Columbia Banking System, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Columbia Banking System, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operational status.</b>

AI Summary

COLUMBIA BANKING SYSTEM, INC. (COLB) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Columbia Banking System, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Tacoma, WA. The filing includes data related to various financial metrics and operational details. The report was filed on May 7, 2024.

Why It Matters

For investors and stakeholders tracking COLUMBIA BANKING SYSTEM, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Columbia Banking System's financial health and strategic direction for the first quarter of 2024. The detailed financial information within the report is crucial for understanding the bank's performance in the current economic climate and its ability to navigate market challenges.

Risk Assessment

Risk Level: medium — COLUMBIA BANKING SYSTEM, INC. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact profitability and asset quality.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Columbia Banking System's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-07 — Filing Date (Date the 10-Q was submitted)
• 2023-12-31 — Previous Fiscal Year End (Reference for year-over-year comparison)
• 2023-03-31 — Prior Year Q1 End (Comparison period for Q1 2024)

Key Players & Entities

• COLUMBIA BANKING SYSTEM, INC. (company) — Filer name
• COLB (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification
• WA (location) — State of incorporation and business address
• 2533051900 (phone) — Business phone number

FAQ

Industry Context

Columbia Banking System operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory policies.

Regulatory Implications

Commercial banks are subject to extensive regulation by federal and state authorities, including the Federal Reserve, FDIC, and state banking departments, to ensure financial stability and consumer protection.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and asset quality.
2. Review management's discussion and analysis for insights into business strategy and outlook.
3. Compare key financial metrics to prior periods and industry peers.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report for Columbia Banking System in fiscal year 2024, providing updated financial data compared to the previous fiscal year's filings.

Filing Documents

• colb-20240331.htm (10-Q) — 3991KB
• colb-20240331xex102.htm (EX-10.2) — 78KB
• colb-20240331xex311.htm (EX-31.1) — 10KB
• colb-20240331xex312.htm (EX-31.2) — 10KB
• colb-20240331xex313.htm (EX-31.3) — 10KB
• colb-20240331xex32.htm (EX-32) — 8KB
• 0000887343-24-000183.txt (&nbsp;) — 19117KB
• colb-20240331.xsd (EX-101.SCH) — 67KB
• colb-20240331_cal.xml (EX-101.CAL) — 133KB
• colb-20240331_def.xml (EX-101.DEF) — 426KB
• colb-20240331_lab.xml (EX-101.LAB) — 890KB
• colb-20240331_pre.xml (EX-101.PRE) — 670KB
• colb-20240331_htm.xml (XML) — 4899KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets (unaudited) 4 Condensed Consolidated Statements of Operations (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (unaudited) 6 Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited) 7 Condensed Consolidated Statements of Cash Flows (unaudited) 8 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 69

Controls and Procedures

Item 4. Controls and Procedures 70

OTHER INFORMATION

Part II. OTHER INFORMATION 71

Legal Proceedings

Item 1. Legal Proceedings 71

Risk Factors

Item 1A. Risk Factors 71

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 71

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 71

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 73

SIGNATURES

SIGNATURES 74 2 Table of Contents GLOSSARY OF DEFINED TERMS ACL Allowance for Credit Losses ACLLL Allowance for Credit Losses on Loans and Leases ASU Accounting Standards Update Bank Umpqua Bank Basel III Basel Capital Framework (third accord) BOLI Bank Owned Life Insurance BTFP Bank Term Funding Program CECL Current Expected Credit Losses Columbia Columbia Banking System, Inc. Company Columbia Banking System, Inc. and its Subsidiaries CVA Credit Valuation Adjustments DCF Discounted Cash Flow FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FHLB Federal Home Loan Bank of Des Moines FinPac Financial Pacific Leasing, Inc. FOMC Federal Open Market Committee FRB Federal Reserve Bank GAAP Generally Accepted Accounting Principles GDP Gross Domestic Product GNMA Government National Mortgage Association HELOC Home Equity Line of Credit LGD Loss Given Default Merger Umpqua Holdings Corporation merged with and into Columbia, with Columbia as the surviving corporation. Merger Date February 28, 2023 MSR Mortgage Servicing Rights NOL Net Operating Loss NM Not Meaningful PCD Purchased with Credit Deterioration PD Probability of Default RUC Reserve for Unfunded Commitments SBA Small Business Administration SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate UHC Umpqua Holdings Corporation 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except shares) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks (restricted cash of $ 1,447 and $ 4,200 ) $ 440,215 $ 498,496 Interest-bearing cash and temporary investments (restricted cash of $ 4,050 and $ 900 ) 1,760,902 1,664,038 Total cash and cash equivalents 2,201,117 2,162,534 Investment securities Equity and other, at fair value 77,203 76,995 Available for sale, at fair value 8,616,545 8,829,870 Held to maturity, at amortized cost 2,247 2,300 Loans held for sale 47,201 30,715 Loans and leases (at fair value: $ 267,806 and $ 275,140 ) 37,642,413 37,441,951 Allowance for credit losses on loans and leases ( 414,344 ) ( 440,871 ) Net loans and leases 37,228,069 37,001,080 Restricted equity securities 116,274 179,274 Premises and equipment, net 336,869 338,970 Operating lease right-of-use assets 113,833 115,811 Goodwill 1,029,234 1,029,234 Other intangible assets, net 571,588 603,679 Residential mortgage servicing rights, at fair value 110,444 109,243 Bank-owned life insurance 682,293 680,948 Deferred tax asset, net 356,031 347,203 Other assets 735,058 665,740 Total assets $ 52,224,006 $ 52,173,596 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non-interest-bearing $ 13,808,554 $ 14,256,452 Interest-bearing 27,897,606 27,350,568 Total deposits 41,706,160 41,607,020 Securities sold under agreements to repurchase 213,573 252,119 Borrowings 3,900,000 3,950,000 Junior subordinated debentures, at fair value 309,544 316,440 Junior and other subordinated debentures, at amortized cost 107,838 107,895 Operating lease liabilities 129,240 130,576 Other liabilities 900,406 814,512 Total liabilities 47,266,761 47,178,562 COMMITMENTS AND CONTINGENCIES (Note 9) SHAREHOLDERS' EQUITY Preferred Stock, no par value, shares authorized: 2,000,000 , issued and outstanding:

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View this 10-Q filing on SEC EDGAR