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Commission File Number: 000-20288 

 

(Exact Name of Registrant as Specified in Its Charter)

Washington			91-1422237
(State or Other Jurisdiction			(I.R.S. Employer Identification Number)
of Incorporation or Organization)

 

(Address of Principal Executive Offices)(Zip Code) 

 

(Registrant's Telephone Number, Including Area Code) 

Securities registered pursuant to Section 12(b) of the Act:

TITLE OF EACH CLASS			TRADING SYMBOL			NAME OF EXCHANGE
Common Stock, No Par Value			COLB			The 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: 208,575,786 shares outstanding as of October 31, 2023.

 

GLOSSARY						3
PART I.  FINANCIAL INFORMATION						4
Item 1.			Financial Statements (unaudited)			4
			Condensed Consolidated Balance Sheets (unaudited)			4
			Condensed Consolidated Statements of Operations (unaudited)			5
			Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)			6
			Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited)			7
			Condensed Consolidated Statements of Cash Flows (unaudited)			9
			Notes to Condensed Consolidated Financial Statements			11
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			57
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			84
Item 4.			Controls and Procedures			85
Part II.  OTHER INFORMATION						86
Item 1.			Legal Proceedings			86
Item 1A.			Risk Factors			86
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			86
Item 3.			Defaults Upon Senior Securities			86
Item 4.			Mine Safety Disclosures			86
Item 5.			Other Information			86
Item 6.			Exhibits			87
SIGNATURES						88

(1) Periods prior to February 28, 2023 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958.

(UNAUDITED) 

			Three Months Ended												Nine Months Ended
(in thousands, except per share amounts)			September 30, 2023						September 30, 2022						September 30, 2023						September 30, 2022
INTEREST INCOME
Interest and fees on loans and leases			$	569,670					$	278,830					$	1,535,874					$	727,908
Interest and dividends on investment securities:
Taxable			80,066						18,175						198,831						54,156
Exempt from federal income tax			6,929						1,322						17,143						4,063
Dividends			4,941						86						8,241						256
Interest on temporary investments and interest bearing deposits			34,407						5,115						87,604						9,387
Total interest income			696,013						303,528						1,847,693						795,770
INTEREST EXPENSE
Interest on deposits			126,974						9,090						290,995						17,021
Interest on securities sold under agreement to repurchase and federal funds purchased			1,220						545						2,697						674
Interest on borrowings			77,080						798						186,848						897
Interest on junior and other subordinated debentures			9,864						5,491						27,605						12,641
Total interest expense			215,138						15,924						508,145						31,233
Net interest income			480,875						287,604						1,339,548						764,537
PROVISION FOR CREDIT LOSSES			36,737						27,572						158,290						51,068
Net interest income after provision for credit losses			444,138						260,032						1,181,258						713,469
NON-INTEREST INCOME
Service charges on deposits			17,410						12,632						48,176						36,226
Card-based fees			15,674						9,115						40,670						28,353
Financial services and trust revenue			4,651						27						10,460						65
Residential mortgage banking revenue, net			7,103						17,341						12,577						108,671
Gain on sale of debt securities, net			4						—						4						2
Loss on equity securities, net			(2,055)						(2,647)						(336)						(7,383)
Gain on loan and lease sales, net			1,871						1,525						3,253						5,165
Bank owned life insurance income			4,440						2,023						11,293						6,220
Other (losses) income			(5,117)						(10,571)						12,297						(12,670)
Total non-interest income			43,981						29,445						138,394						164,649
NON-INTEREST EXPENSE
Salaries and employee benefits			159,041						109,164						458,531						333,244
Occupancy and equipment, net			43,070						35,042						135,320						104,430
Communications			4,589						2,542						11,972						7,881
Marketing			2,886						1,505						5,882						5,552
Services			14,341						13,355						41,278						39,094
FDIC assessments			11,200						3,007						28,892						10,477
Intangible amortization			29,879						1,025						78,092						3,076
Merger-related expenses			18,938						769						164,485						5,719
Other expenses			20,203						11,555						51,072						30,495
Total non-interest expense			304,147						177,964						975,524						539,968
Income before provision for income taxes			183,972						111,513						344,128						338,150
Provision for income taxes			48,127						27,473						88,944						84,362
Net income			$	135,845					$	84,040					$	255,184					$	253,788
Earnings per common share (1):
Basic			$0.65						$0.65						$1.34						$1.96
Diluted			$0.65						$0.65						$1.33						$1.96
Weighted average number of common shares outstanding (1):
Basic			208,070						129,319						190,997						129,262
Diluted			208,645						129,733						191,546						129,702

(1) Periods prior to February 28, 2023 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958.