COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2023 RESULTS
- None.
- None.
Insights
The reported net income of $94 million, or $0.45 per diluted common share and operating net income of $91 million, or $0.44 per diluted common share, indicate a stable profitability for Columbia Banking System. However, the decline in net interest income from $481 million to $454 million and a decrease in net interest margin from 3.91% to 3.78% reflects the impact of a rising rate environment and higher deposit costs. The efficiency ratio has worsened from 57.82% to 64.81%, suggesting increased costs relative to revenue.
The provision for credit losses increasing to $55 million may raise concerns about potential future loan defaults, especially in a challenging economic climate. Moreover, the net charge-offs rising from 0.25% to 0.31% of average loans and leases also warrants attention, as it could signify deteriorating credit quality within the portfolio, particularly the FinPac portfolio.
The integration of Umpqua Bank and the achievement of cost-savings targets ahead of schedule could be seen as positive indicators of management's efficiency and the potential for future profitability. The focus on optimizing performance and driving shareholder value post-integration suggests a strategic pivot towards operational excellence.
However, the FDIC special assessment and one-time expense items have added noise to the quarter's financials, highlighting the impact of external regulatory costs on the banking sector. Additionally, the consolidation of five branches may reflect a strategic shift towards digital banking and a more streamlined physical presence.
The higher-rate environment has led to increased deposit costs, particularly evident in the repricing of CDs and increased public deposits, impacting Columbia's margin. This is indicative of broader economic trends where central banks are raising rates to combat inflation, affecting banks' cost of funds.
The stable total asset and deposit balances at $52 billion and $42 billion respectively, alongside a slight increase in loan balances to $37 billion, demonstrate a solid liquidity position. The capital ratios, with an estimated CET1 of 9.6% and total capital ratio of 11.8%, suggest that Columbia maintains a robust capital buffer, which is crucial for weathering potential economic downturns.
Fourth Quarter 2023 Results
- Net income of
, or$94 million per diluted common share$0.45 - Operating net income of
, or$91 million per diluted common share1$0.44 - Consolidated asset balances of
at quarter end$52 billion - Loan balances of
and deposit balances of$37 billion at quarter end$42 billion - Estimated CET1 and total capital ratios of
9.6% and11.8% at quarter end
COLUMBIA BANKING SYSTEM, INC. REPORTS FOURTH QUARTER 2023 RESULTS | ||||||
Earnings per | Operating earnings | Book value | Tangible book value |
CEO Commentary |
"It was a historic year for Columbia Banking System and Umpqua Bank," said Clint Stein, President and CEO. "We closed and integrated the transformational combination of the Northwest's premier banking organizations, expanding our footprint to encompass eight Western states as we achieved our cost-savings targets ahead of schedule and above our original projections. With the integration behind us, we are now turning our focus to optimizing performance and driving shareholder value. The fourth quarter was noisy with the FDIC special assessment and some one-time expense items. Our cost of funds is not immune to the higher-rate environment, as we had some 2022 vintage CDs reprice and saw a material increase in public deposits impact our margin. However, we believe neither of these items dilutes the quality of our core deposit base. Our scale, products, and services empower our talented base of associates to win business, which we believe long-term will drive consistent, repeatable performance." |
–Clint Stein, President and CEO of Columbia Banking System, Inc. |
4Q23 HIGHLIGHTS (COMPARED TO 3Q23) | ||
Net Interest | • Net interest income decreased to | |
• Net interest margin was | ||
Non-Interest | • Non-interest income increased by | |
• Non-interest expense increased by | ||
Credit | • Net charge-offs were | |
• Provision expense of | ||
• Non-performing assets to total assets was | ||
Capital | • Estimated total risk-based capital ratio of | |
• Declared a quarterly cash dividend of | ||
Notable | • Consolidated five branches in January 2024. | |
• Incurred |
4Q23 KEY FINANCIAL DATA | |||||
PERFORMANCE METRICS | 4Q23 | 3Q23 | 4Q22 | ||
Return on average assets | 0.72 % | 1.02 % | 1.04 % | ||
Return on average common equity | 7.90 % | 11.07 % | 13.50 % | ||
Return on average tangible common equity 1 | 12.19 % | 16.93 % | 13.53 % | ||
Operating return on average assets 1 | 0.70 % | 1.23 % | 1.24 % | ||
Operating return on average common equity 1 | 7.73 % | 13.40 % | 16.14 % | ||
Operating return on average tangible common equity 1 | 11.92 % | 20.48 % | 16.18 % | ||
Net interest margin | 3.78 % | 3.91 % | 4.01 % | ||
Efficiency ratio | 64.81 % | 57.82 % | 57.24 % | ||
INCOME STATEMENT ($ in 000s, excl. per share data) | 4Q23 | 3Q23 | 4Q22 | ||
Net interest income | |||||
Provision for credit losses | |||||
Non-interest income | |||||
Non-interest expense | |||||
Pre-provision net revenue 1 | |||||
Operating pre-provision net revenue1 | |||||
Earnings per common share - diluted 2 | |||||
Operating earnings per common share - diluted 1,2 | |||||
Dividends paid per share 2 | |||||
BALANCE SHEET | 4Q23 | 3Q23 | 4Q22 | ||
Total assets | | | | ||
Loans and leases | | | | ||
Total deposits | | | | ||
Book value per common share 2 | |||||
Tangible book value per share1,2 |
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for the comparable GAAP measurement. | |||||||
2 Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
Organizational Update
Columbia Banking System, Inc. ("Columbia", "we", or "our") realized
On February 28, 2023, Columbia completed its merger with Umpqua Holdings Corporation ("UHC"), combining the two premier banks in the Northwest to create one of the largest banks headquartered in the West (the "merger"). Columbia's financial results for any periods ended prior to February 28, 2023 reflect UHC results only on a standalone basis. In addition, Columbia's reported financial results for the first quarter of 2023 reflect UHC financial results only until the closing of the merger after the close of business on February 28, 2023. As a result of these two factors, Columbia's financial results for each of the quarters of 2023 and the year ended December 31, 2023 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in capital, and all references to share quantities or metrics of Columbia have been retrospectively restated to reflect the equivalent number of shares issued in the merger as the merger was treated as a reverse merger. Under the reverse acquisition method of accounting, the assets and liabilities of Columbia as of February 28, 2023 ("historical Columbia") were recorded at their respective fair values.
Net Interest Income
Net interest income was
Columbia's net interest margin was
Non-interest Income
Non-interest income was
Non-interest Expense
Non-interest expense was
Balance Sheet
Total consolidated assets were
Gross loans and leases were
Total deposits were
Credit Quality
The allowance for credit losses was
Net charge-offs were
Capital
As of December 31, 2023, Columbia's book value per common share increased to
Columbia's estimated total risk-based capital ratio was
Earnings Presentation and Conference Call Information
Columbia's Q4 2023 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its fourth quarter 2023 earnings conference call on January 24, 2024, at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its fourth quarter 2023 financial results. Participants may register for the call using the below link to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.
Register for the call: https://register.vevent.com/register/BI2ed0e3ce03e94a7a968c1bbb26fa939c
Join the audiocast: https://edge.media-server.com/mmc/p/eo4z866c/
Access the replay through Columbia's investor relations page: www.columbiabankingsystem.com
About Columbia Banking System, Inc.
Columbia (Nasdaq: COLB) is headquartered in
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission (the "SEC"). You should not place undue reliance on forward-looking statements, and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, continued inflation and any recession or slowdown in economic growth particularly in the western
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for the comparable GAAP measurement. |
TABLE INDEX | |
Page | |
Consolidated Statements of Operations | 7 |
Consolidated Balance Sheets | 8 |
Financial Highlights | 10 |
Loan & Lease Portfolio Balances and Mix | 11 |
Deposit Portfolio Balances and Mix | 13 |
Credit Quality - Non-performing Assets | 14 |
Credit Quality - Allowance for Credit Losses | 15 |
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates | 17 |
Residential Mortgage Banking Activity | 19 |
GAAP to Non-GAAP Reconciliation | 21 |
Columbia Banking System, Inc. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
(Unaudited) | |||||||||||||
Quarter Ended | % Change (2) | ||||||||||||
($ in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. Quarter | Year | ||||||
Interest income: | |||||||||||||
Loans and leases | $ 577,741 | $ 569,670 | $ 552,679 | $ 413,525 | $ 322,350 | 1 % | 79 % | ||||||
Interest and dividends on investments: | |||||||||||||
Taxable | 78,010 | 80,066 | 79,036 | 39,729 | 18,108 | (3) % | 331 % | ||||||
Exempt from federal income tax | 6,966 | 6,929 | 6,817 | 3,397 | 1,288 | 1 % | 441 % | ||||||
Dividends | 4,862 | 4,941 | 2,581 | 719 | 182 | (2) % | nm | ||||||
Temporary investments and interest bearing deposits | 24,055 | 34,407 | 34,616 | 18,581 | 10,319 | (30) % | 133 % | ||||||
Total interest income | 691,634 | 696,013 | 675,729 | 475,951 | 352,247 | (1) % | 96 % | ||||||
Interest expense: | |||||||||||||
Deposits | 170,659 | 126,974 | 100,408 | 63,613 | 31,174 | 34 % | 447 % | ||||||
Securities sold under agreement to repurchase and federal funds purchased | 1,226 | 1,220 | 1,071 | 406 | 323 | 0 % | 280 % | ||||||
Borrowings | 56,066 | 77,080 | 81,004 | 28,764 | 8,023 | (27) % | nm | ||||||
Junior and other subordinated debentures | 10,060 | 9,864 | 9,271 | 8,470 | 7,248 | 2 % | 39 % | ||||||
Total interest expense | 238,011 | 215,138 | 191,754 | 101,253 | 46,768 | 11 % | 409 % | ||||||
Net interest income | 453,623 | 480,875 | 483,975 | 374,698 | 305,479 | (6) % | 48 % | ||||||
Provision for credit losses | 54,909 | 36,737 | 16,014 | 105,539 | 32,948 | 49 % | 67 % | ||||||
Non-interest income: | |||||||||||||
Service charges on deposits | 17,349 | 17,410 | 16,454 | 14,312 | 12,139 | 0 % | 43 % | ||||||
Card-based fees | 14,593 | 15,674 | 13,435 | 11,561 | 9,017 | (7) % | 62 % | ||||||
Financial services and trust revenue | 3,011 | 4,651 | 4,512 | 1,297 | 25 | (35) % | nm | ||||||
Residential mortgage banking revenue (loss), net | 4,212 | 7,103 | (2,342) | 7,816 | (1,812) | (41) % | nm | ||||||
Gain on sale of debt securities, net | 9 | 4 | — | — | — | 125 % | nm | ||||||
Gain (loss) on equity securities, net | 2,636 | (2,055) | (697) | 2,416 | 284 | nm | nm | ||||||
Gain on loan and lease sales, net | 1,161 | 1,871 | 442 | 940 | 1,531 | (38) % | (24) % | ||||||
BOLI income | 4,331 | 4,440 | 4,063 | 2,790 | 2,033 | (2) % | 113 % | ||||||
Other income (loss) | 18,231 | (5,117) | 3,811 | 13,603 | 11,662 | nm | 56 % | ||||||
Total non-interest income | 65,533 | 43,981 | 39,678 | 54,735 | 34,879 | 49 % | 88 % | ||||||
Non-interest expense: | |||||||||||||
Salaries and employee benefits | 157,572 | 159,041 | 163,398 | 136,092 | 107,982 | (1) % | 46 % | ||||||
Occupancy and equipment, net | 48,160 | 43,070 | 50,550 | 41,700 | 34,021 | 12 % | 42 % | ||||||
Intangible amortization | 33,204 | 29,879 | 35,553 | 12,660 | 1,019 | 11 % | nm | ||||||
FDIC assessments | 42,510 | 11,200 | 11,579 | 6,113 | 3,487 | 280 % | nm | ||||||
Merger-related expense | 7,174 | 18,938 | 29,649 | 115,898 | 11,637 | (62) % | (38) % | ||||||
Other expenses | 48,556 | 42,019 | 37,830 | 30,355 | 36,836 | 16 % | 32 % | ||||||
Total non-interest expense | 337,176 | 304,147 | 328,559 | 342,818 | 194,982 | 11 % | 73 % | ||||||
Income (loss) before provision (benefit) for income taxes | 127,071 | 183,972 | 179,080 | (18,924) | 112,428 | (31) % | 13 % | ||||||
Provision (benefit) for income taxes | 33,540 | 48,127 | 45,703 | (4,886) | 29,464 | (30) % | 14 % | ||||||
Net income (loss) | $ 93,531 | $ 135,845 | $ 133,377 | $ (14,038) | $ 82,964 | (31) % | 13 % | ||||||
Weighted average basic shares outstanding (1) | 208,083 | 208,070 | 207,977 | 156,383 | 129,321 | 0 % | 61 % | ||||||
Weighted average diluted shares outstanding (1) | 208,739 | 208,645 | 208,545 | 156,383 | 129,801 | 0 % | 61 % | ||||||
Earnings (loss) per common share – basic (1) | $ 0.45 | $ 0.65 | $ 0.64 | $ (0.09) | $ 0.64 | (31) % | (30) % | ||||||
Earnings (loss) per common share – diluted (1) | $ 0.45 | $ 0.65 | $ 0.64 | $ (0.09) | $ 0.64 | (31) % | (30) % | ||||||
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | ||||||
Consolidated Statements of Operations | ||||||
(Unaudited) | ||||||
Twelve months ended | % Change (2) | |||||
($ in thousands, except per share data) | Dec 31, 2023 | Dec 31, 2022 | Year over | |||
Interest income: | ||||||
Loans and leases | $ 2,113,615 | $ 1,050,258 | 101 % | |||
Interest and dividends on investments: | ||||||
Taxable | 276,841 | 72,264 | 283 % | |||
Exempt from federal income tax | 24,109 | 5,351 | 351 % | |||
Dividends | 13,103 | 438 | nm | |||
Temporary investments and interest bearing deposits | 111,659 | 19,706 | 467 % | |||
Total interest income | 2,539,327 | 1,148,017 | 121 % | |||
Interest expense: | ||||||
Deposits | 461,654 | 48,195 | nm | |||
Securities sold under agreement to repurchase and federal funds purchased | 3,923 | 997 | 293 % | |||
Borrowings | 242,914 | 8,920 | nm | |||
Junior and other subordinated debentures | 37,665 | 19,889 | 89 % | |||
Total interest expense | 746,156 | 78,001 | nm | |||
Net interest income | 1,793,171 | 1,070,016 | 68 % | |||
Provision for credit losses | 213,199 | 84,016 | 154 % | |||
Non-interest income: | ||||||
Service charges on deposits | 65,525 | 48,365 | 35 % | |||
Card-based fees | 55,263 | 37,370 | 48 % | |||
Brokerage revenue | 13,471 | 90 | nm | |||
Residential mortgage banking revenue, net | 16,789 | 106,859 | (84) % | |||
Gain on sale of debt securities, net | 13 | 2 | nm | |||
Gain (loss) on equity securities, net | 2,300 | (7,099) | nm | |||
Gain on loan and lease sales, net | 4,414 | 6,696 | (34) % | |||
BOLI income | 15,624 | 8,253 | 89 % | |||
Other income (loss) | 30,528 | (1,008) | nm | |||
Total non-interest income | 203,927 | 199,528 | 2 % | |||
Non-interest expense: | ||||||
Salaries and employee benefits | 616,103 | 441,226 | 40 % | |||
Occupancy and equipment, net | 183,480 | 138,451 | 33 % | |||
Intangible amortization | 111,296 | 4,095 | nm | |||
FDIC assessments | 71,402 | 13,964 | 411 % | |||
Merger-related expense | 171,659 | 17,356 | nm | |||
Other expenses | 158,760 | 119,858 | 32 % | |||
Total non-interest expense | 1,312,700 | 734,950 | 79 % | |||
Income before provision for income taxes | 471,199 | 450,578 | 5 % | |||
Provision for income taxes | 122,484 | 113,826 | 8 % | |||
Net income | $ 348,715 | $ 336,752 | 4 % | |||
Weighted average basic shares outstanding (1) | 195,304 | 129,277 | 51 % | |||
Weighted average diluted shares outstanding (1) | 195,871 | 129,732 | 51 % | |||
Earnings per common share – basic (1) | $ 1.79 | $ 2.60 | (31) % | |||
Earnings per common share – diluted (1) | $ 1.78 | $ 2.60 | (32) % | |||
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. Consolidated Balance Sheets | |||||||||||||
(Unaudited) | |||||||||||||
% Change (2) | |||||||||||||
($ in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. Quarter | Year | ||||||
Assets: | |||||||||||||
Cash and due from banks | $ 498,496 | $ 492,474 | $ 538,653 | $ 555,919 | $ 327,313 | 1 % | 52 % | ||||||
Interest bearing cash and temporary investments | 1,664,038 | 1,911,221 | 2,868,563 | 3,079,266 | 967,330 | (13) % | 72 % | ||||||
Investment securities: | |||||||||||||
Equity and other, at fair value | 76,995 | 73,638 | 76,361 | 76,532 | 72,959 | 5 % | 6 % | ||||||
Available for sale, at fair value | 8,829,870 | 8,503,986 | 8,998,428 | 9,249,600 | 3,196,166 | 4 % | 176 % | ||||||
Held to maturity, at amortized cost | 2,300 | 2,344 | 2,388 | 2,432 | 2,476 | (2) % | (7) % | ||||||
Loans held for sale | 30,715 | 60,313 | 183,633 | 49,338 | 71,647 | (49) % | (57) % | ||||||
Loans and leases | 37,441,951 | 37,170,598 | 37,049,299 | 37,091,280 | 26,155,981 | 1 % | 43 % | ||||||
Allowance for credit losses on loans and leases | (440,871) | (416,560) | (404,603) | (417,464) | (301,135) | 6 % | 46 % | ||||||
Net loans and leases | 37,001,080 | 36,754,038 | 36,644,696 | 36,673,816 | 25,854,846 | 1 % | 43 % | ||||||
Restricted equity securities | 179,274 | 168,524 | 258,524 | 246,525 | 47,144 | 6 % | 280 % | ||||||
Premises and equipment, net | 338,970 | 337,855 | 368,698 | 375,190 | 176,016 | 0 % | 93 % | ||||||
Operating lease right-of-use assets | 115,811 | 114,220 | 119,255 | 127,296 | 78,598 | 1 % | 47 % | ||||||
Goodwill | 1,029,234 | 1,029,234 | 1,029,234 | 1,030,142 | — | 0 % | nm | ||||||
Other intangible assets, net | 603,679 | 636,883 | 666,762 | 702,315 | 4,745 | (5) % | nm | ||||||
Residential mortgage servicing rights, at fair value | 109,243 | 117,640 | 172,929 | 178,800 | 185,017 | (7) % | (41) % | ||||||
Bank owned life insurance | 680,948 | 648,232 | 643,727 | 641,922 | 331,759 | 5 % | 105 % | ||||||
Deferred tax asset, net | 347,203 | 469,841 | 362,880 | 351,229 | 132,823 | (26) % | 161 % | ||||||
Other assets | 665,740 | 673,372 | 657,365 | 653,904 | 399,800 | (1) % | 67 % | ||||||
Total assets | $ 52,173,596 | $ 51,993,815 | $ 53,592,096 | $ 53,994,226 | $ 31,848,639 | 0 % | 64 % | ||||||
Liabilities: | |||||||||||||
Deposits | |||||||||||||
Non-interest bearing | $ 14,256,452 | $ 15,532,948 | $ 16,019,408 | $ 17,215,781 | $ 10,288,849 | (8) % | 39 % | ||||||
Interest bearing | 27,350,568 | 26,091,420 | 24,815,509 | 24,370,566 | 16,776,763 | 5 % | 63 % | ||||||
Total deposits | 41,607,020 | 41,624,368 | 40,834,917 | 41,586,347 | 27,065,612 | 0 % | 54 % | ||||||
Securities sold under agreements to repurchase | 252,119 | 258,383 | 294,914 | 271,047 | 308,769 | (2) % | (18) % | ||||||
Borrowings | 3,950,000 | 3,985,000 | 6,250,000 | 5,950,000 | 906,175 | (1) % | 336 % | ||||||
Junior subordinated debentures, at fair value | 316,440 | 331,545 | 312,872 | 297,721 | 323,639 | (5) % | (2) % | ||||||
Junior and other subordinated debentures, at amortized cost | 107,895 | 107,952 | 108,009 | 108,066 | 87,813 | 0 % | 23 % | ||||||
Operating lease liabilities | 130,576 | 129,845 | 132,099 | 140,648 | 91,694 | 1 % | 42 % | ||||||
Other liabilities | 814,512 | 924,560 | 831,097 | 755,674 | 585,111 | (12) % | 39 % | ||||||
Total liabilities | 47,178,562 | 47,361,653 | 48,763,908 | 49,109,503 | 29,368,813 | 0 % | 61 % | ||||||
Shareholders' equity: | |||||||||||||
Common stock | 5,802,747 | 5,798,167 | 5,792,792 | 5,788,553 | 3,450,493 | 0 % | 68 % | ||||||
Accumulated deficit | (467,571) | (485,576) | (545,842) | (603,696) | (543,803) | (4) % | (14) % | ||||||
Accumulated other comprehensive loss | (340,142) | (680,429) | (418,762) | (300,134) | (426,864) | (50) % | (20) % | ||||||
Total shareholders' equity | 4,995,034 | 4,632,162 | 4,828,188 | 4,884,723 | 2,479,826 | 8 % | 101 % | ||||||
Total liabilities and shareholders' equity | $ 52,173,596 | $ 51,993,815 | $ 53,592,096 | $ 53,994,226 | $ 31,848,639 | 0 % | 64 % | ||||||
Common shares outstanding at period end (1) | 208,585 | 208,575 | 208,514 | 208,429 | 129,321 | 0 % | 61 % |
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | ||||||||||||||
Financial Highlights | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarter Ended | % Change | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Seq. | Year | ||||||||
Per Common Share Data: (5) | ||||||||||||||
Dividends (5) | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | 0 % | 3 % | |||||||
Book value (5) | $ 23.95 | $ 22.21 | $ 23.16 | $ 23.44 | $ 19.18 | 8 % | 25 % | |||||||
Tangible book value (1),(5) | $ 16.12 | $ 14.22 | $ 15.02 | $ 15.12 | $ 19.14 | 13 % | (16) % | |||||||
Performance Ratios: | ||||||||||||||
Efficiency ratio (2) | 64.81 % | 57.82 % | 62.60 % | 79.71 % | 57.24 % | 6.99 | 7.57 | |||||||
Return on average assets ("ROAA") | 0.72 % | 1.02 % | 1.00 % | (0.14) % | 1.04 % | (0.30) | (0.32) | |||||||
Pre-provision net revenue ("PPNR") ROAA (1) | 1.39 % | 1.65 % | 1.46 % | 0.89 % | 1.82 % | (0.26) | (0.43) | |||||||
Return on average common equity | 7.90 % | 11.07 % | 10.84 % | (1.70) % | 13.50 % | (3.17) | (5.60) | |||||||
Return on average tangible common equity (1) | 12.19 % | 16.93 % | 16.63 % | (2.09) % | 13.53 % | (4.74) | (1.34) | |||||||
Performance Ratios - Operating: (1) | ||||||||||||||
Operating efficiency ratio (1), (2) | 64.47 % | 51.97 % | 54.85 % | 53.46 % | 52.01 % | 12.50 | 12.46 | |||||||
Operating ROAA (1) | 0.70 % | 1.23 % | 1.27 % | 0.74 % | 1.24 % | (0.53) | (0.54) | |||||||
Operating PPNR ROAA (1) | 1.37 % | 1.94 % | 1.82 % | 2.01 % | 2.10 % | (0.57) | (0.73) | |||||||
Operating return on average common equity (1) | 7.73 % | 13.40 % | 13.77 % | 8.66 % | 16.14 % | (5.67) | (8.41) | |||||||
Operating return on average tangible common equity (1) | 11.92 % | 20.48 % | 21.13 % | 10.64 % | 16.18 % | (8.56) | (4.26) | |||||||
Average Balance Sheet Yields, Rates, & Ratios: | ||||||||||||||
Yield on loans and leases | 6.13 % | 6.08 % | 5.95 % | 5.55 % | 4.92 % | 0.05 | 1.21 | |||||||
Yield on earning assets (2) | 5.75 % | 5.65 % | 5.48 % | 5.19 % | 4.62 % | 0.10 | 1.13 | |||||||
Cost of interest bearing deposits | 2.54 % | 2.01 % | 1.64 % | 1.32 % | 0.77 % | 0.53 | 1.77 | |||||||
Cost of interest bearing liabilities | 3.02 % | 2.72 % | 2.45 % | 1.82 % | 1.05 % | 0.30 | 1.97 | |||||||
Cost of total deposits | 1.63 % | 1.23 % | 0.99 % | 0.80 % | 0.46 % | 0.40 | 1.17 | |||||||
Cost of total funding (3) | 2.05 % | 1.81 % | 1.61 % | 1.16 % | 0.65 % | 0.24 | 1.40 | |||||||
Net interest margin (2) | 3.78 % | 3.91 % | 3.93 % | 4.08 % | 4.01 % | (0.13) | (0.23) | |||||||
Average interest bearing cash / Average interest earning assets | 3.64 % | 5.17 % | 5.47 % | 4.33 % | 3.62 % | (1.53) | 0.02 | |||||||
Average loans and leases / Average interest earning assets | 78.04 % | 75.64 % | 75.18 % | 80.96 % | 85.32 % | 2.40 | (7.28) | |||||||
Average loans and leases / Average total deposits | 89.91 % | 90.63 % | 90.98 % | 93.01 % | 95.85 % | (0.72) | (5.94) | |||||||
Average non-interest bearing deposits / Average total deposits | 35.88 % | 38.55 % | 40.05 % | 39.55 % | 40.30 % | (2.67) | (4.42) | |||||||
Average total deposits / Average total funding (3) | 90.02 % | 86.66 % | 85.59 % | 91.36 % | 94.52 % | 3.36 | (4.50) | |||||||
Select Credit & Capital Ratios: | ||||||||||||||
Non-performing loans and leases to total loans and leases | 0.30 % | 0.28 % | 0.22 % | 0.20 % | 0.22 % | 0.02 | 0.08 | |||||||
Non-performing assets to total assets | 0.22 % | 0.20 % | 0.15 % | 0.14 % | 0.18 % | 0.02 | 0.04 | |||||||
Allowance for credit losses to loans and leases | 1.24 % | 1.18 % | 1.15 % | 1.18 % | 1.21 % | 0.06 | 0.03 | |||||||
Total risk-based capital ratio (4) | 11.8 % | 11.6 % | 11.3 % | 10.9 % | 13.7 % | 0.20 | (1.90) | |||||||
Common equity tier 1 risk-based capital ratio (4) | 9.6 % | 9.5 % | 9.2 % | 8.9 % | 11.0 % | 0.10 | (1.40) |
(1) | See GAAP to Non-GAAP Reconciliation. |
(2) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(3) | Total funding = Total deposits + Total borrowings. |
(4) | Estimated holding company ratios. |
(5) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
Columbia Banking System, Inc. | ||||||
Financial Highlights | ||||||
(Unaudited) | ||||||
Twelve months ended | % Change | |||||
Dec 31, 2023 | Dec 31, 2022 | Year over Year | ||||
Per Common Share Data: (4) | ||||||
Dividends (4) | $ 1.43 | $ 1.40 | 2.14 % | |||
Performance Ratios: | ||||||
Efficiency ratio (2) | 65.59 % | 57.83 % | 7.76 | |||
ROAA | 0.70 % | 1.09 % | (0.39) | |||
PPNR ROAA (1) | 1.38 % | 1.73 % | (0.35) | |||
Return on average common equity | 7.81 % | 13.07 % | (5.26) | |||
Return on average tangible common equity (1) | 11.46 % | 13.11 % | (1.65) | |||
Performance Ratios - Operating: (1) | ||||||
Operating efficiency ratio (1), (2) | 56.21 % | 55.66 % | 0.55 | |||
Operating ROAA (1) | 1.00 % | 1.17 % | (0.17) | |||
Operating PPNR ROAA (1) | 1.77 % | 1.83 % | (0.06) | |||
Operating return on average common equity (1) | 11.12 % | 13.97 % | (2.85) | |||
Operating return on average tangible common equity (1) | 16.32 % | 14.00 % | 2.32 | |||
Average Balance Sheet Yields, Rates, & Ratios: | ||||||
Yield on loans and leases | 5.95 % | 4.29 % | 1.66 | |||
Yield on earning assets (2) | 5.54 % | 3.88 % | 1.66 | |||
Cost of interest bearing deposits | 1.93 % | 0.31 % | 1.62 | |||
Cost of interest bearing liabilities | 2.56 % | 0.47 % | 2.09 | |||
Cost of total deposits | 1.19 % | 0.18 % | 1.01 | |||
Cost of total funding (3) | 1.69 % | 0.28 % | 1.41 | |||
Net interest margin (2) | 3.91 % | 3.62 % | 0.29 | |||
Average interest bearing cash / Average interest earning assets | 4.68 % | 5.28 % | (0.60) | |||
Average loans and leases / Average interest earning assets | 77.21 % | 81.96 % | (4.75) | |||
Average loans and leases / Average total deposits | 91.01 % | 90.91 % | 0.10 | |||
Average non-interest bearing deposits / Average total deposits | 38.37 % | 41.48 % | (3.11) | |||
Average total deposits / Average total funding (3) | 88.18 % | 96.06 % | (7.88) |
(1) | See GAAP to Non-GAAP Reconciliation. |
(2) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(3) | Total funding = Total deposits + Total borrowings. |
(4) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
Columbia Banking System, Inc. | |||||||||||||
Loan & Lease Portfolio Balances and Mix | |||||||||||||
(Unaudited) | |||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | % Change | ||||||||
($ in thousands) | Amount | Amount | Amount | Amount | Amount | Seq. | Year | ||||||
Loans and leases: | |||||||||||||
Commercial real estate: | |||||||||||||
Non-owner occupied term, net | $ 6,482,940 | $ 6,490,638 | $ 6,434,673 | $ 6,353,550 | $ 3,894,840 | 0 % | 66 % | ||||||
Owner occupied term, net | 5,195,605 | 5,235,227 | 5,254,401 | 5,156,848 | 2,567,761 | (1) % | 102 % | ||||||
Multifamily, net | 5,704,734 | 5,684,495 | 5,622,875 | 5,590,587 | 5,285,791 | 0 % | 8 % | ||||||
Construction & development, net | 1,747,302 | 1,669,918 | 1,528,924 | 1,467,561 | 1,077,346 | 5 % | 62 % | ||||||
Residential development, net | 323,899 | 354,922 | 388,641 | 440,667 | 200,838 | (9) % | 61 % | ||||||
Commercial: | |||||||||||||
Term, net | 5,536,765 | 5,437,915 | 5,449,787 | 5,906,774 | 3,029,547 | 2 % | 83 % | ||||||
Lines of credit & other, net | 2,430,127 | 2,353,548 | 2,268,790 | 2,184,762 | 960,054 | 3 % | 153 % | ||||||
Leases & equipment finance, net | 1,729,512 | 1,728,991 | 1,740,037 | 1,746,267 | 1,706,172 | 0 % | 1 % | ||||||
Residential: | |||||||||||||
Mortgage, net | 6,157,166 | 6,121,838 | 6,272,898 | 6,187,964 | 5,647,035 | 1 % | 9 % | ||||||
Home equity loans & lines, net | 1,938,166 | 1,899,948 | 1,898,958 | 1,870,002 | 1,631,965 | 2 % | 19 % | ||||||
Consumer & other, net | 195,735 | 193,158 | 189,315 | 186,298 | 154,632 | 1 % | 27 % | ||||||
Total loans and leases, net of deferred fees and costs | $ 37,441,951 | $ 37,170,598 | $ 37,049,299 | $ 37,091,280 | $ 26,155,981 | 1 % | 43 % | ||||||
Loans and leases mix: | |||||||||||||
Commercial real estate: | |||||||||||||
Non-owner occupied term, net | 17 % | 17 % | 17 % | 16 % | 15 % | ||||||||
Owner occupied term, net | 14 % | 14 % | 14 % | 14 % | 10 % | ||||||||
Multifamily, net | 15 % | 15 % | 15 % | 15 % | 20 % | ||||||||
Construction & development, net | 5 % | 4 % | 4 % | 4 % | 4 % | ||||||||
Residential development, net | 1 % | 1 % | 1 % | 1 % | 1 % | ||||||||
Commercial: | |||||||||||||
Term, net | 15 % | 15 % | 15 % | 16 % | 12 % | ||||||||
Lines of credit & other, net | 6 % | 6 % | 6 % | 6 % | 4 % | ||||||||
Leases & equipment finance, net | 5 % | 5 % | 5 % | 5 % | 6 % | ||||||||
Residential: | |||||||||||||
Mortgage, net | 16 % | 17 % | 17 % | 17 % | 21 % | ||||||||
Home equity loans & lines, net | 5 % | 5 % | 5 % | 5 % | 6 % | ||||||||
Consumer & other, net | 1 % | 1 % | 1 % | 1 % | 1 % | ||||||||
Total | 100 % | 100 % | 100 % | 100 % | 100 % |
Columbia Banking System, Inc. | |||||||||||||
Deposit Portfolio Balances and Mix | |||||||||||||
(Unaudited) | |||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | % Change | ||||||||
($ in thousands) | Amount | Amount | Amount | Amount | Amount | Seq. | Year | ||||||
Deposits: | |||||||||||||
Demand, non-interest bearing | $ 14,256,452 | $ 15,532,948 | $ 16,019,408 | $ 17,215,781 | $ 10,288,849 | (8) % | 39 % | ||||||
Demand, interest bearing | 8,044,432 | 6,898,831 | 6,300,082 | 5,900,462 | 4,080,469 | 17 % | 97 % | ||||||
Money market | 10,324,454 | 10,349,217 | 10,115,908 | 10,681,422 | 7,721,011 | 0 % | 34 % | ||||||
Savings | 2,754,113 | 3,018,706 | 3,171,714 | 3,469,112 | 2,265,052 | (9) % | 22 % | ||||||
Time | 6,227,569 | 5,824,666 | 5,227,805 | 4,319,570 | 2,710,231 | 7 % | 130 % | ||||||
Total | $ 41,607,020 | $ 41,624,368 | $ 40,834,917 | $ 41,586,347 | $ 27,065,612 | 0 % | 54 % | ||||||
Total core deposits (1) | $ 37,423,402 | $ 37,597,830 | $ 37,639,368 | $ 39,155,298 | $ 25,616,010 | 0 % | 46 % | ||||||
Deposit mix: | |||||||||||||
Demand, non-interest bearing | 34 % | 37 % | 39 % | 41 % | 38 % | ||||||||
Demand, interest bearing | 19 % | 17 % | 15 % | 14 % | 15 % | ||||||||
Money market | 25 % | 25 % | 25 % | 26 % | 29 % | ||||||||
Savings | 7 % | 7 % | 8 % | 9 % | 8 % | ||||||||
Time | 15 % | 14 % | 13 % | 10 % | 10 % | ||||||||
Total | 100 % | 100 % | 100 % | 100 % | 100 % |
(1) | Core deposits are defined as total deposits less time deposits greater than |
Columbia Banking System, Inc. | ||||||||||||||
Credit Quality – Non-performing Assets | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarter Ended | % Change (2) | |||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. Quarter | Year | |||||||
Non-performing assets: | ||||||||||||||
Loans and leases on non-accrual status: | ||||||||||||||
Commercial real estate, net | $ 28,689 | $ 26,053 | $ 10,994 | $ 15,612 | $ 5,011 | 10 % | 473 % | |||||||
Commercial, net | 45,682 | 44,341 | 39,316 | 42,301 | 25,691 | 3 % | 78 % | |||||||
Total loans and leases on non-accrual status | 74,371 | 70,394 | 50,310 | 57,913 | 30,702 | 6 % | 142 % | |||||||
Loans and leases past due 90+ days and accruing (1): | ||||||||||||||
Commercial real estate, net | 870 | 71 | 184 | 1 | 1 | nm | nm | |||||||
Commercial, net | 8,232 | 8,606 | 7,720 | 151 | 7,909 | (4) % | 4 % | |||||||
Residential, net (1) | 29,102 | 25,180 | 21,370 | 17,423 | 19,894 | 16 % | 46 % | |||||||
Consumer & other, net | 326 | 240 | 399 | 140 | 134 | 36 % | 143 % | |||||||
Total loans and leases past due 90+ days and accruing (1) | 38,530 | 34,097 | 29,673 | 17,715 | 27,938 | 13 % | 38 % | |||||||
Total non-performing loans and leases | 112,901 | 104,491 | 79,983 | 75,628 | 58,640 | 8 % | 93 % | |||||||
Other real estate owned | 1,036 | 1,170 | 278 | 409 | 203 | (11) % | 410 % | |||||||
Total non-performing assets | $ 113,937 | $ 105,661 | $ 80,261 | $ 76,037 | $ 58,843 | 8 % | 94 % | |||||||
Loans and leases past due 31-89 days | $ 85,235 | $ 82,918 | $ 73,376 | $ 78,641 | $ 64,893 | 3 % | 31 % | |||||||
Loans and leases past due 31-89 days to total loans and leases | 0.23 % | 0.22 % | 0.20 % | 0.21 % | 0.25 % | 0.01 | (0.02) | |||||||
Non-performing loans and leases to total loans and leases (1) | 0.30 % | 0.28 % | 0.22 % | 0.20 % | 0.22 % | 0.02 | 0.08 | |||||||
Non-performing assets to total assets (1) | 0.22 % | 0.20 % | 0.15 % | 0.14 % | 0.18 % | 0.02 | 0.04 |
(1) | Excludes certain mortgage loans guaranteed by Ginnie Mae, which Columbia has the unilateral right to repurchase but has not done so, totaling |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | ||||||||||||||
Credit Quality – Allowance for Credit Losses | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarter Ended | % Change (2) | |||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. Quarter | Year | |||||||
Allowance for credit losses on loans and leases (ACLLL) | ||||||||||||||
Balance, beginning of period | $ 416,560 | $ 404,603 | $ 417,464 | $ 301,135 | $ 283,065 | 3 % | 47 % | |||||||
Initial ACL recorded for PCD loans acquired during the period | — | — | — | 26,492 | — | nm | nm | |||||||
Provision for credit losses on loans and leases (1) | 53,183 | 35,082 | 15,216 | 106,498 | 30,580 | 52 % | 74 % | |||||||
Charge-offs | ||||||||||||||
Commercial real estate, net | (629) | — | (174) | — | (128) | nm | 391 % | |||||||
Commercial, net | (31,949) | (26,629) | (32,036) | (19,248) | (14,721) | 20 % | 117 % | |||||||
Residential, net | (89) | (206) | (4) | (248) | (53) | (57) % | 68 % | |||||||
Consumer & other, net | (1,841) | (1,884) | (1,264) | (773) | (906) | (2) % | 103 % | |||||||
Total charge-offs | (34,508) | (28,719) | (33,478) | (20,269) | (15,808) | 20 % | 118 % | |||||||
Recoveries | ||||||||||||||
Commercial real estate, net | 35 | 31 | 209 | 58 | 163 | 13 % | (79) % | |||||||
Commercial, net | 4,414 | 4,901 | 4,511 | 3,058 | 2,708 | (10) % | 63 % | |||||||
Residential, net | 781 | 156 | 63 | 123 | 24 | 401 % | nm | |||||||
Consumer & other, net | 406 | 506 | 618 | 369 | 403 | (20) % | 1 % | |||||||
Total recoveries | 5,636 | 5,594 | 5,401 | 3,608 | 3,298 | 1 % | 71 % | |||||||
Net (charge-offs) recoveries | ||||||||||||||
Commercial real estate, net | (594) | 31 | 35 | 58 | 35 | nm | nm | |||||||
Commercial, net | (27,535) | (21,728) | (27,525) | (16,190) | (12,013) | 27 % | 129 % | |||||||
Residential, net | 692 | (50) | 59 | (125) | (29) | nm | nm | |||||||
Consumer & other, net | (1,435) | (1,378) | (646) | (404) | (503) | 4 % | 185 % | |||||||
Total net charge-offs | (28,872) | (23,125) | (28,077) | (16,661) | (12,510) | 25 % | 131 % | |||||||
Balance, end of period | $ 440,871 | $ 416,560 | $ 404,603 | $ 417,464 | $ 301,135 | 6 % | 46 % | |||||||
Reserve for unfunded commitments | ||||||||||||||
Balance, beginning of period | $ 21,482 | $ 19,827 | $ 19,029 | $ 14,221 | $ 11,853 | 8 % | 81 % | |||||||
Initial ACL recorded for unfunded commitments acquired during the period | — | — | — | 5,767 | — | nm | nm | |||||||
Provision (recapture) for credit losses on unfunded commitments | 1,726 | 1,655 | 798 | (959) | 2,368 | 4 % | (27) % | |||||||
Balance, end of period | 23,208 | 21,482 | 19,827 | 19,029 | 14,221 | 8 % | 63 % | |||||||
Total Allowance for credit losses (ACL) | $ 464,079 | $ 438,042 | $ 424,430 | $ 436,493 | $ 315,356 | 6 % | 47 % | |||||||
Net charge-offs to average loans and leases (annualized) | 0.31 % | 0.25 % | 0.30 % | 0.23 % | 0.19 % | 0.06 | 0.12 | |||||||
Recoveries to gross charge-offs | 16.33 % | 19.48 % | 16.13 % | 17.80 % | 20.86 % | (3.15) | (4.53) | |||||||
ACLLL to loans and leases | 1.18 % | 1.12 % | 1.09 % | 1.13 % | 1.15 % | 0.06 | 0.03 | |||||||
ACL to loans and leases | 1.24 % | 1.18 % | 1.15 % | 1.18 % | 1.21 % | 0.06 | 0.03 |
(1) | For the quarter ended March 31, 2023, the provision for credit losses on loans and leases includes |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||
Credit Quality – Allowance for Credit Losses | |||||||
(Unaudited) | |||||||
Twelve Months Ended | % Change (2) | ||||||
($ in thousands) | Dec 31, 2023 | Dec 31, 2022 | Year over Year | ||||
Allowance for credit losses on loans and leases (ACLLL) | |||||||
Balance, beginning of period | $ 301,135 | $ 248,412 | 21 % | ||||
Initial ACL recorded for PCD loans acquired during the period | 26,492 | — | nm | ||||
Provision for credit losses on loans and leases (1) | 209,979 | 83,605 | 151 % | ||||
Charge-offs | |||||||
Commercial real estate, net | (803) | (136) | 490 % | ||||
Commercial, net | (109,862) | (41,073) | 167 % | ||||
Residential, net | (547) | (224) | 144 % | ||||
Consumer & other, net | (5,762) | (3,556) | 62 % | ||||
Total charge-offs | (116,974) | (44,989) | 160 % | ||||
Recoveries | |||||||
Commercial real estate, net | 333 | 384 | (13) % | ||||
Commercial, net | 16,884 | 11,029 | 53 % | ||||
Residential, net | 1,123 | 662 | 70 % | ||||
Consumer & other, net | 1,899 | 2,032 | (7) % | ||||
Total recoveries | 20,239 | 14,107 | 43 % | ||||
Net (charge-offs) recoveries | |||||||
Commercial real estate, net | (470) | 248 | (290) % | ||||
Commercial, net | (92,978) | (30,044) | 209 % | ||||
Residential, net | 576 | 438 | 32 % | ||||
Consumer & other, net | (3,863) | (1,524) | 153 % | ||||
Total net charge-offs | (96,735) | (30,882) | 213 % | ||||
Balance, end of period | $ 440,871 | $ 301,135 | 46 % | ||||
Reserve for unfunded commitments | |||||||
Balance, beginning of period | $ 14,221 | $ 12,767 | 11 % | ||||
Initial ACL recorded for unfunded commitments acquired during the period | 5,767 | — | nm | ||||
Provision for credit losses on unfunded commitments | 3,220 | 1,454 | 121 % | ||||
Balance, end of period | 23,208 | 14,221 | 63 % | ||||
Total Allowance for credit losses (ACL) | $ 464,079 | $ 315,356 | 47 % | ||||
Net charge-offs to average loans and leases (annualized) | 0.27 % | 0.13 % | 0.14 | ||||
Recoveries to gross charge-offs | 17.30 % | 31.36 % | (14.06) |
(1) | For the twelve months ended December 31, 2023, the provision for credit losses on loans and leases includes |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||||||||||||
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
($ in thousands) | Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | ||||||||
INTEREST-EARNING ASSETS: | |||||||||||||||||
Loans held for sale | $ 48,868 | $ 649 | 5.31 % | $ 199,855 | $ 1,741 | 3.49 % | $ 110,850 | $ 1,603 | 5.79 % | ||||||||
Loans and leases (1) | 37,333,310 | 577,092 | 6.13 % | 37,050,518 | 567,929 | 6.08 % | 25,855,556 | 320,747 | 4.92 % | ||||||||
Taxable securities | 7,903,053 | 82,872 | 4.19 % | 8,356,165 | 85,007 | 4.07 % | 3,042,044 | 18,290 | 2.40 % | ||||||||
Non-taxable securities (2) | 809,551 | 8,073 | 3.99 % | 844,417 | 8,085 | 3.83 % | 200,825 | 1,571 | 3.13 % | ||||||||
Temporary investments and interest-bearing cash | 1,743,447 | 24,055 | 5.47 % | 2,530,150 | 34,407 | 5.40 % | 1,095,854 | 10,319 | 3.74 % | ||||||||
Total interest-earning assets | 47,838,229 | 5.75 % | 48,981,105 | 5.65 % | 30,305,129 | 4.62 % | |||||||||||
Goodwill and other intangible assets | 1,652,282 | 1,684,093 | 5,298 | ||||||||||||||
Other assets | 2,341,845 | 2,346,163 | 1,327,063 | ||||||||||||||
Total assets | $ 51,832,356 | $ 53,011,361 | $ 31,637,490 | ||||||||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||||||||
Interest-bearing demand deposits | $ 7,617,427 | $ 44,861 | 2.34 % | $ 6,578,849 | $ 25,209 | 1.52 % | $ 4,005,643 | $ 5,372 | 0.53 % | ||||||||
Money market deposits | 10,276,894 | 61,055 | 2.36 % | 10,249,028 | 50,039 | 1.94 % | 7,651,974 | 17,473 | 0.91 % | ||||||||
Savings deposits | 2,880,622 | 698 | 0.10 % | 3,109,779 | 1,253 | 0.16 % | 2,345,564 | 226 | 0.04 % | ||||||||
Time deposits | 5,847,400 | 64,045 | 4.35 % | 5,184,089 | 50,473 | 3.86 % | 2,100,803 | 8,103 | 1.53 % | ||||||||
Total interest-bearing deposits | 26,622,343 | 170,659 | 2.54 % | 25,121,745 | 126,974 | 2.01 % | 16,103,984 | 31,174 | 0.77 % | ||||||||
Repurchase agreements and federal funds purchased | 245,989 | 1,226 | 1.98 % | 268,444 | 1,220 | 1.80 % | 354,624 | 323 | 0.36 % | ||||||||
Borrowings | 3,918,261 | 56,066 | 5.68 % | 5,603,207 | 77,080 | 5.46 % | 796,414 | 8,023 | 4.00 % | ||||||||
Junior and other subordinated debentures | 440,007 | 10,060 | 9.07 % | 420,582 | 9,864 | 9.30 % | 413,708 | 7,248 | 6.95 % | ||||||||
Total interest-bearing liabilities | 31,226,600 | 3.02 % | 31,413,978 | 2.72 % | 17,668,730 | $ 46,768 | 1.05 % | ||||||||||
Non-interest-bearing deposits | 14,899,001 | 15,759,720 | 10,870,842 | ||||||||||||||
Other liabilities | 1,011,019 | 970,688 | 659,279 | ||||||||||||||
Total liabilities | 47,136,620 | 48,144,386 | 29,198,851 | ||||||||||||||
Common equity | 4,695,736 | 4,866,975 | 2,438,639 | ||||||||||||||
Total liabilities and shareholders' equity | $ 51,832,356 | $ 53,011,361 | $ 31,637,490 | ||||||||||||||
NET INTEREST INCOME (2) | |||||||||||||||||
NET INTEREST SPREAD | 2.73 % | 2.93 % | 3.57 % | ||||||||||||||
NET INTEREST INCOME TO EARNING ASSETS | 3.78 % | 3.91 % | 4.01 % |
(1) | Non-accrual loans and leases are included in the average balance. |
(2) | Tax-exempt income has been adjusted to a tax equivalent basis at a |
Columbia Banking System, Inc. | |||||||||||
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates | |||||||||||
(Unaudited) | |||||||||||
Twelve months ended | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
($ in thousands) | Average | Interest | Average | Average | Interest | Average | |||||
INTEREST-EARNING ASSETS: | |||||||||||
Loans held for sale | $ 87,675 | $ 3,871 | 4.42 % | $ 208,141 | $ 8,812 | 4.23 % | |||||
Loans and leases (1) | 35,412,594 | 2,109,744 | 5.95 % | 24,225,518 | 1,041,446 | 4.29 % | |||||
Taxable securities | 7,479,573 | 289,944 | 3.88 % | 3,343,721 | 72,702 | 2.17 % | |||||
Non-taxable securities (2) | 740,376 | 28,236 | 3.81 % | 216,943 | 6,669 | 3.07 % | |||||
Temporary investments and interest-bearing cash | 2,147,348 | 111,659 | 5.20 % | 1,561,808 | 19,706 | 1.26 % | |||||
Total interest-earning assets | 45,867,566 | $ 2,543,454 | 5.54 % | 29,556,131 | $ 1,149,335 | 3.88 % | |||||
Goodwill and other intangible assets | 1,423,075 | 6,847 | |||||||||
Other assets | 2,205,678 | 1,254,418 | |||||||||
Total assets | $ 49,496,319 | $ 30,817,396 | |||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||
Interest-bearing demand deposits | $ 6,280,333 | $ 97,162 | 1.55 % | $ 3,886,390 | $ 8,185 | 0.21 % | |||||
Money market deposits | 9,962,837 | 185,035 | 1.86 % | 7,552,666 | 26,415 | 0.35 % | |||||
Savings deposits | 2,994,333 | 3,384 | 0.11 % | 2,411,448 | 880 | 0.04 % | |||||
Time deposits | 4,743,615 | 176,073 | 3.71 % | 1,743,988 | 12,715 | 0.73 % | |||||
Total interest-bearing deposits | 23,981,118 | 461,654 | 1.93 % | 15,594,492 | 48,195 | 0.31 % | |||||
Repurchase agreements and federal funds purchased | 269,853 | 3,923 | 1.45 % | 465,600 | 997 | 0.21 % | |||||
Borrowings | 4,522,656 | 242,914 | 5.37 % | 226,665 | 8,920 | 3.94 % | |||||
Junior and other subordinated debentures | 421,195 | 37,665 | 8.94 % | 399,568 | 19,889 | 4.98 % | |||||
Total interest-bearing liabilities | 29,194,822 | $ 746,156 | 2.56 % | 16,686,325 | $ 78,001 | 0.47 % | |||||
Non-interest-bearing deposits | 14,927,443 | 11,053,921 | |||||||||
Other liabilities | 907,329 | 501,573 | |||||||||
Total liabilities | 45,029,594 | 28,241,819 | |||||||||
Common equity | 4,466,725 | 2,575,577 | |||||||||
Total liabilities and shareholders' equity | $ 49,496,319 | $ 30,817,396 | |||||||||
NET INTEREST INCOME (2) | $ 1,797,298 | $ 1,071,334 | |||||||||
NET INTEREST SPREAD | 2.98 % | 3.41 % | |||||||||
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) | 3.91 % | 3.62 % | |||||||||
(1) | Non-accrual loans and leases are included in the average balance. |
(2) | Tax-exempt income has been adjusted to a tax equivalent basis at a |
Columbia Banking System, Inc. | |||||||||||||
Residential Mortgage Banking Activity | |||||||||||||
(Unaudited) | |||||||||||||
Quarter Ended | % Change (1) | ||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year | ||||||
Residential mortgage banking revenue: | |||||||||||||
Origination and sale | $ 2,686 | $ 2,442 | $ 3,166 | $ 3,587 | $ 4,252 | 10 % | (37) % | ||||||
Servicing | 5,966 | 8,887 | 9,167 | 9,397 | 9,184 | (33) % | (35) % | ||||||
Change in fair value of MSR asset: | |||||||||||||
Changes due to collection/realization of expected cash flows over time | (3,215) | (4,801) | (4,797) | (4,881) | (4,986) | (33) % | (36) % | ||||||
Changes due to valuation inputs or assumptions | (6,251) | 5,308 | (2,242) | (2,937) | (9,914) | (218) % | (37) % | ||||||
MSR hedge gain (loss) | 5,026 | (4,733) | (7,636) | 2,650 | (348) | nm | nm | ||||||
Total | $ 4,212 | $ 7,103 | $ (2,342) | $ 7,816 | $ (1,812) | (41) % | nm | ||||||
Closed loan volume for-sale | $ 87,033 | $ 103,333 | $ 119,476 | $ 131,726 | $ 216,833 | (16) % | (60) % | ||||||
Gain on sale margin | 3.09 % | 2.36 % | 2.65 % | 2.72 % | 1.96 % | 0.73 | 1.13 | ||||||
Residential mortgage servicing rights: | |||||||||||||
Balance, beginning of period | $ 117,640 | $ 172,929 | $ 178,800 | $ 185,017 | $ 196,177 | (32) % | (40) % | ||||||
Additions for new MSR capitalized | 920 | 1,658 | 1,168 | 1,601 | 3,740 | (45) % | (75) % | ||||||
Sale of MSR assets | 149 | (57,454) | — | — | — | nm | nm | ||||||
Change in fair value of MSR asset: | |||||||||||||
Changes due to collection/realization of expected cash flows over time | (3,215) | (4,801) | (4,797) | (4,881) | (4,986) | (33) % | (36) % | ||||||
Changes due to valuation inputs or assumptions | (6,251) | 5,308 | (2,242) | (2,937) | (9,914) | (218) % | (37) % | ||||||
Balance, end of period | $ 109,243 | $ 117,640 | $ 172,929 | $ 178,800 | $ 185,017 | (7) % | (41) % | ||||||
Residential mortgage loans serviced for others | $ 8,175,664 | $ 12,726,615 | $ 12,914,046 | $ 13,020,189 | (1) % | (37) % | |||||||
MSR as % of serviced portfolio | 1.34 % | 1.43 % | 1.36 % | 1.38 % | 1.42 % | (0.09) | (0.08) |
(1) Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||
Residential Mortgage Banking Activity | |||||
(Unaudited) | |||||
Twelve Months Ended | % Change (1) | ||||
($ in thousands) | Dec 31, 2023 | Dec 31, 2022 | Year over | ||
Residential mortgage banking revenue: | |||||
Origination and sale | $ 11,881 | $ 46,712 | (75) % | ||
Servicing | 33,417 | 37,358 | (11) % | ||
Change in fair value of MSR asset: | |||||
Changes due to collection/realization of expected cash flows over time | (17,694) | (20,272) | (13) % | ||
Changes due to valuation inputs or assumptions | (6,122) | 57,537 | (111) % | ||
MSR hedge loss | (4,693) | (14,476) | (68) % | ||
Total | $ 16,789 | $ 106,859 | (84) % | ||
Closed loan volume for-sale | $ 441,568 | $ 1,839,466 | (76) % | ||
Gain on sale margin | 2.69 % | 2.54 % | 0.15 | ||
Residential mortgage servicing rights: | |||||
Balance, beginning of period | $ 185,017 | $ 123,615 | 50 % | ||
Additions for new MSR capitalized | 5,347 | 24,137 | (78) % | ||
Sale of MSR assets | (57,305) | — | nm | ||
Change in fair value of MSR asset: | |||||
Changes due to collection/realization of expected cash flows over time | (17,694) | (20,272) | (13) % | ||
Changes due to valuation inputs or assumptions | (6,122) | 57,537 | (111) % | ||
Balance, end of period | $ 109,243 | $ 185,017 | (41) % | ||
(1) | Percentage changes greater than +/- |
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in
Columbia Banking System, Inc. | |||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended | % Change (2) | ||||||||||||||
($ in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year | ||||||||
Total shareholders' equity | a | $ 4,995,034 | $ 4,632,162 | $ 4,828,188 | $ 4,884,723 | $ 2,479,826 | 8 % | 101 % | |||||||
Less: Goodwill | 1,029,234 | 1,029,234 | 1,029,234 | 1,030,142 | — | 0 % | nm | ||||||||
Less: Other intangible assets, net | 603,679 | 636,883 | 666,762 | 702,315 | 4,745 | (5) % | nm | ||||||||
Tangible common shareholders' equity | b | $ 3,362,121 | $ 2,966,045 | $ 3,132,192 | $ 3,152,266 | $ 2,475,081 | 13 % | 36 % | |||||||
Total assets | c | $ 52,173,596 | $ 51,993,815 | $ 53,592,096 | $ 53,994,226 | $ 31,848,639 | 0 % | 64 % | |||||||
Less: Goodwill | 1,029,234 | 1,029,234 | 1,029,234 | 1,030,142 | — | 0 % | nm | ||||||||
Less: Other intangible assets, net | 603,679 | 636,883 | 666,762 | 702,315 | 4,745 | (5) % | nm | ||||||||
Tangible assets | d | $ 50,540,683 | $ 50,327,698 | $ 51,896,100 | $ 52,261,769 | $ 31,843,894 | 0 % | 59 % | |||||||
Common shares outstanding at period end (1) | e | 208,585 | 208,575 | 208,514 | 208,429 | 129,321 | 0 % | 61 % | |||||||
Total shareholders' equity to total assets ratio | a / c | 9.57 % | 8.91 % | 9.01 % | 9.05 % | 7.79 % | 0.66 | 1.78 | |||||||
Tangible common equity ratio | b / d | 6.65 % | 5.89 % | 6.04 % | 6.03 % | 7.77 % | 0.76 | (1.12) | |||||||
Book value per common share (1) | a / e | $ 23.95 | $ 22.21 | $ 23.16 | $ 23.44 | $ 19.18 | 8 % | 25 % | |||||||
Tangible book value per common share (1) | b / e | $ 16.12 | $ 14.22 | $ 15.02 | $ 15.12 | $ 19.14 | 13 % | (16) % | |||||||
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||||||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended | % Change (1) | ||||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year | ||||||||
Non-Interest Income Adjustments | |||||||||||||||
Gain on sale of debt securities, net | $ 9 | $ 4 | $ — | $ — | $ — | 125 % | nm | ||||||||
(Loss) gain on equity securities, net | 2,636 | (2,055) | (697) | 2,416 | 284 | nm | nm | ||||||||
Gain (loss) on swap derivatives | (8,042) | 5,700 | 1,288 | (3,543) | (2,329) | (241) % | 245 % | ||||||||
Change in fair value of certain loans held for investment | 19,354 | (19,247) | (6,965) | 9,488 | 4,192 | nm | 362 % | ||||||||
Change in fair value of MSR due to valuation inputs or assumptions | (6,251) | 5,308 | (2,242) | (2,937) | (9,914) | (218) % | (37) % | ||||||||
MSR hedge (loss) gain | 5,026 | (4,733) | (7,636) | 2,650 | (348) | nm | nm | ||||||||
Total non-interest income adjustments | a | $ 12,732 | $ (15,023) | $ (16,252) | $ 8,074 | $ (8,115) | nm | nm | |||||||
Non-Interest Expense Adjustments | |||||||||||||||
Merger-related expense | $ 7,174 | $ 18,938 | $ 29,649 | $ 115,898 | $ 11,637 | (62) % | (38) % | ||||||||
Exit and disposal costs | 2,791 | 4,017 | 2,119 | 1,291 | 1,966 | (31) % | 42 % | ||||||||
Total non-interest expense adjustments | b | $ 9,965 | $ 22,955 | $ 31,768 | $ 117,189 | $ 13,603 | (57) % | (27) % | |||||||
Net interest income | c | $ 453,623 | $ 480,875 | $ 483,975 | $ 374,698 | $ 305,479 | (6) % | 48 % | |||||||
Non-interest income (GAAP) | d | $ 65,533 | $ 43,981 | $ 39,678 | $ 54,735 | $ 34,879 | 49 % | 88 % | |||||||
Less: Non-interest income adjustments | a | (12,732) | 15,023 | 16,252 | (8,074) | 8,115 | (185) % | (257) % | |||||||
Operating non-interest income (non-GAAP) | e | $ 52,801 | $ 59,004 | $ 55,930 | $ 46,661 | $ 42,994 | (11) % | 23 % | |||||||
Revenue (GAAP) | f=c+d | $ 519,156 | $ 524,856 | $ 523,653 | $ 429,433 | $ 340,358 | (1) % | 53 % | |||||||
Operating revenue (non-GAAP) | g=c+e | $ 506,424 | $ 539,879 | $ 539,905 | $ 421,359 | $ 348,473 | (6) % | 45 % | |||||||
Non-interest expense (GAAP) | h | $ 337,176 | $ 304,147 | $ 328,559 | $ 342,818 | $ 194,982 | 11 % | 73 % | |||||||
Less: Non-interest expense adjustments | b | (9,965) | (22,955) | (31,768) | (117,189) | (13,603) | (57) % | (27) % | |||||||
Operating non-interest expense (non-GAAP) | i | $ 327,211 | $ 281,192 | $ 296,791 | $ 225,629 | $ 181,379 | 16 % | 80 % | |||||||
Net income (loss) (GAAP) | j | $ 93,531 | $ 135,845 | $ 133,377 | $ (14,038) | $ 82,964 | (31) % | 13 % | |||||||
Provision (benefit) for income taxes | 33,540 | 48,127 | 45,703 | (4,886) | 29,464 | (30) % | 14 % | ||||||||
Income (loss) before provision for income taxes | 127,071 | 183,972 | 179,080 | (18,924) | 112,428 | (31) % | 13 % | ||||||||
Provision for credit losses | 54,909 | 36,737 | 16,014 | 105,539 | 32,948 | 49 % | 67 % | ||||||||
Pre-provision net revenue (PPNR) (non-GAAP) | k | 181,980 | 220,709 | 195,094 | 86,615 | 145,376 | (18) % | 25 % | |||||||
Less: Non-interest income adjustments | a | (12,732) | 15,023 | 16,252 | (8,074) | 8,115 | (185) % | (257) % | |||||||
Add: Non-interest expense adjustments | b | 9,965 | 22,955 | 31,768 | 117,189 | 13,603 | (57) % | (27) % | |||||||
Operating PPNR (non-GAAP) | l | $ 179,213 | $ 258,687 | $ 243,114 | $ 195,730 | $ 167,094 | (31) % | 7 % | |||||||
Net income (loss) (GAAP) | j | $ 93,531 | $ 135,845 | $ 133,377 | $ (14,038) | $ 82,964 | (31) % | 13 % | |||||||
Less: Non-interest income adjustments | a | (12,732) | 15,023 | 16,252 | (8,074) | 8,115 | (185) % | (257) % | |||||||
Add: Non-interest expense adjustments | b | 9,965 | 22,955 | 31,768 | 117,189 | 13,603 | (57) % | (27) % | |||||||
Tax effect of adjustments | 691 | (9,482) | (11,981) | (23,565) | (5,459) | nm | nm | ||||||||
Operating net income (non-GAAP) | m | $ 91,455 | $ 164,341 | $ 169,416 | $ 71,512 | $ 99,223 | (44) % | (8) % |
(1) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||||||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended | % Change (3) | ||||||||||||||
($ in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year | ||||||||
Average assets | n | $ 51,832,356 | $ 53,011,361 | $ 53,540,574 | $ 39,425,975 | $ 31,637,490 | (2) % | 64 % | |||||||
Less: Average goodwill and other intangible assets, net | 1,652,282 | 1,684,093 | 1,718,705 | 623,042 | 5,298 | (2) % | nm | ||||||||
Average tangible assets | o | $ 50,180,074 | $ 51,327,268 | $ 51,821,869 | $ 38,802,933 | $ 31,632,192 | (2) % | 59 % | |||||||
Average common shareholders' equity | p | $ 4,695,736 | $ 4,866,975 | $ 4,935,239 | $ 3,349,761 | $ 2,438,639 | (4) % | 93 % | |||||||
Less: Average goodwill and other intangible assets, net | 1,652,282 | 1,684,093 | 1,718,705 | 623,042 | 5,298 | (2) % | nm | ||||||||
Average tangible common equity | q | $ 3,043,454 | $ 3,182,882 | $ 3,216,534 | $ 2,726,719 | $ 2,433,341 | (4) % | 25 % | |||||||
Weighted average basic shares outstanding (1) | r | 208,083 | 208,070 | 207,977 | 156,383 | 129,321 | 0 % | 61 % | |||||||
Weighted average diluted shares outstanding (1) | s | 208,739 | 208,645 | 208,545 | 156,383 | 129,801 | 0 % | 61 % | |||||||
Select Per-Share & Performance Metrics | |||||||||||||||
Earnings-per-share - basic (1) | j / r | $ 0.45 | $ 0.65 | $ 0.64 | $ (0.09) | $ 0.64 | (31) % | (30) % | |||||||
Earnings-per-share - diluted (1) | j / s | $ 0.45 | $ 0.65 | $ 0.64 | $ (0.09) | $ 0.64 | (31) % | (30) % | |||||||
Efficiency ratio (2) | h / f | 64.81 % | 57.82 % | 62.60 % | 79.71 % | 57.24 % | 6.99 | 7.57 | |||||||
ROAA | j / n | 0.72 % | 1.02 % | 1.00 % | (0.14) % | 1.04 % | (0.30) | (0.32) | |||||||
Return on average tangible assets | j / o | 0.74 % | 1.05 % | 1.03 % | (0.15) % | 1.04 % | (0.31) | (0.30) | |||||||
PPNR ROAA | k / n | 1.39 % | 1.65 % | 1.46 % | 0.89 % | 1.82 % | (0.26) | (0.43) | |||||||
Return on average common equity | j / p | 7.90 % | 11.07 % | 10.84 % | (1.70) % | 13.50 % | (3.17) | (5.60) | |||||||
Return on average tangible common equity | j / q | 12.19 % | 16.93 % | 16.63 % | (2.09) % | 13.53 % | (4.74) | (1.34) | |||||||
Operating Per-Share & Performance Metrics | |||||||||||||||
Operating earnings-per-share - basic (1) | m / r | $ 0.44 | $ 0.79 | $ 0.81 | $ 0.46 | $ 0.77 | (44) % | (43) % | |||||||
Operating earnings-per-share - diluted (1) | m / s | $ 0.44 | $ 0.79 | $ 0.81 | $ 0.46 | $ 0.76 | (44) % | (42) % | |||||||
Operating efficiency ratio (2) | i / g | 64.47 % | 51.97 % | 54.85 % | 53.46 % | 52.01 % | 12.50 | 12.46 | |||||||
Operating ROAA | m / n | 0.70 % | 1.23 % | 1.27 % | 0.74 % | 1.24 % | (0.53) | (0.54) | |||||||
Operating return on average tangible assets | m / o | 0.72 % | 1.27 % | 1.31 % | 0.75 % | 1.24 % | (0.55) | (0.52) | |||||||
Operating PPNR ROAA | l / n | 1.37 % | 1.94 % | 1.82 % | 2.01 % | 2.10 % | (0.57) | (0.73) | |||||||
Operating return on average common equity | m / p | 7.73 % | 13.40 % | 13.77 % | 8.66 % | 16.14 % | (5.67) | (8.41) | |||||||
Operating return on average tangible common equity | m / q | 11.92 % | 20.48 % | 21.13 % | 10.64 % | 16.18 % | (8.56) | (4.26) |
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(3) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||
(Unaudited) | |||||||
Twelve Months Ended | % Change (1) | ||||||
($ in thousands) | Dec 31, 2023 | Dec 31, 2022 | Year over | ||||
Non-Interest Income Adjustments | |||||||
Gain on sale of debt securities, net | $ 13 | $ 2 | nm | ||||
Gain (loss) on equity securities, net | 2,300 | (7,099) | (132) % | ||||
(Loss) gain on swap derivatives | (4,597) | 16,249 | (128) % | ||||
Change in fair value of certain loans held for investment | 2,630 | (58,464) | (104) % | ||||
Change in fair value of MSR due to valuation inputs or assumptions | (6,122) | 57,537 | (111) % | ||||
MSR hedge loss | (4,693) | (14,476) | (68) % | ||||
Total non-interest income adjustments | a | $ (10,469) | $ (6,251) | 67 % | |||
Non-Interest Expense Adjustments | |||||||
Merger-related expense | $ 171,659 | $ 17,356 | nm | ||||
Exit and disposal costs | 10,218 | 6,805 | 50 % | ||||
Total non-interest expense adjustments | b | $ 181,877 | $ 24,161 | nm | |||
Net interest income | c | $ 1,793,171 | $ 1,070,016 | 68 % | |||
Non-interest income (GAAP) | d | $ 203,927 | $ 199,528 | 2 % | |||
Less: Non-interest income adjustments | a | 10,469 | 6,251 | 67 % | |||
Operating non-interest income (non-GAAP) | e | $ 214,396 | $ 205,779 | 4 % | |||
Revenue (GAAP) | f=c+d | $ 1,997,098 | $ 1,269,544 | 57 % | |||
Operating revenue (non-GAAP) | g=c+e | $ 2,007,567 | $ 1,275,795 | 57 % | |||
Non-interest expense (GAAP) | h | $ 1,312,700 | $ 734,950 | 79 % | |||
Less: Non-interest expense adjustments | b | (181,877) | (24,161) | nm | |||
Operating non-interest expense (non-GAAP) | i | $ 1,130,823 | $ 710,789 | 59 % | |||
Net income (GAAP) | j | $ 348,715 | $ 336,752 | 4 % | |||
Provision for income taxes | 122,484 | 113,826 | 8 % | ||||
Income before provision for income taxes | 471,199 | 450,578 | 5 % | ||||
Provision for credit losses | 213,199 | 84,016 | 154 % | ||||
Pre-provision net revenue (PPNR) (non-GAAP) | k | 684,398 | 534,594 | 28 % | |||
Less: Non-interest income adjustments | a | 10,469 | 6,251 | 67 % | |||
Add: Non-interest expense adjustments | b | 181,877 | 24,161 | nm | |||
Operating PPNR (non-GAAP) | l | $ 876,744 | $ 565,006 | 55 % | |||
Net income (GAAP) | j | $ 348,715 | $ 336,752 | 4 % | |||
Less: Non-interest income adjustments | a | 10,469 | 6,251 | 67 % | |||
Add: Non-interest expense adjustments | b | 181,877 | 24,161 | nm | |||
Tax effect of adjustments | (44,337) | (7,479) | 493 % | ||||
Operating net income (non-GAAP) | m | $ 496,724 | $ 359,685 | 38 % | |||
(1) Percentage changes greater than +/- | |||||||
Average assets | n | $ 49,496,319 | $ 30,817,396 | 61 % | |||
Less: Average goodwill and other intangible assets, net | 1,423,075 | 6,847 | nm | ||||
Average tangible assets | o | $ 48,073,244 | $ 30,810,549 | 56 % | |||
Average common shareholders' equity | p | $ 4,466,725 | $ 2,575,577 | 73 % | |||
Less: Average goodwill and other intangible assets, net | 1,423,075 | 6,847 | nm | ||||
Average tangible common equity | q | $ 3,043,650 | $ 2,568,730 | 18 % | |||
Weighted average basic shares outstanding (1) | r | 195,304 | 129,277 | 51 % | |||
Weighted average diluted shares outstanding (1) | s | 195,871 | 129,732 | 51 % | |||
Select Per-Share & Performance Metrics | |||||||
Earnings-per-share - basic (1) | j / r | $ 1.79 | $ 2.60 | (31) % | |||
Earnings-per-share - diluted (1) | j / s | $ 1.78 | $ 2.60 | (32) % | |||
Efficiency ratio (2) | h / f | 65.59 % | 57.83 % | 7.76 | |||
ROAA | j / n | 0.70 % | 1.09 % | (0.39) | |||
Return on average tangible assets | j / o | 0.73 % | 1.09 % | (0.36) | |||
PPNR ROAA | k/n | 1.38 % | 1.73 % | (0.35) | |||
Return on average common equity | j / p | 7.81 % | 13.07 % | (5.26) | |||
Return on average tangible common equity | j / q | 11.46 % | 13.11 % | (1.65) | |||
Operating Per-Share & Performance Metrics | |||||||
Operating earnings-per-share - basic (1) | m / r | $ 2.54 | $ 2.78 | (9) % | |||
Operating earnings-per-share - diluted (1) | m / s | $ 2.54 | $ 2.77 | (8) % | |||
Operating efficiency ratio (2) | i / g | 56.21 % | 55.66 % | 0.55 | |||
Operating ROAA | m / n | 1.00 % | 1.17 % | (0.17) | |||
Operating return on average tangible assets | m / o | 1.03 % | 1.17 % | (0.14) | |||
Operating PPNR ROAA | l / n | 1.77 % | 1.83 % | (0.06) | |||
Operating return on average common equity | m / p | 11.12 % | 13.97 % | (2.85) | |||
Operating return on average tangible common equity | m / q | 16.32 % | 14.00 % | 2.32 |
(1) | Periods prior to February 28, 2023, have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the merger of 0.5958. |
(2) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(3) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||||||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended | % Change (4) | ||||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year over | ||||||||
Loans and leases interest income | a | $ 577,092 | $ 567,929 | $ 551,997 | $ 412,726 | $ 320,747 | 2 % | 80 % | |||||||
Less: Acquired loan accretion - rate related (2), (3) | b | 26,914 | 28,963 | 30,548 | 11,832 | 387 | (7) % | nm | |||||||
Less: Acquired loan accretion - credit related (3) | c | 5,430 | 6,370 | 7,100 | 3,806 | — | (15) % | nm | |||||||
Adjusted loans and leases interest income | d=a-b-c | $ 544,748 | $ 532,596 | $ 514,349 | $ 397,088 | $ 320,360 | 2 % | 70 % | |||||||
Taxable securities interest income | e | $ 82,872 | $ 85,007 | $ 81,617 | $ 40,448 | $ 18,290 | (3) % | 353 % | |||||||
Less: Acquired taxable securities accretion - rate related | f | 34,290 | 39,219 | 34,801 | 15,356 | — | (13) % | nm | |||||||
Adjusted Taxable securities interest income | g=e-f | $ 48,582 | $ 45,788 | $ 46,816 | $ 25,092 | $ 18,290 | 6 % | 166 % | |||||||
Non-taxable securities interest income (1) | h | $ 8,073 | $ 8,085 | $ 8,010 | $ 4,068 | $ 1,571 | 0 % | 414 % | |||||||
Less: Acquired non-taxable securities accretion - rate related | i | 2,309 | 2,288 | 2,274 | 901 | — | 1 % | nm | |||||||
Adjusted Taxable securities interest income (1) | j=h-i | $ 5,764 | $ 5,797 | $ 5,736 | $ 3,167 | $ 1,571 | (1) % | 267 % | |||||||
Interest income (1) | k | $ 692,741 | $ 697,169 | $ 676,922 | $ 476,622 | $ 352,530 | (1) % | 97 % | |||||||
Less: Acquired loan and securities accretion - rate related | l=b+f+i | 63,513 | 70,470 | 67,623 | 28,089 | 387 | (10) % | nm | |||||||
Less: Acquired loan accretion - credit related | c | 5,430 | 6,370 | 7,100 | 3,806 | — | (15) % | nm | |||||||
Adjusted interest income (1) | m=k-l-c | $ 623,798 | $ 620,329 | $ 602,199 | $ 444,727 | $ 352,143 | 1 % | 77 % | |||||||
Interest-bearing deposits interest expense | n | $ 170,659 | $ 126,974 | $ 100,408 | $ 63,613 | $ 31,174 | 34 % | 447 % | |||||||
Less: Acquired deposit accretion | o | (187) | (373) | (280) | (93) | — | (50) % | nm | |||||||
Adjusted interest-bearing deposits interest expense | p=n-o | $ 170,846 | $ 127,347 | $ 100,688 | $ 63,706 | $ 31,174 | 34 % | 448 % | |||||||
Interest expense | q | $ 238,011 | $ 215,138 | $ 191,754 | $ 101,253 | $ 46,768 | 11 % | 409 % | |||||||
Less: Acquired interest-bearing liabilities accretion (2) | r | (244) | (430) | (337) | (150) | (57) | (43) % | 328 % | |||||||
Adjusted interest expense | s=q-r | $ 238,255 | $ 215,568 | $ 192,091 | $ 101,403 | $ 46,825 | 11 % | 409 % | |||||||
Net Interest Income (1) | t | $ 454,730 | $ 482,031 | $ 485,168 | $ 375,369 | $ 305,762 | (6) % | 49 % | |||||||
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3) | u=l-r | 63,757 | 70,900 | 67,960 | 28,239 | 444 | (10) % | nm | |||||||
Less: Acquired loan accretion - credit related (3) | c | 5,430 | 6,370 | 7,100 | 3,806 | — | (15) % | nm | |||||||
Adjusted net interest income (1) | v=t-u-c | $ 385,543 | $ 404,761 | $ 410,108 | $ 343,324 | $ 305,318 | (5) % | 26 % | |||||||
Average loans and leases | aa | 37,333,310 | 37,050,518 | 37,169,315 | 29,998,630 | 25,855,556 | 1 % | 44 % | |||||||
Average taxable securities | ab | 7,903,053 | 8,356,165 | 8,656,147 | 4,960,966 | 3,042,044 | (5) % | 160 % | |||||||
Average non-taxable securities | ac | 809,551 | 844,417 | 865,278 | 437,020 | 200,825 | (4) % | 303 % | |||||||
Average interest-earning assets | ad | 47,838,229 | 48,981,105 | 49,442,518 | 37,055,705 | 30,305,129 | (2) % | 58 % | |||||||
Average interest-bearing deposits | ae | 26,622,343 | 25,121,745 | 24,494,717 | 19,496,551 | 16,103,984 | 6 % | 65 % | |||||||
Average interest-bearing liabilities | af | 31,226,600 | 31,413,978 | 31,372,416 | 22,548,264 | 17,668,730 | (1) % | 77 % |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(2) | Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. |
(3) | The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. |
(4) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||||||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended | % Change | ||||||||||||||
($ in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Seq. | Year over | ||||||||
Average yield on loans and leases | a / aa | 6.13 % | 6.08 % | 5.95 % | 5.55 % | 4.92 % | 0.05 | 1.21 | |||||||
Less: Acquired loan accretion - rate related (2),(3) | b / aa | 0.29 % | 0.31 % | 0.33 % | 0.16 % | 0.01 % | (0.02) | 0.28 | |||||||
Less: Acquired loan accretion - credit related (3) | c / aa | 0.06 % | 0.07 % | 0.08 % | 0.05 % | — % | (0.01) | 0.06 | |||||||
Adjusted average yield on loans and leases | d / aa | 5.78 % | 5.70 % | 5.54 % | 5.34 % | 4.91 % | 0.08 | 0.87 | |||||||
Average yield on taxable securities | e / ab | 4.19 % | 4.07 % | 3.77 % | 3.26 % | 2.40 % | 0.12 | 1.79 | |||||||
Less: Acquired taxable securities accretion - rate related | f / ab | 1.72 % | 1.86 % | 1.61 % | 1.26 % | — % | (0.14) | 1.72 | |||||||
Adjusted average yield on taxable securities | g / ab | 2.47 % | 2.21 % | 2.16 % | 2.00 % | 2.40 % | 0.26 | 0.07 | |||||||
Average yield on non-taxable securities (1) | h / ac | 3.99 % | 3.83 % | 3.70 % | 3.72 % | 3.13 % | 0.16 | 0.86 | |||||||
Less: Acquired non-taxable securities accretion - rate related | i / ac | 1.13 % | 1.07 % | 1.05 % | 0.84 % | — % | 0.06 | 1.13 | |||||||
Adjusted yield on non-taxable securities (1) | j / ac | 2.86 % | 2.76 % | 2.65 % | 2.88 % | 3.13 % | 0.10 | (0.27) | |||||||
Average yield on interest-earning assets (1) | k / ad | 5.75 % | 5.65 % | 5.48 % | 5.19 % | 4.62 % | 0.10 | 1.13 | |||||||
Less: Acquired loan and securities accretion - rate related | l / ad | 0.53 % | 0.57 % | 0.55 % | 0.31 % | 0.01 % | (0.04) | 0.52 | |||||||
Less: Acquired loan accretion - credit related | c / ad | 0.05 % | 0.05 % | 0.06 % | 0.04 % | — % | — | 0.05 | |||||||
Adjusted average yield on interest-earning assets (1) | m / ad | 5.17 % | 5.03 % | 4.87 % | 4.84 % | 4.61 % | 0.14 | 0.56 | |||||||
Average rate on interest-bearing deposits | n / ae | 2.54 % | 2.01 % | 1.64 % | 1.32 % | 0.77 % | 0.53 | 1.77 | |||||||
Less: Acquired deposit accretion | o / ae | — % | (0.01) % | — % | — % | — % | 0.01 | — | |||||||
Adjusted average rate on interest-bearing deposits | p / ae | 2.54 % | 2.02 % | 1.64 % | 1.32 % | 0.77 % | 0.52 | 1.77 | |||||||
Average rate on interest-bearing liabilities | q / af | 3.02 % | 2.72 % | 2.45 % | 1.82 % | 1.05 % | 0.30 | 1.97 | |||||||
Less: Acquired interest-bearing liabilities accretion (2) | r / af | — % | (0.01) % | — % | — % | — % | 0.01 | — | |||||||
Adjusted average rate on interest-bearing liabilities | s / af | 3.02 % | 2.73 % | 2.45 % | 1.82 % | 1.05 % | 0.29 | 1.97 | |||||||
Net interest margin (1) | t / ad | 3.78 % | 3.91 % | 3.93 % | 4.08 % | 4.01 % | (0.13) | (0.23) | |||||||
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3) | u / ad | 0.53 % | 0.58 % | 0.55 % | 0.31 % | — % | (0.05) | 0.53 | |||||||
Less: Acquired loan accretion - credit related (3) | c / ad | 0.05 % | 0.05 % | 0.06 % | 0.04 % | — % | — | 0.05 | |||||||
Adjusted net interest margin (1) | v / ad | 3.20 % | 3.28 % | 3.32 % | 3.73 % | 4.01 % | (0.08) | (0.81) |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(2) | Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. |
(3) | The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. |
Columbia Banking System, Inc. | |||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||
(Unaudited) | |||||||
Twelve Months Ended | |||||||
($ in thousands) | Dec 31, 2023 | Dec 31, 2022 | Year over | ||||
Loans and leases interest income | a | $ 2,109,744 | $ 1,041,446 | 103 % | |||
Less: Acquired loan accretion - rate related (2), (3) | b | 98,257 | 3,677 | nm | |||
Less: Acquired loan accretion - credit related (3) | c | 22,706 | — | nm | |||
Adjusted loans and leases interest income | d=a-b-c | $ 1,988,781 | $ 1,037,769 | 92 % | |||
Taxable securities interest income | e | $ 289,944 | $ 72,702 | 299 % | |||
Less: Acquired taxable securities accretion - rate related | f | 123,666 | — | nm | |||
Adjusted Taxable securities interest income | g=e-f | $ 166,278 | $ 72,702 | 129 % | |||
Non-taxable securities interest income (1) | h | $ 28,236 | $ 6,669 | 323 % | |||
Less: Acquired non-taxable securities accretion - rate related | i | 7,772 | — | nm | |||
Adjusted Taxable securities interest income (1) | j=h-i | $ 20,464 | $ 6,669 | 207 % | |||
Interest income (1) | k | $ 2,543,454 | $ 1,149,335 | 121 % | |||
Less: Acquired loan and securities accretion - rate related | l=b+f+i | 229,695 | 3,677 | nm | |||
Less: Acquired loan accretion - credit related | c | 22,706 | — | nm | |||
Adjusted interest income (1) | m=k-l-c | $ 2,291,053 | $ 1,145,658 | 100 % | |||
Interest-bearing deposits interest expense | n | $ 461,654 | $ 48,195 | nm | |||
Less: Acquired deposit accretion | o | (933) | — | nm | |||
Adjusted interest-bearing deposits interest expense | p=n-o | $ 462,587 | $ 48,195 | nm | |||
Interest expense | q | $ 746,156 | $ 78,001 | nm | |||
Less: Acquired interest-bearing liabilities accretion (2) | r | (1,161) | (228) | 409 % | |||
Adjusted interest expense | s=q-r | $ 747,317 | $ 78,229 | nm | |||
Net Interest Income (1) | t | $ 1,797,298 | $ 1,071,334 | 68 % | |||
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3) | u=l-r | 230,856 | 3,905 | nm | |||
Less: Acquired loan accretion - credit related (3) | c | 22,706 | — | nm | |||
Adjusted net interest income (1) | v=t-u-c | $ 1,543,736 | $ 1,067,429 | 45 % | |||
Average loans and leases | aa | 35,412,594 | 24,225,518 | 46 % | |||
Average taxable securities | ab | 7,479,573 | 3,343,721 | 124 % | |||
Average non-taxable securities | ac | 740,376 | 216,943 | 241 % | |||
Average interest-earning assets | ad | 45,867,566 | 29,556,131 | 55 % | |||
Average interest-bearing deposits | ae | 23,981,118 | 15,594,492 | 54 % | |||
Average interest-bearing liabilities | af | 29,194,822 | 16,686,325 | 75 % |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(2) | Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. |
(3) | The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. |
(4) | Percentage changes greater than +/- |
Columbia Banking System, Inc. | |||||||
GAAP to Non-GAAP Reconciliation - Continued | |||||||
(Unaudited) | |||||||
Twelve Months Ended | |||||||
($ in thousands) | Dec 31, 2023 | Dec 31, 2022 | Year over | ||||
Average yield on loans and leases | a / aa | 5.95 % | 4.29 % | 1.66 | |||
Less: Acquired loan accretion - rate related (2),(3) | b / aa | 0.28 % | 0.02 % | 0.26 | |||
Less: Acquired loan accretion - credit related (3) | c / aa | 0.06 % | — % | 0.06 | |||
Adjusted average yield on loans and leases | d / aa | 5.61 % | 4.27 % | 1.34 | |||
Average yield on taxable securities | e / ab | 3.88 % | 2.17 % | 1.71 | |||
Less: Acquired taxable securities accretion - rate related | f / ab | 1.65 % | — % | 1.65 | |||
Adjusted average yield on taxable securities | g / ab | 2.23 % | 2.17 % | 0.06 | |||
Average yield on non-taxable securities (1) | h / ac | 3.81 % | 3.07 % | 0.74 | |||
Less: Acquired non-taxable securities accretion - rate related | i / ac | 1.05 % | — % | 1.05 | |||
Adjusted yield on non-taxable securities (1) | j / ac | 2.76 % | 3.07 % | (0.31) | |||
Average yield on interest-earning assets (1) | k / ad | 5.54 % | 3.88 % | 1.66 | |||
Less: Acquired loan and securities accretion - rate related | l / ad | 0.50 % | 0.01 % | 0.49 | |||
Less: Acquired loan accretion - credit related | c / ad | 0.05 % | — % | 0.05 | |||
Adjusted average yield on interest-earning assets (1) | m / ad | 4.99 % | 3.87 % | 1.12 | |||
Average rate on interest-bearing deposits | n / ae | 1.93 % | 0.31 % | 1.62 | |||
Less: Acquired deposit accretion | o / ae | — % | — % | — | |||
Adjusted average rate on interest-bearing deposits | p / ae | 1.93 % | 0.31 % | 1.62 | |||
Average rate on interest-bearing liabilities | q / af | 2.56 % | 0.47 % | 2.09 | |||
Less: Acquired interest-bearing liabilities accretion (2) | r / af | — % | — % | — | |||
Adjusted average rate on interest-bearing liabilities | s / af | 2.56 % | 0.47 % | 2.09 | |||
Net interest margin (1) | t / ad | 3.91 % | 3.62 % | 0.29 | |||
Less: Acquired loan, securities, and interest-bearing liabilities accretion - rate related (3) | u / ad | 0.50 % | 0.01 % | 0.49 | |||
Less: Acquired loan accretion - credit related (3) | c / ad | 0.05 % | — % | 0.05 | |||
Adjusted net interest margin (1) | v / ad | 3.36 % | 3.61 % | (0.25) |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a |
(2) | Includes discount accretion related to UHC's 2014 acquisition of Sterling Financial Corporation. |
(3) | The cumulative fair value discount on historical Columbia loans was established as of February 28, 2023, and the allocation between the credit-related discount and the rate-related discount was established at that time. Our disclosure of credit-related and rate-related discount accretion is an estimate based on the relative allocation of these two items to the discount at the closing of the merger. |
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SOURCE Columbia Banking System, Inc.
FAQ
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