Columbia Banking System Files Q3 2024 Report

Ticker: COLB · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 887343

Sentiment: neutral

Topics: 10-Q, quarterly-report, compliance

Related Tickers: COLB

TL;DR

**COLB filed its 10-Q for Q3 2024, confirming compliance with SEC reporting.**

AI Summary

Columbia Banking System, Inc. filed its quarterly report for the period ended September 30, 2024. The company, trading under the symbol COLB on the Nasdaq, is incorporated in Washington and headquartered in Tacoma. This filing indicates it has met all reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with an update on Columbia Banking System's financial performance and compliance status for the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate financial distress or unusual events.

Key Players & Entities

FAQ

What is the Commission File Number for Columbia Banking System, Inc.?

The Commission File Number for Columbia Banking System, Inc. is 000-20288.

On which exchange is Columbia Banking System, Inc. common stock traded?

Columbia Banking System, Inc. common stock is traded on The Nasdaq Stock Market LLC.

What is the principal executive office address of Columbia Banking System, Inc.?

The principal executive office address is 1301 A Street, Tacoma, Washington 98402-2156.

Has Columbia Banking System, Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Columbia Banking System, Inc. 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.

What is the I.R.S. Employer Identification Number for Columbia Banking System, Inc.?

The I.R.S. Employer Identification Number for Columbia Banking System, Inc. is 91-1422237.

Filing Stats: 4,520 words · 18 min read · ~15 pages · Grade level 19.1 · Accepted 2024-11-05 16:36:28

Filing Documents

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) 9 Notes to Condensed Consolidated Financial Statements 11

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 51

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 77

Controls and Procedures

Item 4. Controls and Procedures 78

OTHER INFORMATION

Part II. OTHER INFORMATION 79

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 79

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 79

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 79

Other Information

Item 5. Other Information 80

Exhibits

Item 6. Exhibits 81

SIGNATURES

SIGNATURES 82 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 EVE Economic Value of Equity 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) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks (restricted cash of $ 8,611 and $ 4,200 ) $ 591,364 $ 498,496 Interest-bearing cash and temporary investments (restricted cash of $ 4,745 and $ 900 ) 1,519,658 1,664,038 Total cash and cash equivalents 2,111,022 2,162,534 Investment securities Equity and other, at fair value 79,996 76,995 Available for sale, at fair value 8,676,807 8,829,870 Held to maturity, at amortized cost 2,159 2,300 Loans held for sale 66,639 30,715 Loans and leases (at fair value: $ 179,617 and $ 275,140 ) 37,503,002 37,441,951 Allowance for credit losses on loans and leases ( 420,054 ) ( 440,871 ) Net loans and leases 37,082,948 37,001,080 Restricted equity securities 116,274 179,274 Premises and equipment, net 338,107 338,970 Operating lease right-of-use assets 106,224 115,811 Goodwill 1,029,234 1,029,234 Other intangible assets, net 513,303 603,679 Residential mortgage servicing rights, at fair value 101,919 109,243 Bank-owned life insurance 691,160 680,948 Deferred tax asset, net 286,432 347,203 Other assets 706,375 665,740 Total assets $ 51,908,599 $ 52,173,596 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non-interest-bearing $ 13,534,065 $ 14,256,452 Interest-bearing 27,980,623 27,350,568 Total deposits 41,514,688 41,607,020 Securities sold under agreements to repurchase 183,833 252,119 Borrowings 3,650,000 3,950,000 Junior subordinated debentures, at fair value 311,896 316,440 Junior and other subordinated debentures, at amortized cost 107,725 107,895 Operating lease liabilities 121,298 130,576 Other liabilities 745,331 814,512 Total liabilities 46,634,771 47,178,562 COMMITMENTS AND CONTINGENCIES (Note 9) SHAREHOLDERS' EQUITY Preferred Stock, no par value, shares authorized: 2,000,000 , issued and outstan

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