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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, 2020.
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 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 Stock Market LLC
(Title of each class)
 
(Trading symbol)
 
(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
 
 
 
 
 
 
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes   No x
The number of shares of common stock outstanding at July 27, 2020 was 71,618,641.
 



TABLE OF CONTENTS
 
 
 
Page
 
PART I — FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
PART II — OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 


i


Glossary of Acronyms, Abbreviations, and Terms

The acronyms, abbreviations, and terms listed below are used in various sections of the Form 10-Q, including “Item 1. Financial Statements” and “Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations.”
ACL
Allowance for Credit Losses
 
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
ALLL
Allowance for Loan and Lease Losses
 
EPS
Earnings Per Share
ASC
Accounting Standards Codification
 
FASB
Financial Accounting Standards Board
ASC 326
Codification related to measurement of credit losses on financial instruments
 
FDIC
Federal Deposit Insurance Corporation
ASU
Accounting Standards Update
 
FHLB
Federal Home Loan Bank of Des Moines
ATM
Automated Teller Machine
 
FRB
Federal Reserve Bank
B&O
Business and Occupation
 
GAAP
Generally Accepted Accounting Principles
Basel III
A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013
 
GDP
Gross Domestic Product
BOLI
Bank Owned Life Insurance
 
LIBOR
London Interbank Offering Rate
CARES Act
Coronavirus Aid Relief and Economic Security Act
 
OPPO
Other Personal Property Owned
CDARS®
Certificate of Deposit Account Registry Service
 
OREO
Other Real Estate Owned
CDI
Core Deposit Intangible
 
Pacific Continental
Pacific Continental Corporation
CECL
Current Expected Credit Losses
 
PCI
Purchased Credit Impaired
CEO
Chief Executive Officer
 
PPP
Paycheck Protection Program
CET1
Common Equity Tier 1
 
SBA
Small Business Administration
CFO
Chief Financial Officer
 
SEC
Securities and Exchange Commission
COVID-19
Novel Coronavirus
 
TDRs
Troubled Debt Restructurings
DCF
Discounted Cash Flow
 
 
 


ii

Table of Contents

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
 
 
 
 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
(in thousands)
Cash and due from banks
 
$
217,461

 
$
223,541

Interest-earning deposits with banks
 
880,232

 
24,132

Total cash and cash equivalents
 
1,097,693

 
247,673

Debt securities available for sale at fair value (amortized cost of $3,491,307 and $3,703,096, respectively)
 
3,693,787

 
3,746,142

Equity securities
 
13,425

 

FHLB stock at cost
 
16,280

 
48,120

Loans held for sale
 
28,803

 
17,718

Loans, net of unearned income
 
9,771,898

 
8,743,465

Less: ACL
 
151,546

 
83,968

Loans, net
 
9,620,352

 
8,659,497

Interest receivable
 
59,149

 
46,839

Premises and equipment, net
 
164,362

 
165,408

OREO
 
747

 
552

Goodwill
 
765,842

 
765,842

Other intangible assets, net
 
30,938

 
35,458

Other assets
 
429,566

 
346,275

Total assets
 
$
15,920,944

 
$
14,079,524

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Deposits:
 
 
 
 
Noninterest-bearing
 
$
6,719,437

 
$
5,328,146

Interest-bearing
 
6,412,040

 
5,356,562

Total deposits
 
13,131,477

 
10,684,708

FHLB advances and FRB borrowings
 
157,441

 
953,469

Securities sold under agreements to repurchase
 
51,479

 
64,437

Subordinated debentures
 
35,185

 
35,277

Other liabilities
 
268,607

 
181,671

Total liabilities
 
13,644,189

 
11,919,562

Commitments and contingent liabilities (Note 10)
 


 


Shareholders’ equity:
 
 
 
 
 
 
 
 
June 30,
2020
 
December 31,
2019
 
 
 
 
 
(in thousands)
 
 
 
 
Preferred stock (no par value)
 
 
 
 
 
 
 
Authorized shares
2,000

 
2,000

 
 
 
 
Common stock (no par value)
 
 
 
 
 
 
 
Authorized shares
115,000

 
115,000

 
 
 
 
Issued
73,770

 
73,577

 
1,654,129

 
1,650,753

Outstanding
71,586

 
72,124

 
 
 
 
Retained earnings
 
512,383

 
519,676

Accumulated other comprehensive income
 
181,077

 
40,367

Treasury stock at cost
2,184

 
1,453

 
(70,834
)
 
(50,834
)
Total shareholders’ equity
 
2,276,755

 
2,159,962

Total liabilities and shareholders’ equity
 
$
15,920,944

 
$
14,079,524



 
See accompanying Notes to unaudited Consolidated Financial Statements.

1


Table of Contents

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands except per share amounts)
Interest Income
 
 
 
 
 
 
 
 
Loans
 
$
105,496

 
$
116,585

 
$
212,862

 
$
225,001

Taxable securities
 
18,343

 
15,918

 
39,431

 
33,333

Tax-exempt securities
 
2,257

 
2,712

 
4,559

 
5,681

Deposits in banks
 
136

 
207

 
277

 
295

Total interest income
 
126,232

 
135,422

 
257,129

 
264,310

Interest Expense
 
 
 
 
 
 
 
 
Deposits
 
2,094

 
4,976

 
5,736

 
9,474

FHLB advances and FRB borrowings
 
1,796

 
4,708

 
6,025

 
7,393

Subordinated debentures
 
468

 
468

 
936

 
936

Other borrowings
 
23

 
154

 
159

 
369

Total interest expense
 
4,381

 
10,306

 
12,856

 
18,172

Net Interest Income
 
121,851

 
125,116

 
244,273

 
246,138

Provision for credit losses
 
33,500

 
218

 
75,000

 
1,580

Net interest income after provision for credit losses
 
88,351

 
124,898

 
169,273

 
244,558

Noninterest Income
 
 
 
 
 
 
 
 
Deposit account and treasury management fees
 
6,092

 
9,035

 
13,880

 
18,015

Card revenue
 
3,079

 
3,763

 
6,597

 
7,425

Financial services and trust revenue
 
3,163

 
3,425

 
6,228

 
6,382

Loan revenue
 
5,607

 
3,596

 
10,197

 
5,985

Bank owned life insurance
 
1,618

 
1,597

 
3,214

 
3,116

Investment securities gains, net
 
16,425

 
285

 
16,674

 
2,132

Other
 
1,275

 
3,947

 
1,676

 
4,289

Total noninterest income
 
37,259

 
25,648

 
58,466

 
47,344

Noninterest Expense
 
 
 
 
 
 
 
 
Compensation and employee benefits
 
46,043

 
52,015

 
100,885

 
104,100

Occupancy
 
8,812

 
8,712

 
18,009

 
17,521

Data processing
 
5,454

 
4,601

 
10,294

 
9,270

Legal and professional fees
 
3,483

 
6,554

 
5,585

 
11,127

Amortization of intangibles
 
2,210

 
2,649

 
4,520

 
5,397

B&O taxes
 
1,244

 
1,411

 
1,868

 
3,287

Advertising and promotion
 
837

 
870

 
2,142

 
1,844

Regulatory premiums
 
1,034

 
956

 
1,068

 
1,940

Net benefit of operation of OREO
 
(200
)
 
(705
)
 
(188
)
 
(592
)
Other
 
11,916

 
9,665

 
20,921

 
17,534

Total noninterest expense
 
80,833

 
86,728

 
165,104

 
171,428

Income before income taxes
 
44,777

 
63,818

 
62,635

 
120,474

Income tax provision
 
8,195

 
12,094

 
11,425

 
22,879

Net Income
 
$
36,582

 
$
51,724

 
$
51,210

 
$
97,595

Earnings per common share
 
 
 
 
 
 
 
 
Basic
 
$
0.52

 
$
0.71

 
$
0.72

 
$
1.33

Diluted
 
$
0.52

 
$
0.71

 
$
0.72

 
$
1.33

Weighted average number of common shares outstanding
 
70,679

 
72,451

 
70,942

 
72,486

Weighted average number of diluted common shares outstanding
 
70,711

 
72,451

 
70,981

 
72,487




See accompanying Notes to unaudited Consolidated Financial Statements.

2


Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
 
 
Three Months Ended
 
 
June 30,
 
 
2020
 
2019
 
 
(in thousands)
Net income
 
$
36,582

 
$
51,724

Other comprehensive income, net of tax:
 
 
 
 
Unrealized gain from securities:
 
 
 
 
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax of ($12,984) and ($11,217)
 
42,860

 
37,029

Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $66
 

 
(219
)
Net unrealized gain from securities, net of reclassification adjustment
 
42,860

 
36,810

Pension plan liability adjustment:
 
 
 
 
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($24) and ($19)
 
79

 
61

Pension plan liability adjustment, net
 
79

 
61

Unrealized gain from cash flow hedging instruments:
 
 
 
 
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of ($791) and ($2,191)
 
2,611

 
7,233

Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $510 and $0
 
(1,680
)
 

Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment
 
931

 
7,233

Other comprehensive income
 
43,870

 
44,104

Total comprehensive income
 
$
80,452

 
$
95,828

 
 
 
 
 
 
 
Six Months Ended
 
 
June 30,
 
 
2020
 
2019
 
 
(in thousands)
Net income
 
$
51,210

 
$
97,595

Other comprehensive income, net of tax:
 
 
 
 
Unrealized gain from securities:
 
 
 
 
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax of ($37,126) and ($21,788)
 
122,556

 
71,926

Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $58 and $496
 
(191
)
 
(1,636
)
Net unrealized gain from securities, net of reclassification adjustment
 
122,365

 
70,290

Pension plan liability adjustment:
 
 
 
 
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($48) and ($37)
 
159

 
122

Pension plan liability adjustment, net
 
159

 
122

Unrealized gain from cash flow hedging instruments:
 
 
 
 
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of ($6,237) and ($3,648)
 
20,588

 
12,043

Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $728 and $0
 
(2,402
)
 

Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment
 
18,186

 
12,043

Other comprehensive income
 
140,710

 
82,455

Total comprehensive income
 
$
191,920

 
$
180,050

See accompanying Notes to unaudited Consolidated Financial Statements.

3


Table of Contents

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
 
 
Common Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Shareholders’
Equity
 
 
Shares Outstanding
 
Amount
 
For the Three Months Ended June 30, 2020
 
(in thousands except per share amounts)
Balance at April 1, 2020
 
71,575

 
$
1,651,399

 
$
495,830

 
$
137,207

 
$
(70,834
)
 
$
2,213,602

Net income
 

 

 
36,582

 

 

 
36,582

Other comprehensive income
 

 

 

 
43,870

 

 
43,870

Issuance of common stock - stock option and other plans
 

 

 

 

 

 

Activity in deferred compensation plan
 

 
1

 

 

 

 
1

Issuance of common stock - restricted stock awards, net of canceled awards
 
12

 
2,737

 

 

 

 
2,737

Purchase and retirement of common stock
 
(1
)
 
(8
)
 

 

 

 
(8
)
Cash dividends declared on common stock ($0.28 per share)
 

 

 
(20,029
)
 

 

 
(20,029
)
Balance at June 30, 2020
 
71,586

 
$
1,654,129

 
$
512,383

 
$
181,077

 
$
(70,834
)
 
$
2,276,755

For the Six Months Ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2020
 
72,124

 
$
1,650,753

 
$
519,676

 
$
40,367

 
$
(50,834
)
 
$
2,159,962

Adjustment to opening retained earnings pursuant to adoption of ASU 2016-13
 

 

 
(2,457
)
 

 

 
(2,457
)
Net income
 

 

 
51,210

 

 

 
51,210

Other comprehensive income
 

 

 

 
140,710

 

 
140,710

Issuance of common stock - stock option and other plans
 
26

 
945

 

 

 

 
945

Activity in deferred compensation plan
 

 
4

 

 

 

 
4

Issuance of common stock - restricted stock awards, net of canceled awards
 
234

 
4,909

 

 

 

 
4,909

Purchase and retirement of common stock
 
(67
)
 
(2,482
)
 

 

 

 
(2,482
)
Cash dividends declared on common stock ($0.78 per share)
 

 

 
(56,046
)
 

 

 
(56,046
)
Purchase of treasury stock
 
(731
)
 

 

 

 
(20,000
)
 
(20,000
)
Balance at June 30, 2020
 
71,586

 
$
1,654,129

 
$
512,383

 
$
181,077

 
$
(70,834
)
 
$
2,276,755


4


Table of Contents

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY, Continued
Columbia Banking System, Inc.
(Unaudited)
 
 
Common Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Shareholders’
Equity
 
 
Shares Outstanding
 
Amount
 
For the Three Months Ended June 30, 2019
 
(in thousands except per share amounts)
Balance at April 1, 2019
 
73,565

 
$
1,642,977

 
$
442,597

 
$
3,046

 
$

 
$
2,088,620

Net income
 

 

 
51,724

 

 

 
51,724

Other comprehensive income
 

 

 

 
44,104

 

 
44,104

Issuance of common stock - stock option and other plans
 
2

 
15

 

 

 

 
15

Activity in deferred compensation plan
 

 
1

 

 

 

 
1

Issuance of common stock - restricted stock awards, net of canceled awards
 
(10
)
 
2,243

 

 

 

 
2,243

Purchase and retirement of common stock
 
(9
)
 
(314
)
 

 

 

 
(314
)
Cash dividends declared on common stock ($0.42 per share)
 

 

 
(30,892
)
 

 

 
(30,892
)
Purchase of treasury stock
 
(624
)
 

 

 

 
(21,863
)
 
(21,863
)
Balance at June 30, 2019
 
72,924

 
$
1,644,922

 
$
463,429

 
$
47,150

 
$
(21,863
)
 
$
2,133,638

For the Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
 
73,249

 
$
1,642,246

 
$
426,708

 
$
(35,305
)
 
$

 
$
2,033,649

Adjustment to opening retained earnings pursuant to adoption of ASU 2016-02
 

 

 
782

 

 

 
782

Net income
 

 

 
97,595

 

 

 
97,595

Other comprehensive income
 

 

 

 
82,455

 

 
82,455

Issuance of common stock - stock option and other plans
 
27

 
893

 

 

 

 
893

Activity in deferred compensation plan
 

 
1

 

 

 

 
1

Issuance of common stock - restricted stock awards, net of canceled awards
 
345

 
4,528

 

 

 

 
4,528

Purchase and retirement of common stock
 
(73
)
 
(2,746
)
 

 

 

 
(2,746
)
Cash dividends declared on common stock ($0.84 per share)
 

 

 
(61,656
)
 

 

 
(61,656
)
Purchase of treasury stock
 
(624
)
 

 

 

 
(21,863
)
 
(21,863
)
Balance at June 30, 2019
 
72,924

 
$
1,644,922

 
$
463,429

 
$
47,150

 
$
(21,863
)
 
$
2,133,638


See accompanying Notes to unaudited Consolidated Financial Statements.

5


Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
 
 
Six Months Ended June 30,
 
 
2020
 
2019
 
 
(in thousands)
Cash Flows From Operating Activities
 
 
 
 
Net income
 
$
51,210

 
$
97,595

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
Provision for credit losses
 
75,000

 
1,580

Stock-based compensation expense
 
4,909

 
4,528

Depreciation, amortization and accretion
 
10,382

 
17,298

Investment securities gain, net
 
(16,674
)
 
(2,132
)
Net realized gain on sale of premises and equipment and OPPO
 
(705
)
 
(666
)
Net realized loss (gain) on sale and valuation adjustments of OREO
 
18

 
(507
)
Gain on bank owned life insurance death benefit
 

 
(2,975
)
Originations of loans held for sale
 
(217,017
)
 
(68,722
)
Proceeds from sales of loans held for sale
 
205,932

 
60,382

Net change in:
 
 
 
 
Interest receivable
 
(12,310
)
 
(1,555
)
Interest payable
 
(219
)
 
1,608

Other assets
 
(93,919
)
 
(16,484
)
Other liabilities
 
76,500

 
8,560

Net cash provided by operating activities
 
83,107

 
98,510

Cash Flows From Investing Activities
 
 
 
 
Loans originated, net of principal collected
 
(1,026,250
)
 
(207,641
)
Purchases of:
 
 
 
 
Debt securities available for sale
 
(259,236
)
 
(54,405
)
Loans held for investment
 

 
(49,039
)
Premises and equipment
 
(4,490
)
 
(3,540
)
FHLB stock
 
(53,240
)
 
(117,240
)
Proceeds from:
 
 
 
 
Sales of debt securities available for sale