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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 September 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 October 25, 2022 was 78,646,118



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 LossesFHLBFederal Home Loan Bank of Des Moines
ASCAccounting Standards CodificationFRBFederal Reserve Bank
ASUAccounting Standards UpdateGAAPGenerally Accepted Accounting Principles
Bank of CommerceBank of Commerce HoldingsGDPGross Domestic Product
B&OBusiness and OccupationLIBORLondon Interbank Offering Rate
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013OPPOOther Personal Property Owned
Capital RulesRisk-based capital standards currently applicable to the Company and the Bank.OREOOther Real Estate Owned
CDICore Deposit IntangiblePacific ContinentalPacific Continental Corporation
CECLCurrent Expected Credit LossesPCDPurchased Credit Deteriorated
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1RSARestricted Stock Awards
CFOChief Financial OfficerRSURestricted Stock Units
COVID-19Novel CoronavirusSBASmall Business Administration
DCFDiscounted Cash FlowSECSecurities and Exchange Commission
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActSOFRSecured Overnight Financing Rate
EPSEarnings Per ShareTDRTroubled Debt Restructuring
FASBFinancial Accounting Standards BoardUmpquaUmpqua Holdings Corporation
FDICFederal Deposit Insurance Corporation

ii

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
September 30,
2022
December 31,
2021
ASSETS(in thousands)
Cash and due from banks$263,551 $153,414 
Interest-earning deposits with banks54,124 671,300 
Total cash and cash equivalents317,675 824,714 
Debt securities available for sale at fair value (amortized cost of $5,447,566 and $5,898,041, respectively)
4,700,821 5,910,999 
Debt securities held to maturity at amortized cost (fair value of $1,747,282 and $2,122,606, respectively)
2,079,285 2,148,327 
Equity securities13,425 13,425 
FHLB stock at cost10,560 10,280 
Loans held for sale1,251 9,774 
Loans, net of unearned income11,692,261 10,641,937 
Less: ACL154,871 155,578 
Loans, net11,537,390 10,486,359 
Interest receivable61,652 56,019 
Premises and equipment, net161,853 172,144 
OREO 381 
Goodwill823,172 823,172 
Other intangible assets, net27,921 34,647 
Other assets670,364 455,092 
Total assets$20,405,369 $20,945,333 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing$8,911,267 $8,856,714 
Interest-bearing9,030,058 9,153,401 
Total deposits17,941,325 18,010,115 
FHLB advances14,322 7,359 
Securities sold under agreements to repurchase48,733 86,013 
Subordinated debentures10,000 10,000 
Junior subordinated debentures10,310 10,310 
Other liabilities265,198 232,794 
Total liabilities18,289,888 18,356,591 
Commitments and contingent liabilities (Note 11)
Shareholders’ equity:
September 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 
Issued80,831 80,695 1,940,385 1,930,187 
Outstanding78,647 78,511 
Retained earnings804,774 694,227 
Accumulated other comprehensive income (loss)(558,844)35,162 
Treasury stock at cost2,184 2,184 (70,834)(70,834)
Total shareholders’ equity2,115,481 2,588,742 
Total liabilities and shareholders’ equity$20,405,369 $20,945,333 

See accompanying Notes to unaudited Consolidated Financial Statements.
1

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(in thousands except per share amounts)
Interest Income
Loans$130,908 $105,168 $349,060 $305,195 
Taxable securities31,987 26,374 103,771 73,940 
Tax-exempt securities3,662 2,714 11,142 8,299 
Deposits in banks1,191 284 2,373 595 
Total interest income167,748 134,540 466,346 388,029 
Interest Expense
Deposits4,446 1,468 8,706 4,379 
FHLB advances and FRB borrowings109 73 253 217 
Subordinated debentures220 435 536 1,371 
Other borrowings481 24 708 66 
Total interest expense5,256 2,000 10,203 6,033 
Net Interest Income162,492 132,540 456,143 381,996 
Provision (recapture) for credit losses5,250  (450)(6,300)
Net interest income after provision (recapture) for credit losses157,242 132,540 456,593 388,296 
Noninterest Income
Deposit account and treasury management fees8,181 6,893 23,506 19,952 
Card revenue4,988 4,889 14,986 13,395 
Financial services and trust revenue4,292 4,250 13,116 11,876 
Loan revenue2,853 5,184 9,927 17,067 
Bank owned life insurance1,939 1,585 5,751 4,780 
Investment securities gains, net   314 
Other4,374 1,157 8,527 2,470 
Total noninterest income26,627 23,958 75,813 69,854 
Noninterest Expense
Compensation and employee benefits60,744 54,679 181,209 159,865 
Occupancy10,469 9,695 31,110 27,739 
Data processing and software10,548 8,515 30,057 24,368 
Legal and professional fees4,022 4,894 15,739 10,973 
Amortization of intangibles2,219 1,835 6,726 5,611 
B&O taxes1,771 1,583 4,944 4,332 
Advertising and promotion830 678 2,764 2,026 
Regulatory premiums1,782 1,214 4,779 3,431 
Net cost (benefit) of operation of OREO(4)4 122 52 
Other9,065 6,910 24,428 19,285 
Total noninterest expense101,446 90,007 301,878 257,682 
Income before income taxes82,423 66,491 230,528 200,468 
Income tax provision17,481 13,474 49,256 40,559 
Net Income$64,942 $53,017 $181,272 $159,909 
Earnings per common share
Basic$0.83 $0.75 $2.32 $2.25 
Diluted$0.83 $0.74 $2.32 $2.24 
Weighted average number of common shares outstanding78,100 71,036 78,027 70,965 
Weighted average number of diluted common shares outstanding78,233 71,186 78,142 71,155 

See accompanying Notes to unaudited Consolidated Financial Statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
Three Months Ended
September 30,
20222021
(in thousands)
Net income$64,942 $53,017 
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 $51,566 and $6,671
(170,224)(22,022)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $632 and $141
(2,086)(465)
Net unrealized loss from securities, net of reclassification adjustment (172,310)(22,487)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(30) and $(35)
100 114 
Pension plan liability adjustment, net100 114 
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $612 and $612
(2,019)(2,019)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment(2,019)(2,019)
Other comprehensive loss(174,229)(24,392)
Total comprehensive income (loss)$(109,287)$28,625 
Nine Months Ended
 September 30,
20222021
(in thousands)
Net income$181,272 $159,909 
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 $176,631 and $31,134
(583,072)(102,777)
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 $1,588 and $246
(5,242)(810)
Net unrealized loss from securities, net of reclassification adjustment (588,314)(103,828)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(91) and $(104)
301 344 
Pension plan liability adjustment, net301 344 
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $1,816 and $1,815
(5,993)(5,994)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment(5,993)(5,994)
Other comprehensive loss(594,006)(109,478)
Total comprehensive income (loss)$(412,734)$50,431 

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 September 30, 2022(in thousands except per share amounts)
Balance at July 1, 202278,621 $1,935,180 $763,487 $(384,615)$(70,834)$2,243,218 
Net income— — 64,942 — — 64,942 
Other comprehensive loss— — — (174,229)— (174,229)
Issuance of common stock - employee stock purchase plan37 1,093 — — — 1,093 
Activity in deferred compensation plan 1 — — — 1 
Issuance of common stock - RSAs and RSUs, net of canceled awards(10)4,149 — — — 4,149 
Purchase and retirement of common stock(1)(38)— — — (38)
Cash dividends declared on common stock ($0.30 per share)
— — (23,655)— — (23,655)
Balance at September 30, 202278,647 $1,940,385 $804,774 $(558,844)$(70,834)$2,115,481 
For the Nine Months Ended September 30, 2022
Balance at January 1, 202278,511 $1,930,187 $694,227 $35,162 $(70,834)$2,588,742 
Net income— — 181,272 — — 181,272 
Other comprehensive loss— — — (594,006)— (594,006)
Issuance of common stock - employee stock purchase plan68 2,110 — — — 2,110 
Activity in deferred compensation plan 4 — — — 4 
Issuance of common stock - RSAs and RSUs, net of canceled awards177 12,059 — — — 12,059 
Purchase and retirement of common stock(109)(3,975)— — — (3,975)
Cash dividends declared on common stock ($0.90 per share)
— — (70,725)— — (70,725)
Balance at September 30, 202278,647 $1,940,385 $804,774 $(558,844)$(70,834)$2,115,481 

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 September 30, 2021(in thousands except per share amounts)
Balance at July 1, 202171,742 $1,664,953 $642,018 $97,109 $(70,834)$2,333,246 
Net income— — 53,017 — — 53,017 
Other comprehensive loss— — — (24,392)— (24,392)
Issuance of common stock - employee stock purchase plan33 1,253 — — — 1,253 
Issuance of common stock - RSAs and RSUs, net of canceled awards(14)3,899 — — — 3,899 
Purchase and retirement of common stock(1)(29)— — — (29)
Cash dividends declared on common stock ($0.58 per share)
— — (43,727)— — (43,727)
Balance at September 30, 202171,760 $1,670,076 $651,308 $72,717 $(70,834)$2,323,267 
For the Nine Months Ended September 30, 2021
Balance at January 1, 202171,598 $1,660,998 $575,248 $182,195 $(70,834)$2,347,607 
Net income— — 159,909 — — 159,909 
Other comprehensive loss— — — (109,478)— (109,478)
Issuance of common stock - employee stock purchase plan74 2,351 — — — 2,351 
Activity in deferred compensation plan (8)— — — (8)
Issuance of common stock - RSAs and RSUs, net of canceled awards178 10,835 — — — 10,835 
Purchase and retirement of common stock(90)(4,100)— — — (4,100)
Cash dividends declared on common stock ($1.14 per share)
— — (83,849)— — (83,849)
Balance at September 30, 202171,760 $1,670,076 $651,308 $72,717 $(70,834)$2,323,267 

See accompanying Notes to unaudited Consolidated Financial Statements.
5

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Nine Months Ended September 30,
20222021
(in thousands)
Cash Flows From Operating Activities
Net income$181,272 $159,909 
Adjustments to reconcile net income to net cash provided by operating activities
Recapture for credit losses(450)(6,300)
Stock-based compensation expense12,059 10,835 
Depreciation, amortization and accretion35,971 11,383 
Investment securities gain, net (314)
Net realized gain on sale of premises and equipment and loans held for investment(4,985)(268)
Net realized loss on sale and valuation adjustments of OREO181 40 
Gain on bank owned life insurance death benefit(610)(209)
Originations of loans held for sale (105,392)(263,367)
Proceeds from sales of loans held for sale113,698 278,187 
Change in fair value of loans held for sale217 306 
Net change in:
Interest receivable(5,633)1,945 
Interest payable(79)(52)
Other assets(27,620)15,761 
Other liabilities25,088 (18,755)
Net cash provided by operating activities223,717 189,101 
Cash Flows From Investing Activities
Loans originated, net of principal collected(1,069,862)108,551 
Investment in low income housing tax credit partnerships(1,229)(1,106)
Purchases of:
Debt securities available for sale(185,800)(2,408,578)
Debt securities held to maturity(97,658)(112,372)
Loans held for investment (176,545)
Premises and equipment(5,557)(4,334)
FHLB stock(7,441)(1)
Proceeds from:
Sales of debt securities available for sale 26,914 
Principal repayments and maturities of debt securities available for sale613,046 586,288 
Principal repayments and maturities of debt securities held to maturity149,562 42,653 
Sales of premises and equipment and loans held for investment36,973 4,287 
Redemption of FHLB stock7,161 1 
Sales of OREO and OPPO200 132 
Bank owned life insurance death benefit1,108 671 
Net cash used in investing activities(559,497)(1,933,439)