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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 10-Q

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended:
June 30, 2024
or
☐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(I.R.S. Employer Identification Number)
of Incorporation or Organization) 
 
1301 A Street 
Tacoma, Washington 98402-2156 
(Address of Principal Executive Offices)(Zip Code) 
 
(253) 305-1900 
(Registrant's Telephone Number, Including Area Code) 

Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE
Common Stock, No Par ValueCOLBThe Nasdaq Stock Market LLC

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 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 such files).    ☒   Yes   ☐   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See 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 

Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practical date:
Common stock, no par value: 209,481,301 shares outstanding as of July 31, 2024.

COLUMBIA BANKING SYSTEM, INC. 
FORM 10-Q 
Table of Contents 
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2
GLOSSARY OF DEFINED TERMS
ACLAllowance for Credit Losses
ACLLLAllowance for Credit Losses on Loans and Leases
ASUAccounting Standards Update
BankUmpqua Bank
Basel IIIBasel Capital Framework (third accord)
BOLIBank Owned Life Insurance
BTFPBank Term Funding Program
CECLCurrent Expected Credit Losses
ColumbiaColumbia Banking System, Inc.
CompanyColumbia Banking System, Inc. and its Subsidiaries
CVACredit Valuation Adjustments
DCFDiscounted Cash Flow
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Des Moines
FinPacFinancial Pacific Leasing, Inc.
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
GAAPGenerally Accepted Accounting Principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
HELOCHome Equity Line of Credit
LGDLoss Given Default
Merger
Umpqua Holdings Corporation merged with and into Columbia, with Columbia as the surviving corporation.
Merger DateFebruary 28, 2023
MSRMortgage Servicing Rights
NOLNet Operating Loss
NMNot Meaningful
PCDPurchased with Credit Deterioration
PDProbability of Default
RUCReserve for Unfunded Commitments
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
UHCUmpqua Holdings Corporation

3
PART I.    FINANCIAL INFORMATION

Item 1.     Financial Statements (unaudited) 

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 
(UNAUDITED)
(in thousands, except shares)June 30, 2024December 31, 2023
ASSETS  
Cash and due from banks (restricted cash of $4,240 and $4,200)
$515,263 $498,496 
Interest-bearing cash and temporary investments (restricted cash of $5,245 and $900)
1,553,568 1,664,038 
Total cash and cash equivalents2,068,831 2,162,534 
Investment securities  
Equity and other, at fair value77,221 76,995 
Available for sale, at fair value8,503,000 8,829,870 
Held to maturity, at amortized cost2,203 2,300 
Loans held for sale56,310 30,715 
Loans and leases (at fair value: $174,021 and $275,140)
37,709,987 37,441,951 
Allowance for credit losses on loans and leases(418,671)(440,871)
Net loans and leases37,291,316 37,001,080 
Restricted equity securities116,274 179,274 
Premises and equipment, net337,842 338,970 
Operating lease right-of-use assets108,278 115,811 
Goodwill 1,029,234 1,029,234 
Other intangible assets, net542,358 603,679 
Residential mortgage servicing rights, at fair value110,039 109,243 
Bank-owned life insurance686,485 680,948 
Deferred tax asset, net361,773 347,203 
Other assets756,319 665,740 
Total assets$52,047,483 $52,173,596 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits  
Non-interest-bearing$13,481,616 $14,256,452 
Interest-bearing28,041,656 27,350,568 
Total deposits41,523,272 41,607,020 
Securities sold under agreements to repurchase197,860 252,119 
Borrowings3,900,000 3,950,000 
Junior subordinated debentures, at fair value310,187 316,440 
Junior and other subordinated debentures, at amortized cost107,781 107,895 
Operating lease liabilities123,082 130,576 
Other liabilities908,629 814,512 
Total liabilities47,070,811 47,178,562 
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS' EQUITY  
Preferred Stock, no par value, shares authorized: 2,000,000, issued and outstanding: 0
— — 
Common stock, no par value, shares authorized: 520,000,000 in 2024 and 2023; issued and outstanding: 209,459,123 in 2024 and 208,584,667 in 2023
5,807,041 5,802,747 
Accumulated deficit(374,687)(467,571)
Accumulated other comprehensive loss(455,682)(340,142)
Total shareholders' equity4,976,672 4,995,034 
Total liabilities and shareholders' equity$52,047,483 $52,173,596 

See accompanying notes to condensed consolidated financial statements.
4
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
(UNAUDITED) 
Three Months EndedSix Months Ended
 (in thousands, except per share amounts)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
INTEREST INCOME    
Interest and fees on loans and leases$583,874 $552,679 $1,158,918 $966,204 
Interest and dividends on investment securities:    
Taxable78,828 79,036 153,845 118,765 
Exempt from federal income tax6,904 6,817 13,808 10,214 
Dividends2,895 2,581 6,602 3,300 
Interest on temporary investments and interest-bearing deposits23,035 34,616 46,588 53,197 
Total interest income695,536 675,729 1,379,761 1,151,680 
INTEREST EXPENSE    
Interest on deposits207,307 100,408 405,742 164,021 
Interest on securities sold under agreement to repurchase and federal funds purchased1,515 1,071 2,781 1,477 
Interest on borrowings49,418 81,004 100,693 109,768 
Interest on junior and other subordinated debentures9,847 9,271 19,734 17,741 
Total interest expense268,087 191,754 528,950 293,007 
Net interest income427,449 483,975 850,811 858,673 
 PROVISION FOR CREDIT LOSSES 31,820 16,014 48,956 121,553 
Net interest income after provision for credit losses395,629 467,961 801,855 737,120 
NON-INTEREST INCOME    
Service charges on deposits18,503 16,454 34,567 30,766 
Card-based fees14,681 13,435 27,864 24,996 
Financial services and trust revenue5,396 4,512 9,860 5,809 
Residential mortgage banking revenue (loss), net5,848 (2,342)10,482 5,474 
(Loss) gain on sale of debt securities, net(1)— 11 — 
Gain (loss) on equity securities, net325 (697)(1,240)1,719 
(Loss) gain on loan and lease sales, net(1,516)442 (1,295)1,382 
Bank-owned life insurance income4,705 4,063 9,344 6,853 
Other (loss) income (3,238)3,811 5,467 17,414 
Total non-interest income44,703 39,678 95,060 94,413 
NON-INTEREST EXPENSE    
Salaries and employee benefits145,066 163,398 299,604 299,490 
Occupancy and equipment, net45,147 50,550 90,438 92,250 
Communications3,408 4,357 7,190 7,383 
Marketing2,305 1,937 4,241 2,996 
Services14,600 14,094 28,022 26,937 
FDIC assessments9,664 11,579 24,124 17,692 
Intangible amortization29,230 35,553 61,321 48,213 
Merger and restructuring expense14,641 29,649 19,119 145,547 
Other expenses15,183 17,442 32,701 30,869 
Total non-interest expense279,244 328,559 566,760 671,377 
Income before provision for income taxes161,088 179,080 330,155 160,156 
Provision for income taxes40,944 45,703 85,931 40,817 
Net income$120,144 $133,377 $244,224 $119,339 
Earnings per common share:    
Basic$0.58 $0.64 $1.17 $0.65 
Diluted$0.57 $0.64 $1.17 $0.65 
Weighted average number of common shares outstanding:    
Basic208,498 207,977 208,379 182,325 
Diluted209,011 208,545 208,999 182,860 

See accompanying notes to condensed consolidated financial statements.
5
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) 
Three Months EndedSix Months Ended
 (in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income$120,144 $133,377 $244,224 $119,339 
Available for sale securities:    
Unrealized losses arising during the period(39,571)(145,743)(162,233)(305)
Income tax benefit related to unrealized losses10,288 37,894 42,181 67 
Reclassification adjustment for net realized losses (gains) in earnings1 — (11)— 
Income tax expense related to realized gains— — 3 — 
Net change in unrealized losses for available for sale securities(29,282)(107,849)(120,060)(238)
Junior subordinated debentures, at fair value:
Unrealized (losses) gains arising during the period(384)(14,638)6,069 11,174 
Income tax benefit (expense) related to unrealized (losses) gains100 3,806 (1,578)(2,905)
Net change in unrealized (losses) gains for junior subordinated debentures, at fair value(284)(10,832)4,491 8,269 
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost20 72 39 96 
Income tax expense related to unrecognized actuarial loss(5)(19)(10)(25)
Net change in pension plan liability adjustment15 53 29 71 
Other comprehensive (loss) gain income, net of tax(29,551)(118,628)(115,540)8,102 
Comprehensive income $90,593 $14,749 $128,684 $127,441 

See accompanying notes to condensed consolidated financial statements.
6

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY  
(UNAUDITED)
Common StockRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss) 
 (in thousands, except shares)
Shares
AmountTotal
Balance at January 1, 2023129,320,962 $3,450,493 $(543,803)$(426,864)$2,479,826 
Net loss  (14,038) (14,038)
Other comprehensive income, net of tax  126,730 126,730 
Stock issued in connection with the Merger78,863,112 2,337,632 2,337,632 
Stock-based compensation 5,644   5,644 
Stock repurchased and retired(215,229)(5,216)  (5,216)
Issuances of common stock under stock plans 460,399 —   — 
Cash dividends on common stock ($0.35 per share)
  (45,855) (45,855)
Balance at March 31, 2023208,429,244 $5,788,553 $(603,696)$(300,134)$4,884,723 
Net income  133,377  133,377 
Other comprehensive loss, net of tax   (118,628)(118,628)
Stock issued in connection with the Merger1,646 1,646 
Stock-based compensation 3,335   3,335 
Stock repurchased and retired(32,727)(742)  (742)
Issuances of common stock under stock plans117,122 —   — 
Cash dividends on common stock ($0.36 per share)
  (75,523) (75,523)
Balance at June 30, 2023208,513,639 $5,792,792 $(545,842)$(418,762)$4,828,188 
Net income  135,845  135,845 
Other comprehensive loss, net of tax   (261,667)(261,667)
Stock-based compensation 4,338   4,338 
Stock repurchased and retired(7,072)(148)  (148)
Issuances of common stock under stock plans10,472 —   — 
Issuances of common stock under the employee stock purchase plan58,440 1,185 1,185 
Cash dividends on common stock ($0.36 per share)
  (75,579) (75,579)
Balance at September 30, 2023208,575,479 $5,798,167 $(485,576)$(680,429)$4,632,162 
Net income93,531 93,531 
Other comprehensive income, net of tax340,287 340,287 
Stock-based compensation4,756 4,756 
Stock repurchased and retired(8,807)(176)(176)
Issuances of common stock under stock plans17,995 — — 
Cash dividends on common stock ($0.36 per share)
(75,526)(75,526)
Balance at December 31, 2023208,584,667 $5,802,747 $(467,571)$(340,142)$4,995,034 
 
Net income  124,080  124,080 
Other comprehensive loss, net of tax   (85,989)(85,989)
Stock-based compensation 4,422   4,422 
Stock repurchased and retired(240,329)(4,847)  (4,847)
Issuances of common stock under stock plans1,026,057 —   — 
Cash dividends on common stock ($0.36 per share)
  (75,455) (75,455)
Balance at March 31, 2024209,370,395 $5,802,322 $(418,946)$(426,131)$4,957,245 
Net income  120,144  120,144 
Other comprehensive loss, net of tax   (29,551)(29,551)
Stock-based compensation 5,486   5,486 
Stock repurchased and retired(41,399)(767)  (767)
Issuances of common stock under stock plans130,127 —   — 
Cash dividends on common stock ($0.36 per share)
  (75,885) (75,885)
Balance at June 30, 2024209,459,123 $5,807,041 $(374,687)$(455,682)$4,976,672 
See accompanying notes to condensed consolidated financial statements.
7
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED)
Six Months Ended
 (in thousands)June 30, 2024June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income
$244,224 $119,339 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
  
Accretion of investment discounts, net
(39,785)(26,954)
Gain on sale of investment securities, net
(11)— 
Provision for credit losses
48,956 121,553 
Change in cash surrender value of bank-owned life insurance(9,502)(2,992)
Depreciation, amortization and accretion77,120 63,111 
Gain on sale of premises and equipment
(2,628)(644)
Additions to residential mortgage servicing rights carried at fair value(2,777)(2,769)
Change in fair value of residential mortgage servicing rights carried at fair value1,981 14,857 
Stock-based compensation9,908 8,979 
Net increase in equity and other investments
(1,466)(395)
Loss (gain) on equity securities, net
1,240 (1,719)
Gain on sale of loans and leases, net
(1,799)(4,940)
Change in fair value of loans held for sale (316)520 
Origination of loans held for sale(227,778)(251,202)
Proceeds from sales of loans held for sale204,276 258,802 
Change in other assets and liabilities:  
Net increase in other assets
(49,478)(14,072)
Net increase (decrease) in other liabilities
83,633 (54,115)
Net cash provided by operating activities
335,798 227,359 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of investment securities available for sale(33,506)(919,933)
Proceeds from investment securities available for sale237,615 1,369,809 
Purchases of restricted equity securities(85,500)(220,066)
Redemption of restricted equity securities148,500 110,696 
Net change in loans and leases(457,307)(581,350)
Proceeds from sales of loans and leases112,307 435,939 
Change in premises and equipment(12,369)(3,512)
Proceeds from bank-owned life insurance death benefits3,305 3,305 
Cash received in the Merger— 274,587 
Other1,143 340 
Net cash (used in) provided by investing activities
(85,812)469,815 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net decrease in deposit liabilities
(83,748)(1,423,793)
Net decrease in federal funds purchased
— (14,000)
Net decrease in securities sold under agreements to repurchase
(54,259)(83,880)
   Proceeds from borrowings3,900,000 9,850,000 
Repayment of borrowings(3,950,000)(6,786,522)
Dividends paid on common stock(150,068)(120,448)
Repurchase and retirement of common stock(5,614)(5,958)
Net cash (used in) provided by financing activities
(343,689)1,415,399 
Net (decrease) increase in cash and cash equivalents
(93,703)2,112,573 
Cash and cash equivalents, beginning of period2,162,534 1,294,643 
Cash and cash equivalents, end of period$2,068,831 $3,407,216 
8
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED)(Continued)
Six Months Ended
 (in thousands)June 30, 2024June 30, 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for:  
Interest$525,478 $228,995 
Income taxes52,373 78,528 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes(120,060)(238)
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes4,491 8,269 
Transfer of loans to loans held for sale— 118,085 
Acquisitions:
Assets acquired$— $19,230,586 
Liabilities assumed— (17,920,542)
Net assets acquired$— $1,310,044 


See accompany