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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022.
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☐ | 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)
_______________________________________________________________
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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 and zip code)
(253) 305-1900
(Registrant’s telephone number, including area code)
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Securities Registered Pursuant to Section 12(b) of the Act: |
Common Stock, No Par Value | | COLB | | The 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.
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Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
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Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
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| | | | 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 April 30, 2022 was 78,639,422
TABLE OF CONTENTS
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| PART I — FINANCIAL INFORMATION | |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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| PART II — OTHER INFORMATION | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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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.”
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ACL | Allowance for Credit Losses | | FHLB | Federal Home Loan Bank of Des Moines |
ASC | Accounting Standards Codification | | FRB | Federal Reserve Bank |
ASU | Accounting Standards Update | | GAAP | Generally Accepted Accounting Principles |
Bank of Commerce | Bank of Commerce Holdings | | GDP | Gross Domestic Product |
B&O | Business and Occupation | | LIBOR | London Interbank Offering Rate |
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 | | Nasdaq | National Association of Securities Dealer Automated Quotations |
Capital Rules | Risk-based capital standards currently applicable to the Company and the Bank. | | OPPO | Other Personal Property Owned |
CARES Act | Coronavirus Aid Relief and Economic Security Act | | OREO | Other Real Estate Owned |
CDI | Core Deposit Intangible | | Pacific Continental | Pacific Continental Corporation |
CECL | Current Expected Credit Losses | | PCD | Purchased Credit Deteriorated |
CEO | Chief Executive Officer | | PPP | Paycheck Protection Program |
CET1 | Common Equity Tier 1 | | RSA | Restricted Stock Awards |
CFO | Chief Financial Officer | | RSU | Restricted Stock Units |
COVID-19 | Novel Coronavirus | | SBA | Small Business Administration |
DCF | Discounted Cash Flow | | SEC | Securities and Exchange Commission |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | | SOFR | Secured Overnight Financing Rate |
EPS | Earnings Per Share | | TDR | Troubled Debt Restructuring |
FASB | Financial Accounting Standards Board | | Umpqua | Umpqua Holdings Corporation |
FDIC | Federal Deposit Insurance Corporation | | | |
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
| | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED BALANCE SHEETS | | | | | | |
Columbia Banking System, Inc. | | | | | | | |
(Unaudited) | | | | | | | |
| | | | | March 31, 2022 | | December 31, 2021 |
| | | | | | | |
ASSETS | | (in thousands) |
Cash and due from banks | | $ | 225,141 | | | $ | 153,414 | |
Interest-earning deposits with banks | | 747,335 | | | 671,300 | |
Total cash and cash equivalents | | 972,476 | | | 824,714 | |
Debt securities available for sale at fair value (amortized cost of $5,853,160 and $5,898,041, respectively) | | 5,527,371 | | | 5,910,999 | |
Debt securities held to maturity at amortized cost (fair value of $2,038,037 and $2,122,606, respectively) | | 2,202,437 | | | 2,148,327 | |
Equity securities | | 13,425 | | | 13,425 | |
FHLB stock at cost | | 10,280 | | | 10,280 | |
Loans held for sale | | 4,271 | | | 9,774 | |
Loans, net of unearned income | | 10,759,684 | | | 10,641,937 | |
Less: ACL | | 146,949 | | | 155,578 | |
Loans, net | | 10,612,735 | | | 10,486,359 | |
Interest receivable | | 55,940 | | | 56,019 | |
Premises and equipment, net | | 170,055 | | | 172,144 | |
OREO | | 381 | | | 381 | |
Goodwill | | 823,172 | | | 823,172 | |
Other intangible assets, net | | 32,359 | | | 34,647 | |
Other assets | | 539,056 | | | 455,092 | |
Total assets | | $ | 20,963,958 | | | $ | 20,945,333 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
Deposits: | | | | |
Noninterest-bearing | | $ | 8,790,138 | | | $ | 8,856,714 | |
Interest-bearing | | 9,509,075 | | | 9,153,401 | |
Total deposits | | 18,299,213 | | | 18,010,115 | |
FHLB advances | | 7,345 | | | 7,359 | |
Securities sold under agreements to repurchase | | 44,212 | | | 86,013 | |
Subordinated debentures | | 10,000 | | | 10,000 | |
| | | | |
Junior subordinated debentures | | 10,310 | | | 10,310 | |
Other liabilities | | 232,099 | | | 232,794 | |
Total liabilities | | 18,603,179 | | | 18,356,591 | |
Commitments and contingent liabilities (Note 11) | | | | |
Shareholders’ equity: | | | | | | | |
| March 31, 2022 | | December 31, 2021 | | | | |
| | | | | | | |
| (in thousands) | | | | |
Preferred stock (no par value) | | | | | | | |
Authorized shares | 2,000 | | | 2,000 | | | | | |
| | | | | | | |
Common stock (no par value) | | | | | | | |
Authorized shares | 115,000 | | | 115,000 | | | | | |
Issued | 80,828 | | | 80,695 | | | 1,931,076 | | | 1,930,187 | |
Outstanding | 78,644 | | | 78,511 | | | | | |
Retained earnings | | 728,314 | | | 694,227 | |
Accumulated other comprehensive income (loss) | | (227,777) | | | 35,162 | |
Treasury stock at cost | 2,184 | | | 2,184 | | | (70,834) | | | (70,834) | |
Total shareholders’ equity | | 2,360,779 | | | 2,588,742 | |
Total liabilities and shareholders’ equity | | $ | 20,963,958 | | | $ | 20,945,333 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF INCOME | | | | | | | |
Columbia Banking System, Inc. | | | | | | | | |
(Unaudited) | | | | | | | | |
| | Three Months Ended | | |
| | March 31, | | |
| | 2022 | | 2021 | | | | |
| | | | | | | | |
| | (in thousands except per share amounts) |
Interest Income | | | | | | | | |
Loans | | $ | 107,103 | | | $ | 100,315 | | | | | |
Taxable securities | | 37,162 | | | 22,816 | | | | | |
Tax-exempt securities | | 3,725 | | | 2,759 | | | | | |
Deposits in banks | | 295 | | | 152 | | | | | |
Total interest income | | 148,285 | | | 126,042 | | | | | |
Interest Expense | | | | | | | | |
Deposits | | 1,796 | | | 1,485 | | | | | |
FHLB advances and FRB borrowings | | 71 | | | 72 | | | | | |
Subordinated debentures | | 144 | | | 468 | | | | | |
Other borrowings | | 74 | | | 23 | | | | | |
Total interest expense | | 2,085 | | | 2,048 | | | | | |
Net Interest Income | | 146,200 | | | 123,994 | | | | | |
Recapture for credit losses | | (7,800) | | | (800) | | | | | |
Net interest income after recapture for credit losses | | 154,000 | | | 124,794 | | | | | |
Noninterest Income | | | | | | | | |
Deposit account and treasury management fees | | 7,113 | | | 6,358 | | | | | |
Card revenue | | 4,967 | | | 3,733 | | | | | |
Financial services and trust revenue | | 4,632 | | | 3,381 | | | | | |
Loan revenue | | 3,193 | | | 7,369 | | | | | |
Bank owned life insurance | | 1,788 | | | 1,560 | | | | | |
| | | | | | | | |
Other | | 2,487 | | | 765 | | | | | |
Total noninterest income | | 24,180 | | | 23,166 | | | | | |
Noninterest Expense | | | | | | | | |
Compensation and employee benefits | | 63,079 | | | 51,736 | | | | | |
Occupancy | | 11,009 | | | 9,006 | | | | | |
Data processing and software | | 10,324 | | | 8,451 | | | | | |
Legal and professional fees | | 6,535 | | | 2,815 | | | | | |
Amortization of intangibles | | 2,288 | | | 1,924 | | | | | |
B&O taxes | | 1,589 | | | 1,259 | | | | | |
Advertising and promotion | | 726 | | | 760 | | | | | |
Regulatory premiums | | 1,536 | | | 1,105 | | | | | |
Net cost (benefit) of operation of OREO | | 10 | | | (63) | | | | | |
Other | | 7,957 | | | 6,566 | | | | | |
Total noninterest expense | | 105,053 | | | 83,559 | | | | | |
Income before income taxes | | 73,127 | | | 64,401 | | | | | |
Income tax provision | | 15,605 | | | 12,548 | | | | | |
Net Income | | $ | 57,522 | | | $ | 51,853 | | | | | |
Earnings per common share | | | | | | | | |
Basic | | $ | 0.74 | | | $ | 0.73 | | | | | |
Diluted | | $ | 0.74 | | | $ | 0.73 | | | | | |
Weighted average number of common shares outstanding | | 77,925 | | | 70,869 | | | | | |
Weighted average number of diluted common shares outstanding | | 78,083 | | | 71,109 | | | | | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | |
Columbia Banking System, Inc. | | | | |
(Unaudited) | | | | |
| | Three Months Ended |
| | March 31, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Net income | | $ | 57,522 | | | $ | 51,853 | |
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 $78,759 and $31,082 | | (259,988) | | | (102,605) | |
| | | | |
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $326 and $0 | | (1,076) | | | — | |
Net unrealized loss from securities, net of reclassification adjustment | | (261,064) | | | (102,605) | |
Pension plan liability adjustment: | | | | |
| | | | |
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(30) and $(35) | | 101 | | | 115 | |
Pension plan liability adjustment, net | | 101 | | | 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 $599 and $599 | | (1,976) | | | (1,977) | |
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment | | (1,976) | | | (1,977) | |
Other comprehensive loss | | (262,939) | | | (104,467) | |
Total comprehensive loss | | $ | (205,417) | | | $ | (52,614) | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | | | | |
Columbia Banking System, Inc. | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total Shareholders’ Equity |
| | | | | | Shares Outstanding | | Amount | |
| | | | | | | | | | | | | | | | |
For the Three Months Ended March 31, 2022 | | | | | | (in thousands except per share amounts) |
Balance at January 1, 2022 | | | | | | 78,511 | | | $ | 1,930,187 | | | $ | 694,227 | | | $ | 35,162 | | | $ | (70,834) | | | $ | 2,588,742 | |
Net income | | | | | | — | | | — | | | 57,522 | | | — | | | — | | | 57,522 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (262,939) | | | — | | | (262,939) | |
| | | | | | | | | | | | | | | | |
Issuance of common stock - employee stock purchase plan | | | | | | 31 | | | 1,017 | | | — | | | — | | | — | | | 1,017 | |
Activity in deferred compensation plan | | | | | | — | | | 1 | | | — | | | — | | | — | | | 1 | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | 210 | | | 3,795 | | | — | | | — | | | — | | | 3,795 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (108) | | | (3,924) | | | — | | | — | | | — | | | (3,924) | |
Cash dividends declared on common stock ($0.30 per share) | | | | | | — | | | — | | | (23,435) | | | — | | | — | | | (23,435) | |
| | | | | | | | | | | | | | | | |
Balance at March 31, 2022 | | | | | | 78,644 | | | $ | 1,931,076 | | | $ | 728,314 | | | $ | (227,777) | | | $ | (70,834) | | | $ | 2,360,779 | |
| | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | | | | |
Columbia Banking System, Inc. | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total Shareholders’ Equity |
| | | | | | Shares Outstanding | | Amount | |
| | | | | | | | | | | | | | | | |
For the Three Months Ended March 31, 2021 | | | | | | (in thousands except per share amounts) |
Balance at January 1, 2021 | | | | | | 71,598 | | | $ | 1,660,998 | | | $ | 575,248 | | | $ | 182,195 | | | $ | (70,834) | | | $ | 2,347,607 | |
| | | | | | | | | | | | | | | | |
Net income | | | | | | — | | | — | | | 51,853 | | | — | | | — | | | 51,853 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (104,467) | | | — | | | (104,467) | |
Issuance of common stock - employee stock purchase plan | | | | | | 41 | | | 1,098 | | | — | | | — | | | — | | | 1,098 | |
| | | | | | | | | | | | | | | | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | 188 | | | 3,028 | | | — | | | — | | | — | | | 3,028 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (88) | | | (3,995) | | | — | | | — | | | — | | | (3,995) | |
Cash dividends declared on common stock ($0.28 per share) | | | | | | — | | | — | | | (20,061) | | | — | | | — | | | (20,061) | |
| | | | | | | | | | | | | | | | |
Balance at March 31, 2021 | | | | | | 71,739 | | | $ | 1,661,129 | | | $ | 607,040 | | | $ | 77,728 | | | $ | (70,834) | | | $ | 2,275,063 | |
| | | | | | | | | | | | | | | | |
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See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | | | |
Columbia Banking System, Inc. | | | | |
(Unaudited) | | | | |
| | Three Months Ended March 31, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Cash Flows From Operating Activities | | | | |
Net income | | $ | 57,522 | | | $ | 51,853 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | |
Recapture for credit losses | | (7,800) | | | (800) | |
Stock-based compensation expense | | 3,795 | | | 3,028 | |
Depreciation, amortization and accretion | | 9,435 | | | 1,433 | |
| | | | |
Net realized (gain) loss on sale of premises and equipment and loans held for investment | | (1,253) | | | 6 | |
Net realized gain on sale and valuation adjustments of OREO | | — | | | (100) | |
Gain on bank owned life insurance death benefit | | — | | | (209) | |
| | | | |
Originations of loans held for sale | | (51,395) | | | (107,104) | |
Proceeds from sales of loans held for sale | | 56,700 | | | 107,320 | |
Change in fair value of loans held for sale | | 198 | | | 89 | |
Net change in: | | | | |
Interest receivable | | 79 | | | 2,164 | |
Interest payable | | (2) | | | 494 | |
Other assets | | (7,060) | | | 11,525 | |
Other liabilities | | 2,157 | | | (10,627) | |
Net cash provided by operating activities | | 62,376 | | | 59,072 | |
Cash Flows From Investing Activities | | | | |
Loans originated, net of principal collected | | (139,777) | | | (164,856) | |
Investment in low income housing tax credit partnerships | | (42) | | | — | |
Purchases of: | | | | |
Debt securities available for sale | | (183,802) | | | (608,854) | |
Debt securities held to maturity | | (97,658) | | | — | |
Loans held for investment | | — | | | (74,383) | |
Premises and equipment | | (1,817) | | | (805) | |
| | | | |
Proceeds from: | | | | |
| | | | |
| | | | |
Principal repayments and maturities of debt securities available for sale | | 221,718 | | | 180,380 | |
Principal repayments and maturities of debt securities held to maturity | | 38,873 | | | — | |
Sales of premises and equipment and loans held for investment | | 27,272 | | | — | |
| | | | |
Sales of OREO and OPPO | | — | | | 132 | |
Bank owned life insurance death benefit | | — | | | 671 | |
| | | | |
| | | | |
| | | | |
Net cash used in investing activities | | (135,233) | | | (667,715) | |
Cash Flows From Financing Activities | | | | |
Net increase in deposits | | 289,282 | | | 897,604 | |
Net decrease in sweep repurchase agreements | | (41,801) | | | (35,235) | |
Proceeds from: | | | | |
| | | | |
FHLB advances | | 10 | | | — | |
FRB borrowings | | 10 | | | — | |
| | | | |
Employee stock purchase plan | | 1,017 | | | 1,098 | |
Payments for: | | | | |
Repayment of FHLB advances | | (10) | | | — | |
Repayment of FRB borrowings | | (10) | | | — | |
| | | | |
| | | | |
| | | | |
| | | | |
Common stock dividends | | (23,955) | | | (20,110) | |
| | | | |
| | | | |
| | | | |
Purchase and retirement of common stock | | (3,924) | | | (3,995) | |
Net cash provided by financing activities | | 220,619 | | | 839,362 | |
Increase in cash and cash equivalents | | 147,762 | | | 230,719 | |
Cash and cash equivalents at beginning of period | | 824,714 | | | 653,766 | |
Cash and cash equivalents at end of period | | $ | 972,476 | | | $ | 884,485 | |
| | | | |
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CONSOLIDATED STATEMENTS OF CASH FLOWS | | | |
Columbia Banking System, Inc. | | | | |
(Unaudited) | | | | |
| | Three Months Ended March 31, |
| | 2022 | | 2021 |
| | | | |
Supplemental Information: | | | | |
Interest paid | | $ | 2,087 | | | $ | 1,553 | |
Income taxes paid, net of refunds | | $ | 11 | | | $ | (1) | |
Non-cash investing and financing activities | | | | |
| | | | |
| | | | |
Premises and equipment expenditures incurred but not yet paid | | $ | 216 | | | $ | 43 | |
Change in dividends payable included in other liabilities | | $ | (520) | | | $ | (49) | |
| | | | |
See accompanying Notes to unaudited Consolidated Financial Statements.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Columbia Banking System, Inc.
1.Basis of Presentation and Significant Accounting Policies
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 three months ended March 31, 2022 are not necessarily indicative of results to be anticipated for the year ending December 31, 2022. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2021 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 2021 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2021 Annual Report on Form 10-K disclosure for the year ended December 31, 2021.
2.Accounting Pronouncements Recently Adopted or Issued
Accounting Standards Adopted in 2022
There are no recently issued accounting standards that are applicable to the Company that were adopted in 2022.
Recently Issued Accounting Standards, Not Yet Adopted
In March 2022, the FASB issued ASU 2022-02, Financial Instruments (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
3.Business Combinations
Bank of Commerce
On October 1, 2021, the Company completed its acquisition of Bank of Commerce and its wholly-owned banking subsidiary Merchants Bank of Commerce. The Company acquired 100% of the equity interests of Bank of Commerce.
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 October 1, 2021 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $57.3 million and a CDI of $15.9 million. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The Company paid this premium for a number of reasons, including to expand the Company’s current footprint and to enter the California market and the synergies and economies of scale expected from the acquisition. 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: | | | | | | | | | | | | | | |
| | October 1, 2021 |
| | (in thousands) |
Merger consideration | | $ | 256,257 | |
Identifiable net assets acquired, at fair value | | | | |
Assets acquired | | | | |
Cash and cash equivalents | | $ | 155,180 | | | |
Investment securities | | 654,480 | | | |
FHLB stock | | 7,463 | | | |
Loans, net allowance for credit loss | | 1,084,984 | | | |
Interest receivable | | 5,237 | | | |
Premises and equipment | | 17,658 | | | |
| | | | |
Core deposit intangible | | 15,932 | | | |
Other assets | | 41,963 | | | |
Total assets acquired | | | | 1,982,897 | |
Liabilities assumed | | | | |
Deposits | | (1,737,584) | | | |
| | | | |
Subordinated debentures | | (10,000) | | | |
Junior subordinated debentures | | (10,310) | | | |
| | | | |
| | | | |
Other liabilities | | (26,076) | | | |
Total liabilities assumed | | | | (1,783,970) | |
Total fair value of identifiable net assets | | | | 198,927 | |
Goodwill | | $ | 57,330 | |
Of the $1.08 billion net loans acquired, $40.3 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition:
| | | | | | | | |
| | October 1, 2021 |
| | |
| | (in thousands) |
Par value of PCD loans acquired | | $ | 43,419 | |
PCD ACL at acquisition | | (2,616) | |
Non-credit discount on PCD loans | | (525) | |
Purchase price of PCD loans | | $ | 40,278 | |
The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period of January 1, 2022 to March 31, 2022. Disclosure of the amount of Bank of Commerce’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 three months ended March 31, 2021. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce 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 Bank of Commerce 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. 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 for the |
| | Three Months Ended March 31, |
| | 2021 |
| | |
| | (in thousands, except per share amounts) |
Total revenues (net interest income plus noninterest income) | | $ | 162,092 | |
Net income | | $ | 55,882 | |
Earnings per share - basic | | $ | 0.72 | |
Earnings per share - diluted | | $ | 0.72 | |
The following table shows the impact of the acquisition-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense: | | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Noninterest Expense | | | | |
Compensation and employee benefits | | $ | 370 | | | $ | — | |
Occupancy | | 819 | | | — | |
Data processing and software | | 1,039 | | | — | |
Legal and professional fees | | 92 | | | — | |
| | | | |
Advertising and promotion | | 18 | | | — | |
Other | | 249 | | | — | |
Total impact of acquisition-related expenses to noninterest expense | | $ | 2,587 | | | $ | — | |
In addition, related to the recently announced transaction with Umpqua, the Company recognized $4.5 million of acquisition-related expenses for the three months ended March 31, 2022.
4.Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
| | | | | | | | |
March 31, 2022 | | (in thousands) |
Available for sale | | | | | | | | |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 3,604,576 | | | $ | 8,315 | | | $ | (205,237) | | | $ | 3,407,654 | |
Other asset-backed securities | | 433,879 | | | 377 | | | (26,209) | | | 408,047 | |
State and municipal securities | | 1,002,490 | | | 2,275 | | | (65,800) | | | 938,965 | |
U.S. government agency and government-sponsored enterprise securities | | 247,727 | | | 711 | | | (9,164) | | | 239,274 | |
U.S. government securities | | 182,500 | | | — | | | (9,158) | | | 173,342 | |
Non-agency collateralized mortgage obligations | | 381,988 | | | — | | | (21,899) | | | 360,089 | |
Total available for sale | | $ | 5,853,160 | | | $ | 11,678 | | | $ | (337,467) | | | $ | 5,527,371 | |
Held to maturity | | | | | | | | |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 2,202,437 | | | $ | — | | | $ | (164,400) | | | $ | 2,038,037 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total held to maturity | | $ | 2,202,437 | | | $ | — | | | $ | (164,400) | | | $ | 2,038,037 | |
| | | | | | | | |
December 31, 2021 | | | | | | | | |
Available for sale | | | | | | | | |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 3,738,616 | | | $ | 45,077 | | | $ | (38,092) | | | $ | 3,745,601 | |
Other asset-backed securities | | 469,052 | | | 3,802 | | | (9,791) | | | 463,063 | |
State and municipal securities | | 983,704 | | | 18,525 | | | (4,938) | | | 997,291 | |
U.S. government agency and government-sponsored enterprise securities | | 252,755 | | | 3,095 | | | (3,274) | | | 252,576 | |
U.S. government securities | | 158,367 | | | — | | | (831) | | | 157,536 | |
Non-agency collateralized mortgage obligations | | 295,547 | | | 340 | | | (955) | | | 294,932 | |
Total available for sale | | $ | 5,898,041 | | | $ | 70,839 | | | $ | (57,881) | | | $ | 5,910,999 | |
Held to maturity | | | | | | | | |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 2,148,327 | | | $ | 50 | | | $ | (25,771) | | | $ | 2,122,606 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total held to maturity | | $ | 2,148,327 | | | $ | 50 | | | $ | (25,771) | | | $ | 2,122,606 | |
There was no allowance for credit losses on both available for sale securities and held to maturity securities as of March 31, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss.
A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three months ended March 31, 2022 and 2021.
Accrued interest receivable for debt securities is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities available for sale was $18.4 million and $19.2 million, respectively. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities held to maturity was $4.5 million and $4.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.
There were no proceeds or gross realized gains and losses on sales and calls of debt securities available for sale, nor were there other securities gains and losses for the three month periods ended March 31, 2022 and 2021. Additionally, there were no gains or losses recognized on equity securities during the three month periods ended March 31, 2022 and 2021.
The scheduled contractual maturities of debt securities at the period presented below are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2022 |
| | Available for sale | | Held to maturity |
| | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value |
| | | | | | | | |
| | (in thousands) |
Due within one year | | $ | 92,542 | | | $ | |