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[10-Q] Columbia Banking Systems Inc Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary
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Positive
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Negative
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 10-Q

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended:
June 30, 2025
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the transition period from                                        to                                       .
 
Commission File Number: 000-20288 
 
COLUMBIA BANKING SYSTEM, INC. 
(Exact Name of Registrant as Specified in Its Charter)
Washington91-1422237 
(State or Other Jurisdiction(I.R.S. Employer Identification Number)
of Incorporation or Organization) 
 
1301 A Street 
Tacoma, Washington 98402-4200
(Address of Principal Executive Offices)(Zip Code) 
 
(253) 305-1900 
(Registrant's Telephone Number, Including Area Code) 

Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE
Common Stock, No Par ValueCOLBThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒   Yes   ☐   No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒   Yes   ☐   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☒   Large accelerated filer   ☐   Accelerated filer   ☐   Non-accelerated filer  
 ☐   Smaller reporting company  ☐  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐   Yes   ☒   No 

Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practical date:
Common stock, no par value: 210,301,407 shares outstanding as of July 31, 2025.

Table of Contents
COLUMBIA BANKING SYSTEM, INC. 
FORM 10-Q 
Table of Contents 
 
GLOSSARY
3
PART I.  FINANCIAL INFORMATION 
4
Item 1.
Financial Statements (unaudited)
4
Condensed Consolidated Balance Sheets (unaudited)
4
Condensed Consolidated Statements of Income (unaudited)
5
Condensed Consolidated Statements of Comprehensive Income (unaudited)
6
Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited)
7
Condensed Consolidated Statements of Cash Flows (unaudited)
8
Notes to Condensed Consolidated Financial Statements
9
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
47
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
74
Item 4.
Controls and Procedures
75
Part II.  OTHER INFORMATION 
76
Item 1.
Legal Proceedings
76
Item 1A.
Risk Factors
76
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
78
Item 3.
Defaults Upon Senior Securities
78
Item 4.
Mine Safety Disclosures
78
Item 5.
Other Information
79
Item 6.
Exhibits
80
SIGNATURES 
81

2
Table of Contents
GLOSSARY OF DEFINED TERMS
ACLAllowance for Credit Losses
ACLLLAllowance for Credit Losses on Loans and Leases
ASUAccounting Standards Update
BankColumbia Bank (dba: Umpqua Bank)
Bank Merger
Pacific Premier Bank, National Association, will merge with and into the Bank, with the Bank surviving
Basel IIIBasel Capital Framework (third accord)
BOLIBank Owned Life Insurance
CECLCurrent Expected Credit Losses
ColumbiaColumbia Banking System, Inc.
CompanyColumbia Banking System, Inc. and its Subsidiaries
CRECommercial Real Estate
CVACredit Valuation Adjustments
DCFDiscounted Cash Flow
EVEEconomic Value of Equity
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Des Moines
FinPacFinancial Pacific Leasing, Inc.
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
GAAPGenerally Accepted Accounting Principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
HELOCHome Equity Line of Credit
LGDLoss Given Default
LIHTCLow Income Housing Tax Credit
Merger
Merger Sub will merge with and into Pacific Premier, with Pacific Premier surviving
MergersThe Merger, together with the subsequent merger of Pacific Premier with and into Columbia, with Columbia surviving
Merger AgreementAgreement dated as of April 23, 2025 by and among Columbia, Pacific Premier, and Merger Sub.
Merger Sub
Balboa Merger Sub, Inc.
MSRMortgage Servicing Rights
NOLNet Operating Loss
NMNot Meaningful
Pacific Premier
Pacific Premier Bancorp, Inc.
PCDPurchased with Credit Deterioration
PDProbability of Default
RUCReserve for Unfunded Commitments
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
UHCUmpqua Holdings Corporation
Umpqua MergerUmpqua Holdings Corporation merged with and into Columbia, with Columbia as the surviving corporation
3
Table of Contents
PART I.    FINANCIAL INFORMATION

Item 1.     Financial Statements (unaudited) 

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS 
(UNAUDITED)

(in thousands, except shares)June 30, 2025December 31, 2024
ASSETS  
Cash and due from banks (restricted cash of $0 and $1,298)
$608,057 $496,666 
Interest-bearing cash and temporary investments (restricted cash of $5,676 and $6,419)
1,334,113 1,381,589 
Total cash and cash equivalents1,942,170 1,878,255 
Investment securities  
Equity and other, at fair value92,958 78,133 
Available for sale, at fair value8,653,172 8,274,615 
Held to maturity, at amortized cost2,013 2,101 
Loans held for sale65,590 71,535 
Loans and leases (at fair value: $177,949 and $168,809)
37,637,013 37,680,901 
Allowance for credit losses on loans and leases(420,907)(424,629)
Net loans and leases37,216,106 37,256,272 
Restricted equity securities161,380 150,024 
Premises and equipment, net356,879 348,670 
Operating lease right-of-use assets110,478 111,227 
Goodwill 1,029,234 1,029,234 
Other intangible assets, net430,443 484,248 
Residential mortgage servicing rights, at fair value102,863 108,358 
Bank-owned life insurance704,919 693,839 
Deferred tax asset, net299,043 359,425 
Other assets734,194 730,461 
Total assets$51,901,442 $51,576,397 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits  
Non-interest-bearing$13,219,631 $13,307,905 
Interest-bearing28,523,026 28,412,827 
Total deposits41,742,657 41,720,732 
Securities sold under agreements to repurchase191,435 236,627 
Borrowings3,350,000 3,100,000 
Junior subordinated debentures, at fair value323,015 330,895 
Junior and other subordinated debentures, at amortized cost107,554 107,668 
Operating lease liabilities124,522 125,710 
Other liabilities720,377 836,541 
Total liabilities46,559,560 46,458,173 
COMMITMENTS AND CONTINGENCIES (Note 7)
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 2025 and 2024; issued and outstanding: 210,213,254 in 2025 and 209,536,323 in 2024
5,826,488 5,817,458 
Accumulated deficit(150,822)(237,254)
Accumulated other comprehensive loss(333,784)(461,980)
Total shareholders' equity5,341,882 5,118,224 
Total liabilities and shareholders' equity$51,901,442 $51,576,397 



See accompanying notes to condensed consolidated financial statements.
4
Table of Contents
COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
(UNAUDITED)

Three Months EndedSix Months Ended
 (in thousands, except per share amounts)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
INTEREST INCOME    
Interest and fees on loans and leases$564,343 $583,874 $1,116,905 $1,158,918 
Interest and dividends on investment securities:    
Taxable80,316 78,828 149,004 153,845 
Exempt from federal income tax6,769 6,904 13,576 13,808 
Dividends3,444 2,895 6,236 6,602 
Interest on temporary investments and interest-bearing deposits15,817 23,035 32,211 46,588 
Total interest income670,689 695,536 1,317,932 1,379,761 
INTEREST EXPENSE    
Interest on deposits180,154 207,307 356,788 405,742 
Interest on securities sold under agreement to repurchase and federal funds purchased955 1,515 1,929 2,781 
Interest on borrowings34,542 49,418 70,616 100,693 
Interest on junior and other subordinated debentures8,592 9,847 17,158 19,734 
Total interest expense224,243 268,087 446,491 528,950 
Net interest income446,446 427,449 871,441 850,811 
 PROVISION FOR CREDIT LOSSES 29,449 31,820 56,852 48,956 
Net interest income after provision for credit losses416,997 395,629 814,589 801,855 
NON-INTEREST INCOME    
Service charges on deposits19,669 18,503 38,970 34,567 
Card-based fees14,559 14,681 27,130 27,864 
Financial services and trust revenue5,842 5,396 11,029 9,860 
Residential mortgage banking revenue, net7,343 5,848 16,677 10,482 
Gain (loss) on sale of debt securities, net
1 (1)5 11 
Gain (loss) on equity securities, net
410 325 2,112 (1,240)
Gain (loss) on loan and lease sales, net
172 (1,516)269 (1,295)
Gain (loss) on certain loans held for investment, at fair value
212 (10,114)7,228 (12,486)
Bank-owned life insurance income5,184 4,705 10,067 9,344 
Other income11,070 6,876 17,352 17,953 
Total non-interest income64,462 44,703 130,839 95,060 
NON-INTEREST EXPENSE    
Salaries and employee benefits154,883 145,066 300,122 299,604 
Occupancy and equipment, net47,178 45,147 95,348 90,438 
Communications3,350 3,408 6,776 7,190 
Marketing2,805 2,305 6,202 4,241 
Services13,296 14,600 29,374 28,022 
FDIC assessments8,144 9,664 16,166 24,124 
Intangible amortization25,826 29,230 53,805 61,321 
Merger and restructuring expense8,186 14,641 22,565 19,119 
Legal settlement — — 55,000 — 
Other expenses14,327 15,183 32,759 32,701 
Total non-interest expense277,995 279,244 618,117 566,760 
Income before provision for income taxes203,464 161,088 327,311 330,155 
Provision for income taxes51,041 40,944 88,279 85,931 
Net income$152,423 $120,144 $239,032 $244,224 
Earnings per common share:    
Basic$0.73 $0.58 $1.14 $1.17 
Diluted$0.73 $0.57 $1.14 $1.17 
Weighted average number of common shares outstanding:    
Basic209,125 208,498 208,964 208,379 
Diluted209,975 209,011 209,965 208,999 

See accompanying notes to condensed consolidated financial statements.
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COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

Three Months EndedSix Months Ended
 (in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net income$152,423 $120,144 $239,032 $244,224 
Available for sale securities:    
Unrealized gains (losses) arising during the period35,222 (39,571)165,531 (162,233)
Income tax (expense) benefit related to unrealized gains (losses)(9,157)10,288 (43,038)42,181 
Reclassification adjustment for net realized (gains) losses in earnings(1)1 (5)(11)
Income tax expense related to realized (gains) losses— — 1 3 
Net change in unrealized gains (losses) for available for sale securities26,064 (29,282)122,489 (120,060)
Junior subordinated debentures, at fair value:
Unrealized gains (losses) arising during the period(1,878)(384)7,673 6,069 
Income tax benefit (expense) related to unrealized (losses) gains488 100 (1,995)(1,578)
Net change in unrealized gains (losses) for junior subordinated debentures, at fair value(1,390)(284)5,678 4,491 
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost19 20 39 39 
Income tax expense related to amortization of unrecognized net actuarial loss(5)(5)(10)(10)
Net change in pension plan liability adjustment14 15 29 29 
Other comprehensive income (loss), net of tax24,688 (29,551)128,196 (115,540)
Comprehensive income$177,111 $90,593 $367,228 $128,684 

See accompanying notes to condensed consolidated financial statements.

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COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)

Common StockRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss) 
 (in thousands, except shares)
Shares
AmountTotal
Balance at January 1, 2024208,584,667 $5,802,747 $(467,571)$(340,142)$4,995,034 
Net income  124,080  124,080 
Other comprehensive loss, net of tax  (85,989)(85,989)
Stock-based compensation 4,422   4,422 
Stock repurchased and retired(240,329)(4,847)  (4,847)
Issuances of common stock under stock plans 1,026,057 —   — 
Cash dividends on common stock ($0.36 per share)
  (75,455) (75,455)
Balance at March 31, 2024209,370,395 $5,802,322 $(418,946)$(426,131)$4,957,245 
Net income  120,144  120,144 
Other comprehensive loss, net of tax   (29,551)(29,551)
Stock-based compensation 5,486   5,486 
Stock repurchased and retired(41,399)(767)  (767)
Issuances of common stock under stock plans130,127 —   — 
Cash dividends on common stock ($0.36 per share)
  (75,885) (75,885)
Balance at June 30, 2024209,459,123 $5,807,041 $(374,687)$(455,682)$4,976,672 
Net income  146,182  146,182 
Other comprehensive income, net of tax   221,798 221,798 
Stock-based compensation 5,216   5,216 
Stock repurchased and retired(870)(20)  (20)
Issuances of common stock under stock plans73,629 —   — 
Cash dividends on common stock ($0.36 per share)
  (76,020) (76,020)
Balance at September 30, 2024209,531,882 $5,812,237 $(304,525)$(233,884)$5,273,828 
Net income143,269 143,269 
Other comprehensive loss, net of tax(228,096)(228,096)
Stock-based compensation5,302 5,302 
Stock repurchased and retired(2,757)(81)(81)
Issuances of common stock under stock plans7,198 — — 
Cash dividends on common stock ($0.36 per share)
(75,998)(75,998)
Balance at December 31, 2024209,536,323 $5,817,458 $(237,254)$(461,980)$5,118,224 
Net income86,609 86,609 
Other comprehensive income, net of tax103,508 103,508 
Stock-based compensation11,186 11,186 
Stock repurchased and retired(249,856)(6,741)(6,741)
Issuances of common stock under stock plans748,425 — — 
Issuances of common stock under employee stock purchase plan77,523 1,384 1,384 
Cash dividends on common stock ($0.36 per share)
(76,361)(76,361)
Balance at March 31, 2025210,112,415 $5,823,287 $(227,006)$(358,472)$5,237,809 
Net income152,423 152,423 
Other comprehensive income, net of tax24,688 24,688 
Stock-based compensation5,061 5,061 
Stock repurchased and retired(74,607)(1,860)(1,860)
Issuances of common stock under stock plans175,446 — — 
Cash dividends on common stock ($0.36 per share)
(76,239)(76,239)
Balance at June 30, 2025210,213,254 $5,826,488 $(150,822)$(333,784)$5,341,882 
 


See accompanying notes to condensed consolidated financial statements.
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COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED)
Six Months Ended
 (in thousands)June 30, 2025June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income
$239,032 $244,224 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Accretion of investment discounts, net
(37,083)(39,785)
Gain on sale of investment securities, net
(5)(11)
Provision for credit losses
56,852 48,956 
Change in cash surrender value of bank-owned life insurance(10,573)(9,502)
Depreciation, amortization and accretion, net67,919 77,120 
Gain on sale of premises and equipment
(3,252)(2,628)
Additions to residential mortgage servicing rights carried at fair value(3,506)(2,777)
Change in fair value of residential mortgage servicing rights carried at fair value9,001 1,981 
Stock-based compensation16,247 9,908 
Net increase in equity and other investments
(12,713)(1,466)
(Gain) loss on equity securities, net
(2,112)1,240 
Gain on sale of loans and leases, net
(6,548)(1,799)
Change in fair value of loans held for sale (617)(316)
Origination of loans held for sale(299,843)(227,778)
Proceeds from sales of loans held for sale321,916 204,276 
Change in other assets and liabilities:  
Net decrease (increase) in other assets
24,685 (49,478)
Net (decrease) increase in other liabilities
(130,593)83,633 
Net cash provided by operating activities
228,807 335,798 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of investment securities available for sale(547,550)(33,506)
Proceeds from investment securities available for sale371,534 237,615 
Purchases of restricted equity securities(137,601)(85,500)
Redemption of restricted equity securities126,245 148,500 
Net change in loans and leases(33,143)(457,307)
Proceeds from sales of loans and leases7,502 112,307 
Purchases of premises and equipment, net of proceeds from sales(22,002)(12,369)
Proceeds from bank-owned life insurance death benefits2,193 3,305 
Purchase of bank-owned life insurance(2,700)— 
Other1,582 1,143 
Net cash used in investing activities
(233,940)(85,812)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net increase (decrease) in deposit liabilities
21,925 (83,748)
Net decrease in securities sold under agreements to repurchase
(45,192)(54,259)
 Proceeds from borrowings5,525,000 3,900,000 
Repayment of borrowings(5,275,000)(3,950,000)
Net proceeds from issuance of common stock under employee stock purchase plan1,384 — 
Dividends paid on common stock(150,468)(150,068)
Repurchase and retirement of common stock(8,601)(5,614)
Net cash provided by (used in) financing activities
69,048 (343,689)
Net increase (decrease) in cash and cash equivalents
63,915 (93,703)
Cash and cash equivalents, beginning of period1,878,255 2,162,534 
Cash and cash equivalents, end of period$1,942,170 $2,068,831 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for:  
Interest$440,191 $525,478 
Income taxes$84,788 $52,373 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes$122,489 $(120,060)
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes$5,678 $4,491 

See accompanying notes to condensed consolidated financial statements. 
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Summary of Significant Accounting Policies 

The accounting and financial reporting policies of Columbia Banking System, Inc. conform to accounting principles generally accepted in the United States of America and with prevailing practices within the banking and securities industries. All references in this report to "Columbia," "we," "our," or "us" or similar references mean the Company and its subsidiaries, including the wholly-owned banking subsidiary Columbia Bank (dba: Umpqua Bank) (the "Bank"). In order to align with the name of the holding company and the variety of brands already operated by the Bank today under the Columbia name, the Company renamed the Bank to "Columbia Bank" effective July 1, 2025, and the Bank will begin doing business under the Columbia Bank name and brand beginning on September 1, 2025. FinPac is a commercial equipment leasing company and a wholly-owned subsidiary of the Bank. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of the Company's accounting and financial reporting policies is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to June 30, 2025, for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include those that are normal and recurring in nature considered necessary for a fair presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period.

Application of New Accounting Guidance
StandardDescriptionEffective DateEffect on the Financial Statements or Other Significant Matters
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.
Fiscal years beginning after December 15, 2024.
The Company adopted the guidance on January 1, 2025 for annual reporting purposes. Refined disclosures will be included in the 2025 10-K.

Significant Accounting Standards Issued but Not Yet Adopted
StandardDescriptionEffective DateEffect on the Financial Statements or Other Significant Matters
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.

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Note 2 – Debt Securities 
 
The following tables present the amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities as of the dates presented:
June 30, 2025
 (in thousands) Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$1,391,854 $5,528 $(50,322)$1,347,060 
Obligations of states and political subdivisions1,041,810 3,275 (30,202)1,014,883 
Mortgage-backed securities and collateralized mortgage obligations
6,637,696 32,849 (379,316)6,291,229 
Total available for sale securities$9,071,360 $41,652 $(459,840)$8,653,172 
Held to maturity:    
Mortgage-backed securities and collateralized mortgage obligations
$2,013 $572 $— $2,585 
Total held to maturity securities$2,013 $572 $— $2,585 


December 31, 2024
 (in thousands) 
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$1,495,542 $1,092 $(73,847)$1,422,787 
Obligations of states and political subdivisions1,055,535 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 

The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this note. Interest accrued on investment securities totaled $33.4 million and $32.9 million as of June 30, 2025 and December 31, 2024, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets.

The following tables present debt securities that were in an unrealized loss position as of the dates presented, based on the length of time individual securities have been in an unrealized loss position:

June 30, 2025
Less than 12 Months12 Months or LongerTotal
(in thousands) 
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Available for sale:      
U.S. Treasury and agencies$100,399 $(305)$768,214 $(50,017)$868,613 $(50,322)
Obligations of states and political subdivisions
484,667 (8,995)273,928 (21,207)758,595 (30,202)
Mortgage-backed securities and collateralized mortgage obligations
1,998,734 (26,985)1,793,745 (352,331)3,792,479 (379,316)
Total temporarily impaired securities$2,583,800 $(36,285)$2,835,887 $(423,555)$5,419,687 $(459,840)

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December 31, 2024
Less than 12 Months12 Months or LongerTotal
(in thousands)
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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)

The number of individual debt securities in an unrealized loss position in the tables above decreased to 981 as of June 30, 2025, as compared to 1,210 at December 31, 2024. These unrealized losses on the debt securities held by the Company were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers. Management monitors the published credit ratings of the issuers of the debt securities for material rating or outlook changes. As the decline in fair value of the debt securities is attributable to changes in interest rates or widening market spreads and not credit quality, these investments do not have an ACL as of June 30, 2025.

The following table presents the contractual maturities of debt securities as of June 30, 2025. Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.

Available For SaleHeld To Maturity
 (in thousands) 
Amortized CostFair ValueAmortized CostFair Value
Due within one year$274,177 $274,135 $— $— 
Due after one year through five years2,765,054 2,745,942 2 2 
Due after five years through ten years1,458,634 1,417,224 1 541 
Due after ten years4,573,495 4,215,871 2,010 2,042 
Total debt securities$9,071,360 $8,653,172 $2,013 $2,585 

At June 30, 2025 and December 31, 2024, debt securities with a fair value of $6.2 billion and $5.2 billion, respectively, were pledged to secure borrowing capacity, public deposits, repurchase agreements, and for other purposes as required or permitted by law.

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Note 3 – Loans and Leases

The following table presents the major types of loans and leases, net of deferred fees and costs, as of the dates presented: 
(in thousands)June 30, 2025December 31, 2024
Commercial real estate  
Non-owner occupied term$6,189,992 $6,278,154 
Owner occupied term5,319,529 5,270,294 
Multifamily5,735,057 5,804,364 
Construction & development2,069,727 1,983,213 
Residential development286,175 231,647 
Commercial
Term5,352,598 5,537,618 
Lines of credit & other2,950,782 2,769,643 
Leases & equipment finance1,641,450 1,660,835 
Residential
Mortgage5,829,833 5,933,352 
Home equity loans & lines2,082,766 2,031,653 
Consumer & other179,104 180,128 
Total loans and leases, net of deferred fees and costs$37,637,013 $37,680,901 
 
The Company elected to exclude accrued interest receivable from the amortized cost basis of loans and leases disclosed throughout this note. Interest accrued on loans and leases totaled $147.9 million and $148.0 million as of June 30, 2025 and December 31, 2024, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. As of June 30, 2025, loans totaling $22.4 billion were pledged to secure borrowings and available lines of credit, compared to $22.0 billion as of December 31, 2024.

As of June 30, 2025 and December 31, 2024, the net deferred fees and costs were $60.4 million and $62.0 million, respectively. Total loans and leases also include discounts on acquired loans of $388.7 million and $439.0 million as of June 30, 2025 and December 31, 2024, respectively. Originated loans and leases are reported at the principal amount outstanding, net of deferred fees and costs, any partial charge-offs recorded, and interest applied to principal. Purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered PCD loans. All other purchased loans are considered non-PCD loans. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $153.4 million and $199.9 million as of June 30, 2025 and December 31, 2024, respectively. The carrying balance of PCD loans was $136.2 million and $178.5 million as of June 30, 2025 and December 31, 2024, respectively.

The Bank, through its commercial equipment leasing subsidiary, FinPac, is a provider of commercial equipment leasing and financing. Direct finance leases are included within the leases and equipment finance segment within the loans and leases, net line item. These direct financing leases typically have terms of three years to five years. Interest income recognized on these leases was $5.7 million and $11.4 million for the three and six months ended June 30, 2025, respectively, as compared to $5.5 million and $10.4 million for the six months ended June 30, 2024, respectively.
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Note 4 – Allowance for Credit Losses

The ACL represents management's estimate of lifetime credit losses for assets within its scope, specifically loans and leases and unfunded commitments. For more information about the Company's ACL methodology, refer to Note 1 – Summary of Significant Accounting Policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

At June 30, 2025, the ACL was $439.0 million, a decrease of $1.8 million from the December 31, 2024 balance of $440.8 million. The change in the total ACL reflects credit migration trends, changes in the economic assumptions, and a recalibration of the commercial real estate, residential mortgage, and home equity line of credit CECL models in the first quarter of 2025. To calculate the ACL, management uses models to estimate PD and LGD for loans and leases, incorporating forecasted economic conditions and macroeconomic variables. The Bank considers the current financial environment and various economic scenarios, selecting the most probable scenario at each measurement date. Forecasts for each variable are updated and incorporated into the ACL calculation. Projected macroeconomic variables over the forecast period can materially impact the ACL, with projections becoming less certain over time.

The Bank opted to use Moody's Analytics' May 2025 consensus economic forecast for estimating the ACL as of June 30, 2025. In the consensus scenario, the probability that the economy will perform better than this consensus is equal to the probability that it will perform worse and includes the following variables:
2026202720282029
U.S. real GDP average annualized growth1.5 %2.0 %2.0 %2.0 %
U.S. unemployment rate average4.5 %4.3 %4.3 %4.1 %
Forecasted average federal funds rate3.3 %3.4 %3.4 %3.4 %

The Bank also uses an additional scenario with varying severity to assess ACL sensitivity and inform qualitative adjustments, keeping economic variables consistent. For this analysis, the Bank selected Moody's Analytics' May 2025 S2 scenario, which predicts a 75% probability of better economic performance and a 25% probability of worse performance. The scenario includes the following variables:
2026202720282029
U.S. real GDP average annualized growth0.2 %2.7 %2.9 %2.8 %
U.S. unemployment rate average6.9 %5.2 %4.6 %4.4 %
Forecasted average federal funds rate2.3 %2.0 %2.7 %2.9 %

The forecast used to calculate the ACL as of June 30, 2025 reflects a deterioration in macroeconomic conditions, including lower projected GDP growth and higher expected unemployment rates, relative to the December 31, 2024 ACL calculation, which was based on Moody’s Analytics’ November 2024 consensus economic forecast. These changes negatively impacted the quantitative portion of the modeled ACL estimate. Management reviewed the results derived from the economic scenarios and the subsequent changes in macroeconomic variables through sensitivity analysis and considered these factors when evaluating qualitative adjustments.

To address the heightened economic uncertainty and sector-specific risks, management applied offsetting qualitative adjustments, primarily focused on the commercial real estate and commercial loan portfolios. These overlays are directionally consistent with those applied as of December 31, 2024 and were deemed necessary to ensure the ACL remains appropriately aligned with the Company’s risk profile. As a result, the overall ACL remained relatively stable despite the less favorable economic outlook.

While qualitative overlays are applied, approximately 83% of the ACL is driven by modeled results, which management believes adequately reflect the significant changes in credit conditions and overall portfolio risk. Management believes the ACL was adequate as of June 30, 2025. However, there can be no assurance that future loan losses will not exceed the levels provided for in the ACL, which could result in additional provisions for credit losses.

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The following tables summarize activity related to the ACL by portfolio segment for the periods indicated:
Three Months Ended June 30, 2025
  (in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$168,393 $214,483 $32,645 $5,974 $421,495 
(Recapture) provision for credit losses for loans and leases (8,564)33,776 2,043 1,502 28,757 
Charge-offs(77)(33,073)(285)(1,164)(34,599)
Recoveries71 4,676 187 320 5,254 
Net charge-offs(6)(28,397)(98)(844)(29,345)
Balance, end of period$159,823 $219,862 $34,590 $6,632 $420,907 
Reserve for unfunded commitments
Balance, beginning of period$7,765 $7,009 $1,516 $1,094 $17,384 
(Recapture) provision for credit losses on unfunded commitments(101)812 (37)18 692 
Balance, end of period7,664 7,821 1,479 1,112 18,076 
Total allowance for credit losses$167,487 $227,683 $36,069 $7,744 $438,983 
Six Months Ended June 30, 2025
 (in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$154,413 $218,668 $44,700 $6,848 $424,629 
Provision (recapture) for credit losses for loans and leases5,516 57,866 (9,807)1,369 54,944 
Charge-offs(196)(65,684)(588)(2,244)(68,712)
Recoveries90 9,012 285 659 10,046 
Net charge-offs(106)(56,672)(303)(1,585)(58,666)
Balance, end of period$159,823 $219,862 $34,590 $6,632 $420,907 
Reserve for unfunded commitments
Balance, beginning of period$5,932 $6,935 $2,084 $1,217 $16,168 
Provision (recapture) for credit losses on unfunded commitments1,732 886 (605)(105)1,908 
Balance, end of period7,664 7,821 1,479 1,112 18,076 
Total allowance for credit losses$167,487 $227,683 $36,069 $7,744 $438,983 

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Three Months Ended June 30, 2024
(in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$146,276 $202,757 $58,010 $7,301 $414,344 
(Recapture) provision for credit losses for loans and leases(3,096)46,320 (9,032)568 34,760 
Charge-offs(585)(33,561)(504)(1,551)(36,201)
Recoveries551 4,198 411 608 5,768 
Net charge-offs(34)(29,363)(93)(943)(30,433)
Balance, end of period$143,146 $219,714 $48,885 $6,926 $418,671 
Reserve for unfunded commitments
Balance, beginning of period$13,028 $5,890 $2,757 $1,193 $22,868 
(Recapture) provision for credit losses on unfunded commitments(3,082)657 (479)(36)(2,940)
Balance, end of period9,946 6,547 2,278 1,157 19,928 
Total allowance for credit losses$153,092 $226,261 $51,163 $8,083 $438,599 
Six Months Ended June 30, 2024
(in thousands)Commercial Real EstateCommercialResidentialConsumer & OtherTotal
Allowance for credit losses on loans and leases
Balance, beginning of period$125,888 $244,821 $62,004 $8,158 $440,871 
Provision (recapture) for credit losses for loans and leases17,095 46,756 (12,706)1,091 52,236 
Charge-offs(746)(80,793)(994)(3,421)(85,954)
Recoveries909 8,930 581 1,098 11,518 
Net recoveries (charge-offs)163 (71,863)(413)(2,323)(74,436)
Balance, end of period$143,146 $219,714 $48,885 $6,926 $418,671 
Reserve for unfunded commitments
Balance, beginning of period$11,170 $7,841 $2,940 $1,257 $23,208 
Recapture for credit losses on unfunded commitments(1,224)(1,294)(662)(100)(3,280)
Balance, end of period9,946 6,547 2,278 1,157 19,928 
Total allowance for credit losses$153,092 $226,261 $51,163 $8,083 $438,599 

Asset Quality and Non-Performing Loans and Leases

The Bank manages asset quality and controls credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration department is charged with monitoring asset quality, establishing credit policies and procedures, and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases and larger credits, designed to identify potential charges to the ACL, and to determine the adequacy of the ACL, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions, and other factors.

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Loans and Leases Past Due and Non-Accrual Loans and Leases

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. As of June 30, 2025 and December 31, 2024, loans and leases on non-accrual status with no related ACL was $2.8 million and $3.6 million, respectively, excluding collateral dependent loans and leases that have been written down to net realizable value without an associated ACL of $46.6 million and $59.4 million, respectively. The remaining balance of non-accrual loans are substantially covered by government guarantees. The Company recognized no interest income on non-accrual loans and leases during the three and six months ended June 30, 2025 and 2024.

The following tables present the carrying value of the loans and leases past due, by loan and lease class, as of the dates presented:
June 30, 2025
(in thousands)Greater than 30 to 59 Days Past Due60 to 89 Days Past Due
 90 Days or More and Accruing (2)
Total Past Due
Non-Accrual (2)
Current and OtherTotal Loans and Leases
Commercial real estate
Non-owner occupied term$26,522 $— $— $26,522 $17,126 $6,146,344 $6,189,992 
Owner occupied term4,960 422 361 5,743 13,613 5,300,173 5,319,529 
Multifamily132 — — 132 — 5,734,925 5,735,057 
Construction & development37,903 — — 37,903 — 2,031,824 2,069,727 
Residential development— — — — — 286,175 286,175 
Commercial
Term1,306 717 420 2,443 23,722 5,326,433 5,352,598 
Lines of credit & other3,959 1,284 — 5,243 23,639 2,921,900 2,950,782 
Leases & equipment finance17,019 15,466 5,161 37,646 19,448 1,584,356 1,641,450 
Residential
Mortgage (1)
— 18,054 71,237 89,291 — 5,740,542 5,829,833 
Home equity loans & lines9,514 3,422 4,326 17,262 — 2,065,504 2,082,766 
Consumer & other806 377 337 1,520 — 177,584 179,104 
Total, net of deferred fees and costs$102,121 $39,742 $81,842 $223,705 $97,548 $37,315,760 $37,637,013 
(1) Includes government guaranteed mortgage loans that the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $2.0 million at June 30, 2025.
(2) Includes government guaranteed portion of $30.7 million and $37.1 million for 90 days or greater and non-accrual loans, respectively.
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December 31, 2024
 (in thousands)Greater than 30 to 59 Days Past Due60 to 89 Days Past Due
90 Days or More and Accruing (2)
Total Past Due
Non-Accrual (2)
Current and OtherTotal Loans and Leases
Commercial real estate
Non-owner occupied term$27,954 $— $— $27,954 $14,577 $6,235,623 $6,278,154 
Owner occupied term1,411 169 — 1,580 24,755 5,243,959 5,270,294 
Multifamily— — — — — 5,804,364 5,804,364 
Construction & development— — — — — 1,983,213 1,983,213 
Residential development— — — — — 231,647 231,647 
Commercial
Term1,711 893 — 2,604 29,483 5,505,531 5,537,618 
Lines of credit & other5,345 5,523 206 11,074 6,666 2,751,903 2,769,643 
Leases & equipment finance15,318 17,117 4,478 36,913 20,997 1,602,925 1,660,835 
Residential
Mortgage (1)
— 17,844 61,228 79,072 — 5,854,280 5,933,352 
Home equity loans & lines5,348 5,369 6,691 17,408 — 2,014,245 2,031,653 
Consumer & other808 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 
(1) Includes government guaranteed mortgage loans the Bank has the right but not the obligation to repurchase that are past due 90 days or more, totaling $2.4 million at December 31, 2024.
(2) Includes government guaranteed portion of $32.1 million and $41.5 million for 90 days or greater and non-accrual loans, respectively.

Collateral-Dependent Loans and Leases

Loans and leases are classified as collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following tables summarize the amortized cost basis of the collateral-dependent loans and leases by the type of collateral securing the assets as of the periods indicated:
June 30, 2025
(in thousands)Residential Real EstateCommercial Real Estate General Business AssetsTotal
Commercial real estate
Non-owner occupied term$— $14,507 $— $14,507 
Owner occupied term— 9,347 — 9,347 
Commercial
Term972 1,341 13,988 16,301 
Lines of credit & other— 2,709 19,861 22,570 
Leases & equipment finance— — 19,448 19,448 
Residential
Mortgage
67,495 — — 67,495 
Home equity loans & lines2,103 — — 2,103 
Total, net of deferred fees and costs$70,570 $27,904 $53,297 $151,771 

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December 31, 2024
(in thousands)Residential Real EstateCommercial Real Estate General Business AssetsTotal
Commercial real estate
Non-owner occupied term$— $13,116 $— $13,116 
Owner occupied term— 20,198 — 20,198 
Commercial
Term2,273 2,856 15,800 20,929 
Lines of credit & other— 1,501 3,645 5,146 
Leases & equipment finance— — 20,997 20,997 
Residential
Mortgage
79,440 — — 79,440 
Home equity loans & lines2,391 — — 2,391 
Total, net of deferred fees and costs$84,104 $37,671 $40,442 $162,217 

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Loan and Lease Modifications Made to Borrowers Experiencing Financial Difficulty

The ACL on modified loans or leases is measured using the same credit loss estimation methods used to determine the ACL for all other loans and leases held for investment. These methods incorporate the post-modification loan or lease terms, as well as defaults and charge-offs associated with the modified loans and leases.

The following tables present the amortized cost basis of loans and leases that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2025 and 2024, by class and type of modification. The percentage of the amortized cost basis of loans and leases to borrowers in financial distress that were modified as compared to the amortized cost basis of each class of financing receivable is also presented below.
Three Months Ended June 30, 2025
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayCombo - Interest Rate Reduction and Term ExtensionCombo - Term Extension and Other-than-Insignificant Payment DelayCombo - Interest Rate Reduction and Other- than- Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
Non-owner occupied term$— $— $— $21,124 $— $— $21,124 0.34 %
Owner occupied term— 3,011 — — — — 3,011 0.06 %
Construction & development— 2,137 — 7,800 — — 9,937 0.48 %
Commercial
Term— — 2,439 10,006 — — 12,445 0.23 %
Lines of credit & other— 10,338 — — 920 — 11,258 0.38 %
Leases & equipment finance— 1,215 — — — — 1,215 0.07 %
Residential
Mortgage
120 483 7,028 — 1,037 207 8,875 0.15 %
Total modified loans and leases experiencing financial difficulty$120 $17,184 $9,467 $38,930 $1,957 $207 $67,865 0.18 %
Six Months Ended June 30, 2025
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayCombo - Interest Rate Reduction and Term ExtensionCombo - Term Extension and Other than Insignificant Payment DelayCombo - Interest Rate Reduction and Other -Than-Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
Non-owner occupied term$— $— $— $21,124 $— $— $21,124 0.34 %
Owner occupied term— 3,915 807 — — — 4,722 0.09 %
Construction & development— 2,137 — 7,800 — — 9,937 0.48 %
Commercial
Term281 — 8,401 10,006 — — 18,688 0.35 %
Lines of credit & other11,589 25,504 1,579 — 920 — 39,592 1.34 %
Leases & equipment finance— 2,102 — — — — 2,102 0.13 %
Residential
Mortgage
259 679 13,864 — 1,951 207 16,960 0.29 %
Total modified loans and leases experiencing financial difficulty$12,129 $34,337 $24,651 $38,930 $2,871 $207 $113,125 0.30 %

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Three Months Ended June 30, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
Owner occupied term$4,041 $— $— $4,041 0.08 %
Commercial
Term1,237 5,493 1,988 8,718 0.16 %
Lines of credit & other— 3,728 319 4,047 0.16 %
Leases & equipment finance— 866 — 866 0.05 %
Residential
Mortgage
— 1,447 7,389 8,836 0.15 %
Total modified loans and leases experiencing financial difficulty$5,278 $11,534 $9,696 $26,508 0.07 %
Six Months Ended June 30, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther -Than-Insignificant Payment DelayTotal% of total class of financing receivable
Commercial real estate
Non-owner occupied term$— $— $17,577 $17,577 0.27 %
Owner occupied term4,041 — 530 4,571 0.09 %
Commercial
Term1,237 5,944 1,988 9,169 0.16 %
Lines of credit & other— 10,913 319 11,232 0.44 %
Leases & equipment finance— 1,457 — 1,457 0.09 %
Residential
Mortgage
— 2,456 14,355 16,811 0.28 %
Total modified loans and leases experiencing financial difficulty$5,278 $20,770 $34,769 $60,817 0.16 %

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The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended June 30, 2025
Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Non-owner occupied term3.54 %1.9 years— 
Owner occupied term— 4 months— 
Construction & development3.57 %5 months— 
Commercial
Term3.54 %1.9 years$200 
Lines of credit & other— 5 months$996 
Leases & equipment finance— 1.0 year— 
Residential
Mortgage
0.60 %11.8 years$522 
Six Months Ended June 30, 2025
Interest Rate ModificationTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Non-owner occupied term3.54 %1.9 years— 
Owner occupied term— 5 months$894 
Construction & development3.57 %5 months— 
Commercial
Term3.45 %1.9 years$444 
Lines of credit & other0.26 %9 months$3,142 
Leases & equipment finance— 1.0 year— 
Residential
Mortgage
0.57 %9.8 years$1,171 
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Three Months Ended June 30, 2024
Interest Rate ModificationTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Owner occupied term3.79 %— — 
Commercial
Term5.00 %6 months$77 
Lines of credit & other— 9 months$48 
Leases & equipment finance— 11 months— 
Residential
Mortgage
— 4.7 years$531 
Six Months Ended June 30, 2024
Interest Rate ModificationTerm ExtensionOther-Than-Insignificant Payment Delay
(dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term ExtensionDeferral Amount
Commercial real estate
Non-owner occupied term, net— — $4,000 
Owner occupied term3.79 %— $51 
Commercial
Term5.00 %6 months$77 
Lines of credit & other— 7 months$48 
Leases & equipment finance— 10 months— 
Residential
Mortgage
— 8.3 years$1,000 

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The Company closely monitors the performance of loans and leases to borrowers experiencing financial difficulty that are modified to understand the effectiveness of its modification efforts. Loans and leases are considered to be in payment default at 90 or more days past due. For the three months ended June 30, 2025, all modified loans and leases were current and there were no loan or lease modifications made to borrowers experiencing financial difficulty that subsequently defaulted. The following tables present the amortized cost basis of modified loans that, within twelve months of the modification date, experienced a subsequent default during the periods presented:
Six Months Ended June 30, 2025
(in thousands)Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment DelayCombo - Interest Rate Reduction and Term ExtensionCombo - Term Extension and Other-than-Insignificant Payment DelayTotal
Commercial real estate
Owner occupied term$— $— $564 $— $— $564 
Commercial
Lines of credit & other— 1,130 — — 920 2,050 
Residential
Mortgage
121 452 413 222 314 1,522 
Total loans and leases experiencing financial difficulty with a subsequent default$121 $1,582 $977 $222 $1,234 $4,136 
Three Months Ended June 30, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment DelayTotal
Commercial real estate
Owner occupied term$3,064 $— $— $3,064 
Commercial
Lines of credit & other— 250 — 250 
Residential
Mortgage
— 300 743 1,043 
Total loans and leases experiencing financial difficulty with a subsequent default$3,064 $550 $743 $4,357 

Six Months Ended June 30, 2024
(in thousands)Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment DelayTotal
Commercial real estate
Owner occupied term$3,064 $— $— $3,064 
Commercial
Lines of credit & other— 250 — 250 
Residential
Mortgage
— 300 743 1,043 
Total loans and leases experiencing financial difficulty with a subsequent default$3,064 $550 $743 $4,357 

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The following tables present an age analysis of loans and leases as of June 30, 2025 and 2024 that have been modified within the prior twelve months:
 June 30, 2025
 (in thousands)CurrentGreater than 30 to 59 Days Past Due60 to 89 Days Past Due90 Days or Greater Past DueNonaccrualTotal
Commercial real estate
Non-owner occupied term$21,124 $— $— $— $— $21,124 
Owner occupied term3,653 — — — 1,276 4,929 
Construction & development9,937 — — — — 9,937 
Commercial
Term20,749 — — — 4,615 25,364 
Lines of credit & other36,392 1,000 — — 6,514 43,906 
Leases & equipment finance2,045 364 286 90 213 2,998 
Residential
Mortgage
23,856 — 2,299 3,240 — 29,395 
Total loans and leases, net of deferred fees and costs$117,756 $1,364 $2,585 $3,330 $12,618 $137,653 

 June 30, 2024
(in thousands)CurrentGreater than 30 to 59 Days Past Due60 to 89 Days Past Due90 Days or Greater Past DueNonaccrualTotal
Commercial real estate
Non-owner occupied term$47,557 $— $— $— $— $47,557 
Owner occupied term2,033 — — — 3,594 5,627 
Commercial
Term9,784 — — — 1,237 11,021 
Lines of credit & other50,268 — 999 — 1,751 53,018 
Leases & equipment finance1,430 193 227 15 106 1,971 
Residential
Mortgage
33,971 — 2,841 5,103 — 41,915 
Total loans and leases, net of deferred fees and costs$145,043 $193 $4,067 $5,118 $6,688 $161,109 
Credit Quality Indicators

Management regularly reviews loans and leases in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading. The Bank separates its loans and lease portfolios into homogeneous and non-homogeneous categories. Homogeneous loans are rated based on past due status and may enter a higher risk rating scale if modified, requiring six months of timely payments to return to the original scale. Non-homogeneous loans use a dual risk rating approach: the PD scale measures the likelihood of default, and the LGD scale measures potential loss if a default occurs. The product of PD and LGD gives the expected loss, providing a common language of credit risk across different loans. For more information about the Company's credit quality indicators, refer to Note 6 – Allowance for Credit Losses included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
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The following tables present the amortized cost basis of the loans and leases by credit classification and vintage year by loan and lease class of financing receivable, as well as gross charge-offs for the dates presented:
(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
June 30, 202520252024202320222021PriorTotal
Commercial real estate:
Non-owner occupied term
Credit quality indicator:
Pass/Watch$319,701 $279,975 $505,563 $1,235,203 $1,093,408 $2,538,927 $29,911 $— $6,002,688 
Special mention— — 274 29,011 — 24,052 — — 53,337 
Substandard23,150 — 1,305 21,702 11,976 71,448 — — 129,581 
Doubtful— — — 1,759 386 1,601 — — 3,746 
Loss— — — — 640 — — — 640 
Total non-owner occupied term$342,851 $279,975 $507,142 $1,287,675 $1,106,410 $2,636,028 $29,911 $— $6,189,992 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Owner occupied term
Credit quality indicator:
Pass/Watch$309,370 $502,817 $506,365 $958,592 $827,798 $1,880,078 $14,718 $65,936 $5,065,674 
Special mention1,359 26,045 935 44,999 64,698 45,572 1,916 904 186,428 
Substandard2,818 5,862 4,746 4,759 10,379 28,601 424 1,000 58,589 
Doubtful— 2,752 — 2,924 — 361 — — 6,037 
Loss— — — 907 93 1,801 — — 2,801 
Total owner occupied term$313,547 $537,476 $512,046 $1,012,181 $902,968 $1,956,413 $17,058 $67,840 $5,319,529 
Current YTD period:
Gross charge-offs$— $— $— $157 $— $39 $— $— $196 
Multifamily
Credit quality indicator:
Pass/Watch$85,957 $166,119 $251,595 $1,898,540 $1,646,824 $1,522,799 $99,232 $— $5,671,066 
Special mention29,060 — — 10,654 2,845 17,127 — — 59,686 
Substandard— — — 2,703 1,602 — — — 4,305 
Total multifamily$115,017 $166,119 $251,595 $1,911,897 $1,651,271 $1,539,926 $99,232 $— $5,735,057 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & development
Credit quality indicator:
Pass/Watch$78,010 $552,015 $462,169 $670,435 $79,869 $89,503 $22,112 $926 $1,955,039 
Special mention2,137 6,701 42,512 39,336 15,338 — 864 — 106,888 
Substandard7,800 — — — — — — — 7,800 
Total construction & development$87,947 $558,716 $504,681 $709,771 $95,207 $89,503 $22,976 $926 $2,069,727 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential development
Credit quality indicator:
Pass/Watch$29,539 $63,711 $2,055 $3,404 $— $61 $184,535 $2,870 $286,175 
Total residential development$29,539 $63,711 $2,055 $3,404 $— $61 $184,535 $2,870 $286,175 
Current YTD period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Total commercial real estate$888,901 $1,605,997 $1,777,519 $4,924,928 $3,755,856 $6,221,931 $353,712 $71,636 $19,600,480 
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(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
June 30, 202520252024202320222021PriorTotal
Commercial:
Term
Credit quality indicator:
Pass/Watch$231,016 $746,526 $575,397 $955,530 $724,578 $793,501 $1,122,501 $378 $5,149,427 
Special mention572 556 50,767 26,129 3,116 14,892 34,968 — 131,000 
Substandard19,153 8,874 1,469 5,416 11,620 7,172 3,163 — 56,867 
Doubtful— — 978 4,471 990 4,946 — — 11,385 
Loss— — — — 821 3,098 — — 3,919 
Total term$250,741 $755,956 $628,611 $991,546 $741,125 $823,609 $1,160,632 $378 $5,352,598 
Current YTD period:
Gross charge-offs$— $29 $815 $55 $129 $1,859 $— $— $2,887 
Lines of credit & other
Credit quality indicator:
Pass/Watch$41,337 $81,224 $32,550 $50,904 $16,745 $19,227 $2,495,842 $58,223 $2,796,052 
Special mention1,579 — 598 124 — 109 66,843 2,009 71,262 
Substandard4,016 16,648 317 1,325 — 125 43,738 16,602 82,771 
Doubtful— 143 — — — — — 140 283 
Loss— — 261 153 — — — — 414 
Total lines of credit & other$46,932 $98,015 $33,726 $52,506 $16,745 $19,461 $2,606,423 $76,974 $2,950,782 
Current YTD period:
Gross charge-offs$— $14,954 $15 $425 $25 $520 $5,663 $3,822 $25,424 
Leases & equipment finance
Credit quality indicator:
Pass/Watch$332,767 $501,715 $357,916 $219,961 $65,323 $45,726 $— $— $1,523,408 
Special mention527 12,694 35,316 7,257 1,996 285 — — 58,075 
Substandard2,533 6,364 7,539 6,947 2,104 649 — — 26,136 
Doubtful679 7,150 10,111 10,413 2,894 634 — — 31,881 
Loss47 296 646 659 197 105 — — 1,950 
Total leases & equipment finance$336,553 $528,219 $411,528 $245,237 $72,514 $47,399 $— $— $1,641,450 
Current YTD period:
Gross charge-offs$— $6,193 $11,395 $12,170 $4,933 $2,682 $— $— $37,373 
Total commercial$634,226 $1,382,190 $1,073,865 $1,289,289 $830,384 $890,469 $3,767,055 $77,352 $9,944,830 
Residential:
Mortgage
Credit quality indicator:
Pass/Watch$86,980 $274,391 $205,693 $1,722,815 $2,021,270 $1,431,349 $— $— $5,742,498 
Special mention1,116 1,499 956 4,939 5,798 3,746 — — 18,054 
Substandard437 2,529 1,934 5,543 9,501 18,211 — — 38,155 
Loss1,222 4,509 3,712 3,789 5,667 12,227 — — 31,126 
Total mortgage$89,755 $282,928 $212,295 $1,737,086 $2,042,236 $1,465,533 $— $— $5,829,833 
Current YTD period:
Gross charge-offs$— $— $41 $— $— $— $— $— $41 
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(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
June 30, 202520252024202320222021PriorTotal
Home equity loans & lines
Credit quality indicator:
Pass/Watch$662 $358 $2,808 $7,161 $2,627 $51,106 $1,981,312 $19,471 $2,065,505 
Special mention— — 140 240 61 1,703 9,093 1,699 12,936 
Substandard— — 122 — — 247 494 — 863 
Loss— — 20 531 323 324 893 1,371 3,462 
Total home equity loans & lines$662 $358 $3,090 $7,932 $3,011 $53,380 $1,991,792 $22,541 $2,082,766 
Current YTD period:
Gross charge-offs$— $— $— $60 $— $146 $256 $85 $547 
Total residential$90,417 $283,286 $215,385 $1,745,018 $2,045,247 $1,518,913 $1,991,792 $22,541 $7,912,599 
Consumer & other:
Credit quality indicator:
Pass/Watch$14,825 $9,701 $12,620 $7,745 $3,544 $6,726 $121,676 $747 $177,584 
Special mention7 100 114 59 — 134 737 32 1,183 
Substandard— 3 30 1 — 39 204 60 337 
Total consumer & other$14,832 $9,804 $12,764 $7,805 $3,544 $6,899 $122,617 $839 $179,104 
Current YTD period:
Gross charge-offs$441 $510 $175 $24 $— $199 $718 $177 $2,244 
Grand total$1,628,376 $3,281,277 $3,079,533 $7,967,040 $6,635,031 $8,638,212 $6,235,176 $172,368 $37,637,013 

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(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Commercial real estate:
Non-owner occupied term
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 
Substandard7,293 30,926 20,843 — — 56,216 — — 115,278 
Doubtful— — 1,777 659 — 789 — — 3,225 
Total non-owner occupied term$297,014 $595,102 $1,277,834 $1,133,273 $569,477 $2,367,241 $25,716 $12,497 $6,278,154 
Prior Year End period:
Gross charge-offs$— $— $148 $— $— $2,485 $— $— $2,633 
Owner occupied term
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 mention271 957 23,245 80,611 17,748 38,637 1,920 — 163,389 
Substandard3,892 7,501 7,918 4,147 19,677 25,436 — — 68,571 
Doubtful2,752 — 2,924 — — 1,070 — — 6,746 
Loss— — 963 — 381 984 — — 2,328 
Total owner occupied term$532,428 $507,844 $1,050,204 $951,839 $436,006 $1,705,611 $81,100 $5,262 $5,270,294 
Prior Year End period:
Gross charge-offs$365 $— $569 $— $22 $92 $— $— $1,048 
Multifamily
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$168,595 $253,543 $2,002,458 $1,642,749 $406,616 $1,237,646 $92,757 $— $5,804,364 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & development
Credit quality indicator:
Pass/Watch$473,092 $503,923 $746,567 $129,065 $79,262 $18,988 $13,634 $— $1,964,531 
Special mention1,989 — 1,446 15,247 — — — — 18,682 
Total construction & development$475,081 $503,923 $748,013 $144,312 $79,262 $18,988 $13,634 $— $1,983,213 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential development
Credit quality indicator:
Pass/Watch$61,656 $6,327 $5,038 $493 $465 $594 $153,631 $3,443 $231,647 
Total residential development$61,656 $6,327 $5,038 $493 $465 $594 $153,631 $3,443 $231,647 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $— $— $— $— 
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 
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(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Commercial:
Term
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 mention1,505 48,317 25,893 7,942 — 13,527 36,978 — 134,162 
Substandard25,103 1,792 9,834 5,329 3,067 9,585 — — 54,710 
Doubtful1,460 1,160 3,771 3,533 683 2,128 — — 12,735 
Loss— 10 648 1,478 884 1,707 — — 4,727 
Total term$855,565 $701,705 $1,087,377 $807,358 $301,587 $645,833 $1,117,271 $20,922 $5,537,618 
Prior Year End period:
Gross charge-offs$649 $2,976 $1,783 $876 $1,324 $1,138 $4,171 $— $12,917 
Lines of credit & other
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 mention79 1,697 675 25 100 175 30,603 4,006 37,360 
Substandard34,404 1,789 1,248 — — 101 53,491 8,607 99,640 
Doubtful162 — — — — — 204 290 656 
Loss— — 191 — — — — 153 344 
Total lines of credit & other$133,749 $45,726 $57,037 $18,492 $8,941 $10,478 $2,465,987 $29,233 $2,769,643 
Prior Year End period:
Gross charge-offs$— $758 $309 $241 $59 $563 $20,015 $3,512 $25,457 
Leases & equipment finance
Credit quality indicator:
Pass/Watch$603,191 $457,094 $295,712 $102,259 $32,338 $45,761 $— $— $1,536,355 
Special mention10,193 39,259 9,419 2,468 478 122 — — 61,939 
Substandard4,738 8,518 9,044 3,104 875 523 — — 26,802 
Doubtful3,878 10,055 13,532 4,659 1,289 338 — — 33,751 
Loss463 795 571 111 24 24 — — 1,988 
Total leases & equipment finance$622,463 $515,721 $328,278 $112,601 $35,004 $46,768 $— $— $1,660,835 
Prior Year End 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 
Residential:
Mortgage
Credit quality indicator:
Pass/Watch$236,004 $231,936 $1,776,736 $2,097,433 $472,883 $1,041,655 $— $— $5,856,647 
Special mention1,782 2,536 2,245 2,838 910 7,534 — — 17,845 
Substandard3,243 5,399 5,120 11,059 2,183 16,446 — — 43,450 
Loss1,225 2,393 4,037 4,105 779 2,871 — — 15,410 
Total mortgage$242,254 $242,264 $1,788,138 $2,115,435 $476,755 $1,068,506 $— $— $5,933,352 
Prior Year End period:
Gross charge-offs$— $— $491 $292 $314 $368 $— $— $1,465 
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(in thousands)Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisRevolving to Non-Revolving Loans Amortized Cost
December 31, 202420242023202220212020PriorTotal
Home equity loans & lines
Credit quality indicator:
Pass/Watch$756 $870 $2,072 $1,374 $578 $37,625 $1,940,517 $30,453 $2,014,245 
Special mention— — 136 — — 838 8,261 1,483 10,718 
Substandard— — 445 — — 270 1,230 549 2,494 
Loss— 28 — 175 8 631 1,678 1,676 4,196 
Total home equity loans & lines$756 $898 $2,653 $1,549 $586 $39,364 $1,951,686 $34,161 $2,031,653 
Prior Year End period:
Gross charge-offs$— $— $— $— $— $239 $252 $— $491 
Total residential$243,010 $243,162 $1,790,791 $2,116,984 $477,341 $1,107,870 $1,951,686 $34,161 $7,965,005 
Consumer & other:
Credit quality indicator:
Pass/Watch$21,691 $16,491 $10,122 $4,515 $3,041 $5,036 $117,045 $810 $178,751 
Special mention17 193 24 12 5 75 722 150 1,198 
Substandard11 12 10 — — 25 87 34 179 
Total consumer & other$21,719 $16,696 $10,156 $4,527 $3,046 $5,136 $117,854 $994 $180,128 
Prior Year End period:
Gross charge-offs$87 $2,851 $104 $35 $1 $305 $2,060 $896 $6,339 
Grand total$3,411,280 $3,389,749 $8,357,186 $6,932,628 $2,317,745 $7,146,165 $6,019,636 $106,512 $37,680,901 


Note 5 – Goodwill and Other Intangible Assets

The Company had $1.0 billion in goodwill as of June 30, 2025 and December 31, 2024, which represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of fair value of liabilities assumed in connection with the Umpqua Merger.

Core deposit intangible assets values were determined based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. The intangible assets are being amortized on an accelerated basis over a period of 10 years. No impairment losses have been recognized in the periods presented.

The following table summarizes other intangible assets as of the dates presented:
(in thousands)
Gross Carrying Amount
Accumulated Amortization Net Carrying Amount
June 30, 2025
$710,230 $(279,787)$430,443 
December 31, 2024
$710,230 $(225,982)$484,248 

Amortization expense recognized on intangible assets was $25.8 million and $53.8 million for the three and six months ended June 30, 2025, respectively, and $29.2 million and $61.3 million for the three and six months ended June 30, 2024, respectively.

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The table below presents the forecasted amortization expense for intangible assets as of June 30, 2025:
(in thousands)
YearExpected Amortization
Remainder of 2025
$51,653 
202692,545 
202779,632 
202866,719 
202953,805 
Thereafter86,089 
Total intangible assets$430,443 

Note 6 – Borrowings

The Bank's FHLB advances were $3.4 billion as of June 30, 2025, as compared to $3.1 billion at December 31, 2024. The FHLB advances have fixed interest rates ranging from 4.45% to 4.52% and all mature in 2025. The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for secured advances. Refer to Note 3 – Loans and Leases for further information on loans pledged as collateral for borrowings.

Note 7 – Commitments and Contingencies
 
Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk.
 
The following table presents a summary of the Bank's commitments and contingent liabilities:
 (in thousands)
June 30, 2025
December 31, 2024
Commitments to extend credit$10,042,369 $10,077,780 
Forward sales commitments$71,500 $76,535 
Commitments to originate residential mortgage loans held for sale$58,919 $46,208 
Standby letters of credit$321,187 $216,422 
 
The Bank is a party to financial instruments with off-balance sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items. The contract or notional amounts of these instruments reflect the extent of the Bank's exposure in particular classes of financial instruments. 
 
The Bank's exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. 

Standby letters of credit and written financial guarantees are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. There were no financial guarantees in connection with standby letters of credit that the Bank was required to perform on during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, approximately $295.2 million of standby letters of credit expire within one year, and $26.0 million expire thereafter.

Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations.
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Legal Proceedings and Regulatory Matters—The Company is subject to litigation in court and arbitral proceedings, as well as proceedings, investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies. The Company is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial or uncertain amounts.

In September 2023, 34 related entities (the “iCap Entities”) that maintained their primary deposit accounts with the Bank filed jointly-administered Chapter 11 bankruptcies in the United States Bankruptcy Court for the Eastern District of Washington. The Bank was served with a request for production of account records and produced such records through counsel. Concurrently, in pleadings filed in the Bankruptcy Court for the Eastern District of Washington on behalf of investors who claimed losses of approximately $290.0 million, the Bank was identified as a party against which claims may be brought in connection with the iCap Entities’ alleged operation of Ponzi schemes prior to the bankruptcy proceedings described above. The potential claims against the Bank and the amount of any alleged damages are not estimable. To the extent suits or actions are commenced, the Bank intends to vigorously defend against any and all claims.

In August 2020, a class action complaint was filed in the United States District Court for the Northern District of California alleging aiding and abetting claims against the Bank associated with the failure of two commercial real estate investment companies, Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc., allegedly effected through a Ponzi scheme. Both companies maintained their primary deposit account relationship with the Bank’s Novato, Marin County, California branch office, acquired by the Bank from Circle Bank. The Bank's motion to dismiss was denied in January 2021, and its motion for summary judgment was denied in December 2022, and at the same time the District Court certified the plaintiffs’ proposed class. Two other related cases were filed in 2023: one case alleges similar claims by two investors and was filed in May 2023 in Marin County Superior Court; and another case was filed in June 2023 in the United States District Court for the Northern District of California alleging claims by ten investors with different investments than the class members. Filing of these cases follows an SEC non-public investigation of Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. that commenced on May 28, 2020. The District Court case filed in June 2023 was dismissed in July 2024 due to the plaintiffs' lack of standing. The Superior Court case does not yet have a clear estimate of damages and the Bank intends to defend this matter vigorously as appropriate and believes it has meritorious defenses. Plaintiffs in the District Court class action case alleged damages resulting from the scheme of between $297.4 million and $368.1 million, including prejudgment interest. Trial in the District Court class action case commenced on February 3, 2025 and a mistrial was declared on March 4, 2025. The Bank subsequently engaged in a court ordered settlement conference, and a Notice of Settlement was filed on March 27, 2025, which contemplates a settlement payment of $55.0 million by the Bank, including any attorneys' fees or costs. The settlement is subject to final court approval, with the hearing for final court approval scheduled for September 11, 2025. If approved, the settlement is expected to be funded in late 2025.

As previously disclosed, in 2023, the Bank was informed by one of its technology service providers (the "Vendor") that a widely reported security incident involving MOVEit, a filesharing software used globally by government agencies, enterprise corporations, and financial institutions, resulted in the unauthorized acquisition by a third party of the names and social security numbers or tax identification numbers of certain of the Bank’s consumer and small business customers (the "Vendor Incident").

Other than the information described above, no account information for accounts at the Bank was compromised as a result of the Vendor Incident, and no information from the Bank’s commercial customers was involved in the Vendor Incident. On June 22, 2023, the Bank sent an email to potentially affected consumer and small business customers informing them of the Vendor Incident. Between August 11, 2023, and August 15, 2023, the Vendor, on behalf of the Bank, initiated formal notice via U.S. Mail to the 429,252 Bank customers whose information was involved in the Vendor Incident. The Bank and the Vendor also notified applicable federal and state regulators regarding the Vendor Incident.

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Beginning on August 18, 2023, some of the individuals who were notified of the Vendor Incident filed lawsuits against the Bank seeking monetary recovery and other relief on behalf of themselves and one or more putative classes of other individuals similarly situated. Two such cases were filed in federal court (the United States District Court for the Western District of Washington), one of which was later voluntarily dismissed without prejudice. Five such cases were filed in state court in Washington (the Washington Superior Court for Pierce County) and one case in state court in California (the California Superior Court for Contra Costa County). The state court cases were subsequently removed to federal court by the Bank. On October 4, 2023, the United States Judicial Panel on Multidistrict Litigation, in view of the large number of lawsuits arising out of the MOVEit data incident in federal courts across the United States, initiated a multidistrict litigation (“MDL”) for these cases to allow such cases to be transferred to one court for pre-trial proceedings. The MDL is titled In Re: MOVEit Customer Data Security Breach Litigation, MDL No. 3083 and is pending in the United States District Court for the District of Massachusetts as MDL No. 1:23-md-03083-ADB-PGL. All seven cases against the Bank have been transferred to the MDL as of January 29, 2024. The cases collectively allege claims for negligence, negligence per se, breach of contract, breach of implied contract, breach of third-party beneficiary contract, breach of fiduciary duty, invasion of privacy, breach of the covenant of good faith and fair dealing, unjust enrichment, and violation of certain statutes, namely the Washington Consumer Protection Act, the California Consumer Legal Remedies Act, the California Consumer Privacy Act, and the California Unfair Competition Law. The Bank has also received claims by or on behalf of individuals in connection with the Vendor Incident. Such claims have the potential to give rise to additional litigation. The Bank has engaged defense counsel and intends to vigorously defend against these suits and any similar or related suits or claims. The Bank has notified relevant insurance carriers and business counterparties and continues to reserve all of its relevant rights to indemnity, defense, contribution, and other relief in connection with these matters.

At least quarterly, liabilities and contingencies are assessed in connection with all outstanding or new legal matters, utilizing the most recent information available. If it is determined that a loss from a matter is probable and that the amount of the loss can be reasonably estimated, an accrual for the loss is established. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments in the specific legal matter. It is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Actual losses may be in excess of any established accrual or the range of reasonably possible loss. Management's estimate will change from time to time. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established. In addition to the settlement payment accrual noted above, the Company has $1.2 million accrued related to other legal matters as of June 30, 2025, which is recorded as a component of other liabilities on the Condensed Consolidated Balance Sheets.

The resolution and the outcome of legal claims are unpredictable, exacerbated by factors including the following: damages sought are unsubstantiated or indeterminate; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; discovery or motion practice is not complete; the proceeding is not yet in its final stages; the matters present legal uncertainties; there are significant facts in dispute; there are a large number of parties, including multiple defendants; or there is a wide range of potential results. Any estimate or determination relating to the future resolution of legal and regulatory matters is uncertain and involves significant judgment. The Company is usually unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely or probable, or to estimate the amount or range of a probable or reasonably likely loss until relatively late in the process.

Although there can be no assurance as to the ultimate outcome of a specific legal matter, the Company believes it has meritorious defenses to the claims asserted against us in our currently outstanding legal matters, and the Company intends to continue to vigorously defend ourselves. The Company will consider settlement of legal matters when, in management's judgment, it is in the best interests of the Company and its shareholders.

Based on information currently available, advice of counsel, available insurance coverage, and established reserves, the Company believes that the eventual outcome of the actions against us will not have a material adverse effect on the Company's consolidated financial statements. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to the Company's results of operations for any particular reporting period.

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Contingencies— The Merger Agreement between Columbia and Pacific Premier contains certain termination rights for both Columbia and Pacific Premier providing that upon termination of the Merger Agreement under certain circumstances, Columbia or Pacific Premier, as applicable, will be obligated to pay the other party a termination fee of $75.0 million.

Concentrations of Credit Risk—The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers in Oregon, Washington, California, Idaho, Nevada, Arizona, Colorado, and Utah. In management's judgment, a concentration exists in real estate-related loans, which represented approximately 75% of the Bank's loan and lease portfolio for both June 30, 2025 and December 31, 2024. CRE concentrations are managed to ensure geographic and business diversity, primarily in our footprint. The multifamily portfolio, including construction, represented approximately 19% of the total loan portfolio as of both June 30, 2025 and December 31, 2024. The office portfolio represented approximately 8% of the total loan portfolio as of both June 30, 2025 and December 31, 2024. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing represent the primary sources of repayment for a majority of these loans. 
 
The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer.

Note 8 – Derivatives 
 
The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and MSRs. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company utilizes forward interest rate contracts in its derivative risk management strategy. 

The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker-dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments. Credit risk associated with forward delivery contracts is limited to the replacement cost of those forward delivery contracts in a gain position. There were no counterparty default losses on forward delivery contracts in the three and six months ended June 30, 2025 and 2024. Market risk with respect to forward delivery contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward delivery contracts with broker-dealers. In the event the Company has forward delivery contracts commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker-dealer equal to the increase or decrease in the market value of the forward delivery contracts. As of June 30, 2025 and December 31, 2024, the Bank had commitments to originate mortgage loans held for sale totaling $58.9 million and $46.2 million, respectively, and forward sales commitments of $71.5 million and $76.5 million, respectively.

The Bank purchases interest rate futures and forward settling mortgage-backed securities to hedge the interest rate risk of MSRs. As of June 30, 2025, the Bank had $188.0 million notional of interest rate futures contracts and $17.0 million of mortgage-backed securities. As of December 31, 2024, the Bank had $187.0 million notional of interest rate futures contracts and $12.0 million of mortgage-backed securities related to this program.

The Bank executes interest rate swaps with commercial banking borrowers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of June 30, 2025, the Bank had interest rate swap assets with a notional amount of $4.4 billion and interest rate swap liabilities with a notional amount of $4.4 billion related to this program. As of December 31, 2024, the Bank had interest rate swap assets and interest rate swap liabilities, with notional amounts of $4.3 billion and $4.4 billion, respectively.

The Bank has collateral posting requirements for initial margins with its clearing houses and is required to post collateral against its obligations under these interest rate swaps of $87.9 million and $87.2 million as of June 30, 2025 and December 31, 2024, respectively.

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The Bank's clearable interest rate swap derivatives are cleared through the Chicago Mercantile Exchange and London Clearing House. These clearing houses characterize the variation margin payments, for certain interest rate swap derivative contracts that are referred to as settled-to-market, as settlements of the derivative's mark-to-market exposure and not collateral. The Company accounts for the variation margin as an adjustment to cash collateral, as well as a corresponding adjustment to the derivative asset and liability. As of June 30, 2025 and December 31, 2024, the variation margin netting adjustments for centrally cleared interest rate swaps consisted of derivative asset adjustments of $114.2 million and $173.9 million, respectively.

The Bank also has solely executed interest rate swaps indexed to Term SOFR, which are not clearable. These interest rate swaps are executed on a bilateral basis with a counterparty bank. There is no initial margin posted for bilateral swaps, but cash collateral equivalent to variation margin is exchanged to cover the mark-to-market exposure on a daily basis.

The Bank also executes foreign currency hedges as a service for customers. These foreign currency hedges are then offset with hedges with other third-party banks to limit the Bank's risk exposure.

The Bank's derivative assets are included in other assets on the Condensed Consolidated Balance Sheets, while the derivative liabilities are included in other liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of the dates presented:
 (in thousands)Asset DerivativesLiability Derivatives
Derivatives not designated as hedging instrumentJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Interest rate lock commitments$478 $16 $43 $32 
Interest rate futures2,791 — — 3,033 
Interest rate forward sales commitments26 695 597 74 
Interest rate swaps88,000 107,385 200,714 277,042 
Foreign currency derivatives494 542 403 438 
Total derivative assets and liabilities$91,789 $108,638 $201,757 $280,619 

The gains and losses on the Company's mortgage banking derivatives are included in mortgage banking revenue. The gains and losses on the Company's interest rate swaps and foreign currency derivatives are included in other income. The following table summarizes the types of derivatives and the gains (losses) recorded for the periods indicated:
 (in thousands)Three Months EndedSix Months Ended
Derivatives not designated as hedging instrumentJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Interest rate lock commitments$156 $(467)$450 $(314)
Interest rate futures1,831 (1,611)5,043 (5,882)
Interest rate forward sales commitments(337)467 (1,165)513 
Interest rate swaps(1,330)424 (2,824)1,621 
Foreign currency derivatives159 196 413 238 
Total derivative gains (losses)$479 $(991)$1,917 $(3,824)

The Company is party to interest rate swap contracts that are subject to enforceable master netting arrangements or similar agreements. Under these agreements, the Company may have the right to net settle multiple contracts with the same counterparty.

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The following table shows the gross interest rate swaps in the Condensed Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts are limited to the outstanding balances of the related asset or liability. Therefore, instances of over collateralization are not shown.
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in thousands)Gross Amounts of Recognized Assets/Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts of Assets/Liabilities presented in the Condensed Consolidated Balance Sheets
Financial InstrumentsCollateral Received/PostedNet Amount
June 30, 2025
Derivative Assets
Interest rate swaps$88,000 $— $88,000 $7,031 $46,440 $34,529 
Derivative Liabilities
Interest rate swaps$200,714 $— $200,714 $7,031 $3,810 $189,873 
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 
 
Note 9 – Earnings Per Common Share 
 
The following is a computation of basic and diluted earnings per common share for the periods indicated: 
Three Months EndedSix Months Ended
 (in thousands, except per share data)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net income$152,423 $120,144 $239,032 $244,224 
    
Weighted average number of common shares outstanding - basic
209,125 208,498 208,964 208,379 
Effect of potentially dilutive common shares (1)
850 513 1,001 620 
Weighted average number of common shares outstanding - diluted
209,975 209,011 209,965 208,999 
Earnings per common share:    
Basic
$0.73 $0.58 $1.14 $1.17 
Diluted
$0.73 $0.57 $1.14 $1.17 
(1) Represents the effect of the assumed vesting of non-participating restricted shares based on the treasury stock method.

The following table represents the weighted average outstanding restricted stock awards and units that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:
Three Months EndedSix Months Ended
 (in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Restricted stock awards and units796571584588

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Note 10 – Fair Value Measurement
 
The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
June 30, 2025December 31, 2024
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$1,942,170 $1,942,170 $1,878,255 $1,878,255 
Equity and other investment securities1,292,958 92,958 78,133 78,133 
Investment securities available for sale1,28,653,172 8,653,172 8,274,615 8,274,615 
Investment securities held to maturity32,013 2,585 2,101 2,703 
Loans held for sale265,590 65,590 71,535 71,535 
Loans and leases, net (1)
2,337,216,106 36,059,937 37,256,272 35,689,803 
Restricted equity securities1161,380 161,380 150,024 150,024 
Residential mortgage servicing rights3102,863 102,863 108,358 108,358 
Bank-owned life insurance1704,919 704,919 693,839 693,839 
Derivatives2,391,789 91,789 108,638 108,638 
Financial liabilities:    
Demand, money market, and savings deposits1$35,524,096 $35,524,096 $35,618,693 $35,618,693 
Time deposits26,218,561 6,203,196 6,102,039 6,088,430 
Securities sold under agreements to repurchase2191,435 191,435 236,627 236,627 
Borrowings23,350,000 3,350,086 3,100,000 3,101,866 
Junior subordinated debentures, at fair value3323,015 323,015 330,895 330,895 
Junior and other subordinated debentures, at amortized cost3107,554 103,773 107,668 104,216 
Derivatives2,3201,757 201,757 280,619 280,619 

(1) Loans and leases, net are classified as level 3, with the exception of loans originated as held for sale and transferred into loans held for investment of $177.9 million and $168.8 million as of June 30, 2025 and December 31, 2024, respectively, which are classified as level 2.
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Fair Value of Assets and Liabilities Measured on a Recurring Basis 

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of the periods presented: 
(in thousands) 
June 30, 2025
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$75,309 $56,850 $18,459 $— 
Equity securities held in rabbi trusts17,649 17,649 — — 
Investment securities available for sale    
U.S. Treasury and agencies1,347,060 231,715 1,115,345 — 
Obligations of states and political subdivisions1,014,883 — 1,014,883 — 
Mortgage-backed securities and collateralized mortgage obligations6,291,229 — 6,291,229 — 
Loans held for sale, at fair value65,590 — 65,590 — 
Loans and leases, at fair value177,949 — 177,949 — 
Residential mortgage servicing rights, at fair value102,863 — — 102,863 
Derivatives    
Interest rate lock commitments478 — — 478 
Interest rate futures2,791 — 2,791 — 
Interest rate forward sales commitments26 — 26 — 
Interest rate swaps88,000 — 88,000 — 
Foreign currency derivatives494 — 494 — 
Total assets measured at fair value$9,184,321 $306,214 $8,774,766 $103,341 
Financial liabilities:
Junior subordinated debentures, at fair value$323,015 $— $— $323,015 
Derivatives    
Interest rate lock commitments43 — — 43 
Interest rate forward sales commitments597 — 597 — 
Interest rate swaps200,714 — 200,714 — 
Foreign currency derivatives403 — 403 — 
Total liabilities measured at fair value$524,772 $— $201,714 $323,058 
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(in thousands) December 31, 2024
DescriptionTotalLevel 1Level 2Level 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 agencies1,422,787 321,297 1,101,490 — 
Obligations of states and political subdivisions1,026,053 — 1,026,053 — 
Mortgage-backed securities and collateralized mortgage obligations5,825,775 — 5,825,775 — 
Loans held for sale, at fair value71,535 — 71,535 — 
Loans and leases, at fair value168,809 — 168,809 — 
Residential mortgage servicing rights, at fair value108,358 — — 108,358 
Derivatives    
Interest rate lock commitments16 — — 16 
Interest rate forward sales commitments695 — 695 — 
Interest rate swaps107,385 — 107,385 — 
Foreign currency derivatives542 — 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 commitments32 — — 32 
Interest rate futures3,033 — 3,033 — 
Interest rate forward sales commitments74 — 74 — 
Interest rate swaps277,042 — 277,042 — 
Foreign currency derivatives438 — 438 — 
Total liabilities measured at fair value$611,514 $— $280,587 $330,927 

The following methods were used to estimate the fair value of each class of financial instrument that is carried at fair value in the tables above: 
 
Securities— Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. Management periodically reviews the pricing information received from the third-party pricing service and compares it to a secondary pricing service, evaluating significant price variances between services to determine an appropriate estimate of fair value to report.
 
Loans Held for Sale— Fair value for residential mortgage loans originated as held for sale is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. For loans not originated as held for sale, these loans are accounted for at lower of cost or market, with the fair value estimated based on the expected sales price.

Loans and leases— Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including commercial, real estate, and consumer loans. Each loan category is further segregated by fixed and adjustable-rate loans. The fair value of loans is calculated by discounting expected cash flows at rates at which similar loans are currently being made. This model is periodically validated by an independent model validation group. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. For loans originated as held for sale and transferred into loans held for investment, the fair value is determined based on quoted secondary market prices for similar loans.

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Residential Mortgage Servicing Rights— The fair value of MSR is estimated using a DCF model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Management believes the significant inputs utilized are indicative of those that would be used by market participants. The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $5.8 million and $11.7 million for the three and six months ended June 30, 2025, respectively, as compared to $6.0 million and $12.0 million for the three and six months ended June 30, 2024, respectively.
 
Junior Subordinated Debentures— The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant unobservable input utilized in the estimation of fair value of these instruments is the credit risk adjusted spread. The credit risk adjusted spread represents the non-performance risk of the liability, contemplating the inherent risk of the obligation. The Company periodically utilizes a valuation firm to determine or validate the reasonableness of inputs and factors that are used to determine the fair value. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction among market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, the Company has classified this as a Level 3 fair value measurement.
 
Derivative Instruments— The fair value of the interest rate lock commitments, interest rate futures, and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a DCF technique incorporating credit valuation adjustments to reflect non-performance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2025, the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap and futures derivative valuations in Level 2 of the fair value hierarchy.
 
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Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) 
 
The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis as of the dates presented: 
Financial InstrumentFair Value
(in thousands)		Valuation TechniqueUnobservable InputRange of InputsWeighted Average
June 30, 2025
Assets:
Residential mortgage servicing rights$102,863 Discounted cash flowConstant prepayment rate
5.77% - 31.60%
7.40%
  Discount rate
9.50% - 16.23%
10.20%
Interest rate lock commitments, net$435 Internal pricing modelPull-through rate
66.95% - 100.00%
86.16%
Liabilities:
Junior subordinated debentures$323,015 Discounted cash flowCredit spread
2.18% - 4.52%
3.40%
Financial InstrumentFair Value
(in thousands)		Valuation TechniqueUnobservable InputRange of InputsWeighted Average
December 31, 2024
Assets:
Residential mortgage servicing rights$108,358 Discounted cash flowConstant 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 modelPull-through rate
71.00% - 100.00%
87.54%
Junior subordinated debentures$330,895 Discounted cash flowCredit spread
1.46% - 4.15%
3.06%

Generally, increases in the constant prepayment rate or the discount rate utilized in the fair value measurement of the residential mortgage servicing rights will result in a decrease in fair value. Conversely, decreases in the constant prepayment rate or the discount rate will result in an increase in fair value.

An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in an increase in the fair value measurement. Conversely, a decrease in the pull-through rate will result in a decrease in the fair value measurement.

Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the non-performance risk premium a willing market participant would require under current market conditions, which is an inactive market. Generally, an increase in the credit spread will result in a decrease in the estimated fair value. Conversely, a decrease in the credit spread will result in an increase in the estimated fair value.


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The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis for the periods indicated: 
Three Months EndedThree Months Ended
June 30, 2025June 30, 2024
(in thousands)Residential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair valueResidential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair value
Beginning balance$105,663 $278 $(320,774)$110,444 $16 $(309,544)
Change included in earnings(4,877)30 (6,572)(1,945)(70)(7,548)
Change in fair values included in comprehensive income/loss— — (1,878)— — (384)
Purchases and issuances2,077 881 — 1,540 (1,238)— 
Sales and settlements— (754)6,209 — 840 7,289 
Ending balance$102,863 $435 $(323,015)$110,039 $(452)$(310,187)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period$(1,764)$435 $(6,572)$1,238 $(452)$(7,548)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period$— $— $(1,878)$— $— $(384)
Six Months EndedSix Months Ended
June 30, 2025June 30, 2024
20252024
(in thousands)Residential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair valueResidential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair value
Beginning balance$108,358 $(16)$(330,895)$109,243 $(137)$(316,440)
Change included in earnings(9,001)70 (13,127)(1,981)(86)(15,131)
Change in fair values included in comprehensive income/loss— — 7,673 — — 6,069 
Purchases and issuances3,506 1,694 — 2,777 (1,191)— 
Sales and settlements— (1,313)13,334 — 962 15,315 
Ending balance$102,863 $435 $(323,015)$110,039 $(452)$(310,187)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(2,747)$435 $(13,127)$4,355 $(452)$(15,131)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$— $— $7,673 $— $— $6,069 
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Changes in residential mortgage servicing rights carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in residential mortgage banking revenue within non-interest income.

The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities. The change in fair value of junior subordinated debentures is attributable to the change in the instrument specific credit risk; accordingly, the unrealized losses of $1.9 million and unrealized gains of $7.7 million for the three and six months ended June 30, 2025 were recorded net of tax as other comprehensive losses of $1.4 million and gains of $5.7 million, respectively. Comparatively, unrealized losses of $384,000 and unrealized gains of $6.1 million were recorded net of tax as other comprehensive losses of $284,000 and gains of $4.5 million for the three and six months ended June 30, 2024, respectively. The change recorded for the three months ended June 30, 2025 was mainly due to changes in swap rates and decreases in credit spreads. The change recorded for the six months ended June 30, 2025 was driven by increases in credit spreads and changes in swap rates.

Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis 

From time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment, typically on collateral-dependent loans. The following tables present information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value was recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. 
June 30, 2025
 (in thousands) 
TotalLevel 1Level 2Level 3
Loans and leases$22,854 $— $— $22,854 

December 31, 2024
 (in thousands) 
TotalLevel 1Level 2Level 3
Loans and leases$28,177 $— $— $28,177 

The following table presents the losses resulting from nonrecurring fair value adjustments for the periods indicated:

Three Months EndedSix Months Ended
 (in thousands) 
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Loans and leases$25,857 $30,704 $54,539 $58,878 

The following provides a description of the valuation technique and inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis. Unobservable inputs and qualitative information about the unobservable inputs are not presented as the fair value is determined by third-party information for loans and leases.

The loans and leases amounts above represent collateral-dependent loans and leases that have been adjusted to fair value. When a loan or non-homogeneous lease is identified as collateral-dependent, the Bank measures the impairment using the current fair value of the collateral, less estimated selling costs. Depending on the characteristics of a loan or lease, the fair value of collateral is generally estimated by obtaining external appraisals, but in some cases the value of the collateral may be estimated as having little to no value. When a homogeneous lease or equipment finance agreement becomes 181 days past due, it is determined that the collateral has little to no value. If it is determined that the value of the collateral-dependent loan or lease is less than its recorded investment, the Bank recognizes this impairment and adjusts the carrying value of the loan or lease to fair value, less costs to sell, through the ACL. The loss represents charge-offs on collateral-dependent loans and leases for fair value adjustments based on the fair value of collateral.


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Fair Value Option
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale and loans held for investment accounted for under the fair value option as of the dates presented:
June 30, 2025December 31, 2024
(in thousands)Fair Value Aggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal Balance
Loans held for sale$52,977 $51,255 $1,722 $71,535 $70,430 $1,105 
Loans held for investment$177,949 $204,422 $(26,473)$168,809 $200,925 $(32,116)

The Bank elected to measure certain residential mortgage loans held for sale under the fair value option, with interest income on these loans held for sale reported in interest and fees on loans and leases on the Condensed Consolidated Statements of Income. This reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue. For the three and six months ended June 30, 2025, the Company recorded a net decrease in fair value of $272,000 and net increase in fair value of $617,000, respectively. For the three and six months ended June 30, 2024, the Company recorded a net increase in fair value of $127,000 and $316,000, respectively.

Management's intent to sell certain residential mortgage loans classified as held for sale may change over time due to factors including changes in overall market liquidity or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified as loans held for investment and maintained in the Bank's loan portfolio. In the event that loans currently classified as held for sale are reclassified as loans held for investment, the loans will continue to be measured at fair value. Gains and losses from changes in fair value for these loans are reported in earnings as a component of other income and interest income on these loans are reported in interest and fees on loans and leases on the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2025, the Company recorded a net increase in fair value of $212,000 and $7.2 million, respectively, as compared to a net decrease in fair value of $10.1 million and $12.5 million for the three and six months ended June 30, 2024, respectively.

The Company selected the fair value measurement option for certain junior subordinated debentures originally issued by UHC prior to the Umpqua Merger (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired by UHC from Sterling Financial Corporation prior to the Umpqua Merger, with changes in fair value recognized as a component of other comprehensive income. The remaining junior subordinated debentures were acquired through business combinations and were measured at fair value at the time of acquisition and subsequently measured at amortized cost.

Note 11 – Income Taxes and Investment Tax Credits

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as in the majority of states. The Company believes it is more likely than not that it will be able to fully realize the benefit of its federal and state NOL and tax carryforwards and has not provided a valuation allowance against its deferred tax assets.

As of June 30, 2025, the Company had a net deferred tax asset of $299.0 million, which includes $1.5 million of federal and state NOL carry-forwards, expiring in tax years 2030-2031.

The Company recorded income tax expense of $88.3 million and $85.9 million for the six months ended June 30, 2025 and 2024, respectively, representing effective tax rates of 27.0% and 26.0%, respectively. The effective tax rates differed from the statutory rate principally because of state taxes, non-deductible compensation, non-deductible FDIC assessments, and income on tax-exempt investment securities and loans. The change to the effective tax rate for the six months ended June 30, 2025, as compared to the corresponding period in the prior year, was primarily attributable to an increase in non-deductible compensation.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The Company is evaluating the impact of the new law on its consolidated financial statements but does not believe it will have a material impact.
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Investment Tax Credits

The Company is involved in various entities that are considered to be variable interest entities, which are primarily related to investments promoting affordable housing and trust preferred securities. The Company is not required to consolidate variable interest entities in which it has concluded it does not have a controlling financial interest, and thus not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities' most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. The maximum exposure to loss in the LIHTC is the amount of equity invested and credit extended by the Company.

Affordable Housing Tax Credit Investments

The Company makes certain equity investments in various limited partnerships that sponsor affordable housing projects; the purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants.

The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction to income tax expense.

The Company records the investments in affordable housing partnerships of $226.0 million and $221.0 million as of June 30, 2025 and December 31, 2024, respectively, as a component of other assets on the Condensed Consolidated Balance Sheets and uses the proportional amortization method to account for the investments. The Company's unfunded capital commitments to these investments were $94.7 million and $95.3 million as of June 30, 2025 and December 31, 2024, respectively, which are recorded as a component of other liabilities on the Condensed Consolidated Balance Sheets. Amortization related to these investments is recorded as a component of the provision for income taxes on the Condensed Consolidated Statements of Income.

Note 12 – Segment Reporting

The Company has one operating and reportable segment based on the products and services offered, primarily banking operations as well as the operations, technology, and administrative functions of the Bank and Holding Company. The Company primarily derives revenue from banking operations by providing consumer and residential real estate loans, commercial lending products, deposit products, and treasury and wealth management services. The Company's primary market areas are in Oregon, Washington, California, Idaho, Nevada, Arizona, Colorado, and Utah and it manages the business activities on a consolidated basis. The accounting policies of the Bank are the same as those described in Note 1 - Summary of Significant Accounting Policies of the Notes to Condensed Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The Company's CODM is the Chief Executive Officer. The CODM assesses performance and decides how to allocate resources based on consolidated net income that is reported on the Condensed Consolidated Statements of Income. The measure of segment assets is total consolidated assets which is reported on the Condensed Consolidated Balance Sheets.

The CODM uses consolidated net income to evaluate income generated from segment assets in making decisions about the allocation of operating and capital resources. Net income is used to monitor budget versus actual results. The CODM also uses consolidated net income in competitive analysis by benchmarking to the Company's competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

The CODM is regularly provided with significant segment expense information at a level consistent with that disclosed in the Company's Condensed Consolidated Statements of Income.
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Note 13 – Subsequent Event

On April 23, 2025, Columbia announced that it entered into the Merger Agreement with Pacific Premier, pursuant to which Columbia will acquire Pacific Premier in an all-stock transaction, with Pacific Premier stockholders receiving 0.9150 of a share of Columbia common stock for each share of Pacific Premier common stock held. Upon completion of the acquisition, Pacific Premier stockholders are expected to own approximately 30% of the combined company.

On July 21, 2025, Columbia’s shareholders and Pacific Premier’s stockholders approved the acquisition at their respective special meetings. On August 6, 2025, Columbia and Pacific Premier jointly announced the receipt of all required regulatory approvals for the acquisition, including those from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Oregon Department of Consumer and Business Services, Division of Financial Regulation. The acquisition is expected to close on or around August 31, 2025, subject to the satisfaction or waiver of the remaining customary closing conditions outlined in the Merger Agreement.



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Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations 

Forward-Looking Statements 
 
This Quarterly Report on Form 10-Q contains certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These statements may include statements that expressly or implicitly predict future results, performance, or events. Statements other than statements of historical fact are forward-looking statements. You can find many of these statements by looking for words such as "anticipates," "expects," "believes," "estimates," "intends," and "forecast," and words or phrases of similar meaning.

We make forward-looking statements including, but not limited to, statements about derivatives and hedging; the results and performance of models and economic assumptions used in our calculation of the ACL; projected sources of funds and the Company's liquidity position and deposit level and types; our securities portfolio; loan sales; adequacy of our ACL, including the RUC; provision for credit losses; non-performing loans and future losses; our CRE portfolio, its collectability and subsequent charge-offs; resolution of non-accrual loans; mortgage volumes and the impact of rate changes; the economic environment; inflation and interest rates generally; litigation; dividends; junior subordinated debentures; fair values of certain assets and liabilities, including MSR values and sensitivity analyses; tax rates; deposit pricing; and the effect of accounting pronouncements and changes in accounting methodology.

Forward-looking statements involve substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. There are many factors that could cause actual results to differ materially from those contemplated by these forward-looking statements. Risks and uncertainties include those set forth in our filings with the Securities and Exchange Commission and the following factors that, among others, could cause actual results to differ materially from the anticipated results expressed or implied by forward-looking statements: 

•changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically;
•deterioration in economic conditions that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans;
•uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve or the effects of any declines in housing and CRE prices, high or increasing unemployment rates, continued or renewed inflation, or any recession or slowdown in economic growth particularly in the western United States;
•volatility and disruptions in global capital and credit markets;
•risks related to the proposed Merger with Pacific Premier including, among others, (i) failure to complete the Merger or unexpected delays related to the Merger or either party's inability to satisfy the remaining customary closing conditions required to complete the Merger outlined in the Merger Agreement, (ii) certain restrictions during the pendency of the Merger that may impact the parties' ability to pursue certain business opportunities or strategic transactions, (iii) diversion of management's attention from ongoing business operations and opportunities, (iv) cost savings and any revenue or expense synergies from the Merger may not be fully realized or may take longer than anticipated to be realized, (v) deposit attrition, customer or employee loss, and/or revenue loss as a result of the announcement of the Merger, (vi) expenses related to the Merger being greater than expected, and (vii) shareholder litigation that could prevent or delay the closing of the Merger or otherwise negatively impact the Company’s business and operations;
•the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers;
•the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
•changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds;
•competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services;
•continued consolidation in the financial services industry resulting in the creation of larger financial institutions that have greater resources;
•our ability to successfully, including on time and on budget, implement and sustain information technology product and system enhancements and operational initiatives;
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•our ability to attract new deposits and loans and leases;
•our ability to retain deposits;
•our ability to achieve the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions, and infrastructure;
•the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital;
•demand for financial services in our market areas;
•stability, cost, and continued availability of borrowings and other funding sources, such as brokered and public deposits;
•changes in legal or regulatory requirements or the results of regulatory examinations that could increase expenses or restrict growth;
•changes in the scope and cost of FDIC insurance and other coverage;
•our ability to manage climate change concerns, related regulations, and potential impacts on the creditworthiness of our customers;
•our ability to recruit and retain key management and staff;
•our ability to raise capital or incur debt on reasonable terms;
•regulatory limits on the Bank's ability to pay dividends to the Company that could impact the timing and amount of dividends to shareholders;
•financial services reform and the impact of legislation and implementing regulations on our business operations, including our compliance costs, interest expense, and revenue;
•a breach or failure of our operational or security systems, or those of our third-party vendors, including as a result of cyber-attacks;
•success, impact, and timing of our business strategies, including market acceptance of any new products or services;
•the outcome of legal proceedings;
•our ability to effectively manage credit risk, interest rate risk, market risk, operational risk, legal risk, liquidity risk and regulatory and compliance risk;
•the possibility that the anticipated benefits from ongoing initiatives to improve operational performance are not realized in the amounts or when expected if at all;
•economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates;
•the effect of geopolitical instability, including wars, conflicts, and terrorist attacks;
•natural disasters, including earthquakes, tsunamis, flooding, fires, pandemics, and other similarly unexpected events outside of our control;
•our ability to effectively manage problem credits;
•our ability to successfully negotiate with landlords or reconfigure facilities; and
•the effects of any damage to our reputation resulting from developments related to any of the items identified above.

There are many factors that could cause actual results to differ materially from those contemplated by these forward-looking statements. Forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under federal securities laws. Readers should consider any forward-looking statements in light of this explanation, and we caution readers about relying on forward-looking statements.

General 

Columbia Banking System, Inc. (referred to in this Quarterly Report on Form 10-Q as "we," "our," "the Company" and "Columbia") is a registered financial holding company, which wholly owns the Bank. In order to align with the name of the holding company and the variety of brands already operated by the Bank today under the Columbia name, Columbia renamed the Bank to "Columbia Bank" effective July 1, 2025, and the Bank will begin doing business under the Columbia Bank name and branding beginning on September 1, 2025. Through the Bank, we provide a broad range of banking, private banking, mortgage and other financial services to corporate, institutional, small business, and individual customers. FinPac, a commercial equipment leasing company, is a subsidiary of the Bank. Along with its subsidiaries, the Company is subject to the regulations of state and federal agencies and undergoes regular examinations by these regulatory agencies. 
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The majority of the Bank’s loans and deposits are within its service areas in Oregon, Washington, California, Idaho, Nevada, Arizona, Colorado, and Utah. The Bank is an Oregon state-chartered commercial bank, the deposits of which are insured in whole or in part by the FDIC.

Executive Overview 

Pending Acquisition

•On April 23, 2025, we announced that we and Pacific Premier, the parent company of Pacific Premier Bank, National Association, entered into the Merger Agreement, pursuant to which Columbia will acquire Pacific Premier in an all-stock transaction. Pursuant to the terms of the Merger Agreement, Pacific Premier stockholders will receive 0.9150 of a share of Columbia common stock for each Pacific Premier share they own. Columbia’s shareholders and Pacific Premier’s stockholders approved the acquisition at their respective special meetings, which were held on July 21, 2025. The acquisition is expected to close as soon as August 31, 2025, pending satisfaction of the remaining customary closing conditions. Integration efforts are progressing as planned, driven by the comprehensive preparation of cross-company teams, which are led by Columbia's Integration Management Office, positioning us for a smooth and timely closing once the remaining customary closing conditions are satisfied. The acquisition is a natural and strategic fit that supports our Business Bank of Choice operating strategy. Pacific Premier’s footprint accelerates and strengthens Columbia’s competitive position in Southern California, and it brings new products and services that enhance our offerings and elevate our ability to provide needs-based solutions for our existing and prospective customers.

The following is a discussion of our results for the three and six months ended June 30, 2025, as compared to the applicable prior periods.

Financial Performance

Comparison of current quarter to prior quarter
 
•Earnings per diluted common share was $0.73 for the three months ended June 30, 2025, as compared to $0.41 for the three months ended March 31, 2025. The increase for the three months ended June 30, 2025, as compared to the prior period, was primarily driven by a decrease in non-interest expense, as the prior period included a $55.0 million accrual for a legal settlement and $14.6 million in severance expense not repeated in the current quarter. Higher net interest income also contributed to the increase in earnings per diluted common share between periods.

•Net interest margin, on a tax-equivalent basis, was 3.75% for the three months ended June 30, 2025, as compared to 3.60% for the three months ended March 31, 2025, due primarily to higher earning asset yields. Net interest income was $446.4 million for the three months ended June 30, 2025, an increase of $21.5 million compared to the three months ended March 31, 2025. The increase reflects higher interest income earned on loans and investment securities and relatively stable funding costs.

•Non-interest income was $64.5 million for the three months ended June 30, 2025, as compared to $66.4 million for the three months ended March 31, 2025. The decrease was driven by changes in fair value adjustments, which include adjustments in fair value for certain loans held for investment and MSR hedging activity due to rate changes, which collectively resulted in a net fair value loss of $640,000 in the three months ended June 30, 2025, compared to a net fair value gain of $9.5 million in the prior period. The change between periods was partially offset by higher core fee-generating businesses, including card-based fee income, swap-related income, and financial services and trust revenue.

•Non-interest expense was $278.0 million for the three months ended June 30, 2025, down $62.1 million as compared to the three months ended March 31, 2025, which included a $55.0 million accrual for a legal settlement and $14.6 million in severance expense recorded in merger and restructuring expense that was not repeated in the current quarter.

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Comparison of current year-to-date to prior year period

•Earnings per diluted common share was $1.14 for the six months ended June 30, 2025, as compared to $1.17 for the six months ended June 30, 2024. The decrease for the six months ended June 30, 2025, as compared to the prior year period, was primarily driven by an increase in non-interest expense, due to the litigation accrual and severance, as noted above. Higher non-interest income and net interest income partially offset the increase in non-interest expense.

•Net interest margin, on a tax-equivalent basis, was 3.67% for the six months ended June 30, 2025, as compared to 3.54% for the six months ended June 30, 2024. The increase for the six months ended June 30, 2025 compared to the prior year period was due to lower funding costs, which were partially offset by lower earning asset yields due to fluctuating interest rates and product repricing between the periods. A favorable balance sheet mix shift to lower-cost customer deposits from higher-cost wholesale funding sources between periods contributed positively to net interest margin. Net interest income increased $20.6 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to the same factors that impacted net interest margin, partially offset by slight contraction in the balance of average interest-earning assets between periods.

•Non-interest income was $130.8 million for the six months ended June 30, 2025, as compared to $95.1 million for the six months ended June 30, 2024. The increase was mainly due to fluctuations in fair value adjustments for certain loans held for sale and MSR hedging activity, which collectively resulted in a favorable change due to a net fair value gain of $8.8 million for the six months ended June 30, 2025, compared to a net fair value loss of $13.6 million for the six months ended June 30, 2024.

•Non-interest expense was $618.1 million for the six months ended June 30, 2025, as compared to $566.8 million for the six months ended June 30, 2024. The increase for the six months ended June 30, 2025 is mainly related to a $55.0 million accrual for a legal settlement and $14.6 million in severance expense recorded in merger and restructuring expense recorded in the first quarter. This increase was partially offset by lower FDIC assessment fees and intangible amortization during the period.

Comparison of current period end to prior year end

•Total loans and leases were $37.6 billion as of June 30, 2025, a decrease of $43.9 million, as compared to December 31, 2024. The decrease in total loans and leases was primarily in residential and commercial loan balances, partially offset by an increase in CRE balances. The contraction was driven by loan payoffs and slower origination volume, partially offset by draws in CRE construction loans and growth in owner-occupied term CRE balances.
 
•Total deposits were $41.7 billion as of June 30, 2025, an increase of $21.9 million, as compared to December 31, 2024. The increase was due to our recent small business and retail deposits campaign, as well as an increase in brokered deposits, partially offset by a decrease in customer deposits, due in part to seasonally anticipated customer tax payments and owner distributions. Customers also continue to use their own cash to make investments in their businesses or pay down debt.
 
•Total consolidated assets were $51.9 billion as of June 30, 2025, compared to $51.6 billion as of December 31, 2024.

Credit Quality

•Non-performing assets increased to $180.3 million, or 0.35% of total assets, as of June 30, 2025, compared to $169.6 million, or 0.33% of total assets, as of December 31, 2024. Non-performing loans and leases were $177.4 million, or 0.47% of total loans and leases, as of June 30, 2025, compared to $166.9 million, or 0.44% of total loans and leases, as of December 31, 2024. As of June 30, 2025, non-performing loans included $67.8 million in government guarantees.

•The ACL was $439.0 million as of June 30, 2025, a decrease of $1.8 million compared to December 31, 2024. The decrease in the ACL reflects credit migration trends, changes in the economic assumptions used in credit models and decreases in loan portfolio balances during the period.

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•The Company had a provision for credit losses of $29.4 million and $56.9 million for the three and six months ended June 30, 2025. This compares to a provision for credit losses of $27.4 million for the three months ended March 31, 2025 and $49.0 million for the six months ended June 30, 2024. The increase for the three and six months ended June 30, 2025 compared to the prior periods was mainly due to credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

Liquidity

•Total cash and cash equivalents were $1.9 billion as of June 30, 2025, an increase of $63.9 million from December 31, 2024. The Company manages its cash position as part of management's strategy to maintain a high-quality liquid asset position to support balance sheet flexibility, fund growth in lending and investment portfolios, and deleverage the balance sheet by decreasing debt and non-deposit liabilities as economic conditions permit.

•Including secured off-balance sheet lines of credit, total available liquidity was $18.6 billion as of June 30, 2025, representing 36% of total assets, 44% of total deposits, and 132% of estimated uninsured deposits.

Capital

•The Company's total risk-based capital ratio was 13.0% and its common equity tier 1 ("CET1") capital ratio was 10.8% as of June 30, 2025. As of December 31, 2024, the Company's total risk-based capital ratio was 12.8% and its CET1 capital ratio was 10.5%.

•Columbia paid a quarterly cash dividend of $0.36 per common share to shareholders on June 16, 2025.

Critical Accounting Estimates 

Our critical accounting estimates are described in detail in the Critical Accounting Estimates section of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. The condensed consolidated financial statements are prepared in conformity with GAAP and follow general practices within the financial services industry, in which the Company operates. This preparation requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, actual results could differ from the estimates, assumptions, and judgments reflected in the financial statements. Certain estimates inherently have a greater reliance on the use of assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. Management believes that the estimates for ACL and goodwill are important to the portrayal of the Company's financial condition and results of operations and require difficult, subjective, or complex judgments. There have been no material changes in the methodology of these estimates during the six months ended June 30, 2025.

Results of Operations

Comparison of current quarter to prior quarter

The Company had net income of $152.4 million for the three months ended June 30, 2025, compared to net income of $86.6 million for the three months ended March 31, 2025. The increase in net income was mainly attributable to a decrease of $62.1 million in non-interest expense, which related to a $55.0 million accrual for a legal settlement and $14.6 million in severance expense recorded in merger and restructuring expense in the first quarter of 2025 that was not repeated in the current quarter. There was also an increase of $21.5 million in net interest income reflecting higher interest income earned on loans and investment securities and relatively stable funding costs as compared to the prior quarter.

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Comparison of current year-to-date to prior year period

For the six months ended June 30, 2025, the Company had net income of $239.0 million, compared to net income of $244.2 million for the same period in the prior year. The decrease in net income was mainly attributable to an increase in non-interest expense, partially offset by increases in non-interest income and net interest income. The $51.4 million increase in non-interest expense was primarily driven by a $55.0 million accrual for a legal settlement and $14.6 million in severance expense recorded in merger and restructuring expense, partially offset by decreases in FDIC assessment fees and intangible amortization. The increase of $35.8 million in non-interest income was primarily driven by favorable fluctuations in fair value adjustments, which include adjustments in fair value for certain loans held for investment and MSR hedging activity. These adjustments resulted in a net fair value gain of $8.8 million in the six months ended June 30, 2025, compared to a net fair value loss of $13.6 million in the prior period, driven by changes in interest rates during the periods as well as growth in other core fee-generating businesses, including swap-related income, financial services and trust revenue, and treasury management fees. The increase of $20.6 million in net interest income reflects lower funding costs, only partially offset by lower interest income in the period.

The following table presents the return on average assets (GAAP), average common shareholders' equity (GAAP), and average tangible common shareholders' equity (non-GAAP) for the periods indicated. For each period presented, the table includes the calculated ratios based on reported net income. To the extent return on average common shareholders' equity is used to compare our performance with other financial institutions that do not have merger and acquisition-related intangible assets, we believe it is beneficial to also consider the return on average tangible common shareholders' equity. This measure is useful for evaluating the performance of a business as it calculates the return available to common shareholders without the impact of intangible assets and their related amortization. Return on average tangible common shareholders' equity is also used as part of our incentive compensation program for our executive officers. The return on average tangible common shareholders' equity is calculated by dividing net income by average shareholders' common equity less average goodwill and other intangible assets, net (excluding MSR). The return on average tangible common shareholders' equity is considered a non-GAAP financial measure and should be viewed in conjunction with the return on average common shareholders' equity. 

Return on Average Assets, Common Shareholders' Equity and Tangible Common Shareholders' Equity

 
Three Months EndedSix Months Ended
 (dollars in thousands) June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Return on average assets1.19 %0.68 %0.94 %0.94 %
Return on average common shareholders' equity11.56 %6.73 %9.18 %9.93 %
Return on average tangible common shareholders' equity16.03 %9.45 %12.80 %14.69 %
Calculation of average common tangible shareholders' equity:    
Average common shareholders' equity$5,286,562 $5,216,555 $5,251,887 $4,947,057 
Less: average goodwill and other intangible assets, net 1,471,975 1,501,590 1,486,692 1,603,686 
Average tangible common shareholders' equity$3,814,587 $3,714,965 $3,765,195 $3,343,371 

Additionally, management believes tangible common equity and the tangible common equity ratio are meaningful measures of capital adequacy. Columbia believes the exclusion of certain intangible assets in the computation of tangible common equity and the tangible common equity ratio provides a meaningful base for period-to-period and company-to-company comparisons, which management believes will assist investors in analyzing the operating results and capital of the Company. Tangible common equity is calculated as total shareholders' equity less goodwill and other intangible assets, net (excluding MSR). In addition, tangible assets are total assets less goodwill and other intangible assets, net (excluding MSR). The tangible common equity ratio is calculated as tangible common shareholders' equity divided by tangible assets. Tangible common equity and the tangible common equity ratio are considered non-GAAP financial measures and should be viewed in conjunction with total shareholders' equity and the total shareholders' equity ratio. 

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The following table provides a reconciliation of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP) as of the dates presented: 
 (dollars in thousands) 
June 30, 2025December 31, 2024
Total shareholders' equity$5,341,882 $5,118,224 
Less: Goodwill1,029,234 1,029,234 
Less: Other intangible assets, net430,443 484,248 
Tangible common shareholders' equity$3,882,205 $3,604,742 
Total assets$51,901,442 $51,576,397 
Less: Goodwill1,029,234 1,029,234 
Less: Other intangible assets, net430,443 484,248 
Tangible assets$50,441,765 $50,062,915 
Total shareholders' equity to total assets ratio10.29 %9.92 %
Tangible common equity to tangible assets ratio7.70 %7.20 %
 
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not reviewed or audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

Net Interest Income 

Comparison of current quarter to prior quarter

Net interest income for the three months ended June 30, 2025 was $446.4 million, an increase of $21.5 million compared to the three months ended March 31, 2025. The increase was driven by a $23.4 million increase in interest income, mainly on loans and investment securities, and relatively stable funding costs.

The net interest margin (net interest income as a percentage of average interest-earning assets) on a fully tax-equivalent basis was 3.75% for the three months ended June 30, 2025, as compared to 3.60% for the three months ended March 31, 2025. Net interest margin benefited from an increase in the yield on taxable investment securities to 4.22% for the three months ended June 30, 2025, from 3.72% for the three months ended March 31, 2025. The increase is due to higher prepayment speeds and the purchase of higher-yielding investment securities during the quarter. The average yield on the loan portfolio increased 8 basis points between periods to 6.00% for the three months ended June 30, 2025, due primarily to higher yields on commercial and construction loans. Loan yields also benefited from a $1.6 million interest recovery recorded during the month of June 2025 related to a non-performing loan that repaid in full. The cost of interest-bearing deposits was unchanged between periods at 2.52% for the second quarter of 2025. The cost of interest-bearing liabilities for the three months ended June 30, 2025 was 2.78%, a decrease of 2 basis points compared to the three months ended March 31, 2025.

Comparison of current year-to-date to prior year period
 
Net interest income for the six months ended June 30, 2025 was $871.4 million, an increase of $20.6 million compared to the six months ended June 30, 2024. The change in net interest income was mainly due to lower interest rates, driven by the reductions in the federal funds rate in the latter half of 2024, which resulted in lower rates on interest-bearing liabilities, almost completely offset by lower yields on interest-earning assets for the six months ended June 30, 2025 compared to the prior year period.

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The net interest margin on a fully tax-equivalent basis was 3.67% for the six months ended June 30, 2025, as compared to 3.54% for the six months ended June 30, 2024. The increase for the six months ended June 30, 2025 compared to the prior year period was due to lower funding costs, partially offset by lower earning yields. A favorable balance sheet mix shift to lower-cost customer deposits from higher-cost wholesale funding sources between periods contributed positively to net interest margin. The yield on loans and leases for the six months ended June 30, 2025 and 2024 was 5.96% and 6.17%, respectively, a decrease of 21 basis points, primarily due to the declining rate environment. The cost of interest-bearing liabilities was 2.79% for the six months ended June 30, 2025, compared to 3.28% for the six months ended June 30, 2024, a decrease of 49 basis points, due to the reductions in the federal funds rate and the favorable balance sheet mix shift.

The Federal Reserve lowered the target range for the federal funds rate by 0.50% in September 2024 and an additional 0.25% in both November and December 2024. In the 2025 meetings, the Federal Reserve maintained the target rate at 4.25%-4.50%. The balance sheet remained in a slightly liability-sensitive position as of June 30, 2025. We expect customer deposit balance trends to be a driver of net interest margin performance, as we continue to target a lower funding contribution from wholesale sources, like FHLB Advances and brokered deposits.

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The following tables present condensed average balance sheet information, together with interest income and yields on average interest-earning assets, and interest expense and rates paid on average interest-bearing liabilities for periods presented:
Three Months Ended
 June 30, 2025March 31, 2025
 (dollars in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or Rates
INTEREST-EARNING ASSETS: 
Loans held for sale$66,640 $1,109 6.66 %$59,223 $935 6.32 %
Loans and leases (1)
37,647,789 563,234 6.00 %37,678,820 551,627 5.92 %
Taxable securities7,937,471 83,760 4.22 %7,690,610 71,480 3.72 %
Non-taxable securities (2)
797,994 7,875 3.95 %817,392 7,910 3.87 %
Temporary investments and interest-bearing cash1,420,976 15,817 4.46 %1,493,815 16,394 4.45 %
Total interest-earning assets (1), (2)
47,870,870 $671,795 5.62 %47,739,860 $648,346 5.49 %
Goodwill and other intangible assets1,471,975 1,501,590 
Other assets2,209,369 2,211,158 
Total assets$51,552,214 $51,452,608 
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits$8,479,613 $48,232 2.28 %$8,370,584 $46,632 2.26 %
Money market deposits11,783,402 72,409 2.46 %11,603,140 68,719 2.40 %
Savings deposits2,287,433 756 0.13 %2,350,459 574 0.10 %
Time deposits6,125,997 58,757 3.85 %6,136,389 60,709 4.01 %
Total interest-bearing deposits28,676,445 180,154 2.52 %28,460,572 176,634 2.52 %
Repurchase agreements and federal funds purchased185,424 955 2.06 %215,962 974 1.83 %
Borrowings3,058,352 34,542 4.53 %3,039,227 36,074 4.82 %
Junior and other subordinated debentures428,348 8,592 8.05 %437,729 8,566 7.94 %
Total interest-bearing liabilities32,348,569 $224,243 2.78 %32,153,490 $222,248 2.80 %
Non-interest-bearing deposits13,122,635 13,238,678 
Other liabilities794,448 843,885 
Total liabilities46,265,652 46,236,053 
Common equity5,286,562 5,216,555 
Total liabilities and shareholders' equity$51,552,214 $51,452,608 
NET INTEREST INCOME (2)
$447,552 $426,098 
NET INTEREST SPREAD (2)
2.84 %2.69 %
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
3.75 %3.60 %
(1)Non-accrual loans and leases are included in the average balance.
(2)Tax-exempt investment security income was adjusted to a tax-equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.1 million for the three months ended June 30, 2025, consistent with approximately $1.1 for the three months ended March 31, 2025.

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Six Months Ended
June 30, 2025June 30, 2024
(dollars in thousands)Average BalanceInterest Income or ExpenseAverage Yields or RatesAverage BalanceInterest Income or ExpenseAverage Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale$62,999 $2,044 6.49 %$66,033 $2,153 6.52 %
Loans and leases (1)
37,663,046 1,114,861 5.96 %37,630,248 1,156,765 6.17 %
Taxable securities7,814,761 155,240 3.97 %7,960,102 160,447 4.03 %
Non-taxable securities (2)
807,648 15,785 3.91 %838,186 15,775 3.76 %
Temporary investments and interest-bearing cash1,457,145 32,211 4.46 %1,704,697 46,588 5.50 %
Total interest-earning assets (1), (2)
47,805,599 $1,320,141 5.56 %48,199,266 $1,381,728 5.75 %
Goodwill and other intangible assets1,486,692 1,603,686 
Other assets2,210,217 2,229,811 
Total assets$51,502,508 $52,032,763 
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits$8,425,683 $94,864 2.27 %$8,091,427 $105,268 2.62 %
Money market deposits11,694,209 141,128 2.43 %10,730,666 148,963 2.79 %
Savings deposits2,318,799 1,330 0.12 %2,621,909 1,644 0.13 %
Time deposits6,130,653 119,466 3.93 %6,447,865 149,867 4.67 %
Total interest-bearing deposits28,569,344 356,788 2.52 %27,891,867 405,742 2.93 %
Repurchase agreements and federal funds purchased200,625 1,929 1.94 %228,320 2,781 2.45 %
Borrowings3,048,122 70,616 4.67 %3,910,440 100,693 5.18 %
Junior and other subordinated debentures433,012 17,158 7.99 %420,428 19,734 9.44 %
Total interest-bearing liabilities32,251,103 $446,491 2.79 %32,451,055 $528,950 3.28 %
Non-interest-bearing deposits13,180,478 13,684,032 
Other liabilities819,040 950,619 
Total liabilities46,250,621 47,085,706 
Common equity5,251,887 4,947,057 
Total liabilities and shareholders' equity$51,502,508 $52,032,763 
NET INTEREST INCOME (2)
$873,650 $852,778 
NET INTEREST SPREAD (2)
2.77 %2.47 %
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
3.67 %3.54 %
(1)Non-accrual loans and leases are included in the average balance. 
(2)Tax-exempt investment security income was adjusted to a tax-equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $2.2 million for the six months ended June 30, 2025, as compared to approximately $2.0 million for the same period in 2024.
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The following table sets forth a summary of the changes in tax equivalent net interest income due to changes in average asset and liability balances (volume) and changes in average rates (rate) for the periods presented. Changes in tax equivalent interest income and expense, which are not attributable specifically to either volume or rate, are allocated proportionately between both variances.

Three Months EndedSix Months Ended
 
June 30, 2025 compared to March 31, 2025
June 30, 2025 compared to June 30, 2024
 Increase (decrease) in interest income and expense due to changes inIncrease (decrease) in interest income and expense due to changes in
  (in thousands)
VolumeRateTotalVolumeRateTotal
INTEREST-EARNING ASSETS:   
Loans held for sale$120 $54 $174 $(99)$(10)$(109)
Loans and leases(135)11,742 11,607 886 (42,790)(41,904)
Taxable securities2,359 9,921 12,280 (2,914)(2,293)(5,207)
Non-taxable securities (1)
(187)152 (35)(582)592 10 
Temporary investments and interest-bearing cash(636)59 (577)(6,248)(8,129)(14,377)
Total interest-earning assets (1)
1,521 21,928 23,449 (8,957)(52,630)(61,587)
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits910 690 1,600 4,148 (14,552)(10,404)
Money market deposits1,368 2,322 3,690 12,509 (20,344)(7,835)
Savings deposits(16)198 182 (183)(131)(314)
Time deposits(70)(1,882)(1,952)(7,174)(23,227)(30,401)
Repurchase agreements and federal funds purchased(141)122 (19)(669)(183)(852)
Borrowings281 (1,813)(1,532)(20,837)(9,240)(30,077)
Junior and other subordinated debentures(128)154 26 568 (3,144)(2,576)
Total interest-bearing liabilities2,204 (209)1,995 (11,638)(70,821)(82,459)
Net (decrease) increase in net interest income (1)
$(683)$22,137 $21,454 $2,681 $18,191 $20,872 
(1) Tax-exempt investment security income was adjusted to a tax-equivalent basis at a 21% tax rate.
Provision for Credit Losses 
 
Comparison of current quarter to prior quarter

The Company had a $29.4 million provision for credit losses for the three months ended June 30, 2025, as compared to a $27.4 million provision for the three months ended March 31, 2025. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the three months ended June 30, 2025 was 0.31%, as compared to 0.29% for the three months ended March 31, 2025. The change in provision for credit losses reflects credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.

For the three months ended June 30, 2025 and March 31, 2025, net charge-offs were $29.3 million. As an annualized percentage of average outstanding loans and leases, net charge-offs for the three months ended June 30, 2025 were 0.31%, as compared to 0.32% for the three months ended March 31, 2025. Net charge-offs in the FinPac portfolio were $14.2 million for the three months ended June 30, 2025, a $2.6 million decrease from the three months ended March 31, 2025. Net charge-offs, exclusive of the FinPac portfolio, were $15.2 million, as compared to $12.6 million in the prior period, which reflects the partial charge-off of two relationships with previously established reserves.

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Comparison of current year-to-date to prior year period

The Company had a $56.9 million provision for credit losses for the six months ended June 30, 2025, as compared to $49.0 million for the six months ended June 30, 2024. The increase was primarily driven by credit migration trends and changes in the economic forecasts used in credit models. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the six months ended June 30, 2025 was 0.30%, as compared to 0.26% for the six months ended June 30, 2024.

For the six months ended June 30, 2025, net charge-offs were $58.7 million, as compared to $74.4 million for the six months ended June 30, 2024. As an annualized percentage of average outstanding loans and leases, net charge-offs for the six months ended June 30, 2025 were 0.31%, as compared to 0.40% for the six months ended June 30, 2024. Net charge-offs in the FinPac portfolio were $30.9 million for the six months ended June 30, 2025, as compared to $48.5 million for the six months ended June 30, 2024, which is reflective of continued improvement in the transportation sector of the lease portfolio. Net charge-offs were $27.8 million for the Bank for the six months ended June 30, 2025, an increase of $1.8 million, as compared to the six months ended June 30, 2024.

Typically, loans in a non-accrual status will not have an ACL as they will be written down to their net realizable value or charged off. However, the net realizable value for homogeneous leases and equipment finance agreements are determined by the LGD calculated by the CECL model, and therefore homogeneous leases and equipment finance agreements on non-accrual will have an ACL amount until they become 181 days past due, at which time they are charged off. The non-accrual leases and equipment finance agreements of $19.4 million as of June 30, 2025 have a related ACL of $17.2 million, with the remaining loans written-down to the estimated fair value of the collateral, less estimated costs to sell, and are expected to be resolved with no additional material loss, absent further decline in market prices. 

Non-Interest Income 
 
The following table presents the key components of non-interest income and the related dollar and percentage change from period to period:
Three Months EndedSix Months Ended
(in thousands)June 30, 2025March 31, 2025Change AmountChange PercentJune 30, 2025June 30, 2024Change AmountChange Percent
Service charges on deposits$19,669 $19,301 $368 2 %$38,970 $34,567 $4,403 13 %
Card-based fees14,559 12,571 1,988 16 %27,130 27,864 (734)(3)%
Financial services and trust revenue5,842 5,187 655 13 %11,029 9,860 1,169 12 %
Residential mortgage banking revenue, net7,343 9,334 (1,991)(21)%16,677 10,482 6,195 59 %
Gain on sale of debt securities, net1 4 (3)(75)%5 11 (6)(55)%
Gain (loss) on equity securities, net 410 1,702 (1,292)(76)%2,112 (1,240)3,352 nm
Gain (loss) on loan and lease sales, net172 97 75 77 %269 (1,295)1,564 nm
Gain (loss) on certain loans held for investment, at fair value212 7,016 (6,804)(97)%7,228 (12,486)19,714 nm
Bank-owned life insurance income5,184 4,883 301 6 %10,067 9,344 723 8 %
Other income11,070 6,282 4,788 76 %17,352 17,953 (601)(3)%
Total non-interest income$64,462 $66,377 $(1,915)(3)%$130,839 $95,060 $35,779 38 %
nm = Not meaningful
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Comparison of current quarter to prior quarter

Gain on certain loans held for investment, at fair value for the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, decreased due to interest rate fluctuations between periods that resulted in a gain on the fair value of certain loans held for investment of $212,000, as compared to a gain of $7.0 million for the prior quarter.

Other income for the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, increased primarily due to interest rate fluctuations between periods that resulted in higher trading income and a favorable change of $1.3 million in swap customer fee revenue due to a higher transaction volumes in the current quarter compared to the prior quarter.

Comparison of current year-to-date to prior year period

Residential mortgage banking revenue increased during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The variance was driven by the MSR hedge gain of $5.0 million during the six months ended June 30, 2025, as compared to a loss of $5.9 million in the six months ended June 30, 2024, partially offset by interest rate fluctuations, which decreased the fair value of the MSR asset during the six months ended June 30, 2025.

Gain (loss) on certain loans held for investment, at fair value for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, increased due to interest rate fluctuations between periods that resulted in a gain on the fair value of certain loans held for investment of $7.2 million in the current period, as compared to a loss of $12.5 million in the prior year period.

Non-Interest Expense 
 
The following table presents the key elements of non-interest expense and the related dollar and percentage change from period to period:
Three Months EndedSix Months Ended
 (in thousands)June 30, 2025March 31, 2025Change AmountChange PercentJune 30, 2025June 30, 2024Change AmountChange Percent
Salaries and employee benefits$154,883 $145,239 $9,644 7 %$300,122 $299,604 $518 — %
Occupancy and equipment, net47,178 48,170 (992)(2)%95,348 90,438 4,910 5 %
Communications3,350 3,426 (76)(2)%6,776 7,190 (414)(6)%
Marketing2,805 3,397 (592)(17)%6,202 4,241 1,961 46 %
Services13,296 16,078 (2,782)(17)%29,374 28,022 1,352 5 %
FDIC assessments8,144 8,022 122 2 %16,166 24,124 (7,958)(33)%
Intangible amortization25,826 27,979 (2,153)(8)%53,805 61,321 (7,516)(12)%
Merger and restructuring expense8,186 14,379 (6,193)(43)%22,565 19,119 3,446 18 %
Legal settlement— 55,000 (55,000)(100)%55,000 — 55,000 nm
Other expenses14,327 18,432 (4,105)(22)%32,759 32,701 58 — %
Total non-interest expense$277,995 $340,122 $(62,127)(18)%$618,117 $566,760 $51,357 9 %
nm = Not meaningful

Comparison of current quarter to prior quarter

Salaries and employee benefits increased during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, driven by compensation accruals to salaries, annual merit increases, and incentive payouts earned during the quarter.

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Merger and restructuring expense decreased during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, mainly due to a decrease in restructuring expense as compared to the prior period, which included higher severance expense. The three months ended June 30, 2025 includes higher merger-related expense related to Columbia’s pending acquisition of Pacific Premier, as compared to the three months ended March 31, 2025. This upward trend is expected to continue as merger and integration activities progress.

Legal settlement decreased during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, due to the $55.0 million accrual related to a legal settlement reached in the first quarter of 2025 that was not repeated in the current quarter. Refer to Note 7 – Commitments and Contingencies for further information.
Comparison of current year-to-date to prior year period
FDIC assessments decreased during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due mainly to the $5.7 million in FDIC special assessment expense in the first half of 2024 that was not repeated in the current period.
Legal settlement increased during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due to the $55.0 million accrual related to a legal settlement reached in the first quarter of 2025. Refer to Note 7 – Commitments and Contingencies for further information.

Income Taxes 

The Company's effective tax rate for the three and six months ended June 30, 2025 was 25.1% and 27.0%, respectively, as compared to 30.1% for the three months ended March 31, 2025 and 26.0% for the six months ended June 30, 2024. The effective tax rates differed from the statutory rate principally because of state taxes, non-deductible compensation, nondeductible FDIC assessments, and income on tax-exempt investment securities and loans. The change to the effective tax rates for the three and six months ended June 30, 2025, as compared to prior periods, was primarily attributable to changes in non-deductible compensation.
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FINANCIAL CONDITION 
 
Debt Securities 
 
Investment debt securities available for sale were $8.7 billion as of June 30, 2025, compared to $8.3 billion as of December 31, 2024. The increase was primarily due to securities purchases of $547.6 million and an increase of $165.5 million in fair value of investment securities available for sale, due to lower rates during the period, partially offset by paydowns, calls, and maturities of $371.5 million.

The following tables present the par value, amortized cost, and fair values of debt securities as available for sale and held to maturity investment debt securities portfolio by major type as of the dates presented: 
June 30, 2025December 31, 2024
 (dollars in thousands) Current ParAmortized CostFair Value% of PortfolioCurrent ParAmortized CostFair Value% of Portfolio
Available for sale:  
U.S. Treasury and agencies$1,381,374 $1,391,854 $1,347,060 16 %$1,486,374 $1,495,542 $1,422,787 17 %
Obligations of states and political subdivisions1,100,168 1,041,810 1,014,883 12 %1,115,198 1,055,535 1,026,053 12 %
Mortgage-backed securities and collateralized mortgage obligations7,070,929 6,637,696 6,291,229 72 %6,701,037 6,307,252 5,825,775 71 %
Total available for sale securities$9,552,471 $9,071,360 $8,653,172 100 %$9,302,609 $8,858,329 $8,274,615 100 %
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations$3,026 $2,013 $2,585 100 %$3,186 $2,101 $2,703 100 %
Total held to maturity securities$3,026 $2,013 $2,585 100 %$3,186 $2,101 $2,703 100 %

We review investment securities on an ongoing basis for the presence of impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors.
 
As of June 30, 2025, the available for sale investment portfolio had gross unrealized losses of $459.8 million. Unrealized losses consisted primarily of unrealized losses on mortgage-backed securities and collateralized mortgage obligations of $379.3 million. The unrealized losses were attributable to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not attributable to changes in credit quality. In the opinion of management, no ACL was considered necessary on these debt securities as of June 30, 2025.
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Loans and Leases
 
Total loans and leases outstanding as of June 30, 2025 were $37.6 billion, a decrease of $43.9 million as compared to December 31, 2024. The decrease was primarily in residential and commercial loan balances, partially offset by an increase in CRE balances. The contraction was driven by loan payoffs and slower origination volume, partially offset by draws in CRE construction loans and growth in owner-occupied term CRE balances. The loan to deposit ratio was 90% at both June 30, 2025 and December 31, 2024.

The following table presents the concentration distribution of the loan and lease portfolio as of the dates presented:

June 30, 2025December 31, 2024
  (dollars in thousands)
Amount%Amount%
Commercial real estate    
Non-owner occupied term$6,189,992 16 %$6,278,154 17 %
Owner occupied term5,319,529 14 %5,270,294 14 %
Multifamily5,735,057 15 %5,804,364 15 %
Construction & development2,069,727 6 %1,983,213 5 %
Residential development286,175 1 %231,647 1 %
Commercial  
Term5,352,598 14 %5,537,618 15 %
Lines of credit & other2,950,782 8 %2,769,643 7 %
Leases & equipment finance1,641,450 4 %1,660,835 4 %
Residential  
Mortgage
5,829,833 15 %5,933,352 16 %
Home equity loans & lines2,082,766 6 %2,031,653 5 %
Consumer & other179,104 1 %180,128 1 %
Total, net of deferred fees and costs$37,637,013 100 %$37,680,901 100 %

Loan Origination/Risk Management

The Bank has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.

The Bank maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the appropriate committees of our Board of Directors. The loan review process evaluates that the risk identification and assessment decisions made by lenders and credit personnel are in line with our policies and procedures.

For a more comprehensive discussion of our loan and lease underwriting criteria, refer to discussion in the "Loans and Leases" section of Management's Discussion and Analysis included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Commercial Real Estate and Commercial Loans

CRE and commercial loans are the largest classifications within earning assets, representing 41% and 21%, respectively, of average earning assets at June 30, 2025 and 41% and 20%, respectively, at December 31, 2024.

Delinquency and non-accrual loan movements during the period reflect an anticipated move toward a normalized credit environment following a phase of exceptional high credit quality. Non-performing loans in the CRE and commercial portfolios include $37.1 million in government guarantees, which offsets our credit exposure in those portfolios.
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Commercial Real Estate Loans

The CRE portfolio includes loans to developers and institutional sponsors supporting income-producing or for-sale CRE properties. We mitigate our risk on these loans by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied real estate loans are based on cash flows from ongoing operations and the borrower must generally occupy more than 50% of rentable space or pay more than 50% of rents. As of June 30, 2025, approximately 27.1% of the outstanding principal balance of our CRE loan portfolio, which includes multifamily properties, were secured by owner-occupied properties.

As of June 30, 2025, the CRE loan portfolio was $19.6 billion, an increase of $32.8 million compared to December 31, 2024, driven by construction and development loan and line utilization. CRE concentrations are managed with a goal of optimizing relationship-driven commercial loans, as well as geographic, and business diversity, primarily in our footprint.

The following table provides detail on CRE loans by property type:
June 30, 2025December 31, 2024
(in thousands)Outstanding
Non-accrual (1)
% of Non-Accrual to total CREOutstanding
Non-accrual (1)
% of Non-Accrual to total CRE
CRE by property type:
Multifamily$7,302,361 $— — %$7,311,500 $— — %
Office2,851,123 10,030 0.05 %2,873,561 10,304 0.05 %
Industrial3,079,838 1,954 0.01 %2,981,161 5,010 0.03 %
Retail1,966,294 4,837 0.02 %2,000,141 2,389 0.01 %
Special Purpose1,302,143 5,100 0.03 %1,317,463 14,751 0.08 %
Hotel/Motel719,959 — — %724,271 13 — %
Other2,378,762 8,818 0.04 %2,359,575 6,865 0.03 %
Total CRE loans$19,600,480 $30,739 0.16 %$19,567,672 $39,332 0.20 %
(1) CRE non-accrual loans are inclusive of government guarantees of $16.5 million and $16.3 million as of June 30, 2025 and December 31, 2024, respectively.

The following table provides detail on the geographic distribution of our CRE portfolio as of the periods indicated:
June 30, 2025December 31, 2024
(in thousands)Amount% of totalAmount% of total
Southern California$3,748,366 19 %$3,752,705 19 %
Puget Sound3,733,558 19 %3,712,306 19 %
Oregon Other2,843,742 15 %2,908,835 15 %
Portland Metro2,677,593 14 %2,643,814 14 %
Northern California (excluding the Bay Area)1,964,240 10 %2,027,906 10 %
Bay Area1,345,320 7 %1,404,444 7 %
Washington Other1,345,150 7 %1,297,715 7 %
Other1,942,511 9 %1,819,947 9 %
Total CRE loans$19,600,480 100 %$19,567,672 100 %

Loans secured by multifamily properties, including construction, represented 19% of the total loan portfolio at both June 30, 2025 and December 31, 2024. These assets continue to perform well due to demand for rental properties in our geographic footprint. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax and rent control policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary geographic footprint in particular, could have an adverse impact on the repayment of these loans.

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Loans secured by office properties, which are predominantly located in suburban markets, represented approximately 8% of our total loan portfolio at both June 30, 2025 and December 31, 2024, and were comprised of 56% non-owner occupied, 41% owner occupied, and 3% construction loans at June 30, 2025, compared to 57% non-owner occupied, 40% owner occupied, and 3% construction loans at December 31, 2024.

The following table provides detail on the geographic distribution of our CRE secured by office properties:
June 30, 2025December 31, 2024
(in thousands)Amount% of totalAmount% of total
Southern California$547,373 19 %$582,112 20 %
Puget Sound566,101 20 %579,471 20 %
Oregon Other456,981 16 %459,815 16 %
Portland Metro354,132 12 %344,500 12 %
Northern California (excluding the Bay Area)307,089 11 %313,251 11 %
Bay Area158,292 6 %166,367 6 %
Washington Other166,985 6 %149,546 5 %
Other294,170 10 %278,499 10 %
Total CRE loans secured by office properties$2,851,123 100 %$2,873,561 100 %

Commercial Loans and Leases

Commercial loans are made to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, or other projects. We focus on borrowers doing business within our geographic markets. Commercial loans are generally underwritten individually and secured with the assets of the company and/or the personal guarantee of the business owners. Lease and equipment financing products are designed to address the diverse financing needs of small to large companies, primarily for the acquisition of equipment. As of June 30, 2025, commercial loans held in our loan portfolio were $9.9 billion, a decrease of $23.3 million compared to December 31, 2024, which is mainly attributable to paydowns during the period.

The leases and equipment finance portfolio represents approximately 17% of the commercial portfolio and 4% of the total loan portfolio as of June 30, 2025 and December 31, 2024. Net charge-offs in the FinPac lease portfolio were $14.2 million for the three months ended June 30, 2025, as compared to $16.8 million for the three months ended March 31, 2025, reflecting improvements in the trucking and transportation sector of the portfolio. Net charge-offs were up $2.7 million in the remaining commercial portfolio from the prior quarter, which reflects the charge-off of a loan with a previously established reserve.
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The following table provides detail on commercial loans and leases by industry type:
June 30, 2025December 31, 2024
(in thousands)Outstanding
Non-accrual (1)
% of Non-accrual to total commercialOutstanding
Non-accrual (1)
% of Non-accrual to total commercial
Commercial loans and leases by industry type:
Agriculture$906,848 $24,307 0.24 %$899,205 $7,289 0.07 %
Contractors811,029 6,502 0.07 %771,109 5,621 0.06 %
Dentist659,999 153 — %679,528 791 0.01 %
Finance/Insurance827,993 — — %742,712 — — %
Gaming806,617 299 — %827,865 1,775 0.02 %
Healthcare473,460 3,063 0.03 %471,093 2,380 0.02 %
Manufacturing666,782 2,702 0.03 %701,794 1,910 0.02 %
Professional352,725 1,860 0.02 %371,975 1,491 0.01 %
Public Admin576,780 48 — %598,462 19 — %
Rental and leasing640,405 448 — %640,247 210 — %
Retail267,470 10,582 0.11 %283,459 14,770 0.15 %
Support Services443,418 1,201 0.01 %437,001 1,413 0.01 %
Transportation/Warehousing739,071 10,311 0.10 %764,119 11,568 0.12 %
Wholesale770,028 1,938 0.02 %742,549 3,486 0.03 %
Other1,002,205 3,395 0.03 %1,036,978 4,423 0.05 %
Total commercial portfolio$9,944,830 $66,809 0.67 %$9,968,096 $57,146 0.57 %
(1) Commercial non-accrual loans and leases are inclusive of government guarantees of $20.6 million and $25.2 million as of June 30, 2025 and December 31, 2024, respectively.

Residential Real Estate Loans

Residential real estate loans represent mortgage loans and lines of credit to consumers for the purchase or refinance of a residence. As of June 30, 2025, residential real estate loans held in our loan portfolio were $7.9 billion, a decrease of $52.4 million as compared to December 31, 2024. The decrease was primarily attributable to greater originations of loans sold on the secondary market, rather than being retained in our loans held for investment portfolio.

Consumer Loans

Consumer loans, including secured and unsecured personal loans, personal lines of credit, and motor vehicle loans, decreased $1.0 million to $179.1 million as of June 30, 2025, as compared to December 31, 2024. The decrease was due to normal business activity.

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Asset Quality and Non-Performing Assets 

The Bank manages asset quality and controls credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration department is charged with monitoring asset quality, establishing credit policies and procedures, and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases, and larger credits, designed to identify potential charges to the ACL, and to determine the adequacy of the ACL, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions, and other factors.

The following table summarizes our non-performing assets, the ACL, and asset quality ratios as of the dates presented:
(dollars in thousands)
June 30, 2025December 31, 2024
Non-performing assets: (1)
Loans and leases on non-accrual status
Commercial real estate$30,739 $39,332 
Commercial66,809 57,146 
Total loans and leases on non-accrual status97,548 96,478 
Loans and leases past due 90 days or more and accruing (2)
Commercial real estate361 — 
Commercial5,581 4,684 
Residential (2)
73,607 65,552 
Consumer & other337 179 
Total loans and leases past due 90 days or more and accruing (2)
79,886 70,415 
Total non-performing loans and leases (1), (2)
177,434 166,893 
Other real estate owned2,818 2,666 
Total non-performing assets (1), (2)
$180,252 $169,559 
ACLLL$420,907 $424,629 
Reserve for unfunded commitments18,076 16,168 
ACL$438,983 $440,797 
Asset quality ratios:  
Non-performing assets to total assets (1), (2)
0.35 %0.33 %
Non-performing loans and leases to total loans and leases (1), (2)
0.47 %0.44 %
Non-accrual loans and leases to total loans and leases (2)
0.26 %0.26 %
ACLLL to total loans and leases1.12 %1.13 %
ACL to total loans and leases1.17 %1.17 %
ACL to non-accrual loans and leases450 %457 %
ACL to total non-performing loans and leases247 %264 %
(1) Non-accrual and 90+ days past due loans include government guarantees of $37.1 million and $30.7 million, respectively, as of June 30, 2025. As of December 31, 2024, non-accrual and 90+ days past due loans include government guarantees of and $41.5 million and $32.1 million, respectively.
(2) Excludes certain mortgage loans guaranteed by GNMA, which Columbia has the unilateral right to repurchase but has not done so, totaling $2.0 million as of June 30, 2025 and $2.4 million at December 31, 2024.
 
As of June 30, 2025 there were $113.1 million or 0.30% of total loans, modified due to borrowers experiencing financial difficulties, compared to $110.7 million or 0.29% as of December 31, 2024. A decline in economic conditions and other factors could adversely impact individual borrowers or the loan portfolio in general. Accordingly, there can be no assurance that loans will not become 90 days or more past due, placed on non-accrual status, restructured, or transferred to other real estate owned in the future. As of June 30, 2025, there was an increase in non-performing loans representative of a more normalized credit environment.

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ALLOWANCE FOR CREDIT LOSSES
 
The ACL represents management's best estimate of lifetime credit losses for loans and leases and unfunded commitments. The ACL totaled $439.0 million as of June 30, 2025, a decrease of $1.8 million from $440.8 million as of December 31, 2024. The changes in the ACL estimate during the three and six months ended June 30, 2025, reflect credit migration trends, changes in the economic assumptions used in the credit models, and a recalibration of the CRE, residential mortgage, and home equity line of credit CECL models in the first quarter of 2025.

The following table shows the activity in the ACL for the periods indicated:
Three Months EndedSix Months Ended
(dollars in thousands)June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Allowance for credit losses on loans and leases
Balance, beginning of period$421,495 $424,629 $424,629 $440,871 
Provision for credit losses on loans and leases28,757 26,187 54,944 52,236 
 Charge-offs:
Commercial real estate(77)(119)(196)(746)
Commercial(33,073)(32,611)(65,684)(80,793)
Residential(285)(303)(588)(994)
Consumer & other(1,164)(1,080)(2,244)(3,421)
Total charge-offs(34,599)(34,113)(68,712)(85,954)
 Recoveries:
Commercial real estate71 19 90 909 
Commercial4,676 4,336 9,012 8,930 
Residential187 98 285 581 
Consumer & other320 339 659 1,098 
Total recoveries5,254 4,792 10,046 11,518 
 Net (charge-offs) recoveries:
Commercial real estate(6)(100)(106)163 
Commercial(28,397)(28,275)(56,672)(71,863)
Residential(98)(205)(303)(413)
Consumer & other(844)(741)(1,585)(2,323)
 Total net charge-offs(29,345)(29,321)(58,666)(74,436)
Balance, end of period$420,907 $421,495 $420,907 $418,671 
Reserve for unfunded commitments
Balance, beginning of period$17,384 $16,168 $16,168 $23,208 
Provision (recapture) for credit losses on unfunded commitments 692 1,216 1,908 (3,280)
Balance, end of period18,076 17,384 18,076 19,928 
Total allowance for credit losses$438,983 $438,879 $438,983 $438,599 
As a percentage of average loans and leases (annualized):
Net charge-offs0.31 %0.32 %0.31 %0.40 %
Provision for credit losses0.31 %0.29 %0.30 %0.26 %
Recoveries as a percentage of charge-offs15.19 %14.05 %14.62 %13.40 %


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The following table shows the change in the ACL from March 31, 2025 to June 30, 2025:
(dollars in thousands)March 31, 2025
Q2 2025 net (charge-offs)
Reserve (release) buildJune 30, 2025% of loans and leases outstanding
Commercial real estate$176,158 $(6)$(8,665)$167,487 0.85 %
Commercial221,492 (28,397)34,588 227,683 2.29 %
Residential34,161 (98)2,006 36,069 0.46 %
Consumer & other7,068 (844)1,520 7,744 4.32 %
Total ACL$438,879 $(29,345)$29,449 $438,983 1.17 %
% of loans and leases outstanding1.17 %1.17 %

To calculate the ACL, the CECL models use a forecast of future economic conditions and are dependent upon specific macroeconomic variables that are relevant to each of the Bank's loan and lease portfolios, as well as qualitative factors to address uncertainty not measured within the quantitative analysis. In estimating the June 30, 2025 ACL, the Bank used Moody's Analytics' May 2025 consensus economic forecast to project the variables used in the models and used upward qualitative overlays, in both the commercial and CRE portfolios, to align with the S2 scenario. The 2025 consensus forecast reflects a deterioration in macroeconomic conditions, including lower projected GDP growth and higher expected unemployment rates, relative to the December 31, 2024 ACL calculation. Refer to Note 4 – Allowance for Credit Losses for further information. Refer to Note 1 – Summary of Significant Accounting Policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for a description of the ACL methodology.

The models for calculating the ACL are sensitive to changes to economic variables, which could result in volatility as these assumptions change over time. We believe that the ACL as of June 30, 2025 is sufficient to absorb losses inherent in the loan and lease portfolio and in credit commitments outstanding as of that date based on the information available. If the economic conditions decline, the Bank may need additional provisions for credit losses in future periods.

The following table sets forth the allocation of the ACLLL and percent of loans and leases in each category to total loans and leases as of the date presented: 
June 30, 2025December 31, 2024
(dollars in thousands)Amount%Amount%
Commercial real estate$159,823 52 %$154,413 52 %
Commercial219,862 26 %218,668 26 %
Residential34,590 21 %44,700 21 %
Consumer & other6,632 1 %6,848 1 %
Total ACLLL$420,907 100 %$424,629 100 %

Residential Mortgage Servicing Rights 
 
The following table presents the changes in our residential MSR portfolio for the periods indicated:

Three Months EndedSix Months Ended
  (in thousands)
June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Balance, beginning of period$105,663 $108,358 $108,358 $109,243 
Additions for new MSR capitalized2,077 1,429 3,506 2,777 
Changes in fair value:
Changes due to collection/realization of expected cash flows over time(3,113)(3,141)(6,254)(6,336)
Changes due to valuation inputs or assumptions (1)
(1,764)(983)(2,747)4,355 
Balance, end of period$102,863 $105,663 $102,863 $110,039 
(1) The changes in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates.

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The following table presents information related to our residential serviced loan portfolio as of the dates presented: 
(dollars in thousands)June 30, 2025December 31, 2024
Balance of loans serviced for others$7,851,562 $7,939,445 
MSR as a percentage of serviced loans1.31%1.36%

Residential MSR are adjusted to fair value quarterly with the change recorded in residential mortgage banking revenue on the Condensed Consolidated Statements of Income. The value of servicing rights can fluctuate based on changes in interest rates and other factors. Generally, as interest rates decline and borrowers are able to take advantage of a refinance incentive, prepayments increase, and the total value of existing servicing rights declines as expectations of future servicing fee collections decline. Historically, the fair value of our residential MSR will increase as market rates for mortgage loans rise and decrease if market rates fall.

Goodwill and Other Intangible Assets

As of June 30, 2025 and December 31, 2024, the Company had $1.0 billion in goodwill. Goodwill is recorded in connection with business combinations and represents the excess of the purchase price over the estimated fair value of the net assets acquired. There were no changes to goodwill during the period.

As of June 30, 2025, we had other intangible assets of $430.4 million, as compared to $484.2 million at December 31, 2024. As part of a business acquisition, the fair value of identifiable intangible assets such as core deposits, which includes all deposits except certificates of deposit, was recognized at acquisition date. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives. The core deposit intangible assets recorded are amortized on an accelerated basis over a period of 10 years using the sum-of-the-years-digits method. Intangible assets are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment losses have been recognized in the periods presented.

Deposits 

Total deposits were $41.7 billion as of June 30, 2025, an increase of $21.9 million as compared to December 31, 2024. The increase was due to our recent small business and retail deposits campaign, as well as an increase in brokered deposits, partially offset by a decrease in customer deposits, due in part to seasonally anticipated customer tax payments and owner distributions. Customers also continue to use their own cash to make investments in their businesses or pay down debt.

The following table presents the deposit balances by category as of the dates presented: 
June 30, 2025December 31, 2024
 (dollars in thousands)Amount%Amount%
By type:
Non-interest-bearing demand$13,219,631 32 %$13,307,905 32 %
Interest-bearing demand8,334,553 20 %8,475,693 20 %
Money market11,694,412 28 %11,475,055 27 %
Savings2,275,500 5 %2,360,040 6 %
Time, greater than $250,0001,099,101 3 %1,201,887 3 %
Time, $250,000 or less5,119,460 12 %4,900,152 12 %
Total deposits$41,742,657 100 %$41,720,732 100 %
Total deposits (insured/uninsured):
Insured deposits$27,651,088 66 %$27,692,457 66 %
Uninsured deposits (1)
14,091,569 34 %14,028,275 35 %
Total deposits$41,742,657 100 %$41,720,732 101 %
(1) Represents estimated uninsured deposits as calculated based on the methodologies and assumptions used for the Bank's Call Report less intercompany deposits, which are eliminated through consolidation, of $12.9 million and $5.2 million as of June 30, 2025 and December 31, 2024, respectively.

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The following table presents total deposits by the categories shown below as of the dates presented:
(in thousands)
June 30, 2025
December 31, 2024
Customer deposits$35,333,708 $35,565,779 
Public and administrative deposits3,059,355 3,124,017 
Brokered deposits3,349,594 3,030,936 
Total deposits$41,742,657 $41,720,732 

The Company's total core deposits, which are deposits, less time deposits greater than $250,000 and all brokered deposits, were $37.3 billion and $37.5 billion as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, total available liquidity was $18.6 billion, or 132% of estimated uninsured deposits.

Borrowings 
 
As of June 30, 2025, the Bank had outstanding securities sold under agreements to repurchase of $191.4 million, a decrease of $45.2 million from December 31, 2024. The Bank had outstanding borrowings consisting of advances from the FHLB of $3.4 billion as of June 30, 2025 and $3.1 billion as of December 31, 2024. The increase funded asset growth between December 31, 2024 and June 30, 2025. FHLB advances have fixed rates ranging from 4.45% to 4.52%, all of which will mature in 2025. Advances from the FHLB are secured by loans secured by real estate.

Junior and Other Subordinated Debentures 
 
We had junior and other subordinated debentures with carrying values of $430.6 million and $438.6 million as of June 30, 2025 and December 31, 2024, respectively. The decrease is mainly due to a decline of $7.7 million in fair value for the junior subordinated debentures elected to be carried at fair value. The change in fair value was driven by increases in credit spreads and changes in swap rates during the six months ended June 30, 2025. As of June 30, 2025, substantially all of the junior subordinated debentures had interest rates that are adjustable on a quarterly basis based on a spread over three-month term SOFR. The $10.0 million subordinated debenture matures in December 2025.

Liquidity and Cash Flow 
 
The principal objective of our liquidity management program is to maintain the Bank's ability to meet the day-to-day cash flow requirements of our customers who either wish to withdraw funds or to draw upon credit facilities to meet their cash needs. The Bank's liquidity strategy includes maintaining sufficient on-balance sheet liquidity to support balance sheet flexibility, fund growth in lending and investment portfolios, and deleverage non-deposit liabilities as economic conditions permit. As a result, the Company believes that it has sufficient cash and access to borrowings to effectively manage through the current economic conditions, as well as meet its working capital and other needs. The Company will continue to prudently evaluate and maintain liquidity sources, including the ability to fund future loan growth and manage our borrowing sources.

We monitor the sources and uses of funds daily to maintain an acceptable liquidity position. One source of funds includes public deposits. Individual state laws require banks to collateralize public deposits, typically as a percentage of their public deposit balance in excess of FDIC insurance. Public deposits represented 7% of total deposits as of both June 30, 2025 and December 31, 2024. The amount of collateral required varies by state and may also vary by institution within each state, depending on the individual state's risk assessment of depository institutions. Changes in the pledging requirements for uninsured public deposits may require pledging additional collateral to secure these deposits, drawing on other sources of funds to finance the purchase of assets that would be available to be pledged to satisfy a pledging requirement, or could lead to the withdrawal of certain public deposits from the Bank.

The Bank’s diversified deposit base provides a sizeable source of relatively stable and low-cost funding, while reducing the Bank’s reliance on the wholesale markets. Total core deposits were $37.3 billion as of June 30, 2025, compared with $37.5 billion at December 31, 2024. The Bank also has liquidity from excess bond collateral of $2.6 billion.

In addition to liquidity from core deposits and the repayments and maturities of loans and investment securities, the Bank can sell securities under agreements to repurchase, issue brokered certificates of deposit, or utilize off-balance sheet funding sources.

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The Bank maintains a substantial level of total available liquidity in the form of off-balance sheet funding sources. These liquidity sources include capacity to borrow from uncommitted lines of credit, advances from the FHLB, and the Federal Reserve Bank’s Discount Window. Availability of the uncommitted lines of credit is subject to federal funds balances available for loan and continued borrower eligibility. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage.

The following table presents total off-balance sheet liquidity as of the date presented:
June 30, 2025
(dollars in thousands)Gross AvailabilityUtilizationNet Availability
FHLB lines$11,008,750 $3,475,775 $7,532,975 
Federal Reserve Discount Window6,105,290 — 6,105,290 
Uncommitted lines of credit600,000 — 600,000 
Total off-balance sheet liquidity$17,714,040 $3,475,775 $14,238,265 

The following table presents total available liquidity as of the date presented:
(dollars in thousands)
June 30, 2025
Total off-balance sheet liquidity$14,238,265 
Cash and cash equivalents, less reserve requirements1,745,806 
Excess bond collateral2,568,184 
Total available liquidity$18,552,255 

The Company is a separate entity from the Bank and must provide for its own liquidity. Substantially all of the Company's revenues are obtained from dividends declared and paid by the Bank. There were $180.0 million of dividends paid by the Bank to the Company during the six months ended June 30, 2025. There are statutory and regulatory provisions that limit the ability of the Bank to pay dividends to the Company. FDIC and Oregon Division of Financial Regulation approval is required for quarterly dividends from the Bank to the Company.

Although we expect the Bank's and the Company's liquidity positions to remain satisfactory during 2025, it is possible that our deposit balances may not be maintained at previous levels due to pricing pressure or customers' behavior in the current economic environment. In addition, in order to generate deposit growth, our pricing may need to be adjusted in a manner that results in increased interest expense on deposits. We may utilize borrowings or other funding sources, which are generally more costly than deposit funding, to support our liquidity levels.

Commitments and Other Contractual Obligations - The Company participates in many different contractual arrangements which may or may not be recorded on its balance sheet, under which the Company has an obligation to pay certain amounts, provide credit or liquidity enhancements or provide market risk support. Our material contractual obligations are primarily for time deposits and borrowings. As of June 30, 2025, time deposits totaled $6.2 billion, of which $6.1 billion mature in a year or less. Total FHLB advances of as June 30, 2025 were $3.4 billion, all of which mature within one year. The Company also has a $10.0 million subordinated debenture that matures within one year. These arrangements also include off-balance sheet commitments to extend credit, letters of credit and various forms of guarantees. As of June 30, 2025, our loan commitments were $10.0 billion, and letter of credit commitments were $321.2 million. A portion of the commitments will eventually result in funded loans and increase our profitability through net interest income when drawn and unused commitment fees prior to being drawn. Refer to Note 7 – Commitments and Contingencies for further information. Financing commitments, letters of credit and deferred purchase commitments are presented at contractual amounts and do not necessarily reflect future cash outflows as many are expected to expire unused or partially used.

Concentrations of Credit Risk 

Information regarding Concentrations of Credit Risk is included in Note 7 of the Notes to Condensed Consolidated Financial Statements.

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Capital Resources 
 
Shareholders' equity as of June 30, 2025 was $5.3 billion, an increase of $223.7 million from December 31, 2024. The increase in shareholders' equity during the six months ended June 30, 2025 was principally due to net income of $239.0 million and other comprehensive income of $128.2 million, partially offset by cash dividends paid of $152.6 million during the period.

The Company's dividend policy considers, among other things, earnings, regulatory capital levels, the overall payout ratio and expected asset growth to determine the amount of dividends declared, if any, on a quarterly basis. There is no assurance that future cash dividends on common shares will be declared or increased. We cannot predict the extent of the economic decline that could result in inadequate earnings, regulatory restrictions and limitations, changes to our capital requirements, or a decision to increase capital by retention of earnings, which may result in the inability to pay dividends at previous levels, or at all.

On May 16, 2025, Columbia declared a cash dividend in the amount of $0.36 per common share based on first quarter 2025 performance, which was paid on June 16, 2025.

The following table presents cash dividends declared and dividend payout ratios (dividends declared per common share divided by basic earnings per common share) for the periods indicated:
 Three Months EndedSix Months Ended
 June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Dividend declared per common share
$0.36 $0.36 $0.72 $0.72 
Dividend payout ratio49 %88 %63 %62 %

The Company is committed to managing capital to maintain strong protection for depositors and creditors and for maximum shareholder benefit. The Company also manages its capital to exceed regulatory capital requirements for banking organizations. The regulatory capital requirements effective for the Company follow Basel III, with the Company being subject to calculating its capital adequacy as a percentage of risk-weighted assets under the standardized approach. All regulatory ratios exceeded regulatory “well-capitalized” requirements.


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The following table shows the Company's consolidated and the Bank's capital adequacy ratios compared to the regulatory minimum capital ratio and the regulatory minimum capital ratio needed to qualify as a "well-capitalized" institution, as calculated under regulatory guidelines of the Basel III at the dates presented: 
 
ActualFor Capital Adequacy purposesTo be Well Capitalized
   (dollars in thousands) 
AmountRatioRatioRatio
June 30, 2025    
Total Capital (to Risk Weighted Assets)  
Consolidated$5,219,584 13.03 %8.00 %10.00 %
Bank$5,081,231 12.69 %8.00 %10.00 %
Tier I Capital (to Risk Weighted Assets)   
Consolidated$4,324,362 10.80 %6.00 %8.00 %
Bank$4,647,009 11.61 %6.00 %8.00 %
Tier I Common (to Risk Weighted Assets)
Consolidated$4,324,362 10.80 %4.50 %6.50 %
Bank$4,647,009 11.61 %4.50 %6.50 %
Tier I Capital (to Average Assets)    
Consolidated$4,324,362 8.56 %4.00 %5.00 %
Bank$4,647,009 9.19 %4.00 %5.00 %
December 31, 2024    
Total Capital (to Risk Weighted Assets) 
Consolidated$5,082,012 12.75 %8.00 %10.00 %
Bank$4,951,381 12.42 %8.00 %10.00 %
Tier I Capital (to Risk Weighted Assets)   
Consolidated$4,200,595 10.54 %6.00 %8.00 %
Bank$4,530,964 11.37 %6.00 %8.00 %
Tier I Common (to Risk Weighted Assets)
Consolidated$4,200,595 10.54 %4.50 %6.50 %
Bank$4,530,964 11.37 %4.50 %6.50 %
Tier I Capital (to Average Assets)    
Consolidated$4,200,595 8.31 %4.00 %5.00 %
Bank$4,530,964 8.97 %4.00 %5.00 %
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Item 3.    Quantitative and Qualitative Disclosures about Market Risk 
 
Our assessment of market risk as of June 30, 2025 indicates there are no material changes in the qualitative disclosures from those in our Annual Report on Form 10-K for the year ended December 31, 2024.

Interest Rate Simulation Impact on Net Interest Income

For the scenarios shown, the interest rate simulation assumes a parallel and sustained shift in market interest rates over a twelve-month period and no change in the composition or size of the balance sheet.

The scenarios are as of the dates presented:
June 30, 2025December 31, 2024
Year 1Year 2 Year 1Year 2
Up 300 basis points(1.5)%0.2 %(0.5)%(0.1)%
Up 200 basis points(0.9)%0.2 %(0.3)%— %
Up 100 basis points(0.5)%0.1 %(0.1)%— %
Down 100 basis points0.6 %— %0.1 %(0.2)%
Down 200 basis points1.5 %(0.1)%0.4 %(0.4)%
Down 300 basis points2.4 %(0.6)%1.1 %(0.7)%

An interest rate simulation model is used to estimate the sensitivity of net interest income to changes in market interest rates. The simulation model does not take into account any future actions management could undertake to mitigate the impact of interest rate changes or the impact a change in interest rates may have on our credit risk profile, loan prepayment estimates and spread relationships, which can change regularly. Actions we could undertake include, but are not limited to, growing or contracting the balance sheet, changing the composition of the balance sheet, or changing our pricing strategies for loans or deposits.

Simulation results indicate limited exposure to interest rate risk in either increasing or decreasing rate environments. The June 30, 2025 sensitivity in the most plausible down rate scenario is less than 1%, consistent with the position at December 31, 2024.

The short-term interest rate environment is primarily a function of the monetary policy of the Federal Reserve Board. The federal funds rate, the basis for overnight funding and driver of the short end of the yield curve, was unchanged during the second quarter of 2025. Longer maturities are influenced by the market’s expectations for economic growth and inflation but can also be influenced by Federal Reserve purchases and sales and expectations of monetary policy going forward.

Based on the FOMC Members’ median expectations for the federal funds target rate, the federal funds rate is projected to decline through 2026.

Economic Value of Equity

Another interest rate sensitivity measure we utilize is the quantification of economic value changes for all financial assets and liabilities, given an increase or decrease in market interest rates. This approach provides a longer-term view of interest rate risk, capturing all future expected cash flows.

The table below illustrates the effects of various instantaneous rate changes on the fair values of financial assets and liabilities compared to the corresponding carrying values and fair values as of the dates presented:
June 30, 2025December 31, 2024
Up 300 basis points(13.6)%(15.3)%
Up 200 basis points(8.8)%(9.6)%
Up 100 basis points(4.3)%(4.7)%
Down 100 basis points3.9 %4.5 %
Down 200 basis points6.6 %8.2 %
Down 300 basis points6.9 %10.3 %
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Our EVE analysis indicates a liability sensitive profile in increasing interest rate scenarios. This suggests a sudden or sustained increase in market interest rates would result in a decrease in our estimated EVE, as the decrease in the economic value of our interest-earning assets exceeds the economic value change of interest-bearing liabilities. In declining interest rate scenarios, our EVE increases. This occurs as the increase in the economic value of interest-earning assets exceeds the decline in economic value of interest-bearing liabilities, including the core deposit intangible. As of June 30, 2025, our estimated EVE (fair value of financial assets and liabilities) was above our book value of equity primarily due to the economic value of the core deposit intangible.

Item 4.    Controls and Procedures 
 
Our management, including our Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, has concluded that our disclosure controls and procedures are effective in timely alerting them to information relating to us that is required to be included in our periodic filings with the SEC. The disclosure controls and procedures were last evaluated by management as of June 30, 2025.

No change in internal control over financial reporting occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II.     OTHER INFORMATION 

Item 1.    Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 7 – Commitments and Contingencies—Legal Proceedings and Regulatory Matters, and incorporated herein by reference.
 
Item 1A.    Risk Factors 
 
Refer to "Part I—Item 1A—Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of risk factors relating to the Company's business. These factors could materially and adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this Quarterly Report on Form 10-Q. The Company believes that there has been no material change in its risk factors as previously disclosed in the Company's Form 10-K for the year ended December 31, 2024 other than as set forth below.

The Merger Agreement may be terminated in accordance with its terms and the Mergers may not be completed.

The Merger Agreement is subject to a number of conditions which must be fulfilled in order to complete the Mergers. Those conditions include, among other things, the absence of any order, injunction, decree, or other law preventing or making illegal the completion of the Mergers, the Bank Merger or any of the other transactions contemplated by the Merger Agreement. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (a) subject to applicable materiality standards, the accuracy of the representations and warranties of the other party, (b) the performance in all material respects by the other party of its obligations under the Merger Agreement and (c) the receipt by each party of an opinion from its counsel to the effect that the Mergers will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986.

These conditions to the closing of the Merger may not be fulfilled in a timely manner or at all, and, accordingly, the Mergers may not be completed. In addition, the parties can mutually decide to terminate the Merger Agreement at any time, or Columbia or Pacific Premier may unilaterally elect to terminate the Merger Agreement in certain other circumstances.

Failure to complete the Mergers could negatively impact Columbia.

If the Mergers are not completed for any reason there may be various adverse consequences and Columbia may experience negative reactions from the financial markets and from its customers and employees. For example, Columbia’s business may have been impacted adversely by the failure to pursue other beneficial opportunities due to the focus of management on the Mergers, without realizing any of the anticipated benefits of completing the Mergers. Also, Columbia has devoted significant internal resources to the pursuit of the Mergers and the expected benefit of those resource allocations would be lost if the Mergers are not completed. Additionally, if the Merger Agreement is terminated, the market price of Columbia’s common stock could decline to the extent that current market prices reflect a market assumption that the Mergers will be beneficial and will be completed. Columbia also could be subject to litigation related to any failure to complete the Mergers or to proceedings commenced against Columbia to perform its obligations under the Merger Agreement. If the Merger Agreement is terminated under certain circumstances, Columbia may be required to pay a termination fee of $75 million to Pacific Premier.

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Combining Columbia and Pacific Premier may be more difficult, costly or time-consuming than expected, and Columbia may fail to realize the anticipated benefits of the Mergers.

Columbia and Pacific Premier have operated and, until the completion of the Mergers, will continue to operate independently. The success of the Mergers, including anticipated benefits and cost savings, will depend, in part, on our ability to successfully combine and integrate the businesses of Columbia and Pacific Premier in a manner that permits growth opportunities and does not materially disrupt the existing customer relations nor result in decreased revenues due to loss of customers. It is possible that the integration process could result in the loss of key employees, the disruption of either company’s ongoing businesses or inconsistencies in standards, controls, procedures, and policies that adversely affect the combined company’s ability to maintain relationships with clients, customers, depositors, and employees or to achieve the anticipated benefits and cost savings of the Mergers. The loss of key employees could adversely affect Columbia’s ability to successfully conduct its business, which could have an adverse effect on Columbia’s financial results and the value of its common stock. If Columbia experiences difficulties with the integration process, the anticipated benefits of the Mergers may not be realized fully or at all, or may take longer to realize than expected. As with any merger of financial institutions, there also may be business disruptions that cause Columbia or Pacific Premier to lose customers or cause customers to remove their accounts from Columbia or Pacific Premier and move their business to competing financial institutions. Integration efforts between the two companies will also divert management attention and resources. These integration matters could have an adverse effect on each of Columbia and Pacific Premier during this transition period and for an undetermined period after completion of the Mergers on the combined company. In addition, the actual cost savings of the Mergers could be less than anticipated.

The combined company may be unable to retain Columbia and/or Pacific Premier personnel successfully after the Mergers are completed.

The success of the Mergers will depend in part on the combined company’s ability to retain the talent and dedication of key employees currently employed by Columbia and Pacific Premier. It is possible that these employees may decide not to remain with Columbia or Pacific Premier, as applicable, while the Mergers are pending or with the combined company after the Mergers are consummated. If Columbia and Pacific Premier are unable to retain key employees, including management, who are critical to the successful integration and future operations of the companies, Columbia and Pacific Premier could face disruptions in their operations, loss of existing customers, loss of key information, expertise, or know-how and unanticipated additional recruitment costs. In addition, following the Mergers, if key employees terminate their employment, the combined company’s business activities may be adversely affected, and management’s attention may be diverted from successfully hiring suitable replacements, all of which may cause the combined company’s business to suffer. Columbia and Pacific Premier also may not be able to locate or retain suitable replacements for any key employees who leave either company.

Columbia will be subject to business uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers on employees and customers may have an adverse effect on Columbia. These uncertainties may impair Columbia’s ability to attract, retain and motivate key personnel until the Mergers are completed, and could cause customers and others that deal with Columbia to seek to change existing business relationships with Columbia. In addition, subject to certain exceptions, Columbia has agreed to operate its business in the ordinary course prior to closing in all material respects. These restrictions may prevent Columbia from pursuing attractive business opportunities that may arise prior to the completion of the Mergers.

Columbia has incurred and is expected to incur substantial costs related to the Mergers and integration.

Both Columbia and Pacific Premier will incur substantial expenses in connection with the negotiation and completion of the transactions contemplated by the Merger Agreement. These costs include legal, financial advisory, accounting, consulting, and other advisory fees, retention, severance and employee benefit-related costs, public company filing fees and other regulatory fees, financial printing and other printing costs, closing, integration, and other related costs. Some of these costs are payable by Columbia regardless of whether or not the Mergers are completed.

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Shareholder litigation related to the Mergers could prevent or delay the completion of the Mergers, result in the payment of damages or otherwise negatively impact the business and operations of Columbia.

Shareholders may bring claims in connection with the proposed Mergers and, among other remedies, may seek damages or an injunction preventing the Mergers from closing. If any plaintiff were successful in obtaining an injunction prohibiting Columbia or Pacific Premier from completing the Mergers or any other transactions contemplated by the Merger Agreement, then such injunction may delay or prevent the effectiveness of the Mergers and could result in costs to Columbia, including costs in connection with the defense or settlement of any shareholder lawsuits filed in connection with the Mergers. Further, such lawsuits and the defense or settlement of any such lawsuits may have an adverse effect on the financial condition and results of operations of Columbia.

The Merger Agreement limits Columbia’s ability to pursue acquisition proposals.

The Merger Agreement prohibits Columbia from initiating, soliciting, knowingly encouraging, or knowingly facilitating certain third-party acquisition proposals. These provisions might discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of Columbia from considering or proposing such an acquisition.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
 
(a)Not applicable
 
(b)Not applicable 

(c)The following table provides information about repurchases of Columbia common stock by the Company during the quarter ended June 30, 2025: 
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 Number of Shares that May be Purchased at Period End under the Plan (2)
04/01/25 - 04/30/25
69,946 $24.90 — — 
05/01/25 - 05/31/25
4,029 $25.61 — — 
06/01/25 - 06/30/25
632 $23.44 — — 
Total for quarter74,607 $24.93 —  
 
(1)Common shares repurchased by the Company during the quarter consist of cancellation of 74,607 shares to be issued upon vesting of restricted stock units and awards to pay withholding taxes.

(2)The Company does not currently have a share repurchase authorization from its Board of Directors.

Item 3.    Defaults upon Senior Securities
 
Not applicable 

Item 4.    Mine Safety Disclosures 

Not applicable 

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Item 5.    Other Information

Rule 10b5-1 or Non-Rule 10b5-1 Trading Arrangements

During the second quarter of 2025 none of our directors or officers adopted or terminated a trading plan intended to satisfy Rule 10b5-1 or any "non-Rule 10b5-1 trading arrangement," as defined in Item 408 of Regulation S-K.

Certain of our officers and directors have made elections to participate in, and are participating in, our 401(k) and profit sharing plan and have made, and may from time to time make, elections to (i) have shares withheld to cover withholding taxes or (ii) have dividends from Columbia common stock reinvested into Columbia common stock, (iii) have a portion of their 401(k) account contributions used to purchase Columbia common stock, or (iv) participate in the employee stock purchase plan, which may be intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

On August 4, 2025, the Board of Directors of the Company amended and restated the Company's Amended and Restated Bylaws to remove certain corporate governance provisions that were added to the Company's Amended and Restated Bylaws in connection with the Umpqua Merger (the "Amendment"). The Amendment removed provisions from the Company's Amended and Restated Bylaws related to (i) the roles of the Company's Chief Executive Officer and former Executive Chair, and (ii) the headquarters and name of the Company and the Bank.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws of the Company, a copy of which is attached hereto as Exhibit 3.2 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.
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Item 6.    Exhibits
 
Exhibit #DescriptionLocation
2.1
Agreement and Plan of Merger, dated as of April 23, 2025, by and among the Company, Pacific Premier, and Balboa Merger Sub, Inc.
Incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on April 25, 2025
3.1
Restated Articles of Incorporation
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
Amended and Restated Bylaws
Filed herewith
4.1
Specimen Common Stock Certificate
Incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-3 filed on December 19, 2008
4.2Pursuant 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.
31.1
Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002
Filed herewith
31.2
Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002
Filed herewith
31.3
Certification of Principal Accounting Officer under Section 302 of the Sarbanes-Oxley Act of 2002
Filed herewith
32
Certification of Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Filed herewith
101.INSInline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included in Exhibit 101)
** Management contract or compensatory plan or arrangement
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SIGNATURES 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 
 
COLUMBIA BANKING SYSTEM, INC.
(Registrant) 
DatedAugust 6, 2025
/s/ Clint E. Stein
 Clint E. Stein
President and Chief Executive Officer
DatedAugust 6, 2025/s/ Ronald L. Farnsworth
 Ronald L. Farnsworth
Executive Vice President, Chief Financial Officer and Principal Financial Officer
DatedAugust 6, 2025/s/ Lisa M. White
 
Lisa M. White
Executive Vice President, Corporate Controller and Principal Accounting Officer

81

Source: View Original Filing on SEC EDGAR

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Columbia Bank

NASDAQ:COLB

COLB Rankings

#1894 Ranked by Market Cap
#526 Ranked by Dividends

COLB Latest News

Aug 6, 2025
Columbia Banking System and Pacific Premier Bancorp Announce Regulatory Approvals and Anticipated Merger Closing Date
Jul 24, 2025
COLUMBIA BANKING SYSTEM, INC. REPORTS SECOND QUARTER 2025 RESULTS
Jul 21, 2025
Columbia Banking System and Pacific Premier Bancorp Announce Shareholder and Stockholder Approval for Proposed Acquisition
Jun 30, 2025
Columbia Banking System Announces Date of Second Quarter 2025 Earnings Release and Conference Call
Jun 17, 2025
Umpqua Bank 2025 Business Barometer: U.S. Businesses Report Steady Outlook Amid Tariff, Economic Uncertainty

COLB Latest SEC Filings

Aug 6, 2025
[8-K] Columbia Banking Systems Inc Reports Material Event
Jul 31, 2025
[Form 4] Columbia Banking Systems Inc Insider Trading Activity
Jul 24, 2025
[8-K] Columbia Banking Systems Inc Reports Material Event
Jul 23, 2025
[Form 4] Columbia Banking Systems Inc Insider Trading Activity
Jul 21, 2025
[8-K] Columbia Banking Systems Inc Reports Material Event

COLB Stock Data

5.08B
208.59M
0.72%
96.95%
4.81%
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