Residential mortgage banking revenue, net

148,814

134,259

85,825

24,108

16,789

106,859

Gain on sale of debt securities, net

24

13

2

(Loss) gain on equity securities, net

(392)

2,300

(7,099)

(Loss) gain on loan and lease sales, net

(2,853)

4,414

6,696

Bank-owned life insurance income

18,760

15,624

8,253

Noninterest Income, Other Operating Income

22,505

30,528

(1,008)

Total non-interest income

210,966

203,927

199,528

NON-INTEREST EXPENSE

Salaries and employee benefits

588,830

616,103

441,226

Occupancy and equipment, net

182,372

183,480

138,451

Communications

13,871

16,252

10,429

Marketing

11,036

11,399

6,540

Services

57,614

57,641

51,323

FDIC assessments

41,577

71,402

13,964

Intangible amortization

119,431

111,296

4,095

Merger and restructuring expense

23,713

171,659

17,356

Other expenses

66,250

73,468

51,566

Total non-interest expense

1,104,694

1,312,700

734,950

Income before provision for income taxes

718,750

471,199

450,578

Provision for income taxes

185,075

122,484

113,826

Basic (in dollars per share)

$ 533,675

$ 348,715

$ 336,752

Earnings per common share (1):

$ 2.56

$ 1.79

$ 2.60

^[1]

Diluted (in dollars per share)

$ 2.55

$ 1.78

$ 2.60

^[1]

Weighted average number of common shares outstanding (1):

Basic (in shares)

208,463

195,304

129,277

^[1]

Diluted (in shares)

209,337

195,871

129,732

^[1]

Service charges on deposits

$ 71,517

$ 65,525

$ 48,365

Card-based Fees

Financial services and trust revenue

57,089

55,263

37,370

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 20,208

$ 13,471

$ 90

[1]	Periods prior to February 28, 2023 were restated in 2023 as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 533,675	$ 348,715	$ 336,752
Available for sale securities:
Unrealized (losses) gains arising during the period	(150,783)	109,221	(548,193)
Income tax benefit (expense) related to unrealized (losses) gains	39,204	(28,411)	140,995
Reclassification adjustment for net realized gains in earnings	(24)	(13)	(2)
Income tax expense related to realized gains	6	3	1
Net change in unrealized (losses) gains for available for sale securities	(111,597)	80,800	(407,199)
Junior subordinated debentures, at fair value:
Unrealized (losses) gains arising during the period	(14,812)	7,866	(28,842)
Income tax benefit (expense) related to unrealized (losses) gains	3,851	(2,045)	7,418
Net change in unrealized (losses) gains for junior subordinated debentures, at fair value	(10,961)	5,821	(21,424)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent [Abstract]
Amortization of unrecognized net actuarial loss included in net periodic pension cost	973	136	0
Income tax expense related to unrecognized actuarial loss	(253)	(35)	0
Net change in pension plan liability adjustment	720	101	0
Other comprehensive (loss) income, net of tax	(121,838)	86,722	(428,623)
Comprehensive income (loss)	$ 411,837	$ 435,437	$ (91,871)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss)

Beginning balance at Dec. 31, 2021

129,065,476

$ 2,749,270

$ 3,444,849

$ (697,338)

$ 1,759

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss), net of tax

336,752

(428,623)

Stock-based compensation

9,753

$ 9,753

Stock repurchased and retired (in shares)

(120,380)

Stock repurchased and retired

(4,163)

$ (4,163)

Issuances of common stock under stock plans (in shares)

375,866

Issuances of common stock under stock plans

54

$ 54

Ending balance at Dec. 31, 2022

2,479,826

$ 3,450,493

(543,803)

(426,864)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends, Common Stock, Cash

^[1]

(183,217)

129,320,962

Other comprehensive income (loss), net of tax

348,715

86,722

Stock issued in connection with the Merger

2,339,278

Stock-based compensation

18,073

$ 18,073

Stock repurchased and retired (in shares)

(263,835)

Stock repurchased and retired

(6,282)

$ (6,282)

Issuances of common stock under stock plans (in shares)

605,988

Issuances of common stock under stock plans

$ 0

Issuances of common stock under the employee stock purchase plan (In Shares)

58,000

58,440

Issuances of common stock under the employee stock purchase plan

$ 1,185

Stock related to Merger (in shares)

78,863,112

Ending balance at Dec. 31, 2023

$ 4,995,034

$ 5,802,747

(467,571)

(340,142)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends, Common Stock, Cash

^[1]

$ (272,483)

(272,483)

208,584,667

Other comprehensive income (loss), net of tax

$ 533,675

533,675

(121,838)

Stock-based compensation

20,426

$ 20,426

Stock repurchased and retired (in shares)

(285,355)

Stock repurchased and retired

$ (5,715)

Issuances of common stock under stock plans (in shares)

1,237,011

Issuances of common stock under stock plans

$ 0

Issuances of common stock under the employee stock purchase plan (In Shares)

0

Issuances of common stock under the employee stock purchase plan

$ 0

Ending balance at Dec. 31, 2024

5,118,224

$ 5,817,458

(237,254)

$ (461,980)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends, Common Stock, Cash

$ (303,358)

Statement of Stockholders' Equity [Abstract]

209,536,323

[1]	Periods prior to February 28, 2023 were restated in 2023 as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Cash dividends on common stock (in dollars per share)

$ 1.44

$ 1.43

^[1]

$ 1.40

^[1]

[1]	Periods prior to February 28, 2023 were restated in 2023 as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 533,675	$ 348,715	$ 336,752
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense	30,839	12,895	14,383
(Accretion) amortization of investment (discounts) premiums, net	(78,465)	(67,702)	6,601
Gain on sale of investment securities, net	(24)	(13)	(2)
Provision for credit losses	105,924	213,199	84,016
Change in cash surrender value of bank-owned life insurance	(19,083)	(15,962)	(8,353)
Depreciation, amortization and accretion	149,869	144,252	28,305
Gain on sale of premises and equipment	(2,908)	(31,472)	(2,747)
Additions to residential mortgage servicing rights carried at fair value	(6,452)	(5,347)	(24,137)
Change in fair value of residential mortgage servicing rights carried at fair value	7,337	23,816	(37,265)
Stock-based compensation	20,426	18,073	9,753
Net (increase) decrease in equity and other investments	(1,530)	(448)	1,156
Loss (gain) on equity securities, net	392	(2,300)	7,099
(Gain) loss on sale of loans and leases, net	(4,982)	(10,200)	1,953
Change in fair value of loans held for sale	(19)	341	10,670
Origination of loans held for sale	(563,918)	(441,568)	(1,839,466)
Proceeds from sales of loans held for sale	528,206	602,634	2,076,548
Change in other assets and liabilities:
Net (increase) decrease in other assets	(38,088)	(24,163)	169,540
Net (decrease) increase in other liabilities	(2,333)	(94,910)	230,223
Net cash provided by operating activities	658,866	669,840	1,065,029
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities available for sale	(69,611)	(926,216)	(276,812)
Proceeds from investment securities available for sale	552,369	1,694,850	396,100
Purchases of restricted equity securities	(144,001)	(290,817)	(180,543)
Redemption of restricted equity securities	173,251	260,697	144,315
Net change in loans and leases	(516,630)	(1,335,189)	(3,744,493)
Proceeds from sales of loans and leases	145,680	748,264	148,978
Change in premises and equipment	35,665	(40,688)	27,086
Proceeds from bank-owned life insurance death benefits	5,804	4,799	4,339
Purchase of bank-owned life insurance	0	28,243	0
Proceeds from sale of mortgage servicing rights	0	57,305	0
Cash received in the Merger	0	274,587	0
Other	3,374	1,011	2,110
Net cash provided by (used in) investing activities	114,571	501,736	(3,533,092)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposit liabilities	113,712	(651,130)	470,945
Net decrease in federal funds purchased	0	(14,000)	0
Net decrease in securities sold under agreements to repurchase	(15,492)	(126,675)	(183,478)
Proceeds from borrowings	4,900,000	17,350,000	1,650,000
Repayment of borrowings	(5,750,000)	(16,586,522)	(750,000)
Net proceeds from issuance of common stock	0	1,185	54
Dividends paid on common stock	(300,221)	(270,261)	(182,273)
Repurchase and retirement of common stock	(5,715)	(6,282)	(4,163)
Net cash (used in) provided by financing activities	(1,057,716)	(303,685)	1,001,085
Net (decrease) increase in cash and cash equivalents	(284,279)	867,891	(1,466,978)
Cash and cash equivalents, beginning of period	2,162,534	1,294,643	2,761,621
Cash and cash equivalents, end of period	1,878,255	2,162,534	1,294,643
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	1,077,870	692,991	71,209
Income taxes	101,476	138,910	71,804
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes	(111,597)	80,800	(407,199)
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes	(10,961)	5,821	(21,424)
Transfer of loans to loans held for sale	0	118,085	0
Transfer of loans held for sale to loans held for investment	2,746	5,754	25,057
Umpqua Bank and Columbia Banking System Merger
Asset Acquisition [Line Items]
Assets acquired	0	19,230,586	0
Liabilities assumed	0	(17,920,542)	0
Net assets acquired	$ 0	$ 1,310,044	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Nature of Operations-Columbia Banking System, Inc. is headquartered in Tacoma, Washington, and is engaged primarily in the business of commercial and consumer banking. The Company provides a broad range of banking and other financial services to corporate, institutional, small business, and individual customers through its wholly-owned banking subsidiary Umpqua Bank. The Bank has a wholly-owned subsidiary, Financial Pacific Leasing, Inc., which is a commercial equipment leasing company.

The Company and its subsidiaries are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies.

Basis of Financial Statement Presentation-On February 28, 2023, UHC merged with and into Columbia, with Columbia continuing as the surviving legal corporation. Promptly following the Merger, Columbia’s wholly-owned bank subsidiary, Columbia State Bank, merged with and into UHC’s wholly-owned bank subsidiary, Umpqua Bank, with Umpqua Bank as the surviving bank. Upon completion of the Merger, the combined company became Columbia Banking System, Inc. (together with its direct and indirect subsidiaries, "we," "us," "our," "Columbia" or the "Company"), which is a financial holding company with its wholly-owned banking subsidiary Umpqua Bank (the "Bank").

The Merger was accounted for as a reverse merger using the acquisition method of accounting; therefore, UHC was deemed the acquirer for financial reporting purposes, even though Columbia was the legal acquirer. The Merger was effectively an all-stock transaction and was accounted for as a business combination. Columbia's financial results for any periods ended prior to February 28, 2023, the Merger Date, reflect UHC results only on a standalone basis. Accordingly, Columbia's reported financial results for the three months ended March 31, 2023 reflect only UHC financial results through the closing of the Merger and may not be directly comparable to the prior or future reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in capital, and all references to share quantities or metrics of Columbia have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was accounted for as a reverse acquisition using the acquisition method of accounting. Under the reverse acquisition method of accounting, the assets and liabilities of Columbia were recorded at their respective fair values as of February 28, 2023 ("historical Columbia"). Refer to Note 2 – Business Combination for additional information on this acquisition.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with prevailing practices within the banking and securities industries. In preparing such financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the ACL and goodwill.

Consolidation-The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has wholly-owned trusts that were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements as they are considered to be variable interest entities for which the Company is not a primary beneficiary. As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company's Consolidated Balance Sheets as junior subordinated debentures.

Subsequent events-The Company has evaluated events and transactions through the date that the consolidated financial statements were issued for potential recognition or disclosure.

Business Combinations-The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity recognizes the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes prevailing valuation techniques appropriate for the asset or liability being measured in determining these fair values. This method often involves estimates based on third-party valuations or internal valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value if the fair value can be determined during the measurement period. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. Fair values are subject to refinement over the measurement period, not to exceed one year after the closing date.

Cash and Cash Equivalents-Cash and cash equivalents include cash and due from banks and temporary investments which are interest-bearing balances due from other banks. Cash and cash equivalents generally have a maturity of 90 days or less at the time of purchase.

Equity and Other Securities-Equity and other securities are carried at fair value with realized and unrealized gains or losses recorded in non-interest income.

Investment Securities Available for Sale-Debt securities are classified as available for sale if the Company intends and has the ability to hold those securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell a debt security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned.

Securities available for sale are carried at fair value. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Unrealized holding gains or losses are included in other comprehensive income as a separate component of shareholders' equity, net of tax. When the fair value of an available-for-sale debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding ACL, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves, the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired available-for-sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding ACL.

Loans Held for Sale-Loans held for sale represent residential mortgage loans intended to be sold in the secondary market and non-mortgage loans that management has an active plan to sell. The Company has elected to account for residential mortgage loans held for sale at fair value and non-mortgage loans at the lower of cost or fair value. Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding, resulting in revaluation adjustments to the recorded fair value. The inputs used in the fair value measurements are considered Level 2 inputs. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income. Interest income on loans held for sale is included in interest income on the Consolidated Statements of Income and recognized when earned. Loans held for sale are placed on non-accrual in a manner consistent with loans held for investment. The Company recognizes the gain or loss on the sale of loans when the sales criteria for derecognition are met.

Loans and Leases-Loans are stated at the amount of unpaid principal, net of unearned income and any deferred fees or costs. All discounts and premiums are recognized over the contractual life of the loan as yield adjustments. Origination and commitment fees and direct loan origination costs for loans and leases held for investment are deferred and recognized as an adjustment to the yield over the life of the loans and leases. The recognition of these net deferred fees is accelerated at loan payoff, if earlier than the life of the loan.

Leases are recorded at the amount of minimum future lease payments receivable and estimated residual value of the leased equipment, net of unearned income and any deferred fees. Initial direct costs related to lease originations are deferred as part of the investment in direct financing leases and amortized over their term using the effective interest method. Unearned lease income is amortized over the lease term using the effective interest method.

Loans and leases purchased or acquired through business combinations without more-than-insignificant credit deterioration are recorded at their fair value at the acquisition date. However, loans and leases purchased with more-than-insignificant credit deterioration will be recorded with their applicable ACL to determine the amortized cost basis. The difference between the fair value and principal balance is recognized as an adjustment to the yield over the remaining life of the loan and lease. The Company periodically sells loans through either securitizations or individual loans sales from its portfolio to maintain a balanced and healthy loan portfolio, enhance liquidity, and manage credit risk.

Non-Accrual and Past Due Loans and Leases-Loans and leases are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. Loans are classified as non-accrual if the collection of principal and interest is doubtful. Generally, this occurs when a loan is past due beyond its maturity, principal payment, or interest payment due date by 90 days or more, unless such loans are well-secured and in the process of collection. Loans that are less than 90 days past due may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt.

Generally, when a loan is classified as non-accrual, all uncollected accrued interest is reversed from interest income and the accrual of interest income is discontinued. In addition, any cash payments subsequently received are applied as a reduction of principal outstanding. In cases where the future collectability of the principal balance in full is expected, interest income may be recognized on a cash basis. A loan may be restored to accrual status when the borrower's financial condition improves so that full collection of future contractual payments is considered likely. For those loans placed on non-accrual status due to payment delinquency, return to accrual status will typically not occur until the borrower demonstrates repayment ability over a period of not less than six months.

Modifications to Borrowers Experiencing Financial Difficulty-A debtor is considered to be experiencing financial difficulty when there is significant doubt about the debtor’s ability to make required payments on the debt or to get equivalent financing from another creditor at a market rate for similar debt. The Company may modify the contractual terms of loans and leases to a borrower experiencing financial difficulties as a way to mitigate loss, proactively work with borrowers in financial difficulty, or to comply with regulations regarding the treatment of certain bankruptcy filing and discharge situations.

Modifications to borrowers in financial difficulty may include term extensions, interest rate reductions, principal or interest forgiveness, an other-than-insignificant payment delay, or any combination of these. The Company closely monitors the performance of loans and leases that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Loans and leases are considered to be in payment default at 90 days or more days past due. Loans and leases with modifications to borrowers experiencing financial difficulty are subject to policies governing accrual/non-accrual evaluation consistent with all other loans of the same product types. As such, modifications to troubled borrowers may include loans remaining on non-accrual, moving to non-accrual, or continuing on accrual status, depending on the individual facts and circumstances.

Allowance for Credit Losses-ASC Topic 326 requires an expected loss model, which encompasses allowances for credit losses expected to be incurred over the contractual life of loans measured at amortized cost, including unfunded commitments. The estimate of current expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. To calculate the ACL, management uses models to estimate the PD and LGD for loans, utilizing inputs that include forecasted future economic conditions and specific macroeconomic variables relevant to each of the Bank’s loan and lease portfolios. Moody's Analytics, a third party, supplies the historical and forward-looking macroeconomic data utilized in the models used to calculate the ACL.

The Company utilizes complex models to obtain reasonable and supportable forecasts. Most of the models calculate two predictive metrics: the PD and LGD. The PD measures the probability that a loan will default within a given time horizon and primarily measures the adequacy of the debtor's cash flow as the primary source of repayment of the loan or lease. The LGD is the expected loss which would be realized presuming a default has occurred and primarily measures the value of the collateral or other secondary sources of repayment related to the collateral. Acquired and newly originated loans and leases that have not been modeled receive a loss rate via an extrapolated rate methodology.

Historical loss experience is the starting point for estimating expected credit losses. Adjustments are made to historical loss experience to reflect differences in asset-specific risk characteristics, such as underwriting standards, portfolio mix or asset terms, and differences in economic conditions – both current conditions and reasonable and supportable forecasts. When the Company is not able to make or obtain reasonable and supportable forecasts for the entire life of the financial asset, it has estimated expected credit losses for the remaining life using an approach that reverts to historical credit loss information for the longer-term portion of the asset's life. The allowance related to the extrapolated population is based on loan segment, PD credit classification, and vintage year of the modeled loans and leases. A loss factor is calculated and applied to the non-modeled loans and leases.

In calculating the ACL, the Bank considered the financial and economic environment at the time of assessment and economic scenarios that differed in the levels of severity and sensitivity to the ACL results. At each measurement date, the Bank selects the scenario that reflects its view of future economic conditions and is determined to be the most probable outcome. All forecasts are updated for each variable where applicable and incorporated as relevant into the ACL calculation. Actual credit loss results and the timing thereof will differ from the estimate of credit losses, either in a strong economy or a recession, as the portfolio will change through time due to growth, risk mitigation actions and other factors. In addition, the scenarios used will differ and change through time as economic conditions change. Economic scenarios might not capture deterioration or improvement in the economy timely enough for the Bank to be able to adequately address the impact to the ACL.

The ACL is measured on a collective (pool) basis when similar characteristics exist. The Company has selected models at the portfolio level using a risk-based approach, with larger, more complex portfolios having more complex models. Except as noted below, the macroeconomic variables that are inputs to the models are reasonable and supportable over the life of the loans in that they reasonably project the key economic variables in the near term and then converge to a long-run equilibrium trend. These models produce reasonable and supportable estimates of loss over the life of the loans as the projected credit losses will also converge to a steady state in line with the variables applied.

The following provides credit quality indicators and risk elements most relevant in monitoring and measuring the ACL on loans for each of the loan portfolio segments identified:

•Commercial Real Estate: Non-owner occupied commercial real estate, multifamily, and commercial construction loans are analyzed using a model that uses four primary property variables: net operating income, property value, property type, and location. For PD estimation, the model simulates potential future paths of net operating income given commercial real estate market factors determined from macroeconomic and regional commercial real estate forecasts. Using the resulting expected debt service coverage ratios, together with predicted loan-to-values and other variables, the model estimates PD from the range of conditional possibilities. In addition, the model estimates maturity PD capturing refinance default risk to produce a total PD for the loan. The model estimates LGD, inclusive of principal loss and liquidation expenses, empirically using predicted loan-to-value as well as certain market and other factors. The LGD calculation also includes a separate maturity risk component. The primary economic drivers in the model are GDP growth, U.S. unemployment rate, and 10-Year Treasury yield. These economic drivers are translated into a forecast, provided by Moody's Analytics' REIS, of real estate metrics, such as rental rates, vacancies, and cap rates. The model produces PD and LGD on a quarter-by-quarter basis for the life of loan.

The owner-occupied commercial real estate portfolio utilizes a top-down macroeconomic model using logistic regression. This model produces portfolio level quarterly net charge-off rates according to the macroeconomic scenario over a reasonable and supportable two-year forecast. The primary economic drivers for this model are commercial real estate price index and a five-state average unemployment rate. The model utilizes output reversion methodology, which after two years reverts on a straight-line basis over one year to the long run historical average net charge-off rate.

•Commercial: Non-homogeneous commercial loans and leases and residential development loans are analyzed in a multi-step process. An initial PD is estimated using a model driven by an obligor's selected financial statement ratios, together with cycle-adjusting information based on the obligor's state and industry. An initial LGD is derived separately based on collateral type using collateral value and a haircut to reflect the loss in liquidation. Another model then applies an auto-regression technique to the initial PD and LGD metrics to estimate the PD and LGD curves according to the macroeconomic scenario. The primary economic drivers in the model are GDP growth and commercial real estate price index.

The model for the homogeneous lease and equipment finance agreement portfolio uses lease and equipment finance agreement information, such as origination and performance, as well as macroeconomic variables to calculate PD and LGD values. The PD calculation is based on survival analysis while LGD is calculated using a two-step regression. The model calculates LGD using an estimate of the probability that a defaulted lease or equipment finance agreement will have a loss, and an estimate of the loss amount. The primary economic drivers for the model are U.S. unemployment rate, the 5-year treasury rate, value of construction put in place, consumer price index, and a home price growth index. The model produces PD and LGD curves at the lease or equipment finance agreement level for each month in the forecast horizon.

•Residential: The models for residential real estate and HELOCs utilize loan level variables, such as origination and performance, as well as macroeconomic variables to calculate PD and LGD. The U.S. unemployment rate and home price growth rate indexes are primary economic drivers in both the residential real estate and HELOC models. In addition, the prime rate is also a primary driver in the HELOC model. The models focus on establishing an empirical relationship between default probabilities and a set of loan-level, borrower, and macroeconomic credit risk drivers. The LGD calculation for residential real estate is based on an estimate of the probability that a defaulted loan will have a loss, and then an estimate of the loss amount. HELOCs utilize the same model using residential real estate LGD values to assign loans to cohorts based on FICO scores and loan age. The model produces PD and LGD curves at the loan level for each quarter in the forecast horizon.

•Consumer: Historical net charge-off information as well as economic assumptions are used to project loss rates for the Consumer segment.

Loans and leases that have not been included in the models based on portfolio type are assigned a loss rate through an extrapolation methodology. This methodology applies to certain loans acquired through mergers, newly originated loans and leases, and those lacking the detailed data required for the primary models. The extrapolation methodology involves calculating loss rates through the modeling process. These loss rates are determined based on the vintage year, credit classification, and reporting category of the loans and leases. The calculated loss factors are then applied to the excluded loans and leases and evaluated qualitatively to ensure reasonability and compliance with CECL.

Along with the quantitative factors, qualitative factors are also considered in determining the ACL. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but are not fully captured within the expected credit loss models. These factors may include adjustments for changes in policies, procedures, personnel, and unforeseen events affecting key inputs and assumptions within the Bank’s expected credit loss models.

Loss factors from the models, prepayment speeds, and qualitative factors are input into the Company's CECL accounting application, which aggregates the information. The Company then uses two methods to calculate the current expected credit loss: 1) the DCF method, which is used for all loans except lines of credit and 2) the non-DCF method, which is used for lines of credit due to the difficulty of calculating an effective interest rate when lines have yet to be drawn on. The DCF method utilizes the effective interest rate of individual assets to discount the expected credit losses adjusted for prepayments. The difference in the net present value and the amortized cost of the asset will result in the required allowance. The non-DCF method uses the exposure at default, along with the expected credit losses adjusted for prepayments to calculate the required allowance.

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 is determined by the LGD calculated by the CECL model and therefore leases and equipment finance agreements on non-accrual will have an ACL until they become 181 days past due, at which time they are charged-off. The Bank has elected to exclude accrued interest receivable from the measurement of its ACL given the well-defined non-accrual policies which results in timely reversal of outstanding interest through interest income.

Fluctuations in the allowance are reported in the Consolidated Statements of Income as a component of provision for credit losses. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The Bank has established an Allowance for Credit Losses Committee, which is responsible for, among other things, regularly reviewing the ACL methodology, including allowance levels, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ACL and could possibly result in additional charges to the provision for credit losses.

Collateral-Dependent Loan-A loan or lease is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. The Company's classification of CDLs includes: non-homogeneous non-accrual loans and leases; non-homogeneous loans and leases determined by individual credit review; homogeneous non-accrual leases and equipment finance agreements; and homogeneous real estate secured loans that have been charged down to net realizable value or the government guaranteed balance. Except for homogeneous leases and equipment finance agreements, the expected credit losses for CDLs will be measured using the fair value of the underlying collateral, adjusted for costs to sell when applicable, less the amortized cost basis of the financial asset. The Company may also use the loan's observable market price, if available. If the value of the CDL is determined to be less than the recorded amount of the loan, a charge-off will be taken. To determine the expected credit loss for homogeneous leases or equipment finance agreements, the LGD calculated by the CECL model will be utilized. When a homogeneous lease or equipment finance agreement becomes 181 days past due, it is fully charged-off.

Reserve for Unfunded Commitments-A RUC is maintained at a level that, in the opinion of management, is adequate to absorb expected losses associated with the Bank's commitment to lend funds under existing agreements, such as letters or lines of credit. The RUC calculation utilizes the ACLLL rates by segment, and utilization rates based on the economic expectations over the contractual life of the commitment adjusted for qualitative considerations, if necessary. The reserve is based on estimates and ultimate losses may vary from the current estimates. These estimates are evaluated on a regular basis and adjustments are reported in earnings in the periods in which they become known. Draws on unfunded commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for credit losses on loans and leases. Provisions for unfunded commitment losses are added to the RUC, which is included in the other liabilities section of the Consolidated Balance Sheets.

Restricted Equity Securities-Restricted equity securities consists mostly of the Bank's investment in Federal Home Loan Bank of Des Moines stock that is carried at par value, which reasonably approximates its fair value. As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on a specific percentage of total assets, with additional stock requirements based on use of FHLB products. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB.

Premises and Equipment-Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is allocated over the estimated useful life of equipment, generally three to ten years, and premises, up to 39 years, on a straight-line or accelerated basis. Generally, leasehold improvements are amortized or accreted over the life of the related lease, or the life of the related asset, whichever is shorter. Expenditures for major renovations and betterments of the Company's premises and equipment are capitalized. The Company purchases, as well as internally develops and customizes, certain software to enhance or perform internal business functions. Software development costs incurred in the preliminary project stages are charged to non-interest expense. Costs associated with designing software configuration, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over three to seven years. Implementation costs incurred for software that is part of a hosting arrangement are capitalized in other assets and amortized on a straight-line basis over the life of the contract. In addition to annual impairment reviews, management reviews long-lived assets anytime a change in circumstance indicates the carrying amount of these assets may not be recoverable.

Operating Leases-The Company leases branch locations, corporate office space, and equipment under non-cancelable leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with one or more options to renew, with renewal terms that can extend the lease term from one to ten years or more. The exercise of lease renewal options is at management's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain real estate to third parties. The Company's sublease portfolio consists of operating leases of mainly former branch locations or excess space in branch or corporate facilities. In addition to annual impairment reviews, management reviews right of use assets anytime a change in circumstances indicates the carrying amount of these assets may not be recoverable.

Operating Segments-Operating segments are components of a business for which separate financial information is available and regularly evaluated by the CODM to allocate resources and assess performance. The Company must report information about its operating segment in financial statements, including details about products and services, geographic activities, and major customers. The Company’s CODM manages and evaluates financial performance on a company-wide basis. As such, the Company has determined it has one reportable segment.

Goodwill and Other Intangibles-Intangible assets are comprised of goodwill and other intangibles acquired in business combinations. Goodwill is not amortized but instead is periodically tested for impairment. The Company performs a goodwill impairment analysis on an annual basis as of October 31 or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill is assessed for impairment at the reporting unit level either qualitatively or quantitatively. A significant amount of judgment is involved in determining if an indicator of impairment has occurred.

Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and also reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Amortization of intangible assets is included in non-interest expense on the Consolidated Statements of Income.

Mortgage Servicing Rights-The Company determines its classes of servicing assets based on the asset type being serviced along with the methods used to manage the risk inherent in the servicing assets, which includes the market inputs used to value servicing assets. Fair value adjustments encompass market-driven valuation changes and the runoff in value that occurs from the passage of time, which are separately disclosed. Under the fair value method, the MSR is carried in the balance sheet at fair value and the changes in fair value are reported in earnings under the caption residential mortgage banking revenue, net in the period in which the change occurs.

The expected life of the loans underlying the MSR can vary from management's estimates due to prepayments by borrowers, especially when rates change significantly. Prepayments outside of management's estimates would impact the recorded value of the residential MSR. The value of the MSR is also dependent upon the discount rate used in the model, which management reviews on an ongoing basis. An increase in the discount rate would reduce the value of the MSR.

Revenue Recognition-The Company's revenue within the contracts with customers guidance are presented within non-interest income and include service charges on deposits, card-based fees, merchant fee income, and financial services, brokerage revenue and trust revenue. These revenues are recognized when obligations under the terms of a contract with customers are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. When the amount of consideration is variable, the Company will only recognize revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in the future. Substantially all of the Company's contracts with customers have expected durations of one year or less and payments are typically due when or as the services are rendered or shortly thereafter. When third parties are involved in providing services to customers, the Company recognizes revenue on a gross basis when it has control over those services being provided to the customer; otherwise, revenue is recognized for the net amount of any fee or commission.

Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Revenue from contracts with customers is broadly segregated as follows:

•Service charges on deposits consist primarily of fees earned from deposit customers for account maintenance and transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied, and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposit accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer.

•Card-based fees are comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned when the Bank's customers' debit and credit cards are processed through card payment networks. The performance obligation is satisfied, and the fees are earned when the cost of the transaction is charged to the cardholders' debit or credit card. Certain expenses and rebates directly related to the credit and debit card interchange contract are recorded on a net basis with the interchange income.

•Financial services and trust revenue consists of brokerage revenue related to third-party revenue share agreements for commissions on brokerage services and trust revenue from trust administration and investment management services. Brokerage revenue is recognized when cash payment is received by the third party based on the net revenues earned on the products and services purchased in the month prior. Trust revenue is recognized monthly and based on the portfolio values at the end of the prior month.

•Other non-interest income includes a variety of other revenue streams including residential mortgage banking, net revenue, security gains and losses, loan sales gain and losses, BOLI income revenue, swap revenue, treasury management, and miscellaneous consumer fees. These revenue streams are not in the scope of revenue from contracts with customers guidance. Revenue is recognized when, or as, the performance obligation is satisfied. Inherent variability in the transaction price is not recognized until the uncertainty affecting the variability is resolved.

Income Taxes-Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized.

Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not." Uncertain tax positions that meet the "more likely than not" recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the DTA will or will not be realized. The Company's ultimate realization of the DTA is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables.

The Company earns Investment Tax Credits on certain equipment leases and uses the deferral method to account for these tax credits. Under this method, the Investment Tax Credits are recognized as a reduction of depreciation expense over the life of the asset.

Derivatives-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 loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. The Bank also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are hedged by simultaneously entering into an offsetting interest rate swap that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. The Bank also uses certain derivative financial instruments to offset changes in the value of its MSR. These derivatives consist primarily of interest rate futures and forward settling mortgage-backed securities. The Company considers all free-standing derivatives as economic hedges and recognizes these derivatives as either assets or liabilities in the balance sheet, and the Company requires measurement of those instruments at fair value through adjustments to current earnings. None of the Company's derivatives are designated as hedging instruments.

The fair value of the derivative residential mortgage loan commitments is estimated using the net present value of expected future cash flows. Assumptions used include pull-through rate assumption based on historical information, current mortgage interest rates, the stage of completion of the underlying application and underwriting process, direct origination costs yet to be incurred, the time remaining until the expiration of the derivative loan commitment, and the expected net future cash flows related to the associated servicing of the loan.

Stock-Based Compensation-The Company recognizes expense in its statement of income for the grant-date fair value of RSUs and RSAs issued over the requisite service period, which is generally the vesting period. Estimated forfeitures are included in the calculation of stock-based compensation expense, with actual forfeitures recognized as they occur.

RSAs and RSUs issued by the Company generally vest ratably over three years, with the related compensation expense recognized over this period. Certain performance-based awards are subject to performance-based and market-based vesting criteria, in addition to a requisite service period. These awards cliff vest based on the specified conditions at the end of three years, with compensation expense recognized over the service period to the extent the RSUs are expected to vest. Recipients of RSAs have voting rights, while recipients of RSUs do not. Unvested RSUs and RSAs accrue dividends, which are paid out upon vesting and issuance of common shares. The fair value of time-based and performance-based RSAs and RSUs is equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based performance RSUs is estimated on the grant date using the Monte Carlo simulation model.

Earnings per Common Share-Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. For all periods presented, unvested RSUs and RSAs are potentially dilutive instruments issued by the Company. Undistributed losses are not allocated to the unvested stock-based payment awards as the holders are not contractually obligated to share in the losses of the Company.

Fair Value Measurements-Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities measured or disclosed at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect estimates about market data. In general, fair values determined by Level 1 inputs utilize quoted prices for identical assets or liabilities traded in active markets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls was determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Application of new accounting guidance

Standard

Description

Effective Date

Effect on the Financial Statements or Other Significant Matters

ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also update the disclosures for equity securities subject to contractual restrictions.

Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023.

The Company adopted the guidance on January 1, 2024, using a prospective methodology, and it did not have a material impact on the Company's consolidated financial statements.

ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

The amendments in this ASU permit companies to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the statement of income as a component of income tax expense (benefit). The amendments also require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understand the investments that generate income tax credits and other income tax benefits from a tax credit program.

Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023.

The Company adopted the guidance on January 1, 2024, and it did not have a material impact on the Company’s consolidated financial statements. Refer to Note 25 – Income Taxes and Investment Tax Credits for additional information.

ASU No. 2023-07, Segment Reporting (Topic 280)

The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280.

Fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted the guidance for the fiscal year beginning January 1, 2024 for annual reporting. The amendments for interim periods will be adopted in our fiscal year beginning January 1, 2025. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Refer to Note 26 – Segment Reporting for additional information.

Recent accounting pronouncements

Standard

Description

Effective Date

Effect on the Financial Statements or Other Significant Matters

ASU No. 2023-06, Disclosure Improvements

The amendments in this ASU modify the disclosure or presentation requirements of a variety of topics in the codification. The amendments align the requirements in the codification with the SEC’s regulations.

Each amendment is effective on the date on which the SEC removes the related disclosure requirement from Regulation S-X or Regulation S-K, as applicable. For all entities within the scope of the affected codification subtopics, if, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the codification and will not become effective for any entities.

The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The amendments are intended to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU requires annual disclosure of the rate reconciliation of specific categories as well as additional information related to the reconciliation of certain items that meet a quantitative threshold and further disaggregation of income taxes paid.

Annual periods beginning after December 15, 2024.

The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures.

ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

These amendments are aimed to enhance the transparency and usefulness of financial information by requiring entities to break down significant expense categories in the notes to the financial statements. The amendments focus on the disaggregation of income statement expenses and specifically address the need for more detailed disclosures about expense categories.

Fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted.

The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

Business Combination

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combination

On February 28, 2023, the Company completed the Merger and UHC merged with and into Columbia, with Columbia continuing as the surviving legal corporation. Promptly following the Merger, Columbia’s wholly-owned bank subsidiary, Columbia State Bank, merged with and into UHC’s wholly-owned bank subsidiary, Umpqua Bank, with Umpqua Bank surviving the Merger. Refer to Note 1 – Summary of Significant Accounting Policies under the Basis of Financial Statement Presentation for more information pertaining to the completed Merger.

The Merger was accounted for as a reverse merger using the acquisition method of accounting; therefore, UHC was deemed the acquirer for financial reporting purposes, even though Columbia was the legal acquirer. The Merger was an all-stock transaction and has been accounted for as a business combination. Pursuant to the Merger Agreement, on the Merger Date, each holder of UHC common stock received 0.5958 of a share (the "Exchange Ratio") of Columbia's common stock for each share of UHC common stock held. Each outstanding share of common stock of Columbia remained outstanding and was unaffected by the Merger. As of the Merger Date and following the exchange of UHC common stock for Columbia common stock, Columbia had approximately 208.2 million shares of common stock outstanding. On the Merger Date, the shares of UHC common stock, which previously traded under the ticker symbol "UMPQ" on Nasdaq, ceased trading on, and were delisted from, Nasdaq. Following the Merger, Columbia common stock continues to trade on Nasdaq with the ticker symbol of "COLB".

As the legal acquirer, Columbia issued approximately 129.4 million shares of Columbia common stock in connection with the Merger, which represented approximately 62.1% of the voting interests in Columbia upon completion of the Merger. The purchase price in a reverse acquisition is determined based on the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition. Therefore, the first step in calculating the purchase price in the Merger is to determine the ownership of the combined company following the Merger.

The table below summarizes the ownership of the combined company, Columbia, following the Merger, as well as the market capitalization of the combined company using shares of Columbia and UHC common stock outstanding at February 28, 2023 and Columbia’s closing price of $29.73 on February 28, 2023.


	Columbia Ownership and Market Value Table (Pro Forma)
(in thousands)	Number of Columbia Outstanding Shares	Percentage Ownership		Market Value
Columbia shareholders	78,863	37.9	%	$	2,344,600
UHC shareholders	129,378	62.1	%	3,846,408
Total	208,241	100.0	%	$	6,191,008

Next, the hypothetical number of shares UHC would have to issue to give Columbia shareholders the same percentage ownership in the combined company is calculated in the table below (based on shares of UHC common stock outstanding at February 28, 2023):


	Hypothetical UHC Ownership
(in thousands)	Number of UHC Outstanding Shares	Percentage Ownership
Columbia shareholders	132,365	37.9	%
UHC shareholders	217,150	62.1	%
Total	349,515	100.0	%

Finally, the purchase price for purposes of the transaction accounting adjustments is calculated based on the number of hypothetical shares of UHC common stock issued to Columbia shareholders, multiplied by the share price as demonstrated in the table below (amounts in thousands except per share data):


Number of hypothetical UHC common shares issued to Columbia shareholders	132,365
UHC market price per share as of February 28, 2023	$	17.66
Purchase price determination of hypothetical UHC shares issued to Columbia shareholders	$	2,337,567
Value of Columbia RSUs hypothetically converted to shares	1,646
Cash in lieu of fractional shares	65
Purchase price consideration	$	2,339,278

The following table provides the purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Company. The estimates of fair value were recorded based on initial valuations available at the Merger Date and further adjusted in the second quarter based on additional information. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature. As of December 31, 2023, the Company finalized its valuation of all assets acquired and liabilities assumed in connection with the Merger.


(in thousands)		February 28, 2023
Purchase price consideration


	Total merger consideration			$	2,339,278
Fair value of assets acquired:
	Cash and due from banks	$	274,587

	Investment securities	6,226,102
	Loans held for sale	2,358
	Loans and leases	10,884,218
	Restricted equity securities	101,760
	Premises and equipment	203,270

	Other intangible assets	710,230

	Deferred tax asset	256,288
	Other assets	571,773
	Total assets acquired	$	19,230,586
Fair value of liabilities assumed:
	Deposits	$	15,193,474
	Securities sold under agreements to repurchase	70,025
	Borrowings	2,294,360
	Junior and other subordinated debentures	20,310

	Other liabilities	342,373
	Total liabilities assumed	$	17,920,542
Net assets acquired				1,310,044
Goodwill				$	1,029,234

In connection with the Merger, the Company recorded approximately $1.0 billion of goodwill. Goodwill represents the excess of the purchase price over the fair value of the assets acquired, net of fair value of liabilities assumed. None of the goodwill recognized was deductible for tax purposes. Information regarding the allocation of goodwill recorded as a result of the acquisition, as well as the carrying amounts and amortization of core deposit and other intangible assets, are provided in Note 9 – Goodwill and Other Intangible Assets of the Notes to Consolidated Financial Statements.

The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above.

Cash and due from banks: The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.

Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair value estimates are based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value is estimated based on pricing models and/or discounted cash flow methodologies.

Loans held for sale: The loans held for sale portfolio was recorded at fair value based on quotes or bids from third-party investors.

Loans and leases: A valuation of the loans held for investment portfolio was performed by a third party as of the Merger Date to assess the fair value. The loans held for investment portfolio was segmented into three groups, including performing PCD loans, non-performing PCD loans and non-PCD loans. The loans were further pooled based on loan type and risk rating bands. The loans were valued at the loan level using a discounted cash flow analysis. The analysis included projecting cash flows based on the contractual terms of the loans and the cash flows were adjusted to reflect credit loss expectations along with prepayments. Discount rates were developed based on the relative risk of the cash flows, taking into consideration the loan type, market rates as of the valuation date, recent originations in the portfolio, credit loss expectations, and liquidity expectations. Lastly, cash flows adjusted for credit loss expectations were discounted to present value and summed to arrive at the fair value of the loans.

The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since origination or issuance, at the purchase price plus the ACL expected at the time of acquisition. Under this method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected credit losses after acquisition are recognized in subsequent periods as provision for credit losses (or recapture of credit losses) arises. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit deterioration is allocated to each individual asset. At the acquisition date, the initial allowance for credit losses determined on a collective basis is allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the ACL, is accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date.

Of the $10.9 billion net loans acquired, $402.8 million were identified as PCD assets on the Merger Date. The following table provides a summary of these PCD loans at acquisition:


(in thousands)	February 28, 2023
Principal of PCD loans acquired	$	478,648
PCD ACL at acquisition	(26,492)
Non-credit discount on PCD loans	(49,337)
Fair value of PCD loans	$	402,819

Premises and equipment: The fair values of premises are based on a market approach, by obtaining third-party appraisals and broker opinions of value for land, office, and branch space.

Core deposit intangibles: Core deposit intangibles is a measure of certain core deposit products that are acquired in a business combination. The fair value of the core deposit intangibles stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. The fair value was estimated based on a discounted cash flow methodology that gave consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The intangible assets are being amortized over 10 years using the sum-of-years-digits, based upon the period over which estimated economic benefits are estimated to be received.

Deposits: The fair values used for the demand and savings deposits equal the amount payable on demand at the Merger Date. The fair values for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.

Borrowings: The fair values of long-term debt instruments are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental

borrowing rates for similar types of instruments.

The Company's operating results for the year ended December 31, 2023 include the operating results of the acquired assets and assumed liabilities of historical Columbia subsequent to the Merger Date. Disclosure of the amount of historical Columbia’s revenue and net income (excluding integration costs) included in the Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for the Merger.

The following table shows the impact of the merger-related expenses for the periods indicated:


	Year Ended
(in thousands)	December 31, 2024		December 31, 2023
Legal and professional	$	375	$	61,857
Personnel	9,436		38,265

Premises and equipment	1,027		45,374
Charitable contributions	—		20,000


Other	—		6,163
Total merger-related expenses	$	10,838	$	171,659

The following table presents unaudited pro forma information as if the Merger had occurred on January 1, 2022, which was the beginning of the last full fiscal year completed prior to the date of the Merger. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired interest-bearing deposits and long-term debt and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of January 1, 2022. The pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the year prior to the Merger Date. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.


	Unaudited Pro Forma for the
	Year Ended
(in thousands)	December 31, 2023		December 31, 2022
Net interest income	$	1,951,561	$	2,056,167
Non-interest income	$	237,764	$	288,417
Net income (1)	$	633,719	$	550,727

(1) The 2023 pro forma net income excludes $199.7 million of merger-related costs, inclusive of historical Columbia merger-related costs, incurred in 2023 and the 2022 pro forma net income was adjusted to include these costs.

Branch divestitures: Prior to the Merger Date, historical Columbia was required to divest certain branches to satisfy regulatory requirements in connection with the Merger. In January 2023, Columbia completed the divestiture of three branches and certain related assets and deposit liabilities to First Northern Bank of Dixon, a wholly-owned subsidiary of First Northern Community Bancorp. In February 2023, Columbia completed the divestiture of another seven branches and certain related assets and deposit liabilities to 1st Security Bank of Washington, a wholly-owned subsidiary of FS Bancorp, Inc. The income and expense associated with the operation of these branches prior to being divested have been excluded from the unaudited pro forma information presented above.

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company had restricted cash included in cash and due from banks on the Consolidated Balance Sheets of $1.3 million and $4.2 million as of December 31, 2024 and 2023, respectively, relating mostly to collateral required on interest rate swaps as discussed in Note 17 – Derivatives. As of December 31, 2024 and 2023, there was $6.4 million and $900,000, respectively, in restricted cash included in cash and due from banks on the Consolidated Balance Sheets, relating to collateral requirements for derivatives for mortgage banking activities.

Investment Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

The following tables present the amortized cost, unrealized gains, unrealized losses, and approximate fair values of debt securities as of the dates presented:


	December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale:
U.S. Treasury and agencies	$	1,495,542	$	1,092	$	(73,847)	$	1,422,787
Obligations of states and political subdivisions	1,055,535		2,779		(32,261)		1,026,053
Mortgage-backed securities and collateralized mortgage obligations	6,307,252		3,937		(485,414)		5,825,775
Total available for sale securities	$	8,858,329	$	7,808	$	(591,522)	$	8,274,615
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	2,101	$	602	$	—	$	2,703
Total held to maturity securities	$	2,101	$	602	$	—	$	2,703


	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale:
U.S. Treasury and agencies	$	1,551,074	$	6,192	$	(78,874)	$	1,478,392
Obligations of states and political subdivisions	1,073,264		20,451		(21,610)		1,072,105
Mortgage-backed securities and collateralized mortgage obligations	6,638,439		28,558		(387,624)		6,279,373
Total available for sale securities	$	9,262,777	$	55,201	$	(488,108)	$	8,829,870
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	2,300	$	725	$	—	$	3,025
Total held to maturity securities	$	2,300	$	725	$	—	$	3,025

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 $32.9 million and $34.1 million as of December 31, 2024 and December 31, 2023, respectively, and is included in other assets on the 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:


	December 31, 2024
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. Treasury and agencies	$	185,042	$	(2,770)	$	794,521	$	(71,077)	$	979,563	$	(73,847)
Obligations of states and political subdivisions	539,440		(8,036)		224,973		(24,225)		764,413		(32,261)
Mortgage-backed securities and collateralized mortgage obligations	3,398,609		(78,817)		1,830,720		(406,597)		5,229,329		(485,414)
Total temporarily impaired securities	$	4,123,091	$	(89,623)	$	2,850,214	$	(501,899)	$	6,973,305	$	(591,522)


	December 31, 2023
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. Treasury and agencies	$	99,898	$	(1,074)	$	822,245	$	(77,800)	$	922,143	$	(78,874)
Obligations of states and political subdivisions	103,256		(580)		169,231		(21,030)		272,487		(21,610)
Mortgage-backed securities and collateralized mortgage obligations	1,089,640		(10,355)		1,817,768		(377,269)		2,907,408		(387,624)

Total temporarily impaired securities	$	1,292,794	$	(12,009)	$	2,809,244	$	(476,099)	$	4,102,038	$	(488,108)

The number of individual debt securities in an unrealized loss position in the tables above increased to 1,210 as of December 31, 2024, as compared to 600 at December 31, 2023. 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 December 31, 2024.

The following table presents the contractual maturities of debt securities as of December 31, 2024:


	Available For Sale				Held To Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	211,418	$	211,457	$	—	$	—
Due after one year through five years	2,732,275		2,670,145		3		3
Due after five years through ten years	1,664,293		1,587,143		1		559
Due after ten years	4,250,343		3,805,870		2,097		2,141
Total debt securities	$	8,858,329	$	8,274,615	$	2,101	$	2,703

The following table presents, as of December 31, 2024, investment securities which were pledged to secure borrowings, public deposits, repurchase agreements, and for other purposes as permitted or required by law:


(in thousands)	Amortized Cost		Fair Value

To state and local governments to secure public deposits	$	1,983,773	$	1,790,034
To secure repurchase agreements	269,985		251,540
Other securities pledged	3,482,213		3,204,788
Total pledged securities	$	5,735,971	$	5,246,362

Loans and Leases

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

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)	December 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	6,278,154	$	6,482,940
Owner occupied term, net	5,270,294		5,195,605
Multifamily, net	5,804,364		5,704,734
Construction & development, net	1,983,213		1,747,302
Residential development, net	231,647		323,899
Commercial
Term, net	5,537,618		5,536,765
Lines of credit & other, net	2,769,643		2,430,127
Leases & equipment finance, net	1,660,835		1,729,512
Residential
Mortgage, net	5,933,352		6,157,166
Home equity loans & lines, net	2,031,653		1,938,166
Consumer & other, net	180,128		195,735
Total loans and leases, net of deferred fees and costs	$	37,680,901	$	37,441,951

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this note. Interest accrued on loans totaled $148.0 million and $154.9 million as of December 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Consolidated Balance Sheets. As of December 31, 2024, loans totaling $22.0 billion were pledged to secure borrowings and available lines of credit.

As of December 31, 2024 and December 31, 2023, the net deferred fees and costs were $62.0 million and $71.8 million, respectively. Originated loans are reported at the principal amount outstanding, net of unearned interest, 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. Total loans and leases also include discounts on acquired loans of $439.0 million and $552.5 million as of December 31, 2024 and December 31, 2023, respectively. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $199.9 million and $331.9 million as of December 31, 2024 and December 31, 2023, respectively. The carrying balance of PCD loans was $178.5 million and $300.2 million as of December 31, 2024 and December 31, 2023, 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 to five years. Interest income recognized on these leases was $21.4 million for the year ended December 31, 2024, as compared to $18.8 million for both the years ended December 31, 2023 and 2022.

Residual values on leases are established at the time equipment is leased based on an estimate of the value of the leased equipment when the Company expects to dispose of the equipment, typically at the termination of the lease. An annual evaluation is also performed each fiscal year by an independent valuation specialist and equipment residuals are confirmed or adjusted in conjunction with such evaluation.

The following table presents the net investment in direct financing leases as of the dates presented:


(in thousands)	December 31, 2024		December 31, 2023
Minimum lease payments receivable	$	365,125	$	362,152
Estimated guaranteed & unguaranteed residual value	68,977		74,880
Initial direct costs - net of accumulated amortization	4,257		5,373
Unearned income	(52,830)		(48,433)
Net investment in direct financing leases	$	385,529	$	393,972

The following table presents the scheduled minimum lease payments receivable as of December 31, 2024:


(in thousands)
Year	Amount
2025	$	114,176
2026	92,988
2027	71,947
2028	46,924
2029	20,746
Thereafter	18,344
Total minimum lease payments receivable	$	365,125

In the course of managing the loan and lease portfolio, at certain times, management may decide to sell pools of loans and leases. For the years ended December 31, 2024 and 2023, the Bank sold a total of $148.5 million and $743.9 million, respectively, in loans from its portfolio.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

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. Refer to Note 1 – Summary of Significant Accounting Policies, for a description of the ACL methodology.

At December 31, 2024, the ACL was $440.8 million, a decrease of $23.3 million from the December 31, 2023 balance of $464.1 million. The change in the total ACL reflects credit migration trends, changes in the economic assumptions, and a recalibration of the commercial CECL model in the first quarter of 2024. 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 the Moody's Analytics' November 2024 consensus economic forecast for estimating the ACL as of December 31, 2024. 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 included the following variables:


	2025		2026		2027		2028
U.S. real GDP average annualized growth	2.0	%	2.0	%	2.0	%	2.0	%
U.S. unemployment rate average	4.4	%	4.2	%	4.2	%	4.1	%
Forecasted average federal funds rate	4.0	%	3.5	%	3.2	%	3.1	%

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' November 2024 S2 scenario, which predicts a 75% probability of better economic performance and a 25% probability of worse performance. The scenario includes the following variables:


	2025		2026		2027		2028
U.S. real GDP average annualized growth	0.3	%	1.7	%	2.8	%	2.7	%
U.S. unemployment rate average	6.3	%	5.6	%	4.0	%	4.0	%
Forecasted average federal funds rate	3.2	%	2.0	%	2.3	%	3.0	%

The 2024 forecast is projecting higher GDP growth and unemployment rates with average federal funds rates trending lower. This is compared to the December 31, 2023 ACL calculation which used Moody's Analytics' November 2023 baseline economic forecast to forecast the variables used in the models. Management reviewed the results derived from the economic scenarios and subsequent changes to macroeconomic variables for sensitivity analysis, considering these factors when evaluating qualitative adjustments.

Along with the quantitative factors produced by the above models, management also considers prepayment speeds and qualitative factors when determining the ACL. As of December 31, 2024, the Company evaluated qualitative factors and applied upward adjustments to the quantitative results for the ACL, compared to the downward adjustments made as of December 31, 2023. The majority of the qualitative overlays in this period are focused on the commercial loan portfolio. This adjustment is designed to more closely align the portfolio with the S2 scenario, as previously discussed. These overlays account for potential economic uncertainties and sector-specific risks, ensuring that the portfolio remains resilient. Additionally, we have implemented further overlays specifically for the transportation segment of the lease portfolio. This measure is aimed at addressing the unique risks and challenges faced by this industry, such as fluctuating fuel prices, regulatory changes, and market demand variability. By incorporating these targeted overlays, we aim to enhance the accuracy and robustness of our risk management strategy, providing a more comprehensive and adaptive approach to potential economic shifts. While qualitative overlays are applied, approximately 91% of the allowance is driven by modeled results, as management determined that the models adequately reflect the significant changes in credit conditions and overall portfolio risk.

Management believes that the ACL was adequate as of December 31, 2024. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ACL and could possibly result in additional charges to the provision for credit losses.

The following tables summarize activity related to the ACL by portfolio segment for the periods indicated:

















	Year Ended December 31, 2024
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
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 leases	31,250		94,773		(16,235)		3,176		112,964
Charge-offs	(3,681)		(139,218)		(1,956)		(6,339)		(151,194)
Recoveries	956		18,292		887		1,853		21,988
Net recoveries (charge-offs)	(2,725)		(120,926)		(1,069)		(4,486)		(129,206)
Balance, end of period	$	154,413	$	218,668	$	44,700	$	6,848	$	424,629
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	(5,238)		(906)		(856)		(40)		(7,040)
Balance, end of period	5,932		6,935		2,084		1,217		16,168
Total allowance for credit losses	$	160,345	$	225,603	$	46,784	$	8,065	$	440,797

















	Year Ended December 31, 2023
(in thousands)	Commercial Real Estate		Commercial		Residential		Consumer & Other		Total
Allowance for credit losses on loans and leases
Balance, beginning of period	$	77,813	$	167,135	$	50,329	$	5,858	$	301,135
Initial ACL on PCD loans acquired during the period	8,736		17,204		454		98		26,492
Provision for credit losses for loans and leases (1)	39,809		153,460		10,645		6,065		209,979
Charge-offs	(803)		(109,862)		(547)		(5,762)		(116,974)
Recoveries	333		16,884		1,123		1,899		20,239
Net recoveries (charge-offs)	(470)		(92,978)		576		(3,863)		(96,735)
Balance, end of period	$	125,888	$	244,821	$	62,004	$	8,158	$	440,871
Reserve for unfunded commitments
Balance, beginning of period	$	7,207	$	3,049	$	3,196	$	769	$	14,221
Initial ACL recorded for unfunded commitments acquired during the period	2,257		3,066		268		176		5,767
Provision (recapture) for credit losses on unfunded commitments	1,706		1,726		(524)		312		3,220
Balance, end of period	11,170		7,841		2,940		1,257		23,208
Total allowance for credit losses	$	137,058	$	252,662	$	64,944	$	9,415	$	464,079

(1) Includes $88.4 million initial provision related to non-PCD loans acquired during the first quarter of 2023.

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 allowance for credit losses, and to determine the adequacy of the allowance, 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.

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 December 31, 2024 and 2023, loans and leases on non-accrual status with no related allowance was $3.6 million and $4.9 million, respectively, excluding collateral dependent loans and leases that have been written down to net realizable value without an associated ACL of $59.4 million and $36.7 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 years ended December 31, 2024 and 2023.

The following tables present the carrying value of the loans and leases past due, by loan and lease class, as of the dates presented:


	December 31, 2024
(in thousands)	Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or More and Accruing (2)		Total Past Due		Non-Accrual (2)		Current and Other		Total Loans and Leases
Commercial real estate
Non-owner occupied term, net	$	27,954	$	—	$	—	$	27,954	$	14,577	$	6,235,623	$	6,278,154
Owner occupied term, net	1,411		169		—		1,580		24,755		5,243,959		5,270,294
Multifamily, net	—		—		—		—		—		5,804,364		5,804,364
Construction & development, net	—		—		—		—		—		1,983,213		1,983,213
Residential development, net	—		—		—		—		—		231,647		231,647
Commercial
Term, net	1,711		893		—		2,604		29,483		5,505,531		5,537,618
Lines of credit & other, net	5,345		5,523		206		11,074		6,666		2,751,903		2,769,643
Leases & equipment finance, net	15,318		17,117		4,478		36,913		20,997		1,602,925		1,660,835
Residential
Mortgage, net (1)	—		17,844		61,228		79,072		—		5,854,280		5,933,352
Home equity loans & lines, net	5,348		5,369		6,691		17,408		—		2,014,245		2,031,653
Consumer & other, net	808		389		179		1,376		—		178,752		180,128
Total, net of deferred fees and costs	$	57,895	$	47,304	$	72,782	$	177,981	$	96,478	$	37,406,442	$	37,680,901

(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 $2.4 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.


	December 31, 2023
(in thousands)	Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or More and Accruing (2)		Total Past Due		Non-Accrual (2)		Current and Other		Total Loans and Leases
Commercial real estate
Non-owner occupied term, net	$	1,270	$	3,312	$	437	$	5,019	$	4,359	$	6,473,562	$	6,482,940
Owner occupied term, net	3,078		2,191		433		5,702		24,330		5,165,573		5,195,605
Multifamily, net	—		—		—		—		—		5,704,734		5,704,734
Construction & development, net	—		—		—		—		—		1,747,302		1,747,302
Residential development, net	—		—		—		—		—		323,899		323,899
Commercial
Term, net	6,341		2,101		202		8,644		14,519		5,513,602		5,536,765
Lines of credit & other, net	1,647		1,137		66		2,850		2,760		2,424,517		2,430,127
Leases & equipment finance, net	22,217		24,178		7,965		54,360		28,403		1,646,749		1,729,512
Residential
Mortgage, net (1)	282		9,410		26,331		36,023		—		6,121,143		6,157,166
Home equity loans & lines, net	4,401		2,373		3,782		10,556		—		1,927,610		1,938,166
Consumer & other, net	778		519		326		1,623		—		194,112		195,735
Total, net of deferred fees and costs	$	40,014	$	45,221	$	39,542	$	124,777	$	74,371	$	37,242,803	$	37,441,951

(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 $1.0 million at December 31, 2023.

(2) Includes government guaranteed portion of $12.3 million and $19.3 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:


	December 31, 2024
(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	13,116	$	—	$	—	$	13,116
Owner occupied term, net	—		20,198		—		—		20,198



Commercial
Term, net	2,273		2,856		15,220		580		20,929
Line of credit & other, net	—		1,501		3,645		—		5,146
Leases & equipment finance, net	—		—		20,997		—		20,997
Residential
Mortgage, net	79,440		—		—		—		79,440
Home equity loans & lines, net	2,391		—		—		—		2,391

Total, net of deferred fees and costs	$	84,104	$	37,671	$	39,862	$	580	$	162,217


	December 31, 2023
(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	4,250	$	—	$	—	$	4,250
Owner occupied term, net	—		22,076		—		—		22,076



Commercial
Term, net	—		271		8,602		301		9,174
Line of credit & other, net	—		1,566		—		—		1,566
Leases & equipment finance, net	—		—		28,403		—		28,403
Residential
Mortgage, net	55,381		—		—		—		55,381
Home equity loans & lines, net	2,740		—		—		—		2,740

Total, net of deferred fees and costs	$	58,121	$	28,163	$	37,005	$	301	$	123,590

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 historical 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 years ended December 31, 2024 and 2023, by class and type of modification. The percentage of the amortized cost basis of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Year Ended December 31, 2024
(in thousands)	Interest Rate Reduction		Term Extension		Other -Than-Insignificant Payment Delay		Combo - Interest Rate Reduction and Term Extension		Combo - Term Extension and Other than Insignificant Payment Delay		Combo - Interest Rate Reduction and Other -Than-Insignificant Payment Delay		Total		% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net	$	—	$	94	$	7,293	$	—	$	—	$	—	$	7,387	0.12	%
Owner occupied term, net	3,708		215		734		—		—		—		4,657		0.09	%

Construction & development, net	—		—		—		1,989		—		—		1,989		0.10	%

Commercial
Term, net	—		4,210		3,913		370		—		2,572		11,065		0.20	%
Lines of credit & other, net	983		23,040		157		31,227		—		—		55,407		2.00	%
Leases & equipment finance, net	—		2,273		—		—		—		—		2,273		0.14	%
Residential
Mortgage, net	—		7,606		18,981		1,011		340		—		27,938		0.47	%


Total modified loans and leases experiencing financial difficulty	$	4,691	$	37,438	$	31,078	$	34,597	$	340	$	2,572	$	110,716	0.29	%


	Year Ended December 31, 2023
(in thousands)	Interest Rate Reduction		Term Extension		Other -Than-Insignificant Payment Delay		Combo - Term Extension and Other-than-Insignificant Payment Delay		Total		% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net	$	—	$	32,461	$	—	$	—	$	32,461	0.50	%
Owner occupied term, net	666		507		568		—		1,741		0.03	%



Commercial
Term, net	377		4,409		—		—		4,786		0.09	%
Lines of credit & other, net	—		13,152		30,804		—		43,956		1.81	%
Leases & equipment finance, net	—		1,495		—		—		1,495		0.09	%
Residential
Mortgage, net	—		562		46,012		7,101		53,675		0.87	%


Total modified loans and leases experiencing financial difficulty	$	1,043	$	52,586	$	77,384	$	7,101	$	138,114	0.37	%

The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:


	Year Ended December 31, 2024
	Interest Rate Modification		Term Extension	Other-Than-Insignificant Payment Delay
(dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension	Deferral Amount
Commercial real estate
Non-owner occupied term, net	—		6 months	$	2,048
Owner occupied term, net	3.71	%	2.9 years	$	51

Construction & development, net	1.00	%	7 months	—

Commercial
Term, net	2.52	%	11 months	$	535
Lines of credit & other, net	7.59	%	9 months	$	32
Leases & equipment finance, net	—		11 months	—
Residential
Mortgage, net	7.54	%	7.0 years	$	1,545


	Year Ended December 31, 2023
	Interest Rate Modification		Term Extension	Other-Than-Insignificant Payment Delay
(dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension	Deferral Amount
Commercial real estate
Non-owner occupied term, net	—		1.4 years	—
Owner occupied term, net	4.00	%	2 months	$	22



Commercial
Term, net	4.15	%	3 months	—
Lines of credit & other, net	—		11 months	$	30,080
Leases & equipment finance, net	—		8 months	—
Residential
Mortgage, net	—		11.9 years	$	3,391

The Company closely monitors the performance of loans and leases that are modified for borrowers experiencing financial difficulty 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. 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:


	Year Ended December 31, 2024
(in thousands)	Interest Rate Reduction		Term Extension		Other-Than-Insignificant Payment Delay		Combination - Interest Rate Reduction and Term Extension		Combination - Term Extension and Other-than-Insignificant Payment Delay		Combination - Rate Reduction and Other-than-Insignificant Payment Delay		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	—	$	—	$	1,305	$	—	$	—	$	1,305
Owner occupied term, net	2,752		—		—		—		—		—		2,752



Commercial
Term, net	—		—		—		—		—		1,459		1,459
Lines of credit & other, net	—		162		—		—		—		—		162
Leases & equipment finance, net	—		387		—		—		—		—		387
Residential
Mortgage, net	—		1,396		9,903		—		1,805		—		13,104


Total loans and leases experiencing financial difficulty with a subsequent default	$	2,752	$	1,945	$	9,903	$	1,305	$	1,805	$	1,459	$	19,169


	Year Ended December 31, 2023
(in thousands)	Term Extension		Other-Than-Insignificant Payment Delay		Combination - Term Extension and Other-than-Insignificant Payment Delay		Total






Commercial

Lines of credit & other, net	$	1,422	$	—	$	—	$	1,422
Leases & equipment finance, net	280		—		—		280
Residential
Mortgage, net	—		977		1,033		2,010


Total loans and leases experiencing financial difficulty with a subsequent default	$	1,702	$	977	$	1,033	$	3,712

The following tables present an age analysis of loans and leases as of December 31, 2024 and December 31, 2023 that have been modified within the prior twelve months:


	December 31, 2024
(in thousands)	Current		Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or Greater Past Due		Nonaccrual		Total
Commercial real estate
Non-owner occupied term, net	$	7,387	$	—	$	—	$	—	$	—	$	7,387
Owner occupied term, net	1,377		—		—		—		3,280		4,657

Construction & development, net	1,989		—		—		—		—		1,989

Commercial
Term, net	6,197		—		—		—		4,868		11,065
Lines of credit & other, net	51,811		2,048		967		—		581		55,407
Leases & equipment finance, net	1,567		250		207		—		249		2,273
Residential
Mortgage, net	21,688		—		1,782		4,468		—		27,938


Total loans and leases, net of deferred fees and costs	$	92,016	$	2,298	$	2,956	$	4,468	$	8,978	$	110,716


	December 31, 2023
(in thousands)	Current		Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or Greater Past Due		Nonaccrual		Total
Commercial real estate
Non-owner occupied term, net	$	30,338	$	—	$	2,123	$	—	$	—	$	32,461
Owner occupied term, net	1,075		—		—		—		666		1,741



Commercial
Term, net	3,784		—		—		—		1,002		4,786
Lines of credit & other, net	42,263		—		—		—		1,693		43,956
Leases & equipment finance, net	915		181		119		179		101		1,495
Residential
Mortgage, net	50,540		—		1,125		2,010		—		53,675


Total loans and leases, net of deferred fees and costs	$	128,915	$	181	$	3,367	$	2,189	$	3,462	$	138,114

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 differentiates its lending portfolios into homogeneous and non-homogeneous loans and leases. Homogeneous loans and leases are initially risk rated on a single risk rating scale based on the past due status of the loan or lease. Homogeneous loans and leases that have risk-based modifications or forbearances enter into an alternative elevated risk rating scale that freezes the elevated risk rating and requires six consecutive months of scheduled payments without delinquency before the loan or lease can return to the delinquency-based risk rating scale.

The Bank's risk rating methodology for its non-homogeneous loans and leases uses a dual risk rating approach to assess the credit risk. This approach uses two scales to provide a comprehensive assessment of credit default risk and recovery risk. The PD scale measures a borrower's credit default risk using risk ratings ranging from 1 to 16, where a higher rating represents higher risk. For non-homogeneous loans and leases, PD ratings of 1 through 9 are "pass" grades, while PD ratings of 10 and 11 are "watch" grades. PD ratings of 12-16 correspond to the regulatory-defined categories of special mention (12), substandard (13-14), doubtful (15), and loss (16). The loss given default scale measures the amount of loss that may not be recovered in the event of a default, using six alphabetic ratings from A-F, where a higher rating represents higher risk. The LGD scale quantifies recovery risk associated with an event of default and predicts the amount of loss that would be incurred on a loan or lease if a borrower were to experience a major default and includes variables that may be external to the borrower, such as industry, geographic location, and credit cycle stage. It could also include variables specific to the loan or lease, including collateral valuation, covenant structure and debt type. The product of the borrower's PD and a loan or lease LGD is the loan or lease expected loss, expressed as a percentage. This provides a common language of credit risk across different loans.

The PD scale estimates the likelihood that a borrower will experience a major default on any of its debt obligations within a specified time period. Examples of major defaults include payments 90 days or more past due, non-accrual classification, bankruptcy filing, or a full or partial charge-off of a loan or lease. As such, the PD scale represents the credit quality indicator for non-homogeneous loans and leases.

The credit quality indicator rating categories follow regulatory classification and can be generally described by the following groupings for loans and leases:

Pass/Watch—A pass loan or lease is a loan or lease with a credit risk level acceptable to the Bank for extending credit and maintaining normal credit monitoring. A watch loan or lease is considered pass rated but has a heightened level of unacceptable default risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower risk rating would be appropriate within a short period of time.

Special Mention—A special mention loan or lease has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution's credit position at some future date. These borrowers have an elevated probability of default but not to the point of a substandard classification.

Substandard—A substandard loan or lease is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans and leases classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful—Loans or leases classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.

Loss—Loans or leases classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted.

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 of the dates presented:


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	289,721	$	564,176	$	1,245,868	$	1,132,014	$	569,014	$	2,289,045	$	25,716	$	12,497	$	6,128,051
	Special mention	—		—		9,346		600		463		21,191		—		—		31,600
	Substandard	7,293		30,926		20,843		—		—		56,216		—		—		115,278
	Doubtful	—		—		1,777		659		—		789		—		—		3,225

Total non-owner occupied term, net		$	297,014	$	595,102	$	1,277,834	$	1,133,273	$	569,477	$	2,367,241	$	25,716	$	12,497	$	6,278,154
Current YTD period:
	Gross charge-offs	$	—	$	—	$	148	$	—	$	—	$	2,485	$	—	$	—	$	2,633
Owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	525,513	$	499,386	$	1,015,154	$	867,081	$	398,200	$	1,639,484	$	79,180	$	5,262	$	5,029,260
	Special mention	271		957		23,245		80,611		17,748		38,637		1,920		—		163,389
	Substandard	3,892		7,501		7,918		4,147		19,677		25,436		—		—		68,571
	Doubtful	2,752		—		2,924		—		—		1,070		—		—		6,746
	Loss	—		—		963		—		381		984		—		—		2,328
Total owner occupied term, net		$	532,428	$	507,844	$	1,050,204	$	951,839	$	436,006	$	1,705,611	$	81,100	$	5,262	$	5,270,294
Current YTD period:
	Gross charge-offs	$	365	$	—	$	569	$	—	$	22	$	92	$	—	$	—	$	1,048
Multifamily, net
Credit quality indicator:
	Pass/Watch	$	168,595	$	253,543	$	1,995,175	$	1,634,388	$	406,616	$	1,224,660	$	92,757	$	—	$	5,775,734
	Special mention	—		—		4,545		6,748		—		11,566		—		—		22,859
	Substandard	—		—		2,738		1,613		—		1,420		—		—		5,771


Total multifamily, net		$	168,595	$	253,543	$	2,002,458	$	1,642,749	$	406,616	$	1,237,646	$	92,757	$	—	$	5,804,364
Current YTD period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction & development, net
Credit quality indicator:
	Pass/Watch	$	473,092	$	503,923	$	746,567	$	129,065	$	79,262	$	18,988	$	13,634	$	—	$	1,964,531
	Special mention	1,989		—		1,446		15,247		—		—		—		—		18,682



Total construction & development, net		$	475,081	$	503,923	$	748,013	$	144,312	$	79,262	$	18,988	$	13,634	$	—	$	1,983,213
Current YTD period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Residential development, net
Credit quality indicator:
	Pass/Watch	$	61,656	$	6,327	$	5,038	$	493	$	465	$	594	$	153,631	$	3,443	$	231,647




Total residential development, net		$	61,656	$	6,327	$	5,038	$	493	$	465	$	594	$	153,631	$	3,443	$	231,647
Current YTD period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total commercial real estate		$	1,534,774	$	1,866,739	$	5,083,547	$	3,872,666	$	1,491,826	$	5,330,080	$	366,838	$	21,202	$	19,567,672

Commercial:
Term, net
Credit quality indicator:
	Pass/Watch	$	827,497	$	650,426	$	1,047,231	$	789,076	$	296,953	$	618,886	$	1,080,293	$	20,922	$	5,331,284
	Special mention	1,505		48,317		25,893		7,942		—		13,527		36,978		—		134,162
	Substandard	25,103		1,792		9,834		5,329		3,067		9,585		—		—		54,710
	Doubtful	1,460		1,160		3,771		3,533		683		2,128		—		—		12,735
	Loss	—		10		648		1,478		884		1,707		—		—		4,727
Total term, net		$	855,565	$	701,705	$	1,087,377	$	807,358	$	301,587	$	645,833	$	1,117,271	$	20,922	$	5,537,618
Current YTD period:
	Gross charge-offs	$	649	$	2,976	$	1,783	$	876	$	1,324	$	1,138	$	4,171	$	—	$	12,917
Lines of credit & other, net
Credit quality indicator:
	Pass/Watch	$	99,104	$	42,240	$	54,923	$	18,467	$	8,841	$	10,202	$	2,381,689	$	16,177	$	2,631,643
	Special mention	79		1,697		675		25		100		175		30,603		4,006		37,360
	Substandard	34,404		1,789		1,248		—		—		101		53,491		8,607		99,640
	Doubtful	162		—		—		—		—		—		204		290		656
	Loss	—		—		191		—		—		—		—		153		344
Total lines of credit & other, net		$	133,749	$	45,726	$	57,037	$	18,492	$	8,941	$	10,478	$	2,465,987	$	29,233	$	2,769,643
Current YTD period:
	Gross charge-offs	$	—	$	758	$	309	$	241	$	59	$	563	$	20,015	$	3,512	$	25,457
Leases & equipment finance, net
Credit quality indicator:
	Pass/Watch	$	603,191	$	457,094	$	295,712	$	102,259	$	32,338	$	45,761	$	—	$	—	$	1,536,355
	Special mention	10,193		39,259		9,419		2,468		478		122		—		—		61,939
	Substandard	4,738		8,518		9,044		3,104		875		523		—		—		26,802
	Doubtful	3,878		10,055		13,532		4,659		1,289		338		—		—		33,751
	Loss	463		795		571		111		24		24		—		—		1,988
Total leases & equipment finance, net		$	622,463	$	515,721	$	328,278	$	112,601	$	35,004	$	46,768	$	—	$	—	$	1,660,835
Current YTD period:
	Gross charge-offs	$	1,573	$	22,851	$	49,518	$	18,771	$	4,993	$	3,138	$	—	$	—	$	100,844

Total commercial		$	1,611,777	$	1,263,152	$	1,472,692	$	938,451	$	345,532	$	703,079	$	3,583,258	$	50,155	$	9,968,096


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Residential:
Mortgage, net
Credit quality indicator:
	Pass/Watch	$	236,004	$	231,936	$	1,776,736	$	2,097,433	$	472,883	$	1,041,655	$	—	$	—	$	5,856,647
	Special mention	1,782		2,536		2,245		2,838		910		7,534		—		—		17,845
	Substandard	3,243		5,399		5,120		11,059		2,183		16,446		—		—		43,450

	Loss	1,225		2,393		4,037		4,105		779		2,871		—		—		15,410
Total mortgage, net		$	242,254	$	242,264	$	1,788,138	$	2,115,435	$	476,755	$	1,068,506	$	—	$	—	$	5,933,352
Current YTD period:
	Gross charge-offs	$	—	$	—	$	491	$	292	$	314	$	368	$	—	$	—	$	1,465
Home equity loans & lines, net
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, net		$	756	$	898	$	2,653	$	1,549	$	586	$	39,364	$	1,951,686	$	34,161	$	2,031,653
Current YTD 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, net:
Credit quality indicator:
	Pass/Watch	$	21,691	$	16,491	$	10,122	$	4,515	$	3,041	$	5,036	$	117,045	$	810	$	178,751
	Special mention	17		193		24		12		5		75		722		150		1,198
	Substandard	11		12		10		—		—		25		87		34		179


Total consumer & other, net		$	21,719	$	16,696	$	10,156	$	4,527	$	3,046	$	5,136	$	117,854	$	994	$	180,128
Current YTD 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


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	582,178	$	1,307,143	$	1,182,485	$	615,021	$	764,821	$	1,832,231	$	41,194	$	—	$	6,325,073
	Special mention	—		317		3,478		1,337		2,480		16,352		—		—		23,964
	Substandard	32,461		749		—		1,090		35,214		64,304		—		—		133,818

	Loss	—		—		—		—		—		85		—		—		85
Total non-owner occupied term, net		$	614,639	$	1,308,209	$	1,185,963	$	617,448	$	802,515	$	1,912,972	$	41,194	$	—	$	6,482,940
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	532,482	$	1,067,388	$	972,130	$	448,569	$	581,616	$	1,351,172	$	67,063	$	—	$	5,020,420
	Special mention	1,575		5,950		6,175		4,945		14,610		15,513		1,932		—		50,700
	Substandard	4,034		7,707		48,281		17,275		10,513		35,216		—		—		123,026
	Doubtful	—		—		—		—		—		90		—		—		90
	Loss	—		963		—		404		—		2		—		—		1,369
Total owner occupied term, net		$	538,091	$	1,082,008	$	1,026,586	$	471,193	$	606,739	$	1,401,993	$	68,995	$	—	$	5,195,605
Prior Year End period:
	Gross charge-offs	$	—	$	16	$	—	$	—	$	—	$	787	$	—	$	—	$	803
Multifamily, net
Credit quality indicator:
	Pass/Watch	$	272,084	$	1,982,075	$	1,660,492	$	400,280	$	590,379	$	745,705	$	51,480	$	—	$	5,702,495
	Special mention	—		—		1,278		—		961		—		—		—		2,239



Total multifamily, net		$	272,084	$	1,982,075	$	1,661,770	$	400,280	$	591,340	$	745,705	$	51,480	$	—	$	5,704,734
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction & development, net
Credit quality indicator:
	Pass/Watch	$	248,623	$	716,207	$	530,305	$	186,680	$	21,990	$	10,738	$	31,289	$	—	$	1,745,832
	Special mention	—		1,470		—		—		—		—		—		—		1,470



Total construction & development, net		$	248,623	$	717,677	$	530,305	$	186,680	$	21,990	$	10,738	$	31,289	$	—	$	1,747,302
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential development, net
Credit quality indicator:
	Pass/Watch	$	90,241	$	86,078	$	22,271	$	—	$	—	$	1,329	$	116,490	$	6,149	$	322,558
	Special mention	—		—		—		—		—		—		1,341		—		1,341



Total residential development, net		$	90,241	$	86,078	$	22,271	$	—	$	—	$	1,329	$	117,831	$	6,149	$	323,899
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total commercial real estate		$	1,763,678	$	5,176,047	$	4,426,895	$	1,675,601	$	2,022,584	$	4,072,737	$	310,789	$	6,149	$	19,454,480


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Commercial:
Term, net
Credit quality indicator:
	Pass/Watch	$	835,662	$	1,215,539	$	933,970	$	391,735	$	271,974	$	560,595	$	1,097,630	$	50,874	$	5,357,979
	Special mention	23,250		14,875		29,128		109		3,340		16,476		—		—		87,178
	Substandard	2,911		13,862		13,981		3,068		7,385		7,859		31,399		4,139		84,604
	Doubtful	—		1,329		335		796		197		699		—		—		3,356
	Loss	—		415		—		648		51		2,534		—		—		3,648
Total term, net		$	861,823	$	1,246,020	$	977,414	$	396,356	$	282,947	$	588,163	$	1,129,029	$	55,013	$	5,536,765
Prior Year End period:
	Gross charge-offs	$	3,000	$	1,418	$	—	$	415	$	389	$	886	$	44	$	808	$	6,960
Lines of credit & other, net
Credit quality indicator:
	Pass/Watch	$	105,360	$	105,791	$	58,441	$	12,266	$	10,927	$	16,108	$	1,922,115	$	5,676	$	2,236,684
	Special mention	476		635		394		—		—		80		61,927		403		63,915
	Substandard	7,807		4,161		—		—		—		593		83,304		32,509		128,374
	Doubtful	—		—		—		—		—		—		48		211		259
	Loss	—		693		200		—		1		1		—		—		895
Total lines of credit & other, net		$	113,643	$	111,280	$	59,035	$	12,266	$	10,928	$	16,782	$	2,067,394	$	38,799	$	2,430,127
Prior Year End period:
	Gross charge-offs	$	30	$	168	$	—	$	47	$	144	$	45	$	1,058	$	1,809	$	3,301
Leases & equipment finance, net
Credit quality indicator:
	Pass/Watch	$	682,866	$	501,867	$	200,499	$	92,402	$	61,065	$	33,908	$	—	$	—	$	1,572,607
	Special mention	46,806		15,962		6,182		1,688		7,224		77		—		—		77,939
	Substandard	7,094		15,274		6,704		2,163		1,246		1,161		—		—		33,642
	Doubtful	5,833		22,566		9,036		3,161		1,700		208		—		—		42,504
	Loss	395		1,485		581		292		58		9		—		—		2,820
Total leases & equipment finance, net		$	742,994	$	557,154	$	223,002	$	99,706	$	71,293	$	35,363	$	—	$	—	$	1,729,512
Prior Year End period:
	Gross charge-offs	$	2,324	$	47,116	$	31,569	$	9,111	$	6,394	$	3,087	$	—	$	—	$	99,601

Total commercial		$	1,718,460	$	1,914,454	$	1,259,451	$	508,328	$	365,168	$	640,308	$	3,196,423	$	93,812	$	9,696,404

Residential:
Mortgage, net
Credit quality indicator:
	Pass/Watch	$	221,207	$	1,845,395	$	2,355,420	$	521,177	$	443,152	$	735,801	$	—	$	—	$	6,122,152
	Special mention	1,125		916		1,737		651		1,156		4,109		—		—		9,694
	Substandard	1,851		2,617		2,826		787		1,759		8,746		—		—		18,586

	Loss	159		2,724		970		851		220		1,810		—		—		6,734
Total mortgage, net		$	224,342	$	1,851,652	$	2,360,953	$	523,466	$	446,287	$	750,466	$	—	$	—	$	6,157,166
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	6	$	—	$	—	$	6


(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Home equity loans & lines, net
Credit quality indicator:
	Pass/Watch	$	562	$	1,242	$	1,056	$	100	$	896	$	35,677	$	1,870,270	$	17,807	$	1,927,610
	Special mention	—		—		—		—		114		378		5,052		1,230		6,774
	Substandard	—		—		—		—		137		190		1,278		174		1,779

	Loss	14		—		—		—		—		85		1,286		618		2,003
Total home equity loans & lines, net		$	576	$	1,242	$	1,056	$	100	$	1,147	$	36,330	$	1,877,886	$	19,829	$	1,938,166
Prior Year End period:
	Gross charge-offs	$	—	$	—	$	12	$	29	$	—	$	52	$	448	$	—	$	541

Total residential		$	224,918	$	1,852,894	$	2,362,009	$	523,566	$	447,434	$	786,796	$	1,877,886	$	19,829	$	8,095,332

Consumer & other, net:
Credit quality indicator:
	Pass/Watch	$	39,977	$	14,919	$	7,132	$	4,953	$	3,441	$	5,022	$	118,125	$	543	$	194,112
	Special mention	138		52		5		13		52		122		779		135		1,296
	Substandard	—		—		—		—		3		1		251		63		318

	Loss	—		—		—		—		—		7		2		—		9
Total consumer & other, net		$	40,115	$	14,971	$	7,137	$	4,966	$	3,496	$	5,152	$	119,157	$	741	$	195,735
Prior Year End period:
	Gross charge-offs	$	3,313	$	132	$	23	$	20	$	29	$	288	$	1,485	$	472	$	5,762

Grand total		$	3,747,171	$	8,958,366	$	8,055,492	$	2,712,461	$	2,838,682	$	5,504,993	$	5,504,255	$	120,531	$	37,441,951

Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

The following table presents the major components of premises and equipment as of December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023		Estimated useful life
Land	$	90,977	$	91,072
Buildings and improvements	293,993		288,189		7 - 39 years
Furniture, fixtures, and equipment	141,378		140,241		4 - 20 years
Software	111,222		110,726		3 - 7 years
Construction in progress and other	42,373		24,094
Total premises and equipment	679,943		654,322
Less: Accumulated depreciation and amortization	(331,273)		(315,352)
Premises and equipment, net	$	348,670	$	338,970

During 2023, the Company recorded $203.3 million of premises and equipment associated with the Merger. Refer to Note 2 – Business Combination for more information pertaining to the completed Merger.

Depreciation and amortization expense totaled $28.0 million, $29.3 million, and $22.9 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is included in occupancy and equipment, net on the Consolidated Statements of Income.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company leases branch locations, corporate office space, and equipment under non-cancelable operating leases. The following table presents the balance sheet information related to leases as of December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Leases
Operating lease right-of-use assets	$	111,227	$	115,811
Operating lease liabilities	$	125,710	$	130,576

The following table presents the weighted-average operating lease term and weighted-average discount rate as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (years)	5.8		6.1
Weighted-average discount rate	4.23	%	4.08	%

The following table presents the components of lease expense for the years ended December 31, 2024, 2023, and 2022:


(in thousands)
Lease Costs	2024		2023		2022
Operating lease costs	$	32,695	$	36,378	$	30,383
Short-term lease costs	838		1,367		421
Variable lease costs	29		13		26
Sublease income	(2,456)		(3,173)		(2,504)
Net lease costs	$	31,106	$	34,585	$	28,326

The Company performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. For the year ended December 31, 2024, there were no ROU asset impairments recorded in other expenses. For the years ended December 31, 2023 and 2022 there were $2.6 million and $1.8 million, respectively, in ROU asset impairments recorded in other expenses. The impairments were due to the closures or consolidations of leased locations.

The following table presents the supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022:


(in thousands)
Cash Flows	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32,883	$	38,384	$	30,420
Right of use assets obtained in exchange for new operating lease liabilities	$	23,308	$	73,252	$	24,954

The following table presents the maturities of lease liabilities as of December 31, 2024:


(in thousands)	Operating
Year	Leases
2025	$	33,805
2026	29,159
2027	22,118
2028	17,962
2029	13,285
Thereafter	26,769
Total lease payments	143,098
Less: imputed interest	(17,388)
Present value of lease liabilities	$	125,710

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The Company had $1.0 billion in goodwill as of December 31, 2024 and 2023, 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 Merger. The Company performed its annual impairment assessment as of October 31 and concluded that there was no impairment. As of December 31, 2024 and 2023, it was determined there were no events or circumstances which would more likely than not reduce the fair value of our reporting unit below its carrying amount.

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
December 31, 2024 (1)	$	710,230	$	(225,982)	$	484,248
December 31, 2023	$	764,791	$	(161,112)	$	603,679

(1) The current year period was adjusted to remove fully amortized amounts.

Amortization expense recognized on intangible assets was $119.4 million, $111.3 million, and $4.1 million for the years ended December 31, 2024, 2023, and 2022.

The table below presents the forecasted amortization expense for intangible assets as of December 31, 2024:


(in thousands)
Year	Expected Amortization
2025	$	105,458
2026	92,545
2027	79,632
2028	66,719
2029	53,805
Thereafter	86,089
Total intangible assets	$	484,248

Residential Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2024

Transfers and Servicing [Abstract]

Residential Mortgage Servicing Rights

The Company measures its MSR asset at fair value with changes in fair value reported in residential mortgage banking revenue, net. The following table presents the changes in the Company's residential MSR for the years ended December 31, 2024, 2023, and 2022:




(in thousands)	2024		2023		2022
Balance, beginning of period	$	109,243	$	185,017	$	123,615
Additions for new MSR capitalized	6,452		5,347		24,137
Sale of MSR assets	—		(57,305)		—
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(12,566)		(17,694)		(20,272)
Changes due to valuation inputs or assumptions (1)	5,229		(6,122)		57,537
Balance, end of period	$	108,358	$	109,243	$	185,017

(1) The change in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates.

Information related to the serviced loan portfolio as of the dates presented is as follows:


(dollars in thousands)	December 31, 2024			December 31, 2023			December 31, 2022
Balance of loans serviced for others	$	7,939,445		$	8,175,664		$	13,020,189
MSR as a percentage of serviced loans	1.36		%	1.34		%	1.42		%

The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, were $23.9 million, $33.4 million, and $37.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

In 2023, the Company closed the sale of $57.3 million in residential mortgage servicing rights, which related to the non-relationship component of the serviced loan portfolio.

Key assumptions used in measuring the fair value of MSR as of December 31, 2024, 2023, and 2022 were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Constant prepayment rate	6.92	%	6.78	%	6.39	%
Discount rate	10.23	%	10.25	%	10.06	%
Weighted average life (years)	8.2		8.3		8.7

A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2024, 2023, and 2022 is as follows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Constant prepayment rate
Effect on fair value of a 10% adverse change	$	(2,747)	$	(2,858)	$	(4,870)
Effect on fair value of a 20% adverse change	$	(5,351)	$	(5,575)	$	(9,518)

Discount rate
Effect on fair value of a 100 basis point adverse change	$	(4,565)	$	(4,620)	$	(8,229)
Effect on fair value of a 200 basis point adverse change	$	(8,789)	$	(8,888)	$	(15,807)

The sensitivity analysis presents the hypothetical effect on fair value of the MSR, due to the change in assumptions. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. The Company has entered into a fair value hedge by purchasing interest rate futures and forward settling mortgage-backed securities to hedge the interest rate risk of MSRs. Refer to Note 17 – Derivatives for further information.

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(3)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Debt and Equity Securities [Abstract]

Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

The following table presents the major types of deposits as of December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Non-interest-bearing demand	$	13,307,905	$	14,256,452
Interest-bearing deposits:
Interest-bearing demand	8,475,693		8,044,432
Money market	11,475,055		10,324,454
Savings	2,360,040		2,754,113
Time, greater than $250,000	1,201,887		1,034,094
Time, $250,000 or less	4,900,152		5,193,475
Total deposits	$	41,720,732	$	41,607,020

Approximately $6.0 billion in time deposits are scheduled to mature in 2025, including $2.4 billion in brokered time deposits. As of December 31, 2024, brokered time deposits had a weighted average interest rate of 4.57% compared to the weighted average interest rate on all other time deposits that mature in 2025 and thereafter of 3.79%. The following table presents the scheduled maturities of all time deposits as of December 31, 2024:


(in thousands)			Weighted Average Interest Rate
Year	Amount
2025	$	5,950,624	4.13	%
2026	121,177		1.64	%
2027	17,004		0.27	%
2028	5,719		0.12	%
2029	6,050		0.38	%
Thereafter	1,465		0.46	%
Total time deposits	$	6,102,039	4.06	%

Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2024

Securities Sold Under Agreements To Repurchase

Securities Sold Under Agreements to Repurchase

The following table presents information regarding securities sold under agreements to repurchase as of December 31, 2024 and 2023:


(dollars in thousands)	Repurchase Amount		Weighted Average Interest Rate		Carrying Value of Underlying Assets		Market Value of Underlying Assets
December 31, 2024	$	236,627	2.02	%	$	251,540	$	251,540
December 31, 2023	$	252,119	2.38	%	$	358,162	$	358,162

The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, which are U.S. agencies, obligations of states and political subdivisions, mortgage-backed securities, and collateralized mortgage obligations, with a one-day maturity. In all cases, the Bank maintains control over the securities. Investment securities are pledged as collateral in an amount equal to or greater than the repurchase agreements.

The following table presents the average and maximum balances for the years ended December 31, 2024 and 2023:


(dollars in thousands)	2024		2023
Average balance during the period	$	203,969	$	267,688
Maximum month end balance during period	$	249,087	$	304,605

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

The Company had outstanding borrowings as of December 31, 2024 and 2023 with carrying values of $3.1 billion and $4.0 billion, respectively.

The following table presents selected information for FHLB and FRB advances for the years ended December 31, 2024 and 2023:


(dollars in thousands)	2024			2023
FHLB Advances
Balance at end of period	$	3,100,000		$	3,750,000
Average balance during period	$	2,430,874		$	4,458,463
Maximum month end balance during period	$	3,100,000		$	6,400,000
Weighted average rate at December 31	5.0		%	5.6		%
Weighted average rate during period	5.2		%	5.3		%
FRB Borrowings
Balance at end of period	$	—		$	200,000
Average balance during period	$	1,260,656		$	31,918
Maximum month end balance during period	$	1,550,000		$	200,000
Weighted average rate at December 31	—		%	4.8		%
Weighted average rate during period	4.8		%	4.8		%

The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for secured advances. The Bank has pledged as collateral for these secured advances all FHLB stock, all funds on deposit with the FHLB, investment and commercial real estate portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB. Total value of loans and securities pledged to the FHLB were $19.2 billion as of December 31, 2024.

Prior to March 2024, the Bank had access to borrowings under the FRB BTFP, which was subject to certain collateral requirements, namely the amount of pledged investment securities. As of December 31, 2024, there were no securities pledged to the FRB, as compared to $1.4 billion pledged as of December 31, 2023 related to the FRB BTFP.

At December 31, 2024 and 2023, the Company had no outstanding federal funds purchased balances. The Bank had available lines of credit with the FHLB totaling $7.8 billion as of December 31, 2024, subject to certain collateral requirements. The Bank had available Discount Window line of credit with the Federal Reserve totaling $4.9 billion subject to certain collateral requirements, namely the amount of certain pledged loans and securities as of December 31, 2024. The Bank had uncommitted federal funds line of credit agreements with additional financial institutions totaling $600.0 million as of December 31, 2024. Availability of the lines is subject to federal funds balances available for loan and continued borrower eligibility and are reviewed and renewed periodically throughout the year. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Junior and Other Subordinated Debentures

Junior and Other Subordinated Debentures

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Following is information about the Company's wholly-owned Trusts as of December 31, 2024:


(dollars in thousands)
Trust Name	Issue Date	Issued Amount		Carrying Value (1)		Rate (2)	Effective Rate (3)		Maturity Date
AT FAIR VALUE:
Umpqua Statutory Trust II	October 2002	$	20,619	$	19,942	Floating rate, SOFR + 0.26161% plus 3.35%, adjusted quarterly	8.48	%	October 2032
Umpqua Statutory Trust III	October 2002	30,928		30,030		Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly	8.48	%	November 2032
Umpqua Statutory Trust IV	December 2003	10,310		9,638		Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly	8.31	%	January 2034
Umpqua Statutory Trust V	December 2003	10,310		9,480		Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly	8.11	%	March 2034
Umpqua Master Trust I	August 2007	41,238		32,370		Floating rate, SOFR + 0.26161% plus 1.35%, adjusted quarterly	7.61	%	September 2037
Umpqua Master Trust IB	September 2007	20,619		18,408		Floating rate, SOFR + 0.26161% plus 2.75%, adjusted quarterly	8.26	%	December 2037
Sterling Capital Trust III	April 2003	14,433		13,905		Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly	8.39	%	April 2033
Sterling Capital Trust IV	May 2003	10,310		9,788		Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly	8.36	%	May 2033
Sterling Capital Statutory Trust V	May 2003	20,619		19,559		Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly	8.26	%	June 2033
Sterling Capital Trust VI	June 2003	10,310		9,703		Floating rate, SOFR + 0.26161% plus 3.20%, adjusted quarterly	8.31	%	September 2033
Sterling Capital Trust VII	June 2006	56,702		45,972		Floating rate, SOFR + 0.26161% plus 1.53%, adjusted quarterly	7.58	%	June 2036
Sterling Capital Trust VIII	September 2006	51,547		41,928		Floating rate, SOFR + 0.26161% plus 1.63%, adjusted quarterly	7.68	%	December 2036
Sterling Capital Trust IX	July 2007	46,392		37,143		Floating rate, SOFR + 0.26161% plus 1.40%, adjusted quarterly	7.81	%	October 2037
Lynnwood Financial Statutory Trust I	March 2003	9,279		8,736		Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly	8.22	%	March 2033
Lynnwood Financial Statutory Trust II	June 2005	10,310		8,660		Floating rate, SOFR + 0.26161% plus 1.80%, adjusted quarterly	7.64	%	June 2035
Klamath First Capital Trust I	July 2001	15,464		15,633		Floating rate, SOFR + 0.42826% plus 3.75%, adjusted semiannually	9.16	%	July 2031
Total junior subordinated debentures, at fair value		379,390		330,895
AT AMORTIZED COST:
Humboldt Bancorp Statutory Trust II	December 2001	10,310		10,681		Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly	7.42	%	December 2031
Humboldt Bancorp Statutory Trust III	September 2003	27,836		28,911		Floating rate, SOFR + 0.26161% plus 2.95%, adjusted quarterly	6.83	%	September 2033
CIB Capital Trust	November 2002	10,310		10,650		Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly	7.56	%	November 2032
Western Sierra Statutory Trust I	July 2001	6,186		6,186		Floating rate, SOFR + 0.26161% plus 3.58%, adjusted quarterly	8.43	%	July 2031
Western Sierra Statutory Trust II	December 2001	10,310		10,310		Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly	8.21	%	December 2031
Western Sierra Statutory Trust III	September 2003	10,310		10,310		Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly	7.82	%	September 2033
Western Sierra Statutory Trust IV	September 2003	10,310		10,310		Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly	7.82	%	September 2033
Bank of Commerce Holdings Trust II	July 2005	10,310		10,310		Floating rate, SOFR + 0.26161% plus 1.58%, adjusted quarterly	6.20	%	September 2035
Total junior subordinated debentures, at amortized cost		95,882		97,668
Total junior subordinated debentures		$	475,272	$	428,563

(1)Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value.

(2)Contractual interest rate of junior subordinated debentures.

(3)Effective interest rate based upon the carrying value as of December 31, 2024.

As of December 31, 2024 and 2023, the Company had $10.0 million in aggregate principal amount of fixed-to-floating rate subordinated debentures. Interest on the subordinated debentures is paid at a variable rate equal to the sum of forward term SOFR, the statutorily prescribed tenor spread adjustment plus 5.26%, payable quarterly until the maturity date of December 10, 2025.

The Company's wholly-owned trusts were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements as they are considered to be variable interest entities for which the Company is not a primary beneficiary. As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company's Consolidated Balance Sheet as junior subordinated debentures. The Trusts are reflected as junior subordinated debentures, either at fair value or at amortized cost. The common stock issued by the Trusts is recorded in other assets and totaled $14.3 million as of both December 31, 2024 and 2023. As of December 31, 2024, all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates.

The Company selected the fair value measurement option for junior subordinated debentures originally issued by UHC prior to the Merger (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired by UHC from Sterling Financial Corporation prior to the Merger. The fair value of the junior subordinated debentures increased during the year due to movements in the spot curve and forward rates. A loss of $14.8 million for the year ended December 31, 2024, as compared to a gain of $7.9 million for the year ended December 31, 2023, was recorded in other comprehensive income.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Employee Savings Plan Substantially all of the Company's employees are eligible to participate in the Umpqua Bank 401(k) and Profit Sharing Plan, a defined contribution and profit sharing plan sponsored by the Company. Employees may elect to contribute a portion of their salary to the plan in accordance with Section 401(k) of the Internal Revenue Code. At the discretion of the Board of Directors, the Company may make matching and/or profit sharing contributions based on profits of the Bank. The Company's contributions charged to expense amounted to $13.6 million, $20.9 million, and $10.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Employee Stock Purchase Plan The Company maintains an ESPP in which substantially all of the Company's employees are eligible to participate. The ESPP provides participants the opportunity to purchase common stock of the Company at a discounted price. Under the ESPP, participants purchase common stock of the Company for 90% of the lowest price on either the first or last day in the look-back period of six months. In 2024, the ESPP had a single offering period from July 1st to December 31st, with no purchases completed during 2024. At December 31, 2024, there were 877,000 shares available for purchase under the ESPP, 78,000 shares were purchased in January 2025 for $1.4 million, following the closing of the July 1st to December 31st 2024 offering period. In 2023, historical Columbia employees participated in the ESPP for the period from January 1st to June 30th of 2023 and purchased 58,000 shares for $1.2 million. Supplemental Retirement/Deferred Compensation Plans The Company has established a Supplemental Retirement & Deferred Compensation Plan (SRP/DCP), a nonqualified deferred compensation plan designed to supplement the retirement income of certain highly compensated executives selected by resolution of the Board. The SRP/DCP has two components: a supplemental retirement plan and a deferred compensation plan. The Company may make discretionary contributions to the SRP. The SRP balances as of December 31, 2024, and 2023 were $536,000 and $517,000, respectively, and are recorded in other liabilities on the Consolidated Balance Sheets. Under the DCP, eligible officers may elect to defer up to 50% of their salary into a plan account. The DCP balance was $14.1 million and $13.1 million as of December 31, 2024, and 2023, respectively. Additionally, the Company has established an SRP for a former CEO. The balance for this plan was $7.8 million and $8.2 million as of December 31, 2024 and 2023, respectively. In connection with the closing of the Merger, the Company established a deferred compensation plan for certain executives. The balances for this plan were $11.6 million and $8.5 million as of December 31, 2024, and 2023, respectively. Supplemental Executive Retirement Plan In connection with the Merger, the Company assumed a SERP, which is unsecured and unfunded with no program assets. The SERP's projected benefit obligation, representing the vested net present value of future payments to individuals under the plan, is accrued over the estimated remaining term of employment of the participants and was determined by actuarial valuation using a discount rate of 5.60% for 2024 and 5.02% for 2023. Additional assumptions and features of the plan include a normal retirement age of 65 and a 2% annual cost of living benefit adjustment. The projected benefit obligation of $18.0 million for 2024 and $18.8 million for 2023 is included in other liabilities on the Consolidated Balance Sheets. Acquired Plans In connection with prior acquisitions, the Bank assumed liability for certain salary continuation, supplemental retirement, and deferred compensation plans for key employees, retired employees, and directors of acquired institutions. No additional contributions have been made to these plans since the effective date of the acquisitions. These unfunded plans provide for the payment of a specified amount on a monthly basis for a specified period (generally 10 to 20 years) after retirement. In the event of a participant employee's death prior to or during retirement, the Bank may be obligated to pay the designated beneficiary the benefits outlined in the plans. As of December 31, 2024 and 2023, liabilities recorded for the estimated present value of future plan benefits totaled $47.2 million and $49.0 million, respectively, and are recorded in other liabilities on the Consolidated Balance Sheets. For the years ended December 31, 2024, 2023, and 2022, expense recorded for these benefits totaled $4.1 million, $4.8 million, and $1.5 million, respectively. Rabbi Trusts The Bank has established irrevocable rabbi trusts for the SRP/DCP plan and sponsors similar trusts for certain deferred compensation plans assumed from prior mergers. The trust assets, generally trading assets, are consolidated in the Company's balance sheets with the associated liabilities, equal to the asset balances, included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2024, and 2023, the asset and liability balances related to these trusts were $15.9 million and $13.7 million, respectively. Bank-Owned Life Insurance The Bank has purchased, or acquired through mergers, life insurance policies in connection with certain executive supplemental income, salary continuation and deferred compensation retirement plans. These policies, for which the Bank is the owner and sole or partial beneficiary, provide protection against the adverse financial effects of a key employee's death and offer tax-exempt income to offset plan expenses. As of December 31, 2024, and 2023, the cash surrender value of these policies was $693.8 million and $680.9 million, respectively. Additionally, as of December 31, 2024, and 2023, the Bank had liabilities for post-retirement benefits payable to other partial beneficiaries under some of these life insurance policies of $6.2 million and $6.3 million, respectively. The Bank is exposed to credit risk if an insurance company cannot fulfill its financial obligations under a policy. To mitigate this risk, the Bank uses a variety of insurance companies and regularly monitors their financial condition.

Commitments and Contingencies and Related-Party Transactions

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies and Related-Party Transactions

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)	December 31, 2024		December 31, 2023
Commitments to extend credit	$	10,077,780	$	11,278,324
Forward sales commitments	$	76,535	$	39,500
Commitments to originate residential mortgage loans held for sale	$	46,208	$	20,588
Standby letters of credit	$	216,422	$	212,525

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, standby letters of credit and financial guarantees. 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 involvement 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.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties.

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 years ended December 31, 2024 and 2023. As of December 31, 2024, approximately $183.3 million of standby letters of credit expire within one year, and $33.1 million expire thereafter. During the years ended December 31, 2024 and 2023, the Bank recorded approximately $2.9 million and $2.5 million, respectively, in fees associated with standby letters of credit.

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.

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 have not been identified. To the extent suits or actions are commenced, the Bank intends to vigorously defend any and all claims.

In August 2020, a class action complaint was filed in the United States District Court (ND Cal) 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 (ND Cal) alleging claims by ten investors with different investments than the class members. The case filed in June 2023 was dismissed in July 2024 due to the plaintiffs' lack of standing. Plaintiffs in the District Court class action case allege damages resulting from the scheme of between $297.4 million and $368.1 million, which includes prejudgment interest. The Superior Court case does not yet have a clear estimate of damages. Trial in the District Court class action case commenced on February 3, 2025. 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 Bank intends to defend these matters vigorously and believes that it has meritorious defenses.

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.

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. The Company has $2.2 million accrued related to legal matters as of December 31, 2024.

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.

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 December 31, 2024 and December 31, 2023. Commercial real estate concentrations are managed to ensure geographic and business diversity, primarily in our footprint. As of both December 31, 2024 and December 31, 2023, the multifamily portfolio, including construction, represented approximately 19% of the total loan portfolio. The office portfolio represented approximately 8% of the total loan portfolio as of both December 31, 2024 and December 31, 2023. 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.

Related-Party Transactions— In the ordinary course of business, the Bank has made loans to related parties, including its directors and executive officers (and their associated and affiliated companies). All such loans have been made in accordance with regulatory requirements, are on substantially the same terms and underwriting as those prevailing at the time for comparable transactions with unrelated persons, and do not involve higher than normal risk of collectability. The Bank has no material related-party transactions requiring disclosure.

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in the years ended December 31, 2024 and 2023. Market risk with respect to forward 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 contracts with broker-dealers. In the event the Company has forward delivery contract 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 contract. As of December 31, 2024 and December 31, 2023, the Bank had commitments to originate mortgage loans held for sale totaling $46.2 million and $20.6 million, respectively, and forward sales commitments of $76.5 million and $39.5 million, respectively, which are used to hedge both on-balance sheet and off-balance sheet exposures.

The Bank purchases interest rate futures and forward settling mortgage-backed securities to hedge the interest rate risk of MSRs. 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. As of December 31, 2023, the Bank had $150.0 million notional of interest rate futures contracts and $36.0 million of mortgage-backed securities related to this program.

The Bank executes interest rate swaps with commercial banking customers 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 December 31, 2024, the Bank had interest rate swap assets with a notional amount of $4.3 billion and interest rate swap liabilities with a notional amount of $4.4 billion related to this program. As of December 31, 2023, the Bank had interest rate swap assets and interest rate swap liabilities, both with a notional amount of $4.7 billion related to this program.

The Bank has collateral posting requirements for initial margins with its clearing members and clearing houses and is required to post collateral against its obligations under these agreements of $87.2 million and $88.3 million as of December 31, 2024 and December 31, 2023, respectively.

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 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 December 31, 2024 and 2023, the variation margin netting adjustments for centrally cleared interest rate swaps consisted of derivative asset adjustments of $173.9 million and $166.3 million, respectively.

The Bank also has solely executed swaps indexed to Term SOFR, which are not clearable. These 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 Consolidated Balance Sheets, while the derivative liabilities are included in other liabilities on the 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 Derivatives				Liability Derivatives
Derivatives not designated as hedging instrument	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Interest rate lock commitments	$	16	$	—	$	32	$	137
Interest rate futures	—		3,745		3,033		—
Interest rate forward sales commitments	695		9		74		535
Interest rate swaps	107,385		33,874		277,042		260,064
Foreign currency derivatives	542		457		438		355
Total derivative assets and liabilities	$	108,638	$	38,085	$	280,619	$	261,091

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 years ended December 31, 2024, 2023, and 2022:





(in thousands)
Derivatives not designated as hedging instrument	2024		2023		2022
Interest rate lock commitments	$	121	$	(169)	$	(4,609)
Interest rate futures	(8,603)		(4,693)		(14,476)
Interest rate forward sales commitments	923		33		47,689
Interest rate swaps	1,667		(4,597)		16,249
Foreign currency derivatives	345		141		126
Total derivative (losses) gains	$	(5,547)	$	(9,285)	$	44,979

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.

The following table shows the gross interest rate swaps in the 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 Statement of Financial Position
(in thousands)	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets/Liabilities presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received/Posted		Net Amount
December 31, 2024
Derivative Assets
Interest rate swaps	$	107,385	$	—	$	107,385	$	6,516	$	96,909	$	3,960
Derivative Liabilities
Interest rate swaps	$	277,042	$	—	$	277,042	$	6,516	$	—	$	270,526

Stock Compensation

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stock Compensation

Stock-based awards are eligible for issuance under the Company’s Incentive Compensation Plan to executives, directors and key employees. The 2024 Equity Incentive Plan was approved by shareholders and authorized the issuance of up to 7.5 million shares as equity compensation. The 2024 plan replaced the 2018 Equity Inventive Plan, which ceased to grant awards as of that date. The plan authorizes the issuance of RSAs, RSUs, and performance unit awards. As of December 31, 2024, there were 6.9 million shares available for future issuance.

Total compensation cost related to restricted shares of Company stock granted to employees is included in salaries and employee benefits of the Consolidated Statements of Income and the income tax benefit or deficiency related to the vesting of RSUs and RSAs is recorded as income tax expense or benefit in the period the shares are vested. The following table presents such share-based compensation expense and tax benefit for the years ended December 31, 2024, 2023, and 2022:



(in thousands)	2024		2023		2022
Share-based compensation expense	$	17,846	$	13,698	$	9,332
Tax benefit	$	3,898	$	3,725	$	3,287

The Company's restricted stock plans provide for the payment of withholding taxes by tendering previously owned or recently vested shares. Restricted shares cancelled to pay withholding taxes totaled 285,000, 261,000, and 120,000 shares during the years ended December 31, 2024, 2023, and 2022, respectively.

Restricted Stock Units

The Company grants RSUs periodically to employees and directors. RSUs provide for an interest in Company common stock to the recipient, with such units held in escrow until certain conditions are met. RSUs provide for vesting requirements that include time-based, performance-based, or market-based conditions. RSUs generally vest over three years, subject to time or time plus performance vesting conditions. Recipients of RSUs do not pay any cash consideration to the Company for the units and the holders of the restricted units do not have voting rights; however, the holder accrues dividends, which are paid out when the shares vest. The fair value of time-based and performance-based units is equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based units is estimated on the grant date using the Monte Carlo simulation model, which incorporates assumptions as to stock price volatility, the expected life of awards, a risk-free interest rate and dividend yield.

The following table summarizes information about nonvested RSU activity for the year ended December 31, 2024:



(shares in thousands)	RSUs Outstanding	Weighted Average Grant Date Fair Value
Balance, beginning of period	1,177	$	31.19

Granted	658	$	17.05
Vested/released	(502)	$	31.49
Forfeited/expired	(32)	$	31.12
Balance, end of period	1,301	$	23.92

The compensation cost related to RSUs in Company stock granted to employees and included in salaries and employee benefits on the Consolidated Statements of Income was $14.2 million, $13.5 million, and $9.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The total fair value of RSUs vested and released was $15.8 million, $13.9 million, and $11.0 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, there was $16.9 million of total unrecognized compensation cost related to nonvested RSUs which is expected to be recognized over a weighted-average period of 0.86 years, assuming expected performance conditions are met for certain units.

Restricted Stock Awards

Restricted stock awards provide for the immediate issuance of shares of Company common stock to the recipient, with such shares held in escrow until certain conditions are met. RSAs provide for vesting requirements that include time-based, generally vesting over three years, performance-based, or market-based conditions. Recipients of RSAs do not pay any cash consideration to the Company for the shares and the holders of the restricted shares have voting rights and the holder accrues dividends, which are paid out when the shares vest. The fair value of time-based and performance-based share awards is equal to the fair market value of the Company’s common stock on the grant date.

The following table summarizes information about unvested RSA activity for the year ended December 31, 2024:



(shares in thousands)	RSAs Outstanding	Weighted Average Grant Date Fair Value
Balance, beginning of period	499	$	28.24

Granted	816	$	18.94
Vested/released	(249)	$	27.79
Forfeited/expired	(81)	$	22.00
Balance, end of period	985	$	21.16

The compensation cost related to RSAs in Company stock granted to employees and included in salaries and employee benefits on the Consolidated Statements of Income was $3.6 million and $194,000 for the years ended December 31, 2024 and 2023, respectively.

The total fair value of RSAs vested and released was $6.9 million and $2.8 million for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024 there was $11.3 million of total unrecognized compensation cost related to nonvested RSAs which is expected to be recognized over a weighted-average period of 1.15 years, assuming expected performance conditions are met.

The entire disclosure for equity.

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Regulatory Capital

12 Months Ended

Dec. 31, 2024

Broker-Dealer [Abstract]

Regulatory Capital

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a material effect on the Company and the Bank's operations and financial statements. Under capital adequacy guidelines, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about risk components, asset risk weighting, and other factors.

As permitted by the regulatory capital rules, the Company and the Bank elected the CECL transition option that delayed the estimated impact on regulatory capital resulting from the adoption of CECL over a five-year transition period ending December 31, 2024. The Company elected this capital relief to delay the estimated regulatory capital impact of adopting CECL, relative to the incurred loss methodology's effect on regulatory capital. The Company phased out the cumulative adjustment as calculated at the end of 2021, by adjusting it by 75% in 2022, 50% in 2023, and 25% through the end of 2024.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital, and Tier 1 common to risk-weighted assets (as defined in the applicable regulations), and of Tier 1 capital to average assets (as defined in the applicable regulations). Basel III also requires banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of CET1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. The capital conservation buffer is fully phased-in at 2.5%, such that the CET1, Tier 1, and total capital ratio minimums inclusive of the capital conservation buffers were 7%, 8.5%, and 10.5%. Management believes, as of December 31, 2024, that the Company meets all capital adequacy requirements to which it is subject.

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 Basel III as of December 31, 2024 and 2023:


	Actual				For Capital Adequacy Purposes		To be Well Capitalized
(dollars in thousands)	Amount		Ratio		Ratio		Ratio
December 31, 2024
Total Capital (to Risk Weighted Assets)
Consolidated	$	5,082,012	12.75	%	8.00	%	10.00	%
Umpqua Bank	$	4,951,381	12.42	%	8.00	%	10.00	%
Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	4,200,595	10.54	%	6.00	%	8.00	%
Umpqua Bank	$	4,530,964	11.37	%	6.00	%	8.00	%
Tier 1 Common (to Risk Weighted Assets)
Consolidated	$	4,200,595	10.54	%	4.50	%	6.50	%
Umpqua Bank	$	4,530,964	11.37	%	4.50	%	6.50	%
Tier 1 Capital (to Average Assets)
Consolidated	$	4,200,595	8.31	%	4.00	%	5.00	%
Umpqua Bank	$	4,530,964	8.97	%	4.00	%	5.00	%
December 31, 2023
Total Capital (to Risk Weighted Assets)
Consolidated	$	4,770,335	11.86	%	8.00	%	10.00	%
Umpqua Bank	$	4,653,920	11.57	%	8.00	%	10.00	%
Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	3,876,985	9.64	%	6.00	%	8.00	%
Umpqua Bank	$	4,231,569	10.52	%	6.00	%	8.00	%
Tier 1 Common (to Risk Weighted Assets)
Consolidated	$	3,876,985	9.64	%	4.50	%	6.50	%
Umpqua Bank	$	4,231,569	10.52	%	4.50	%	6.50	%
Tier 1 Capital (to Average Assets)
Consolidated	$	3,876,985	7.60	%	4.00	%	5.00	%
Umpqua Bank	$	4,231,569	8.30	%	4.00	%	5.00	%

Earnings Per Common Share

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

Dividends

The following summarizes the dividend activity for the year ended December 31, 2024:

Declared

Regular Cash Dividends Per Common Share

Record Date

Paid Date

February 9, 2024

$

0.36

February 23, 2024

March 11, 2024

May 13, 2024

$

0.36

May 24, 2024

June 10, 2024

August 12, 2024

$

0.36

August 23, 2024

September 9, 2024

November 15, 2024

$

0.36

November 29, 2024

December 16, 2024

Subsequent to year-end, on February 14, 2025, the Company declared a regular quarterly cash dividend of $0.36 per common share payable on March 17, 2025 to shareholders of record at the close of business on February 28, 2025.

The payment of cash dividends is subject to federal regulatory requirements for capital levels and other restrictions. In addition, the cash dividends paid by Umpqua Bank to the Company are subject to both federal and state regulatory requirements.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2024, 2023, and 2022:



(in thousands, except per share data)	2024		2023		2022

Net income	$	533,675	$	348,715	$	336,752

Weighted average number of common shares outstanding - basic (2)	208,463		195,304		129,277
Effect of potentially dilutive common shares (1) (2)	874		567		455
Weighted average number of common shares outstanding - diluted (2)	209,337		195,871		129,732
Earnings per common share (2):
Basic	$	2.56	$	1.79	$	2.60
Diluted	$	2.55	$	1.78	$	2.60

(1) Represents the effect of the assumed vesting of non-participating restricted shares based on the treasury stock method.

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

The following table represents the weighted average outstanding restricted shares that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the years ended December 31, 2024, 2023, and 2022:



(in thousands)	2024	2023	2022

Restricted stock awards and units	227	727	—

Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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 Consolidated Balance Sheets:


		December 31, 2024				December 31, 2023
(in thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	1	$	1,878,255	$	1,878,255	$	2,162,534	$	2,162,534
Equity and other investment securities	1,2	78,133		78,133		76,995		76,995
Investment securities available for sale	1,2	8,274,615		8,274,615		8,829,870		8,829,870
Investment securities held to maturity	3	2,101		2,703		2,300		3,025
Loans held for sale	2	71,535		71,535		30,715		30,715
Loans and leases, net	2,3	37,256,272		35,689,803		37,001,080		35,810,989
Restricted equity securities	1	150,024		150,024		179,274		179,274
Residential mortgage servicing rights	3	108,358		108,358		109,243		109,243
Bank-owned life insurance	1	693,839		693,839		680,948		680,948
Derivatives	2,3	108,638		108,638		38,085		38,085
Financial liabilities:
Demand, money market, and savings deposits	1	$	35,618,693	$	35,618,693	$	35,379,451	$	35,379,451
Time deposits	2	6,102,039		6,088,430		6,227,569		6,201,519
Securities sold under agreements to repurchase	2	236,627		236,627		252,119		252,119
Borrowings	2	3,100,000		3,101,866		3,950,000		3,950,037
Junior subordinated debentures, at fair value	3	330,895		330,895		316,440		316,440
Junior and other subordinated debentures, at amortized cost	3	107,668		104,216		107,895		97,695
Derivatives	2,3	280,619		280,619		261,091		261,091

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)	December 31, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities	$	62,276	$	43,817	$	18,459	$	—
Equity securities held in rabbi trusts	15,857		15,857		—		—
Investment securities available for sale
U.S. Treasury and agencies	1,422,787		321,297		1,101,490		—
Obligations of states and political subdivisions	1,026,053		—		1,026,053		—
Mortgage-backed securities and collateralized mortgage obligations	5,825,775		—		5,825,775		—
Loans held for sale, at fair value	71,535		—		71,535		—
Loans and leases, at fair value	168,809		—		168,809		—
Residential mortgage servicing rights, at fair value	108,358		—		—		108,358
Derivatives
Interest rate lock commitments	16		—		—		16

Interest rate forward sales commitments	695		—		695		—
Interest rate swaps	107,385		—		107,385		—
Foreign currency derivatives	542		—		542		—
Total assets measured at fair value	$	8,810,088	$	380,971	$	8,320,743	$	108,374
Financial liabilities:
Junior subordinated debentures, at fair value	$	330,895	$	—	$	—	$	330,895
Derivatives
Interest rate lock commitments	32		—		—		32
Interest rate futures	3,033		—		3,033		—
Interest rate forward sales commitments	74		—		74		—
Interest rate swaps	277,042		—		277,042		—
Foreign currency derivatives	438		—		438		—
Total liabilities measured at fair value	$	611,514	$	—	$	280,587	$	330,927


(in thousands)	December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities	$	63,298	$	44,839	$	18,459	$	—
Equity securities held in rabbi trusts	13,697		13,697		—		—
Investment securities available for sale
U.S. Treasury and agencies	1,478,392		373,664		1,104,728		—
Obligations of states and political subdivisions	1,072,105		—		1,072,105		—
Mortgage-backed securities and collateralized mortgage obligations	6,279,373		—		6,279,373		—
Loans held for sale, at fair value	30,715		—		30,715		—
Loans and leases, at fair value	275,140		—		275,140		—
Residential mortgage servicing rights, at fair value	109,243		—		—		109,243
Derivatives

Interest rate futures	3,745		—		3,745		—
Interest rate forward sales commitments	9		—		9		—
Interest rate swaps	33,874		—		33,874		—
Foreign currency derivatives	457		—		457		—
Total assets measured at fair value	$	9,360,048	$	432,200	$	8,818,605	$	109,243
Financial liabilities:
Junior subordinated debentures, at fair value	$	316,440	$	—	$	—	$	316,440
Derivatives
Interest rate lock commitments	137		—		—		137

Interest rate forward sales commitments	535		—		535		—
Interest rate swaps	260,064		—		260,064		—
Foreign currency derivatives	355		—		355		—
Total liabilities measured at fair value	$	577,531	$	—	$	260,954	$	316,577

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.

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.

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 December 31, 2024, 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.

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 Instrument	Fair Value (in thousands)		Valuation Technique	Unobservable Input	Range of Inputs	Weighted Average
December 31, 2024
Assets:
Residential mortgage servicing rights	$	108,358	Discounted cash flow	Constant prepayment rate	5.77% - 60.85%	6.92%
				Discount rate	9.50% - 16.16%	10.23%
Liabilities:
Interest rate lock commitments, net	$	16	Internal pricing model	Pull-through rate	71.00% - 100.00%	87.54%
Junior subordinated debentures	$	330,895	Discounted cash flow	Credit spread	1.46% - 4.15%	3.06%

Financial Instrument	Fair Value (in thousands)		Valuation Technique	Unobservable Input	Range of Inputs	Weighted Average
December 31, 2023
Assets:
Residential mortgage servicing rights	$	109,243	Discounted cash flow	Constant prepayment rate	6.07% - 28.17%	6.78%
				Discount rate	9.50% - 16.05%	10.25%
Liabilities:
Interest rate lock commitments, net	$	137	Internal pricing model	Pull-through rate	67.33% - 100.00%	85.53%
Junior subordinated debentures	$	316,440	Discounted cash flow	Credit spread	2.25% - 4.66%	3.39%

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.

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 years ended December 31, 2024 and 2023:

















	2024						2023
(in thousands)	Residential mortgage servicing rights		Interest rate lock commitments, net		Junior subordinated debentures, at fair value		Residential mortgage servicing rights		Interest rate lock commitments, net		Junior subordinated debentures, at fair value
Beginning balance	$	109,243	$	(137)	$	(316,440)	$	185,017	$	32	$	(323,639)
Change included in earnings	(7,337)		4		(29,840)		(23,816)		(234)		(29,045)
Change in fair values included in comprehensive income/loss	—		—		(14,812)		—		—		7,866
Purchases and issuances	6,452		(886)		—		5,347		(1,029)		—
Sales and settlements	—		1,003		30,197		(57,305)		1,094		28,378
Ending balance	$	108,358	$	(16)	$	(330,895)	$	109,243	$	(137)	$	(316,440)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period	$	5,229	$	(16)	$	(29,840)	$	(6,122)	$	(137)	$	(29,045)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period	$	—	$	—	$	(14,812)	$	—	$	—	$	7,866

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 $14.8 million for the year ended December 31, 2024, were recorded net of tax as other comprehensive losses of $11.0 million. Comparatively, unrealized gains of $7.9 million were recorded net of tax as other comprehensive gains of $5.8 million for the year ended December 31, 2023. The change recorded for the year ended December 31, 2024 was mainly due to modest movements in the spot curve and forward rates, partially offset by decreases in the credit spreads.

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.


	December 31, 2024

(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	28,177	$	—	$	—	$	28,177


	December 31, 2023

(in thousands)	Total		Level 1		Level 2		Level 3



Loans and leases	$	5,036	$	—	$	—	$	5,036

The following table presents the losses resulting from nonrecurring fair value adjustments for the years ended December 31, 2024, 2023, and 2022:



(in thousands)	2024		2023		2022




Loans and leases	$	108,513	$	104,320	$	39,422

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.

Refer to Note 2 - Business Combination for further information about the methods used to determine the fair values of significant assets and liabilities pertaining to the Merger.

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:


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value		Aggregate Unpaid Principal Balance		Fair Value Less Aggregate Unpaid Principal Balance		Fair Value		Aggregate Unpaid Principal Balance		Fair Value Less Aggregate Unpaid Principal Balance
Loans held for sale	$	71,535	$	70,430	$	1,105	$	30,715	$	29,629	$	1,086
Loans held for investment	$	168,809	$	200,925	$	(32,116)	$	275,140	$	320,397	$	(45,257)

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 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 years ended December 31, 2024, 2023, and 2022 the Company recorded a net increase in fair value of $19,000, a net decrease of $342,000, and a net decrease of $10.7 million, 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 Consolidated Statements of Income. For the year ended December 31, 2024, the Company recorded a net decrease in fair value of $10.5 million, as compared to a net increase in fair value of $2.6 million for the year ended December 31, 2023.

The Company selected the fair value measurement option for certain junior subordinated debentures originally issued by UHC prior to the Merger (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired by UHC from Sterling Financial Corporation prior to the 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.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

12 Months Ended

Dec. 31, 2024

Parent Company Financial Statements

Summary financial information for Columbia Banking System, Inc. on a standalone basis is as follows:

Condensed Balance Sheets

December 31, 2024 and 2023


(in thousands)	December 31, 2024		December 31, 2023
ASSETS
Non-interest-bearing deposits with subsidiary bank	$	69,422	$	45,895
Investments in:
Bank subsidiary	5,477,550		5,367,612
Non-bank subsidiaries	17,384		18,951
Other assets	10,245		7,781
Total assets	$	5,574,601	$	5,440,239
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	469	$	444
Other liabilities	17,345		20,426
Junior subordinated debentures, at fair value	330,895		316,440
Junior and other subordinated debentures, at amortized cost	107,668		107,895
Total liabilities	456,377		445,205
Shareholders' equity	5,118,224		4,995,034
Total liabilities and shareholders' equity	$	5,574,601	$	5,440,239

Condensed Statements of Income

Years Ended December 31, 2024, 2023, and 2022


(in thousands)	2024		2023		2022
INCOME
Dividends from bank subsidiary	$	360,000	$	353,000	$	192,000
Dividends from non-bank subsidiaries	2,894		10,115		2,104
Other income	816		453		127
Total income	363,710		363,568		194,231
EXPENSE
Management fees paid to subsidiaries	1,270		1,877		1,434
Other expenses	42,333		44,493		22,396
Total expenses	43,603		46,370		23,830
Income before income tax benefit and equity in undistributed earnings of subsidiaries	320,107		317,198		170,401
Income tax benefit	(8,884)		(10,019)		(4,677)
Net income before equity in undistributed earnings of subsidiaries	328,991		327,217		175,078
Equity in undistributed earnings of subsidiaries	204,684		21,498		161,674
Net income	$	533,675	$	348,715	$	336,752

Condensed Statements of Cash Flows

Years Ended December 31, 2024, 2023, and 2022


(in thousands)	2024		2023		2022
OPERATING ACTIVITIES:
Net income	$	533,675	$	348,715	$	336,752
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(204,684)		(21,498)		(161,674)
Depreciation, amortization, and accretion	(228)		(228)		(228)

Net decrease in other assets	(2,465)		(176)		(2,334)
Net increase (decrease) in other liabilities	3,142		(5,472)		2,212
Net cash provided by operating activities	329,440		321,341		174,728
INVESTING ACTIVITIES:
Net increase in advances to subsidiaries	(1)		(143,535)		(121,409)

Net cash used in investing activities	(1)		(143,535)		(121,409)
FINANCING ACTIVITIES:
Net increase (decrease) in advances from subsidiaries	24		317		(379)
Dividends paid on common stock	(300,221)		(270,261)		(182,273)
Repurchases and retirement of common stock	(5,715)		(6,282)		(4,163)

Net proceeds from issuance of common stock	—		1,185		54
Net cash used in financing activities	(305,912)		(275,041)		(186,761)
Net increase (decrease) in cash and cash equivalents	23,527		(97,235)		(133,442)
Cash and cash equivalents, beginning of year	45,895		143,130		276,572
Cash and cash equivalents, end of year	$	69,422	$	45,895	$	143,130

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenue from Contracts with Customers

The Company records revenue when control of the promised products or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those products or services. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income.

The following table presents the Company's sources of non-interest income for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	2024		2023		2022
Non-interest income:
Service charges on deposits
Account maintenance fees	$	45,446	$	37,986	$	27,274
Transaction-based and overdraft service charges	26,071		27,539		21,091
Total service charges on deposits	71,517		65,525		48,365
Card-based fees	57,089		55,263		37,370
Financial services and trust revenue	20,208		13,471		90
Total revenue from contracts with customers	148,814		134,259		85,825
Non-interest income within the scope of other GAAP topics	62,152		69,668		113,703
Total non-interest income	$	210,966	$	203,927	$	199,528

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes and Investment Tax Credits

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

The following table presents the components of income tax provision for the years ended December 31, 2024, 2023, and 2022:



(in thousands)	2024		2023		2022
Current Expense:
Federal	$	114,932	$	72,224	$	70,982
State	39,304		37,365		28,461
Total current tax expense	$	154,236	$	109,589	$	99,443
Deferred tax expense:
Federal	$	21,284	$	6,794	$	11,636
State	9,555		6,101		2,747
Total deferred tax expense	30,839		12,895		14,383
Total	$	185,075	$	122,484	$	113,826

The following table presents a reconciliation of income taxes computed at the federal statutory rate to the actual effective rate for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	2024		2023		2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of federal benefit	5.8	%	6.2	%	5.8	%
Non-deductible FDIC premiums	1.0	%	1.7	%	0.4	%






Net tax-exempt interest income	(1.2)	%	(2.2)	%	(1.5)	%
Other	(0.9)	%	(0.7)	%	(0.4)	%
Effective income tax rate	25.7	%	26.0	%	25.3	%

The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax asset as of December 31, 2024 and 2023:


(in thousands)	2024		2023
Deferred tax assets:
Net unrealized losses on investment securities	$	317,213	$	303,465
Acquired loans	116,099		146,315
Allowance for credit losses	111,357		115,777
Accrued severance and deferred compensation	36,243		39,904

Other	79,947		88,137
Total gross deferred tax assets	660,859		693,598
Deferred tax liabilities:
Other intangible assets	125,297		155,642
Direct financing leases	36,416		42,825
Deferred loan fees and costs	33,630		34,402
Operating lease right-of-use asset	28,922		30,117
Residential mortgage servicing rights	28,736		31,259
Premises and equipment	19,153		20,579


Other	29,280		31,571
Total gross deferred tax liabilities	301,434		346,395

Net deferred tax assets	$	359,425	$	347,203

As of December 31, 2024 and 2023, the Company's gross deferred tax assets included $1.9 million and $2.4 million, respectively, of NOL carryforwards expiring in tax years 2030-2032. As of December 31, 2024, the Company has determined there is sufficient positive evidence to conclude that it is more likely than not that the benefit from certain of its federal and state NOL and tax carryforwards will be realized. The Company has determined that no valuation allowance for the deferred tax assets is required as management believes it is more likely than not that future taxable income will be sufficient to realize the remaining gross deferred tax assets of $660.9 million and $693.6 million at December 31, 2024 and 2023, respectively.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the majority of states. The Company is no longer subject to U.S. income tax examinations for years prior to 2021 and is no longer subject to state income tax examinations for years prior to 2020.

The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities' examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment.

The Company had no gross unrecognized tax benefits as of December 31, 2024 and 2023. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. There were no amounts related to interest and penalties recognized for the years ended December 31, 2024 and 2023.

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. Refer to Note 14 – Junior and Other Subordinated Debentures for further discussion of junior subordinated debentures.

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 as a component of other assets on the Consolidated Balance Sheets and uses the proportional amortization method to account for the investments. Amortization related to these investments is recorded as a component of the provision for income taxes on the Consolidated Statements of Income. The Company's unfunded capital commitments to these investments is included in other liabilities on the Consolidated Balance Sheets.

In 2023, the Company recorded $47.2 million of affordable housing investments and $40.9 million of related unfunded capital commitments associated with the Merger.

The following table presents the Company's tax credit investments, which consisted entirely of affordable housing tax credit investments and related unfunded capital commitments as of December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Other Assets:
Affordable housing tax credit investments	$	220,954	$	210,873
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	95,280	$	114,082

The following table presents other information relating to the Company's affordable housing tax credit investments for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	2024		2023		2022
Proportional amortization	$	19,778	$	16,777	$	12,026
Tax credit investment credits and tax benefits	$	25,067	$	20,932	$	14,553

There was no impairment recognized for the years ended December 31, 2024, 2023, and 2022.

The entire disclosure for income tax.

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Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has one 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, and Nevada and 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. 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 Consolidated Statements of Income as net income. The measure of segment assets is total consolidated assets which is reported on the Consolidated Balance Sheets as total assets. 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 expense information at a level consistent with that disclosed in the Company's Consolidated Statements of Income.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 533,675	$ 348,715	$ 336,752

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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