Columbia Banking System, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Columbia Banking System, Inc. has filed its 2023 Form 10-K detailing its financial performance and operations.</b>

AI Summary

COLUMBIA BANKING SYSTEM, INC. (COLB) filed a Annual Report (10-K) with the SEC on February 27, 2024. Columbia Banking System, Inc. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 1301 A Street, Tacoma, WA 98402. Columbia Banking System, Inc. is classified under Standard Industrial Classification Code 6022 for State Commercial Banks. The company was formerly known as Columbia Banking System Inc. with a name change date of March 28, 1993.

Why It Matters

For investors and stakeholders tracking COLUMBIA BANKING SYSTEM, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Columbia Banking System's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and future outlook. The detailed financial data and disclosures within the 10-K are essential for understanding the impact of the Umpqua Bank and Columbia Banking System merger, which occurred on February 28, 2023, on the company's consolidated financial position.

Risk Assessment

Risk Level: medium — COLUMBIA BANKING SYSTEM, INC. shows moderate risk based on this filing. The company's financial performance and stability are subject to the inherent risks of the banking industry, including interest rate fluctuations, credit risk, and regulatory changes, as detailed in its 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to evaluate Columbia Banking System's performance post-merger and its resilience in the current economic environment.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)
• 2533051900 — Business Phone (Business phone number)
• 000-20288 — SEC File Number (SEC file number for the company)
• 2023-02-28 — Merger Date (Umpqua Bank and Columbia Banking System Merger Date)

Key Players & Entities

• COLUMBIA BANKING SYSTEM, INC. (company) — Filer name
• COLB (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 1301 A STREET (address) — Business address street 1
• TACOMA (location) — Business address city
• WA (location) — Business address state
• 98402 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $20.28 — ed on the closing price on that date of $20.28 per share, and 166,512,408 shares held

Filing Documents

• colb-20231231.htm (10-K) — 5304KB
• colb-20231231xex1071.htm (EX-10.71) — 189KB
• colb-20231231xex191.htm (EX-19.1) — 87KB
• colb-20231231xex211.htm (EX-21.1) — 16KB
• colb-20231231xex231.htm (EX-23.1) — 2KB
• colb-20231231xex311.htm (EX-31.1) — 8KB
• colb-20231231xex312.htm (EX-31.2) — 8KB
• colb-20231231xex313.htm (EX-31.3) — 8KB
• colb-20231231xex32.htm (EX-32) — 8KB
• colb-20231231xex971.htm (EX-97.1) — 30KB
• colb-20231231_g1.jpg (GRAPHIC) — 119KB
• 0000887343-24-000089.txt (&nbsp;) — 26808KB
• colb-20231231.xsd (EX-101.SCH) — 146KB
• colb-20231231_cal.xml (EX-101.CAL) — 198KB
• colb-20231231_def.xml (EX-101.DEF) — 717KB
• colb-20231231_lab.xml (EX-101.LAB) — 1604KB
• colb-20231231_pre.xml (EX-101.PRE) — 1168KB
• colb-20231231_htm.xml (XML) — 5793KB

RISK FACTORS

ITEM 1A. RISK FACTORS 23

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 34

CYBERSECURITY

ITEM 1C. CYBERSECURITY 35

PROPERTIES

ITEM 2. PROPERTIES 38

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 38

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 38 PART II 39

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 39

R ESERVED

ITEM 6. R ESERVED 40

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 68

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 72

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 146

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 146

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 147

. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 147 PART III 148

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 148

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 148

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 148

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 149

PRINCIPAL ACCOUNT ANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNT ANT FEES AND SERVICES 149 PART IV 150

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 150

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 150 EXHIBIT INDEX 151

SIGNATURES

SIGNATURES 158 2 Table of Contents The acronyms, abbreviations, and terms listed below are used in various sections of this Annual Report on Form 10-K, including Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data. GLOSSARY OF DEFINED TERMS ACH Automated Clearing House ACL Allowance for Credit Losses ACLLL Allowance for Credit Losses on Loans and Leases ALCO Asset/Liability Management Committee ASC Accounting Standards Codification ASU Accounting Standards Update ATM Automated Teller Machine Bank Umpqua Bank Basel III Basel capital framework (third accord) BHCA Bank Holding Company Act of 1956 BIPOC Black, Indigenous, and People of Color Board The Company's Board of Directors BOLI Bank Owned Life Insurance BSA Bank Secrecy Act BTFP Bank Term Funding Program Capital Rules Risk-based capital standards currently applicable to the Company and the Bank CARES Act Coronavirus Aid, Relief and Economic Security Act CCPA California Consumer Protection Act of 2018 CDL Collateral-Dependent Loans CECL Current Expected Credit Losses (ASC Topic 326) CET1 Common Equity Tier 1 CFPB Consumer Financial Protection Bureau Columbia Columbia Banking System, Inc. Company Columbia Banking System, Inc. and its Subsidiaries COVID-19 Coronavirus Disease 2019 CPRA California Privacy Rights Act CRA Community Reinvestment Act of 1977 CVA Credit Valuation Adjustments DCBS Oregon Department of Consumer and Business Services Division of Financial Regulation DCF Discounted Cash Flow DCP Deferred Compensation Plan DEI Diversity, Equity, and Inclusion DIF Deposit Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act DTA Deferred Tax Assets ESG Environmental, Social, and Governance ESP Employee Stock Purchase FASB Financial Accounting Standards Board FDIA Federal Deposit Insurance Act FDIC Federal Deposit Insurance Corporation

BUSINESS

ITEM 1. BUSINESS. In this Annual Report on Form 10-K, we refer to Columbia Banking System, Inc. as the "Company," "Columbia," "we," "us," "our," or similar references.

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These statements may include statements that expressly or implicitly predict future results, performance, or events. Statements other than statements of historical fact are forward-looking statements. You can find many of these statements by looking for words such as "anticipates," "expects," "believes," "estimates," "intends," "forecast", and words or phrases of similar meaning. We make forward-looking statements including, but not limited to, statements made about the combined company's prospects and results following the merger with Umpqua Holdings Corporation and the merger of Columbia State Bank into Umpqua Bank (collectively, the "Mergers"), completed in the first quarter 2023; derivatives and hedging; the results and performance of models and economic forecasts used in our calculation of the ACL; projected sources of funds and the Company's liquidity position and deposit level and types; our securities portfolio; loan sales; adequacy of our ACL, including the RUC; provision for credit losses; non-performing loans and future losses; our commercial real estate portfolio, its collectability and subsequent charge-offs; resolution of non-accrual loans; mortgage volumes and the impact of rate changes; the economic environment; inflation and interest rates generally; litigation; dividends; junior subordinated debentures; fair values of certain assets and liabilities, including MSR values and sensitivity analyses; tax rates; deposit pricing; and the effect of accounting pronouncements and changes in accounting methodology. Forward-looking statements involve substantial risks and uncertainties, many of

View Full Filing

View this 10-K filing on SEC EDGAR