The amendments included in this ASU create a new accounting model for both lessees and lessors. The new guidance requires lessees to recognize lease liabilities, initially measured as the present value of future lease payments, and corresponding right-of-use assets for all leases with lease terms greater than 12 months. This model differs from the current lease accounting model, which does not require such lease liabilities and corresponding right-of-use assets to be recorded for operating leases. The amendments in ASU 2016-02 must be adopted using the modified retrospective approach and will be effective for the first interim or annual period beginning after December 15, 2018. The FASB subsequently issued ASU 2018-11, which allows for an additional (optional) transition method. Early adoption is permitted. During 2017, the Company selected a third-party lease accounting application to assist in the implementation of this new guidance. Significant implementation matters to be addressed by the Company include assessing the impact to our internal controls over financial reporting and documenting the new lease accounting process. At September 30, 2018 the Company’s estimate of right-of-use assets and lease liabilities that would be recorded on its January 1, 2019 Consolidated Balance Sheet upon adoption of ASU 2016-02 was between $40.0 million and $50.0 million. This estimate may change depending on the Company’s lease activity. Additionally, the Company expects to recognize a cumulative effect adjustment upon adoption to increase the beginning balance of retained earnings as of January 1, 2019 for any remaining deferred gains on sale-leaseback transactions which occurred prior to the date of adoption. The Company had $1.0 million of deferred gains on sale-leaseback transactions as of September 30, 2018. We do not expect a material impact to our Consolidated Statement of Income as a result of this ASU.
In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in ASU 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in ASU 2016-01 are effective for the first interim or annual period beginning after December 15, 2017. The Company adopted the amendments of ASU 2016-01 effective January 1, 2018 and recorded a cumulative effect adjustment of $157 thousand to retained earnings related to the unrealized holding losses on equity securities with readily determinable fair value included in accumulated other comprehensive loss. The Company also added a separate line item on the Consolidated Balance Sheet for equity securities at fair value and reclassified amounts previously included in securities available for sale at fair value to conform to current period presentation. In addition, as required by the ASU, the fair value disclosure for loans is computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 15, “Fair Value Accounting and Measurement.”
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides revenue recognition guidance that is intended to create greater consistency with respect to how and when revenue from contracts with customers is shown in the income statement. The guidance requires that revenue from contracts with customers be recognized when transfer of control over goods or services is passed to customers in the amount of consideration expected to be received. Subsequent Accounting Standard Updates have been issued clarifying the original pronouncement (ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20). The majority of the Company’s revenue is comprised of interest income from financial assets, which is specifically outside the scope of ASU 2014-09.

8


On January 1, 2018, we adopted the accounting guidance in ASU 2014-09 and all the related amendments (“Topic 606”) using the modified retrospective method for all contracts that have not been completed (i.e. open contracts). Therefore, the comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of January 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the nine months ended September 30, 2018; however, additional disclosures were incorporated in the footnotes upon adoption. See Note 17, “Revenue from Contracts with Customers,” for more information.    
3.
Business Combinations
On November 1, 2017, the Company completed its acquisition of Pacific Continental Corporation (“Pacific Continental”) and its wholly-owned banking subsidiary Pacific Continental Bank. The Company acquired 100% of the equity interests of Pacific Continental. The primary reasons for the acquisition were to expand in the Eugene, Oregon market and improve branch network efficiencies in the Seattle and Portland markets.
The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the November 1, 2017 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $383.1 million and a core deposit intangible of $46.9 million, or 2.34% of core deposits. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The goodwill is not deductible for income tax purposes.
The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:
 
 
November 1, 2017
 
 
(in thousands)
Merger consideration
 
 
 
$
637,103

Identifiable net assets acquired, at fair value
 
 
 
 
Assets acquired
 
 
 
 
Cash and cash equivalents
 
$
81,190

 
 
Investment securities
 
449,291

 
 
Federal Home Loan Bank stock
 
7,084

 
 
Loans
 
1,873,987

 
 
Interest receivable
 
7,827

 
 
Premises and equipment
 
27,343

 
 
Other real estate owned
 
10,279

 
 
Core deposit intangible
 
46,875

 
 
Other assets
 
50,638

 
 
Total assets acquired
 
 
 
2,554,514

Liabilities assumed
 
 
 
 
Deposits
 
(2,118,982
)
 
 
Federal Home Loan Bank advances
 
(101,127
)
 
 
Subordinated debentures
 
(35,678
)
 
 
Junior subordinated debentures
 
(14,434
)
 
 
Securities sold under agreements to repurchase
 
(1,617
)
 
 
Other liabilities
 
(28,653
)
 
 
Total liabilities assumed
 
 
 
(2,300,491
)
Total fair value of identifiable net assets
 
 
 
254,023

Goodwill
 
 
 
$
383,080

See Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets.

9


The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period January 1, 2018 to September 30, 2018. Disclosure of the amount of Pacific Continental’s revenue and net income (excluding integration costs) included in Columbia’s Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for this acquisition.
For illustrative purposes only, the following table presents certain unaudited pro forma information for the nine months ended September 30, 2017. This unaudited, estimated pro forma financial information was calculated as if Pacific Continental had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Pacific Continental with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. In particular, no adjustments have been made to eliminate the impact of other-than-temporary impairment losses and losses recognized on the sale of securities that may not have been necessary had the investment securities been recorded at fair value as of the beginning of the year prior to the date of acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, Columbia expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.
 
 
Unaudited Pro Forma
 
 
Nine Months Ended September 30,
 
 
2017

 
(in thousands except per share)
Total revenues (net interest income plus noninterest income)
 
$
432,060

Net income
 
$
122,410

Earnings per share - basic
 
$
1.70

Earnings per share - diluted
 
$
1.70

The following table shows the impact of the acquisition-related expenses related to the acquisition of Pacific Continental for the periods indicated to the various components of noninterest expense:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017

 
(in thousands)
Noninterest Expense
 
 
 
 
 
 
 
 
Compensation and employee benefits
 
$
923

 
$
3

 
$
3,410

 
$
3

Occupancy
 
29

 
593

 
1,619

 
945

Advertising and promotion
 

 
184

 
534

 
201

Data processing
 
20

 
66

 
941

 
539

Legal and professional fees
 
102

 
157

 
893

 
1,587

Taxes, licenses and fees
 

 

 

 
3

Other
 
7

 
168

 
771

 
280

Total impact of acquisition-related costs to noninterest expense
 
$
1,081

 
$
1,171

 
$
8,168

 
$
3,558


10


4.
Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities available for sale:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
September 30, 2018
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,997,736

 
$
295

 
$
(69,199
)
 
$
1,928,832

State and municipal securities
 
578,132

 
1,927

 
(12,241
)
 
567,818

U.S. government agency and government-sponsored enterprise securities
 
433,267

 
37

 
(9,087
)
 
424,217

U.S. government securities
 
251

 

 
(4
)
 
247

Total
 
$
3,009,386

 
$
2,259

 
$
(90,531
)
 
$
2,921,114

December 31, 2017
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,752,236

 
$
1,815

 
$
(27,326
)
 
$
1,726,725

State and municipal securities
 
593,940

 
6,023

 
(3,959
)
 
596,004

U.S. government agency and government-sponsored enterprise securities
 
416,894

 
642

 
(2,762
)
 
414,774

U.S. government securities
 
251

 

 
(3
)
 
248

Total
 
$
2,763,321

 
$
8,480

 
$
(34,050
)
 
$
2,737,751


The following table provides the proceeds and both gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$

 
$

 
$
32,330

 
$

 
 
 
 
 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$

 
$

 
$
235

 
$

Gross realized losses from sales of debt securities available for sale
 

 

 
(129
)
 

Other securities losses, net (1)
 
(62
)
 

 
(179
)
 

Investment securities losses, net
 
$
(62
)
 
$

 
$
(73
)
 
$

__________
(1) Other securities losses, net includes net unrealized loss activity associated with equity securities. There were no sales of equity securities during the periods presented.
The scheduled contractual maturities of debt securities available for sale at September 30, 2018 are presented as follows:
 
 
September 30, 2018
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
126,071

 
$
126,253

Due after one year through five years
 
612,279

 
598,770

Due after five years through ten years
 
1,144,161

 
1,113,290

Due after ten years
 
1,126,875

 
1,082,801

Total debt securities available for sale
 
$
3,009,386

 
$
2,921,114


11


The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:
 
 
September 30, 2018
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
256,078

Federal Reserve Bank to secure borrowings
 
51,843

Other securities pledged
 
119,981

Total securities pledged as collateral
 
$
427,902

The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018 and December 31, 2017:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
September 30, 2018
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,084,529

 
$
(26,966
)
 
$
834,985

 
$
(42,233
)
 
$
1,919,514

 
$
(69,199
)
State and municipal securities
 
333,523

 
(6,833
)
 
96,018

 
(5,408
)
 
429,541

 
(12,241
)
U.S. government agency and government-sponsored enterprise securities
 
300,519

 
(6,269
)
 
120,102

 
(2,818
)
 
420,621

 
(9,087
)
U.S. government securities
 

 

 
247

 
(4
)
 
247

 
(4
)
Total
 
$
1,718,571

 
$
(40,068
)
 
$
1,051,352

 
$
(50,463
)
 
$
2,769,923

 
$
(90,531
)
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
816,678

 
$
(6,710
)
 
$
717,211

 
$
(20,616
)
 
$
1,533,889

 
$
(27,326
)
State and municipal securities
 
220,019

 
(1,723
)
 
75,172

 
(2,236
)
 
295,191

 
(3,959
)
U.S. government agency and government-sponsored enterprise securities
 
184,046

 
(1,006
)
 
155,983

 
(1,756
)
 
340,029

 
(2,762
)
U.S. government securities
 
249

 
(3
)
 

 

 
249

 
(3
)
Total
 
$
1,220,992

 
$
(9,442
)
 
$
948,366

 
$
(24,608
)
 
$
2,169,358

 
$
(34,050
)
At September 30, 2018, there were 481 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 153 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2018.
At September 30, 2018, there were 458 state and municipal government securities in an unrealized loss position, of which 92 were in a continuous loss position for 12 months or more. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of September 30, 2018, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2018.

12


At September 30, 2018, there were 54 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which 14 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2018.
At September 30, 2018, there was one U.S. government security in an unrealized loss position, which was also in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where this investment falls within the yield curve and its individual characteristics. Because the Company does not currently intend to sell this security nor does the Company consider it more likely than not that it will be required to sell this security before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider this investment to be other-than-temporarily impaired at September 30, 2018.
5.
Loans
The Company’s loan portfolio includes originated and purchased loans. Originated loans and purchased loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments are referred to collectively as loans, excluding purchased credit impaired loans. Purchased loans for which there was, at acquisition date, evidence of credit deterioration since their origination and it was probable that we would be unable to collect all contractually required payments are referred to as purchased credit impaired loans, or “PCI loans.”
The following is an analysis of the loan portfolio by segment (net of unearned income):
 
 
September 30, 2018
 
December 31, 2017
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
3,554,147

 
$
11,164

 
$
3,565,311

 
$
3,377,324

 
$
12,628

 
$
3,389,952

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
232,924

 
8,356

 
241,280

 
188,396

 
12,395

 
200,791

Commercial and multifamily residential
 
3,786,615

 
66,748

 
3,853,363

 
3,825,739

 
75,594

 
3,901,333

Total real estate
 
4,019,539

 
75,104

 
4,094,643

 
4,014,135

 
87,989

 
4,102,124

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
211,629

 
159

 
211,788

 
200,518

 
177

 
200,695

Commercial and multifamily residential
 
349,328

 
579

 
349,907

 
371,931

 
607

 
372,538

Total real estate construction
 
560,957

 
738

 
561,695

 
572,449

 
784

 
573,233

Consumer
 
327,863

 
8,930

 
336,793

 
334,190

 
11,269

 
345,459

Less: Net unearned income
 
(44,125
)
 

 
(44,125
)
 
(52,111
)
 

 
(52,111
)
Total loans, net of unearned income
 
8,418,381

 
95,936

 
8,514,317

 
8,245,987

 
112,670

 
8,358,657

Less: Allowance for loan and lease losses
 
(79,770
)
 
(4,017
)
 
(83,787
)
 
(68,739
)
 
(6,907
)
 
(75,646
)
Total loans, net
 
$
8,338,611

 
$
91,919

 
$
8,430,530

 
$
8,177,248

 
$
105,763

 
$
8,283,011

Loans held for sale
 
$
5,275

 
$

 
$
5,275

 
$
5,766

 
$

 
$
5,766

At September 30, 2018 and December 31, 2017, the Company had no material foreign activities. Substantially all of the Company’s loans and unfunded commitments are geographically concentrated in its service areas within the states of Washington, Oregon and Idaho.
The Company has made loans to executive officers and directors of the Company and related interests. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability. The aggregate dollar amount of these loans was $9.7 million and $10.0 million at September 30, 2018 and December 31, 2017, respectively. During the first nine months of 2018, there were $14 thousand in advances and $226 thousand in repayments.

13


At September 30, 2018 and December 31, 2017, $3.18 billion and $2.25 billion of commercial and residential real estate loans were pledged as collateral on Federal Home Loan Bank of Des Moines (“FHLB”) borrowings and additional borrowing capacity. The Company has also pledged $76.2 million and $70.2 million of commercial loans to the Federal Reserve Bank for additional borrowing capacity at September 30, 2018 and December 31, 2017, respectively.
The following is an analysis of nonaccrual loans as of September 30, 2018 and December 31, 2017:
 
 
September 30, 2018
 
December 31, 2017
 
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
45,753

 
$
57,049

 
$
45,410

 
$
56,865

Unsecured
 

 

 
50

 
49

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
501

 
508

 
785

 
1,182

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,461

 
2,470

 
2,628

 
2,623

Income property
 
1,873

 
2,523

 
4,284

 
5,410

Owner occupied
 
6,678

 
6,992

 
7,029

 
7,270

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
318

 
318

 
25

 
26

Residential construction
 

 

 
1,829

 
1,828

Consumer
 
2,748

 
2,937

 
4,149

 
4,633

Total
 
$
60,332

 
$
72,797

 
$
66,189

 
$
79,886


14


Loans, excluding purchased credit impaired loans
The following is an aging of the recorded investment of the loan portfolio as of September 30, 2018 and December 31, 2017:
 
 
Current
Loans
 
30 - 59
Days
Past Due
 
60 - 89
Days
Past Due
 
Greater
than 90
Days Past
Due
 
Total
Past Due
 
Nonaccrual
Loans
 
Total Loans
September 30, 2018
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,365,159

 
$
7,141

 
$
2,258

 
$

 
$
9,399

 
$
45,753

 
$
3,420,311

Unsecured
 
117,801

 
1,118

 

 

 
1,118

 

 
118,919

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
229,685

 
341

 
784

 

 
1,125

 
501

 
231,311

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
278,777

 

 

 

 

 
2,461

 
281,238

Income property
 
1,880,405

 
3,339

 
2,073

 

 
5,412

 
1,873

 
1,887,690

Owner occupied
 
1,588,662

 
1,929

 

 

 
1,929

 
6,678

 
1,597,269

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
5,320

 
325

 

 

 
325

 
318

 
5,963

Residential construction
 
200,484

 
4,144

 

 

 
4,144

 

 
204,628

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
253,470

 

 
166

 

 
166

 

 
253,636

Owner occupied
 
90,511

 

 

 

 

 

 
90,511

Consumer
 
322,085

 
1,788

 
284

 

 
2,072

 
2,748

 
326,905

Total
 
$
8,332,359

 
$
20,125

 
$
5,565

 
$

 
$
25,690

 
$
60,332

 
$
8,418,381

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
<