Columbia Banking System Q2 2024 10-Q Filing

TL;DR

Columbia Banking System filed its Q2 2024 10-Q. Financials look steady.

AI Summary

Columbia Banking System, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points and disclosures are presented within this report.

Why It Matters

This filing provides investors and analysts with a detailed look at Columbia Banking System's financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• COLUMBIA BANKING SYSTEM, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date

FAQ

Filing Documents

• colb-20240630.htm (10-Q) — 4667KB
• colb-20240630xex311.htm (EX-31.1) — 10KB
• colb-20240630xex312.htm (EX-31.2) — 10KB
• colb-20240630xex313.htm (EX-31.3) — 10KB
• colb-20240630xex32.htm (EX-32) — 8KB
• 0000887343-24-000245.txt ( ) — 21469KB
• colb-20240630.xsd (EX-101.SCH) — 66KB
• colb-20240630_cal.xml (EX-101.CAL) — 133KB
• colb-20240630_def.xml (EX-101.DEF) — 426KB
• colb-20240630_lab.xml (EX-101.LAB) — 892KB
• colb-20240630_pre.xml (EX-101.PRE) — 673KB
• colb-20240630_htm.xml (XML) — 5837KB

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 Income (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 50

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 76

Controls and Procedures

Item 4. Controls and Procedures 77

OTHER INFORMATION

Part II. OTHER INFORMATION 78

Legal Proceedings

Item 1. Legal Proceedings 78

Risk Factors

Item 1A. Risk Factors 78

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 79

Exhibits

Item 6. Exhibits 80

SIGNATURES

SIGNATURES 81 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) June 30, 2024 December 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 equivalents 2,068,831 2,162,534 Investment securities Equity and other, at fair value 77,221 76,995 Available for sale, at fair value 8,503,000 8,829,870 Held to maturity, at amortized cost 2,203 2,300 Loans held for sale 56,310 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 leases 37,291,316 37,001,080 Restricted equity securities 116,274 179,274 Premises and equipment, net 337,842 338,970 Operating lease right-of-use assets 108,278 115,811 Goodwill 1,029,234 1,029,234 Other intangible assets, net 542,358 603,679 Residential mortgage servicing rights, at fair value 110,039 109,243 Bank-owned life insurance 686,485 680,948 Deferred tax asset, net 361,773 347,203 Other assets 756,319 665,740 Total assets $ 52,047,483 $ 52,173,596 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non-interest-bearing $ 13,481,616 $ 14,256,452 Interest-bearing 28,041,656 27,350,568 Total deposits 41,523,272 41,607,020 Securities sold under agreements to repurchase 197,860 252,119 Borrowings 3,900,000 3,950,000 Junior subordinated debentures, at fair value 310,187 316,440 Junior and other subordinated debentures, at amortized cost 107,781 107,895 Operating lease liabilities 123,082 130,576 Other liabilities 908,629 814,512 Total liabilities 47,070,811 47,178,562 COMMITMENTS AND CONTINGENCIES (Note 9) SHAREHOLDERS' EQUITY Preferred Stock, no par value, shares authorized: 2,000,000 , issued and outstanding:

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View this 10-Q filing on SEC EDGAR