United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: March 31, 2023 or ☐ 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) Washington 91-1422237 (State or Other Jurisd ...

Financial Data and Key Metrics Changes - The company reported a net loss of $14 million for Q1, primarily due to merger expenses and an initial allowance for credit losses (ACL) provision of $88 million [20][30][34] - The tangible book dilution was larger than expected, but the anticipated GAAP accretion and return on tangible equity increased significantly [38][47] - The net interest margin (NIM) for March was reported at 4.31%, with an adjusted NIM of 3.55% excluding accretion [23][12] Business Line Data and Key Metrics Changes - The loan portfolio's loan-to-value ratio is 57%, with an average debt service coverage of approximately 1.75 times for non-owner occupied properties [1][2] - The FinPac portfolio's delinquency and charge-off activity remains concentrated in the trucking sector, with expectations for elevated charge-offs in the upcoming quarter [4][5] - Excluding FinPac, charge-off activity at the bank remains minimal, with classified asset ratios increasing but not indicating notable changes in classified asset balances [5] Market Data and Key Metrics Changes - Total deposits declined by 4.9% in Q1, attributed to market liquidity tightening and inflation impacts on consumer spending [58] - 41% of deposit balances are in noninterest-bearing accounts, with consumer balances making up 41% of the total deposit base [7][8] - The company has a robust liquidity position, with total available liquidity of $17.9 billion, representing 121% of uninsured deposits [40] Company Strategy and Development Direction - The merger with Umpqua Holdings Corporation has reinforced the company's position as the largest bank headquartered in the Northwest, with a focus on expanding banking relationships and enhancing long-term organic growth opportunities [30][34][17] - The company aims to achieve $135 million in annualized cost synergies by the end of Q3 2023, with $25 million already realized in March [38][48] - The company is committed to supporting communities through a five-year, $8 billion community benefits agreement [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the office exposure due to the portfolio's characteristics, with past due and non-accrual levels remaining low [2] - The company anticipates continued growth in new account balances despite a net contraction in deposit balances during the quarter [9] - Management noted that the economic environment and changes in credit forecasts will influence future provisions [135] Other Important Information - The company completed two branch divestiture projects and successfully converted core systems, which are expected to enhance operational efficiency [32][33] - The company has a diversified loan portfolio with strong credit metrics, and the average office loan is $1.3 million [16][15] Q&A Session Summary Question: Can you provide details on the expense run rate and expected cost synergies? - Management confirmed a $25 million run rate for March, with an additional $21 million expected in Q2, aiming for $135 million in annualized cost savings by Q3 [69][70] Question: What are the expectations for capital accretion and potential buybacks? - The company forecasts a capital build of 20 to 30 basis points quarterly, with no buybacks anticipated this year due to market volatility [71][73] Question: How are deposit flows trending in April and expectations for growth in Utah? - Management noted a slight decline in retail and consumer deposits in early April, but positive signs of new business flows and deposit promotions were observed [65][75] Question: Can you elaborate on the office portfolio and underwriting standards? - The office portfolio is primarily located in the Puget Sound area, with stringent underwriting criteria for larger loans [100][108]

Commission File Number 000-20288 COLUMBIA BANKING SYSTEM, INC. (Exact name of registrant as specified in its charter) 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) Securities Registered Pursuant to Section 12(b) of the Act: Common Stock, No Par Value COLB The Nasdaq S ...

Columbia Banking System, Inc. (NASDAQ:COLB) Q4 2022 Earnings Conference Call January 24, 2023 2:00 PM ET Company Participants Clint Stein - President & Chief Executive Officer Aaron Deer - Chief Financial Officer Chris Merrywell - Chief Operating Officer Conference Call Participants David Feaster - Raymond James Jeff Rulis - D.A. Davidson Jon Arfstrom - RBC Capital Markets Chris McGratty - KBW Andrew Terrell - Stephens Matthew Clark - Piper Sandler Operator Ladies and gentlemen, thank you for standing by. W ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited consolidated financial statements for Q3 2022 reflect a net income of $64.9 million, with total assets and shareholders' equity declining due to market conditions [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$20,405,369** | **$20,945,333** | **($539,964)** | | Total Cash and cash equivalents | $317,675 | $824,714 | ($507,039) | | Debt securities available for sale | $4,700,821 | $5,910,999 | ($1,210,178) | | Loans, net | $11,537,390 | $10,486,359 | $1,051,031 | | **Total Liabilities** | **$18,289,888** | **$18,356,591** | **($66,703)** | | Total deposits | $17,941,325 | $18,010,115 | ($68,790) | | **Total Shareholders' Equity** | **$2,115,481** | **$2,588,742** | **($473,261)** | | Accumulated other comprehensive income (loss) | ($558,844) | $35,162 | ($594,006) | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Income Statement Summary (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $162,492 | $132,540 | $456,143 | $381,996 | | Provision for credit losses | $5,250 | $— | ($450) | ($6,300) | | Noninterest Income | $26,627 | $23,958 | $75,813 | $69,854 | | Noninterest Expense | $101,446 | $90,007 | $301,878 | $257,682 | | **Net Income** | **$64,942** | **$53,017** | **$181,272** | **$159,909** | | **Diluted EPS** | **$0.83** | **$0.74** | **$2.32** | **$2.24** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Nine Months Ended September 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $223,717 | $189,101 | | Net cash used in investing activities | ($559,497) | ($1,933,439) | | Net cash provided by (used in) financing activities | ($171,259) | $1,988,047 | | **Increase (decrease) in cash and cash equivalents** | **($507,039)** | **$243,709** | [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Financial%20Statements) - The acquisition of Bank of Commerce on October 1, 2021, resulted in the recognition of **$57.3 million** in goodwill and a **$15.9 million** core deposit intangible (CDI)[30](index=30&type=chunk) - As of September 30, 2022, debt securities available for sale had gross unrealized losses of **$747.3 million**, primarily attributed to changes in interest rates, with no indicated credit loss or intent to sell before cost recovery[37](index=37&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) - The Allowance for Credit Losses (ACL) was **$154.9 million**, or **1.32%** of total loans, at September 30, 2022, a decrease primarily due to significant improvements in portfolio risk ratings[74](index=74&type=chunk)[215](index=215&type=chunk) - The company has off-balance sheet loan commitments of **$3.84 billion** as of September 30, 2022, an increase from **$3.50 billion** at year-end 2021[110](index=110&type=chunk) - On October 25, 2022, the Federal Reserve Board approved the application for the proposed merger with Umpqua Holdings Corporation, pending other regulatory approvals including from the FDIC[144](index=144&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported strong Q3 net income of $64.9 million, driven by net interest income growth and margin expansion, with solid financial condition and capital [Results of Operations](index=40&type=section&id=Results%20of%20Operations) - Net income for Q3 2022 was **$64.9 million** (**$0.83/share**), an increase from **$58.8 million** (**$0.75/share**) in Q2 2022, primarily driven by a **$15.0 million** sequential increase in net interest income[155](index=155&type=chunk) Net Interest Margin (Tax Equivalent) | Period | Net Interest Margin (NIM) | Operating NIM (Non-GAAP) | | :--- | :--- | :--- | | Q3 2022 | 3.47% | 3.50% | | Q2 2022 | 3.16% | 3.23% | - A **$5.3 million** provision for credit losses was recorded in Q3 2022, up from **$2.1 million** in Q2 2022, primarily due to loan growth and a less favorable economic forecast[157](index=157&type=chunk)[178](index=178&type=chunk) - Noninterest income increased by **$1.6 million** from the prior quarter, mainly due to a **$3.7 million** gain from a sale-leaseback of owned real estate, partially offset by lower mortgage banking revenue[158](index=158&type=chunk)[181](index=181&type=chunk) - Noninterest expense rose by **$6.1 million** from the prior quarter to **$101.4 million**, which included **$3.2 million** in merger-related expenses, also driven by higher incentive compensation[159](index=159&type=chunk)[186](index=186&type=chunk) [Financial Condition](index=48&type=section&id=Financial%20Condition) - Total assets decreased by **$540.0 million** since year-end 2021 to **$20.41 billion**, while loans grew by **$1.05 billion**, with the asset decrease driven by a **$1.21 billion** decline in available-for-sale securities and a **$507.0 million** drop in cash[190](index=190&type=chunk) - The investment portfolio's available-for-sale securities had a net unrealized loss of **$746.7 million** at September 30, 2022, a significant shift from a net unrealized gain of **$13.0 million** at year-end 2021, reflecting rising market interest rates[197](index=197&type=chunk) - Total deposits decreased by **$68.8 million** since year-end 2021 to **$17.94 billion**, with noninterest-bearing deposits constituting **49.8%** of total deposits[220](index=220&type=chunk)[222](index=222&type=chunk) Regulatory Capital Ratios (Company) | Ratio | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | CET1 risk-based capital | 12.50% | 13.01% | | Tier 1 risk-based capital | 12.50% | 13.01% | | Total risk-based capital | 13.59% | 14.21% | | Leverage ratio | 9.00% | 8.55% | - Both the Company and the Bank qualified as 'well-capitalized' under all regulatory requirements as of September 30, 2022[232](index=232&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, which it manages to benefit from a rising rate environment, projecting increased net interest income - The company's primary market risk is interest rate risk, arising from repricing, basis, yield curve, and option risks[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk) Net Interest Income Sensitivity (Year One Projection) | Scenario (Instantaneous Shock) | Change in Net Interest Income ($ thousands) | % Change in Net Interest Income | | :--- | :--- | :--- | | +200 bps | $46,963 | 6.81% | | -100 bps | ($43,095) | (6.25)% | - The company remains asset sensitive and is well-positioned to benefit from a rising interest rate environment, with prudent management of deposit rates being key to realizing this benefit[246](index=246&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal controls over financial reporting - The CEO and CFO concluded that as of the end of the reporting period, the company's disclosure controls and procedures are effective[249](index=249&type=chunk) - No changes occurred in the company's internal controls over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[250](index=250&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation not expected to materially impact its financial condition or results - The Company is party to routine litigation which is not expected to have a material adverse impact on its financial condition[252](index=252&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the disclosures in the 2021 Form 10-K - No material changes in risk factors were reported compared to the disclosures in the 2021 Form 10-K[253](index=253&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 1,269 common shares for tax withholding purposes, not as part of a formal buyback plan - The company repurchased **1,269** common shares during the quarter, consisting of cancellations to pay shareholders' withholding taxes, not part of a formal buyback plan[254](index=254&type=chunk) - The Company does not have a current share repurchase plan[254](index=254&type=chunk)

Columbia Banking System, Inc. (NASDAQ:COLB) Q3 2022 Earnings Conference Call October 20, 2022 2:00 PM ET Company Participants Clint Stein - President & Chief Executive Officer Aaron Deer - Chief Financial Officer Chris Merrywell - Chief Operating Officer Andy McDonald - Chief Credit Officer Conference Call Participants Jeffrey Rulis - D.A. Davidson & Co. David Feaster - Raymond James Matthew Clark - Piper Sandler Christopher McGratty - Keefe, Bruyette, & Woods, Inc. Operator Ladies and gentlemen, thank yo ...

Umpqua Holdings Corporation 3rd Quarter 2022 Earnings Presentation October 19, 2022 Disclaimer FORWARD-LOOKING STATEMENTS This communication contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction between Umpqua Holdings Corporation ("Umpqua") and Columbia Banking System, Inc. ("Columbia"), the plans, objectives, expectations and intentions of Umpqua and Columbia, the expected t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |----------------------- ...

Columbia Banking System, Inc. (NASDAQ:COLB) Q2 2022 Earnings Conference Call July 21, 2022 2:00 PM ET Company Participants Clint Stein - President & Chief Executive Officer Aaron Deer - Chief Financial Officer Chris Merrywell - Chief Operating Officer Andy McDonald - Chief Credit Officer Conference Call Participants David Feaster - Raymond James Matthew Clark - Piper Sandler Operator Ladies and gentlemen, thank you for standing by. Welcome to the Columbia Banking System's Second Quarter 2022 Earnings Confer ...

NASDAQ - COLB 2Q 2022 Port of Seattle, Washington Columbia Banking System Inc. Forward Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate", "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future ...