☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the fiscal year ended: | December 31, 2024 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
for the transition period from to . |
Washington | 91-1422237 | ||||
(State or Other Jurisdiction | (I.R.S. Employer Identification Number) | ||||
of Incorporation or Organization) |
TITLE OF EACH CLASS | TRADING SYMBOL | NAME OF EXCHANGE | ||||||
Common Stock | COLB | The Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
GLOSSARY OF DEFINED TERMS | ||||||||||||||
ACH | Automated Clearing House | |||||||||||||
ACL | Allowance for Credit Losses | |||||||||||||
ACLLL | Allowance for Credit Losses on Loans and Leases | |||||||||||||
ALCO | Asset/Liability Management Committee | |||||||||||||
ASC | Accounting Standards Codification | |||||||||||||
ASU | Accounting Standards Update | |||||||||||||
ATM | Automated Teller Machine | |||||||||||||
Bank | Umpqua Bank | |||||||||||||
Basel III | Basel capital framework (third accord) | |||||||||||||
BHCA | Bank Holding Company Act of 1956 | |||||||||||||
BIPOC | Black, Indigenous, and People of Color | |||||||||||||
Board | The Company's Board of Directors | |||||||||||||
BMA | Bank Merger Act of 1960 | |||||||||||||
BOLI | Bank Owned Life Insurance | |||||||||||||
BSA | Bank Secrecy Act | |||||||||||||
BTFP | Bank Term Funding Program | |||||||||||||
Capital Rules | Risk-based capital standards currently applicable to the Company and the Bank | |||||||||||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | |||||||||||||
CCPA | California Consumer Protection Act of 2018 | |||||||||||||
CDL | Collateral-Dependent Loans | |||||||||||||
CODM | Chief Operating Decision Maker | |||||||||||||
CECL | Current Expected Credit Losses (ASC Topic 326) | |||||||||||||
CET1 | Common Equity Tier 1 | |||||||||||||
CFPB | Consumer Financial Protection Bureau | |||||||||||||
Columbia | Columbia Banking System, Inc. | |||||||||||||
Company | Columbia Banking System, Inc. and its Subsidiaries | |||||||||||||
COVID-19 | Coronavirus Disease 2019 | |||||||||||||
CPRA | California Privacy Rights Act | |||||||||||||
CRA | Community Reinvestment Act of 1977 | |||||||||||||
CVA | Credit Valuation Adjustments | |||||||||||||
DCBS | Oregon Department of Consumer and Business Services Division of Financial Regulation | |||||||||||||
DCF | Discounted Cash Flow | |||||||||||||
DCP | Deferred Compensation Plan | |||||||||||||
DIF | Deposit Insurance Fund | |||||||||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||||||||
DTA | Deferred Tax Assets | |||||||||||||
ESPP | Employee Stock Purchase Plan | |||||||||||||
FASB | Financial Accounting Standards Board | |||||||||||||
FDIA | Federal Deposit Insurance Act | |||||||||||||
FDIC | Federal Deposit Insurance Corporation | |||||||||||||
Federal Reserve | Board of Governors of the Federal Reserve System |
GLOSSARY OF DEFINED TERMS (CONTINUED) | ||||||||||||||
FHLB | Federal Home Loan Bank | |||||||||||||
FinPac | Financial Pacific Leasing, Inc. | |||||||||||||
Fintech | Financial technology | |||||||||||||
FRB | Federal Reserve Bank | |||||||||||||
GAAP | Generally Accepted Accounting Principles | |||||||||||||
GDP | Gross Domestic Product | |||||||||||||
GNMA | Government National Mortgage Association | |||||||||||||
HELOC | Home Equity Line of Credit | |||||||||||||
IDI | Insured Depository Institutions | |||||||||||||
LGD | Loss Given Default | |||||||||||||
Merger | Umpqua Holdings Corporation merged with and into Columbia, with Columbia as the surviving corporation | |||||||||||||
Merger Agreement | Agreement and Plan of Merger dated as of October 11, 2021, by and among UHC, Columbia, and Cascade Merger Sub, Inc., as amended on January 9, 2023 | |||||||||||||
Merger Date | February 28, 2023 | |||||||||||||
MSR | Mortgage Servicing Rights | |||||||||||||
NOL | Net Operating Loss | |||||||||||||
OCC | Office of the Comptroller of the Currency | |||||||||||||
PCD | Purchased Credit Deteriorated | |||||||||||||
PD | Probability of Default | |||||||||||||
ROU | Right-Of-Use | |||||||||||||
RSA | Restricted Stock Awards | |||||||||||||
RSU | Restricted Stock Units | |||||||||||||
RUC | Reserve for Unfunded Commitments | |||||||||||||
SBA | Small Business Administration | |||||||||||||
SEC | Securities and Exchange Commission | |||||||||||||
SERP | Supplemental Retirement Plan associated with legacy Columbia | |||||||||||||
SOFR | Secured Overnight Financing Rate | |||||||||||||
SOX | Sarbanes-Oxley Act of 2002 | |||||||||||||
SRP | Supplemental Retirement Plan | |||||||||||||
SRP/DCP | Umpqua Supplemental Retirement & Deferred Compensation Plan | |||||||||||||
TDR | Troubled Debt Restructured | |||||||||||||
Trusts | Trusts wholly-owned by the Company | |||||||||||||
UHC | Umpqua Holdings Corporation | |||||||||||||
USDA | United States Department of Agriculture | |||||||||||||
Umpqua | Umpqua Bank |
State | Market Share | Market Rank | Number of Branches | ||||||||
Oregon | 16.40 | % | 2 | 107 | |||||||
Washington | 7.44 | % | 5 | 102 | |||||||
Idaho | 3.80 | % | 11 | 25 | |||||||
Nevada | 0.46 | % | 17 | 3 | |||||||
California | 0.40 | % | 24 | 60 | |||||||
Arizona | 0.02 | % | 54 | 2 | |||||||
Utah | — | % | 56 | 1 | |||||||
“Well-capitalized” | “Adequately capitalized” | ||||
Total capital ratio of at least 10%, | Total capital ratio of at least 8%, | ||||
Tier 1 capital ratio of at least 8%, | Tier 1 capital ratio of at least 6% | ||||
CET1 ratio of at least 6.5%, | CET1 ratio of at least 4.5%, and | ||||
Tier 1 leverage ratio of at least 5%, and | Tier 1 leverage ratio of at least 4%. | ||||
Not subject to any order or written directive requiring a specific capital level. |
Owned Properties | Leased Properties | Total Properties | |||||||||
Customer-facing locations | 168 | 146 | 314 | ||||||||
Administrative locations | 6 | 9 | 15 | ||||||||
Total locations | 174 | 155 | 329 |
Period | Total number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Dollar Value of Shares that May be Purchased at Period End under the Plan | ||||||||||||||||||||||
10/01/24 - 10/31/24 | 837 | $ | 28.62 | — | $ | — | ||||||||||||||||||||
11/01/24 - 11/30/24 | 232 | $ | 29.13 | — | $ | — | ||||||||||||||||||||
12/01/24 - 12/31/24 | 1,688 | $ | 29.50 | — | $ | — | ||||||||||||||||||||
Total for quarter | 2,757 | $ | 29.20 | — |
Period Ending | |||||||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | ||||||||||||||||||||||||||||||
Columbia Banking System, Inc. | $100.00 | $92.24 | $86.58 | $82.88 | $77.99 | $84.22 | |||||||||||||||||||||||||||||
Nasdaq Composite Index | $100.00 | $145.05 | $177.27 | $119.63 | $173.11 | $224.34 | |||||||||||||||||||||||||||||
S&P 500 Index | $100.00 | $118.39 | $153.34 | $124.73 | $157.48 | $196.85 | |||||||||||||||||||||||||||||
Nasdaq Bank Index | $100.00 | $92.50 | $132.19 | $110.67 | $106.87 | $128.85 |
(dollars in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Return on average assets | 1.03 | % | 0.70 | % | 1.09 | % | |||||||||||
Return on average common shareholders' equity | 10.55 | % | 7.81 | % | 13.07 | % | |||||||||||
Return on average tangible common shareholders' equity | 15.31 | % | 11.46 | % | 13.11 | % | |||||||||||
Calculation of average common tangible shareholders' equity: | |||||||||||||||||
Average common shareholders' equity | $ | 5,060,365 | $ | 4,466,725 | $ | 2,575,577 | |||||||||||
Less: average goodwill and other intangible assets, net | 1,573,712 | 1,423,075 | 6,847 | ||||||||||||||
Average tangible common shareholders' equity | $ | 3,486,653 | $ | 3,043,650 | $ | 2,568,730 |
(dollars in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Total shareholders' equity | $ | 5,118,224 | $ | 4,995,034 | |||||||
Less: Goodwill | 1,029,234 | 1,029,234 | |||||||||
Less: Other intangible assets, net | 484,248 | 603,679 | |||||||||
Tangible common shareholders' equity | $ | 3,604,742 | $ | 3,362,121 | |||||||
Total assets | $ | 51,576,397 | $ | 52,173,596 | |||||||
Less: Goodwill | 1,029,234 | 1,029,234 | |||||||||
Less: Other intangible assets, net | 484,248 | 603,679 | |||||||||
Tangible assets | $ | 50,062,915 | $ | 50,540,683 | |||||||
Total shareholders' equity to total assets ratio | 9.92 | % | 9.57 | % | |||||||
Tangible common equity to tangible assets ratio | 7.20 | % | 6.65 | % |
2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income or Expense | Average Yields or Rates | Average Balance | Interest Income or Expense | Average Yields or Rates | Average Balance | Interest Income or Expense | Average Yields or Rates | ||||||||||||||||||||||||||||||||||||||||||||
INTEREST-EARNING ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 69,348 | $ | 4,505 | 6.50 | % | $ | 87,675 | $ | 3,871 | 4.42 | % | $ | 208,141 | $ | 8,812 | 4.23 | % | |||||||||||||||||||||||||||||||||||
Loans and leases (1) | 37,585,426 | 2,315,859 | 6.15 | % | 35,412,594 | 2,109,744 | 5.95 | % | 24,225,518 | 1,041,446 | 4.29 | % | |||||||||||||||||||||||||||||||||||||||||
Taxable securities | 7,928,449 | 317,134 | 4.00 | % | 7,479,573 | 289,944 | 3.88 | % | 3,343,721 | 72,702 | 2.17 | % | |||||||||||||||||||||||||||||||||||||||||
Non-taxable securities (2) | 833,915 | 31,499 | 3.78 | % | 740,376 | 28,236 | 3.81 | % | 216,943 | 6,669 | 3.07 | % | |||||||||||||||||||||||||||||||||||||||||
Temporary investments and interest-bearing cash | 1,696,070 | 90,227 | 5.32 | % | 2,147,348 | 111,659 | 5.20 | % | 1,561,808 | 19,706 | 1.26 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (1)(2) | 48,113,208 | 2,759,224 | 5.73 | % | 45,867,566 | 2,543,454 | 5.54 | % | 29,556,131 | 1,149,335 | 3.88 | % | |||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | 1,573,712 | 1,423,075 | 6,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 2,228,134 | 2,205,678 | 1,254,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 51,915,054 | $ | 49,496,319 | $ | 30,817,396 | |||||||||||||||||||||||||||||||||||||||||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,265,535 | $ | 214,869 | 2.60 | % | $ | 6,280,333 | $ | 97,162 | 1.55 | % | $ | 3,886,390 | $ | 8,185 | 0.21 | % | |||||||||||||||||||||||||||||||||||
Money market deposits | 10,998,452 | 299,741 | 2.73 | % | 9,962,837 | 185,035 | 1.86 | % | 7,552,666 | 26,415 | 0.35 | % | |||||||||||||||||||||||||||||||||||||||||
Savings deposits | 2,528,828 | 3,409 | 0.13 | % | 2,994,333 | 3,384 | 0.11 | % | 2,411,448 | 880 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 6,219,996 | 284,787 | 4.58 | % | 4,743,615 | 176,073 | 3.71 | % | 1,743,988 | 12,715 | 0.73 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 28,012,811 | 802,806 | 2.87 | % | 23,981,118 | 461,654 | 1.93 | % | 15,594,492 | 48,195 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements and federal funds purchased | 212,235 | 4,873 | 2.30 | % | 269,853 | 3,923 | 1.45 | % | 465,600 | 997 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Borrowings | 3,691,530 | 190,241 | 5.15 | % | 4,522,656 | 242,914 | 5.37 | % | 226,665 | 8,920 | 3.94 | % | |||||||||||||||||||||||||||||||||||||||||
Junior and other subordinated debentures | 419,459 | 38,918 | 9.28 | % | 421,195 | 37,665 | 8.94 | % | 399,568 | 19,889 | 4.98 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 32,336,035 | 1,036,838 | 3.21 | % | 29,194,822 | 746,156 | 2.56 | % | 16,686,325 | 78,001 | 0.47 | % | |||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 13,608,946 | 14,927,443 | 11,053,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 909,708 | 907,329 | 501,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 46,854,689 | 45,029,594 | 28,241,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity | 5,060,365 | 4,466,725 | 2,575,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 51,915,054 | $ | 49,496,319 | $ | 30,817,396 | |||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME (2) | $ | 1,722,386 | $ | 1,797,298 | $ | 1,071,334 | |||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (2) | 2.52 | % | 2.98 | % | 3.41 | % | |||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN | 3.57 | % | 3.91 | % | 3.62 | % |
2024 compared to 2023 | 2023 compared to 2022 | ||||||||||||||||||||||||||||||||||
Increase (decrease) in interest income and expense due to changes in | Increase (decrease) in interest income and expense due to changes in | ||||||||||||||||||||||||||||||||||
(in thousands) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for sale | $ | (926) | $ | 1,560 | $ | 634 | $ | (5,304) | $ | 363 | $ | (4,941) | |||||||||||||||||||||||
Loans and leases | 132,620 | 73,495 | 206,115 | 581,254 | 487,044 | 1,068,298 | |||||||||||||||||||||||||||||
Taxable securities | 17,763 | 9,427 | 27,190 | 133,038 | 84,204 | 217,242 | |||||||||||||||||||||||||||||
Non-taxable securities (1) | 3,535 | (272) | 3,263 | 19,611 | 1,956 | 21,567 | |||||||||||||||||||||||||||||
Temporary investments and interest-bearing cash | (23,954) | 2,522 | (21,432) | 9,861 | 82,092 | 91,953 | |||||||||||||||||||||||||||||
Total interest-earning assets (1) | 129,038 | 86,732 | 215,770 | 738,460 | 655,659 | 1,394,119 | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 37,341 | 80,366 | 117,707 | 7,873 | 81,104 | 88,977 | |||||||||||||||||||||||||||||
Money market | 20,869 | 93,837 | 114,706 | 10,935 | 147,685 | 158,620 | |||||||||||||||||||||||||||||
Savings | (571) | 596 | 25 | 259 | 2,245 | 2,504 | |||||||||||||||||||||||||||||
Time deposits | 62,111 | 46,603 | 108,714 | 48,352 | 115,006 | 163,358 | |||||||||||||||||||||||||||||
Repurchase agreements | (719) | 1,669 | 950 | (810) | 3,736 | 2,926 | |||||||||||||||||||||||||||||
Borrowings | (43,159) | (9,514) | (52,673) | 229,574 | 4,420 | 233,994 | |||||||||||||||||||||||||||||
Junior subordinated debentures | (155) | 1,408 | 1,253 | 1,131 | 16,645 | 17,776 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 75,717 | 214,965 | 290,682 | 297,314 | 370,841 | 668,155 | |||||||||||||||||||||||||||||
Net increase (decrease) in net interest income (1) | $ | 53,321 | $ | (128,233) | $ | (74,912) | $ | 441,146 | $ | 284,818 | $ | 725,964 |
2024 compared to 2023 | |||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change Amount | Change Percent | |||||||||||||||||||
Service charges on deposits | $ | 71,517 | $ | 65,525 | $ | 5,992 | 9 | % | |||||||||||||||
Card-based fees | 57,089 | 55,263 | 1,826 | 3 | % | ||||||||||||||||||
Financial services and trust revenue | 20,208 | 13,471 | 6,737 | 50 | % | ||||||||||||||||||
Residential mortgage banking revenue, net | 24,108 | 16,789 | 7,319 | 44 | % | ||||||||||||||||||
Gain on sale of debt securities, net | 24 | 13 | 11 | 85 | % | ||||||||||||||||||
(Loss) gain on equity securities, net | (392) | 2,300 | (2,692) | (117) | % | ||||||||||||||||||
(Loss) gain on loan and lease sales, net | (2,853) | 4,414 | (7,267) | (165) | % | ||||||||||||||||||
Bank owned life insurance income | 18,760 | 15,624 | 3,136 | 20 | % | ||||||||||||||||||
Other income | 22,505 | 30,528 | (8,023) | (26) | % | ||||||||||||||||||
Total non-interest income | $ | 210,966 | $ | 203,927 | $ | 7,039 | 3 | % | |||||||||||||||
2024 compared to 2023 | |||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change Amount | Change Percent | |||||||||||||||||||
Salaries and employee benefits | $ | 588,830 | $ | 616,103 | $ | (27,273) | (4) | % | |||||||||||||||
Occupancy and equipment, net | 182,372 | 183,480 | (1,108) | (1) | % | ||||||||||||||||||
Communications | 13,871 | 16,252 | (2,381) | (15) | % | ||||||||||||||||||
Marketing | 11,036 | 11,399 | (363) | (3) | % | ||||||||||||||||||
Services | 57,614 | 57,641 | (27) | — | % | ||||||||||||||||||
FDIC assessments | 41,577 | 71,402 | (29,825) | (42) | % | ||||||||||||||||||
Intangible amortization | 119,431 | 111,296 | 8,135 | 7 | % | ||||||||||||||||||
Merger and restructuring expense | 23,713 | 171,659 | (147,946) | (86) | % | ||||||||||||||||||
Other expenses | 66,250 | 73,468 | (7,218) | (10) | % | ||||||||||||||||||
Total non-interest expense | $ | 1,104,694 | $ | 1,312,700 | $ | (208,006) | (16) | % | |||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current Par | Amortized Cost | Fair Value | % of Portfolio | Current Par | Amortized Cost | Fair Value | % of Portfolio | |||||||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,486,374 | $ | 1,495,542 | $ | 1,422,787 | 17 | % | $ | 1,546,374 | $ | 1,551,074 | $ | 1,478,392 | 17 | % | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 1,115,198 | 1,055,535 | 1,026,053 | 12 | % | 1,135,345 | 1,073,264 | 1,072,105 | 12 | % | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,701,037 | 6,307,252 | 5,825,775 | 71 | % | 7,103,633 | 6,638,439 | 6,279,373 | 71 | % | |||||||||||||||||||||||||||||||||||||
Total available for sale securities | $ | 9,302,609 | $ | 8,858,329 | $ | 8,274,615 | 100 | % | $ | 9,785,352 | $ | 9,262,777 | $ | 8,829,870 | 100 | % | |||||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | 3,186 | $ | 2,101 | $ | 2,703 | 100 | % | $ | 3,564 | $ | 2,300 | $ | 3,025 | 100 | % | |||||||||||||||||||||||||||||||
Total held to maturity securities | $ | 3,186 | $ | 2,101 | $ | 2,703 | 100 | % | $ | 3,564 | $ | 2,300 | $ | 3,025 | 100 | % |
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied term, net | $ | 6,278,154 | 17 | % | $ | 6,482,940 | 17 | % | |||||||||||||||
Owner occupied term, net | 5,270,294 | 14 | % | 5,195,605 | 14 | % | |||||||||||||||||
Multifamily, net | 5,804,364 | 15 | % | 5,704,734 | 15 | % | |||||||||||||||||
Construction & development, net | 1,983,213 | 5 | % | 1,747,302 | 5 | % | |||||||||||||||||
Residential development, net | 231,647 | 1 | % | 323,899 | 1 | % | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Term, net | 5,537,618 | 15 | % | 5,536,765 | 15 | % | |||||||||||||||||
Lines of credit & other, net | 2,769,643 | 7 | % | 2,430,127 | 6 | % | |||||||||||||||||
Leases & equipment finance, net | 1,660,835 | 4 | % | 1,729,512 | 5 | % | |||||||||||||||||
Residential | |||||||||||||||||||||||
Mortgage, net | 5,933,352 | 16 | % | 6,157,166 | 16 | % | |||||||||||||||||
Home equity loans & lines, net | 2,031,653 | 5 | % | 1,938,166 | 5 | % | |||||||||||||||||
Consumer & other, net | 180,128 | 1 | % | 195,735 | 1 | % | |||||||||||||||||
Total, net of deferred fees and costs | $ | 37,680,901 | 100 | % | $ | 37,441,951 | 100 | % | |||||||||||||||
By Maturity | Loans Over One Year by Rate Sensitivity | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | One Year or Less | One Through Five Years | Five Through 15 Years | Over 15 Years | Total | Fixed Rate | Floating/Adjustable Rate | ||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 588,133 | $ | 2,426,756 | $ | 3,130,558 | $ | 132,707 | $ | 6,278,154 | $ | 2,071,358 | $ | 3,618,663 | |||||||||||||||||||||||||||
Owner occupied term, net | 214,045 | 1,426,072 | 3,249,581 | 380,596 | 5,270,294 | 2,570,931 | 2,485,318 | ||||||||||||||||||||||||||||||||||
Multifamily, net | 59,516 | 645,334 | 1,262,313 | 3,837,201 | 5,804,364 | 975,762 | 4,769,086 | ||||||||||||||||||||||||||||||||||
Construction & development, net | 1,142,259 | 662,042 | 159,779 | 19,133 | 1,983,213 | 189,805 | 651,149 | ||||||||||||||||||||||||||||||||||
Residential development, net | 164,464 | 66,586 | 597 | — | 231,647 | 605 | 66,578 | ||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Term, net | 2,083,715 | 1,700,989 | 1,555,888 | 197,026 | 5,537,618 | 2,198,895 | 1,255,008 | ||||||||||||||||||||||||||||||||||
Lines of credit & other, net | 1,685,284 | 864,211 | 172,096 | 48,052 | 2,769,643 | 152,780 | 931,579 | ||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | 96,475 | 1,403,072 | 161,288 | — | 1,660,835 | 1,564,360 | — | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Mortgage, net | 2,270 | 4,284 | 506,134 | 5,420,664 | 5,933,352 | 2,038,941 | 3,892,141 | ||||||||||||||||||||||||||||||||||
Home equity loans & lines, net | 2,709 | 5,507 | 320,457 | 1,702,980 | 2,031,653 | 305,270 | 1,723,674 | ||||||||||||||||||||||||||||||||||
Consumer & other, net | 16,026 | 146,439 | 17,014 | 649 | 180,128 | 51,946 | 112,156 | ||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 6,054,896 | $ | 9,351,292 | $ | 10,535,705 | $ | 11,739,008 | $ | 37,680,901 | $ | 12,120,653 | $ | 19,505,352 |
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Outstanding | Non-accrual (1) | % of Total Commercial Real Estate | Outstanding | Non-accrual (1) | % of Total Commercial Real Estate | ||||||||||||||||||||||||||||||||
Commercial real estate loans by property type: | ||||||||||||||||||||||||||||||||||||||
Multifamily | $ | 7,311,500 | $ | — | — | % | $ | 6,978,498 | $ | — | — | % | ||||||||||||||||||||||||||
Office | 2,873,561 | 10,304 | 0.05 | % | 2,980,240 | 13,335 | 0.07 | % | ||||||||||||||||||||||||||||||
Industrial | 2,981,161 | 5,010 | 0.03 | % | 2,812,295 | 2,053 | 0.01 | % | ||||||||||||||||||||||||||||||
Retail | 2,000,141 | 2,389 | 0.01 | % | 2,083,960 | 3,715 | 0.02 | % | ||||||||||||||||||||||||||||||
Special Purpose | 1,317,463 | 14,751 | 0.08 | % | 1,348,343 | 4,566 | 0.03 | % | ||||||||||||||||||||||||||||||
Hotel/Motel | 724,271 | 13 | — | % | 755,132 | 2,622 | 0.01 | % | ||||||||||||||||||||||||||||||
Other | 2,359,575 | 6,865 | 0.03 | % | 2,496,012 | 2,398 | 0.01 | % | ||||||||||||||||||||||||||||||
Total commercial real estate loans | $ | 19,567,672 | $ | 39,332 | 0.20 | % | $ | 19,454,480 | $ | 28,689 | 0.15 | % | ||||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Amount | % of total | Amount | % of total | ||||||||||||||||||||||
Southern California | $ | 3,752,705 | 19 | % | $ | 3,847,758 | 20 | % | ||||||||||||||||||
Puget Sound | 3,712,306 | 19 | % | 3,700,923 | 19 | % | ||||||||||||||||||||
Oregon Other | 2,908,835 | 15 | % | 2,795,472 | 14 | % | ||||||||||||||||||||
Portland Metro | 2,643,814 | 14 | % | 2,774,515 | 14 | % | ||||||||||||||||||||
Northern California (excluding the Bay Area) | 2,027,906 | 10 | % | 1,993,323 | 10 | % | ||||||||||||||||||||
Bay Area | 1,404,444 | 7 | % | 1,419,485 | 7 | % | ||||||||||||||||||||
Washington Other | 1,297,715 | 7 | % | 1,293,619 | 7 | % | ||||||||||||||||||||
Other | 1,819,947 | 9 | % | 1,629,385 | 9 | % | ||||||||||||||||||||
Total commercial real estate loans | $ | 19,567,672 | 100 | % | $ | 19,454,480 | 100 | % |
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Amount | Percent of total | Amount | Percent of total | ||||||||||||||||||||||
Southern California | $ | 582,112 | 20 | % | $ | 610,257 | 20 | % | ||||||||||||||||||
Puget Sound | 579,471 | 20 | % | 648,642 | 22 | % | ||||||||||||||||||||
Oregon Other | 459,815 | 16 | % | 451,272 | 15 | % | ||||||||||||||||||||
Portland Metro | 344,500 | 12 | % | 361,618 | 12 | % | ||||||||||||||||||||
Northern California (excluding the Bay Area) | 313,251 | 11 | % | 326,997 | 11 | % | ||||||||||||||||||||
Bay Area | 166,367 | 6 | % | 162,133 | 5 | % | ||||||||||||||||||||
Washington Other | 149,546 | 5 | % | 166,002 | 6 | % | ||||||||||||||||||||
Other | 278,499 | 10 | % | 253,319 | 9 | % | ||||||||||||||||||||
Total commercial real estate loans | $ | 2,873,561 | 100 | % | $ | 2,980,240 | 100 | % |
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Outstanding | Non-accrual (1) | % of Total Commercial | Outstanding | Non-accrual (1) | % of Total Commercial | ||||||||||||||||||||||||||||||||
Agriculture | $ | 899,205 | $ | 7,289 | 0.07 | % | $ | 829,555 | $ | 2,167 | 0.02 | % | ||||||||||||||||||||||||||
Contractors | 771,109 | 5,621 | 0.06 | % | 733,531 | 6,143 | 0.06 | % | ||||||||||||||||||||||||||||||
Dentist | 679,528 | 791 | 0.01 | % | 715,348 | 886 | 0.01 | % | ||||||||||||||||||||||||||||||
Finance/Insurance | 742,712 | — | — | % | 754,115 | 3 | — | % | ||||||||||||||||||||||||||||||
Gaming | 827,865 | 1,775 | 0.02 | % | 532,698 | — | — | % | ||||||||||||||||||||||||||||||
Healthcare | 471,093 | 2,380 | 0.02 | % | 312,788 | 2,062 | 0.02 | % | ||||||||||||||||||||||||||||||
Manufacturing | 701,794 | 1,910 | 0.02 | % | 736,298 | 2,636 | 0.03 | % | ||||||||||||||||||||||||||||||
Professional | 371,975 | 1,491 | 0.01 | % | 445,455 | 3,113 | 0.03 | % | ||||||||||||||||||||||||||||||
Public Admin | 598,462 | 19 | — | % | 649,895 | 7 | — | % | ||||||||||||||||||||||||||||||
Rental and Leasing | 640,247 | 210 | — | % | 692,101 | 165 | — | % | ||||||||||||||||||||||||||||||
Retail | 283,459 | 14,770 | 0.15 | % | 225,223 | 1,276 | 0.01 | % | ||||||||||||||||||||||||||||||
Support Services | 437,001 | 1,413 | 0.01 | % | 411,565 | 1,047 | 0.01 | % | ||||||||||||||||||||||||||||||
Transportation/Warehousing | 764,119 | 11,568 | 0.12 | % | 852,735 | 21,951 | 0.23 | % | ||||||||||||||||||||||||||||||
Wholesale | 742,549 | 3,486 | 0.03 | % | 673,349 | 396 | 0.01 | % | ||||||||||||||||||||||||||||||
Other | 1,036,978 | 4,423 | 0.05 | % | 1,131,748 | 3,830 | 0.04 | % | ||||||||||||||||||||||||||||||
Total commercial portfolio | $ | 9,968,096 | $ | 57,146 | 0.57 | % | $ | 9,696,404 | $ | 45,682 | 0.47 | % |
(dollars in thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Non-performing assets: (1) | ||||||||||||||
Loans and leases on non-accrual status | ||||||||||||||
Commercial real estate, net | $ | 39,332 | $ | 28,689 | ||||||||||
Commercial, net | 57,146 | 45,682 | ||||||||||||
Total loans and leases on non-accrual status | 96,478 | 74,371 | ||||||||||||
Loans and leases past due 90 days or more and accruing (2) | ||||||||||||||
Commercial real estate, net | — | 870 | ||||||||||||
Commercial, net | 4,684 | 8,232 | ||||||||||||
Residential, net (2) | 65,552 | 29,102 | ||||||||||||
Consumer & other, net | 179 | 326 | ||||||||||||
Total loans and leases past due 90 days or more and accruing (2) | 70,415 | 38,530 | ||||||||||||
Total non-performing loans and leases (1), (2) | 166,893 | 112,901 | ||||||||||||
Other real estate owned | 2,666 | 1,036 | ||||||||||||
Total non-performing assets (1), (2) | $ | 169,559 | $ | 113,937 | ||||||||||
ACLLL | $ | 424,629 | $ | 440,871 | ||||||||||
Reserve for unfunded commitments | 16,168 | 23,208 | ||||||||||||
ACL | $ | 440,797 | $ | 464,079 | ||||||||||
Asset quality ratios: | ||||||||||||||
Non-performing assets to total assets (1), (2) | 0.33 | % | 0.22 | % | ||||||||||
Non-performing loans and leases to total loans and leases (1), (2) | 0.44 | % | 0.30 | % | ||||||||||
Non-accrual loans and leases to total loans and leases (2) | 0.26 | % | 0.20 | % | ||||||||||
ACLLL to total loans and leases | 1.13 | % | 1.18 | % | ||||||||||
ACL to total loans and leases | 1.17 | % | 1.24 | % | ||||||||||
ACL to non-accrual loans and leases | 457 | % | 624 | % | ||||||||||
ACL to total non-performing loans and leases | 264 | % | 411 | % |
(dollars in thousands) | 2024 | 2023 | ||||||||||||
Allowance for credit losses on loans and leases | ||||||||||||||
Balance, beginning of period | $ | 440,871 | $ | 301,135 | ||||||||||
Initial ACL recorded for PCD loans acquired during the period | — | 26,492 | ||||||||||||
Provision for credit losses on loans and leases (1) | 112,964 | 209,979 | ||||||||||||
Charge-offs: | ||||||||||||||
Commercial real estate, net | (3,681) | (803) | ||||||||||||
Commercial, net | (139,218) | (109,862) | ||||||||||||
Residential, net | (1,956) | (547) | ||||||||||||
Consumer & other, net | (6,339) | (5,762) | ||||||||||||
Total loans charged-off | (151,194) | (116,974) | ||||||||||||
Recoveries: | ||||||||||||||
Commercial real estate, net | 956 | 333 | ||||||||||||
Commercial, net | 18,292 | 16,884 | ||||||||||||
Residential, net | 887 | 1,123 | ||||||||||||
Consumer & other, net | 1,853 | 1,899 | ||||||||||||
Total recoveries | 21,988 | 20,239 | ||||||||||||
Net (charge-offs) recoveries: | ||||||||||||||
Commercial real estate, net | (2,725) | (470) | ||||||||||||
Commercial, net | (120,926) | (92,978) | ||||||||||||
Residential, net | (1,069) | 576 | ||||||||||||
Consumer & other, net | (4,486) | (3,863) | ||||||||||||
Total net charge-offs | (129,206) | (96,735) | ||||||||||||
Balance, end of period | $ | 424,629 | $ | 440,871 | ||||||||||
Reserve for unfunded commitments | ||||||||||||||
Balance, beginning of period | $ | 23,208 | $ | 14,221 | ||||||||||
Initial ACL recorded for unfunded commitments acquired during the period | — | 5,767 | ||||||||||||
(Recapture) provision for credit losses on unfunded commitments | (7,040) | 3,220 | ||||||||||||
Balance, end of period | 16,168 | 23,208 | ||||||||||||
Total allowance for credit losses | $ | 440,797 | $ | 464,079 | ||||||||||
As a percentage of average loans and leases (annualized): | ||||||||||||||
Net charge-offs | 0.34 | % | 0.27 | % | ||||||||||
Commercial real estate, net | 0.01 | % | — | % | ||||||||||
Commercial, net | 1.24 | % | 1.04 | % | ||||||||||
Residential, net | 0.01 | % | (0.01) | % | ||||||||||
Consumer & other, net | 2.13 | % | 1.93 | % | ||||||||||
Provision for credit losses | 0.28 | % | 0.60 | % | ||||||||||
Recoveries as a percentage of charge-offs | 14.54 | % | 17.30 | % |
(dollars in thousands) | December 31, 2023 | 2024 net (charge-offs) recoveries | Reserve build | December 31, 2024 | % of loans and leases outstanding | |||||||||||||||||||||||||||
Commercial real estate | $ | 137,058 | $ | (2,725) | $ | 26,012 | $ | 160,345 | 0.82 | % | ||||||||||||||||||||||
Commercial | 252,662 | (120,926) | 93,867 | 225,603 | 2.26 | % | ||||||||||||||||||||||||||
Residential | 64,944 | (1,069) | (17,091) | 46,784 | 0.59 | % | ||||||||||||||||||||||||||
Consumer & other | 9,415 | (4,486) | 3,136 | 8,065 | 4.48 | % | ||||||||||||||||||||||||||
Total allowance for credit losses | $ | 464,079 | $ | (129,206) | $ | 105,924 | $ | 440,797 | 1.17 | % | ||||||||||||||||||||||
% of loans and leases outstanding | 1.24 | % | 1.17 | % |
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||
Commercial real estate | $ | 154,413 | 52 | % | $ | 125,888 | 52 | % | |||||||||||||||
Commercial | 218,668 | 26 | % | 244,821 | 26 | % | |||||||||||||||||
Residential | 44,700 | 21 | % | 62,004 | 21 | % | |||||||||||||||||
Consumer & other | 6,848 | 1 | % | 8,158 | 1 | % | |||||||||||||||||
Allowance for credit losses on loans and leases | $ | 424,629 | 100 | % | $ | 440,871 | 100 | % |
(dollars in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Balance, beginning of period | $ | 109,243 | $ | 185,017 | $ | 123,615 | |||||||||||
Additions for new MSR capitalized | 6,452 | 5,347 | 24,137 | ||||||||||||||
Sale of MSR assets | — | (57,305) | — | ||||||||||||||
Changes in fair value: | |||||||||||||||||
Changes due to collection/realization of expected cash flows over time | (12,566) | (17,694) | (20,272) | ||||||||||||||
Changes due to valuation inputs or assumptions (1) | 5,229 | (6,122) | 57,537 | ||||||||||||||
Balance, end of period | $ | 108,358 | $ | 109,243 | $ | 185,017 |
(dollars in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Balance of loans serviced for others | $ | 7,939,445 | $ | 8,175,664 | |||||||
MSR as a percentage of serviced loans | 1.36 | % | 1.34 | % |
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||
Non-interest-bearing demand | $ | 13,307,905 | 32 | % | $ | 14,256,452 | 34 | % | |||||||||||||||
Interest-bearing demand | 8,475,693 | 20 | % | 8,044,432 | 19 | % | |||||||||||||||||
Money market | 11,475,055 | 27 | % | 10,324,454 | 25 | % | |||||||||||||||||
Savings | 2,360,040 | 6 | % | 2,754,113 | 7 | % | |||||||||||||||||
Time, greater than $250,000 | 1,201,887 | 3 | % | 1,034,094 | 2 | % | |||||||||||||||||
Time, $250,000 or less | 4,900,152 | 12 | % | 5,193,475 | 13 | % | |||||||||||||||||
Total deposits | $ | 41,720,732 | 100 | % | $ | 41,607,020 | 100 | % |
(in thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Customer deposits | $ | 35,565,779 | $ | 35,374,709 | ||||||||||
Public deposits | 2,986,948 | 2,904,337 | ||||||||||||
Brokered and administrative deposits | 3,168,005 | 3,327,974 | ||||||||||||
Total deposits | $ | 41,720,732 | $ | 41,607,020 |
(in thousands) | Amount | ||||
Three months or less | $ | 488,050 | |||
Over three months through six months | 447,128 | ||||
Over six months through twelve months | 224,121 | ||||
Over twelve months | 42,588 | ||||
Uninsured deposits, greater than $250,000 | $ | 1,201,887 |
December 31, 2024 | |||||||||||||||||
(dollars in thousands) | Gross Availability | Utilization | Net Availability | ||||||||||||||
FHLB lines | $ | 10,923,275 | $ | 3,119,833 | $ | 7,803,442 | |||||||||||
Federal Reserve Discount Window | 4,870,488 | — | 4,870,488 | ||||||||||||||
Uncommitted lines of credit | 600,000 | — | 600,000 | ||||||||||||||
Total off-balance sheet liquidity | $ | 16,393,763 | $ | 3,119,833 | $ | 13,273,930 |
(dollars in thousands) | December 31, 2024 | ||||
Total off-balance sheet liquidity | $ | 13,273,930 | |||
Cash and cash equivalents, less reserve requirements | 1,606,673 | ||||
Excess bond collateral | 3,106,386 | ||||
Total available liquidity | $ | 17,986,989 |
Company | Bank | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
CET1 risk-based capital ratio | 10.54 | % | 9.64 | % | 11.37 | % | 10.52 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 10.54 | % | 9.64 | % | 11.37 | % | 10.52 | % | |||||||||||||||
Total risk-based capital ratio | 12.75 | % | 11.86 | % | 12.42 | % | 11.57 | % | |||||||||||||||
Leverage ratio | 8.31 | % | 7.60 | % | 8.97 | % | 8.30 | % |
2024 | 2023 | 2022 | |||||||||||||||
Dividend declared per common share (1) | $ | 1.44 | $ | 1.43 | $ | 1.40 | |||||||||||
Dividend payout ratio | 56 | % | 80 | % | 54 | % |
Select Asset and Liability Maturity and Repricing Schedules (in Months) at December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | <=3 | 4 to 6 | 7 to 12 | 13 to 24 | 25 to 36 | 36+ | Total (4) | % Total (2) | ||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed (maturity) (1) | $ | 390 | $ | 114 | $ | 355 | $ | 664 | $ | 1,045 | $ | 10,745 | $ | 13,313 | 35 | % | ||||||||||||||||||||||||||||||||||
Floating (repricing) (1) | 13,432 | — | — | — | — | — | 13,432 | 35 | % | |||||||||||||||||||||||||||||||||||||||||
Adjustable (repricing) | 364 | 569 | 441 | 1,523 | 1,345 | 7,107 | 11,349 | 30 | % | |||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 14,186 | $ | 683 | $ | 796 | $ | 2,187 | $ | 2,390 | $ | 17,852 | $ | 38,094 | 100 | % | ||||||||||||||||||||||||||||||||||
Time deposits (maturity) (3) | $ | 3,852 | $ | 1,272 | $ | 820 | $ | 128 | $ | 17 | $ | 13 | $ | 6,102 | ||||||||||||||||||||||||||||||||||||
Term debt (maturity) | $ | 2,600 | $ | 500 | $ | — | $ | — | $ | — | $ | — | $ | 3,100 | ||||||||||||||||||||||||||||||||||||
As of December 31, | 2024 | 2023 | 2022 | ||||||||||||||
Up 300 basis points | (0.5) | % | (2.1) | % | 1.7 | % | |||||||||||
Up 200 basis points | (0.3) | % | (1.4) | % | 1.1 | % | |||||||||||
Up 100 basis points | (0.1) | % | (0.7) | % | 0.6 | % | |||||||||||
Down 100 basis points | 0.1 | % | 0.6 | % | (2.4) | % | |||||||||||
Down 200 basis points | 0.4 | % | 1.1 | % | (5.1) | % | |||||||||||
Down 300 basis points | 1.1 | % | 1.6 | % | (7.8) | % |
As of December 31, 2024 | Year 1 | Year 2 | |||||||||
Up 300 basis points | (0.5) | % | (0.1) | % | |||||||
Up 200 basis points | (0.3) | % | — | % | |||||||
Up 100 basis points | (0.1) | % | — | % | |||||||
Down 100 basis points | 0.1 | % | (0.2) | % | |||||||
Down 200 basis points | 0.4 | % | (0.4) | % | |||||||
Down 300 basis points | 1.1 | % | (0.7) | % |
As of December 31, | 2024 | 2023 | |||||||||
Up 300 basis points | (15.3) | % | (21.9) | % | |||||||
Up 200 basis points | (9.6) | % | (14.6) | % | |||||||
Up 100 basis points | (4.7) | % | (7.1) | % | |||||||
Down 100 basis points | 4.5 | % | 6.8 | % | |||||||
Down 200 basis points | 8.2 | % | 12.0 | % | |||||||
Down 300 basis points | 10.3 | % | 15.1 | % |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | |||||
Page | |||||
(in thousands, except shares) | December 31, 2024 | December 31, 2023 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 496,666 | $ | 498,496 | |||||||
Interest-bearing cash and temporary investments | 1,381,589 | 1,664,038 | |||||||||
Total cash and cash equivalents | 1,878,255 | 2,162,534 | |||||||||
Investment securities | |||||||||||
Equity and other, at fair value | 78,133 | 76,995 | |||||||||
Available for sale, at fair value | 8,274,615 | 8,829,870 | |||||||||
Held to maturity, at amortized cost | 2,101 | 2,300 | |||||||||
Loans held for sale | 71,535 | 30,715 | |||||||||
Loans and leases (at fair value: $168,809 and $275,140) | 37,680,901 | 37,441,951 | |||||||||
Allowance for credit losses on loans and leases | (424,629) | (440,871) | |||||||||
Net loans and leases | 37,256,272 | 37,001,080 | |||||||||
Restricted equity securities | 150,024 | 179,274 | |||||||||
Premises and equipment, net | 348,670 | 338,970 | |||||||||
Operating lease right-of-use assets | 111,227 | 115,811 | |||||||||
Goodwill | 1,029,234 | 1,029,234 | |||||||||
Other intangible assets, net | 484,248 | 603,679 | |||||||||
Residential mortgage servicing rights, at fair value | 108,358 | 109,243 | |||||||||
Bank-owned life insurance | 693,839 | 680,948 | |||||||||
Deferred tax asset, net | 359,425 | 347,203 | |||||||||
Other assets | 730,461 | 665,740 | |||||||||
Total assets | $ | 51,576,397 | $ | 52,173,596 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Deposits | |||||||||||
Non-interest-bearing | $ | 13,307,905 | $ | 14,256,452 | |||||||
Interest-bearing | 28,412,827 | 27,350,568 | |||||||||
Total deposits | 41,720,732 | 41,607,020 | |||||||||
Securities sold under agreements to repurchase | 236,627 | 252,119 | |||||||||
Borrowings | 3,100,000 | 3,950,000 | |||||||||
Junior subordinated debentures, at fair value | 330,895 | 316,440 | |||||||||
Junior and other subordinated debentures, at amortized cost | 107,668 | 107,895 | |||||||||
Operating lease liabilities | 125,710 | 130,576 | |||||||||
Other liabilities | 836,541 | 814,512 | |||||||||
Total liabilities | 46,458,173 | 47,178,562 | |||||||||
COMMITMENTS AND CONTINGENCIES (Note 16) | |||||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Preferred Stock, no par value, shares authorized: 2,000,000, issued and outstanding: 0 | — | — | |||||||||
Common stock, no par value, shares authorized: 520,000,000 in 2024 and 2023; issued and outstanding: 209,536,323 in 2024 and 208,584,667 in 2023 | 5,817,458 | 5,802,747 | |||||||||
Accumulated deficit | (237,254) | (467,571) | |||||||||
Accumulated other comprehensive loss | (461,980) | (340,142) | |||||||||
Total shareholders' equity | 5,118,224 | 4,995,034 | |||||||||
Total liabilities and shareholders' equity | $ | 51,576,397 | $ | 52,173,596 |
(in thousands, except per share amounts) | 2024 | 2023 | 2022 | ||||||||||||||
INTEREST INCOME | |||||||||||||||||
Interest and fees on loans and leases | $ | 2,320,364 | $ | 2,113,615 | $ | 1,050,258 | |||||||||||
Interest and dividends on investment securities: | |||||||||||||||||
Taxable | 305,173 | 276,841 | 72,264 | ||||||||||||||
Exempt from federal income tax | 27,515 | 24,109 | 5,351 | ||||||||||||||
Dividends | 11,961 | 13,103 | 438 | ||||||||||||||
Interest on temporary investments and interest-bearing deposits | 90,227 | 111,659 | 19,706 | ||||||||||||||
Total interest income | 2,755,240 | 2,539,327 | 1,148,017 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||
Interest on deposits | 802,806 | 461,654 | 48,195 | ||||||||||||||
Interest on securities sold under agreement to repurchase and federal funds purchased | 4,873 | 3,923 | 997 | ||||||||||||||
Interest on borrowings | 190,241 | 242,914 | 8,920 | ||||||||||||||
Interest on junior and other subordinated debentures | 38,918 | 37,665 | 19,889 | ||||||||||||||
Total interest expense | 1,036,838 | 746,156 | 78,001 | ||||||||||||||
Net interest income | 1,718,402 | 1,793,171 | 1,070,016 | ||||||||||||||
PROVISION FOR CREDIT LOSSES | 105,924 | 213,199 | 84,016 | ||||||||||||||
Net interest income after provision for credit losses | 1,612,478 | 1,579,972 | 986,000 | ||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||
Service charges on deposits | 71,517 | 65,525 | 48,365 | ||||||||||||||
Card-based fees | 57,089 | 55,263 | 37,370 | ||||||||||||||
Financial services and trust revenue | 20,208 | 13,471 | 90 | ||||||||||||||
Residential mortgage banking revenue, net | 24,108 | 16,789 | 106,859 | ||||||||||||||
Gain on sale of debt securities, net | 24 | 13 | 2 | ||||||||||||||
(Loss) gain on equity securities, net | (392) | 2,300 | (7,099) | ||||||||||||||
(Loss) gain on loan and lease sales, net | (2,853) | 4,414 | 6,696 | ||||||||||||||
Bank-owned life insurance income | 18,760 | 15,624 | 8,253 | ||||||||||||||
Other income (loss) | 22,505 | 30,528 | (1,008) | ||||||||||||||
Total non-interest income | 210,966 | 203,927 | 199,528 | ||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||
Salaries and employee benefits | 588,830 | 616,103 | 441,226 | ||||||||||||||
Occupancy and equipment, net | 182,372 | 183,480 | 138,451 | ||||||||||||||
Communications | 13,871 | 16,252 | 10,429 | ||||||||||||||
Marketing | 11,036 | 11,399 | 6,540 | ||||||||||||||
Services | 57,614 | 57,641 | 51,323 | ||||||||||||||
FDIC assessments | 41,577 | 71,402 | 13,964 | ||||||||||||||
Intangible amortization | 119,431 | 111,296 | 4,095 | ||||||||||||||
Merger and restructuring expense | 23,713 | 171,659 | 17,356 | ||||||||||||||
Other expenses | 66,250 | 73,468 | 51,566 | ||||||||||||||
Total non-interest expense | 1,104,694 | 1,312,700 | 734,950 | ||||||||||||||
Income before provision for income taxes | 718,750 | 471,199 | 450,578 | ||||||||||||||
Provision for income taxes | 185,075 | 122,484 | 113,826 | ||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 | |||||||||||
Earnings per common share (1): | |||||||||||||||||
Basic | $2.56 | $1.79 | $2.60 | ||||||||||||||
Diluted | $2.55 | $1.78 | $2.60 | ||||||||||||||
Weighted average number of common shares outstanding (1): | |||||||||||||||||
Basic | 208,463 | 195,304 | 129,277 | ||||||||||||||
Diluted | 209,337 | 195,871 | 129,732 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 | |||||||||||
Available for sale securities: | |||||||||||||||||
Unrealized (losses) gains arising during the period | (150,783) | 109,221 | (548,193) | ||||||||||||||
Income tax benefit (expense) related to unrealized (losses) gains | 39,204 | (28,411) | 140,995 | ||||||||||||||
Reclassification adjustment for net realized gains in earnings | (24) | (13) | (2) | ||||||||||||||
Income tax expense related to realized gains | 6 | 3 | 1 | ||||||||||||||
Net change in unrealized (losses) gains for available for sale securities | (111,597) | 80,800 | (407,199) | ||||||||||||||
Junior subordinated debentures, at fair value: | |||||||||||||||||
Unrealized (losses) gains arising during the period | (14,812) | 7,866 | (28,842) | ||||||||||||||
Income tax benefit (expense) related to unrealized (losses) gains | 3,851 | (2,045) | 7,418 | ||||||||||||||
Net change in unrealized (losses) gains for junior subordinated debentures, at fair value | (10,961) | 5,821 | (21,424) | ||||||||||||||
Pension plan liability adjustment: | |||||||||||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost | 973 | 136 | — | ||||||||||||||
Income tax expense related to unrecognized actuarial loss | (253) | (35) | — | ||||||||||||||
Net change in pension plan liability adjustment | 720 | 101 | — | ||||||||||||||
Other comprehensive (loss) income, net of tax | (121,838) | 86,722 | (428,623) | ||||||||||||||
Comprehensive income (loss) | $ | 411,837 | $ | 435,437 | $ | (91,871) |
Common Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||
(in thousands, except shares) | Shares | Amount | Total | ||||||||||||||||||||||||||
Balance at December 31, 2021 | 129,065,476 | $ | 3,444,849 | $ | (697,338) | $ | 1,759 | $ | 2,749,270 | ||||||||||||||||||||
Net income | 336,752 | 336,752 | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (428,623) | (428,623) | |||||||||||||||||||||||||||
Stock-based compensation | 9,753 | 9,753 | |||||||||||||||||||||||||||
Stock repurchased and retired | (120,380) | (4,163) | (4,163) | ||||||||||||||||||||||||||
Issuances of common stock under stock plans | 375,866 | 54 | 54 | ||||||||||||||||||||||||||
Cash dividends on common stock ($1.40 per share) (1) | (183,217) | (183,217) | |||||||||||||||||||||||||||
Balance at December 31, 2022 | 129,320,962 | $ | 3,450,493 | $ | (543,803) | $ | (426,864) | $ | 2,479,826 | ||||||||||||||||||||
Net income | 348,715 | 348,715 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | 86,722 | 86,722 | |||||||||||||||||||||||||||
Stock-based compensation | 18,073 | 18,073 | |||||||||||||||||||||||||||
Stock repurchased and retired | (263,835) | (6,282) | (6,282) | ||||||||||||||||||||||||||
Issuances of common stock under stock plans | 605,988 | — | — | ||||||||||||||||||||||||||
Issuances of common stock under employee stock purchase plan | 58,440 | 1,185 | 1,185 | ||||||||||||||||||||||||||
Stock issued in connection with the Merger | 78,863,112 | 2,339,278 | 2,339,278 | ||||||||||||||||||||||||||
Cash dividends on common stock ($1.43 per share) (1) | (272,483) | (272,483) | |||||||||||||||||||||||||||
Balance at December 31, 2023 | 208,584,667 | $ | 5,802,747 | $ | (467,571) | $ | (340,142) | $ | 4,995,034 | ||||||||||||||||||||
Net income | 533,675 | 533,675 | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (121,838) | (121,838) | |||||||||||||||||||||||||||
Stock-based compensation | 20,426 | 20,426 | |||||||||||||||||||||||||||
Stock repurchased and retired | (285,355) | (5,715) | (5,715) | ||||||||||||||||||||||||||
Issuances of common stock under stock plans | 1,237,011 | — | — | ||||||||||||||||||||||||||
Cash dividends on common stock ($1.44 per share) | (303,358) | (303,358) | |||||||||||||||||||||||||||
Balance at December 31, 2024 | 209,536,323 | $ | 5,817,458 | $ | (237,254) | $ | (461,980) | $ | 5,118,224 |
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024, 2023, and 2022 | |||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred income tax expense | 30,839 | 12,895 | 14,383 | ||||||||||||||
(Accretion) amortization of investment (discounts) premiums, net | (78,465) | (67,702) | 6,601 | ||||||||||||||
Gain on sale of investment securities, net | (24) | (13) | (2) | ||||||||||||||
Provision for credit losses | 105,924 | 213,199 | 84,016 | ||||||||||||||
Change in cash surrender value of bank-owned life insurance | (19,083) | (15,962) | (8,353) | ||||||||||||||
Depreciation, amortization and accretion | 149,869 | 144,252 | 28,305 | ||||||||||||||
Gain on sale of premises and equipment | (2,908) | (31,472) | (2,747) | ||||||||||||||
Additions to residential mortgage servicing rights carried at fair value | (6,452) | (5,347) | (24,137) | ||||||||||||||
Change in fair value of residential mortgage servicing rights carried at fair value | 7,337 | 23,816 | (37,265) | ||||||||||||||
Stock-based compensation | 20,426 | 18,073 | 9,753 | ||||||||||||||
Net (increase) decrease in equity and other investments | (1,530) | (448) | 1,156 | ||||||||||||||
Loss (gain) on equity securities, net | 392 | (2,300) | 7,099 | ||||||||||||||
(Gain) loss on sale of loans and leases, net | (4,982) | (10,200) | 1,953 | ||||||||||||||
Change in fair value of loans held for sale | (19) | 341 | 10,670 | ||||||||||||||
Origination of loans held for sale | (563,918) | (441,568) | (1,839,466) | ||||||||||||||
Proceeds from sales of loans held for sale | 528,206 | 602,634 | 2,076,548 | ||||||||||||||
Change in other assets and liabilities: | |||||||||||||||||
Net (increase) decrease in other assets | (38,088) | (24,163) | 169,540 | ||||||||||||||
Net (decrease) increase in other liabilities | (2,333) | (94,910) | 230,223 | ||||||||||||||
Net cash provided by operating activities | 658,866 | 669,840 | 1,065,029 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of investment securities available for sale | (69,611) | (926,216) | (276,812) | ||||||||||||||
Proceeds from investment securities available for sale | 552,369 | 1,694,850 | 396,100 | ||||||||||||||
Purchases of restricted equity securities | (144,001) | (290,817) | (180,543) | ||||||||||||||
Redemption of restricted equity securities | 173,251 | 260,697 | 144,315 | ||||||||||||||
Net change in loans and leases | (516,630) | (1,335,189) | (3,744,493) | ||||||||||||||
Proceeds from sales of loans and leases | 145,680 | 748,264 | 148,978 | ||||||||||||||
Change in premises and equipment | (35,665) | 40,688 | (27,086) | ||||||||||||||
Proceeds from bank-owned life insurance death benefits | 5,804 | 4,799 | 4,339 | ||||||||||||||
Purchase of bank-owned life insurance | — | (28,243) | — | ||||||||||||||
Proceeds from sale of mortgage servicing rights | — | 57,305 | — | ||||||||||||||
Cash received in the Merger | — | 274,587 | — | ||||||||||||||
Other | 3,374 | 1,011 | 2,110 | ||||||||||||||
Net cash provided by (used in) investing activities | 114,571 | 501,736 | (3,533,092) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Net increase (decrease) in deposit liabilities | 113,712 | (651,130) | 470,945 | ||||||||||||||
Net decrease in federal funds purchased | — | (14,000) | — | ||||||||||||||
Net decrease in securities sold under agreements to repurchase | (15,492) | (126,675) | (183,478) | ||||||||||||||
Proceeds from borrowings | 4,900,000 | 17,350,000 | 1,650,000 | ||||||||||||||
Repayment of borrowings | (5,750,000) | (16,586,522) | (750,000) | ||||||||||||||
Net proceeds from issuance of common stock | — | 1,185 | 54 | ||||||||||||||
Dividends paid on common stock | (300,221) | (270,261) | (182,273) | ||||||||||||||
Repurchase and retirement of common stock | (5,715) | (6,282) | (4,163) | ||||||||||||||
Net cash (used in) provided by financing activities | (1,057,716) | (303,685) | 1,001,085 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (284,279) | 867,891 | (1,466,978) | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,162,534 | 1,294,643 | 2,761,621 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 1,878,255 | $ | 2,162,534 | $ | 1,294,643 | |||||||||||
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024, 2023, and 2022 (Continued) | |||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest | $ | 1,077,870 | $ | 692,991 | $ | 71,209 | |||||||||||
Income taxes | $ | 101,476 | $ | 138,910 | $ | 71,804 | |||||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||
Changes in unrealized gains and losses on investment securities available for sale, net of taxes | $ | (111,597) | $ | 80,800 | $ | (407,199) | |||||||||||
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes | $ | (10,961) | $ | 5,821 | $ | (21,424) | |||||||||||
Transfer of loans to loans held for sale | $ | — | $ | 118,085 | $ | — | |||||||||||
Transfer of loans held for sale to loans held for investment | $ | 2,746 | $ | 5,754 | $ | 25,057 | |||||||||||
Acquisitions: | |||||||||||||||||
Assets acquired | $ | — | $ | 19,230,586 | $ | — | |||||||||||
Liabilities assumed | — | (17,920,542) | — | ||||||||||||||
Net assets acquired | $ | — | $ | 1,310,044 | $ | — |
Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also update the disclosures for equity securities subject to contractual restrictions. | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. | The Company adopted the guidance on January 1, 2024, using a prospective methodology, and it did not have a material impact on the Company's consolidated financial statements. | |||||||||||||||||
ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) | The amendments in this ASU permit companies to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the statement of income as a component of income tax expense (benefit). The amendments also require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understand the investments that generate income tax credits and other income tax benefits from a tax credit program. | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. | The Company adopted the guidance on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements. Refer to Note 25 – Income Taxes and Investment Tax Credits for additional information. | |||||||||||||||||
ASU No. 2023-07, Segment Reporting (Topic 280) | The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. | Fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. | The Company adopted the guidance for the fiscal year beginning January 1, 2024 for annual reporting. The amendments for interim periods will be adopted in our fiscal year beginning January 1, 2025. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Refer to Note 26 – Segment Reporting for additional information. |
Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
ASU No. 2023-06, Disclosure Improvements | The amendments in this ASU modify the disclosure or presentation requirements of a variety of topics in the codification. The amendments align the requirements in the codification with the SEC’s regulations. | Each amendment is effective on the date on which the SEC removes the related disclosure requirement from Regulation S-X or Regulation S-K, as applicable. For all entities within the scope of the affected codification subtopics, if, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the codification and will not become effective for any entities. | The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||||||
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | The amendments are intended to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU requires annual disclosure of the rate reconciliation of specific categories as well as additional information related to the reconciliation of certain items that meet a quantitative threshold and further disaggregation of income taxes paid. | Annual periods beginning after December 15, 2024. | The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures. | |||||||||||||||||
ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | These amendments are aimed to enhance the transparency and usefulness of financial information by requiring entities to break down significant expense categories in the notes to the financial statements. The amendments focus on the disaggregation of income statement expenses and specifically address the need for more detailed disclosures about expense categories. | Fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. | The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements. |
Columbia Ownership and Market Value Table (Pro Forma) | |||||||||||||||||
(in thousands) | Number of Columbia Outstanding Shares | Percentage Ownership | Market Value | ||||||||||||||
Columbia shareholders | 78,863 | 37.9 | % | $ | 2,344,600 | ||||||||||||
UHC shareholders | 129,378 | 62.1 | % | 3,846,408 | |||||||||||||
Total | 208,241 | 100.0 | % | $ | 6,191,008 |
Hypothetical UHC Ownership | |||||||||||
(in thousands) | Number of UHC Outstanding Shares | Percentage Ownership | |||||||||
Columbia shareholders | 132,365 | 37.9 | % | ||||||||
UHC shareholders | 217,150 | 62.1 | % | ||||||||
Total | 349,515 | 100.0 | % |
Number of hypothetical UHC common shares issued to Columbia shareholders | 132,365 | ||||
UHC market price per share as of February 28, 2023 | $ | 17.66 | |||
Purchase price determination of hypothetical UHC shares issued to Columbia shareholders | $ | 2,337,567 | |||
Value of Columbia RSUs hypothetically converted to shares | 1,646 | ||||
Cash in lieu of fractional shares | 65 | ||||
Purchase price consideration | $ | 2,339,278 |
(in thousands) | February 28, 2023 | |||||||||||||
Purchase price consideration | ||||||||||||||
Total merger consideration | $ | 2,339,278 | ||||||||||||
Fair value of assets acquired: | ||||||||||||||
Cash and due from banks | $ | 274,587 | ||||||||||||
Investment securities | 6,226,102 | |||||||||||||
Loans held for sale | 2,358 | |||||||||||||
Loans and leases | 10,884,218 | |||||||||||||
Restricted equity securities | 101,760 | |||||||||||||
Premises and equipment | 203,270 | |||||||||||||
Other intangible assets | 710,230 | |||||||||||||
Deferred tax asset | 256,288 | |||||||||||||
Other assets | 571,773 | |||||||||||||
Total assets acquired | $ | 19,230,586 | ||||||||||||
Fair value of liabilities assumed: | ||||||||||||||
Deposits | $ | 15,193,474 | ||||||||||||
Securities sold under agreements to repurchase | 70,025 | |||||||||||||
Borrowings | 2,294,360 | |||||||||||||
Junior and other subordinated debentures | 20,310 | |||||||||||||
Other liabilities | 342,373 | |||||||||||||
Total liabilities assumed | $ | 17,920,542 | ||||||||||||
Net assets acquired | 1,310,044 | |||||||||||||
Goodwill | $ | 1,029,234 | ||||||||||||
(in thousands) | February 28, 2023 | ||||
Principal of PCD loans acquired | $ | 478,648 | |||
PCD ACL at acquisition | (26,492) | ||||
Non-credit discount on PCD loans | (49,337) | ||||
Fair value of PCD loans | $ | 402,819 |
Year Ended | ||||||||||||||
(in thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Legal and professional | $ | 375 | $ | 61,857 | ||||||||||
Personnel | 9,436 | 38,265 | ||||||||||||
Premises and equipment | 1,027 | 45,374 | ||||||||||||
Charitable contributions | — | 20,000 | ||||||||||||
Other | — | 6,163 | ||||||||||||
Total merger-related expenses | $ | 10,838 | $ | 171,659 |
Unaudited Pro Forma for the | ||||||||
Year Ended | ||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | ||||||
Net interest income | $ | 1,951,561 | $ | 2,056,167 | ||||
Non-interest income | $ | 237,764 | $ | 288,417 | ||||
Net income (1) | $ | 633,719 | $ | 550,727 |
December 31, 2024 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,495,542 | $ | 1,092 | $ | (73,847) | $ | 1,422,787 | |||||||||||||||
Obligations of states and political subdivisions | 1,055,535 | 2,779 | (32,261) | 1,026,053 | |||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,307,252 | 3,937 | (485,414) | 5,825,775 | |||||||||||||||||||
Total available for sale securities | $ | 8,858,329 | $ | 7,808 | $ | (591,522) | $ | 8,274,615 | |||||||||||||||
Held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,101 | $ | 602 | $ | — | $ | 2,703 | |||||||||||||||
Total held to maturity securities | $ | 2,101 | $ | 602 | $ | — | $ | 2,703 |
December 31, 2023 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,551,074 | $ | 6,192 | $ | (78,874) | $ | 1,478,392 | |||||||||||||||
Obligations of states and political subdivisions | 1,073,264 | 20,451 | (21,610) | 1,072,105 | |||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,638,439 | 28,558 | (387,624) | 6,279,373 | |||||||||||||||||||
Total available for sale securities | $ | 9,262,777 | $ | 55,201 | $ | (488,108) | $ | 8,829,870 | |||||||||||||||
Held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,300 | $ | 725 | $ | — | $ | 3,025 | |||||||||||||||
Total held to maturity securities | $ | 2,300 | $ | 725 | $ | — | $ | 3,025 |
December 31, 2024 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 185,042 | $ | (2,770) | $ | 794,521 | $ | (71,077) | $ | 979,563 | $ | (73,847) | |||||||||||||||||||||||
Obligations of states and political subdivisions | 539,440 | (8,036) | 224,973 | (24,225) | 764,413 | (32,261) | |||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 3,398,609 | (78,817) | 1,830,720 | (406,597) | 5,229,329 | (485,414) | |||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 4,123,091 | $ | (89,623) | $ | 2,850,214 | $ | (501,899) | $ | 6,973,305 | $ | (591,522) | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 99,898 | $ | (1,074) | $ | 822,245 | $ | (77,800) | $ | 922,143 | $ | (78,874) | |||||||||||||||||||||||
Obligations of states and political subdivisions | 103,256 | (580) | 169,231 | (21,030) | 272,487 | (21,610) | |||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 1,089,640 | (10,355) | 1,817,768 | (377,269) | 2,907,408 | (387,624) | |||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,292,794 | $ | (12,009) | $ | 2,809,244 | $ | (476,099) | $ | 4,102,038 | $ | (488,108) | |||||||||||||||||||||||
Available For Sale | Held To Maturity | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 211,418 | $ | 211,457 | $ | — | $ | — | |||||||||||||||
Due after one year through five years | 2,732,275 | 2,670,145 | 3 | 3 | |||||||||||||||||||
Due after five years through ten years | 1,664,293 | 1,587,143 | 1 | 559 | |||||||||||||||||||
Due after ten years | 4,250,343 | 3,805,870 | 2,097 | 2,141 | |||||||||||||||||||
Total debt securities | $ | 8,858,329 | $ | 8,274,615 | $ | 2,101 | $ | 2,703 |
(in thousands) | Amortized Cost | Fair Value | |||||||||
To state and local governments to secure public deposits | $ | 1,983,773 | $ | 1,790,034 | |||||||
To secure repurchase agreements | 269,985 | 251,540 | |||||||||
Other securities pledged | 3,482,213 | 3,204,788 | |||||||||
Total pledged securities | $ | 5,735,971 | $ | 5,246,362 |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Commercial real estate | |||||||||||
Non-owner occupied term, net | $ | 6,278,154 | $ | 6,482,940 | |||||||
Owner occupied term, net | 5,270,294 | 5,195,605 | |||||||||
Multifamily, net | 5,804,364 | 5,704,734 | |||||||||
Construction & development, net | 1,983,213 | 1,747,302 | |||||||||
Residential development, net | 231,647 | 323,899 | |||||||||
Commercial | |||||||||||
Term, net | 5,537,618 | 5,536,765 | |||||||||
Lines of credit & other, net | 2,769,643 | 2,430,127 | |||||||||
Leases & equipment finance, net | 1,660,835 | 1,729,512 | |||||||||
Residential | |||||||||||
Mortgage, net | 5,933,352 | 6,157,166 | |||||||||
Home equity loans & lines, net | 2,031,653 | 1,938,166 | |||||||||
Consumer & other, net | 180,128 | 195,735 | |||||||||
Total loans and leases, net of deferred fees and costs | $ | 37,680,901 | $ | 37,441,951 |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Minimum lease payments receivable | $ | 365,125 | $ | 362,152 | |||||||
Estimated guaranteed & unguaranteed residual value | 68,977 | 74,880 | |||||||||
Initial direct costs - net of accumulated amortization | 4,257 | 5,373 | |||||||||
Unearned income | (52,830) | (48,433) | |||||||||
Net investment in direct financing leases | $ | 385,529 | $ | 393,972 |
(in thousands) | |||||
Year | Amount | ||||
2025 | $ | 114,176 | |||
2026 | 92,988 | ||||
2027 | 71,947 | ||||
2028 | 46,924 | ||||
2029 | 20,746 | ||||
Thereafter | 18,344 | ||||
Total minimum lease payments receivable | $ | 365,125 |
2025 | 2026 | 2027 | 2028 | ||||||||||||||||||||
U.S. real GDP average annualized growth | 2.0 | % | 2.0 | % | 2.0 | % | 2.0 | % | |||||||||||||||
U.S. unemployment rate average | 4.4 | % | 4.2 | % | 4.2 | % | 4.1 | % | |||||||||||||||
Forecasted average federal funds rate | 4.0 | % | 3.5 | % | 3.2 | % | 3.1 | % |
2025 | 2026 | 2027 | 2028 | ||||||||||||||||||||
U.S. real GDP average annualized growth | 0.3 | % | 1.7 | % | 2.8 | % | 2.7 | % | |||||||||||||||
U.S. unemployment rate average | 6.3 | % | 5.6 | % | 4.0 | % | 4.0 | % | |||||||||||||||
Forecasted average federal funds rate | 3.2 | % | 2.0 | % | 2.3 | % | 3.0 | % |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial | Residential | Consumer & Other | Total | |||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 77,813 | $ | 167,135 | $ | 50,329 | $ | 5,858 | $ | 301,135 | ||||||||||||||||||||||
Initial ACL on PCD loans acquired during the period | 8,736 | 17,204 | 454 | 98 | 26,492 | |||||||||||||||||||||||||||
Provision for credit losses for loans and leases (1) | 39,809 | 153,460 | 10,645 | 6,065 | 209,979 | |||||||||||||||||||||||||||
Charge-offs | (803) | (109,862) | (547) | (5,762) | (116,974) | |||||||||||||||||||||||||||
Recoveries | 333 | 16,884 | 1,123 | 1,899 | 20,239 | |||||||||||||||||||||||||||
Net recoveries (charge-offs) | (470) | (92,978) | 576 | (3,863) | (96,735) | |||||||||||||||||||||||||||
Balance, end of period | $ | 125,888 | $ | 244,821 | $ | 62,004 | $ | 8,158 | $ | 440,871 | ||||||||||||||||||||||
Reserve for unfunded commitments | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 7,207 | $ | 3,049 | $ | 3,196 | $ | 769 | $ | 14,221 | ||||||||||||||||||||||
Initial ACL recorded for unfunded commitments acquired during the period | 2,257 | 3,066 | 268 | 176 | 5,767 | |||||||||||||||||||||||||||
Provision (recapture) for credit losses on unfunded commitments | 1,706 | 1,726 | (524) | 312 | 3,220 | |||||||||||||||||||||||||||
Balance, end of period | 11,170 | 7,841 | 2,940 | 1,257 | 23,208 | |||||||||||||||||||||||||||
Total allowance for credit losses | $ | 137,058 | $ | 252,662 | $ | 64,944 | $ | 9,415 | $ | 464,079 |
December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Greater than 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 Days or More and Accruing (2) | Total Past Due | Non-Accrual (2) | Current and Other | Total Loans and Leases | ||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 27,954 | $ | — | $ | — | $ | 27,954 | $ | 14,577 | $ | 6,235,623 | $ | 6,278,154 | |||||||||||||||||||||||||||
Owner occupied term, net | 1,411 | 169 | — | 1,580 | 24,755 | 5,243,959 | 5,270,294 | ||||||||||||||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | 5,804,364 | 5,804,364 | ||||||||||||||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 1,983,213 | 1,983,213 | ||||||||||||||||||||||||||||||||||
Residential development, net | — | — | — | — | — | 231,647 | 231,647 | ||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Term, net | 1,711 | 893 | — | 2,604 | 29,483 | 5,505,531 | 5,537,618 | ||||||||||||||||||||||||||||||||||
Lines of credit & other, net | 5,345 | 5,523 | 206 | 11,074 | 6,666 | 2,751,903 | 2,769,643 | ||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | 15,318 | 17,117 | 4,478 | 36,913 | 20,997 | 1,602,925 | 1,660,835 | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Mortgage, net (1) | — | 17,844 | 61,228 | 79,072 | — | 5,854,280 | 5,933,352 | ||||||||||||||||||||||||||||||||||
Home equity loans & lines, net | 5,348 | 5,369 | 6,691 | 17,408 | — | 2,014,245 | 2,031,653 | ||||||||||||||||||||||||||||||||||
Consumer & other, net | 808 | 389 | 179 | 1,376 | — | 178,752 | 180,128 | ||||||||||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 57,895 | $ | 47,304 | $ | 72,782 | $ | 177,981 | $ | 96,478 | $ | 37,406,442 | $ | 37,680,901 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Greater than 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 Days or More and Accruing (2) | Total Past Due | Non-Accrual (2) | Current and Other | Total Loans and Leases | ||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,270 | $ | 3,312 | $ | 437 | $ | 5,019 | $ | 4,359 | $ | 6,473,562 | $ | 6,482,940 | |||||||||||||||||||||||||||
Owner occupied term, net | 3,078 | 2,191 | 433 | 5,702 | 24,330 | 5,165,573 | 5,195,605 | ||||||||||||||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | 5,704,734 | 5,704,734 | ||||||||||||||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 1,747,302 | 1,747,302 | ||||||||||||||||||||||||||||||||||
Residential development, net | — | — | — | — | — | 323,899 | 323,899 | ||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Term, net | 6,341 | 2,101 | 202 | 8,644 | 14,519 | 5,513,602 | 5,536,765 | ||||||||||||||||||||||||||||||||||
Lines of credit & other, net | 1,647 | 1,137 | 66 | 2,850 | 2,760 | 2,424,517 | 2,430,127 | ||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | 22,217 | 24,178 | 7,965 | 54,360 | 28,403 | 1,646,749 | 1,729,512 | ||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Mortgage, net (1) | 282 | 9,410 | 26,331 | 36,023 | — | 6,121,143 | 6,157,166 | ||||||||||||||||||||||||||||||||||
Home equity loans & lines, net | 4,401 | 2,373 | 3,782 | 10,556 | — | 1,927,610 | 1,938,166 | ||||||||||||||||||||||||||||||||||
Consumer & other, net | 778 | 519 | 326 | 1,623 | — | 194,112 | 195,735 | ||||||||||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 40,014 | $ | 45,221 | $ | 39,542 | $ | 124,777 | $ | 74,371 | $ | 37,242,803 | $ | 37,441,951 |
December 31, 2024 | ||||||||||||||||||||||||||||||||
(in thousands) | Residential Real Estate | Commercial Real Estate | General Business Assets | Other | Total | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | 13,116 | $ | — | $ | — | $ | 13,116 | ||||||||||||||||||||||
Owner occupied term, net | — | 20,198 | — | — | 20,198 | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Term, net | 2,273 | 2,856 | 15,220 | 580 | 20,929 | |||||||||||||||||||||||||||
Line of credit & other, net | — | 1,501 | 3,645 | — | 5,146 | |||||||||||||||||||||||||||
Leases & equipment finance, net | — | — | 20,997 | — | 20,997 | |||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Mortgage, net | 79,440 | — | — | — | 79,440 | |||||||||||||||||||||||||||
Home equity loans & lines, net | 2,391 | — | — | — | 2,391 | |||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 84,104 | $ | 37,671 | $ | 39,862 | $ | 580 | $ | 162,217 |
December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) | Residential Real Estate | Commercial Real Estate | General Business Assets | Other | Total | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | 4,250 | $ | — | $ | — | $ | 4,250 | ||||||||||||||||||||||
Owner occupied term, net | — | 22,076 | — | — | 22,076 | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Term, net | — | 271 | 8,602 | 301 | 9,174 | |||||||||||||||||||||||||||
Line of credit & other, net | — | 1,566 | — | — | 1,566 | |||||||||||||||||||||||||||
Leases & equipment finance, net | — | — | 28,403 | — | 28,403 | |||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Mortgage, net | 55,381 | — | — | — | 55,381 | |||||||||||||||||||||||||||
Home equity loans & lines, net | 2,740 | — | — | — | 2,740 | |||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 58,121 | $ | 28,163 | $ | 37,005 | $ | 301 | $ | 123,590 |
Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Interest Rate Reduction | Term Extension | Other -Than-Insignificant Payment Delay | Combo - Interest Rate Reduction and Term Extension | Combo - Term Extension and Other than Insignificant Payment Delay | Combo - Interest Rate Reduction and Other -Than-Insignificant Payment Delay | Total | % of total class of financing receivable | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | 94 | $ | 7,293 | $ | — | $ | — | $ | — | $ | 7,387 | 0.12 | % | ||||||||||||||||||||||||||||||||||
Owner occupied term, net | 3,708 | 215 | 734 | — | — | — | 4,657 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||
Construction & development, net | — | — | — | 1,989 | — | — | 1,989 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term, net | — | 4,210 | 3,913 | 370 | — | 2,572 | 11,065 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||
Lines of credit & other, net | 983 | 23,040 | 157 | 31,227 | — | — | 55,407 | 2.00 | % | |||||||||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | — | 2,273 | — | — | — | — | 2,273 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage, net | — | 7,606 | 18,981 | 1,011 | 340 | — | 27,938 | 0.47 | % | |||||||||||||||||||||||||||||||||||||||||
Total modified loans and leases experiencing financial difficulty | $ | 4,691 | $ | 37,438 | $ | 31,078 | $ | 34,597 | $ | 340 | $ | 2,572 | $ | 110,716 | 0.29 | % |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Interest Rate Reduction | Term Extension | Other -Than-Insignificant Payment Delay | Combo - Term Extension and Other-than-Insignificant Payment Delay | Total | % of total class of financing receivable | ||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | 32,461 | $ | — | $ | — | $ | 32,461 | 0.50 | % | ||||||||||||||||||||||||||
Owner occupied term, net | 666 | 507 | 568 | — | 1,741 | 0.03 | % | |||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Term, net | 377 | 4,409 | — | — | 4,786 | 0.09 | % | |||||||||||||||||||||||||||||||
Lines of credit & other, net | — | 13,152 | 30,804 | — | 43,956 | 1.81 | % | |||||||||||||||||||||||||||||||
Leases & equipment finance, net | — | 1,495 | — | — | 1,495 | 0.09 | % | |||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Mortgage, net | — | 562 | 46,012 | 7,101 | 53,675 | 0.87 | % | |||||||||||||||||||||||||||||||
Total modified loans and leases experiencing financial difficulty | $ | 1,043 | $ | 52,586 | $ | 77,384 | $ | 7,101 | $ | 138,114 | 0.37 | % |
Year Ended December 31, 2024 | ||||||||||||||||||||
Interest Rate Modification | Term Extension | Other-Than-Insignificant Payment Delay | ||||||||||||||||||
(dollars in thousands) | Weighted-Average Interest Rate Reduction | Weighted-Average Term Extension | Deferral Amount | |||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Non-owner occupied term, net | — | 6 months | $ | 2,048 | ||||||||||||||||
Owner occupied term, net | 3.71 | % | 2.9 years | $ | 51 | |||||||||||||||
Construction & development, net | 1.00 | % | 7 months | — | ||||||||||||||||
Commercial | ||||||||||||||||||||
Term, net | 2.52 | % | 11 months | $ | 535 | |||||||||||||||
Lines of credit & other, net | 7.59 | % | 9 months | $ | 32 | |||||||||||||||
Leases & equipment finance, net | — | 11 months | — | |||||||||||||||||
Residential | ||||||||||||||||||||
Mortgage, net | 7.54 | % | 7.0 years | $ | 1,545 | |||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
Interest Rate Modification | Term Extension | Other-Than-Insignificant Payment Delay | ||||||||||||||||||
(dollars in thousands) | Weighted-Average Interest Rate Reduction | Weighted-Average Term Extension | Deferral Amount | |||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Non-owner occupied term, net | — | 1.4 years | — | |||||||||||||||||
Owner occupied term, net | 4.00 | % | 2 months | $ | 22 | |||||||||||||||
Commercial | ||||||||||||||||||||
Term, net | 4.15 | % | 3 months | — | ||||||||||||||||
Lines of credit & other, net | — | 11 months | $ | 30,080 | ||||||||||||||||
Leases & equipment finance, net | — | 8 months | — | |||||||||||||||||
Residential | ||||||||||||||||||||
Mortgage, net | — | 11.9 years | $ | 3,391 | ||||||||||||||||
Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Interest Rate Reduction | Term Extension | Other-Than-Insignificant Payment Delay | Combination - Interest Rate Reduction and Term Extension | Combination - Term Extension and Other-than-Insignificant Payment Delay | Combination - Rate Reduction and Other-than-Insignificant Payment Delay | Total | |||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | $ | — | $ | 1,305 | $ | — | $ | — | $ | 1,305 | ||||||||||||||||||||||||||||||
Owner occupied term, net | 2,752 | — | — | — | — | — | 2,752 | |||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||
Term, net | — | — | — | — | — | 1,459 | 1,459 | |||||||||||||||||||||||||||||||||||||
Lines of credit & other, net | — | 162 | — | — | — | — | 162 | |||||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | — | 387 | — | — | — | — | 387 | |||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage, net | — | 1,396 | 9,903 | — | 1,805 | — | 13,104 | |||||||||||||||||||||||||||||||||||||
Total loans and leases experiencing financial difficulty with a subsequent default | $ | 2,752 | $ | 1,945 | $ | 9,903 | $ | 1,305 | $ | 1,805 | $ | 1,459 | $ | 19,169 |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||
(in thousands) | Term Extension | Other-Than-Insignificant Payment Delay | Combination - Term Extension and Other-than-Insignificant Payment Delay | Total | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Lines of credit & other, net | $ | 1,422 | $ | — | $ | — | $ | 1,422 | ||||||||||||||||||
Leases & equipment finance, net | 280 | — | — | 280 | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Mortgage, net | — | 977 | 1,033 | 2,010 | ||||||||||||||||||||||
Total loans and leases experiencing financial difficulty with a subsequent default | $ | 1,702 | $ | 977 | $ | 1,033 | $ | 3,712 |
December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Greater than 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 Days or Greater Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 7,387 | $ | — | $ | — | $ | — | $ | — | $ | 7,387 | ||||||||||||||||||||||||||
Owner occupied term, net | 1,377 | — | — | — | 3,280 | 4,657 | ||||||||||||||||||||||||||||||||
Construction & development, net | 1,989 | — | — | — | — | 1,989 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Term, net | 6,197 | — | — | — | 4,868 | 11,065 | ||||||||||||||||||||||||||||||||
Lines of credit & other, net | 51,811 | 2,048 | 967 | — | 581 | 55,407 | ||||||||||||||||||||||||||||||||
Leases & equipment finance, net | 1,567 | 250 | 207 | — | 249 | 2,273 | ||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Mortgage, net | 21,688 | — | 1,782 | 4,468 | — | 27,938 | ||||||||||||||||||||||||||||||||
Total loans and leases, net of deferred fees and costs | $ | 92,016 | $ | 2,298 | $ | 2,956 | $ | 4,468 | $ | 8,978 | $ | 110,716 |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Greater than 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 Days or Greater Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 30,338 | $ | — | $ | 2,123 | $ | — | $ | — | $ | 32,461 | ||||||||||||||||||||||||||
Owner occupied term, net | 1,075 | — | — | — | 666 | 1,741 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Term, net | 3,784 | — | — | — | 1,002 | 4,786 | ||||||||||||||||||||||||||||||||
Lines of credit & other, net | 42,263 | — | — | — | 1,693 | 43,956 | ||||||||||||||||||||||||||||||||
Leases & equipment finance, net | 915 | 181 | 119 | 179 | 101 | 1,495 | ||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Mortgage, net | 50,540 | — | 1,125 | 2,010 | — | 53,675 | ||||||||||||||||||||||||||||||||
Total loans and leases, net of deferred fees and costs | $ | 128,915 | $ | 181 | $ | 3,367 | $ | 2,189 | $ | 3,462 | $ | 138,114 | ||||||||||||||||||||||||||
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving to Non-Revolving Loans Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 289,721 | $ | 564,176 | $ | 1,245,868 | $ | 1,132,014 | $ | 569,014 | $ | 2,289,045 | $ | 25,716 | $ | 12,497 | $ | 6,128,051 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 9,346 | 600 | 463 | 21,191 | — | — | 31,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,293 | 30,926 | 20,843 | — | — | 56,216 | — | — | 115,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | 1,777 | 659 | — | 789 | — | — | 3,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-owner occupied term, net | $ | 297,014 | $ | 595,102 | $ | 1,277,834 | $ | 1,133,273 | $ | 569,477 | $ | 2,367,241 | $ | 25,716 | $ | 12,497 | $ | 6,278,154 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | 148 | $ | — | $ | — | $ | 2,485 | $ | — | $ | — | $ | 2,633 | |||||||||||||||||||||||||||||||||||||||||
Owner occupied term, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 525,513 | $ | 499,386 | $ | 1,015,154 | $ | 867,081 | $ | 398,200 | $ | 1,639,484 | $ | 79,180 | $ | 5,262 | $ | 5,029,260 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 271 | 957 | 23,245 | 80,611 | 17,748 | 38,637 | 1,920 | — | 163,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,892 | 7,501 | 7,918 | 4,147 | 19,677 | 25,436 | — | — | 68,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 2,752 | — | 2,924 | — | — | 1,070 | — | — | 6,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | 963 | — | 381 | 984 | — | — | 2,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total owner occupied term, net | $ | 532,428 | $ | 507,844 | $ | 1,050,204 | $ | 951,839 | $ | 436,006 | $ | 1,705,611 | $ | 81,100 | $ | 5,262 | $ | 5,270,294 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | 365 | $ | — | $ | 569 | $ | — | $ | 22 | $ | 92 | $ | — | $ | — | $ | 1,048 | |||||||||||||||||||||||||||||||||||||||||
Multifamily, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 168,595 | $ | 253,543 | $ | 1,995,175 | $ | 1,634,388 | $ | 406,616 | $ | 1,224,660 | $ | 92,757 | $ | — | $ | 5,775,734 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 4,545 | 6,748 | — | 11,566 | — | — | 22,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 2,738 | 1,613 | — | 1,420 | — | — | 5,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily, net | $ | 168,595 | $ | 253,543 | $ | 2,002,458 | $ | 1,642,749 | $ | 406,616 | $ | 1,237,646 | $ | 92,757 | $ | — | $ | 5,804,364 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Construction & development, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 473,092 | $ | 503,923 | $ | 746,567 | $ | 129,065 | $ | 79,262 | $ | 18,988 | $ | 13,634 | $ | — | $ | 1,964,531 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 1,989 | — | 1,446 | 15,247 | — | — | — | — | 18,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction & development, net | $ | 475,081 | $ | 503,923 | $ | 748,013 | $ | 144,312 | $ | 79,262 | $ | 18,988 | $ | 13,634 | $ | — | $ | 1,983,213 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving to Non-Revolving Loans Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential development, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 61,656 | $ | 6,327 | $ | 5,038 | $ | 493 | $ | 465 | $ | 594 | $ | 153,631 | $ | 3,443 | $ | 231,647 | |||||||||||||||||||||||||||||||||||||||||
Total residential development, net | $ | 61,656 | $ | 6,327 | $ | 5,038 | $ | 493 | $ | 465 | $ | 594 | $ | 153,631 | $ | 3,443 | $ | 231,647 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 1,534,774 | $ | 1,866,739 | $ | 5,083,547 | $ | 3,872,666 | $ | 1,491,826 | $ | 5,330,080 | $ | 366,838 | $ | 21,202 | $ | 19,567,672 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 827,497 | $ | 650,426 | $ | 1,047,231 | $ | 789,076 | $ | 296,953 | $ | 618,886 | $ | 1,080,293 | $ | 20,922 | $ | 5,331,284 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 1,505 | 48,317 | 25,893 | 7,942 | — | 13,527 | 36,978 | — | 134,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 25,103 | 1,792 | 9,834 | 5,329 | 3,067 | 9,585 | — | — | 54,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 1,460 | 1,160 | 3,771 | 3,533 | 683 | 2,128 | — | — | 12,735 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | 10 | 648 | 1,478 | 884 | 1,707 | — | — | 4,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total term, net | $ | 855,565 | $ | 701,705 | $ | 1,087,377 | $ | 807,358 | $ | 301,587 | $ | 645,833 | $ | 1,117,271 | $ | 20,922 | $ | 5,537,618 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | 649 | $ | 2,976 | $ | 1,783 | $ | 876 | $ | 1,324 | $ | 1,138 | $ | 4,171 | $ | — | $ | 12,917 | |||||||||||||||||||||||||||||||||||||||||
Lines of credit & other, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 99,104 | $ | 42,240 | $ | 54,923 | $ | 18,467 | $ | 8,841 | $ | 10,202 | $ | 2,381,689 | $ | 16,177 | $ | 2,631,643 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 79 | 1,697 | 675 | 25 | 100 | 175 | 30,603 | 4,006 | 37,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 34,404 | 1,789 | 1,248 | — | — | 101 | 53,491 | 8,607 | 99,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 162 | — | — | — | — | — | 204 | 290 | 656 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | 191 | — | — | — | — | 153 | 344 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total lines of credit & other, net | $ | 133,749 | $ | 45,726 | $ | 57,037 | $ | 18,492 | $ | 8,941 | $ | 10,478 | $ | 2,465,987 | $ | 29,233 | $ | 2,769,643 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 758 | $ | 309 | $ | 241 | $ | 59 | $ | 563 | $ | 20,015 | $ | 3,512 | $ | 25,457 | |||||||||||||||||||||||||||||||||||||||||
Leases & equipment finance, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 603,191 | $ | 457,094 | $ | 295,712 | $ | 102,259 | $ | 32,338 | $ | 45,761 | $ | — | $ | — | $ | 1,536,355 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 10,193 | 39,259 | 9,419 | 2,468 | 478 | 122 | — | — | 61,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,738 | 8,518 | 9,044 | 3,104 | 875 | 523 | — | — | 26,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 3,878 | 10,055 | 13,532 | 4,659 | 1,289 | 338 | — | — | 33,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | 463 | 795 | 571 | 111 | 24 | 24 | — | — | 1,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total leases & equipment finance, net | $ | 622,463 | $ | 515,721 | $ | 328,278 | $ | 112,601 | $ | 35,004 | $ | 46,768 | $ | — | $ | — | $ | 1,660,835 | |||||||||||||||||||||||||||||||||||||||||
Current YTD period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | 1,573 | $ | 22,851 | $ | 49,518 | $ | 18,771 | $ | 4,993 | $ | 3,138 | $ | — | $ | — | $ | 100,844 | |||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,611,777 | $ | 1,263,152 | $ | 1,472,692 | $ | 938,451 | $ | 345,532 | $ | 703,079 | $ | 3,583,258 | $ | 50,155 | $ | 9,968,096 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving to Non-Revolving Loans Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied term, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 582,178 | $ | 1,307,143 | $ | 1,182,485 | $ | 615,021 | $ | 764,821 | $ | 1,832,231 | $ | 41,194 | $ | — | $ | 6,325,073 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | 317 | 3,478 | 1,337 | 2,480 | 16,352 | — | — | 23,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 32,461 | 749 | — | 1,090 | 35,214 | 64,304 | — | — | 133,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 85 | — | — | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-owner occupied term, net | $ | 614,639 | $ | 1,308,209 | $ | 1,185,963 | $ | 617,448 | $ | 802,515 | $ | 1,912,972 | $ | 41,194 | $ | — | $ | 6,482,940 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Owner occupied term, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 532,482 | $ | 1,067,388 | $ | 972,130 | $ | 448,569 | $ | 581,616 | $ | 1,351,172 | $ | 67,063 | $ | — | $ | 5,020,420 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 1,575 | 5,950 | 6,175 | 4,945 | 14,610 | 15,513 | 1,932 | — | 50,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,034 | 7,707 | 48,281 | 17,275 | 10,513 | 35,216 | — | — | 123,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 90 | — | — | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | 963 | — | 404 | — | 2 | — | — | 1,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total owner occupied term, net | $ | 538,091 | $ | 1,082,008 | $ | 1,026,586 | $ | 471,193 | $ | 606,739 | $ | 1,401,993 | $ | 68,995 | $ | — | $ | 5,195,605 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 16 | $ | — | $ | — | $ | — | $ | 787 | $ | — | $ | — | $ | 803 | |||||||||||||||||||||||||||||||||||||||||
Multifamily, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 272,084 | $ | 1,982,075 | $ | 1,660,492 | $ | 400,280 | $ | 590,379 | $ | 745,705 | $ | 51,480 | $ | — | $ | 5,702,495 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 1,278 | — | 961 | — | — | — | 2,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily, net | $ | 272,084 | $ | 1,982,075 | $ | 1,661,770 | $ | 400,280 | $ | 591,340 | $ | 745,705 | $ | 51,480 | $ | — | $ | 5,704,734 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Construction & development, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 248,623 | $ | 716,207 | $ | 530,305 | $ | 186,680 | $ | 21,990 | $ | 10,738 | $ | 31,289 | $ | — | $ | 1,745,832 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1,470 | — | — | — | — | — | — | 1,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction & development, net | $ | 248,623 | $ | 717,677 | $ | 530,305 | $ | 186,680 | $ | 21,990 | $ | 10,738 | $ | 31,289 | $ | — | $ | 1,747,302 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Residential development, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 90,241 | $ | 86,078 | $ | 22,271 | $ | — | $ | — | $ | 1,329 | $ | 116,490 | $ | 6,149 | $ | 322,558 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | 1,341 | — | 1,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential development, net | $ | 90,241 | $ | 86,078 | $ | 22,271 | $ | — | $ | — | $ | 1,329 | $ | 117,831 | $ | 6,149 | $ | 323,899 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 1,763,678 | $ | 5,176,047 | $ | 4,426,895 | $ | 1,675,601 | $ | 2,022,584 | $ | 4,072,737 | $ | 310,789 | $ | 6,149 | $ | 19,454,480 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving to Non-Revolving Loans Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans & lines, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 562 | $ | 1,242 | $ | 1,056 | $ | 100 | $ | 896 | $ | 35,677 | $ | 1,870,270 | $ | 17,807 | $ | 1,927,610 | |||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | 114 | 378 | 5,052 | 1,230 | 6,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 137 | 190 | 1,278 | 174 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | 14 | — | — | — | — | 85 | 1,286 | 618 | 2,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans & lines, net | $ | 576 | $ | 1,242 | $ | 1,056 | $ | 100 | $ | 1,147 | $ | 36,330 | $ | 1,877,886 | $ | 19,829 | $ | 1,938,166 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | 12 | $ | 29 | $ | — | $ | 52 | $ | 448 | $ | — | $ | 541 | |||||||||||||||||||||||||||||||||||||||||
Total residential | $ | 224,918 | $ | 1,852,894 | $ | 2,362,009 | $ | 523,566 | $ | 447,434 | $ | 786,796 | $ | 1,877,886 | $ | 19,829 | $ | 8,095,332 | |||||||||||||||||||||||||||||||||||||||||
Consumer & other, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | $ | 39,977 | $ | 14,919 | $ | 7,132 | $ | 4,953 | $ | 3,441 | $ | 5,022 | $ | 118,125 | $ | 543 | $ | 194,112 | |||||||||||||||||||||||||||||||||||||||||
Special mention | 138 | 52 | 5 | 13 | 52 | 122 | 779 | 135 | 1,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 3 | 1 | 251 | 63 | 318 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 7 | 2 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer & other, net | $ | 40,115 | $ | 14,971 | $ | 7,137 | $ | 4,966 | $ | 3,496 | $ | 5,152 | $ | 119,157 | $ | 741 | $ | 195,735 | |||||||||||||||||||||||||||||||||||||||||
Prior Year End period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | 3,313 | $ | 132 | $ | 23 | $ | 20 | $ | 29 | $ | 288 | $ | 1,485 | $ | 472 | $ | 5,762 | |||||||||||||||||||||||||||||||||||||||||
Grand total | $ | 3,747,171 | $ | 8,958,366 | $ | 8,055,492 | $ | 2,712,461 | $ | 2,838,682 | $ | 5,504,993 | $ | 5,504,255 | $ | 120,531 | $ | 37,441,951 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | December 31, 2024 | December 31, 2023 | Estimated useful life | ||||||||||||||
Land | $ | 90,977 | $ | 91,072 | |||||||||||||
Buildings and improvements | 293,993 | 288,189 | 7 - 39 years | ||||||||||||||
Furniture, fixtures, and equipment | 141,378 | 140,241 | 4 - 20 years | ||||||||||||||
Software | 111,222 | 110,726 | 3 - 7 years | ||||||||||||||
Construction in progress and other | 42,373 | 24,094 | |||||||||||||||
Total premises and equipment | 679,943 | 654,322 | |||||||||||||||
Less: Accumulated depreciation and amortization | (331,273) | (315,352) | |||||||||||||||
Premises and equipment, net | $ | 348,670 | $ | 338,970 |
(in thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Leases | ||||||||||||||
Operating lease right-of-use assets | $ | 111,227 | $ | 115,811 | ||||||||||
Operating lease liabilities | $ | 125,710 | $ | 130,576 |
December 31, 2024 | December 31, 2023 | |||||||||||||
Weighted-average remaining lease term (years) | 5.8 | 6.1 | ||||||||||||
Weighted-average discount rate | 4.23 | % | 4.08 | % |
(in thousands) | Operating | ||||
Year | Leases | ||||
2025 | $ | 33,805 | |||
2026 | 29,159 | ||||
2027 | 22,118 | ||||
2028 | 17,962 | ||||
2029 | 13,285 | ||||
Thereafter | 26,769 | ||||
Total lease payments | 143,098 | ||||
Less: imputed interest | (17,388) | ||||
Present value of lease liabilities | $ | 125,710 |
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||
December 31, 2024 (1) | $ | 710,230 | $ | (225,982) | $ | 484,248 | |||||||||||
December 31, 2023 | $ | 764,791 | $ | (161,112) | $ | 603,679 |
(in thousands) | |||||
Year | Expected Amortization | ||||
2025 | $ | 105,458 | |||
2026 | 92,545 | ||||
2027 | 79,632 | ||||
2028 | 66,719 | ||||
2029 | 53,805 | ||||
Thereafter | 86,089 | ||||
Total intangible assets | $ | 484,248 |
(in thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Balance, beginning of period | $ | 109,243 | $ | 185,017 | $ | 123,615 | ||||||||||||||
Additions for new MSR capitalized | 6,452 | 5,347 | 24,137 | |||||||||||||||||
Sale of MSR assets | — | (57,305) | — | |||||||||||||||||
Changes in fair value: | ||||||||||||||||||||
(12,566) | (17,694) | (20,272) | ||||||||||||||||||
Changes due to valuation inputs or assumptions (1) | 5,229 | (6,122) | 57,537 | |||||||||||||||||
Balance, end of period | $ | 108,358 | $ | 109,243 | $ | 185,017 |
(dollars in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | ||||||||||||||
Balance of loans serviced for others | $ | 7,939,445 | $ | 8,175,664 | $ | 13,020,189 | |||||||||||
MSR as a percentage of serviced loans | 1.36 | % | 1.34 | % | 1.42 | % |
December 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Constant prepayment rate | 6.92 | % | 6.78 | % | 6.39 | % | |||||||||||
Discount rate | 10.23 | % | 10.25 | % | 10.06 | % | |||||||||||
Weighted average life (years) | 8.2 | 8.3 | 8.7 |
(in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | ||||||||||||||
Constant prepayment rate | |||||||||||||||||
Effect on fair value of a 10% adverse change | $ | (2,747) | $ | (2,858) | $ | (4,870) | |||||||||||
Effect on fair value of a 20% adverse change | $ | (5,351) | $ | (5,575) | $ | (9,518) | |||||||||||
Discount rate | |||||||||||||||||
Effect on fair value of a 100 basis point adverse change | $ | (4,565) | $ | (4,620) | $ | (8,229) | |||||||||||
Effect on fair value of a 200 basis point adverse change | $ | (8,789) | $ | (8,888) | $ | (15,807) |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Non-interest-bearing demand | $ | 13,307,905 | $ | 14,256,452 | |||||||
Interest-bearing deposits: | |||||||||||
Interest-bearing demand | 8,475,693 | 8,044,432 | |||||||||
Money market | 11,475,055 | 10,324,454 | |||||||||
Savings | 2,360,040 | 2,754,113 | |||||||||
Time, greater than $250,000 | 1,201,887 | 1,034,094 | |||||||||
Time, $250,000 or less | 4,900,152 | 5,193,475 | |||||||||
Total deposits | $ | 41,720,732 | $ | 41,607,020 |
(dollars in thousands) | Repurchase Amount | Weighted Average Interest Rate | Carrying Value of Underlying Assets | Market Value of Underlying Assets | |||||||||||||||||||
December 31, 2024 | $ | 236,627 | 2.02 | % | $ | 251,540 | $ | 251,540 | |||||||||||||||
December 31, 2023 | $ | 252,119 | 2.38 | % | $ | 358,162 | $ | 358,162 |
(dollars in thousands) | 2024 | 2023 | ||||||||||||
Average balance during the period | $ | 203,969 | $ | 267,688 | ||||||||||
Maximum month end balance during period | $ | 249,087 | $ | 304,605 |
(dollars in thousands) | 2024 | 2023 | ||||||||||||
FHLB Advances | ||||||||||||||
Balance at end of period | $ | 3,100,000 | $ | 3,750,000 | ||||||||||
Average balance during period | $ | 2,430,874 | $ | 4,458,463 | ||||||||||
Maximum month end balance during period | $ | 3,100,000 | $ | 6,400,000 | ||||||||||
Weighted average rate at December 31 | 5.0 | % | 5.6 | % | ||||||||||
Weighted average rate during period | 5.2 | % | 5.3 | % | ||||||||||
FRB Borrowings | ||||||||||||||
Balance at end of period | $ | — | $ | 200,000 | ||||||||||
Average balance during period | $ | 1,260,656 | $ | 31,918 | ||||||||||
Maximum month end balance during period | $ | 1,550,000 | $ | 200,000 | ||||||||||
Weighted average rate at December 31 | — | % | 4.8 | % | ||||||||||
Weighted average rate during period | 4.8 | % | 4.8 | % |
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Trust Name | Issue Date | Issued Amount | Carrying Value (1) | Rate (2) | Effective Rate (3) | Maturity Date | ||||||||||||||||||||||||||||||||
AT FAIR VALUE: | ||||||||||||||||||||||||||||||||||||||
Umpqua Statutory Trust II | October 2002 | $ | 20,619 | $ | 19,942 | Floating rate, SOFR + 0.26161% plus 3.35%, adjusted quarterly | 8.48 | % | October 2032 | |||||||||||||||||||||||||||||
Umpqua Statutory Trust III | October 2002 | 30,928 | 30,030 | Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly | 8.48 | % | November 2032 | |||||||||||||||||||||||||||||||
Umpqua Statutory Trust IV | December 2003 | 10,310 | 9,638 | Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly | 8.31 | % | January 2034 | |||||||||||||||||||||||||||||||
Umpqua Statutory Trust V | December 2003 | 10,310 | 9,480 | Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly | 8.11 | % | March 2034 | |||||||||||||||||||||||||||||||
Umpqua Master Trust I | August 2007 | 41,238 | 32,370 | Floating rate, SOFR + 0.26161% plus 1.35%, adjusted quarterly | 7.61 | % | September 2037 | |||||||||||||||||||||||||||||||
Umpqua Master Trust IB | September 2007 | 20,619 | 18,408 | Floating rate, SOFR + 0.26161% plus 2.75%, adjusted quarterly | 8.26 | % | December 2037 | |||||||||||||||||||||||||||||||
Sterling Capital Trust III | April 2003 | 14,433 | 13,905 | Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly | 8.39 | % | April 2033 | |||||||||||||||||||||||||||||||
Sterling Capital Trust IV | May 2003 | 10,310 | 9,788 | Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly | 8.36 | % | May 2033 | |||||||||||||||||||||||||||||||
Sterling Capital Statutory Trust V | May 2003 | 20,619 | 19,559 | Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly | 8.26 | % | June 2033 | |||||||||||||||||||||||||||||||
Sterling Capital Trust VI | June 2003 | 10,310 | 9,703 | Floating rate, SOFR + 0.26161% plus 3.20%, adjusted quarterly | 8.31 | % | September 2033 | |||||||||||||||||||||||||||||||
Sterling Capital Trust VII | June 2006 | 56,702 | 45,972 | Floating rate, SOFR + 0.26161% plus 1.53%, adjusted quarterly | 7.58 | % | June 2036 | |||||||||||||||||||||||||||||||
Sterling Capital Trust VIII | September 2006 | 51,547 | 41,928 | Floating rate, SOFR + 0.26161% plus 1.63%, adjusted quarterly | 7.68 | % | December 2036 | |||||||||||||||||||||||||||||||
Sterling Capital Trust IX | July 2007 | 46,392 | 37,143 | Floating rate, SOFR + 0.26161% plus 1.40%, adjusted quarterly | 7.81 | % | October 2037 | |||||||||||||||||||||||||||||||
Lynnwood Financial Statutory Trust I | March 2003 | 9,279 | 8,736 | Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly | 8.22 | % | March 2033 | |||||||||||||||||||||||||||||||
Lynnwood Financial Statutory Trust II | June 2005 | 10,310 | 8,660 | Floating rate, SOFR + 0.26161% plus 1.80%, adjusted quarterly | 7.64 | % | June 2035 | |||||||||||||||||||||||||||||||
Klamath First Capital Trust I | July 2001 | 15,464 | 15,633 | Floating rate, SOFR + 0.42826% plus 3.75%, adjusted semiannually | 9.16 | % | July 2031 | |||||||||||||||||||||||||||||||
Total junior subordinated debentures, at fair value | 379,390 | 330,895 | ||||||||||||||||||||||||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||||||||||||||||||||||||
Humboldt Bancorp Statutory Trust II | December 2001 | 10,310 | 10,681 | Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly | 7.42 | % | December 2031 | |||||||||||||||||||||||||||||||
Humboldt Bancorp Statutory Trust III | September 2003 | 27,836 | 28,911 | Floating rate, SOFR + 0.26161% plus 2.95%, adjusted quarterly | 6.83 | % | September 2033 | |||||||||||||||||||||||||||||||
CIB Capital Trust | November 2002 | 10,310 | 10,650 | Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly | 7.56 | % | November 2032 | |||||||||||||||||||||||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating rate, SOFR + 0.26161% plus 3.58%, adjusted quarterly | 8.43 | % | July 2031 | |||||||||||||||||||||||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly | 8.21 | % | December 2031 | |||||||||||||||||||||||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly | 7.82 | % | September 2033 | |||||||||||||||||||||||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly | 7.82 | % | September 2033 | |||||||||||||||||||||||||||||||
Bank of Commerce Holdings Trust II | July 2005 | 10,310 | 10,310 | Floating rate, SOFR + 0.26161% plus 1.58%, adjusted quarterly | 6.20 | % | September 2035 | |||||||||||||||||||||||||||||||
Total junior subordinated debentures, at amortized cost | 95,882 | 97,668 | ||||||||||||||||||||||||||||||||||||
Total junior subordinated debentures | $ | 475,272 | $ | 428,563 |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Commitments to extend credit | $ | 10,077,780 | $ | 11,278,324 | |||||||
Forward sales commitments | $ | 76,535 | $ | 39,500 | |||||||
Commitments to originate residential mortgage loans held for sale | $ | 46,208 | $ | 20,588 | |||||||
Standby letters of credit | $ | 216,422 | $ | 212,525 |
(in thousands) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Derivatives not designated as hedging instrument | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
$ | 16 | $ | — | $ | 32 | $ | 137 | |||||||||||||||||||
— | 3,745 | 3,033 | — | |||||||||||||||||||||||
695 | 9 | 74 | 535 | |||||||||||||||||||||||
107,385 | 33,874 | 277,042 | 260,064 | |||||||||||||||||||||||
542 | 457 | 438 | 355 | |||||||||||||||||||||||
Total derivative assets and liabilities | $ | 108,638 | $ | 38,085 | $ | 280,619 | $ | 261,091 |
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/Liabilities presented in the Consolidated Balance Sheets | Financial Instruments | Collateral Received/Posted | Net Amount | |||||||||||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 107,385 | $ | — | $ | 107,385 | $ | 6,516 | $ | 96,909 | $ | 3,960 | |||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 277,042 | $ | — | $ | 277,042 | $ | 6,516 | $ | — | $ | 270,526 | |||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Share-based compensation expense | $ | 17,846 | $ | 13,698 | $ | 9,332 | ||||||||||||||
Tax benefit | $ | 3,898 | $ | 3,725 | $ | 3,287 |
(shares in thousands) | RSUs Outstanding | Weighted Average Grant Date Fair Value | |||||||||
Balance, beginning of period | 1,177 | $ | 31.19 | ||||||||
Granted | 658 | $ | 17.05 | ||||||||
Vested/released | (502) | $ | 31.49 | ||||||||
Forfeited/expired | (32) | $ | 31.12 | ||||||||
Balance, end of period | 1,301 | $ | 23.92 |
(shares in thousands) | RSAs Outstanding | Weighted Average Grant Date Fair Value | |||||||||
Balance, beginning of period | 499 | $ | 28.24 | ||||||||
Granted | 816 | $ | 18.94 | ||||||||
Vested/released | (249) | $ | 27.79 | ||||||||
Forfeited/expired | (81) | $ | 22.00 | ||||||||
Balance, end of period | 985 | $ | 21.16 |
Actual | For Capital Adequacy Purposes | To be Well Capitalized | |||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Ratio | Ratio | |||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 5,082,012 | 12.75 | % | 8.00 | % | 10.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,951,381 | 12.42 | % | 8.00 | % | 10.00 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 4,200,595 | 10.54 | % | 6.00 | % | 8.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,530,964 | 11.37 | % | 6.00 | % | 8.00 | % | |||||||||||||||
Tier 1 Common (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 4,200,595 | 10.54 | % | 4.50 | % | 6.50 | % | |||||||||||||||
Umpqua Bank | $ | 4,530,964 | 11.37 | % | 4.50 | % | 6.50 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||
Consolidated | $ | 4,200,595 | 8.31 | % | 4.00 | % | 5.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,530,964 | 8.97 | % | 4.00 | % | 5.00 | % | |||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 4,770,335 | 11.86 | % | 8.00 | % | 10.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,653,920 | 11.57 | % | 8.00 | % | 10.00 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 3,876,985 | 9.64 | % | 6.00 | % | 8.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,231,569 | 10.52 | % | 6.00 | % | 8.00 | % | |||||||||||||||
Tier 1 Common (to Risk Weighted Assets) | |||||||||||||||||||||||
Consolidated | $ | 3,876,985 | 9.64 | % | 4.50 | % | 6.50 | % | |||||||||||||||
Umpqua Bank | $ | 4,231,569 | 10.52 | % | 4.50 | % | 6.50 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||
Consolidated | $ | 3,876,985 | 7.60 | % | 4.00 | % | 5.00 | % | |||||||||||||||
Umpqua Bank | $ | 4,231,569 | 8.30 | % | 4.00 | % | 5.00 | % |
Declared | Regular Cash Dividends Per Common Share | Record Date | Paid Date | |||||||||||||||||
February 9, 2024 | $ | 0.36 | February 23, 2024 | March 11, 2024 | ||||||||||||||||
May 13, 2024 | $ | 0.36 | May 24, 2024 | June 10, 2024 | ||||||||||||||||
August 12, 2024 | $ | 0.36 | August 23, 2024 | September 9, 2024 | ||||||||||||||||
November 15, 2024 | $ | 0.36 | November 29, 2024 | December 16, 2024 |
(in thousands, except per share data) | 2024 | 2023 | 2022 | ||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 | |||||||||||
Weighted average number of common shares outstanding - basic (2) | 208,463 | 195,304 | 129,277 | ||||||||||||||
Effect of potentially dilutive common shares (1) (2) | 874 | 567 | 455 | ||||||||||||||
Weighted average number of common shares outstanding - diluted (2) | 209,337 | 195,871 | 129,732 | ||||||||||||||
Earnings per common share (2): | |||||||||||||||||
Basic | $ | 2.56 | $ | 1.79 | $ | 2.60 | |||||||||||
Diluted | $ | 2.55 | $ | 1.78 | $ | 2.60 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Restricted stock awards and units | 227 | 727 | — |
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||
(in thousands) | Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 1,878,255 | $ | 1,878,255 | $ | 2,162,534 | $ | 2,162,534 | ||||||||||||||||||||
Equity and other investment securities | 1,2 | 78,133 | 78,133 | 76,995 | 76,995 | ||||||||||||||||||||||||
Investment securities available for sale | 1,2 | 8,274,615 | 8,274,615 | 8,829,870 | 8,829,870 | ||||||||||||||||||||||||
Investment securities held to maturity | 3 | 2,101 | 2,703 | 2,300 | 3,025 | ||||||||||||||||||||||||
Loans held for sale | 2 | 71,535 | 71,535 | 30,715 | 30,715 | ||||||||||||||||||||||||
Loans and leases, net | 2,3 | 37,256,272 | 35,689,803 | 37,001,080 | 35,810,989 | ||||||||||||||||||||||||
Restricted equity securities | 1 | 150,024 | 150,024 | 179,274 | 179,274 | ||||||||||||||||||||||||
Residential mortgage servicing rights | 3 | 108,358 | 108,358 | 109,243 | 109,243 | ||||||||||||||||||||||||
Bank-owned life insurance | 1 | 693,839 | 693,839 | 680,948 | 680,948 | ||||||||||||||||||||||||
Derivatives | 2,3 | 108,638 | 108,638 | 38,085 | 38,085 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Demand, money market, and savings deposits | 1 | $ | 35,618,693 | $ | 35,618,693 | $ | 35,379,451 | $ | 35,379,451 | ||||||||||||||||||||
Time deposits | 2 | 6,102,039 | 6,088,430 | 6,227,569 | 6,201,519 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2 | 236,627 | 236,627 | 252,119 | 252,119 | ||||||||||||||||||||||||
Borrowings | 2 | 3,100,000 | 3,101,866 | 3,950,000 | 3,950,037 | ||||||||||||||||||||||||
Junior subordinated debentures, at fair value | 3 | 330,895 | 330,895 | 316,440 | 316,440 | ||||||||||||||||||||||||
Junior and other subordinated debentures, at amortized cost | 3 | 107,668 | 104,216 | 107,895 | 97,695 | ||||||||||||||||||||||||
Derivatives | 2,3 | 280,619 | 280,619 | 261,091 | 261,091 |
(in thousands) | December 31, 2024 | ||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Equity and other investment securities | |||||||||||||||||||||||
Investments in mutual funds and other securities | $ | 62,276 | $ | 43,817 | $ | 18,459 | $ | — | |||||||||||||||
Equity securities held in rabbi trusts | 15,857 | 15,857 | — | — | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury and agencies | 1,422,787 | 321,297 | 1,101,490 | — | |||||||||||||||||||
Obligations of states and political subdivisions | 1,026,053 | — | 1,026,053 | — | |||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 5,825,775 | — | 5,825,775 | — | |||||||||||||||||||
Loans held for sale, at fair value | 71,535 | — | 71,535 | — | |||||||||||||||||||
Loans and leases, at fair value | 168,809 | — | 168,809 | — | |||||||||||||||||||
Residential mortgage servicing rights, at fair value | 108,358 | — | — | 108,358 | |||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate lock commitments | 16 | — | — | 16 | |||||||||||||||||||
Interest rate forward sales commitments | 695 | — | 695 | — | |||||||||||||||||||
Interest rate swaps | 107,385 | — | 107,385 | — | |||||||||||||||||||
Foreign currency derivatives | 542 | — | 542 | — | |||||||||||||||||||
Total assets measured at fair value | $ | 8,810,088 | $ | 380,971 | $ | 8,320,743 | $ | 108,374 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Junior subordinated debentures, at fair value | $ | 330,895 | $ | — | $ | — | $ | 330,895 | |||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate lock commitments | 32 | — | — | 32 | |||||||||||||||||||
Interest rate futures | 3,033 | — | 3,033 | — | |||||||||||||||||||
Interest rate forward sales commitments | 74 | — | 74 | — | |||||||||||||||||||
Interest rate swaps | 277,042 | — | 277,042 | — | |||||||||||||||||||
Foreign currency derivatives | 438 | — | 438 | — | |||||||||||||||||||
Total liabilities measured at fair value | $ | 611,514 | $ | — | $ | 280,587 | $ | 330,927 |
(in thousands) | December 31, 2023 | ||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Equity and other investment securities | |||||||||||||||||||||||
Investments in mutual funds and other securities | $ | 63,298 | $ | 44,839 | $ | 18,459 | $ | — | |||||||||||||||
Equity securities held in rabbi trusts | 13,697 | 13,697 | — | — | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury and agencies | 1,478,392 | 373,664 | 1,104,728 | — | |||||||||||||||||||
Obligations of states and political subdivisions | 1,072,105 | — | 1,072,105 | — | |||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,279,373 | — | 6,279,373 | — | |||||||||||||||||||
Loans held for sale, at fair value | 30,715 | — | 30,715 | — | |||||||||||||||||||
Loans and leases, at fair value | 275,140 | — | 275,140 | — | |||||||||||||||||||
Residential mortgage servicing rights, at fair value | 109,243 | — | — | 109,243 | |||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate futures | 3,745 | — | 3,745 | — | |||||||||||||||||||
Interest rate forward sales commitments | 9 | — | 9 | — | |||||||||||||||||||
Interest rate swaps | 33,874 | — | 33,874 | — | |||||||||||||||||||
Foreign currency derivatives | 457 | — | 457 | — | |||||||||||||||||||
Total assets measured at fair value | $ | 9,360,048 | $ | 432,200 | $ | 8,818,605 | $ | 109,243 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Junior subordinated debentures, at fair value | $ | 316,440 | $ | — | $ | — | $ | 316,440 | |||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate lock commitments | 137 | — | — | 137 | |||||||||||||||||||
Interest rate forward sales commitments | 535 | — | 535 | — | |||||||||||||||||||
Interest rate swaps | 260,064 | — | 260,064 | — | |||||||||||||||||||
Foreign currency derivatives | 355 | — | 355 | — | |||||||||||||||||||
Total liabilities measured at fair value | $ | 577,531 | $ | — | $ | 260,954 | $ | 316,577 |
Financial Instrument | Fair Value (in thousands) | Valuation Technique | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | $ | 108,358 | Discounted cash flow | Constant prepayment rate | 5.77% - 60.85% | 6.92% | ||||||||||||||||||||||||||
Discount rate | 9.50% - 16.16% | 10.23% | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate lock commitments, net | $ | 16 | Internal pricing model | Pull-through rate | 71.00% - 100.00% | 87.54% | ||||||||||||||||||||||||||
Junior subordinated debentures | $ | 330,895 | Discounted cash flow | Credit spread | 1.46% - 4.15% | 3.06% | ||||||||||||||||||||||||||
Financial Instrument | Fair Value (in thousands) | Valuation Technique | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | $ | 109,243 | Discounted cash flow | Constant prepayment rate | 6.07% - 28.17% | 6.78% | ||||||||||||||||||||||||||
Discount rate | 9.50% - 16.05% | 10.25% | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate lock commitments, net | $ | 137 | Internal pricing model | Pull-through rate | 67.33% - 100.00% | 85.53% | ||||||||||||||||||||||||||
Junior subordinated debentures | $ | 316,440 | Discounted cash flow | Credit spread | 2.25% - 4.66% | 3.39% |
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Residential mortgage servicing rights | Interest rate lock commitments, net | Junior subordinated debentures, at fair value | Residential mortgage servicing rights | Interest rate lock commitments, net | Junior subordinated debentures, at fair value | |||||||||||||||||||||||||||||
Beginning balance | $ | 109,243 | $ | (137) | $ | (316,440) | $ | 185,017 | $ | 32 | $ | (323,639) | |||||||||||||||||||||||
Change included in earnings | (7,337) | 4 | (29,840) | (23,816) | (234) | (29,045) | |||||||||||||||||||||||||||||
Change in fair values included in comprehensive income/loss | — | — | (14,812) | — | — | 7,866 | |||||||||||||||||||||||||||||
Purchases and issuances | 6,452 | (886) | — | 5,347 | (1,029) | — | |||||||||||||||||||||||||||||
Sales and settlements | — | 1,003 | 30,197 | (57,305) | 1,094 | 28,378 | |||||||||||||||||||||||||||||
Ending balance | $ | 108,358 | $ | (16) | $ | (330,895) | $ | 109,243 | $ | (137) | $ | (316,440) | |||||||||||||||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at end of period | $ | 5,229 | $ | (16) | $ | (29,840) | $ | (6,122) | $ | (137) | $ | (29,045) | |||||||||||||||||||||||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period | $ | — | $ | — | $ | (14,812) | $ | — | $ | — | $ | 7,866 | |||||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Loans and leases | $ | 28,177 | $ | — | $ | — | $ | 28,177 | |||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Loans and leases | $ | 5,036 | $ | — | $ | — | $ | 5,036 | |||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Loans and leases | $ | 108,513 | $ | 104,320 | $ | 39,422 | ||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Aggregate Unpaid Principal Balance | Fair Value Less Aggregate Unpaid Principal Balance | Fair Value | Aggregate Unpaid Principal Balance | Fair Value Less Aggregate Unpaid Principal Balance | |||||||||||||||||||||||||||||
Loans held for sale | $ | 71,535 | $ | 70,430 | $ | 1,105 | $ | 30,715 | $ | 29,629 | $ | 1,086 | |||||||||||||||||||||||
Loans held for investment | $ | 168,809 | $ | 200,925 | $ | (32,116) | $ | 275,140 | $ | 320,397 | $ | (45,257) |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
ASSETS | |||||||||||
Non-interest-bearing deposits with subsidiary bank | $ | 69,422 | $ | 45,895 | |||||||
Investments in: | |||||||||||
Bank subsidiary | 5,477,550 | 5,367,612 | |||||||||
Non-bank subsidiaries | 17,384 | 18,951 | |||||||||
Other assets | 10,245 | 7,781 | |||||||||
Total assets | $ | 5,574,601 | $ | 5,440,239 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Payable to bank subsidiary | $ | 469 | $ | 444 | |||||||
Other liabilities | 17,345 | 20,426 | |||||||||
Junior subordinated debentures, at fair value | 330,895 | 316,440 | |||||||||
Junior and other subordinated debentures, at amortized cost | 107,668 | 107,895 | |||||||||
Total liabilities | 456,377 | 445,205 | |||||||||
Shareholders' equity | 5,118,224 | 4,995,034 | |||||||||
Total liabilities and shareholders' equity | $ | 5,574,601 | $ | 5,440,239 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
INCOME | |||||||||||||||||
Dividends from bank subsidiary | $ | 360,000 | $ | 353,000 | $ | 192,000 | |||||||||||
Dividends from non-bank subsidiaries | 2,894 | 10,115 | 2,104 | ||||||||||||||
Other income | 816 | 453 | 127 | ||||||||||||||
Total income | 363,710 | 363,568 | 194,231 | ||||||||||||||
EXPENSE | |||||||||||||||||
Management fees paid to subsidiaries | 1,270 | 1,877 | 1,434 | ||||||||||||||
Other expenses | 42,333 | 44,493 | 22,396 | ||||||||||||||
Total expenses | 43,603 | 46,370 | 23,830 | ||||||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 320,107 | 317,198 | 170,401 | ||||||||||||||
Income tax benefit | (8,884) | (10,019) | (4,677) | ||||||||||||||
Net income before equity in undistributed earnings of subsidiaries | 328,991 | 327,217 | 175,078 | ||||||||||||||
Equity in undistributed earnings of subsidiaries | 204,684 | 21,498 | 161,674 | ||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net income | $ | 533,675 | $ | 348,715 | $ | 336,752 | |||||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Equity in undistributed earnings of subsidiaries | (204,684) | (21,498) | (161,674) | ||||||||||||||
Depreciation, amortization, and accretion | (228) | (228) | (228) | ||||||||||||||
Net decrease in other assets | (2,465) | (176) | (2,334) | ||||||||||||||
Net increase (decrease) in other liabilities | 3,142 | (5,472) | 2,212 | ||||||||||||||
Net cash provided by operating activities | 329,440 | 321,341 | 174,728 | ||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Net increase in advances to subsidiaries | (1) | (143,535) | (121,409) | ||||||||||||||
Net cash used in investing activities | (1) | (143,535) | (121,409) | ||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Net increase (decrease) in advances from subsidiaries | 24 | 317 | (379) | ||||||||||||||
Dividends paid on common stock | (300,221) | (270,261) | (182,273) | ||||||||||||||
Repurchases and retirement of common stock | (5,715) | (6,282) | (4,163) | ||||||||||||||
Net proceeds from issuance of common stock | — | 1,185 | 54 | ||||||||||||||
Net cash used in financing activities | (305,912) | (275,041) | (186,761) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 23,527 | (97,235) | (133,442) | ||||||||||||||
Cash and cash equivalents, beginning of year | 45,895 | 143,130 | 276,572 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 69,422 | $ | 45,895 | $ | 143,130 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Non-interest income: | |||||||||||||||||
Service charges on deposits | |||||||||||||||||
Account maintenance fees | $ | 45,446 | $ | 37,986 | $ | 27,274 | |||||||||||
Transaction-based and overdraft service charges | 26,071 | 27,539 | 21,091 | ||||||||||||||
Total service charges on deposits | 71,517 | 65,525 | 48,365 | ||||||||||||||
Card-based fees | 57,089 | 55,263 | 37,370 | ||||||||||||||
Financial services and trust revenue | 20,208 | 13,471 | 90 | ||||||||||||||
Total revenue from contracts with customers | 148,814 | 134,259 | 85,825 | ||||||||||||||
Non-interest income within the scope of other GAAP topics | 62,152 | 69,668 | 113,703 | ||||||||||||||
Total non-interest income | $ | 210,966 | $ | 203,927 | $ | 199,528 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Current Expense: | |||||||||||||||||
Federal | $ | 114,932 | $ | 72,224 | $ | 70,982 | |||||||||||
State | 39,304 | 37,365 | 28,461 | ||||||||||||||
Total current tax expense | $ | 154,236 | $ | 109,589 | $ | 99,443 | |||||||||||
Deferred tax expense: | |||||||||||||||||
Federal | $ | 21,284 | $ | 6,794 | $ | 11,636 | |||||||||||
State | 9,555 | 6,101 | 2,747 | ||||||||||||||
Total deferred tax expense | 30,839 | 12,895 | 14,383 | ||||||||||||||
Total | $ | 185,075 | $ | 122,484 | $ | 113,826 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Statutory federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State tax, net of federal benefit | 5.8 | % | 6.2 | % | 5.8 | % | |||||||||||
Non-deductible FDIC premiums | 1.0 | % | 1.7 | % | 0.4 | % | |||||||||||
Net tax-exempt interest income | (1.2) | % | (2.2) | % | (1.5) | % | |||||||||||
Other | (0.9) | % | (0.7) | % | (0.4) | % | |||||||||||
Effective income tax rate | 25.7 | % | 26.0 | % | 25.3 | % |
(in thousands) | 2024 | 2023 | |||||||||
Deferred tax assets: | |||||||||||
Net unrealized losses on investment securities | $ | 317,213 | $ | 303,465 | |||||||
Acquired loans | 116,099 | 146,315 | |||||||||
Allowance for credit losses | 111,357 | 115,777 | |||||||||
Accrued severance and deferred compensation | 36,243 | 39,904 | |||||||||
Other | 79,947 | 88,137 | |||||||||
Total gross deferred tax assets | 660,859 | 693,598 | |||||||||
Deferred tax liabilities: | |||||||||||
Other intangible assets | 125,297 | 155,642 | |||||||||
Direct financing leases | 36,416 | 42,825 | |||||||||
Deferred loan fees and costs | 33,630 | 34,402 | |||||||||
Operating lease right-of-use asset | 28,922 | 30,117 | |||||||||
Residential mortgage servicing rights | 28,736 | 31,259 | |||||||||
Premises and equipment | 19,153 | 20,579 | |||||||||
Other | 29,280 | 31,571 | |||||||||
Total gross deferred tax liabilities | 301,434 | 346,395 | |||||||||
Net deferred tax assets | $ | 359,425 | $ | 347,203 |
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Other Assets: | |||||||||||
$ | 220,954 | $ | 210,873 | ||||||||
Other Liabilities: | |||||||||||
Unfunded affordable housing tax credit commitments | $ | 95,280 | $ | 114,082 |
(in thousands) | 2024 | 2023 | 2022 | ||||||||||||||
$ | 19,778 | $ | 16,777 | $ | 12,026 | ||||||||||||
$ | 25,067 | $ | 20,932 | $ | 14,553 |
Equity Compensation Plan Information | |||||||||||||||||
(A) | (B) | (C) | |||||||||||||||
(shares in thousands) Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (A) | ||||||||||||||
Equity compensation plans approved by security holders | |||||||||||||||||
2024 Incentive Plan (1) | 212 | $ | — | 6,929 | |||||||||||||
2018 Incentive Plan (2) | 330 | $ | — | 306 | |||||||||||||
Other, (3) | 142 | $ | — | 2,255 | |||||||||||||
ESPP (4) | — | $ | — | 877 | |||||||||||||
Total | 684 | $ | — | 10,367 |
Exhibit # | Description | Location | ||||||
3.1 | Incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 | |||||||
3.2 | Filed herewith | |||||||
4.1 | Incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-3 filed on December 19, 2008 | |||||||
4.2 | Pursuant to Item 601(b) (4) (iii) (A) of Regulation S-K, copies of instruments defining the rights of holders of long-term debt and preferred securities are not filed. The Company agrees to furnish a copy thereof to the Securities and Exchange Commission upon request. | |||||||
4.3 | Incorporated by reference to Exhibit 4.3 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 | |||||||
10.1** | Incorporated by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.2** | Incorporated by reference to Exhibit 10.2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.3** | Incorporated by reference to Exhibit 10.3 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.4** | Incorporated by reference to Exhibit 10.4 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.5** | Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 | |||||||
10.6** | Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 | |||||||
10.7** | Incorporated by reference to Exhibit 10.72 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 | |||||||
10.8** | Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 | |||||||
Exhibit # | Description | Location | ||||||
10.9** | Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 | |||||||
10.10** | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 | |||||||
10.11** | Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 | |||||||
10.12** | Incorporated by reference to Exhibit 10.21 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.13** | Incorporated by reference to Exhibit 10.22 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.14** | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001 | |||||||
10.15** | Incorporated by reference to Exhibit 10.16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 | |||||||
10.16** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 | |||||||
10.17** | Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed October 28, 2016 | |||||||
10.18** | Incorporated by reference to Exhibit 10.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.19** | Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed October 28, 2016 | |||||||
10.20** | Incorporated by reference to Exhibit 10.20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.21** | Incorporated by reference to Exhibit 10.8 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 | |||||||
10.22** | Incorporated by reference to Exhibit 10.47 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 | |||||||
Exhibit # | Description | Location | ||||||
10.23** | Incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 | |||||||
10.24** | Incorporated by reference to Exhibit 10.48 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 | |||||||
10.25** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 | |||||||
10.26** | Incorporated by reference to Exhibit 10.49 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 | |||||||
10.27** | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 | |||||||
10.28** | Incorporated by reference to Exhibit 10.51 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 | |||||||
10.29** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 | |||||||
10.30** | Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed April 13, 2020 | |||||||
10.31** | Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed October 3, 2019 | |||||||
10.32** | Incorporated by reference to Exhibit 10.32 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.33** | Incorporated by reference to Exhibit 10.33 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 | |||||||
10.34** | Incorporated by reference to Exhibit 10.7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 | |||||||
10.35** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 | |||||||
10.36** | Incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 | |||||||
Exhibit # | Description | Location | ||||||
10.37** | Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 | |||||||
10.38** | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 | |||||||
10.39** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 | |||||||
10.40** | Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 | |||||||
10.41** | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 | |||||||
10.42** | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 | |||||||
10.43** | Incorporated by reference to Exhibit 10.58 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.44** | Incorporated by reference to Exhibit 10.59 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.45** | Incorporated by reference to Exhibit 10.60 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.46** | Incorporated by reference to Exhibit 10.61 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.47** | Incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.48** | Incorporated by reference to Exhibit 10.63 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.49** | Incorporated by reference to Exhibit 10.64 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
10.50** | Incorporated by reference to Exhibit 10.65 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
Exhibit # | Description | Location | ||||||
10.66** | Incorporated by reference to Exhibit 10.14 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 | |||||||
10.67** | Incorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed March 1, 2023 | |||||||
10.68** | Incorporated by reference to Exhibit 10.16 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 | |||||||
10.69** | Incorporated by reference to Exhibit 4.5 of the Company’s Registration Statement on Form S-8 filed March 1, 2023 | |||||||
10.70** | Incorporated by reference to Exhibit 4.6 of the Company’s Registration Statement on Form S-8 filed March 1, 2023 | |||||||
10.71** | Incorporated by reference to Exhibit 10.71 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 | |||||||
10.72** | Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 | |||||||
10.73** | Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.74** | Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.75** | Incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.76** | Incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.77** | Incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.78** | Incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed May 9, 2024 | |||||||
10.79** | Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 | |||||||
10.80** | Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 | |||||||
Exhibit # | Description | Location | ||||||
10.81** | Filed herewith | |||||||
10.82** | Filed herewith | |||||||
10.83** | Filed herewith | |||||||
10.84** | Filed herewith | |||||||
10.85** | Filed herewith | |||||||
10.86** | Filed herewith | |||||||
10.87** | Filed herewith | |||||||
10.88** | Filed herewith | |||||||
10.89** | Filed herewith | |||||||
10.90** | Filed herewith | |||||||
10.91** | Filed herewith | |||||||
10.92** | Filed herewith | |||||||
19.1 | Filed herewith | |||||||
21.1 | Filed herewith | |||||||
23.1 | Filed herewith | |||||||
31.1 | Filed herewith | |||||||
31.2 | Filed herewith | |||||||
31.3 | Filed herewith | |||||||
32 | Filed herewith | |||||||
97.1 | Filed herewith | |||||||
Exhibit # | Description | Location | ||||||
101 | The following financial information from Columbia Banking System, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 is formatted in XBRL: (i) Audited Consolidated Balance Sheets, (ii) Audited Consolidated Statements of Income, (iii) Audited Consolidated Statements of Comprehensive Income, (iv) Audited Consolidated Statements of Changes in Shareholders’ Equity, (v) Audited Consolidated | Filed herewith | ||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL) | Filed herewith |
/s/ Clint E. Stein | February 25, 2025 | ||||||||||
Clint E. Stein, President and Chief Executive Officer | |||||||||||
Signature | Title | Date | |||||||||
/s/ Clint E. Stein | President, Chief Executive Officer and Director | February 25, 2025 | |||||||||
Clint E. Stein | (Principal Executive Officer) | ||||||||||
/s/ Ronald L. Farnsworth | Executive Vice President, Chief Financial Officer | February 25, 2025 | |||||||||
Ronald L. Farnsworth | (Principal Financial Officer) | ||||||||||
/s/ Lisa M. White | Executive Vice President, Corporate Controller | February 25, 2025 | |||||||||
Lisa M. White | (Principal Accounting Officer) | ||||||||||
/s/ Cort L. O'Haver | Executive Chair | February 25, 2025 | |||||||||
Cort L. O'Haver | |||||||||||
/s/ Craig D. Eerkes | Lead Independent Director | February 25, 2025 | |||||||||
Craig D. Eerkes | |||||||||||
/s/ Mark A. Finkelstein | Director | February 25, 2025 | |||||||||
Mark A. Finkelstein | |||||||||||
/s/ Eric S. Forrest | Director | February 25, 2025 | |||||||||
Eric S. Forrest | |||||||||||
/s/ Peggy Y. Fowler | Director | February 25, 2025 | |||||||||
Peggy Y. Fowler | |||||||||||
/s/ Randal L. Lund | Director | February 25, 2025 | |||||||||
Randal L. Lund | |||||||||||
/s/ Luis F. Machuca | Director | February 25, 2025 | |||||||||
Luis F. Machuca | |||||||||||
/s/ S. Mae Fujita Numata | Director | February 25, 2025 | |||||||||
S. Mae Fujita Numata | |||||||||||
/s/ Maria M. Pope | Director | February 25, 2025 | |||||||||
Maria M. Pope | |||||||||||
/s/ John F. Schultz | Director | February 25, 2025 | |||||||||
John F. Schultz | |||||||||||
/s/ Elizabeth W. Seaton | Director | February 25, 2025 | |||||||||
Elizabeth W. Seaton | |||||||||||
/s/ Hilliard C. Terry III | Director | February 25, 2025 | |||||||||
Hilliard C. Terry III | |||||||||||
/s/ Anddria Varnado | Director | February 25, 2025 | |||||||||
Anddria Varnado |
Corporate Secretary | |||||
/s/ Kumi Yamamoto Baruffi |
UMPQ-PRIVATE |
Name of Subsidiary | State of Incorporation | Other Names Under Which Business is Conducted | ||||||
Umpqua Bank | Oregon | Columbia Trust Company, Columbia Healthcare Banking, Columbia Private Bank, Columbia Wealth Advisors, Columbia Wealth Management, Umpqua Bank Home Lending, Umpqua Bank Equipment Leasing and Finance, Umpqua Bank Vendor Finance | ||||||
Financial Pacific Reinsurance Co., Ltd. | Washington | |||||||
Umpqua Master Trust I | Delaware | |||||||
Umpqua Statutory Trust II | Delaware | |||||||
Umpqua Statutory Trust III | Delaware | |||||||
Umpqua Statutory Trust IV | Delaware | |||||||
Umpqua Statutory Trust V | Connecticut | |||||||
Humboldt Bancorp Statutory Trust II | Connecticut | |||||||
Humboldt Bancorp Statutory Trust III | Connecticut | |||||||
CIB Capital Trust | Delaware | |||||||
Western Sierra Statutory Trust I | Connecticut | |||||||
Western Sierra Statutory Trust II | Connecticut | |||||||
Western Sierra Statutory Trust III | Delaware | |||||||
Western Sierra Statutory Trust IV | Delaware | |||||||
Klamath First Capital Trust I | Delaware | |||||||
Lynnwood Financial Statutory Trust I | Connecticut | |||||||
Lynnwood Financial Statutory Trust II | Delaware | |||||||
Sterling Capital Trust III | Delaware | |||||||
Sterling Capital Trust IV | Delaware | |||||||
Sterling Capital Statutory Trust V | Connecticut | |||||||
Sterling Capital Trust VI | Delaware | |||||||
Sterling Capital Trust VII | Delaware | |||||||
Sterling Capital Trust VIII | Delaware | |||||||
Sterling Capital Trust IX | Delaware | |||||||
Bank of Commerce Holdings Trust II | Delaware |
/s/ Clint E. Stein | |||||
Clint E. Stein | |||||
President and Chief Executive Officer | |||||
Columbia Banking System, Inc. |
/s/ Ronald L. Farnsworth | |||||
Ronald L. Farnsworth | |||||
Executive Vice President, Chief Financial Officer and Principal Financial Officer | |||||
Columbia Banking System, Inc |
/s/ Lisa M. White | |||||
Lisa M. White | |||||
Executive Vice President, Corporate Controller and Principal Accounting Officer | |||||
Columbia Banking System, Inc |
/s/ Clint E. Stein | |||||
Clint E. Stein | |||||
President and Chief Executive Officer | |||||
Columbia Banking System, Inc. | |||||
/s/ Ronald L. Farnsworth | |||||
Ronald L. Farnsworth | |||||
Executive Vice President, Chief Financial Officer and Principal Financial Officer | |||||
Columbia Banking System, Inc. | |||||
/s/ Lisa M. White | |||||
Lisa M. White | |||||
Executive Vice President, Corporate Controller and Principal Accounting Officer | |||||
Columbia Banking System, Inc. | |||||
February 25, 2025 |