10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	for the quarterly period ended:	March 31, 2024
	or

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	for the transition period from                                        to                                       .

Commission File Number: 000-20288 

COLUMBIA BANKING SYSTEM, INC. 

(Exact Name of Registrant as Specified in Its Charter)

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

1301 A Street 

Tacoma, Washington 98402-2156 

(Address of Principal Executive Offices)(Zip Code) 

(253) 305-1900 

(Registrant's Telephone Number, Including Area Code) 

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

TITLE OF EACH CLASS	TRADING SYMBOL	NAME OF EXCHANGE
Common Stock, No Par Value	COLB	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒   Yes   ☐   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒   Yes   ☐   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☒   Large accelerated filer   ☐   Accelerated filer   ☐   Non-accelerated filer  

 ☐   Smaller reporting company  ☐  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐   Yes   ☒   No 

Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practical date:

Common stock, no par value: 209,378,282 shares outstanding as of April 30, 2024.

Table of Contents

COLUMBIA BANKING SYSTEM, INC. 

FORM 10-Q 

Table of Contents 

 

GLOSSARY		3
PART I.  FINANCIAL INFORMATION		4
Item 1.	Financial Statements (unaudited)	4
	Condensed Consolidated Balance Sheets (unaudited)	4
	Condensed Consolidated Statements of Operations (unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income (unaudited)	6
	Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited)	7
	Condensed Consolidated Statements of Cash Flows (unaudited)	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	69
Item 4.	Controls and Procedures	70
Part II.  OTHER INFORMATION		71
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	72
Item 6.	Exhibits	73
SIGNATURES		74

2

Table of Contents

GLOSSARY OF DEFINED TERMS
ACL	Allowance for Credit Losses
ACLLL	Allowance for Credit Losses on Loans and Leases
ASU	Accounting Standards Update
Bank	Umpqua Bank
Basel III	Basel Capital Framework (third accord)
BOLI	Bank Owned Life Insurance
BTFP	Bank Term Funding Program
CECL	Current Expected Credit Losses
Columbia	Columbia Banking System, Inc.
Company	Columbia Banking System, Inc. and its Subsidiaries
CVA	Credit Valuation Adjustments
DCF	Discounted Cash Flow
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
Federal Reserve	Board of Governors of the Federal Reserve System
FHLB	Federal Home Loan Bank of Des Moines
FinPac	Financial Pacific Leasing, Inc.
FOMC	Federal Open Market Committee
FRB	Federal Reserve Bank
GAAP	Generally Accepted Accounting Principles
GDP	Gross Domestic Product
GNMA	Government National Mortgage Association
HELOC	Home Equity Line of Credit
LGD	Loss Given Default
Merger	Umpqua Holdings Corporation merged with and into Columbia, with Columbia as the surviving corporation.
Merger Date	February 28, 2023
MSR	Mortgage Servicing Rights
NOL	Net Operating Loss
NM	Not Meaningful
PCD	Purchased with Credit Deterioration
PD	Probability of Default
RUC	Reserve for Unfunded Commitments
SBA	Small Business Administration
SEC	Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
UHC	Umpqua Holdings Corporation

3

Table of Contents

PART I.    FINANCIAL INFORMATION

Item 1.     Financial Statements (unaudited) 

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED)

(in thousands, except shares)	March 31, 2024		December 31, 2023
ASSETS
Cash and due from banks (restricted cash of $1,447 and $4,200)	$	440,215	$	498,496
Interest-bearing cash and temporary investments (restricted cash of $4,050 and $900)	1,760,902		1,664,038
Total cash and cash equivalents	2,201,117		2,162,534
Investment securities
Equity and other, at fair value	77,203		76,995
Available for sale, at fair value	8,616,545		8,829,870
Held to maturity, at amortized cost	2,247		2,300
Loans held for sale	47,201		30,715
Loans and leases (at fair value: $267,806 and $275,140)	37,642,413		37,441,951
Allowance for credit losses on loans and leases	(414,344)		(440,871)
Net loans and leases	37,228,069		37,001,080
Restricted equity securities	116,274		179,274
Premises and equipment, net	336,869		338,970
Operating lease right-of-use assets	113,833		115,811
Goodwill	1,029,234		1,029,234
Other intangible assets, net	571,588		603,679
Residential mortgage servicing rights, at fair value	110,444		109,243
Bank-owned life insurance	682,293		680,948
Deferred tax asset, net	356,031		347,203
Other assets	735,058		665,740
Total assets	$	52,224,006	$	52,173,596
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing	$	13,808,554	$	14,256,452
Interest-bearing	27,897,606		27,350,568
Total deposits	41,706,160		41,607,020
Securities sold under agreements to repurchase	213,573		252,119
Borrowings	3,900,000		3,950,000
Junior subordinated debentures, at fair value	309,544		316,440
Junior and other subordinated debentures, at amortized cost	107,838		107,895
Operating lease liabilities	129,240		130,576
Other liabilities	900,406		814,512
Total liabilities	47,266,761		47,178,562
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS' EQUITY
Preferred Stock, no par value, shares authorized: 2,000,000, issued and outstanding: 0	—		—
Common stock, no par value, shares authorized: 520,000,000 in 2024 and 2023; issued and outstanding: 209,370,395 in 2024 and 208,584,667 in 2023	5,802,322		5,802,747
Accumulated deficit	(418,946)		(467,571)
Accumulated other comprehensive loss	(426,131)		(340,142)
Total shareholders' equity	4,957,245		4,995,034
Total liabilities and shareholders' equity	$	52,224,006	$	52,173,596

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(UNAUDITED) 

	Three Months Ended
(in thousands, except per share amounts)	March 31, 2024		March 31, 2023
INTEREST INCOME
Interest and fees on loans and leases	$	575,044	$	413,525
Interest and dividends on investment securities:
Taxable	75,017		39,729
Exempt from federal income tax	6,904		3,397
Dividends	3,707		719
Interest on temporary investments and interest-bearing deposits	23,553		18,581
Total interest income	684,225		475,951
INTEREST EXPENSE
Interest on deposits	198,435		63,613
Interest on securities sold under agreement to repurchase and federal funds purchased	1,266		406
Interest on borrowings	51,275		28,764
Interest on junior and other subordinated debentures	9,887		8,470
Total interest expense	260,863		101,253
Net interest income	423,362		374,698
PROVISION FOR CREDIT LOSSES	17,136		105,539
Net interest income after provision for credit losses	406,226		269,159
NON-INTEREST INCOME
Service charges on deposits	16,064		14,312
Card-based fees	13,183		11,561
Financial services and trust revenue	4,464		1,297
Residential mortgage banking revenue, net	4,634		7,816
Gain on sale of debt securities, net	12		—
(Loss) gain on equity securities, net	(1,565)		2,416
Gain on loan and lease sales, net	221		940
Bank-owned life insurance income	4,639		2,790
Other income	8,705		13,603
Total non-interest income	50,357		54,735
NON-INTEREST EXPENSE
Salaries and employee benefits	154,538		136,092
Occupancy and equipment, net	45,291		41,700
Communications	3,782		3,026
Marketing	1,936		1,059
Services	13,422		12,843
FDIC assessments	14,460		6,113
Intangible amortization	32,091		12,660
Merger-related expenses	4,478		115,898
Other expenses	17,518		13,427
Total non-interest expense	287,516		342,818
Income (loss) before provision for income taxes	169,067		(18,924)
Provision (benefit) for income taxes	44,987		(4,886)
Net income (loss)	$	124,080	$	(14,038)
Earnings (loss) per common share:
Basic	$0.60		($0.09)
Diluted	$0.59		($0.09)
Weighted average number of common shares outstanding:
Basic	208,260		156,383
Diluted	208,956		156,383

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)  

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Net income (loss)	$	124,080	$	(14,038)
Available for sale securities:
Unrealized (losses) gains arising during the period	(122,662)		145,438
Income tax benefit (expense) related to unrealized (losses) gains	31,893		(37,827)
Reclassification adjustment for net realized gains in earnings	(12)		—
Income tax expense related to realized gains	3		—
Net change in unrealized (losses) gains for available for sale securities	(90,778)		107,611
Junior subordinated debentures, at fair value:
Unrealized gains arising during the period	6,453		25,812
Income tax expense related to unrealized gains	(1,678)		(6,711)
Net change in unrealized gains for junior subordinated debentures, at fair value	4,775		19,101
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost	19		24
Income tax expense related to unrecognized actuarial loss	(5)		(6)
Net change in pension plan liability adjustment	14		18
Other comprehensive (loss) income, net of tax	(85,989)		126,730
Comprehensive income	$	38,091	$	112,692

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY  

(UNAUDITED)   

	Common Stock			Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)
(in thousands, except shares)	Shares	Amount						Total
Balance at January 1, 2023	129,320,962	$	3,450,493	$	(543,803)	$	(426,864)	$	2,479,826
Net loss				(14,038)				(14,038)
Other comprehensive income, net of tax						126,730		126,730
Stock issued in connection with the Merger	78,863,112	2,337,632						2,337,632
Stock-based compensation		5,644						5,644
Stock repurchased and retired	(215,229)	(5,216)						(5,216)
Issuances of common stock under stock plans	460,399	—						—
Cash dividends on common stock ($0.35 per share)				(45,855)				(45,855)
Balance at March 31, 2023	208,429,244	$	5,788,553	$	(603,696)	$	(300,134)	$	4,884,723
Net income				133,377				133,377
Other comprehensive loss, net of tax						(118,628)		(118,628)
Stock issued in connection with the Merger		1,646						1,646
Stock-based compensation		3,335						3,335
Stock repurchased and retired	(32,727)	(742)						(742)
Issuances of common stock under stock plans	117,122	—						—
Cash dividends on common stock ($0.36 per share)				(75,523)				(75,523)
Balance at June 30, 2023	208,513,639	$	5,792,792	$	(545,842)	$	(418,762)	$	4,828,188
Net income				135,845				135,845
Other comprehensive loss, net of tax						(261,667)		(261,667)
Stock-based compensation		4,338						4,338
Stock repurchased and retired	(7,072)	(148)						(148)
Issuances of common stock under stock plans	10,472	—						—
Issuances of common stock under the employee stock purchase plan	58,440	1,185						1,185
Cash dividends on common stock ($0.36 per share)				(75,579)				(75,579)
Balance at September 30, 2023	208,575,479	$	5,798,167	$	(485,576)	$	(680,429)	$	4,632,162
Net income				93,531				93,531
Other comprehensive income, net of tax						340,287		340,287
Stock-based compensation		4,756						4,756
Stock repurchased and retired	(8,807)	(176)						(176)
Issuances of common stock under stock plans	17,995	—						—
Cash dividends on common stock ($0.36 per share)				(75,526)				(75,526)
Balance at December 31, 2023	208,584,667	$	5,802,747	$	(467,571)	$	(340,142)	$	4,995,034

 

Net income				124,080				124,080
Other comprehensive loss, net of tax						(85,989)		(85,989)
Stock-based compensation		4,422						4,422
Stock repurchased and retired	(240,329)	(4,847)						(4,847)
Issuances of common stock under stock plans	1,026,057	—						—
Cash dividends on common stock ($0.36 per share)				(75,455)				(75,455)
Balance at March 31, 2024	209,370,395	$	5,802,322	$	(418,946)	$	(426,131)	$	4,957,245

See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (UNAUDITED)
	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	124,080	$	(14,038)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of investment discounts, net	(17,693)		(7,668)
Gain on sale of investment securities, net	(12)		—
Provision for credit losses	17,136		105,539
Change in cash surrender value of bank-owned life insurance	(4,672)		(491)
Depreciation, amortization and accretion	39,962		19,043
Gain on sale of premises and equipment	(183)		(305)
Additions to residential mortgage servicing rights carried at fair value	(1,237)		(1,601)
Change in fair value of residential mortgage servicing rights carried at fair value	36		7,818
Stock-based compensation	4,422		5,644
Net (increase) decrease in equity and other investments	(1,773)		131
Loss (gain) on equity securities, net	1,565		(2,416)
Gain on sale of loans and leases, net	(1,605)		(2,996)
Change in fair value of loans held for sale	(189)		(82)
Origination of loans held for sale	(86,903)		(131,726)
Proceeds from sales of loans held for sale	71,990		155,574
Change in other assets and liabilities:
Net increase in other assets	(38,767)		(51,404)
Net increase (decrease) in other liabilities	79,351		(119,989)
Net cash provided by (used in) operating activities	185,508		(38,967)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities available for sale	(2,130)		(919,233)
Proceeds from investment securities available for sale	110,458		1,243,601
Purchases of restricted equity securities	(11,250)		(188,066)
Redemption of restricted equity securities	74,250		90,695
Net change in loans and leases	(263,625)		(59,389)
Proceeds from sales of loans and leases	18,980		20,502
Change in premises and equipment	(5,899)		(3,486)
Proceeds from bank-owned life insurance death benefits	1,160		2,028
Cash received in the Merger	—		274,587
Other	381		74
Net cash (used in) provided by investing activities	(77,675)		461,313
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposit liabilities	99,140		(672,737)
Net decrease in federal funds purchased	—		(14,000)
Net decrease in securities sold under agreements to repurchase	(38,546)		(107,747)
Proceeds from borrowings	3,900,000		5,945,000
Repayment of borrowings	(3,950,000)		(3,181,522)
Dividends paid on common stock	(74,997)		(45,582)
Repurchase and retirement of common stock	(4,847)		(5,216)
Net cash (used in) provided by financing activities	(69,250)		1,918,196
Net increase in cash and cash equivalents	38,583		2,340,542
Cash and cash equivalents, beginning of period	2,162,534		1,294,643
Cash and cash equivalents, end of period	$	2,201,117	$	3,635,185

8

Table of Contents

COLUMBIA BANKING SYSTEM, INC. AND SUBSIDIARIES  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (UNAUDITED) (Continued)
	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	278,634	$	83,836
Income taxes	566		11,407
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes	(90,778)		107,611
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes	4,775		19,101
Acquisitions:
Assets acquired	$	—	$	19,226,816
Liabilities assumed	—		(17,919,326)
Net assets acquired	$	—	$	1,307,490

See accompanying notes to condensed consolidated financial statements.

9

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Summary of Significant Accounting Policies 

The accounting and financial reporting policies of Columbia Banking System, Inc. conform to accounting principles generally accepted in the United States of America and with prevailing practices within the banking and securities industries. All references in this report to "Columbia," "we," "our," or "us" or similar references mean the Company and its subsidiaries, including the wholly-owned banking subsidiary Umpqua Bank (the "Bank"). FinPac is a commercial equipment leasing company and a wholly-owned subsidiary of the Bank. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of the Company's accounting policies is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to March 31, 2024, for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period.

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., a financial holding company that wholly owns 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 has been 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. 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.

Application of new accounting guidance

In June 2022, the FASB issued 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. The ASU is effective for 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.

10

Table of Contents

In March 2023, the FASB issued 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 operations 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. The ASU is effective for 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 13 - Income Taxes for additional information.

Recent accounting pronouncements

In October 2023, the FASB issued 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.

In November 2023, the FASB issued 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. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In December 2023, the FASB issued 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. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The effective date is for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

Note 2 – 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.

11

Table of Contents

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 has been accounted for as a business combination.

As of December 31, 2023, the Company finalized its valuation of all assets acquired and liabilities assumed in connection with the Merger. The Company recorded approximately $1.0 billion of goodwill and $710.2 million of other intangible assets. Goodwill represents the excess of the purchase price over the fair value of the assets acquired, net of fair value of liabilities assumed. Goodwill is not deductible for tax purposes.

During the three months ended March 31, 2024 there were $4.5 million in merger-related expenses, compared to $115.9 million during the three months ended March 31, 2023. Additional merger-related expenses will be expensed in future periods as incurred.

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
	Three Months Ended
(in thousands)	March 31, 2023
Net interest income	$	526,260
Non-interest income	$	88,572
Net income (1)	$	217,135

(1) The 2023 pro forma net income was adjusted to exclude $143.9 million of merger-related costs, inclusive of historical Columbia merger-related costs, incurred in 2023, as these costs were included in the 2022 pro forma net income.

Note 3 – 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:

	March 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale:
U.S. Treasury and agencies	$	1,552,240	$	1,132	$	(85,979)	$	1,467,393
Obligations of states and political subdivisions	1,068,290		8,788		(25,149)		1,051,929
Mortgage-backed securities and collateralized mortgage obligations	6,551,596		2,386		(456,759)		6,097,223
Total available for sale securities	$	9,172,126	$	12,306	$	(567,887)	$	8,616,545
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	2,247	$	692	$	—	$	2,939
Total held to maturity securities	$	2,247	$	692	$	—	$	2,939

12

Table of Contents

	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 $33.1 million and $34.1 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets.

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

	March 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	$	338,230	$	(3,305)	$	816,265	$	(82,674)	$	1,154,495	$	(85,979)
Obligations of states and political subdivisions	297,204		(2,464)		182,355		(22,685)		479,559		(25,149)
Mortgage-backed securities and collateralized mortgage obligations	3,860,007		(51,572)		1,756,986		(405,187)		5,616,993		(456,759)
Total temporarily impaired securities	$	4,495,441	$	(57,341)	$	2,755,606	$	(510,546)	$	7,251,047	$	(567,887)

	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 1,085 as of March 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 March 31, 2024.

13

Table of Contents

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

	Available For Sale				Held To Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	141,688	$	139,856	$	—	$	—
Due after one year through five years	2,259,829		2,213,929		2		2
Due after five years through ten years	2,187,571		2,103,386		3		64
Due after ten years	4,583,038		4,159,374		2,242		2,873
Total debt securities	$	9,172,126	$	8,616,545	$	2,247	$	2,939

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

(in thousands)	Amortized Cost		Fair Value
To state and local governments to secure public deposits	$	1,800,912	$	1,638,230
To secure repurchase agreements	326,111		297,673
Other securities pledged	3,407,623		3,139,037
Total pledged securities	$	5,534,646	$	5,074,940

Note 4 – 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)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	6,557,768	$	6,482,940
Owner occupied term, net	5,231,676		5,195,605
Multifamily, net	5,828,960		5,704,734
Construction & development, net	1,728,652		1,747,302
Residential development, net	284,117		323,899
Commercial
Term, net	5,544,450		5,536,765
Lines of credit & other, net	2,491,557		2,430,127
Leases & equipment finance, net	1,706,759		1,729,512
Residential
Mortgage, net	6,128,884		6,157,166
Home equity loans & lines, net	1,950,421		1,938,166
Consumer & other, net	189,169		195,735
Total loans and leases, net of deferred fees and costs	$	37,642,413	$	37,441,951

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. Interest accrued on loans totaled $157.8 million and $154.9 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. As of March 31, 2024, loans totaling $21.1 billion were pledged to secure borrowings and available lines of credit.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. As of March 31, 2024 and December 31, 2023, the net deferred fees and costs were $69.8 million and $71.8 million, respectively.

14

Table of Contents

Total loans and leases also include discounts on acquired loans of $522.7 million and $552.5 million as of March 31, 2024 and December 31, 2023, respectively. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $316.1 million and $331.9 million as of March 31, 2024 and December 31, 2023, respectively. The carrying balance of PCD loans was $288.8 million and $300.2 million as of March 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 $4.9 million for the three months ended March 31, 2024, as compared to $4.7 million for the three months ended March 31, 2023.

Note 5 – Allowance for Credit Losses

Allowance for Credit Losses Methodology

The ACL represents management's estimate of lifetime credit losses for assets within its scope, specifically loans and leases and unfunded commitments. To calculate the ACL, management uses models to estimate the PD and LGD for loans utilizing inputs that include forecasted future economic conditions and that are dependent upon specific macroeconomic variables relevant to each of the Bank's loan and lease portfolios. Moody's Analytics, a third party, provided the historical and forward-looking macroeconomic data utilized in the models used to calculate the ACL.

In calculating 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.

Select macroeconomic variables are projected over the forecast period, and they could have a material impact in determining the ACL. As the length of the forecast period increases, information about the future becomes less readily available and projections are inherently less certain.

The following is a discussion of the changes in the factors that influenced management's current estimate of expected credit losses. The changes in the ACL estimate during the three months ended March 31, 2024 reflect changes in the economic assumptions and recalibration of the non-homogeneous commercial and residential development loan model. Due to the dynamic economic environment, the Bank opted to use Moody's Analytics' February 2024 baseline economic forecast for estimating the ACL as of March 31, 2024.

In the baseline scenario selected, the probability that the economy will perform better than this baseline is equal to the probability that it will perform worse and included the following factors:

•U.S. real GDP average annualized growth of 2.3% in 2024, 1.6% in 2025, 2.0% in 2026, and 2.2% in 2027;

•U.S. unemployment rate average of 3.9% in 2024, 4.1% in 2025, 4.0% in 2026, and 4.0% in 2027; and

•The forecasted average federal funds rate is expected to be 4.9% in 2024, 4.0% in 2025, 3.2% in 2026 and 2.9% in 2027.

The Bank uses an additional scenario that differs in terms of severity, both favorable and unfavorable, to assess the sensitivity in the ACL results and to inform qualitative adjustments. The economic factors are consistent between scenarios. The Bank selected the Moody's Analytics' February 2024 S2 scenario for this analysis. In the scenario selected, there is a 75% probability that the economy will perform better, broadly speaking, and a 25% probability that it will perform worse; and the scenario includes the following factors:

•Despite the early January agreement on top-line spending, the risk of a federal government shutdown stays elevated, causing consumer and business confidence to decline.

15

Table of Contents

•The combination of the risk of a federal shutdown, rising political tensions, still-elevated inflation, still-elevated

interest rates, and reduced credit availability causes the economy to fall into a mild recession starting in the second quarter of 2024. The decline lasts for three quarters and the peak-to-trough decline is 1%. The unemployment rate rises to a peak of 6.5% in the first quarter of 2025;

•The stock market falls by 22% from the second quarter of 2024 through the fourth quarter of 2024;

•Declines in European economies hurt U.S. exports and also corporate earnings from European subsidiaries;

•U.S. real GDP average annualized growth of 1.3% in 2024, 0.8% in 2025, 2.8% in 2026, and 2.7% in 2027;

•U.S. unemployment rate average of 5.7% in 2024, 5.8% in 2025, 4.1% in 2026, and 4.0% in 2027; and

•The forecasted average federal funds rate is expected to be 4.6% in 2024, 2.4% in 2025, 2.1% in 2026 and 2.9% in 2027.

The results using the comparison scenario as well as changes to the macroeconomic variables subsequent to selected economic forecast scenarios for sensitivity analysis were reviewed by management and were considered when evaluating the qualitative factor adjustments.

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.

During the first quarter of 2024, the Bank recalibrated and updated the CECL calculation for non-homogeneous commercial loans and leases and residential development loans. While fundamental modeling methodologies remain unchanged, the updates included the addition of historical acquired portfolio data and a change in macroeconomic variables utilized to estimate PD. The overall approximate impact of the model updates during the first quarter of 2024 was a $30.5 million decrease in modeled expected credit losses on loans and leases.

The Company measures the ACL using the following methods:

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 linear regression. This model produces portfolio level quarterly net charge-off rates for 10 years and carries forward the last quarter's expected loss percentage projection to remaining periods. The primary economic drivers for this model are commercial real estate price index and a five-state average unemployment 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 over a one-year reasonable and supportable forecast. The primary economic drivers in the model are GDP growth and commercial real estate price index. This model utilizes output reversion methodology, which, after one year, reverts on a straight-line basis over two years to long-term PD estimated using financial statement ratios of each obligor.

16

Table of Contents

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 GDP, U.S. unemployment rate, 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.

All loans and leases that have not been modeled receive a loss rate via an extrapolated rate methodology. The loans and leases receiving an extrapolated rate include certain loans acquired through the Merger, newly originated loans and leases, and loans and leases without the granularity of data necessary to be modeled. Based on the vintage year, credit classification, and reporting category of the modeled loans and leases, a loss factor is calculated and applied to the non-modeled loans and leases. The results are evaluated qualitatively to ensure reasonability and compliance with CECL.

Along with the quantitative factors produced by the above models, management also considers prepayment speeds and qualitative factors when determining the ACL. The Company uses a prepayment model that forecasts the constant prepayment rates based on institution specific data for the commercial real estate, commercial and industrial, and consumer portfolios and a forward curve approach that changes with macro-economic input variables for the residential and leases portfolios. Below are the nine qualitative factors considered where applicable:

•Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses.

•Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments.

•Changes in the nature and volume of the portfolio and in the terms of loans and leases.

•Changes in the experience, ability, and depth of lending management and other relevant staff.

•Changes in the volume and severity of past due loans and leases, the volume of non-accrual loans and leases, and the volume and severity of adversely classified or graded loans and leases.

•Changes in the quality of the Bank's credit review system.

•Changes in the value of the underlying collateral for collateral-dependent loans and leases.

•The existence and effect of any concentrations of credit, and changes in the level of such concentrations.

•The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Bank's existing portfolio.

The Company evaluated each qualitative factor as of March 31, 2024 and concluded that a material adjustment to the amounts indicated by the models was not necessary as the models adequately reflected the significant changes in credit conditions and overall portfolio risk.

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.

17

Table of Contents

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

	Three Months Ended March 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	20,191		436		(3,674)		523		17,476
Charge-offs	(161)		(47,232)		(490)		(1,870)		(49,753)
Recoveries	358		4,732		170		490		5,750
Net recoveries (charge-offs)	197		(42,500)		(320)		(1,380)		(44,003)
Balance, end of period	$	146,276	$	202,757	$	58,010	$	7,301	$	414,344
Reserve for unfunded commitments
Balance, beginning of period	$	11,170	$	7,841	$	2,940	$	1,257	$	23,208
Provision (recapture) for credit losses on unfunded commitments	1,858		(1,951)		(183)		(64)		(340)
Balance, end of period	13,028		5,890		2,757		1,193		22,868
Total allowance for credit losses	$	159,304	$	208,647	$	60,767	$	8,494	$	437,212

	Three Months Ended March 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)	24,483		70,997		9,955		1,063		106,498
Charge-offs	—		(19,248)		(248)		(773)		(20,269)
Recoveries	58		3,058		123		369		3,608
Net recoveries (charge-offs)	58		(16,190)		(125)		(404)		(16,661)
Balance, end of period	$	111,090	$	239,146	$	60,613	$	6,615	$	417,464
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
(Recapture) provision for credit losses on unfunded commitments	(1,059)		266		(144)		(22)		(959)
Balance, end of period	8,405		6,381		3,320		923		19,029
Total allowance for credit losses	$	119,495	$	245,527	$	63,933	$	7,538	$	436,493

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

18

Table of Contents

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

Typically, loans in a non-accrual status will not have an allowance for credit loss 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 allowance for credit losses until they become 181 days past due, at which time they are charged-off. The Company recognized no interest income on non-accrual loans and leases during the three months ended March 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:

	March 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	$	2,237	$	517	$	253	$	3,007	$	5,382	$	6,549,379	$	6,557,768
Owner occupied term, net	2,275		245		—		2,520		34,354		5,194,802		5,231,676
Multifamily, net	—		—		—		—		—		5,828,960		5,828,960
Construction & development, net	—		—		—		—		—		1,728,652		1,728,652
Residential development, net	—		—		—		—		—		284,117		284,117
Commercial
Term, net	4,946		1,493		832		7,271		26,032		5,511,147		5,544,450
Lines of credit & other, net	37,219		1,736		1,966		40,921		2,335		2,448,301		2,491,557
Leases & equipment finance, net	26,837		8,551		7,935		43,323		30,593		1,632,843		1,706,759
Residential
Mortgage, net (1)	14,452		—		30,040		44,492		—		6,084,392		6,128,884
Home equity loans & lines, net	5,746		2,411		3,439		11,596		—		1,938,825		1,950,421
Consumer & other, net	788		220		437		1,445		—		187,724		189,169
Total, net of deferred fees and costs	$	94,500	$	15,173	$	44,902	$	154,575	$	98,696	$	37,389,142	$	37,642,413

(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 $1.6 million as of March 31, 2024.

(2) Includes government guaranteed portion of $11.7 million and $31.3 million for 90 days or greater and non-accrual loans, respectively.

19

Table of Contents

	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.

The following table summarizes the amortized cost of non-accrual loans for which there was no related ACL as of March 31, 2024 and December 31, 2023:

(in thousands)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	37	$	52
Owner occupied term, net	1,492		1,352
Commercial
Term, net	3,137		3,497
Total non-accrual loans with no related ACL	$	4,666	$	4,901

20

Table of Contents

Collateral-Dependent Loans and Leases

Loans are classified as collateral-dependent when it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, and repayment is expected to be provided substantially through the operation or sale of the collateral. There have been no significant changes in the level of collateralization from the prior periods. The following table summarizes the amortized cost basis of the collateral-dependent loans and leases by the type of collateral securing the assets as of March 31, 2024:

(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	5,290	$	—	$	—	$	5,290
Owner occupied term, net	—		31,710		—		—		31,710
Commercial
Term, net	—		—		16,952		4,265		21,217
Line of credit & other, net	—		1,453		250		—		1,703
Leases & equipment finance, net	—		—		30,593		—		30,593
Residential
Mortgage, net	56,920		—		—		—		56,920
Home equity loans & lines, net	2,518		—		—		—		2,518
Total, net of deferred fees and costs	$	59,438	$	38,453	$	47,795	$	4,265	$	149,951

Loan and Lease Modifications Made to Borrowers Experiencing Financial Difficulty

Occasionally, the Company offers modifications of loans or leases to borrowers experiencing financial difficulty by providing term extensions, interest rate reductions, principal or interest forgiveness, an other-than-insignificant payment delay, or any combination of these modifications. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: term extension, principal forgiveness, an other-than-insignificant payment delay, or an interest rate reduction. 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.

21

Table of Contents

The following tables present the amortized cost basis of loans and leases that were both experiencing financial difficulty and modified during the three months ended March 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.

	Three Months Ended March 31, 2024
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Total		% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net	$	—	$	17,630	$	17,630	0.27	%
Owner occupied term, net	—		534		534		0.01	%
Commercial
Term, net	478		—		478		0.01	%
Lines of credit & other, net	6,695		144		6,839		0.27	%
Leases & equipment finance, net	785		—		785		0.05	%
Residential
Mortgage, net	1,012		7,624		8,636		0.14	%
Total loans and leases experiencing financial difficulty	$	8,970	$	25,932	$	34,902	0.09	%

	Three Months Ended March 31, 2023
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Combination - Interest Rate Reduction and Term Extension		Combination - Term Extension and Principal Forgiveness		Combination - Principal forgiveness and other than insignificant payment delay		Total		% of total class of financing receivable
Commercial
Lines of credit & other, net	$	1,355	$	—	$	—	$	—	$	—	$	1,355	0.06	%
Leases & equipment finance, net	—		429		—		—		—		429		0.02	%
Residential
Mortgage, net	—		—		—		1,938		8,987		10,925		0.18	%
Home equity loans & lines, net	—		—		207		—		—		207		0.01	%
Total loans and leases experiencing financial difficulty	$	1,355	$	429	$	207	$	1,938	$	8,987	$	12,916	0.03	%

22

Table of Contents

	Three Months Ended March 31, 2024
Loan Type	Financial Effect
Commercial real estate
Non-owner occupied term, net	Deferred $4.0 million of principal and interest payments
Owner occupied term, net	Deferred $51,000 of principal and interest payments
Commercial
Term, net	Weighted average term extension of 3 months to the life of the loans
Lines of credit & other, net	Weighted average term extension of 6 months to the life of the loans
Leases & equipment finance, net	Weighted average term extension of 7 months to the life of the loans and leases
Residential
Mortgage, net	Weighted average term extension of 13.5 years to the life of the loans and deferred $534,000 of principal and interest payments
Lines of credit & other, net	Deferred $63,000 of principal and interest payments

	Three Months Ended March 31, 2023
Loan Type	Financial Effect
Commercial
Lines of credit & other, net	Weighted average term extension of 10 months to the life of the loans
Leases & equipment finance, net	Delayed payment for 9 months
Residential
Home equity loans & lines, net	Weighted average term extension of 7.1 years to the life of the loan and decreased the weighted average interest rate by 3.24%.
Mortgage, net	Weighted average of 13.3 years to the life of the loan and deferred $499,000 of principal payments at the maturity of the loan.

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 table presents the performance of such loans and leases that have been modified for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
Loan Type	Current		Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or Greater Past Due		Non-accrual		Total
(in thousands)
Commercial real estate
Non-owner occupied term, net	$	17,630	$	—	$	—	$	—	$	—	$	17,630
Owner occupied term, net	—		—		—		—		534		534
Commercial
Term, net	478		—		—		—		—		478
Lines of credit & other, net	6,695		—		—		—		144		6,839
Leases & equipment finance, net	687		98		—		—		—		785
Residential
Mortgage, net	8,636		—		—		—		—		8,636
Total loans and leases experiencing financial difficulty	$	34,126	$	98	$	—	$	—	$	678	$	34,902

For the three months ended March 31, 2023, all modified loans and leases were current and there were no loan or lease modifications made to borrowers experiencing financial difficulty that subsequently defaulted.

23

Table of Contents

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. In addition, the Company's board of directors reviews and approves the credit quality indicators each year. 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. Homogeneous loans and leases with other defined risk factors such as confirmed bankruptcy, business closure, death of a guarantor or fraud will be set to a floor substandard rating.

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 probability of default 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.

24

Table of Contents

The following tables represent the amortized costs 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
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	46,778	$	593,569	$	1,319,246	$	1,181,377	$	661,282	$	2,554,339	$	51,836	$	—	$	6,408,427
	Special mention	—		—		1,684		3,810		1,329		23,789		—		—		30,612
	Substandard	17,630		30,159		2,227		61		—		68,636		—		—		118,713
	Loss	—		—		—		—		—		16		—		—		16
Total non-owner occupied term, net		$	64,408	$	623,728	$	1,323,157	$	1,185,248	$	662,611	$	2,646,780	$	51,836	$	—	$	6,557,768
Current YTD period:
	Gross charge-offs	—		—		—		—		—		70		—		—		70
Owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	128,470	$	520,659	$	1,080,381	$	955,675	$	438,732	$	1,857,268	$	70,743	$	56	$	5,051,984
	Special mention	264		1,308		5,834		7,600		5,776		32,124		1,929		—		54,835
	Substandard	534		5,883		8,584		47,894		17,339		43,038		—		—		123,272
	Doubtful	—		—		—		189		—		29		—		—		218
	Loss	—		—		963		—		404		—		—		—		1,367
Total owner occupied term, net		$	129,268	$	527,850	$	1,095,762	$	1,011,358	$	462,251	$	1,932,459	$	72,672	$	56	$	5,231,676
Current YTD period:
	Gross charge-offs	—		—		—		—		—		91		—		—		91
Multifamily, net
Credit quality indicator:
	Pass/Watch	$	12,410	$	278,014	$	2,006,317	$	1,739,778	$	413,265	$	1,311,940	$	55,219	$	228	$	5,817,171
	Special mention	—		—		—		1,272		940		6,429		—		—		8,641
	Substandard	—		—		—		—		—		3,148		—		—		3,148
Total multifamily, net		$	12,410	$	278,014	$	2,006,317	$	1,741,050	$	414,205	$	1,321,517	$	55,219	$	228	$	5,828,960
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Construction & development, net
Credit quality indicator:
	Pass/Watch	$	26,736	$	319,263	$	756,839	$	442,504	$	109,752	$	26,211	$	37,679	$	—	$	1,718,984
	Special mention	—		—		1,464		8,204		—		—		—		—		9,668
Total construction & development, net		$	26,736	$	319,263	$	758,303	$	450,708	$	109,752	$	26,211	$	37,679	$	—	$	1,728,652
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Residential development, net
Credit quality indicator:
	Pass/Watch	$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Total residential development, net		$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Total commercial real estate		$	244,005	$	1,837,716	$	5,226,986	$	4,403,311	$	1,648,885	$	5,928,118	$	332,349	$	9,803	$	19,631,173

25

Table of Contents

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial:
Term, net
Credit quality indicator:
	Pass/Watch	$	142,479	$	850,557	$	1,179,718	$	917,082	$	406,535	$	792,210	$	1,121,858	$	1,186	$	5,411,625
	Special mention	302		—		12,795		8,811		1,193		20,323		—		—		43,424
	Substandard	—		6,119		18,959		28,547		3,505		12,979		9,053		—		79,162
	Doubtful	—		—		54		4,836		1,625		729		—		—		7,244
	Loss	—		—		—		335		648		2,012		—		—		2,995
Total term, net		$	142,781	$	856,676	$	1,211,526	$	959,611	$	413,506	$	828,253	$	1,130,911	$	1,186	$	5,544,450
Current YTD period:
	Gross charge-offs	—		—		185		30		143		527		820		—		1,705
Lines of credit & other, net
Credit quality indicator:
	Pass/Watch	$	11,658	$	100,991	$	80,012	$	49,341	$	12,614	$	25,815	$	2,012,335	$	12,559	$	2,305,325
	Special mention	—		712		1,489		397		—		91		33,055		732		36,476
	Substandard	846		42,575		3,653		32		—		481		97,234		4,743		149,564
	Loss	—		—		191		—		—		1		—		—		192
Total lines of credit & other, net		$	12,504	$	144,278	$	85,345	$	49,770	$	12,614	$	26,388	$	2,142,624	$	18,034	$	2,491,557
Current YTD period:
	Gross charge-offs	—		85		163		—		4		140		17,399		574		18,365
Leases & equipment finance, net
Credit quality indicator:
	Pass/Watch	$	181,850	$	606,855	$	446,654	$	171,616	$	75,045	$	80,587	$	—	$	—	$	1,562,607
	Special mention	111		47,131		16,026		5,717		1,581		981		—		—		71,547
	Substandard	832		4,399		10,865		4,483		1,243		1,535		—		—		23,357
	Doubtful	20		10,174		22,743		9,057		2,490		1,372		—		—		45,856
	Loss	—		897		1,772		497		128		98		—		—		3,392
Total leases & equipment finance, net		$	182,813	$	669,456	$	498,060	$	191,370	$	80,487	$	84,573	$	—	$	—	$	1,706,759
Current YTD period:
	Gross charge-offs	—		3,780		14,362		5,938		1,865		1,217		—		—		27,162
Total commercial		$	338,098	$	1,670,410	$	1,794,931	$	1,200,751	$	506,607	$	939,214	$	3,273,535	$	19,220	$	9,742,766
Residential:
Mortgage, net
Credit quality indicator:
	Pass/Watch	$	6,689	$	254,228	$	1,845,613	$	2,317,192	$	515,012	$	1,147,222	$	—	$	—	$	6,085,956
	Special mention	—		1,657		1,270		5,024		1,050		5,451		—		—		14,452
	Substandard	—		2,094		2,958		3,604		987		9,201		—		—		18,844
	Loss	—		1,031		2,803		3,880		134		1,784		—		—		9,632
Total mortgage, net		$	6,689	$	259,010	$	1,852,644	$	2,329,700	$	517,183	$	1,163,658	$	—	$	—	$	6,128,884
Current YTD period:
	Gross charge-offs	—		—		—		—		—		368		—		—		368

26

Table of Contents

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Home equity loans & lines, net
Credit quality indicator:
	Pass/Watch	$	14	$	896	$	2,647	$	1,749	$	645	$	47,880	$	1,879,151	$	5,842	$	1,938,824
	Special mention	—		28		253		28		—		964		6,845		38		8,156
	Substandard	—		—		—		175		—		376		475		71		1,097
	Loss	—		—		200		—		101		430		1,219		394		2,344
Total home equity loans & lines, net		$	14	$	924	$	3,100	$	1,952	$	746	$	49,650	$	1,887,690	$	6,345	$	1,950,421
Current YTD period:
	Gross charge-offs	—		—		—		—		—		49		73		—		122
Total residential		$	6,703	$	259,934	$	1,855,744	$	2,331,652	$	517,929	$	1,213,308	$	1,887,690	$	6,345	$	8,079,305
Consumer & other, net:
Credit quality indicator:
	Pass/Watch	$	16,391	$	24,413	$	13,490	$	6,444	$	4,458	$	7,490	$	114,815	$	221	$	187,722
	Special mention	—		133		4		19		8		147		613		85		1,009
	Substandard	—		13		38		—		—		107		240		30		428
	Loss	—		—		—		—		—		7		3		—		10
Total consumer & other, net		$	16,391	$	24,559	$	13,532	$	6,463	$	4,466	$	7,751	$	115,671	$	336	$	189,169
Current YTD period:
	Gross charge-offs	—		922		52		5		—		76		619		196		1,870
Grand total		$	605,197	$	3,792,619	$	8,891,193	$	7,942,177	$	2,677,887	$	8,088,391	$	5,609,245	$	35,704	$	37,642,413

27

Table of Contents

(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

28

Table of Contents

(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

29

Table of Contents

(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

Note 6 – Goodwill and Other Intangible Assets

Columbia had $1.0 billion in goodwill as of March 31, 2024 and December 31, 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. Goodwill is not amortized but is evaluated for potential impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company performed its annual impairment assessment as of October 31, 2023. No events or circumstances since the annual impairment test were noted that would indicate it was more likely than not that a goodwill impairment exists.

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
As of March 31, 2024	$	764,791	$	(193,203)	$	571,588
As of December 31, 2023	$	764,791	$	(161,112)	$	603,679

Amortization expense recognized on intangible assets was $32.1 million and $12.7 million for the three months ended March 31, 2024 and 2023, respectively.

30

Table of Contents

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

(in thousands)
Year	Expected Amortization
Remainder of 2024	$	87,340
2025	105,458
2026	92,545
2027	79,632
2028	66,719
Thereafter	139,894
Total intangible assets	$	571,588

Note 7 – 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 periods indicated: 

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Balance, beginning of period	$	109,243	$	185,017
Additions for new MSR capitalized	1,237		1,601
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(3,153)		(4,881)
Changes due to valuation inputs or assumptions (1)	3,117		(2,937)
Balance, end of period	$	110,444	$	178,800

(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)	March 31, 2024			December 31, 2023
Balance of loans serviced for others	$	8,081,039		$	8,175,664
MSR as a percentage of serviced loans	1.37		%	1.34		%

The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $6.0 million for the three months ended March 31, 2024, as compared to $9.4 million for the three months ended March 31, 2023.

Note 8 – Borrowings

The Company had FHLB advances and FRB borrowings outstanding as of March 31, 2024 with carrying values of $3.9 billion, compared to $4.0 billion at December 31, 2023.

The Bank's FHLB advances were $2.4 billion as of March 31, 2024, as compared to $3.8 billion at December 31, 2023. The FHLB advances have fixed interest rates ranging from 5.10% to 5.25% and mature in 2024 through 2025. 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.

As of March 31, 2024, the Bank had FRB BTFP borrowings of $1.6 billion, as compared to $200.0 million at December 31, 2023. The Bank's FRB BTFP borrowings have interest rates ranging from 4.76% to 4.93% and mature within one year of March 31, 2024. The Bank has pledged investment securities as collateral for these borrowings. The ability to take new advances under this program ended in March 2024.

31

Table of Contents

Note 9 – Commitments and Contingencies 

Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk.

The following table presents a summary of the Bank's commitments and contingent liabilities:  

(in thousands)	March 31, 2024
Commitments to extend credit	$	11,203,778
Forward sales commitments	$	68,244
Commitments to originate residential mortgage loans held for sale	$	40,745
Standby letters of credit	$	196,748

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. 

There were no financial guarantees in connection with standby letters of credit that the Bank was required to perform on during the three months ended March 31, 2024 and 2023. As of March 31, 2024, approximately $181.8 million of standby letters of credit expire within one year, and $14.9 million expire thereafter.

Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations.

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 $250.0 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.

32

Table of Contents

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. Plaintiffs in the two District Court cases allege damages resulting from the scheme of between $386.2 million and $429.8 million, which includes prejudgment interest and does not account for prior bankruptcy recoveries of approximately $110.0 million to date. The Superior Court case does not yet have a clear estimate of damages. Trial in the District Court cases is currently scheduled to begin September 9, 2024. 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 have been 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 have been 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 have been 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 $6.9 million accrued related to legal matters as of March 31, 2024.

33

Table of Contents

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 March 31, 2024 and December 31, 2023. Commercial real estate concentrations are managed to ensure geographic and business diversity, primarily in our footprint. As of March 31, 2024 and December 31, 2023, the multifamily portfolio, including construction, and the office portfolio represented approximately 19% and 8% of the total loan portfolio, respectively. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing represent the primary sources of repayment for a majority of these loans. 

The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer.

Note 10 – 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 three months ended March 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 March 31, 2024 and December 31, 2023, the Bank had commitments to originate mortgage loans held for sale totaling $40.7 million and $20.6 million, respectively, and forward sales commitments of $68.2 million and $39.5 million, respectively, which are used to hedge both on-balance sheet and off-balance sheet exposures. 

34

Table of Contents

The Bank purchases interest rate futures and forward settling mortgage-backed securities to hedge the interest rate risk of MSRs. As of March 31, 2024, the Bank had $156.0 million notional of interest rate futures contracts and $17.0 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 March 31, 2024, the Bank had interest rate swap assets with a $4.5 billion notional amount and interest swap rate liabilities with a $4.7 billion notional amount 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 has been required to post collateral against its obligations under these agreements of $85.6 million and $88.3 million as of March 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 March 31, 2024 and December 31, 2023, the variation margin netting adjustments for centrally cleared interest rate swaps consisted of derivative asset adjustments of $200.3 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 Condensed Consolidated Balance Sheets, while the derivative liabilities are included in other liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of the dates presented:  

(in thousands)	Asset Derivatives				Liability Derivatives
Derivatives not designated as hedging instrument	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Interest rate lock commitments	$	16	$	—	$	—	$	137
Interest rate futures	—		3,745		1,134		—
Interest rate forward sales commitments	74		9		188		535
Interest rate swaps	114,347		33,874		310,985		260,064
Foreign currency derivatives	326		457		182		355
Total derivative assets and liabilities	$	114,763	$	38,085	$	312,489	$	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 during the periods indicated:  

(in thousands)	Three Months Ended
Derivatives not designated as hedging instrument	March 31, 2024		March 31, 2023
Interest rate lock commitments	$	153	$	105
Interest rate futures	(4,271)		2,650
Interest rate forward sales commitments	46		(1,003)
Interest rate swaps	1,197		(3,543)
Foreign currency derivatives	42		30
Total derivative losses	$	(2,833)	$	(1,761)

35

Table of Contents

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 Condensed Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts are limited to the outstanding balances of the related asset or liability. Therefore, instances of over collateralization are not shown.

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets/Liabilities presented in the Condensed Consolidated Balance Sheets		Financial Instruments		Collateral Received/Posted		Net Amount
March 31, 2024
Derivative Assets
Interest rate swaps	$	114,347	$	—	$	114,347	$	9,623	$	98,026	$	6,698
Derivative Liabilities
Interest rate swaps	$	310,985	$	—	$	310,985	$	9,623	$	—	$	301,362

Note 11 – Earnings Per Common Share 

The following is a computation of basic and diluted earnings (loss) per common share for the periods indicated: 

	Three Months Ended
(in thousands, except per share data)	March 31, 2024		March 31, 2023
Net income (loss)	$	124,080	$	(14,038)
Weighted average number of common shares outstanding - basic	208,260		156,383
Effect of potentially dilutive common shares (1)	696		—
Weighted average number of common shares outstanding - diluted	208,956		156,383
Earnings (loss) per common share:
Basic	$	0.60	$	(0.09)
Diluted	$	0.59	$	(0.09)

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

The following table represents the weighted average outstanding restricted shares that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:

	Three Months Ended
(in thousands)	March 31, 2024	March 31, 2023
Restricted stock awards and units	601	783

36

Table of Contents

Note 12 – Fair Value Measurement

The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:  

		March 31, 2024				December 31, 2023
(in thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,201,117	$	2,201,117	$	2,162,534	$	2,162,534
Equity and other investment securities	1,2	77,203		77,203		76,995		76,995
Investment securities available for sale	1,2	8,616,545		8,616,545		8,829,870		8,829,870
Investment securities held to maturity	3	2,247		2,939		2,300		3,025
Loans held for sale	2	47,201		47,201		30,715		30,715
Loans and leases, net	2,3	37,228,069		35,740,658		37,001,080		35,810,989
Restricted equity securities	1	116,274		116,274		179,274		179,274
Residential mortgage servicing rights	3	110,444		110,444		109,243		109,243
Bank-owned life insurance	1	682,293		682,293		680,948		680,948
Derivatives	2,3	114,763		114,763		38,085		38,085
Financial liabilities:
Demand, money market, and savings deposits	1	$	35,366,323	$	35,366,323	$	35,379,451	$	35,379,451
Time deposits	2	6,339,837		6,314,381		6,227,569		6,201,519
Securities sold under agreements to repurchase	2	213,573		213,573		252,119		252,119
Borrowings	2	3,900,000		3,893,589		3,950,000		3,950,037
Junior subordinated debentures, at fair value	3	309,544		309,544		316,440		316,440
Junior and other subordinated debentures, at amortized cost	3	107,838		98,867		107,895		97,695
Derivatives	2,3	312,489		312,489		261,091		261,091

37

Table of Contents

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)	March 31, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities	$	62,497	$	44,038	$	18,459	$	—
Equity securities held in rabbi trusts	14,706		14,706		—		—
Investment securities available for sale
U.S. Treasury and agencies	1,467,393		372,865		1,094,528		—
Obligations of states and political subdivisions	1,051,929		—		1,051,929		—
Mortgage-backed securities and collateralized mortgage obligations	6,097,223		—		6,097,223		—
Loans held for sale, at fair value	47,201		—		47,201		—
Loans and leases, at fair value	267,806		—		267,806		—
Residential mortgage servicing rights, at fair value	110,444		—		—		110,444
Derivatives
Interest rate lock commitments	16		—		—		16
Interest rate forward sales commitments	74		—		74		—
Interest rate swaps	114,347		—		114,347		—
Foreign currency derivatives	326		—		326		—
Total assets measured at fair value	$	9,233,962	$	431,609	$	8,691,893	$	110,460
Financial liabilities:
Junior subordinated debentures, at fair value	$	309,544	$	—	$	—	$	309,544
Derivatives
Interest rate futures	1,134		—		1,134		—
Interest rate forward sales commitments	188		—		188		—
Interest rate swaps	310,985		—		310,985		—
Foreign currency derivatives	182		—		182		—
Total liabilities measured at fair value	$	622,033	$	—	$	312,489	$	309,544

38

Table of Contents

(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. 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.

39

Table of Contents

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 March 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 March 31, 2024: 

Financial Instrument	Fair Value (in thousands)		Valuation Technique	Unobservable Input	Range of Inputs	Weighted Average
Assets:
Residential mortgage servicing rights	$	110,444	Discounted cash flow	Constant prepayment rate	6.07% - 27.52%	6.74%
				Discount rate	9.50% - 16.08%	10.24%
Interest rate lock commitments, net	$	16	Internal pricing model	Pull-through rate	64.27% - 100.00%	85.71%
Liabilities:
Junior subordinated debentures	$	309,544	Discounted cash flow	Credit spread	2.11% - 6.13%	3.79%

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.

40

Table of Contents

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 during the periods indicated: 

	Three Months Ended						Three Months Ended
	March 31, 2024						March 31, 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	(36)		(16)		(7,583)		(7,818)		(32)		(6,679)
Change in fair values included in comprehensive income/loss	—		—		6,453		—		—		25,812
Purchases and issuances	1,237		47		—		1,601		338		—
Sales and settlements	—		122		8,026		—		(201)		6,785
Ending balance	$	110,444	$	16	$	(309,544)	$	178,800	$	137	$	(297,721)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	$	3,117	$	16	$	(7,583)	$	(2,937)	$	137	$	(6,679)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	$	—	$	—	$	6,453	$	—	$	—	$	25,812

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, unrealized gains on fair value of junior subordinated debentures of $6.5 million for the three months ended March 31, 2024, were recorded net of tax as other comprehensive gains of $4.8 million. Comparatively, unrealized gains on fair value of junior subordinated debentures of $25.8 million were recorded net of tax as other comprehensive gains of $19.1 million for the three months ended March 31, 2023. The change recorded for three months ended March 31, 2024 was due to an increase in the credit spread and spot curve, partially offset by an increase in the implied forward curve.

41

Table of Contents

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 has been 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. 

	March 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	1,059	$	—	$	—	$	1,059
Total assets measured at fair value on a nonrecurring basis	$	1,059	$	—	$	—	$	1,059

	December 31, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	5,036	$	—	$	—	$	5,036
Total assets measured at fair value on a nonrecurring basis	$	5,036	$	—	$	—	$	5,036

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

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Loans and leases	$	28,174	$	18,734
Total losses from nonrecurring measurements	$	28,174	$	18,734

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.

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:

	March 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	$	47,201	$	45,926	$	1,275	$	30,715	$	29,629	$	1,086
Loans	$	267,806	$	315,435	$	(47,629)	$	275,140	$	320,397	$	(45,257)

42

Table of Contents

The Bank elected to measure certain residential mortgage loans held for sale under the fair value option, with interest income on these loans held for sale reported in interest and fees on loans and leases on the Condensed Consolidated Statements of Operations. This reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue. For the three months ended March 31, 2024, the Company recorded a net increase in fair value of $189,000. For the three months ended March 31, 2023, the Company recorded a net increase in fair value of $81,000.

Management's intent to sell certain residential mortgage loans classified as held for sale may change over time due to factors including changes in overall market liquidity or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified as loans held for investment and maintained in the Bank's loan portfolio. In the event that loans currently classified as held for sale are reclassified as loans held for investment, the loans will continue to be measured at fair value. Gains and losses from changes in fair value for these loans are reported in earnings as a component of other income and interest income on these loans are reported in interest and fees on loans and leases on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2024, the Company recorded a net decrease in fair value of $2.4 million, as compared to a net increase in fair value of $9.5 million for the three months ended March 31, 2023, respectively.

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.

Note 13 – Income Taxes

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

As of March 31, 2024, the Company had a net deferred tax asset of $356.0 million, which includes $2.0 million of federal and state NOL carry-forwards, expiring in tax years 2030-2032.

The Company recorded income tax expense of $45.0 million and benefit of $4.9 million for the three months ended March 31, 2024 and 2023, respectively, representing effective tax rates of 26.6% and 25.8%, respectively. The effective tax rates differed from the statutory rate principally because of state taxes, non-deductible FDIC assessments, and income on tax-exempt investment securities.

Investment Tax Credits

The Company's tax credit investments promote qualified affordable housing projects, some of which also support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction to income tax expense.

The Company records the investments in affordable housing partnerships of $205.6 million and $210.9 million as of March 31, 2024 and December 31, 2023, respectively, as a component of other assets on the Condensed Consolidated Balance Sheets and uses the proportional amortization method to account for the investments. The Company's unfunded capital commitments to these investments were $104.9 million and $114.1 million as of March 31, 2024 and December 31, 2023, respectively, which are recorded as a component of other liabilities on the Condensed Consolidated Balance Sheets. Amortization related to these investments is recorded as a component of the provision for income taxes on the Condensed Consolidated Statements of Operations.

43

Table of Contents

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

Forward-Looking Statements 

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

We make forward-looking statements including, but not limited to, statements made about the combined company’s prospects and results following the merger with Umpqua Holdings Corporation and the merger of Columbia State Bank into Umpqua Bank (collectively, the “Mergers”), completed in the first quarter of 2023; derivatives and hedging; the results and performance of models and economic assumptions used in our calculation of the ACL; projected sources of funds and the Company's liquidity position and deposit level and types; our securities portfolio; loan sales; adequacy of our ACL, including the reserve for unfunded commitments; provision for credit losses; non-performing loans and future losses; our commercial real estate portfolio, its collectability and subsequent charge-offs; resolution of non-accrual loans; mortgage volumes and the impact of rate changes; the economic environment; inflation and interest rates generally; litigation; dividends; junior subordinated debentures; fair values of certain assets and liabilities, including MSR values and sensitivity analyses; tax rates; deposit pricing; and the effect of accounting pronouncements and changes in accounting methodology.

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

•changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically;

•deterioration in economic conditions that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans;

•uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued inflation, or any recession or slowdown in economic growth particularly in the western United States;

•volatility and disruptions in global capital and credit markets;

•the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;

•changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds;

•competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services;

•continued consolidation in the financial services industry resulting in the creation of larger financial institutions that have greater resources;

•our ability to successfully, including on time and on budget, implement and sustain information technology product and system enhancements and operational initiatives;

•our ability to attract new deposits and loans and leases;

•our ability to retain deposits;

•our ability to achieve the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions, and infrastructure;

•the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital;

•demand for financial services in our market areas;

•stability, cost, and continued availability of borrowings and other funding sources, such as brokered and public deposits;

44

Table of Contents

•changes in legal or regulatory requirements or the results of regulatory examinations that could increase expenses or restrict growth;

•changes in the scope and cost of FDIC insurance and other coverage;

•our ability to manage climate change concerns, related regulations, and potential impacts on the creditworthiness of our customers;

•our ability to recruit and retain key management and staff;

•our ability to raise capital or incur debt on reasonable terms;

•regulatory limits on the Bank's ability to pay dividends to the Company that could impact the timing and amount of dividends to shareholders;

•financial services reform and the impact of legislation and implementing regulations on our business operations, including our compliance costs, interest expense, and revenue;

•a breach or failure of our operational or security systems, or those of our third-party vendors, including as a result of cyber-attacks;

•success, impact, and timing of our business strategies, including market acceptance of any new products or services;

•the outcome of legal proceedings;

•our ability to effectively manage credit risk, interest rate risk, market risk, operational risk, legal risk, liquidity risk and regulatory and compliance risk;

•the possibility that the anticipated benefits of the Mergers are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where we do business;

•potential adverse reactions or changes to business or employee relationships, including those resulting from the integration of the two companies and banks;

•the possibility that the anticipated benefits from ongoing initiatives to improve operational performance are not realized in the amounts or when expected if at all;

•economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates;

•the effect of geopolitical instability, including wars, conflicts, and terrorist attacks;

•natural disasters, including earthquakes, tsunamis, flooding, fires, pandemics, and other similarly unexpected events outside of our control;

•our ability to effectively manage problem credits;

•our ability to successfully negotiate with landlords or reconfigure facilities; and

•the effects of any damage to our reputation resulting from developments related to any of the items identified above.

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

General 

Columbia Banking System, Inc. (referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “the Company” and “Columbia”) is a registered financial holding company, which wholly owns the Bank. Columbia completed its previously-announced merger with Umpqua Holdings Corporation on February 28, 2023.

Through the Bank, we provide a broad range of banking, private banking, mortgage and other financial services to corporate, institutional, small business, and individual customers. FinPac, a commercial equipment leasing company, is a subsidiary of the Bank. Along with its subsidiaries, the Company is subject to the regulations of state and federal agencies and undergoes regular examinations by these regulatory agencies. 

The majority of the Bank’s loans and deposits are within its service areas in Oregon, Washington, California, Idaho, Nevada, Arizona, Colorado, and Utah. Umpqua Bank is an Oregon state-chartered commercial bank, the deposits of which are insured in whole or in part by the FDIC.

45

Table of Contents

Executive Overview 

The following is a discussion of our results for the three months ended March 31, 2024, as compared to the applicable prior periods.

Financial Performance

Comparison of current quarter to prior quarter

•Earnings per diluted common share was $0.59 for the three months ended March 31, 2024, as compared to $0.45 for the three months ended December 31, 2023. The increase for the three months ended March 31, 2024, as compared to the prior period, was primarily driven by a $37.8 million decrease in the provision for credit losses, as well as a decrease in non-interest expense largely due to the prior quarter including $32.9 million for the FDIC special assessment. This favorable change was partially offset by a decrease in non-interest income, driven by quarterly fluctuations in fair value adjustments, and net interest income. Net interest income decreased due to higher deposit costs relative to the fourth quarter and lower income earned on investment securities given slower prepayment activity.

•Net interest margin, on a tax-equivalent basis, was 3.52% for the three months ended March 31, 2024, as compared to 3.78% for the three months ended December 31, 2023. The decrease for the three months ended March 31, 2024 was due to the effect of deposit repricing and balance mix shift during the quarter.

•Non-interest income was $50.4 million for the three months ended March 31, 2024, as compared to $65.5 million for the three months ended December 31, 2023. The decline was driven by quarterly fluctuations in fair value adjustments and MSR hedging activity, which collectively resulted in a net fair value loss of $3.9 million in the first quarter compared to a net fair value gain of $12.7 million in the fourth quarter.

•Non-interest expense was $287.5 million for the three months ended March 31, 2024, as compared to $337.2 million for the three months ended December 31, 2023. The decrease was due to the fourth quarter's larger FDIC special assessment and lower discretionary spending.

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

•Earnings per diluted common share was $0.59 for the three months ended March 31, 2024, as compared to $(0.09) for the three months ended March 31, 2023. The increase for the three months ended March 31, 2024, as compared to the prior year period, was primarily driven by a decrease in the provision for credit losses, due to the initial provision for historical Columbia non-PCD loans that was recorded in the first quarter of 2023. Non-interest expense also decreased, primarily due to lower merger-related expenses, and net interest income increased, primarily due to a full quarter operating as a combined company compared to only one month as a combined company for the prior year period.

•Net interest margin, on a tax-equivalent basis, was 3.52% for the three months ended March 31, 2024, as compared to 4.08% for the three months ended March 31, 2023. The decrease for the three months ended March 31, 2024 compared to the prior year period was due to higher funding costs, deposit repricing, and a shift in product mix. Net interest income increased to $423.4 million for the three months ended March 31, 2024, compared to $374.7 million for the three months ended March 31, 2023, partly reflecting a larger average balance sheet for the three months ended March 31, 2024 compared to the prior year period, as a result of the full quarter as a combined company compared to only one month as a combined company for the prior year period, in addition to higher average yields on interest-earning assets.

•Non-interest income was $50.4 million for the three months ended March 31, 2024, as compared to $54.7 million for the three months ended March 31, 2023. The decrease was driven by quarterly fluctuations in fair value adjustments and MSR hedging activity, which collectively resulted in a net fair value loss of $3.9 million for the three months ended March 31, 2024 compared to a net fair value gain of $8.1 million for the three months ended March 31, 2023. This decline was partially offset by small increases in other categories, which were impacted by the full quarter as a combined company compared to only one month as a combined company for the prior year period.

46

Table of Contents

•Non-interest expense was $287.5 million for the three months ended March 31, 2024, as compared to $342.8 million for the three months ended March 31, 2023. The decrease for the three months ended March 31, 2024 reflects a decrease in merger-related expenses of $111.4 million, partially offset by increases in amortization of intangible assets added in connection with the Merger and salaries and employee benefits, which were impacted by the full quarter as a combined company compared to only one month as a combined company for the prior year period.

Comparison of current period end to prior year end

•Total loans and leases were $37.6 billion as of March 31, 2024, an increase of $200.5 million, as compared to December 31, 2023. The increase in total loans and leases was primarily in the commercial real estate and commercial loan balances and was driven primarily by commercial line utilization and construction project activity in the quarter. Higher commercial real estate term balances reflect projects that transitioned from construction to permanent financing.

•Total deposits were $41.7 billion as of March 31, 2024, an increase of $99.1 million, as compared to December 31, 2023. The increase was due to growth in money market accounts, time deposits, and interest-bearing demand deposits, partially offset by a decline in non-interest-bearing demand deposits.

•Total consolidated assets were $52.2 billion as of March 31, 2024 and December 31, 2023.

Credit Quality

•Non-performing assets increased to $143.8 million, or 0.28% of total assets, as of March 31, 2024, compared to $113.9 million, or 0.22% of total assets, as of December 31, 2023. Non-performing loans and leases were $142.0 million, or 0.38% of total loans and leases, as of March 31, 2024, compared to $112.9 million, or 0.30% of total loans and leases, as of December 31, 2023. The increase in non-performing assets during the quarter was driven primarily by migration in our SBA portfolio and an owner-occupied commercial real estate property.

•The allowance for credit losses was $437.2 million as of March 31, 2024, a decrease of $26.9 million compared to December 31, 2023. The decrease in the allowance for credit losses was due to changes in the economic assumptions used in credit models and a recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans.

•The Company had a provision for credit losses of $17.1 million for the three months ended March 31, 2024. This compares to a provision for credit losses of $54.9 million for the three months ended December 31, 2023, and $105.5 million for the three months ended March 31, 2023. The decrease for the three months ended March 31, 2024 compared to the prior quarter was mainly due to changes in the economic assumptions and recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans. The three months ended March 31, 2023 included an $88.4 million initial provision for historical Columbia non-PCD loans related to the Merger. This initial provision, as well as changes in the economic assumptions used in credit models and a recalibration of our CECL calculation, as noted above, which contributed to the change when compared to the same period in the current year.

Liquidity

•Total cash and cash equivalents were $2.2 billion as of March 31, 2024 and December 31, 2023. The Company manages its cash position as part of management's strategy to maintain a high-quality liquid asset position to support growth of deposit balances, fund growth in lending and investment portfolios, and deleverage non-deposit liabilities as economic conditions permit.

•Including secured off-balance sheet lines of credit, total available liquidity was $18.6 billion as of March 31, 2024, representing 36% of total assets, 45% of total deposits, and 138% of uninsured deposits.

Capital and Growth Initiatives

•The Company's total risk-based capital ratio was 12.0% and its common equity tier 1 ("CET1") capital ratio was 9.8% as of March 31, 2024. As of December 31, 2023, the Company's total risk-based capital ratio was 11.9% and its CET1 capital ratio was 9.6%.

47

Table of Contents

•Columbia paid a quarterly cash dividend of $0.36 per common share to shareholders on March 11, 2024.

Critical Accounting Estimates 

Our critical accounting estimates are described in detail in the Critical Accounting Estimates section of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024. The condensed consolidated financial statements are prepared in conformity with GAAP and follow general practices within the financial services industry, in which the Company operates. This preparation requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, actual results could differ from the estimates, assumptions, and judgments reflected in the financial statements. Certain estimates inherently have a greater reliance on the use of assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. Management believes that the estimates for ACL, business combinations, and goodwill are important to the portrayal of the Company's financial condition and results of operations and require difficult, subjective, or complex judgments. There have been no material changes in the methodology of these estimates during the three months ended March 31, 2024.

Results of Operations

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 first quarter of 2023 reflect only UHC financial results through the closing of the Merger. As a result of these two factors, Columbia's financial results for the first quarter of 2023 may not be directly comparable to prior or future reported periods.

Comparison of current quarter to prior quarter

The Company had net income of $124.1 million for the three months ended March 31, 2024, compared to net income of $93.5 million for the three months ended December 31, 2023. The increase in net income is mainly attributable to a decrease in non-interest expense and a decrease in provision for credit losses, partially offset by decreases in net interest income and non-interest income. The decrease of $49.7 million in non-interest expense is mainly due to a decrease in FDIC assessments, as a result of the FDIC special assessment of $32.9 million in the fourth quarter of 2023, as well as decreases in all categories as a result of lower discretionary spending and other expense items compared to expense items in the fourth quarter. The Company conducted an enterprise-wide evaluation of our operations during the first quarter of 2024, which resulted in consolidated positions, simplified reporting, and organizational structures. The changes are expected to be carried out in the second and third quarters of 2024 to achieve a core expense run rate for the fourth quarter of 2024 of $965 million to $985 million annualized. The expected core expense run rate excludes CDI amortization, merger-related expenses, exit and disposal costs, and the FDIC special assessment.

The decrease of $37.8 million in provision for credit losses reflects changes in the economic assumptions used in credit models and a recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans. The decrease of $30.3 million in net interest income is due to higher interest expense driven by higher average rates and balances in interest-bearing liabilities, in addition to a decrease in interest income, largely driven by lower income earned on investment securities given slower prepayment activity. The Company is actively managing and selectively reducing deposit offered rates. The decrease of $15.2 million in non-interest income was primarily driven by quarterly fluctuations in fair value adjustments and MSR hedging activity.

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

For the three months ended March 31, 2024, the Company had net income of $124.1 million, compared to net loss of $14.0 million for the same period in the prior year. The increase in net income is mainly attributable to an increase in net interest income, a decrease in provision for credit losses, and a decrease in non-interest expense. The increase of $48.7 million in net interest income was due to higher loan interest income from increasing rates and higher average loan and lease balances, as well as the impact of purchase accounting accretion and amortization. These increases were partially offset by higher funding costs.

The decrease of $88.4 million in provision for credit losses was driven primarily by the initial provision for historical Columbia non-PCD loans that was recorded in the first quarter of 2023. The decrease of $55.3 million in non-interest expense was due to a decrease in merger-related expenses of $111.4 million, partially offset by increases in amortization of intangible assets of $19.4 million and salaries and employee benefits of $18.5 million, which were impacted by the full quarter as a combined company for the current period compared to only one month as a combined company for the prior year period.

48

Table of Contents

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

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

 

	Three Months Ended
(dollars in thousands)	March 31, 2024			December 31, 2023			March 31, 2023
Return on average assets	0.96		%	0.72		%	(0.14)		%
Return on average common shareholders' equity	10.01		%	7.90		%	(1.70)		%
Return on average tangible common shareholders' equity	14.82		%	12.19		%	(2.09)		%
Calculation of average common tangible shareholders' equity:
Average common shareholders' equity	$	4,985,875		$	4,695,736		$	3,349,761
Less: average goodwill and other intangible assets, net	$	1,619,134		$	1,652,282		$	623,042
Average tangible common shareholders' equity	$	3,366,741		$	3,043,454		$	2,726,719

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

49

Table of Contents

The following table provides a reconciliation of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP) as of the dates presented: 

(dollars in thousands)	March 31, 2024			December 31, 2023
Total shareholders' equity	$	4,957,245		$	4,995,034
Subtract:
Goodwill	1,029,234			1,029,234
Other intangible assets, net	571,588			603,679
Tangible common shareholders' equity	$	3,356,423		$	3,362,121
Total assets	$	52,224,006		$	52,173,596
Subtract:
Goodwill	1,029,234			1,029,234
Other intangible assets, net	571,588			603,679
Tangible assets	$	50,623,184		$	50,540,683
Total shareholders' equity to total assets ratio	9.49		%	9.57		%
Tangible common equity ratio	6.63		%	6.65		%

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not reviewed or audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

Net Interest Income 

Comparison of current quarter to prior quarter

Net interest income for the three months ended March 31, 2024 was $423.4 million, a decrease of $30.3 million compared to the three months ended December 31, 2023. The decrease was driven by a $22.9 million increase in interest expense due to higher average rates and balances in interest-bearing liabilities, in addition to a $7.4 million decrease in interest income, largely driven by lower income earned on investment securities given slower prepayment activity.

The net interest margin (net interest income as a percentage of average interest-earning assets) on a fully tax-equivalent basis was 3.52% for the three months ended March 31, 2024, as compared to 3.78% for the three months ended December 31, 2023. The contraction in net interest margin was driven by higher average deposit costs, which increased at an accelerated pace through the fourth quarter and into January before stabilizing in the latter part of the first quarter. The yield on loans and leases for the three months ended March 31, 2024 remained flat compared to the three months ended December 31, 2023.

The cost of interest-bearing liabilities for the three months ended March 31, 2024 increased by 23 basis points compared to the three months ended December 31, 2023, due to rising rates and product mix shift to higher cost money market and time deposits. This was partially offset by a lower cost for borrowings, as the Company was able to utilize the more favorable rates associated with the FRB BTFP.

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

Net interest income for the three months ended March 31, 2024 was $423.4 million, an increase of $48.7 million compared to the three months ended March 31, 2023. The increase reflects a larger average balance sheet for the three months ended March 31, 2024 compared to the prior year period as a result of the Merger, in addition to higher average yields on interest-earning assets, partially offset by higher rates on interest-bearing liabilities.

50

Table of Contents

The net interest margin on a fully tax-equivalent basis was 3.52% for the three months ended March 31, 2024, as compared to 4.08% for the three months ended March 31, 2023. The decrease for the three months ended March 31, 2024 compared to the prior year period was due to higher funding costs, deposit repricing, and a shift in product mix.

The yield on loans and leases for the three months ended March 31, 2024 increased by 58 basis points as compared to the same period in 2023, primarily attributable to the rising interest rate environment and purchase accounting accretion and amortization related to the Merger.

The cost of interest-bearing liabilities increased by 143 basis points for the three months ended March 31, 2024, as compared to the same period in 2023, due to a higher mix of higher-cost time deposits and term borrowings, as well as rising interest rates. Our net interest income is affected by changes in the amount and mix of interest-earning assets and interest-bearing liabilities, as well as changes in the yields earned on interest-earning assets and rates paid on deposits and borrowed funds.

The Federal Reserve increased the target range for the federal funds rate by 5.25% between March 2022 and July 2023, which marked the most recent increase to the federal funds rate. During that period, our net interest margin expanded as our asset sensitive balance sheet became increasingly profitable due to active rate increases by the Federal Reserve and the lagged impact to deposit pricing. Since the Federal Reserve ceased increasing the federal funds rate, we have experienced an increase in our funding costs that outpaces the increase in our earning asset yields as our deposits have continued to reprice higher and our funding base has experienced a shift toward higher-cost sources as Federal Reserve actions have reduced available liquidity within the banking industry. As a result, our net interest margin has contracted since July 2023 due to the impact of higher funding costs and minimal change to the average yield on earning assets.

51

Table of Contents

The following table presents condensed average balance sheet information, together with interest income and yields on average interest-earning assets, and interest expense and rates paid on average interest-bearing liabilities for periods presented:

	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
(dollars in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	30,550	$	525	6.88	%	$	48,868	$	649	5.31	%	$	54,008	$	799	5.92	%
Loans and leases (1)	37,597,101		574,519		6.13	%	37,333,310		577,092		6.13	%	29,998,630		412,726		5.55	%
Taxable securities	8,081,003		78,724		3.90	%	7,903,053		82,872		4.19	%	4,960,966		40,448		3.26	%
Non-taxable securities (2)	851,342		7,886		3.71	%	809,551		8,073		3.99	%	437,020		4,068		3.72	%
Temporary investments and interest-bearing cash	1,720,791		23,553		5.51	%	1,743,447		24,055		5.47	%	1,605,081		18,581		4.69	%
Total interest-earning assets (1), (2)	48,280,787		$	685,207	5.69	%	47,838,229		$	692,741	5.75	%	37,055,705		$	476,622	5.19	%
Goodwill and other intangible assets	1,619,134						1,652,282						623,042
Other assets	2,184,052						2,341,845						1,747,228
Total assets	$	52,083,973					$	51,832,356					$	39,425,975
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	8,035,339	$	51,378	2.57	%	$	7,617,427	$	44,861	2.34	%	$	4,759,251	$	9,815	0.84	%
Money market deposits	10,612,073		72,497		2.75	%	10,276,894		61,055		2.36	%	8,845,784		32,238		1.48	%
Savings deposits	2,688,360		715		0.11	%	2,880,622		698		0.10	%	2,686,388		556		0.08	%
Time deposits	6,406,807		73,845		4.64	%	5,847,400		64,045		4.35	%	3,205,128		21,004		2.66	%
Total interest-bearing deposits	27,742,579		198,435		2.88	%	26,622,343		170,659		2.54	%	19,496,551		63,613		1.32	%
Repurchase agreements and federal funds purchased	231,667		1,266		2.20	%	245,989		1,226		1.98	%	281,032		406		0.59	%
Borrowings	3,920,879		51,275		5.26	%	3,918,261		56,066		5.68	%	2,352,715		28,764		4.96	%
Junior and other subordinated debentures	423,528		9,887		9.39	%	440,007		10,060		9.07	%	417,966		8,470		8.22	%
Total interest-bearing liabilities	32,318,653		$	260,863	3.25	%	31,226,600		$	238,011	3.02	%	22,548,264		$	101,253	1.82	%
Non-interest-bearing deposits	13,841,582						14,899,001						12,755,080
Other liabilities	937,863						1,011,019						772,870
Total liabilities	47,098,098						47,136,620						36,076,214
Common equity	4,985,875						4,695,736						3,349,761
Total liabilities and shareholders' equity	$	52,083,973					$	51,832,356					$	39,425,975
NET INTEREST INCOME (2)			$	424,344					$	454,730					$	375,369
NET INTEREST SPREAD (2)					2.44	%					2.73	%					3.37	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.52	%					3.78	%					4.08	%
(1)Non-accrual loans and leases are included in the average balance. (2)Tax-exempt investment security income has been adjusted to a tax-equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $982,000 for the three months ended March 31, 2024, as compared to approximately $1.1 million for the three months ended December 31, 2023 and approximately $671,000 for the three months ended March 31, 2023.

52

Table of Contents

The following table sets forth a summary of the changes in tax equivalent net interest income due to changes in average asset and liability balances (volume) and changes in average rates (rate) for the periods presented. Changes in tax equivalent interest income and expense, which are not attributable specifically to either volume or rate, are allocated proportionately between both variances.

	Three Months Ended						Three Months Ended
	March 31, 2024 compared to December 31, 2023						March 31, 2024 compared to March 31, 2023
	Increase (decrease) in interest income and expense due to changes in						Increase (decrease) in interest income and expense due to changes in
(in thousands)	Volume		Rate		Total		Volume		Rate		Total
INTEREST-EARNING ASSETS:
Loans held for sale	$	(285)	$	161	$	(124)	$	(386)	$	112	$	(274)
Loans and leases	(1,734)		(839)		(2,573)		114,724		47,069		161,793
Taxable securities	1,842		(5,990)		(4,148)		29,223		9,053		38,276
Non-taxable securities (1)	408		(595)		(187)		3,837		(19)		3,818
Temporary investments and interest-bearing cash	(540)		38		(502)		1,465		3,507		4,972
Total interest-earning assets (1)	(309)		(7,225)		(7,534)		148,863		59,722		208,585
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	2,299		4,218		6,517		9,817		31,746		41,563
Money market deposits	1,881		9,561		11,442		7,352		32,907		40,259
Savings deposits	(53)		70		17		—		159		159
Time deposits	5,770		4,030		9,800		30,281		22,560		52,841
Repurchase agreements and federal funds purchased	(89)		129		40		(85)		945		860
Borrowings	31		(4,822)		(4,791)		20,629		1,882		22,511
Junior and other subordinated debentures	(453)		280		(173)		120		1,297		1,417
Total interest-bearing liabilities	9,386		13,466		22,852		68,114		91,496		159,610
Net (decrease) increase in net interest income (1)	$	(9,695)	$	(20,691)	$	(30,386)	$	80,749	$	(31,774)	$	48,975
(1) Tax-exempt investment security income has been adjusted to a tax-equivalent basis at a 21% tax rate.

Provision for Credit Losses 

Comparison of current quarter to prior quarter

The Company had a $17.1 million provision for credit losses for the three months ended March 31, 2024, as compared to a $54.9 million provision for the three months ended December 31, 2023. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the three months ended March 31, 2024 was 0.18%, as compared to 0.58% for the three months ended December 31, 2023. The change in provision for credit losses reflects changes in the economic assumptions and recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans. During the first quarter, we recalibrated the commercial CECL model to be more reflective of the post-Merger loan portfolio after a full year operating as a combined organization. We believe the recalibrated model is more reflective of the quality of our underwriting and borrower profiles.

53

Table of Contents

For the three months ended March 31, 2024, net charge-offs were $44.0 million, as compared to $28.9 million for the three months ended December 31, 2023. As an annualized percentage of average outstanding loans and leases, net charge-offs for the three months ended March 31, 2024 were 0.47%, as compared to 0.31% for the three months ended December 31, 2023. Net charge-offs in the FinPac portfolio were $23.8 million in the first quarter, largely unchanged from the fourth quarter, and net charge-offs were up $14.4 million in the commercial portfolio from the prior quarter, with the increase centered in a single commercial credit.

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

The Company had a $17.1 million provision for credit losses for the three months ended March 31, 2024, as compared to $105.5 million for the three months ended March 31, 2023. The decrease is primarily driven by the $88.4 million initial provision for historical Columbia non-PCD loans that was recorded in the first quarter of 2023. As an annualized percentage of average outstanding loans and leases, the provision for credit losses recorded for the three months ended March 31, 2024 was 0.18%, as compared to 1.43% for the three months ended March 31, 2023. 

For the three months ended March 31, 2024, net charge-offs were $44.0 million, as compared to $16.7 million for the three months ended March 31, 2023. As an annualized percentage of average outstanding loans and leases, net charge-offs for the three months ended March 31, 2024 were 0.47%, as compared to 0.23% for the three months ended March 31, 2023. Net charge-offs in the FinPac portfolio were $23.8 million for the three months ended March 31, 2024, as compared to $16.4 million the three months ended March 31, 2023, largely in the trucking and transportation portfolio. Net charge-offs were up $18.9 million in the commercial portfolio from the three months ended March 31, 2023, with the increase centered in a single commercial credit.

Typically, loans in a non-accrual status will not have an allowance for credit loss as they will be written down to their net realizable value or charged-off. However, the net realizable value for homogeneous leases and equipment finance agreements are determined by the loss given default calculated by the CECL model, and therefore homogeneous leases and equipment finance agreements on non-accrual will have an allowance for credit loss amount until they become 181 days past due, at which time they are charged-off. The non-accrual leases and equipment finance agreements of $30.6 million as of March 31, 2024 have a related allowance for credit losses of $26.8 million, with the remaining loans written-down to the estimated fair value of the collateral, less estimated costs to sell, and are expected to be resolved with no additional material loss, absent further decline in market prices. 

Non-Interest Income 

The following table presents the key components of non-interest income and the related dollar and percentage change from period to period:

	Three Months Ended								Three Months Ended
(in thousands)	March 31, 2024		December 31, 2023		Change Amount		Change Percent		March 31, 2023		Change Amount		Change Percent
Service charges on deposits	$	16,064	$	17,349	$	(1,285)	(7)	%	$	14,312	$	1,752	12	%
Card-based fees	13,183		14,593		(1,410)		(10)	%	11,561		1,622		14	%
Financial services and trust revenue	4,464		3,011		1,453		48	%	1,297		3,167		244	%
Residential mortgage banking revenue, net	4,634		4,212		422		10	%	7,816		(3,182)		(41)	%
Gain on sale of debt securities, net	12		9		3		33	%	—		12		nm
(Loss) gain on equity securities, net	(1,565)		2,636		(4,201)		(159)	%	2,416		(3,981)		(165)	%
Gain on loan and lease sales, net	221		1,161		(940)		(81)	%	940		(719)		(76)	%
Bank-owned life insurance income	4,639		4,331		308		7	%	2,790		1,849		66	%
Other income	8,705		18,231		(9,526)		(52)	%	13,603		(4,898)		(36)	%
Total non-interest income	$	50,357	$	65,533	$	(15,176)	(23)	%	$	54,735	$	(4,378)	(8)	%

54

Table of Contents

Comparison of current quarter to prior quarter

Other income for the three months ended March 31, 2024, as compared to the three months ended December 31, 2023, decreased primarily due to interest rate fluctuations resulting in the current quarter including a loss on the fair value of certain loans held for investment of $2.4 million as compared to a gain of $19.4 million for the prior quarter, partially offset by a favorable change of $9.2 million in swap derivatives due to a gain in the current quarter compared to a loss in the prior quarter. These fair value adjustments, including the fair value loss on equity securities, are inversely influenced by the change in longer- term interest rates.

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

Other income for the three months ended March 31, 2024 decreased as compared to the three months ended March 31, 2023, primarily due to interest rate fluctuations resulting in a loss on the fair value of certain loans held for investment of $2.4 million in the current period as compared to a gain of $9.5 million in the prior year period. The decrease was partially offset by the impact of rate fluctuations on swap derivatives with a gain in the current period compared to a loss in the prior year period, resulting in a favorable change of $4.7 million.

Non-Interest Expense 

The following table presents the key elements of non-interest expense and the related dollar and percentage change from period to period:

	Three Months Ended								Three Months Ended
(in thousands)	March 31, 2024		December 31, 2023		Change Amount		Change Percent		March 31, 2023		Change Amount		Change Percent
Salaries and employee benefits	$	154,538	$	157,572	$	(3,034)	(2)	%	$	136,092	$	18,446	14	%
Occupancy and equipment, net	45,291		48,160		(2,869)		(6)	%	41,700		3,591		9	%
Communications	3,782		4,280		(498)		(12)	%	3,026		756		25	%
Marketing	1,936		5,517		(3,581)		(65)	%	1,059		877		83	%
Services	13,422		16,363		(2,941)		(18)	%	12,843		579		5	%
FDIC assessments	14,460		42,510		(28,050)		(66)	%	6,113		8,347		137	%
Intangible amortization	32,091		33,204		(1,113)		(3)	%	12,660		19,431		153	%
Merger-related expenses	4,478		7,174		(2,696)		(38)	%	115,898		(111,420)		(96)	%
Other expenses	17,518		22,396		(4,878)		(22)	%	13,427		4,091		30	%
Total non-interest expense	$	287,516	$	337,176	$	(49,660)	(15)	%	$	342,818	$	(55,302)	(16)	%

Comparison of current quarter to prior quarter

FDIC assessments decreased during the three months ended March 31, 2024, as compared to the three months ended December 31, 2023, due primarily to the fourth quarter of 2023 including $32.9 million in expense related to the FDIC special assessment to replenish the Deposit Insurance Fund following bank closures in 2023, partially offset by an additional $4.8 million in FDIC special assessment expense in the three months ended March 31, 2024.

The remaining categories of non-interest expense decreased during the three months ended March 31, 2024, as compared to the three months ended December 31, 2023, due primarily to the renewed focus on expense discipline and lower discretionary spending in order to support improved operating performance. During the first quarter of 2024, the Company conducted a comprehensive evaluation of our operations, resulting in streamlined roles, simplified reporting, and organizational restructuring. The Company anticipates severance and restructuring charges in the second and third quarters of 2024.

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

Salaries and employee benefits increased for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily due to the current year including a full quarter of salaries and wages as a combined company, compared to only one month as a combined company for the same period in the prior year.

55

Table of Contents

FDIC assessments increased during the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, due primarily to the $4.8 million in expense related to the FDIC special assessment to replenish the Deposit Insurance Fund following bank closures in 2023.

Intangible amortization increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily due to the current year including a full quarter of amortization associated with the core deposit intangible asset added as a result of the Merger, compared to one month of amortization during the first quarter of 2023.

Merger-related expenses decreased during the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, with the largest drivers of the decrease being lower legal and professional fees and personnel expenses related to the Merger. Columbia closed the Merger and completed the core systems conversion during the first quarter of 2023.

Income Taxes 

The Company's effective tax rate for the three months ended March 31, 2024 was 26.6%, as compared to 26.4% and 25.8% for the three months ended December 31, 2023, and March 31, 2023, respectively. The effective tax rates differed from the statutory rate principally because of state taxes, non-deductible FDIC assessments, and income on tax-exempt investment securities.

56

Table of Contents

FINANCIAL CONDITION 

Investment Securities 

Investment debt securities available for sale were $8.6 billion as of March 31, 2024, compared to $8.8 billion as of December 31, 2023. The decrease was primarily due to a decrease of $122.7 million in fair value of investment securities available for sale, due to higher rates during the quarter, as well as sales and paydowns of $110.5 million.

The following tables present the par value, amortized cost, unrealized gains, unrealized losses and approximate fair values of debt securities as available for sale and held to maturity investment debt securities portfolio by major type as of the dates presented: 

	March 31, 2024
(dollars in thousands)	Current Par		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		% of Portfolio
Available for sale:
U.S. Treasury and agencies	$	1,546,374	$	1,552,240	$	1,132	$	(85,979)	$	1,467,393	17	%
Obligations of states and political subdivisions	1,129,803		1,068,290		8,788		(25,149)		1,051,929		12	%
Mortgage-backed securities and collateralized mortgage obligations	7,000,856		6,551,596		2,386		(456,759)		6,097,223		71	%
Total available for sale securities	$	9,677,033	$	9,172,126	$	12,306	$	(567,887)	$	8,616,545	100	%
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	3,483	$	2,247	$	692	$	—	$	2,939	100	%
Total held to maturity securities	$	3,483	$	2,247	$	692	$	—	$	2,939	100	%

	December 31, 2023
(dollars in thousands)	Current Par		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		% of Portfolio
Available for sale:
U.S. Treasury and agencies	$	1,546,374	$	1,551,074	$	6,192	$	(78,874)	$	1,478,392	17	%
Obligations of states and political subdivisions	1,135,345		1,073,264		20,451		(21,610)		1,072,105		12	%
Mortgage-backed securities and collateralized mortgage obligations	7,103,633		6,638,439		28,558		(387,624)		6,279,373		71	%
Total available for sale securities	$	9,785,352	$	9,262,777	$	55,201	$	(488,108)	$	8,829,870	100	%
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	3,564	$	2,300	$	725	$	—	$	3,025	100	%
Total held to maturity securities	$	3,564	$	2,300	$	725	$	—	$	3,025	100	%

57

Table of Contents

We review investment securities on an ongoing basis for the presence of impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors.   

As of March 31, 2024, the available for sale investment portfolio had a net unrealized loss of $555.6 million, which reflects gross unrealized losses of $567.9 million and gross unrealized gains of $12.3 million. Gross unrealized losses consisted primarily of unrealized losses on mortgage-backed securities and collateralized mortgage obligations of $456.8 million. The unrealized losses were attributable to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not attributable to changes in credit quality. In the opinion of management, no ACL was considered necessary on these debt securities as of March 31, 2024.

Loans and Leases

Total loans and leases outstanding as of March 31, 2024 were $37.6 billion, an increase of $200.5 million as compared to December 31, 2023. The increase is primarily attributable to organic loan growth of $269.4 million, centered in commercial real estate and commercial portfolios. The increase in organic loan growth was partially offset by charge-offs of $49.8 million, due mainly to the FinPac portfolio as well as an increase due to a single credit in the commercial portfolio. The loan to deposit ratio was 90% as of March 31, 2024 and December 31, 2023.

The following table presents the concentration distribution of the loan and lease portfolio, net of deferred fees and costs, as of the dates presented:

	March 31, 2024				December 31, 2023
(dollars in thousands)	Amount		%		Amount		%
Commercial real estate
Non-owner occupied term, net	$	6,557,768	17	%	$	6,482,940	17	%
Owner occupied term, net	5,231,676		14	%	5,195,605		14	%
Multifamily, net	5,828,960		15	%	5,704,734		15	%
Construction & development, net	1,728,652		5	%	1,747,302		5	%
Residential development, net	284,117		1	%	323,899		1	%
Commercial
Term, net	5,544,450		15	%	5,536,765		15	%
Lines of credit & other, net	2,491,557		6	%	2,430,127		6	%
Leases & equipment finance, net	1,706,759		5	%	1,729,512		5	%
Residential
Mortgage, net	6,128,884		16	%	6,157,166		16	%
Home equity loans & lines, net	1,950,421		5	%	1,938,166		5	%
Consumer & other, net	189,169		1	%	195,735		1	%
Total, net of deferred fees and costs	$	37,642,413	100	%	$	37,441,951	100	%

58

Table of Contents

Commercial Real Estate and Commercial Loans

Commercial real estate and commercial loans are the largest classifications within earning assets, representing 41% and 20%, respectively, of average earning assets for both the three month periods ended March 31, 2024 and December 31, 2023. The increase in commercial real estate and commercial loan balances between March 31, 2024 and December 31, 2023 was driven by commercial line utilization and construction project activity in the quarter. Higher commercial real estate term balances reflect projects that transitioned from construction to permanent financing.

Delinquency and non-accrual loan movements during the quarter reflect an anticipated move toward a normalized credit environment following a phase of exceptional high credit quality. The increase in non-performing assets during the quarter was driven primarily by deterioration in our SBA portfolio and an owner-occupied commercial real estate property. Non-performing assets during the quarter include $43.0 million in government guarantees on the commercial real estate, commercial, and residential portfolios.

Commercial Real Estate Loans

The commercial real estate portfolio includes loans to developers and institutional sponsors supporting income-producing or for-sale commercial real estate properties. We seek to mitigate our risk on these loans by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement.

As of March 31, 2024, commercial real estate loans held in our loan portfolio were $19.6 billion, an increase of $176.7 million compared to December 31, 2023. Commercial real estate concentrations are managed with a goal of optimizing geographic and business diversity, primarily in our footprint.

Loans secured by office properties represent approximately 8% of our total loan portfolio at March 31, 2024, with a breakout of 59% non-owner occupied, 39% owner occupied, and 2% construction loans. Excluding floating rate loans, which have already repriced to prevailing rates, only 8% of our office portfolio reprices through 2025. Office properties located in suburban markets secure the majority of our office portfolio as only 6% of non-owner occupied loans are located in downtown core business districts.

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

The following table provides detail on commercial real estate loans by property type:

	March 31, 2024				December 31, 2023
(in thousands)	Outstanding		Non-accrual (1)		Outstanding		Non-accrual (1)
Commercial real estate loans by property type:
Multifamily	$	7,142,745	$	—	$	6,978,498	$	—
Office	2,984,462		13,335		2,980,240		13,335
Industrial	2,867,985		4,262		2,812,295		2,053
Retail	2,080,244		1,594		2,083,960		3,715
Special Purpose	1,346,008		13,902		1,348,343		4,566
Hotel/Motel	749,190		2,443		755,132		2,622
Other	2,460,539		4,200		2,496,012		2,398
Total commercial real estate loans	$	19,631,173	$	39,736	$	19,454,480	$	28,689

(1) Commercial real estate non-accrual loans are inclusive of government guarantees of $12.2 million and $7.7 million as of March 31, 2024 and December 31, 2023, respectively.

59

Table of Contents

Commercial Loans

Commercial loans are made to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, or other projects. We focus on borrowers doing business within our geographic markets. Commercial loans are generally underwritten individually and secured with the assets of the company and/or the personal guarantee of the business owners. Lease and equipment financing products are designed to address the diverse financing needs of small to large companies, primarily for the acquisition of equipment. As of March 31, 2024, commercial loans held in our loan portfolio were $9.7 billion, an increase of $46.4 million compared to December 31, 2023, which is mainly attributable to credit line utilization during the period.

The leases and equipment finance portfolio represents approximately 18% of the commercial portfolio and 5% of the total loan portfolio. The leasing portfolio has non-performing leases and charge-offs centered in the trucking and transportation portion of the portfolio. Net charge-offs in the FinPac lease portfolio were $23.8 million in the first quarter, largely unchanged from the fourth quarter, and net charge-offs were up $14.4 million in the commercial portfolio from the prior quarter, with the increase centered in a single commercial credit. Delinquency and non-accrual loan movements in the transportation and trucking portfolio over the year were anticipated and a slow recovery is expected for this portfolio.

The following table provides detail on commercial loans and leases by industry type:

	March 31, 2024				December 31, 2023
(in thousands)	Outstanding		Non-accrual (1)		Outstanding		Non-accrual (1)
Commercial loans by industry type:
Agriculture	$	830,961	$	1,862	$	829,555	$	2,167
Contractors	726,030		5,727		733,531		6,143
Dentist	714,797		995		715,348		886
Finance/Insurance	752,322		17		754,115		3
Gaming	541,646		—		532,698		—
Healthcare	330,450		2,039		312,788		2,062
Manufacturing	753,827		2,980		736,298		2,636
Professional	425,984		2,702		445,455		3,113
Public Admin	646,544		—		649,895		7
Rental and Leasing	710,946		208		692,101		165
Retail	229,961		8,594		225,223		1,276
Support Services	418,851		1,856		411,565		1,047
Transportation/Warehousing	839,227		20,918		852,735		21,951
Wholesale	612,568		5,021		673,349		396
Other	1,208,652		6,041		1,131,748		3,830
Total commercial portfolio	$	9,742,766	$	58,960	$	9,696,404	$	45,682

(1) Commercial non-accrual loans are inclusive of government guarantees of $19.2 million and $11.7 million as of March 31, 2024 and December 31, 2023, respectively.

Residential Real Estate Loans

Residential real estate loans represent mortgage loans and lines of credit to consumers for the purchase or refinance of a residence. As of March 31, 2024, residential real estate loans held in our loan portfolio were $8.1 billion, a decrease of $16.0 million as compared to December 31, 2023.

Consumer Loans

Consumer loans, including secured and unsecured personal loans, home equity and personal lines of credit, and motor vehicle loans, decreased $6.6 million to $189.2 million as of March 31, 2024, as compared to December 31, 2023.

60

Table of Contents

Asset Quality and Non-Performing Assets 

The following table summarizes our non-performing assets, the ACL and asset quality ratios as of the dates presented:

(dollars in thousands)		March 31, 2024			December 31, 2023
Loans and leases on non-accrual status
	Commercial real estate, net	$	39,736		$	28,689
	Commercial, net	58,960			45,682
	Total loans and leases on non-accrual status	98,696			74,371
Loans and leases past due 90 days or more and accruing
	Commercial real estate, net	253			870
	Commercial, net	10,733			8,232
	Residential, net (1)	31,916			29,102
	Consumer & other, net	437			326
	Total loans and leases past due 90 days or more and accruing (1)	43,339			38,530
Total non-performing loans and leases (2)		142,035			112,901
Other real estate owned		1,762			1,036
Total non-performing assets		$	143,797		$	113,937
ACLLL		$	414,344		$	440,871
Reserve for unfunded commitments		22,868			23,208
ACL		$	437,212		$	464,079
Asset quality ratios:
	Non-performing assets to total assets (1) (2)	0.28		%	0.22		%
	Non-performing loans and leases to total loans and leases (1) (2)	0.38		%	0.30		%
	Non-accrual loans and leases to total loans and leases (2)	0.26		%	0.20		%
	ACLLL to total loans and leases	1.10		%	1.18		%
	ACL to total loans and leases	1.16		%	1.24		%
	ACL to non-accrual loans and leases	443		%	624		%
	ACL to total non-performing loans and leases	308		%	411		%

(1)Excludes government guaranteed GNMA mortgage loans that Columbia has the right but not the obligation to repurchase that are past due 90 days or more totaling $1.6 million as of March 31, 2024 and $1.0 million at December 31, 2023.

(2)Includes government guaranteed portion of $11.7 million and $31.3 million for 90 days or greater and non-accrual loans, respectively, as of March 31, 2024. Includes government guaranteed portion of $12.3 million and $19.3 million for 90 days or greater and non-accrual loans, respectively, as of December 31, 2023.

As of March 31, 2024 and December 31, 2023, there were approximately $34.9 million or 0.09% of total loans, modified due to borrowers experiencing financial difficulties.

A decline in the economic conditions and other factors could adversely impact individual borrowers or the loan portfolio in general. Accordingly, there can be no assurance that loans will not become 90 days or more past due, placed on non-accrual status, restructured, or transferred to other real estate owned in the future. As of March 31, 2024, there was an increase in non-performing loans representative of a more normalized credit environment, driven by a migration in our SBA portfolio and an owner-occupied commercial real estate property.

61

Table of Contents

Allowance for Credit Losses

The ACL totaled $437.2 million as of March 31, 2024, a decrease of $26.9 million from December 31, 2023. The following table shows the activity in the ACL for the periods indicated:

		Three Months Ended
(dollars in thousands)		March 31, 2024			December 31, 2023
Allowance for credit losses on loans and leases
Balance, beginning of period		$	440,871		$	416,560
Provision for credit losses on loans and leases		17,476			53,183
Charge-offs
	Commercial real estate, net	(161)			(629)
	Commercial, net	(47,232)			(31,949)
	Residential, net	(490)			(89)
	Consumer & other, net	(1,870)			(1,841)
	Total charge-offs	(49,753)			(34,508)
Recoveries
	Commercial real estate, net	358			35
	Commercial, net	4,732			4,414
	Residential, net	170			781
	Consumer & other, net	490			406
	Total recoveries	5,750			5,636
Net recoveries (charge-offs)
	Commercial real estate, net	197			(594)
	Commercial, net	(42,500)			(27,535)
	Residential, net	(320)			692
	Consumer & other, net	(1,380)			(1,435)
Total net charge-offs		(44,003)			(28,872)
Balance, end of period		$	414,344		$	440,871
Reserve for unfunded commitments
Balance, beginning of period		$	23,208		$	21,482
	(Recapture) provision for credit losses on unfunded commitments	(340)			1,726
Balance, end of period		22,868			23,208
Total allowance for credit losses		$	437,212		$	464,079
As a percentage of average loans and leases (annualized):
Net charge-offs		0.47		%	0.31		%
Provision for credit losses		0.18		%	0.58		%
Recoveries as a percentage of charge-offs		11.56		%	16.33		%

The provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. The change in the three months ended March 31, 2024, as compared to the three months ended December 31, 2023, reflects changes in the economic assumptions and recalibration of our CECL calculation for non-homogeneous commercial loans and leases and residential development loans. Net charge-offs in the FinPac portfolio were $23.8 million in the first quarter, largely unchanged from the fourth quarter, and net charge-offs were up $14.4 million in the commercial portfolio from the prior quarter, with the increase centered in a single commercial credit.

62

Table of Contents

The following table sets forth the allocation of the allowance for credit losses on loans and leases and percent of loans in each category to total loans and leases as of the dates presented: 

	March 31, 2024				December 31, 2023
(dollars in thousands)	Amount		% loans to total loans		Amount		% loans to total loans
Commercial real estate	$	146,276	52	%	$	125,888	52	%
Commercial	202,757		26	%	244,821		26	%
Residential	58,010		21	%	62,004		21	%
Consumer & other	7,301		1	%	8,158		1	%
Allowance for credit losses on loans and leases	$	414,344			$	440,871

The following table shows the change in the allowance for credit losses from December 31, 2023 to March 31, 2024:

(dollars in thousands)	December 31, 2023			Q1 2024 net recoveries (charge-offs)		Reserve build		March 31, 2024			% of loan and leases outstanding
Commercial real estate	$	137,058		$	197	$	22,049	$	159,304		0.81	%
Commercial	252,662			(42,500)		(1,515)		208,647			2.14	%
Residential	64,944			(320)		(3,857)		60,767			0.75	%
Consumer & Other	9,415			(1,380)		459		8,494			4.49	%
Total allowance for credit losses	$	464,079		$	(44,003)	$	17,136	$	437,212		1.16	%
% of loans and leases outstanding	1.24		%					1.16		%

To calculate the ACL, the CECL models use a forecast of future economic conditions and are dependent upon specific macroeconomic variables that are relevant to each of the Bank's loan and lease portfolios. For the first quarter of 2024, the Bank used Moody's Analytics' February 2024 baseline economic forecast, which shows a worsening economic situation from the forecast used in the prior quarter. Refer to Note 5 - Allowance for Credit Losses for further information on key components of the forecast. The models for calculating the ACL are sensitive to changes to economic variables, which could result in volatility as these assumptions change over time.

We believe that the ACL as of March 31, 2024 is sufficient to absorb losses inherent in the loan and lease portfolio and in credit commitments outstanding as of that date based on the information available. If the economic conditions decline, the Bank may need additional provisions for credit losses in future periods.

Residential Mortgage Servicing Rights 

The following table presents the changes in our residential MSR portfolio for the periods indicated:

	Three Months Ended
(in thousands)	March 31, 2024		December 31, 2023
Balance, beginning of period	$	109,243	$	117,640
Additions for new MSR capitalized	1,237		920
Sale of MSR assets	—		149
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(3,153)		(3,215)
Changes due to valuation inputs or assumptions (1)	3,117		(6,251)
Balance, end of period	$	110,444	$	109,243

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

63

Table of Contents

The following table presents information related to our residential serviced loan portfolio as of the dates presented: 

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance of loans serviced for others	$	8,081,039		$	8,175,664
MSR as a percentage of serviced loans	1.37		%	1.34		%

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

Goodwill and Other Intangible Assets

As of March 31, 2024 and December 31, 2023, the Company had $1.0 billion in goodwill, which was recorded as a result of the Merger. Goodwill is recorded in connection with business combinations and represents the excess of the purchase price over the estimated fair value of the net assets acquired.

As of March 31, 2024, we had other intangible assets of $571.6 million, as compared to $603.7 million at December 31, 2023. As part of a business acquisition, the fair value of identifiable intangible assets such as core deposits, which includes all deposits except certificates of deposit, was recognized at the Merger Date. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives. The core deposit intangible assets recorded are amortized on an accelerated basis over a period of 10 years using the sum-of-the-years-digits method. Intangible assets are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment losses have been recognized in the periods presented.

Deposits 

Total deposits were $41.7 billion as of March 31, 2024, an increase of $99.1 million as compared to December 31, 2023. The increase was due to growth in money market, time deposits, and interest-bearing demand accounts, partially offset by a decline in non-interest-bearing demand deposits. The interest-bearing deposit mix increased mainly due to a migration from non-interest-bearing to interest-bearing accounts as customers seek higher rates in the current interest rate environment.

The following table presents the deposit balances by category as of the dates presented: 

	March 31, 2024				December 31, 2023
(dollars in thousands)	Amount		%		Amount		%
Non-interest-bearing demand	$	13,808,554	34	%	$	14,256,452	34	%
Interest-bearing demand	8,095,211		19	%	8,044,432		19	%
Money market	10,822,498		26	%	10,324,454		25	%
Savings	2,640,060		6	%	2,754,113		7	%
Time, greater than $250,000	1,179,498		3	%	1,034,094		2	%
Time, $250,000 or less	5,160,339		12	%	5,193,475		13	%
Total deposits	$	41,706,160	100	%	$	41,607,020	100	%

The Company's total core deposits, which are deposits less time deposits greater than $250,000 and all brokered deposits, were $37.4 billion as of March 31, 2024 and December 31, 2023. The Company's brokered deposits totaled $3.1 billion as of March 31, 2024 and December 31, 2023.

64

Table of Contents

The FDIC generally insures up to $250,000 per depositor for each account ownership category, as defined by the FDIC. Depositors may qualify for coverage of accounts over $250,000 if they have funds in different ownership categories and all applicable FDIC requirements are met. All deposits that an account owner has in the same ownership category at the same bank are added together and insured up to the standard insurance amount. As of March 31, 2024 and December 31, 2023, approximately $28.2 billion and $28.1 billion, respectively, of the Bank’s deposits were estimated to be insured. Uninsured deposits are an estimated amount based on the methodologies and assumptions used for the Bank's regulatory requirements. Uninsured deposits were $13.5 billion as of March 31, 2024 and December 31, 2023. As of March 31, 2024, total available liquidity was $18.6 billion, or 138% of uninsured deposits.

Borrowings 

As of March 31, 2024, the Bank had outstanding securities sold under agreements to repurchase of $213.6 million, a decrease of $38.5 million from December 31, 2023. The Bank had outstanding borrowings consisting of advances from the FHLB and FRB of $3.9 billion as of March 31, 2024 and $4.0 billion as of December 31, 2023. The decrease compared to the fourth quarter of 2023 was primarily due to repayment of higher priced borrowings as well as general liquidity management. FHLB advances have fixed rates ranging from 5.1% to 5.25% with the majority set to mature before the end of the first quarter of 2025. Advances from the FHLB are secured by investment securities and loans secured by real estate. The FRB borrowings have interest rates ranging from 4.76% to 4.93% and mature within one year of March 31, 2024, although the Company has the ability to repay balances prior to maturity without penalty. The FRB borrowings are secured by investment securities.

Junior and Other Subordinated Debentures 

We had junior and other subordinated debentures with carrying values of $417.4 million and $424.3 million as of March 31, 2024 and December 31, 2023, respectively. The decrease is mainly due to a decrease of $6.5 million in fair value for the junior subordinated debentures elected to be carried at fair value. The change in fair value was due to an increase in the credit spread and spot curve, partially offset by an increase in the implied forward curve. As of March 31, 2024, substantially all of the junior subordinated debentures had interest rates that are adjustable on a quarterly basis based on a spread over three-month term SOFR. 

Liquidity and Cash Flow 

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

We monitor the sources and uses of funds daily to maintain an acceptable liquidity position. One source of funds includes public deposits. Individual state laws require banks to collateralize public deposits, typically as a percentage of their public deposit balance in excess of FDIC insurance. Public deposits represented 7% of total deposits at March 31, 2024 and December 31, 2023. The amount of collateral required varies by state and may also vary by institution within each state, depending on the individual state's risk assessment of depository institutions. Changes in the pledging requirements for uninsured public deposits may require pledging additional collateral to secure these deposits, drawing on other sources of funds to finance the purchase of assets that would be available to be pledged to satisfy a pledging requirement, or could lead to the withdrawal of certain public deposits from the Bank.

The Company’s diversified deposit base provides a sizeable source of relatively stable and low-cost funding, while reducing the Company’s reliance on the wholesale markets. Total deposits were $41.7 billion as of March 31, 2024, compared with $41.6 billion at December 31, 2023. The Bank also has liquidity from excess bond collateral of $3.7 billion.

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

65

Table of Contents

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

The following table presents total off-balance sheet liquidity as of the date presented:

	March 31, 2024
(dollars in thousands)	Gross Availability		Utilization		Net Availability
FHLB lines	$	11,965,443	$	2,369,833	$	9,595,610
Federal Reserve Discount Window	2,819,767		—		2,819,767
Federal Reserve Term Funding Program (1)	1,550,000		1,550,000		—
Uncommitted lines of credit	600,000		—		600,000
Total off-balance sheet liquidity	$	16,935,210	$	3,919,833	$	13,015,377

(1) The Federal Reserve’s Bank Term Funding Program was discontinued for new borrowings in March 2024. We present associated balances as of March 31, 2024.

The following table presents total available liquidity as of the date presented:

(dollars in thousands)	March 31, 2024
Total off-balance sheet liquidity	$	13,015,377
Cash and cash equivalents, less reserve requirements	1,897,925
Excess bond collateral	3,719,196
Total available liquidity	$	18,632,498

The Company is a separate entity from the Bank and must provide for its own liquidity. Substantially all of the Company's revenues are obtained from dividends declared and paid by the Bank. There were $90.0 million of dividends paid by the Bank to the Company in the three months ended March 31, 2024. There are statutory and regulatory provisions that limit the ability of the Bank to pay dividends to the Company. FDIC and Oregon Division of Financial Regulation approval is required for quarterly dividends from the Bank to the Company.

Although we expect the Bank's and the Company's liquidity positions to remain satisfactory during 2024, it is possible that our deposit balances may not be maintained at previous levels due to pricing pressure or customers' behavior in the current economic environment. In addition, in order to generate deposit growth, our pricing may need to be adjusted in a manner that results in increased interest expense on deposits. We may utilize borrowings or other funding sources, which are generally more costly than deposit funding, to support our liquidity levels.

Commitments and Other Contractual Obligations- The Company participates in many different contractual arrangements which may or may not be recorded on its balance sheet, under which the Company has an obligation to pay certain amounts, provide credit or liquidity enhancements or provide market risk support. Our material contractual obligations are primarily for time deposits and borrowings. As of March 31, 2024, time deposits totaled $6.3 billion, of which $6.1 billion mature in a year or less. Total borrowings as of March 31, 2024 were $3.9 billion all of which mature within one year. These arrangements also include off-balance sheet commitments to extend credit, letters of credit and various forms of guarantees. As of March 31, 2024, our loan commitments were $11.2 billion. A portion of the commitments will eventually result in funded loans and increase our profitability through net interest income when drawn and unused commitment fees prior to being drawn. Refer to Note 9 - Commitments and Contingencies for further information. Financing commitments, letters of credit and deferred purchase commitments are presented at contractual amounts and do not necessarily reflect future cash outflows as many are expected to expire unused or partially used.

Off-balance-Sheet Arrangements 

Information regarding Off-Balance-Sheet Arrangements is included in Note 9 of the Notes to Condensed Consolidated Financial Statements.

66

Table of Contents

Concentrations of Credit Risk 

Information regarding Concentrations of Credit Risk is included in Note 9 of the Notes to Condensed Consolidated Financial Statements.

Capital Resources 

Shareholders' equity as of March 31, 2024 was $5.0 billion, down slightly from December 31, 2023. The decrease of $37.8 million in shareholders' equity during the three months ended March 31, 2024 was principally due to other comprehensive losses of $86.0 million and cash dividends paid of $75.5 million, partially offset by net income of $124.1 million during the period.

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

On February 9, 2024, Columbia declared a cash dividend in the amount of $0.36 per common share based on fourth quarter 2023 performance, which was paid on March 11, 2024.

The following table presents cash dividends declared and dividend payout ratios (dividends declared per common share divided by basic earnings per common share) for the periods indicated:

	Three Months Ended
	March 31, 2024			December 31, 2023			March 31, 2023
Dividend declared per common share	$	0.36		$	0.36		$	0.35
Dividend payout ratio	60		%	80		%	nm

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

In 2020, the federal bank regulatory authorities finalized a rule to provide banking organizations that implemented CECL in 2020 the option to delay the estimated impact on regulatory capital by up to two years, with a three-year transition period to phase out the cumulative benefit to regulatory capital provided during the two-year delay. 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. Currently, the Company is phasing out the cumulative adjustment as calculated at the end of 2021, by adjusting it by 75% in 2022, 50% through 2023, and 25% in 2024, culminating with a fully phased in regulatory capital calculation beginning in 2025. All regulatory ratios exceeded regulatory “well-capitalized” requirements.

67

Table of Contents

The following table shows the Company's consolidated and the Bank's capital adequacy ratios compared to the regulatory minimum capital ratio and the regulatory minimum capital ratio needed to qualify as a "well-capitalized" institution, as calculated under regulatory guidelines of the Basel III at the dates presented: 

 

	Actual				For Capital Adequacy purposes				To be Well Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
March 31, 2024
Total Capital (to Risk Weighted Assets)
Consolidated	$	4,816,063	11.95	%	$	3,224,001	8.00	%	$	4,030,002	10.00	%
Umpqua Bank	$	4,696,990	11.66	%	$	3,223,525	8.00	%	$	4,029,406	10.00	%
Tier I Capital (to Risk Weighted Assets)
Consolidated	$	3,937,327	9.77	%	$	2,418,001	6.00	%	$	3,224,001	8.00	%
Umpqua Bank	$	4,289,253	10.64	%	$	2,417,644	6.00	%	$	3,223,525	8.00	%
Tier I Common (to Risk Weighted Assets)
Consolidated	$	3,937,327	9.77	%	$	1,813,501	4.50	%	$	2,619,501	6.50	%
Umpqua Bank	$	4,289,253	10.64	%	$	1,813,233	4.50	%	$	2,619,114	6.50	%
Tier I Capital (to Average Assets)
Consolidated	$	3,937,327	7.72	%	$	2,040,334	4.00	%	$	2,550,418	5.00	%
Umpqua Bank	$	4,289,253	8.41	%	$	2,040,978	4.00	%	$	2,551,223	5.00	%
December 31, 2023
Total Capital (to Risk Weighted Assets)
Consolidated	$	4,770,335	11.86	%	$	3,218,301	8.00	%	$	4,022,876	10.00	%
Umpqua Bank	$	4,653,920	11.57	%	$	3,217,821	8.00	%	$	4,022,276	10.00	%
Tier I Capital (to Risk Weighted Assets)
Consolidated	$	3,876,985	9.64	%	$	2,413,726	6.00	%	$	3,218,301	8.00	%
Umpqua Bank	$	4,231,569	10.52	%	$	2,413,366	6.00	%	$	3,217,821	8.00	%
Tier I Common (to Risk Weighted Assets)
Consolidated	$	3,876,985	9.64	%	$	1,810,294	4.50	%	$	2,614,869	6.50	%
Umpqua Bank	$	4,231,569	10.52	%	$	1,810,024	4.50	%	$	2,614,479	6.50	%
Tier I Capital (to Average Assets)
Consolidated	$	3,876,985	7.60	%	$	2,040,344	4.00	%	$	2,550,431	5.00	%
Umpqua Bank	$	4,231,569	8.30	%	$	2,040,489	4.00	%	$	2,550,611	5.00	%

68

Table of Contents

Item 3.    Quantitative and Qualitative Disclosures about Market Risk 

Our assessment of market risk as of March 31, 2024 indicates there are no material changes in the qualitative disclosures from those in our Annual Report on Form 10-K for the year ended December 31, 2023.

Interest Rate Simulation Impact on Net Interest Income

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

The scenarios are as of the dates presented:

	March 31, 2024				December 31, 2023
	Year 1		Year 2		Year 1		Year 2
Up 300 basis points	(0.4)	%	(2.5)	%	(2.1)	%	(1.9)	%
Up 200 basis points	(0.3)	%	(1.5)	%	(1.4)	%	(1.1)	%
Up 100 basis points	(0.1)	%	(0.7)	%	(0.7)	%	(0.5)	%
Down 100 basis points	—	%	0.4	%	0.5	%	0.1	%
Down 200 basis points	0.1	%	0.3	%	1.1	%	(0.2)	%
Down 300 basis points	0.3	%	0.1	%	1.6	%	(0.8)	%

An interest rate simulation model is used to estimate the sensitivity of net interest income to changes in market interest rates. This model has inherent limitations, and these results are based on a given set of rate changes and assumptions at one point in time. Our primary analysis assumes a static balance sheet, both in terms of the total size and mix of our balance sheet, meaning cash flows from the maturity or repricing of assets and liabilities are redeployed in the same instrument at modeled rates. We employ estimates based upon a number of assumptions for each scenario, including changes in the size or mix of the balance sheet, new volume rates for new balances, the rate of prepayments, and the correlation of pricing to changes in the interest rate environment. For example, for interest-bearing deposit balances, we utilize a repricing "beta" assumption, which is an estimate for the change in interest-bearing deposit costs given a change in the short-term market interest rate.

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

Simulation results indicate limited exposure to interest rate risk in either increasing or decreasing rate environments. Our sensitivity changed from the year end 2023 results, with the magnitude of exposure to rising rate environments showing significant improvement in the first year of the forecast. The change in sensitivity is mainly due to the execution of fixed rate FHLB advances with maturities of ten to twelve months. The deposit mix shift with reductions in non-interest-bearing and savings accounts combined with increases in money market and time deposit accounts also contributed. In addition, decreases in fixed rate and increases in floating rate and adjustable loans also impacted the sensitivity.

The short-term interest rate environment is primarily a function of the monetary policy of the Federal Reserve Board. The Federal Reserve’s focus has gradually shifted toward attaining a specified level of the federal funds rate to achieve the long-run goals of price stability and sustainable economic growth. The federal funds rate is the basis for overnight funding and drives the short end of the yield curve. Longer maturities are influenced by the market’s expectations for economic growth and inflation but can also be influenced by Federal Reserve purchases and sales and expectations of monetary policy going forward.

Starting in March 2022, in response to persistent inflation, the FOMC raised the target range for the federal funds rate from 0.00% - 0.25% to 5.25% - 5.50% at March 31, 2024. Based on the FOMC Members’ median expectations for the fed funds target rate, the fed funds rate is near its expected high, with projections declining in 2024. Increases in the federal funds rate and the unwinding of the Federal Reserve’s balance sheet could cause overall interest rates to rise, which may negatively impact the U.S. real estate markets and affect deposit growth and pricing. In addition, deflationary pressures, while possibly lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and the values of collateral securing loans, which could negatively affect our financial performance.

69

Table of Contents

Economic Value of Equity

Another interest rate sensitivity measure we utilize is the quantification of economic value changes for all financial assets and liabilities, given an increase or decrease in market interest rates. This approach provides a longer-term view of interest rate risk, capturing all future expected cash flows. Assets and liabilities with option characteristics are measured based on different interest rate path valuations using statistical rate simulation techniques. The projections are by their nature forward-looking and therefore inherently uncertain and include various assumptions regarding cash flows and discount rates. The table below illustrates the effects of various instantaneous rate changes on the fair values of financial assets and liabilities compared to the corresponding carrying values and fair values as of the dates presented:

	March 31, 2024		December 31, 2023
Up 300 basis points	(19.4)	%	(21.9)	%
Up 200 basis points	(13.3)	%	(14.6)	%
Up 100 basis points	(6.9)	%	(7.1)	%
Down 100 basis points	6.9	%	6.8	%
Down 200 basis points	13.4	%	12.0	%
Down 300 basis points	18.1	%	15.1	%

Our economic value of equity analysis indicates a liability sensitive profile in increasing interest rate scenarios. This suggests a sudden or sustained increase in market interest rates would result in a decrease in our estimated economic value of equity, as the decrease in value of our interest-earning assets exceeds the economic value change of interest-bearing liabilities. In declining interest rate scenarios, our economic value of equity increases. This occurs as the increase in value of interest-earning assets exceeds the decline in economic value of interest-bearing liabilities, including the core deposit intangible. As of March 31, 2024, our estimated economic value of equity (fair value of financial assets and liabilities) was above our book value of equity primarily due to the economic value of the core deposit intangible.

Item 4.    Controls and Procedures 

Our management, including our Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, has concluded that our disclosure controls and procedures are effective in timely alerting them to information relating to us that is required to be included in our periodic filings with the SEC. The disclosure controls and procedures were last evaluated by management as of March 31, 2024.

No change in internal control over financial reporting occurred during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

70

Table of Contents

Part II.     OTHER INFORMATION 

Item 1.    Legal Proceedings 

The information required by this item is set forth in Part I, Item 1 under Note 9 Commitments and Contingencies—Legal Proceedings and Regulatory Matters, and incorporated herein by reference.

Item 1A.    Risk Factors 

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under "Part I—Item 1A—Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. These factors could materially and adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this Quarterly Report on Form 10-Q. There have been no material changes from the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds  

(a)Not applicable  

(b)Not applicable 

(c)The following table provides information about repurchases of common stock by the Company during the quarter ended March 31, 2024: 

Period	Total number of Common Shares Purchased (1)	Average Price Paid per Common Share		Total Number of Shares Purchased as Part of Publicly Announced Plan (2)	Maximum Number of Shares that May be Purchased at Period End under the Plan (2)
01/01/24 - 01/31/24	39,420	$	26.67	—	—
02/01/24 - 02/29/24	149,576	$	18.70	—	—
03/01/24 - 03/31/24	51,333	$	19.45	—	—
Total for quarter	240,329	$	20.17	—

(1)Common shares repurchased by the Company during the quarter consist of cancellation of 240,329 shares to be issued upon vesting of restricted stock units and awards to pay withholding taxes.

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

Item 3.    Defaults upon Senior Securities

Not applicable 

Item 4.    Mine Safety Disclosures 

Not applicable 

71

Table of Contents

Item 5.    Other Information

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

During the first quarter of 2024 none of our directors or officers adopted or terminated a trading plan intended to satisfy Rule 10b5-1 or any "non-Rule 10b5-1 trading arrangement," as defined in Item 408 of Regulation S-K.

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

72

Table of Contents

Item 6.    Exhibits  

Exhibit #	Description	Location
3.1	Restated Articles of Incorporation	Incorporated by reference to Exhibit 3.1 to Form 10-Q filed May 9, 2023
3.2	Amended and Restated Bylaws	Incorporated by reference to Exhibit 3.4 to Form 8-K filed March 1, 2023
4.1	Specimen Common Stock Certificate	Incorporated by reference to Exhibit 4.3 of the Company’s S-3 Registration Statement (File No. 333-156350) filed December 19, 2008
4.2	The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.
10.1**	Umpqua Bank Nonqualified Deferred Compensation Plan, Revised and Restated January 1, 2024	Incorporated by reference to Exhibit 10.71 to Form 10-K filed February 27, 2024
10.2**	Form of Umpqua Bank Endorsement Method Split Dollar Agreement	Filed herewith
31.1	Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002
31.3	Certification of Principal Accounting Officer under Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification of Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (included in Exhibit 101)

** Management contract or compensatory plan or arrangement

73

Table of Contents

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

 

		COLUMBIA BANKING SYSTEM, INC.
		(Registrant)
Dated	May 7, 2024	/s/ Clint E. Stein
		Clint E. Stein President and Chief Executive Officer
Dated	May 7, 2024	/s/ Ronald L. Farnsworth
		Ronald L. Farnsworth   Chief Financial Officer and Principal Financial Officer
Dated	May 7, 2024	/s/ Lisa M. White
		Lisa M. White                                     Corporate Controller and Principal Accounting Officer

74

EX-10.2

EXHIBIT 10.2

UMPQUA BANK

ENDORSEMENT METHOD

SPLIT DOLLAR AGREEMENT

(By and Between UMPQUA BANK and [EXECUTIVE]1)

Insurer/Policy: The Penn Mutual Life Insurance Company

Policy #

Protective Life Insurance Company

Policy #

Massachusetts Mutual Life Insurance Company

Policy #

The Lincoln National Life Insurance Company

Policy #

Bank:        UMPQUA BANK        

Insured:        [EXECUTIVE]        

Relationship of Insured to Bank:    Executive

Effective Date:            _____________, 2024    

The respective rights and duties of UMPQUA BANK (hereinafter the “Bank”) and [EXECUTIVE] (hereinafter the “Insured”) in the above-referenced Policy(ies) shall be pursuant to the terms set forth below:

1.    DEFINITIONS.

Refer to the Policy(ies) contract for the definition of any terms in this Endorsement Method Split Dollar Agreement (hereinafter “Agreement”) that is not defined herein. If the definition of a term in the Policy(ies) is inconsistent with the definition of a term in this Agreement, then the definition of the term as set forth in this Agreement shall supersede and replace the definition of the terms as set forth in the Policy(ies).

1.1    Accelerated Benefit. The term “Accelerated Benefit” shall mean amounts requested and received pursuant to any Policy(ies) rider permitting the policy owner or Insured access to portions of the eligible death benefit in the event the Insured is diagnosed with a chronic or terminal illness [as required by the individual Policy(ies)].

1 Executives: Drew Anderson; Frank Namdar; Tory Nixon; Andrew Ognall

-1-

1.2    Beneficiary. “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Paragraph 3 below that are entitled to receive benefits under this Plan upon the death of Insured.

1.3    Beneficiary Designation Form. “Beneficiary Designation Form” shall mean the form established from time to time by the Bank and the Administrator, which an Insured completes, signs and returns in order to designate one or more Beneficiaries.

1.4    Board. “Board” means the Board of Directors of the Bank.

1.5     Change in Control. For the purposes of this Agreement, a “Change in Control” shall mean and shall include any of the following occurring after November 1, 2023 (and for the purposes of this provision, the term “corporation” shall mean the Bank or its parent company Columbia Banking System, Inc (“CBSI”)):

A.    Change in the Ownership of a Corporation. A change in the ownership of a corporation occurs on the date that any one person or persons acting as a group (as defined in Code Section 409A), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of such corporation. The acquisition of additional stock by the same person or group is not considered to cause a change in the ownership of the corporation.

B.     Change in the Effective Control of a Corporation. A change in the effective control of the corporation shall be deemed to occur on either of the following dates:

(i) The date any one person, or persons acting as a group acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or group) ownership of stock of the corporation possessing thirty percent (30%) or more of the total voting power of the stock of such corporation; or

(ii) The date a majority of members of the corporation’s board of directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the corporation’s board of directors before the date of the appointment or election.

-2-

C.     Change in the Ownership of a Substantial Portion of a Corporation’s Assets. A change in the ownership of a substantial portion of a corporation’s assets shall be deemed to occur on the date that any one person or group acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the corporation immediately before such acquisition or acquisitions. No Change in Control shall result if the assets are transferred to certain entities controlled directly or indirectly by the shareholders of the transferring corporation.

In addition, to constitute a Change in Control event with respect to Insured, the Change in Control event must relate to (i) the corporation for whom Insured is performing services at the time of the Change in Control; (ii) The corporation that is liable for the payment of the amounts described herein (or all corporations liable for the payment if more than one corporation is liable) but only if either the deferred compensation is attributable to the performance of service by Insured for such corporation(s) or there is a bona fide business purpose for such corporation(s) to be liable for such payment and, in either case, no significant purpose of making such corporation(s) liable for such payment is the avoidance of Federal income tax; or (iii) a corporation that is a majority shareholder of a corporation identified in (i) or (ii) above, or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in (i) or (ii) above.

1.6    Claimant. “Claimant” shall have the meaning assigned to an individual who makes a claim pursuant to the provisions of Paragraph 12 below.

1.7    Code. The term the “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

1.8    Disability/Disabled.For the purposes of this Agreement, Insured will be considered Disabled if it is determined, in a manner consistent with Code Section 409A, that:

A.     Insured is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or

B.     Insured is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the employee’s employer.

-3-

In the event a disability policy has been purchased by the Bank for Insured, then the individual or entity responsible for determining such disability thereunder shall determine Insured’s Disability under this Agreement (using the forgoing Disability definition). In the event no such disability policy exists, then the Plan Administrator shall make a good faith determination of Disability in a manner which is consistent with Code Section 409A and utilizing the appropriate medical consultants.

1.9    ERISA. The term "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended.

1.10     Final Base Salary. The term “Final Base Salary" shall mean the annualized regular cash compensation expected to be paid to Insured during the calendar year in which Insured’s death occurs for services rendered or labor performed, including base pay Insured could have received in cash in lieu of (i) contributions made on Insured's behalf to a qualified plan maintained by the Bank or to any cafeteria plan under Section 125 of the Code maintained by the Bank and (ii) deferrals of compensation made at the Insured's election pursuant to a plan or arrangement of the Bank or an affiliate, but excluding any bonuses, incentive pay or special awards.

1.11    Net Amount-at-Risk. The term “Net Amount-at-Risk” (hereinafter “NAR”) shall be defined as the total proceeds of the Policy(ies) less the cash value of the Policy(ies).

1.12    Plan. The term “Plan” refers to this arrangement, as evidenced by this Agreement, whereby Insured (or Insured’s Beneficiary) is entitled to receive a benefit.

1.13    Separation From Service. The term “Separation From Service” (“Separates From Service”) shall be read and interpreted consistent with Code Section 409A and any future notices or guidance related thereto. Pursuant to Code Section 409A currently provides that whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Insured reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Insured is on military leave, sick leave or other bona fide leave of absence so long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to re-employment with the service recipient under an applicable statute or by contract.

1.14    Termination For Cause/Termination Without Cause. For the purposes of this Agreement, a “Cause” for termination shall be defined as it is in any existing Employment Agreement between the parties. In the event no such Employment Agreement exists, then a “Cause” for termination shall be defined as a Termination because of any of the following:

A.Willful misfeasance or gross negligence in Insured’s performance of their employment duties;

-4-

B.Insured’s engagement in conduct demonstrably and significantly harmful to CBSI or a financial institution subsidiary; or

C.Conviction of Insured of a felony.

2.    POLICY(IES) TITLE AND OWNERSHIP.

Title and ownership of the Policy(ies) shall reside in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank, in its sole discretion, may surrender or terminate the Policy(ies) at any time and for any reason. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Policy(ies), then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

3.    BENEFICIARY DESIGNATION RIGHTS.

The Insured (or assignee) shall have the right and power to designate a “Beneficiary” or “Beneficiaries” to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

A divorce will automatically revoke the portion of a Beneficiary Designation Form designating the former spouse as a Beneficiary. Subject to any state law, community property laws or any legal adjudication, the former spouse will be a Beneficiary under this Agreement only if a new such Beneficiary Designation Form naming the former spouse as a Beneficiary is filed after the date the dissolution decree is entered.

4.    PREMIUM PAYMENT METHOD.

Subject to the Bank’s absolute right to surrender or terminate the Policy(ies) at any time and for any reason, the Bank shall pay the premium required for each Policy as it becomes due.

5.    TAXABLE BENEFIT.

Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. At the end of each calendar year, the Bank shall pay to the Insured an amount equal to an estimate ofall federal and state income taxes incurred by Insured as a result of the taxable benefit under this Paragraph (the "Reimbursement"). If, as a result of any Reimbursement payments made to Insured, Insured incurs additional tax liability, then the Bank shall provide an additional Reimbursement payment to Insured in order to offset any additional tax liability ("Double Reimbursement").

6.    DIVISION OF DEATH PROCEEDS.

-5-

Subject to Paragraphs 7 and 9 herein, the division of the death proceeds of the Policy(ies) is as follows:

A.In the event Insured has not yet Separated From Service at the time of death, then, upon the death of Insured, Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of one hundred percent (100%) of the NAR or three (3) times the Final Base Salary.

B.    Should the Insured Separate From Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement.

C.The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement.

D.The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

E.Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.

7.    ACCELERATED BENEFIT IN THE EVENT OF TERMINAL OR CHRONIC ILLNESS (AS APPLICABLE) AND DIVISION OF CASH SURRENDER VALUE OF THE POLICY(IES).

A.In the event the following requirements are satisfied, then Insured shall have the right to request and receive an Accelerated Benefit as addressed in Paragraphs 7 B below:

1.The Policy(ies) provides for such option through an Accelerated Benefit or living benefit rider (i.e., generally requiring that the Insured is either terminally or chronically ill); AND

2.Insured satisfies the Policy requirements regarding what it means to be chronically or terminally ill; AND

3.(i) Insured has not Separated From Service, OR

(ii) Insured Separates From Service on or after November 1, 2026 for any reason other than a Termination For Cause, OR

(iii) Insured Separates From Service on or after a Change in Control for any reason other than a Termination For Cause, OR

(iv) Insured Separates From Service prior to November 1, 2026 due to a Termination Without Cause, OR

(v)    Insured Separated From Service under a qualifying retirement where qualifying retirement is defined as the Insured’s combined total of age plus service (both in whole years) being greater than or equal to Seventy Five (75), OR

(vi)    Insured Separates From Service as a result of becoming Disabled.

-6-

B.In the event the forgoing requirements of Paragraph 7A are satisfied, then subject to any further limitation on dollar amounts imposed by the Policy(ies) itself, Insured shall have the right to request, in writing, and receive from the Policy(ies) an amount up to but not exceeding Five Hundred Thousand Dollars ($500,000).

C.Any Accelerated Benefit paid to the Insured hereunder shall be deducted from any amounts to which Insured or his Beneficiary(ies) is (or may be) entitled pursuant to the provisions of Paragraph 6 of the Split Dollar Agreement.

D.Neither Employer nor Corrigan & Company (PFIS) make any representations or warranties about the tax consequences of such a request for accelerated or living benefits.

In addition, and subject to the forgoing, at all times prior to the Insured’s death, the Bank shall be entitled to an amount equal to the Policy(ies)’s cash value, as that term is defined in the Policy(ies) contract, less any Policy loans, accelerated benefits and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.

8.    RIGHTS OF PARTIES WHERE POLICY(IES) ENDOWMENT OR ANNUITY ELECTION EXISTS.

In the event the Policy(ies) involves an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the Policy’s cash value. Such endowment proceeds or annuity benefits shall be considered to be like death proceeds for the purposes of division under this Agreement.

9.     TERMINATION.

A.    Right to receive Death Benefit. Insured’s right to receive death benefit proceeds pursuant to the provisions of Paragraph 6 shall terminate upon Insured’s Separation From Service.

B.    Right to Receive an Accelerated Benefit. If Insured has either requested an Accelerated Benefit prior to Separating From Service or if they have retained the right to receive an Accelerated Benefit after Separating From Service (pursuant to qualifying under the terms of Paragraph 7A), then regardless of whether payments of such Accelerated Benefits are paid before or after Separating From Service, this Agreement shall terminate in its entirety only upon (i) the mutual written agreement of the Bank and Insured, or (ii) upon Insured requesting and receiving an Accelerated Benefit in the full amount they are (or may be) entitled to receive pursuant to the provisions of Paragraph 7 above.

C.     Termination By Operation. Notwithstanding the forgoing, this Agreement shall immediately terminate in its entirety in the event Insured is Terminated For Cause at any time or in the event Insured is no longer entitled to receive a Death benefit or an Accelerated Benefit.

-7-

10.    INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS.

The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the subject Policy(ies) nor any rights, options, privileges or duties created under this Agreement.

11.    AGREEMENT BINDING UPON THE PARTIES.

This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.

12.    ADMINISTRATIVE AND CLAIMS PROVISIONS.

The following provisions are part of this Agreement and are intended to meet the requirements of ERISA:

A.    Named Fiduciary and Plan Administrator.

The Named Fiduciary and Plan Administrator (hereinafter “Administrator) of this Endorsement Method Split Dollar Agreement shall be the Board of Directors of the Bank. The Administrator may designate a replacement Administrator at any time, or may delegate to others certain responsibilities, including the employment of advisors and the delegation of any ministerial duties to qualified individuals.

B.    Dispute Over Benefits.

In the event a dispute arises over the benefits under this plan and benefits are not paid to the Insured (or to the Insured’s beneficiary[ies], if applicable) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Administrator named above in accordance with the following procedures:

(i)     Written Claim. The claimant may file a written request for such benefit to the Administrator.

(ii)     Claim Decision. Upon receipt of such claim, the Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the response period by an additional ninety (90) days for reasonable cause by notifying the claimant in writing, prior to the end of the initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Administrator expects to render its decision.

    If the claim is denied in whole or in part, the Administrator shall notify the claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

(a)    The specific reasons for the denial;

-8-

(b)    The specific reference to pertinent provisions of the Agreement on which the denial is based;

(c)    A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary;

(d)    Appropriate information as to the steps to be taken if the claimant wishes to submit the claim for review and the time limits applicable to such procedures; and

(e)    A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

(iii).     Request for Review. Within sixty (60) days after receiving notice from the Administrator that a claim has been denied (in part or in its entirety), then claimant (or their duly authorized representative) may file with the Administrator, a written request for a review of the denial of the claim.

The claimant (or his duly authorized representative) shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

(iv).     Decision on Review. The Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Administrator determines that special circumstances require an extension of time for processing the claim, written notice of the extension shall be furnished to the claimant prior to the termination of the initial sixty (60) day period. In no event shall such extension exceed a period of sixty (60) days from the end of the initial period. The notice of extension must set forth the special circumstances requiring an extension of time and the date by which the Administrator expects to render its decision.

In considering the review, the Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

The Administrator shall notify the claimant in writing of its decision on review. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

(a)    The specific reasons for the denial;

(b)    A reference to the specific provisions of the Agreement on which the denial is based;

(c)    A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

(d)    A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

-9-

(v)    Special Timing and Rules for Disability Claims. In the event a claim above is a claim for disability benefits, then the applicable time periods for notifying claimants regarding benefit determinations shall be reduced as required by 29 CFR 2560.503-1. Thus, the Administrator shall provide notice to the claimant within a reasonable period of time, but not later than forty-five (45) days after receipt of the claim. This period may be extended by up to thirty (30) days, provided that the Administrator both determines that such an extension is necessary due to matters beyond the control of the plan and notifies the claimant, prior to the expiration of the initial forty-five (45) day period, of the circumstances requiring the extension of time and the date by which the plan expects to render a decision. If, prior to the end of the first thirty (30) day extension period, the Administrator determines that, due to matters beyond the control of the plan, a decision cannot be rendered within that extension period, the period for making the determination may be extended for up to an additional thirty (30) days, provided that the Administrator notifies the claimant, prior to the expiration of the first thirty (30) day extension period, of the circumstances requiring the extension and the date as of which the plan expects to render a decision. In the case of any extension under this paragraph, the notice of extension shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues, and the claimant shall be afforded at least forty-five (45) days within which to provide the specified information. In addition to complying with such timing rules, a claim under this paragraph shall comply with all procedural requirements under ERISA.

13.    GENDER.

Whenever in this Agreement words are used in the masculine, feminine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

14.    INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT.

The Insurer shall not be deemed a party to this Agreement but will respect the rights of the parties as herein developed upon receiving an executed copy of this Agreement. Payment or other performance in accordance with the Policy(ies) provisions shall fully discharge the Insurer from any and all liability.

15.    SEVERABILITY AND INTERPRETATION.

If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms. Further, in the event that any provision is held to be overbroad as written such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended.

16.    APPLICABLE LAW.

The laws of the State of Washington shall govern the validity and interpretation of this Agreement.

-10-

17.    EFFECT OF THE LIFE INSURANCE POLICY’S CONTESTABILITY CLAUSES.

The parties herein understand and agree that the payment of the benefits provided herein are subject to the Life Insurance Policy’s suicide and contestability clauses and other such clauses, and if such clauses preclude the Insurer from paying the full death proceeds, then, in such event, no death benefits of whatever nature shall be payable to Insured’s (or Insured’s Assignee’s) beneficiary(ies) under this Endorsement Method Split Dollar Agreement.

This Agreement shall be effective as of the date first set forth above.

UMPQUA BANK                    INSURED

By:    By:________________________

Chief Human Resources Officer     Insured

Date:________________     Date:______________________

-11-

EX-31.1

EXHIBIT 31.1 

CERTIFICATION OF 

CHIEF EXECUTIVE OFFICER UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Clint E. Stein, certify that:  

1.I have reviewed this quarterly report on Form 10-Q of Columbia Banking System, Inc.; 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's Board of Directors (or persons performing the equivalent function): 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.  

Date: May 7, 2024

/s/ Clint E. Stein

Clint E. Stein

President and Chief Executive Officer

Columbia Banking System, Inc.

EX-31.2

EXHIBIT 31.2 

CERTIFICATION OF

PRINCIPAL FINANCIAL OFFICER UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ronald L. Farnsworth, certify that:  

1.I have reviewed this quarterly report on Form 10-Q of Columbia Banking System, Inc.; 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's Board of Directors (or persons performing the equivalent function): 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date: May 7, 2024

/s/ Ronald L. Farnsworth

Ronald L. Farnsworth

Chief Financial Officer and Principal Financial Officer

Columbia Banking System, Inc.

EX-31.3

EXHIBIT 31.3 

CERTIFICATION OF

PRINCIPAL ACCOUNTING OFFICER UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lisa M. White, certify that:  

1.I have reviewed this quarterly report on Form 10-Q of Columbia Banking System, Inc.; 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's Board of Directors (or persons performing the equivalent function): 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date: May 7, 2024

/s/ Lisa M. White

Lisa M. White

Corporate Controller and Principal Accounting Officer

Columbia Banking System, Inc.

EX-32

Exhibit 32

CERTIFICATION OF 

CHIEF EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER AND PRINCIPAL ACCOUNTING OFFICER UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 

This certification is given by the undersigned Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer of Columbia Banking System, Inc. (the "registrant") pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Each of the undersigned hereby certifies, with respect to the registrant's quarterly report on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), that: 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. 

/s/ Clint E. Stein

Clint E. Stein

President and Chief Executive Officer

Columbia Banking System, Inc.

/s/ Ronald L. Farnsworth

Ronald L. Farnsworth

Chief Financial Officer and Principal Financial Officer

Columbia Banking System, Inc.

/s/ Lisa M. White

Lisa M. White

Corporate Controller and Principal Accounting Officer

Columbia Banking System, Inc.

May 7, 2024

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-20288
Entity Registrant Name	COLUMBIA BANKING SYSTEM, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1422237
Entity Address, Address Line One	1301 A Street
Entity Address, City or Town	Tacoma
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98402-2156
City Area Code	253
Local Phone Number	305-1900
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	COLB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		209,378,282
Entity Central Index Key	0000887343
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks (restricted cash of $1,447 and $4,200)	$ 440,215	$ 498,496
Interest-bearing cash and temporary investments (restricted cash of $4,050 and $900)	1,760,902	1,664,038
Total cash and cash equivalents	2,201,117	2,162,534
Investment securities
Equity and other, at fair value	77,203	76,995
Available for sale, at fair value	8,616,545	8,829,870
Held to maturity, at amortized cost	2,247	2,300
Loans held for sale	47,201	30,715
Loans and leases (at fair value: $267,806 and $275,140)	37,642,413	37,441,951
Allowance for credit losses on loans and leases	(414,344)	(440,871)
Net loans and leases	37,228,069	37,001,080
Restricted equity securities	116,274	179,274
Premises and equipment, net	336,869	338,970
Operating lease right-of-use assets	113,833	115,811
Goodwill	1,029,234	1,029,234
Other intangible assets, net	571,588	603,679
Residential mortgage servicing rights, at fair value	110,444	109,243
Bank-owned life insurance	682,293	680,948
Deferred tax asset, net	356,031	347,203
Other assets	735,058	665,740
Total assets	52,224,006	52,173,596
Deposits
Non-interest-bearing	13,808,554	14,256,452
Interest-bearing	27,897,606	27,350,568
Total deposits	41,706,160	41,607,020
Securities sold under agreements to repurchase	213,573	252,119
Borrowings	3,900,000	3,950,000
Junior subordinated debentures, at fair value	309,544	316,440
Junior and other subordinated debentures, at amortized cost	107,838	107,895
Operating lease liabilities	129,240	130,576
Other liabilities	900,406	814,512
Total liabilities	47,266,761	47,178,562
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS' EQUITY
Preferred Stock, no par value, shares authorized: 2,000,000, issued and outstanding: 0	0	0
Common stock, no par value, shares authorized: 520,000,000 in 2024 and 2023; issued and outstanding: 209,370,395 in 2024 and 208,584,667 in 2023	5,802,322	5,802,747
Accumulated deficit	(418,946)	(467,571)
Accumulated other comprehensive loss	(426,131)	(340,142)
Total shareholders' equity	4,957,245	4,995,034
Total liabilities and shareholders' equity	$ 52,224,006	$ 52,173,596

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Restricted cash	$ 1,447	$ 4,200
Restricted Cash and Cash Equivalents	4,050	900
Loans and leases, at fair value	$ 267,806	$ 275,140
Preferred Stock, Shares Authorized	2,000,000
Preferred Stock, Shares Issued	0
Preferred Stock, Shares Outstanding	0
Common stock, shares authorized	520,000,000	520,000,000
Common stock, shares outstanding	209,370,395	208,584,667
Common stock, shares issued	209,370,395	208,584,667

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INTEREST INCOME
Interest and fees on loans and leases	$ 575,044	$ 413,525
Interest and dividends on investment securities:
Taxable	75,017	39,729
Exempt from federal income tax	6,904	3,397
Dividends	3,707	719
Interest on temporary investments and interest-bearing deposits	23,553	18,581
Total interest income	684,225	475,951
INTEREST EXPENSE
Interest on deposits	198,435	63,613
Interest on securities sold under agreement to repurchase and federal funds purchased	1,266	406
Interest on borrowings	51,275	28,764
Interest on junior and other subordinated debentures	9,887	8,470
Total interest expense	260,863	101,253
Net interest income	423,362	374,698
PROVISION FOR CREDIT LOSSES	17,136	105,539
Net interest income after provision for credit losses	406,226	269,159
NON-INTEREST INCOME
Residential mortgage banking revenue, net	4,634	7,816
Gain on sale of debt securities, net	12	0
(Loss) gain on equity securities, net	(1,565)	2,416
Gain on loan and lease sales, net	221	940
Bank-owned life insurance income	4,639	2,790
Noninterest Income, Other Operating Income	8,705	13,603
Total non-interest income	50,357	54,735
NON-INTEREST EXPENSE
Salaries and employee benefits	154,538	136,092
Occupancy and equipment, net	45,291	41,700
Communications	3,782	3,026
Marketing	1,936	1,059
Services	13,422	12,843
FDIC assessments	14,460	6,113
Intangible amortization	32,091	12,660
Business Combination, Acquisition Related Costs	4,478	115,898
Other expenses	17,518	13,427
Total non-interest expense	287,516	342,818
Income (loss) before provision for income taxes	169,067	(18,924)
Provision (benefit) for income taxes	44,987	(4,886)
Net income (loss)	$ 124,080	$ (14,038)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.60	$ (0.09)
Diluted (in dollars per share)	$ 0.59	$ (0.09)
Weighted average number of common shares outstanding:
Basic (in shares)	208,260	156,383
Diluted (in shares)	208,956	156,383
Service charges on deposits
NON-INTEREST INCOME
Revenue from contract with customer	$ 16,064	$ 14,312
Card-based Fees
NON-INTEREST INCOME
Revenue from contract with customer	13,183	11,561
Financial services and trust revenue
NON-INTEREST INCOME
Revenue from contract with customer	$ 4,464	$ 1,297

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 124,080	$ (14,038)
Available for sale securities:
Unrealized (losses) gains arising during the period	(122,662)	145,438
Income tax benefit (expense) related to unrealized (losses) gains	31,893	(37,827)
Reclassification adjustment for net realized gains in earnings	(12)	0
Income tax expense related to realized gains	3	0
Net change in unrealized (losses) gains for available for sale securities	(90,778)	107,611
Junior subordinated debentures, at fair value:
Unrealized gains arising during the period	6,453	25,812
Income tax expense related to unrealized gains	(1,678)	(6,711)
Net change in unrealized gains for junior subordinated debentures, at fair value	4,775	19,101
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	19	24
Income tax expense related to unrecognized actuarial loss	(5)	(6)
Net change in pension plan liability adjustment	14	18
Other comprehensive (loss) income, net of tax	(85,989)	126,730
Comprehensive income	$ 38,091	$ 112,692

XML

Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		129,320,962
Beginning balance at Dec. 31, 2022	$ 2,479,826	$ 3,450,493	$ (543,803)	$ (426,864)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,038)		(14,038)
Other comprehensive income (loss), net of tax	126,730			126,730
Stock issued in connection with the Merger	2,337,632	2,337,632
Stock-based compensation	5,644	$ 5,644
Stock repurchased and retired (in shares)		(215,229)
Stock repurchased and retired	(5,216)	$ (5,216)
Issuances of common stock under stock plans (in shares)		460,399
Issuances of common stock under stock plans	0	$ 0
Stock related to Merger (in shares)		78,863,112
Cash dividends on common stock	(45,855)		(45,855)
Ending balance (in shares) at Mar. 31, 2023		208,429,244
Ending balance at Mar. 31, 2023	4,884,723	$ 5,788,553	(603,696)	(300,134)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	133,377		133,377
Other comprehensive income (loss), net of tax	(118,628)			(118,628)
Stock issued in connection with the Merger	1,646
Stock-based compensation	3,335	$ 3,335
Stock repurchased and retired (in shares)		(32,727)
Stock repurchased and retired	(742)	$ (742)
Issuances of common stock under stock plans (in shares)		117,122
Issuances of common stock under stock plans	0	$ 0
Cash dividends on common stock	(75,523)		(75,523)
Ending balance (in shares) at Jun. 30, 2023		208,513,639
Ending balance at Jun. 30, 2023	4,828,188	$ 5,792,792	(545,842)	(418,762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	135,845		135,845
Other comprehensive income (loss), net of tax	(261,667)			(261,667)
Stock-based compensation	4,338	$ 4,338
Stock repurchased and retired (in shares)		(7,072)
Stock repurchased and retired	(148)	$ (148)
Issuances of common stock under stock plans (in shares)		10,472
Issuances of common stock under stock plans	0	$ 0
Issuances of common stock under the employee stock purchase plan (In Shares)		58,440
Issuances of common stock under the employee stock purchase plan	1,185	$ 1,185
Cash dividends on common stock	(75,579)		(75,579)
Ending balance (in shares) at Sep. 30, 2023		208,575,479
Ending balance at Sep. 30, 2023	4,632,162	$ 5,798,167	(485,576)	(680,429)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	93,531		93,531
Other comprehensive income (loss), net of tax	340,287			340,287
Stock-based compensation	4,756	$ 4,756
Stock repurchased and retired (in shares)		(8,807)
Stock repurchased and retired	(176)	$ (176)
Issuances of common stock under stock plans (in shares)		17,995
Issuances of common stock under stock plans	0	$ 0
Cash dividends on common stock	$ (75,526)		(75,526)
Ending balance (in shares) at Dec. 31, 2023	208,584,667	208,584,667
Ending balance at Dec. 31, 2023	$ 4,995,034	$ 5,802,747	(467,571)	(340,142)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	124,080		124,080
Other comprehensive income (loss), net of tax	(85,989)			(85,989)
Stock-based compensation	4,422	$ 4,422
Stock repurchased and retired (in shares)		(240,329)
Stock repurchased and retired	(4,847)	$ (4,847)
Issuances of common stock under stock plans (in shares)		1,026,057
Issuances of common stock under stock plans	0	$ 0
Cash dividends on common stock	$ (75,455)		(75,455)
Ending balance (in shares) at Mar. 31, 2024	209,370,395	209,370,395
Ending balance at Mar. 31, 2024	$ 4,957,245	$ 5,802,322	$ (418,946)	$ (426,131)

XML

Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in dollars per share)	$ 0.36	$ 0.36	$ 0.36	$ 0.36	$ 0.35

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 124,080	$ 93,531	$ 133,377	$ (14,038)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of investment discounts, net	(17,693)			(7,668)
Gain on sale of investment securities, net	(12)			0
Provision for credit losses	17,136			105,539
Change in cash surrender value of bank-owned life insurance	(4,672)			(491)
Depreciation, amortization and accretion	39,962			19,043
Gain on sale of premises and equipment	(183)			(305)
Additions to residential mortgage servicing rights carried at fair value	(1,237)			(1,601)
Change in fair value of residential mortgage servicing rights carried at fair value	36			7,818
Stock-based compensation	4,422			5,644
Net (increase) decrease in equity and other investments	(1,773)			131
Loss (gain) on equity securities, net	1,565			(2,416)
Gain on sale of loans and leases, net	(1,605)			(2,996)
Change in fair value of loans held for sale	(189)			(82)
Origination of loans held for sale	(86,903)			(131,726)
Proceeds from sales of loans held for sale	71,990			155,574
Change in other assets and liabilities:
Net increase in other assets	(38,767)			(51,404)
Net increase (decrease) in other liabilities	79,351			(119,989)
Net cash provided by (used in) operating activities	185,508			(38,967)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities available for sale	(2,130)			(919,233)
Proceeds from investment securities available for sale	110,458			1,243,601
Purchases of restricted equity securities	(11,250)			(188,066)
Redemption of restricted equity securities	74,250			90,695
Net change in loans and leases	(263,625)			(59,389)
Proceeds from sales of loans and leases	18,980			20,502
Change in premises and equipment	5,899			3,486
Proceeds from bank-owned life insurance death benefits	1,160			2,028
Cash received in the Merger	0			274,587
Other	381			74
Net cash (used in) provided by investing activities	(77,675)			461,313
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposit liabilities	99,140			(672,737)
Net decrease in federal funds purchased	0			(14,000)
Net decrease in securities sold under agreements to repurchase	(38,546)			(107,747)
Proceeds from borrowings	3,900,000			5,945,000
Repayment of borrowings	(3,950,000)			(3,181,522)
Dividends paid on common stock	(74,997)			(45,582)
Repurchase and retirement of common stock	(4,847)			(5,216)
Net cash (used in) provided by financing activities	(69,250)			1,918,196
Net increase in cash and cash equivalents	38,583			2,340,542
Cash and cash equivalents, beginning of period	2,162,534		$ 3,635,185	1,294,643
Cash and cash equivalents, end of period	2,201,117	$ 2,162,534		3,635,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	278,634			83,836
Income taxes	566			11,407
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes	(90,778)			107,611
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes	4,775			19,101
Umpqua Bank and Columbia Banking System Merger
Asset Acquisition [Line Items]
Assets acquired	0			19,226,816
Liabilities assumed	0			(17,919,326)
Net assets acquired	$ 0			$ 1,307,490

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies 

The accounting and financial reporting policies of Columbia Banking System, Inc. conform to accounting principles generally accepted in the United States of America and with prevailing practices within the banking and securities industries. All references in this report to "Columbia," "we," "our," or "us" or similar references mean the Company and its subsidiaries, including the wholly-owned banking subsidiary Umpqua Bank (the "Bank"). FinPac is a commercial equipment leasing company and a wholly-owned subsidiary of the Bank. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of the Company's accounting policies is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to March 31, 2024, for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period.

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., a financial holding company that wholly owns 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 has been 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. 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.

Application of new accounting guidance

In June 2022, the FASB issued 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. The ASU is effective for 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.

In March 2023, the FASB issued 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 operations 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. The ASU is effective for 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 13 - Income Taxes for additional information.

Recent accounting pronouncements

In October 2023, the FASB issued 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.

In November 2023, the FASB issued 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. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In December 2023, the FASB issued 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. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The effective date is for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

XML

Business Combinations and Asset Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Combination Disclosure

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 effectively an all-stock transaction and has been accounted for as a business combination.

As of December 31, 2023, the Company finalized its valuation of all assets acquired and liabilities assumed in connection with the Merger. The Company recorded approximately $1.0 billion of goodwill and $710.2 million of other intangible assets. Goodwill represents the excess of the purchase price over the fair value of the assets acquired, net of fair value of liabilities assumed. Goodwill is not deductible for tax purposes.

During the three months ended March 31, 2024 there were $4.5 million in merger-related expenses, compared to $115.9 million during the three months ended March 31, 2023. Additional merger-related expenses will be expensed in future periods as incurred.

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
	Three Months Ended
(in thousands)	March 31, 2023
Net interest income	$	526,260
Non-interest income	$	88,572
Net income (1)	$	217,135

(1) The 2023 pro forma net income was adjusted to exclude $143.9 million of merger-related costs, inclusive of historical Columbia merger-related costs, incurred in 2023, as these costs were included in the 2022 pro forma net income.

XML

Investment Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

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:

	March 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale:
U.S. Treasury and agencies	$	1,552,240	$	1,132	$	(85,979)	$	1,467,393
Obligations of states and political subdivisions	1,068,290		8,788		(25,149)		1,051,929
Mortgage-backed securities and collateralized mortgage obligations	6,551,596		2,386		(456,759)		6,097,223
Total available for sale securities	$	9,172,126	$	12,306	$	(567,887)	$	8,616,545
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	2,247	$	692	$	—	$	2,939
Total held to maturity securities	$	2,247	$	692	$	—	$	2,939

	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 $33.1 million and $34.1 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets.

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

	March 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	$	338,230	$	(3,305)	$	816,265	$	(82,674)	$	1,154,495	$	(85,979)
Obligations of states and political subdivisions	297,204		(2,464)		182,355		(22,685)		479,559		(25,149)
Mortgage-backed securities and collateralized mortgage obligations	3,860,007		(51,572)		1,756,986		(405,187)		5,616,993		(456,759)
Total temporarily impaired securities	$	4,495,441	$	(57,341)	$	2,755,606	$	(510,546)	$	7,251,047	$	(567,887)

	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 1,085 as of March 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 March 31, 2024.

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

	Available For Sale				Held To Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	141,688	$	139,856	$	—	$	—
Due after one year through five years	2,259,829		2,213,929		2		2
Due after five years through ten years	2,187,571		2,103,386		3		64
Due after ten years	4,583,038		4,159,374		2,242		2,873
Total debt securities	$	9,172,126	$	8,616,545	$	2,247	$	2,939

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

(in thousands)	Amortized Cost		Fair Value
To state and local governments to secure public deposits	$	1,800,912	$	1,638,230
To secure repurchase agreements	326,111		297,673
Other securities pledged	3,407,623		3,139,037
Total pledged securities	$	5,534,646	$	5,074,940

XML

Loans and Leases

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Loans and Leases

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)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	6,557,768	$	6,482,940
Owner occupied term, net	5,231,676		5,195,605
Multifamily, net	5,828,960		5,704,734
Construction & development, net	1,728,652		1,747,302
Residential development, net	284,117		323,899
Commercial
Term, net	5,544,450		5,536,765
Lines of credit & other, net	2,491,557		2,430,127
Leases & equipment finance, net	1,706,759		1,729,512
Residential
Mortgage, net	6,128,884		6,157,166
Home equity loans & lines, net	1,950,421		1,938,166
Consumer & other, net	189,169		195,735
Total loans and leases, net of deferred fees and costs	$	37,642,413	$	37,441,951

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. Interest accrued on loans totaled $157.8 million and $154.9 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. As of March 31, 2024, loans totaling $21.1 billion were pledged to secure borrowings and available lines of credit.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. As of March 31, 2024 and December 31, 2023, the net deferred fees and costs were $69.8 million and $71.8 million, respectively.

Total loans and leases also include discounts on acquired loans of $522.7 million and $552.5 million as of March 31, 2024 and December 31, 2023, respectively. The outstanding contractual unpaid principal balance of PCD loans, excluding acquisition accounting adjustments, was $316.1 million and $331.9 million as of March 31, 2024 and December 31, 2023, respectively. The carrying balance of PCD loans was $288.8 million and $300.2 million as of March 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 $4.9 million for the three months ended March 31, 2024, as compared to $4.7 million for the three months ended March 31, 2023.

XML

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

Allowance for Credit Losses Methodology

The ACL represents management's estimate of lifetime credit losses for assets within its scope, specifically loans and leases and unfunded commitments. To calculate the ACL, management uses models to estimate the PD and LGD for loans utilizing inputs that include forecasted future economic conditions and that are dependent upon specific macroeconomic variables relevant to each of the Bank's loan and lease portfolios. Moody's Analytics, a third party, provided the historical and forward-looking macroeconomic data utilized in the models used to calculate the ACL.

In calculating 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.

Select macroeconomic variables are projected over the forecast period, and they could have a material impact in determining the ACL. As the length of the forecast period increases, information about the future becomes less readily available and projections are inherently less certain.

The following is a discussion of the changes in the factors that influenced management's current estimate of expected credit losses. The changes in the ACL estimate during the three months ended March 31, 2024 reflect changes in the economic assumptions and recalibration of the non-homogeneous commercial and residential development loan model. Due to the dynamic economic environment, the Bank opted to use Moody's Analytics' February 2024 baseline economic forecast for estimating the ACL as of March 31, 2024.

In the baseline scenario selected, the probability that the economy will perform better than this baseline is equal to the probability that it will perform worse and included the following factors:

•U.S. real GDP average annualized growth of 2.3% in 2024, 1.6% in 2025, 2.0% in 2026, and 2.2% in 2027;

•U.S. unemployment rate average of 3.9% in 2024, 4.1% in 2025, 4.0% in 2026, and 4.0% in 2027; and

•The forecasted average federal funds rate is expected to be 4.9% in 2024, 4.0% in 2025, 3.2% in 2026 and 2.9% in 2027.

The Bank uses an additional scenario that differs in terms of severity, both favorable and unfavorable, to assess the sensitivity in the ACL results and to inform qualitative adjustments. The economic factors are consistent between scenarios. The Bank selected the Moody's Analytics' February 2024 S2 scenario for this analysis. In the scenario selected, there is a 75% probability that the economy will perform better, broadly speaking, and a 25% probability that it will perform worse; and the scenario includes the following factors:

•Despite the early January agreement on top-line spending, the risk of a federal government shutdown stays elevated, causing consumer and business confidence to decline.

•The combination of the risk of a federal shutdown, rising political tensions, still-elevated inflation, still-elevated

interest rates, and reduced credit availability causes the economy to fall into a mild recession starting in the second quarter of 2024. The decline lasts for three quarters and the peak-to-trough decline is 1%. The unemployment rate rises to a peak of 6.5% in the first quarter of 2025;

•The stock market falls by 22% from the second quarter of 2024 through the fourth quarter of 2024;

•Declines in European economies hurt U.S. exports and also corporate earnings from European subsidiaries;

•U.S. real GDP average annualized growth of 1.3% in 2024, 0.8% in 2025, 2.8% in 2026, and 2.7% in 2027;

•U.S. unemployment rate average of 5.7% in 2024, 5.8% in 2025, 4.1% in 2026, and 4.0% in 2027; and

•The forecasted average federal funds rate is expected to be 4.6% in 2024, 2.4% in 2025, 2.1% in 2026 and 2.9% in 2027.

The results using the comparison scenario as well as changes to the macroeconomic variables subsequent to selected economic forecast scenarios for sensitivity analysis were reviewed by management and were considered when evaluating the qualitative factor adjustments.

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.

During the first quarter of 2024, the Bank recalibrated and updated the CECL calculation for non-homogeneous commercial loans and leases and residential development loans. While fundamental modeling methodologies remain unchanged, the updates included the addition of historical acquired portfolio data and a change in macroeconomic variables utilized to estimate PD. The overall approximate impact of the model updates during the first quarter of 2024 was a $30.5 million decrease in modeled expected credit losses on loans and leases.

The Company measures the ACL using the following methods:

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 linear regression. This model produces portfolio level quarterly net charge-off rates for 10 years and carries forward the last quarter's expected loss percentage projection to remaining periods. The primary economic drivers for this model are commercial real estate price index and a five-state average unemployment 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 over a one-year reasonable and supportable forecast. The primary economic drivers in the model are GDP growth and commercial real estate price index. This model utilizes output reversion methodology, which, after one year, reverts on a straight-line basis over two years to long-term PD estimated using financial statement ratios of each obligor.

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 GDP, U.S. unemployment rate, 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.

All loans and leases that have not been modeled receive a loss rate via an extrapolated rate methodology. The loans and leases receiving an extrapolated rate include certain loans acquired through the Merger, newly originated loans and leases, and loans and leases without the granularity of data necessary to be modeled. Based on the vintage year, credit classification, and reporting category of the modeled loans and leases, a loss factor is calculated and applied to the non-modeled loans and leases. The results are evaluated qualitatively to ensure reasonability and compliance with CECL.

Along with the quantitative factors produced by the above models, management also considers prepayment speeds and qualitative factors when determining the ACL. The Company uses a prepayment model that forecasts the constant prepayment rates based on institution specific data for the commercial real estate, commercial and industrial, and consumer portfolios and a forward curve approach that changes with macro-economic input variables for the residential and leases portfolios. Below are the nine qualitative factors considered where applicable:

•Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses.

•Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments.

•Changes in the nature and volume of the portfolio and in the terms of loans and leases.

•Changes in the experience, ability, and depth of lending management and other relevant staff.

•Changes in the volume and severity of past due loans and leases, the volume of non-accrual loans and leases, and the volume and severity of adversely classified or graded loans and leases.

•Changes in the quality of the Bank's credit review system.

•Changes in the value of the underlying collateral for collateral-dependent loans and leases.

•The existence and effect of any concentrations of credit, and changes in the level of such concentrations.

•The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Bank's existing portfolio.

The Company evaluated each qualitative factor as of March 31, 2024 and concluded that a material adjustment to the amounts indicated by the models was not necessary as the models adequately reflected the significant changes in credit conditions and overall portfolio risk.

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.

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

	Three Months Ended March 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	20,191		436		(3,674)		523		17,476
Charge-offs	(161)		(47,232)		(490)		(1,870)		(49,753)
Recoveries	358		4,732		170		490		5,750
Net recoveries (charge-offs)	197		(42,500)		(320)		(1,380)		(44,003)
Balance, end of period	$	146,276	$	202,757	$	58,010	$	7,301	$	414,344
Reserve for unfunded commitments
Balance, beginning of period	$	11,170	$	7,841	$	2,940	$	1,257	$	23,208
Provision (recapture) for credit losses on unfunded commitments	1,858		(1,951)		(183)		(64)		(340)
Balance, end of period	13,028		5,890		2,757		1,193		22,868
Total allowance for credit losses	$	159,304	$	208,647	$	60,767	$	8,494	$	437,212

	Three Months Ended March 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)	24,483		70,997		9,955		1,063		106,498
Charge-offs	—		(19,248)		(248)		(773)		(20,269)
Recoveries	58		3,058		123		369		3,608
Net recoveries (charge-offs)	58		(16,190)		(125)		(404)		(16,661)
Balance, end of period	$	111,090	$	239,146	$	60,613	$	6,615	$	417,464
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
(Recapture) provision for credit losses on unfunded commitments	(1,059)		266		(144)		(22)		(959)
Balance, end of period	8,405		6,381		3,320		923		19,029
Total allowance for credit losses	$	119,495	$	245,527	$	63,933	$	7,538	$	436,493

(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

Typically, loans in a non-accrual status will not have an allowance for credit loss 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 allowance for credit losses until they become 181 days past due, at which time they are charged-off. The Company recognized no interest income on non-accrual loans and leases during the three months ended March 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:

	March 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	$	2,237	$	517	$	253	$	3,007	$	5,382	$	6,549,379	$	6,557,768
Owner occupied term, net	2,275		245		—		2,520		34,354		5,194,802		5,231,676
Multifamily, net	—		—		—		—		—		5,828,960		5,828,960
Construction & development, net	—		—		—		—		—		1,728,652		1,728,652
Residential development, net	—		—		—		—		—		284,117		284,117
Commercial
Term, net	4,946		1,493		832		7,271		26,032		5,511,147		5,544,450
Lines of credit & other, net	37,219		1,736		1,966		40,921		2,335		2,448,301		2,491,557
Leases & equipment finance, net	26,837		8,551		7,935		43,323		30,593		1,632,843		1,706,759
Residential
Mortgage, net (1)	14,452		—		30,040		44,492		—		6,084,392		6,128,884
Home equity loans & lines, net	5,746		2,411		3,439		11,596		—		1,938,825		1,950,421
Consumer & other, net	788		220		437		1,445		—		187,724		189,169
Total, net of deferred fees and costs	$	94,500	$	15,173	$	44,902	$	154,575	$	98,696	$	37,389,142	$	37,642,413

(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 $1.6 million as of March 31, 2024.

(2) Includes government guaranteed portion of $11.7 million and $31.3 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.

The following table summarizes the amortized cost of non-accrual loans for which there was no related ACL as of March 31, 2024 and December 31, 2023:

(in thousands)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	37	$	52
Owner occupied term, net	1,492		1,352
Commercial
Term, net	3,137		3,497
Total non-accrual loans with no related ACL	$	4,666	$	4,901

Collateral-Dependent Loans and Leases

Loans are classified as collateral-dependent when it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, and repayment is expected to be provided substantially through the operation or sale of the collateral. There have been no significant changes in the level of collateralization from the prior periods. The following table summarizes the amortized cost basis of the collateral-dependent loans and leases by the type of collateral securing the assets as of March 31, 2024:

(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	5,290	$	—	$	—	$	5,290
Owner occupied term, net	—		31,710		—		—		31,710
Commercial
Term, net	—		—		16,952		4,265		21,217
Line of credit & other, net	—		1,453		250		—		1,703
Leases & equipment finance, net	—		—		30,593		—		30,593
Residential
Mortgage, net	56,920		—		—		—		56,920
Home equity loans & lines, net	2,518		—		—		—		2,518
Total, net of deferred fees and costs	$	59,438	$	38,453	$	47,795	$	4,265	$	149,951

Loan and Lease Modifications Made to Borrowers Experiencing Financial Difficulty

Occasionally, the Company offers modifications of loans or leases to borrowers experiencing financial difficulty by providing term extensions, interest rate reductions, principal or interest forgiveness, an other-than-insignificant payment delay, or any combination of these modifications. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: term extension, principal forgiveness, an other-than-insignificant payment delay, or an interest rate reduction. 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 three months ended March 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.

	Three Months Ended March 31, 2024
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Total		% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net	$	—	$	17,630	$	17,630	0.27	%
Owner occupied term, net	—		534		534		0.01	%
Commercial
Term, net	478		—		478		0.01	%
Lines of credit & other, net	6,695		144		6,839		0.27	%
Leases & equipment finance, net	785		—		785		0.05	%
Residential
Mortgage, net	1,012		7,624		8,636		0.14	%
Total loans and leases experiencing financial difficulty	$	8,970	$	25,932	$	34,902	0.09	%

	Three Months Ended March 31, 2023
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Combination - Interest Rate Reduction and Term Extension		Combination - Term Extension and Principal Forgiveness		Combination - Principal forgiveness and other than insignificant payment delay		Total		% of total class of financing receivable
Commercial
Lines of credit & other, net	$	1,355	$	—	$	—	$	—	$	—	$	1,355	0.06	%
Leases & equipment finance, net	—		429		—		—		—		429		0.02	%
Residential
Mortgage, net	—		—		—		1,938		8,987		10,925		0.18	%
Home equity loans & lines, net	—		—		207		—		—		207		0.01	%
Total loans and leases experiencing financial difficulty	$	1,355	$	429	$	207	$	1,938	$	8,987	$	12,916	0.03	%

	Three Months Ended March 31, 2024
Loan Type	Financial Effect
Commercial real estate
Non-owner occupied term, net	Deferred $4.0 million of principal and interest payments
Owner occupied term, net	Deferred $51,000 of principal and interest payments
Commercial
Term, net	Weighted average term extension of 3 months to the life of the loans
Lines of credit & other, net	Weighted average term extension of 6 months to the life of the loans
Leases & equipment finance, net	Weighted average term extension of 7 months to the life of the loans and leases
Residential
Mortgage, net	Weighted average term extension of 13.5 years to the life of the loans and deferred $534,000 of principal and interest payments
Lines of credit & other, net	Deferred $63,000 of principal and interest payments

	Three Months Ended March 31, 2023
Loan Type	Financial Effect
Commercial
Lines of credit & other, net	Weighted average term extension of 10 months to the life of the loans
Leases & equipment finance, net	Delayed payment for 9 months
Residential
Home equity loans & lines, net	Weighted average term extension of 7.1 years to the life of the loan and decreased the weighted average interest rate by 3.24%.
Mortgage, net	Weighted average of 13.3 years to the life of the loan and deferred $499,000 of principal payments at the maturity of the loan.

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 table presents the performance of such loans and leases that have been modified for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
Loan Type	Current		Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or Greater Past Due		Non-accrual		Total
(in thousands)
Commercial real estate
Non-owner occupied term, net	$	17,630	$	—	$	—	$	—	$	—	$	17,630
Owner occupied term, net	—		—		—		—		534		534
Commercial
Term, net	478		—		—		—		—		478
Lines of credit & other, net	6,695		—		—		—		144		6,839
Leases & equipment finance, net	687		98		—		—		—		785
Residential
Mortgage, net	8,636		—		—		—		—		8,636
Total loans and leases experiencing financial difficulty	$	34,126	$	98	$	—	$	—	$	678	$	34,902

For the three months ended March 31, 2023, all modified loans and leases were current and there were no loan or lease modifications made to borrowers experiencing financial difficulty that subsequently defaulted.

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. In addition, the Company's board of directors reviews and approves the credit quality indicators each year. 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. Homogeneous loans and leases with other defined risk factors such as confirmed bankruptcy, business closure, death of a guarantor or fraud will be set to a floor substandard rating.

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 probability of default 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 represent the amortized costs 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
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	46,778	$	593,569	$	1,319,246	$	1,181,377	$	661,282	$	2,554,339	$	51,836	$	—	$	6,408,427
	Special mention	—		—		1,684		3,810		1,329		23,789		—		—		30,612
	Substandard	17,630		30,159		2,227		61		—		68,636		—		—		118,713
	Loss	—		—		—		—		—		16		—		—		16
Total non-owner occupied term, net		$	64,408	$	623,728	$	1,323,157	$	1,185,248	$	662,611	$	2,646,780	$	51,836	$	—	$	6,557,768
Current YTD period:
	Gross charge-offs	—		—		—		—		—		70		—		—		70
Owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	128,470	$	520,659	$	1,080,381	$	955,675	$	438,732	$	1,857,268	$	70,743	$	56	$	5,051,984
	Special mention	264		1,308		5,834		7,600		5,776		32,124		1,929		—		54,835
	Substandard	534		5,883		8,584		47,894		17,339		43,038		—		—		123,272
	Doubtful	—		—		—		189		—		29		—		—		218
	Loss	—		—		963		—		404		—		—		—		1,367
Total owner occupied term, net		$	129,268	$	527,850	$	1,095,762	$	1,011,358	$	462,251	$	1,932,459	$	72,672	$	56	$	5,231,676
Current YTD period:
	Gross charge-offs	—		—		—		—		—		91		—		—		91
Multifamily, net
Credit quality indicator:
	Pass/Watch	$	12,410	$	278,014	$	2,006,317	$	1,739,778	$	413,265	$	1,311,940	$	55,219	$	228	$	5,817,171
	Special mention	—		—		—		1,272		940		6,429		—		—		8,641
	Substandard	—		—		—		—		—		3,148		—		—		3,148
Total multifamily, net		$	12,410	$	278,014	$	2,006,317	$	1,741,050	$	414,205	$	1,321,517	$	55,219	$	228	$	5,828,960
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Construction & development, net
Credit quality indicator:
	Pass/Watch	$	26,736	$	319,263	$	756,839	$	442,504	$	109,752	$	26,211	$	37,679	$	—	$	1,718,984
	Special mention	—		—		1,464		8,204		—		—		—		—		9,668
Total construction & development, net		$	26,736	$	319,263	$	758,303	$	450,708	$	109,752	$	26,211	$	37,679	$	—	$	1,728,652
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Residential development, net
Credit quality indicator:
	Pass/Watch	$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Total residential development, net		$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Total commercial real estate		$	244,005	$	1,837,716	$	5,226,986	$	4,403,311	$	1,648,885	$	5,928,118	$	332,349	$	9,803	$	19,631,173

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial:
Term, net
Credit quality indicator:
	Pass/Watch	$	142,479	$	850,557	$	1,179,718	$	917,082	$	406,535	$	792,210	$	1,121,858	$	1,186	$	5,411,625
	Special mention	302		—		12,795		8,811		1,193		20,323		—		—		43,424
	Substandard	—		6,119		18,959		28,547		3,505		12,979		9,053		—		79,162
	Doubtful	—		—		54		4,836		1,625		729		—		—		7,244
	Loss	—		—		—		335		648		2,012		—		—		2,995
Total term, net		$	142,781	$	856,676	$	1,211,526	$	959,611	$	413,506	$	828,253	$	1,130,911	$	1,186	$	5,544,450
Current YTD period:
	Gross charge-offs	—		—		185		30		143		527		820		—		1,705
Lines of credit & other, net
Credit quality indicator:
	Pass/Watch	$	11,658	$	100,991	$	80,012	$	49,341	$	12,614	$	25,815	$	2,012,335	$	12,559	$	2,305,325
	Special mention	—		712		1,489		397		—		91		33,055		732		36,476
	Substandard	846		42,575		3,653		32		—		481		97,234		4,743		149,564
	Loss	—		—		191		—		—		1		—		—		192
Total lines of credit & other, net		$	12,504	$	144,278	$	85,345	$	49,770	$	12,614	$	26,388	$	2,142,624	$	18,034	$	2,491,557
Current YTD period:
	Gross charge-offs	—		85		163		—		4		140		17,399		574		18,365
Leases & equipment finance, net
Credit quality indicator:
	Pass/Watch	$	181,850	$	606,855	$	446,654	$	171,616	$	75,045	$	80,587	$	—	$	—	$	1,562,607
	Special mention	111		47,131		16,026		5,717		1,581		981		—		—		71,547
	Substandard	832		4,399		10,865		4,483		1,243		1,535		—		—		23,357
	Doubtful	20		10,174		22,743		9,057		2,490		1,372		—		—		45,856
	Loss	—		897		1,772		497		128		98		—		—		3,392
Total leases & equipment finance, net		$	182,813	$	669,456	$	498,060	$	191,370	$	80,487	$	84,573	$	—	$	—	$	1,706,759
Current YTD period:
	Gross charge-offs	—		3,780		14,362		5,938		1,865		1,217		—		—		27,162
Total commercial		$	338,098	$	1,670,410	$	1,794,931	$	1,200,751	$	506,607	$	939,214	$	3,273,535	$	19,220	$	9,742,766
Residential:
Mortgage, net
Credit quality indicator:
	Pass/Watch	$	6,689	$	254,228	$	1,845,613	$	2,317,192	$	515,012	$	1,147,222	$	—	$	—	$	6,085,956
	Special mention	—		1,657		1,270		5,024		1,050		5,451		—		—		14,452
	Substandard	—		2,094		2,958		3,604		987		9,201		—		—		18,844
	Loss	—		1,031		2,803		3,880		134		1,784		—		—		9,632
Total mortgage, net		$	6,689	$	259,010	$	1,852,644	$	2,329,700	$	517,183	$	1,163,658	$	—	$	—	$	6,128,884
Current YTD period:
	Gross charge-offs	—		—		—		—		—		368		—		—		368

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Home equity loans & lines, net
Credit quality indicator:
	Pass/Watch	$	14	$	896	$	2,647	$	1,749	$	645	$	47,880	$	1,879,151	$	5,842	$	1,938,824
	Special mention	—		28		253		28		—		964		6,845		38		8,156
	Substandard	—		—		—		175		—		376		475		71		1,097
	Loss	—		—		200		—		101		430		1,219		394		2,344
Total home equity loans & lines, net		$	14	$	924	$	3,100	$	1,952	$	746	$	49,650	$	1,887,690	$	6,345	$	1,950,421
Current YTD period:
	Gross charge-offs	—		—		—		—		—		49		73		—		122
Total residential		$	6,703	$	259,934	$	1,855,744	$	2,331,652	$	517,929	$	1,213,308	$	1,887,690	$	6,345	$	8,079,305
Consumer & other, net:
Credit quality indicator:
	Pass/Watch	$	16,391	$	24,413	$	13,490	$	6,444	$	4,458	$	7,490	$	114,815	$	221	$	187,722
	Special mention	—		133		4		19		8		147		613		85		1,009
	Substandard	—		13		38		—		—		107		240		30		428
	Loss	—		—		—		—		—		7		3		—		10
Total consumer & other, net		$	16,391	$	24,559	$	13,532	$	6,463	$	4,466	$	7,751	$	115,671	$	336	$	189,169
Current YTD period:
	Gross charge-offs	—		922		52		5		—		76		619		196		1,870
Grand total		$	605,197	$	3,792,619	$	8,891,193	$	7,942,177	$	2,677,887	$	8,088,391	$	5,609,245	$	35,704	$	37,642,413

(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

XML

Intangible Assets, Goodwill and Other

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

Columbia had $1.0 billion in goodwill as of March 31, 2024 and December 31, 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. Goodwill is not amortized but is evaluated for potential impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company performed its annual impairment assessment as of October 31, 2023. No events or circumstances since the annual impairment test were noted that would indicate it was more likely than not that a goodwill impairment exists.

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
As of March 31, 2024	$	764,791	$	(193,203)	$	571,588
As of December 31, 2023	$	764,791	$	(161,112)	$	603,679

Amortization expense recognized on intangible assets was $32.1 million and $12.7 million for the three months ended March 31, 2024 and 2023, respectively.

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

(in thousands)
Year	Expected Amortization
Remainder of 2024	$	87,340
2025	105,458
2026	92,545
2027	79,632
2028	66,719
Thereafter	139,894
Total intangible assets	$	571,588

XML

Residential Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2024

Transfers and Servicing [Abstract]

Residential Mortgage Servicing Rights

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 periods indicated: 

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Balance, beginning of period	$	109,243	$	185,017
Additions for new MSR capitalized	1,237		1,601
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(3,153)		(4,881)
Changes due to valuation inputs or assumptions (1)	3,117		(2,937)
Balance, end of period	$	110,444	$	178,800

(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)	March 31, 2024			December 31, 2023
Balance of loans serviced for others	$	8,081,039		$	8,175,664
MSR as a percentage of serviced loans	1.37		%	1.34		%

The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $6.0 million for the three months ended March 31, 2024, as compared to $9.4 million for the three months ended March 31, 2023.

XML

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

The Company had FHLB advances and FRB borrowings outstanding as of March 31, 2024 with carrying values of $3.9 billion, compared to $4.0 billion at December 31, 2023.

The Bank's FHLB advances were $2.4 billion as of March 31, 2024, as compared to $3.8 billion at December 31, 2023. The FHLB advances have fixed interest rates ranging from 5.10% to 5.25% and mature in 2024 through 2025. 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.

As of March 31, 2024, the Bank had FRB BTFP borrowings of $1.6 billion, as compared to $200.0 million at December 31, 2023. The Bank's FRB BTFP borrowings have interest rates ranging from 4.76% to 4.93% and mature within one year of March 31, 2024. The Bank has pledged investment securities as collateral for these borrowings. The ability to take new advances under this program ended in March 2024.

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies 

Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk.

The following table presents a summary of the Bank's commitments and contingent liabilities:  

(in thousands)	March 31, 2024
Commitments to extend credit	$	11,203,778
Forward sales commitments	$	68,244
Commitments to originate residential mortgage loans held for sale	$	40,745
Standby letters of credit	$	196,748

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. 

There were no financial guarantees in connection with standby letters of credit that the Bank was required to perform on during the three months ended March 31, 2024 and 2023. As of March 31, 2024, approximately $181.8 million of standby letters of credit expire within one year, and $14.9 million expire thereafter.

Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations.

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 $250.0 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. Plaintiffs in the two District Court cases allege damages resulting from the scheme of between $386.2 million and $429.8 million, which includes prejudgment interest and does not account for prior bankruptcy recoveries of approximately $110.0 million to date. The Superior Court case does not yet have a clear estimate of damages. Trial in the District Court cases is currently scheduled to begin September 9, 2024. 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 have been 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 have been 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 have been 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 $6.9 million accrued related to legal matters as of March 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 March 31, 2024 and December 31, 2023. Commercial real estate concentrations are managed to ensure geographic and business diversity, primarily in our footprint. As of March 31, 2024 and December 31, 2023, the multifamily portfolio, including construction, and the office portfolio represented approximately 19% and 8% of the total loan portfolio, respectively. 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.

XML

Derivatives

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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 three months ended March 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 March 31, 2024 and December 31, 2023, the Bank had commitments to originate mortgage loans held for sale totaling $40.7 million and $20.6 million, respectively, and forward sales commitments of $68.2 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 March 31, 2024, the Bank had $156.0 million notional of interest rate futures contracts and $17.0 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 March 31, 2024, the Bank had interest rate swap assets with a $4.5 billion notional amount and interest swap rate liabilities with a $4.7 billion notional amount 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 has been required to post collateral against its obligations under these agreements of $85.6 million and $88.3 million as of March 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 March 31, 2024 and December 31, 2023, the variation margin netting adjustments for centrally cleared interest rate swaps consisted of derivative asset adjustments of $200.3 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 Condensed Consolidated Balance Sheets, while the derivative liabilities are included in other liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of the dates presented:  

(in thousands)	Asset Derivatives				Liability Derivatives
Derivatives not designated as hedging instrument	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Interest rate lock commitments	$	16	$	—	$	—	$	137
Interest rate futures	—		3,745		1,134		—
Interest rate forward sales commitments	74		9		188		535
Interest rate swaps	114,347		33,874		310,985		260,064
Foreign currency derivatives	326		457		182		355
Total derivative assets and liabilities	$	114,763	$	38,085	$	312,489	$	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 during the periods indicated:  

(in thousands)	Three Months Ended
Derivatives not designated as hedging instrument	March 31, 2024		March 31, 2023
Interest rate lock commitments	$	153	$	105
Interest rate futures	(4,271)		2,650
Interest rate forward sales commitments	46		(1,003)
Interest rate swaps	1,197		(3,543)
Foreign currency derivatives	42		30
Total derivative losses	$	(2,833)	$	(1,761)

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 Condensed Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts are limited to the outstanding balances of the related asset or liability. Therefore, instances of over collateralization are not shown.

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets/Liabilities presented in the Condensed Consolidated Balance Sheets		Financial Instruments		Collateral Received/Posted		Net Amount
March 31, 2024
Derivative Assets
Interest rate swaps	$	114,347	$	—	$	114,347	$	9,623	$	98,026	$	6,698
Derivative Liabilities
Interest rate swaps	$	310,985	$	—	$	310,985	$	9,623	$	—	$	301,362

XML

Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share 

The following is a computation of basic and diluted earnings (loss) per common share for the periods indicated: 

	Three Months Ended
(in thousands, except per share data)	March 31, 2024		March 31, 2023
Net income (loss)	$	124,080	$	(14,038)
Weighted average number of common shares outstanding - basic	208,260		156,383
Effect of potentially dilutive common shares (1)	696		—
Weighted average number of common shares outstanding - diluted	208,956		156,383
Earnings (loss) per common share:
Basic	$	0.60	$	(0.09)
Diluted	$	0.59	$	(0.09)

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

The following table represents the weighted average outstanding restricted shares that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:

	Three Months Ended
(in thousands)	March 31, 2024	March 31, 2023
Restricted stock awards and units	601	783

XML

Fair Value Measurement

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:  

		March 31, 2024				December 31, 2023
(in thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,201,117	$	2,201,117	$	2,162,534	$	2,162,534
Equity and other investment securities	1,2	77,203		77,203		76,995		76,995
Investment securities available for sale	1,2	8,616,545		8,616,545		8,829,870		8,829,870
Investment securities held to maturity	3	2,247		2,939		2,300		3,025
Loans held for sale	2	47,201		47,201		30,715		30,715
Loans and leases, net	2,3	37,228,069		35,740,658		37,001,080		35,810,989
Restricted equity securities	1	116,274		116,274		179,274		179,274
Residential mortgage servicing rights	3	110,444		110,444		109,243		109,243
Bank-owned life insurance	1	682,293		682,293		680,948		680,948
Derivatives	2,3	114,763		114,763		38,085		38,085
Financial liabilities:
Demand, money market, and savings deposits	1	$	35,366,323	$	35,366,323	$	35,379,451	$	35,379,451
Time deposits	2	6,339,837		6,314,381		6,227,569		6,201,519
Securities sold under agreements to repurchase	2	213,573		213,573		252,119		252,119
Borrowings	2	3,900,000		3,893,589		3,950,000		3,950,037
Junior subordinated debentures, at fair value	3	309,544		309,544		316,440		316,440
Junior and other subordinated debentures, at amortized cost	3	107,838		98,867		107,895		97,695
Derivatives	2,3	312,489		312,489		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)	March 31, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities	$	62,497	$	44,038	$	18,459	$	—
Equity securities held in rabbi trusts	14,706		14,706		—		—
Investment securities available for sale
U.S. Treasury and agencies	1,467,393		372,865		1,094,528		—
Obligations of states and political subdivisions	1,051,929		—		1,051,929		—
Mortgage-backed securities and collateralized mortgage obligations	6,097,223		—		6,097,223		—
Loans held for sale, at fair value	47,201		—		47,201		—
Loans and leases, at fair value	267,806		—		267,806		—
Residential mortgage servicing rights, at fair value	110,444		—		—		110,444
Derivatives
Interest rate lock commitments	16		—		—		16
Interest rate forward sales commitments	74		—		74		—
Interest rate swaps	114,347		—		114,347		—
Foreign currency derivatives	326		—		326		—
Total assets measured at fair value	$	9,233,962	$	431,609	$	8,691,893	$	110,460
Financial liabilities:
Junior subordinated debentures, at fair value	$	309,544	$	—	$	—	$	309,544
Derivatives
Interest rate futures	1,134		—		1,134		—
Interest rate forward sales commitments	188		—		188		—
Interest rate swaps	310,985		—		310,985		—
Foreign currency derivatives	182		—		182		—
Total liabilities measured at fair value	$	622,033	$	—	$	312,489	$	309,544

(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. 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 March 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 March 31, 2024: 

Financial Instrument	Fair Value (in thousands)		Valuation Technique	Unobservable Input	Range of Inputs	Weighted Average
Assets:
Residential mortgage servicing rights	$	110,444	Discounted cash flow	Constant prepayment rate	6.07% - 27.52%	6.74%
				Discount rate	9.50% - 16.08%	10.24%
Interest rate lock commitments, net	$	16	Internal pricing model	Pull-through rate	64.27% - 100.00%	85.71%
Liabilities:
Junior subordinated debentures	$	309,544	Discounted cash flow	Credit spread	2.11% - 6.13%	3.79%

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 during the periods indicated: 

	Three Months Ended						Three Months Ended
	March 31, 2024						March 31, 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	(36)		(16)		(7,583)		(7,818)		(32)		(6,679)
Change in fair values included in comprehensive income/loss	—		—		6,453		—		—		25,812
Purchases and issuances	1,237		47		—		1,601		338		—
Sales and settlements	—		122		8,026		—		(201)		6,785
Ending balance	$	110,444	$	16	$	(309,544)	$	178,800	$	137	$	(297,721)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	$	3,117	$	16	$	(7,583)	$	(2,937)	$	137	$	(6,679)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	$	—	$	—	$	6,453	$	—	$	—	$	25,812

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, unrealized gains on fair value of junior subordinated debentures of $6.5 million for the three months ended March 31, 2024, were recorded net of tax as other comprehensive gains of $4.8 million. Comparatively, unrealized gains on fair value of junior subordinated debentures of $25.8 million were recorded net of tax as other comprehensive gains of $19.1 million for the three months ended March 31, 2023. The change recorded for three months ended March 31, 2024 was due to an increase in the credit spread and spot curve, partially offset by an increase in the implied forward curve.

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 has been 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. 

	March 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	1,059	$	—	$	—	$	1,059
Total assets measured at fair value on a nonrecurring basis	$	1,059	$	—	$	—	$	1,059

	December 31, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	5,036	$	—	$	—	$	5,036
Total assets measured at fair value on a nonrecurring basis	$	5,036	$	—	$	—	$	5,036

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

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Loans and leases	$	28,174	$	18,734
Total losses from nonrecurring measurements	$	28,174	$	18,734

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.

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:

	March 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	$	47,201	$	45,926	$	1,275	$	30,715	$	29,629	$	1,086
Loans	$	267,806	$	315,435	$	(47,629)	$	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 Condensed Consolidated Statements of Operations. This reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue. For the three months ended March 31, 2024, the Company recorded a net increase in fair value of $189,000. For the three months ended March 31, 2023, the Company recorded a net increase in fair value of $81,000.

Management's intent to sell certain residential mortgage loans classified as held for sale may change over time due to factors including changes in overall market liquidity or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified as loans held for investment and maintained in the Bank's loan portfolio. In the event that loans currently classified as held for sale are reclassified as loans held for investment, the loans will continue to be measured at fair value. Gains and losses from changes in fair value for these loans are reported in earnings as a component of other income and interest income on these loans are reported in interest and fees on loans and leases on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2024, the Company recorded a net decrease in fair value of $2.4 million, as compared to a net increase in fair value of $9.5 million for the three months ended March 31, 2023, respectively.

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.

XML

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

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

As of March 31, 2024, the Company had a net deferred tax asset of $356.0 million, which includes $2.0 million of federal and state NOL carry-forwards, expiring in tax years 2030-2032.

The Company recorded income tax expense of $45.0 million and benefit of $4.9 million for the three months ended March 31, 2024 and 2023, respectively, representing effective tax rates of 26.6% and 25.8%, respectively. The effective tax rates differed from the statutory rate principally because of state taxes, non-deductible FDIC assessments, and income on tax-exempt investment securities.

Investment Tax Credits

The Company's tax credit investments promote qualified affordable housing projects, some of which also support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction to income tax expense.

The Company records the investments in affordable housing partnerships of $205.6 million and $210.9 million as of March 31, 2024 and December 31, 2023, respectively, as a component of other assets on the Condensed Consolidated Balance Sheets and uses the proportional amortization method to account for the investments. The Company's unfunded capital commitments to these investments were $104.9 million and $114.1 million as of March 31, 2024 and December 31, 2023, respectively, which are recorded as a component of other liabilities on the Condensed Consolidated Balance Sheets. Amortization related to these investments is recorded as a component of the provision for income taxes on the Condensed Consolidated Statements of Operations.

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 124,080	$ 93,531	$ 135,845	$ 133,377	$ (14,038)

XML

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Application of new accounting guidance

In June 2022, the FASB issued 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. The ASU is effective for 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.

In March 2023, the FASB issued 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 operations 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. The ASU is effective for 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 13 - Income Taxes for additional information.

Recent accounting pronouncements

In October 2023, the FASB issued 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.

In November 2023, the FASB issued 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. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In December 2023, the FASB issued 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. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The effective date is for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

XML

Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Acquisition, Pro Forma Information

	Unaudited Pro Forma for the
	Three Months Ended
(in thousands)	March 31, 2023
Net interest income	$	526,260
Non-interest income	$	88,572
Net income (1)	$	217,135

(1) The 2023 pro forma net income was adjusted to exclude $143.9 million of merger-related costs, inclusive of historical Columbia merger-related costs, incurred in 2023, as these costs were included in the 2022 pro forma net income.

XML

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Unrealized Gains And Losses, And Fair Value Of 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:

	March 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale:
U.S. Treasury and agencies	$	1,552,240	$	1,132	$	(85,979)	$	1,467,393
Obligations of states and political subdivisions	1,068,290		8,788		(25,149)		1,051,929
Mortgage-backed securities and collateralized mortgage obligations	6,551,596		2,386		(456,759)		6,097,223
Total available for sale securities	$	9,172,126	$	12,306	$	(567,887)	$	8,616,545
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations	$	2,247	$	692	$	—	$	2,939
Total held to maturity securities	$	2,247	$	692	$	—	$	2,939

	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

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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.

	March 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	$	338,230	$	(3,305)	$	816,265	$	(82,674)	$	1,154,495	$	(85,979)
Obligations of states and political subdivisions	297,204		(2,464)		182,355		(22,685)		479,559		(25,149)
Mortgage-backed securities and collateralized mortgage obligations	3,860,007		(51,572)		1,756,986		(405,187)		5,616,993		(456,759)
Total temporarily impaired securities	$	4,495,441	$	(57,341)	$	2,755,606	$	(510,546)	$	7,251,047	$	(567,887)

	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)

Schedule Of Maturities Of Investment Securities

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

	Available For Sale				Held To Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	141,688	$	139,856	$	—	$	—
Due after one year through five years	2,259,829		2,213,929		2		2
Due after five years through ten years	2,187,571		2,103,386		3		64
Due after ten years	4,583,038		4,159,374		2,242		2,873
Total debt securities	$	9,172,126	$	8,616,545	$	2,247	$	2,939

Investment Securities Pledged To Secure Borrowings And Public Deposits

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

(in thousands)	Amortized Cost		Fair Value
To state and local governments to secure public deposits	$	1,800,912	$	1,638,230
To secure repurchase agreements	326,111		297,673
Other securities pledged	3,407,623		3,139,037
Total pledged securities	$	5,534,646	$	5,074,940

XML

Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule Of Major Types Of Non-Covered Loans

The following table presents the major types of loans and leases, net of deferred fees and costs, as of the dates presented: 

(in thousands)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	6,557,768	$	6,482,940
Owner occupied term, net	5,231,676		5,195,605
Multifamily, net	5,828,960		5,704,734
Construction & development, net	1,728,652		1,747,302
Residential development, net	284,117		323,899
Commercial
Term, net	5,544,450		5,536,765
Lines of credit & other, net	2,491,557		2,430,127
Leases & equipment finance, net	1,706,759		1,729,512
Residential
Mortgage, net	6,128,884		6,157,166
Home equity loans & lines, net	1,950,421		1,938,166
Consumer & other, net	189,169		195,735
Total loans and leases, net of deferred fees and costs	$	37,642,413	$	37,441,951

XML

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Activity In The Non-Covered Allowance For Loan And Lease Losses

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

	Three Months Ended March 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	20,191		436		(3,674)		523		17,476
Charge-offs	(161)		(47,232)		(490)		(1,870)		(49,753)
Recoveries	358		4,732		170		490		5,750
Net recoveries (charge-offs)	197		(42,500)		(320)		(1,380)		(44,003)
Balance, end of period	$	146,276	$	202,757	$	58,010	$	7,301	$	414,344
Reserve for unfunded commitments
Balance, beginning of period	$	11,170	$	7,841	$	2,940	$	1,257	$	23,208
Provision (recapture) for credit losses on unfunded commitments	1,858		(1,951)		(183)		(64)		(340)
Balance, end of period	13,028		5,890		2,757		1,193		22,868
Total allowance for credit losses	$	159,304	$	208,647	$	60,767	$	8,494	$	437,212

	Three Months Ended March 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)	24,483		70,997		9,955		1,063		106,498
Charge-offs	—		(19,248)		(248)		(773)		(20,269)
Recoveries	58		3,058		123		369		3,608
Net recoveries (charge-offs)	58		(16,190)		(125)		(404)		(16,661)
Balance, end of period	$	111,090	$	239,146	$	60,613	$	6,615	$	417,464
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
(Recapture) provision for credit losses on unfunded commitments	(1,059)		266		(144)		(22)		(959)
Balance, end of period	8,405		6,381		3,320		923		19,029
Total allowance for credit losses	$	119,495	$	245,527	$	63,933	$	7,538	$	436,493

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

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

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

	March 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	$	2,237	$	517	$	253	$	3,007	$	5,382	$	6,549,379	$	6,557,768
Owner occupied term, net	2,275		245		—		2,520		34,354		5,194,802		5,231,676
Multifamily, net	—		—		—		—		—		5,828,960		5,828,960
Construction & development, net	—		—		—		—		—		1,728,652		1,728,652
Residential development, net	—		—		—		—		—		284,117		284,117
Commercial
Term, net	4,946		1,493		832		7,271		26,032		5,511,147		5,544,450
Lines of credit & other, net	37,219		1,736		1,966		40,921		2,335		2,448,301		2,491,557
Leases & equipment finance, net	26,837		8,551		7,935		43,323		30,593		1,632,843		1,706,759
Residential
Mortgage, net (1)	14,452		—		30,040		44,492		—		6,084,392		6,128,884
Home equity loans & lines, net	5,746		2,411		3,439		11,596		—		1,938,825		1,950,421
Consumer & other, net	788		220		437		1,445		—		187,724		189,169
Total, net of deferred fees and costs	$	94,500	$	15,173	$	44,902	$	154,575	$	98,696	$	37,389,142	$	37,642,413

(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 $1.6 million as of March 31, 2024.

(2) Includes government guaranteed portion of $11.7 million and $31.3 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

The following table summarizes the amortized cost of non-accrual loans for which there was no related ACL as of March 31, 2024 and December 31, 2023:

(in thousands)	March 31, 2024		December 31, 2023
Commercial real estate
Non-owner occupied term, net	$	37	$	52
Owner occupied term, net	1,492		1,352
Commercial
Term, net	3,137		3,497
Total non-accrual loans with no related ACL	$	4,666	$	4,901

Collateral Dependent Loans and Leases

The following table summarizes the amortized cost basis of the collateral-dependent loans and leases by the type of collateral securing the assets as of March 31, 2024:

(in thousands)	Residential Real Estate		Commercial Real Estate		General Business Assets		Other		Total
Commercial real estate
Non-owner occupied term, net	$	—	$	5,290	$	—	$	—	$	5,290
Owner occupied term, net	—		31,710		—		—		31,710
Commercial
Term, net	—		—		16,952		4,265		21,217
Line of credit & other, net	—		1,453		250		—		1,703
Leases & equipment finance, net	—		—		30,593		—		30,593
Residential
Mortgage, net	56,920		—		—		—		56,920
Home equity loans & lines, net	2,518		—		—		—		2,518
Total, net of deferred fees and costs	$	59,438	$	38,453	$	47,795	$	4,265	$	149,951

Loan and Lease Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loans and leases that were both experiencing financial difficulty and modified during the three months ended March 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.

	Three Months Ended March 31, 2024
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Total		% of total class of financing receivable
Commercial real estate
Non-owner occupied term, net	$	—	$	17,630	$	17,630	0.27	%
Owner occupied term, net	—		534		534		0.01	%
Commercial
Term, net	478		—		478		0.01	%
Lines of credit & other, net	6,695		144		6,839		0.27	%
Leases & equipment finance, net	785		—		785		0.05	%
Residential
Mortgage, net	1,012		7,624		8,636		0.14	%
Total loans and leases experiencing financial difficulty	$	8,970	$	25,932	$	34,902	0.09	%

	Three Months Ended March 31, 2023
(in thousands)	Term Extension		Other -Than-Insignificant Payment Delay		Combination - Interest Rate Reduction and Term Extension		Combination - Term Extension and Principal Forgiveness		Combination - Principal forgiveness and other than insignificant payment delay		Total		% of total class of financing receivable
Commercial
Lines of credit & other, net	$	1,355	$	—	$	—	$	—	$	—	$	1,355	0.06	%
Leases & equipment finance, net	—		429		—		—		—		429		0.02	%
Residential
Mortgage, net	—		—		—		1,938		8,987		10,925		0.18	%
Home equity loans & lines, net	—		—		207		—		—		207		0.01	%
Total loans and leases experiencing financial difficulty	$	1,355	$	429	$	207	$	1,938	$	8,987	$	12,916	0.03	%

	Three Months Ended March 31, 2024
Loan Type	Financial Effect
Commercial real estate
Non-owner occupied term, net	Deferred $4.0 million of principal and interest payments
Owner occupied term, net	Deferred $51,000 of principal and interest payments
Commercial
Term, net	Weighted average term extension of 3 months to the life of the loans
Lines of credit & other, net	Weighted average term extension of 6 months to the life of the loans
Leases & equipment finance, net	Weighted average term extension of 7 months to the life of the loans and leases
Residential
Mortgage, net	Weighted average term extension of 13.5 years to the life of the loans and deferred $534,000 of principal and interest payments
Lines of credit & other, net	Deferred $63,000 of principal and interest payments

	Three Months Ended March 31, 2023
Loan Type	Financial Effect
Commercial
Lines of credit & other, net	Weighted average term extension of 10 months to the life of the loans
Leases & equipment finance, net	Delayed payment for 9 months
Residential
Home equity loans & lines, net	Weighted average term extension of 7.1 years to the life of the loan and decreased the weighted average interest rate by 3.24%.
Mortgage, net	Weighted average of 13.3 years to the life of the loan and deferred $499,000 of principal payments at the maturity of the loan.

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 table presents the performance of such loans and leases that have been modified for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
Loan Type	Current		Greater than 30 to 59 Days Past Due		60 to 89 Days Past Due		90 Days or Greater Past Due		Non-accrual		Total
(in thousands)
Commercial real estate
Non-owner occupied term, net	$	17,630	$	—	$	—	$	—	$	—	$	17,630
Owner occupied term, net	—		—		—		—		534		534
Commercial
Term, net	478		—		—		—		—		478
Lines of credit & other, net	6,695		—		—		—		144		6,839
Leases & equipment finance, net	687		98		—		—		—		785
Residential
Mortgage, net	8,636		—		—		—		—		8,636
Total loans and leases experiencing financial difficulty	$	34,126	$	98	$	—	$	—	$	678	$	34,902

For the three months ended March 31, 2023, all modified loans and leases were current and there were no loan or lease modifications made to borrowers experiencing financial difficulty that subsequently defaulted.

Internal Risk Rating By Loan Class

The following tables represent the amortized costs 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
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial real estate:
Non-owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	46,778	$	593,569	$	1,319,246	$	1,181,377	$	661,282	$	2,554,339	$	51,836	$	—	$	6,408,427
	Special mention	—		—		1,684		3,810		1,329		23,789		—		—		30,612
	Substandard	17,630		30,159		2,227		61		—		68,636		—		—		118,713
	Loss	—		—		—		—		—		16		—		—		16
Total non-owner occupied term, net		$	64,408	$	623,728	$	1,323,157	$	1,185,248	$	662,611	$	2,646,780	$	51,836	$	—	$	6,557,768
Current YTD period:
	Gross charge-offs	—		—		—		—		—		70		—		—		70
Owner occupied term, net
Credit quality indicator:
	Pass/Watch	$	128,470	$	520,659	$	1,080,381	$	955,675	$	438,732	$	1,857,268	$	70,743	$	56	$	5,051,984
	Special mention	264		1,308		5,834		7,600		5,776		32,124		1,929		—		54,835
	Substandard	534		5,883		8,584		47,894		17,339		43,038		—		—		123,272
	Doubtful	—		—		—		189		—		29		—		—		218
	Loss	—		—		963		—		404		—		—		—		1,367
Total owner occupied term, net		$	129,268	$	527,850	$	1,095,762	$	1,011,358	$	462,251	$	1,932,459	$	72,672	$	56	$	5,231,676
Current YTD period:
	Gross charge-offs	—		—		—		—		—		91		—		—		91
Multifamily, net
Credit quality indicator:
	Pass/Watch	$	12,410	$	278,014	$	2,006,317	$	1,739,778	$	413,265	$	1,311,940	$	55,219	$	228	$	5,817,171
	Special mention	—		—		—		1,272		940		6,429		—		—		8,641
	Substandard	—		—		—		—		—		3,148		—		—		3,148
Total multifamily, net		$	12,410	$	278,014	$	2,006,317	$	1,741,050	$	414,205	$	1,321,517	$	55,219	$	228	$	5,828,960
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Construction & development, net
Credit quality indicator:
	Pass/Watch	$	26,736	$	319,263	$	756,839	$	442,504	$	109,752	$	26,211	$	37,679	$	—	$	1,718,984
	Special mention	—		—		1,464		8,204		—		—		—		—		9,668
Total construction & development, net		$	26,736	$	319,263	$	758,303	$	450,708	$	109,752	$	26,211	$	37,679	$	—	$	1,728,652
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Residential development, net
Credit quality indicator:
	Pass/Watch	$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Total residential development, net		$	11,183	$	88,861	$	43,447	$	14,947	$	66	$	1,151	$	114,943	$	9,519	$	284,117
Current YTD period:
	Gross charge-offs	—		—		—		—		—		—		—		—		—
Total commercial real estate		$	244,005	$	1,837,716	$	5,226,986	$	4,403,311	$	1,648,885	$	5,928,118	$	332,349	$	9,803	$	19,631,173

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial:
Term, net
Credit quality indicator:
	Pass/Watch	$	142,479	$	850,557	$	1,179,718	$	917,082	$	406,535	$	792,210	$	1,121,858	$	1,186	$	5,411,625
	Special mention	302		—		12,795		8,811		1,193		20,323		—		—		43,424
	Substandard	—		6,119		18,959		28,547		3,505		12,979		9,053		—		79,162
	Doubtful	—		—		54		4,836		1,625		729		—		—		7,244
	Loss	—		—		—		335		648		2,012		—		—		2,995
Total term, net		$	142,781	$	856,676	$	1,211,526	$	959,611	$	413,506	$	828,253	$	1,130,911	$	1,186	$	5,544,450
Current YTD period:
	Gross charge-offs	—		—		185		30		143		527		820		—		1,705
Lines of credit & other, net
Credit quality indicator:
	Pass/Watch	$	11,658	$	100,991	$	80,012	$	49,341	$	12,614	$	25,815	$	2,012,335	$	12,559	$	2,305,325
	Special mention	—		712		1,489		397		—		91		33,055		732		36,476
	Substandard	846		42,575		3,653		32		—		481		97,234		4,743		149,564
	Loss	—		—		191		—		—		1		—		—		192
Total lines of credit & other, net		$	12,504	$	144,278	$	85,345	$	49,770	$	12,614	$	26,388	$	2,142,624	$	18,034	$	2,491,557
Current YTD period:
	Gross charge-offs	—		85		163		—		4		140		17,399		574		18,365
Leases & equipment finance, net
Credit quality indicator:
	Pass/Watch	$	181,850	$	606,855	$	446,654	$	171,616	$	75,045	$	80,587	$	—	$	—	$	1,562,607
	Special mention	111		47,131		16,026		5,717		1,581		981		—		—		71,547
	Substandard	832		4,399		10,865		4,483		1,243		1,535		—		—		23,357
	Doubtful	20		10,174		22,743		9,057		2,490		1,372		—		—		45,856
	Loss	—		897		1,772		497		128		98		—		—		3,392
Total leases & equipment finance, net		$	182,813	$	669,456	$	498,060	$	191,370	$	80,487	$	84,573	$	—	$	—	$	1,706,759
Current YTD period:
	Gross charge-offs	—		3,780		14,362		5,938		1,865		1,217		—		—		27,162
Total commercial		$	338,098	$	1,670,410	$	1,794,931	$	1,200,751	$	506,607	$	939,214	$	3,273,535	$	19,220	$	9,742,766
Residential:
Mortgage, net
Credit quality indicator:
	Pass/Watch	$	6,689	$	254,228	$	1,845,613	$	2,317,192	$	515,012	$	1,147,222	$	—	$	—	$	6,085,956
	Special mention	—		1,657		1,270		5,024		1,050		5,451		—		—		14,452
	Substandard	—		2,094		2,958		3,604		987		9,201		—		—		18,844
	Loss	—		1,031		2,803		3,880		134		1,784		—		—		9,632
Total mortgage, net		$	6,689	$	259,010	$	1,852,644	$	2,329,700	$	517,183	$	1,163,658	$	—	$	—	$	6,128,884
Current YTD period:
	Gross charge-offs	—		—		—		—		—		368		—		—		368

(in thousands)		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving to Non-Revolving Loans Amortized Cost
	March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Home equity loans & lines, net
Credit quality indicator:
	Pass/Watch	$	14	$	896	$	2,647	$	1,749	$	645	$	47,880	$	1,879,151	$	5,842	$	1,938,824
	Special mention	—		28		253		28		—		964		6,845		38		8,156
	Substandard	—		—		—		175		—		376		475		71		1,097
	Loss	—		—		200		—		101		430		1,219		394		2,344
Total home equity loans & lines, net		$	14	$	924	$	3,100	$	1,952	$	746	$	49,650	$	1,887,690	$	6,345	$	1,950,421
Current YTD period:
	Gross charge-offs	—		—		—		—		—		49		73		—		122
Total residential		$	6,703	$	259,934	$	1,855,744	$	2,331,652	$	517,929	$	1,213,308	$	1,887,690	$	6,345	$	8,079,305
Consumer & other, net:
Credit quality indicator:
	Pass/Watch	$	16,391	$	24,413	$	13,490	$	6,444	$	4,458	$	7,490	$	114,815	$	221	$	187,722
	Special mention	—		133		4		19		8		147		613		85		1,009
	Substandard	—		13		38		—		—		107		240		30		428
	Loss	—		—		—		—		—		7		3		—		10
Total consumer & other, net		$	16,391	$	24,559	$	13,532	$	6,463	$	4,466	$	7,751	$	115,671	$	336	$	189,169
Current YTD period:
	Gross charge-offs	—		922		52		5		—		76		619		196		1,870
Grand total		$	605,197	$	3,792,619	$	8,891,193	$	7,942,177	$	2,677,887	$	8,088,391	$	5,609,245	$	35,704	$	37,642,413

(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

XML

Intangible Assets, Goodwill and Other (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

The following table summarizes other intangible assets as of the dates presented:

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
As of March 31, 2024	$	764,791	$	(193,203)	$	571,588
As of December 31, 2023	$	764,791	$	(161,112)	$	603,679

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

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

(in thousands)
Year	Expected Amortization
Remainder of 2024	$	87,340
2025	105,458
2026	92,545
2027	79,632
2028	66,719
Thereafter	139,894
Total intangible assets	$	571,588

XML

Residential Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2024

Transfers and Servicing [Abstract]

Schedule Of Changes In Mortgage Servicing Rights

The following table presents the changes in the Company's residential MSR for the periods indicated: 

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Balance, beginning of period	$	109,243	$	185,017
Additions for new MSR capitalized	1,237		1,601
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(3,153)		(4,881)
Changes due to valuation inputs or assumptions (1)	3,117		(2,937)
Balance, end of period	$	110,444	$	178,800

(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.

Schedule Of Other Information Servicing Loan Portfolio

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

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance of loans serviced for others	$	8,081,039		$	8,175,664
MSR as a percentage of serviced loans	1.37		%	1.34		%

XML

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Commitments And Contingencies

The following table presents a summary of the Bank's commitments and contingent liabilities:  

(in thousands)	March 31, 2024
Commitments to extend credit	$	11,203,778
Forward sales commitments	$	68,244
Commitments to originate residential mortgage loans held for sale	$	40,745
Standby letters of credit	$	196,748

XML

Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives

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	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Interest rate lock commitments	$	16	$	—	$	—	$	137
Interest rate futures	—		3,745		1,134		—
Interest rate forward sales commitments	74		9		188		535
Interest rate swaps	114,347		33,874		310,985		260,064
Foreign currency derivatives	326		457		182		355
Total derivative assets and liabilities	$	114,763	$	38,085	$	312,489	$	261,091

Summary Of Types Of Derivatives And Gains (Losses) Recorded

The following table summarizes the types of derivatives and the gains (losses) recorded during the periods indicated:  

(in thousands)	Three Months Ended
Derivatives not designated as hedging instrument	March 31, 2024		March 31, 2023
Interest rate lock commitments	$	153	$	105
Interest rate futures	(4,271)		2,650
Interest rate forward sales commitments	46		(1,003)
Interest rate swaps	1,197		(3,543)
Foreign currency derivatives	42		30
Total derivative losses	$	(2,833)	$	(1,761)

Balance Sheet Offsetting

The following table shows the gross interest rate swaps in the Condensed Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts are limited to the outstanding balances of the related asset or liability. Therefore, instances of over collateralization are not shown.

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets/Liabilities presented in the Condensed Consolidated Balance Sheets		Financial Instruments		Collateral Received/Posted		Net Amount
March 31, 2024
Derivative Assets
Interest rate swaps	$	114,347	$	—	$	114,347	$	9,623	$	98,026	$	6,698
Derivative Liabilities
Interest rate swaps	$	310,985	$	—	$	310,985	$	9,623	$	—	$	301,362

XML

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The following is a computation of basic and diluted earnings (loss) per common share for the periods indicated: 

	Three Months Ended
(in thousands, except per share data)	March 31, 2024		March 31, 2023
Net income (loss)	$	124,080	$	(14,038)
Weighted average number of common shares outstanding - basic	208,260		156,383
Effect of potentially dilutive common shares (1)	696		—
Weighted average number of common shares outstanding - diluted	208,956		156,383
Earnings (loss) per common share:
Basic	$	0.60	$	(0.09)
Diluted	$	0.59	$	(0.09)

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

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 periods indicated:

	Three Months Ended
(in thousands)	March 31, 2024	March 31, 2023
Restricted stock awards and units	601	783

XML

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:  

		March 31, 2024				December 31, 2023
(in thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,201,117	$	2,201,117	$	2,162,534	$	2,162,534
Equity and other investment securities	1,2	77,203		77,203		76,995		76,995
Investment securities available for sale	1,2	8,616,545		8,616,545		8,829,870		8,829,870
Investment securities held to maturity	3	2,247		2,939		2,300		3,025
Loans held for sale	2	47,201		47,201		30,715		30,715
Loans and leases, net	2,3	37,228,069		35,740,658		37,001,080		35,810,989
Restricted equity securities	1	116,274		116,274		179,274		179,274
Residential mortgage servicing rights	3	110,444		110,444		109,243		109,243
Bank-owned life insurance	1	682,293		682,293		680,948		680,948
Derivatives	2,3	114,763		114,763		38,085		38,085
Financial liabilities:
Demand, money market, and savings deposits	1	$	35,366,323	$	35,366,323	$	35,379,451	$	35,379,451
Time deposits	2	6,339,837		6,314,381		6,227,569		6,201,519
Securities sold under agreements to repurchase	2	213,573		213,573		252,119		252,119
Borrowings	2	3,900,000		3,893,589		3,950,000		3,950,037
Junior subordinated debentures, at fair value	3	309,544		309,544		316,440		316,440
Junior and other subordinated debentures, at amortized cost	3	107,838		98,867		107,895		97,695
Derivatives	2,3	312,489		312,489		261,091		261,091

Schedule of Fair Value, Assets and Liabilities Measured on 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)	March 31, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities	$	62,497	$	44,038	$	18,459	$	—
Equity securities held in rabbi trusts	14,706		14,706		—		—
Investment securities available for sale
U.S. Treasury and agencies	1,467,393		372,865		1,094,528		—
Obligations of states and political subdivisions	1,051,929		—		1,051,929		—
Mortgage-backed securities and collateralized mortgage obligations	6,097,223		—		6,097,223		—
Loans held for sale, at fair value	47,201		—		47,201		—
Loans and leases, at fair value	267,806		—		267,806		—
Residential mortgage servicing rights, at fair value	110,444		—		—		110,444
Derivatives
Interest rate lock commitments	16		—		—		16
Interest rate forward sales commitments	74		—		74		—
Interest rate swaps	114,347		—		114,347		—
Foreign currency derivatives	326		—		326		—
Total assets measured at fair value	$	9,233,962	$	431,609	$	8,691,893	$	110,460
Financial liabilities:
Junior subordinated debentures, at fair value	$	309,544	$	—	$	—	$	309,544
Derivatives
Interest rate futures	1,134		—		1,134		—
Interest rate forward sales commitments	188		—		188		—
Interest rate swaps	310,985		—		310,985		—
Foreign currency derivatives	182		—		182		—
Total liabilities measured at fair value	$	622,033	$	—	$	312,489	$	309,544

(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

Fair Value Measurement Inputs and Valuation Techniques

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 March 31, 2024: 

Financial Instrument	Fair Value (in thousands)		Valuation Technique	Unobservable Input	Range of Inputs	Weighted Average
Assets:
Residential mortgage servicing rights	$	110,444	Discounted cash flow	Constant prepayment rate	6.07% - 27.52%	6.74%
				Discount rate	9.50% - 16.08%	10.24%
Interest rate lock commitments, net	$	16	Internal pricing model	Pull-through rate	64.27% - 100.00%	85.71%
Liabilities:
Junior subordinated debentures	$	309,544	Discounted cash flow	Credit spread	2.11% - 6.13%	3.79%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the periods indicated: 

	Three Months Ended						Three Months Ended
	March 31, 2024						March 31, 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	(36)		(16)		(7,583)		(7,818)		(32)		(6,679)
Change in fair values included in comprehensive income/loss	—		—		6,453		—		—		25,812
Purchases and issuances	1,237		47		—		1,601		338		—
Sales and settlements	—		122		8,026		—		(201)		6,785
Ending balance	$	110,444	$	16	$	(309,544)	$	178,800	$	137	$	(297,721)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	$	3,117	$	16	$	(7,583)	$	(2,937)	$	137	$	(6,679)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	$	—	$	—	$	6,453	$	—	$	—	$	25,812

Fair Value Measurements, Nonrecurring

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 has been 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. 

	March 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	1,059	$	—	$	—	$	1,059
Total assets measured at fair value on a nonrecurring basis	$	1,059	$	—	$	—	$	1,059

	December 31, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases	$	5,036	$	—	$	—	$	5,036
Total assets measured at fair value on a nonrecurring basis	$	5,036	$	—	$	—	$	5,036

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

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

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Loans and leases	$	28,174	$	18,734
Total losses from nonrecurring measurements	$	28,174	$	18,734

Fair Value Option, Disclosures

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:

	March 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	$	47,201	$	45,926	$	1,275	$	30,715	$	29,629	$	1,086
Loans	$	267,806	$	315,435	$	(47,629)	$	275,140	$	320,397	$	(45,257)

XML

Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 28, 2023
Asset Acquisition [Line Items]
Goodwill	$ 1,029,234		$ 1,029,234
Business Combination, Acquisition Related Costs	4,478	$ 115,898
Umpqua Bank and Columbia Banking System Merger
Asset Acquisition [Line Items]
Goodwill				$ 1,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 710,200
Business Combination, Acquisition Related Costs	$ 4,500	$ 115,900

XML

Business Combinations and Asset Acquisitions - Pro Forma (Details) - Umpqua Bank and Columbia Banking System Merger $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Business acquisition, pro forma net interest income	$ 526,260
Business Acquisition, Pro Forma Non-interest Income	88,572
Business Acquisition, Pro Forma Net Income (Loss)	217,135
Business Combination, Acquisition Related Costs - Combined for proforma	$ 143,900

XML

Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale securities, amortized cost	$ 9,172,126	$ 9,262,777
Available-for-sale securities, unrealized gains	12,306	55,201
Available-for-sale securities, unrealized losses	(567,887)	(488,108)
Available for sale, at fair value	8,616,545	8,829,870
Investment securities held to maturity	2,247	2,300
Held-to-maturity securities, unrealized gains	692	725
Held-to-maturity securities, unrealized losses	0	0
Held-to-maturity securities, fair value	2,939	3,025
U.S. Treasury and agencies
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale securities, amortized cost	1,552,240	1,551,074
Available-for-sale securities, unrealized gains	1,132	6,192
Available-for-sale securities, unrealized losses	(85,979)	(78,874)
Available for sale, at fair value	1,467,393	1,478,392
Obligations of states and political subdivisions
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale securities, amortized cost	1,068,290	1,073,264
Available-for-sale securities, unrealized gains	8,788	20,451
Available-for-sale securities, unrealized losses	(25,149)	(21,610)
Available for sale, at fair value	1,051,929	1,072,105
Mortgage-backed securities and collateralized mortgage obligations
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale securities, amortized cost	6,551,596	6,638,439
Available-for-sale securities, unrealized gains	2,386	28,558
Available-for-sale securities, unrealized losses	(456,759)	(387,624)
Available for sale, at fair value	6,097,223	6,279,373
Investment securities held to maturity	2,247	2,300
Held-to-maturity securities, unrealized gains	692	725
Held-to-maturity securities, unrealized losses	0	0
Held-to-maturity securities, fair value	$ 2,939	$ 3,025

XML

Investment Securities (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($) branches	Dec. 31, 2023 USD ($) branches
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | branches	1,085	600
Debt Securities
Marketable Securities [Line Items]
Interest Receivable | $	$ 33.1	$ 34.1

XML

Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 4,495,441	$ 1,292,794
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(57,341)	(12,009)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,755,606	2,809,244
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(510,546)	(476,099)
Debt Securities, Available-for-sale, Unrealized Loss Position	7,251,047	4,102,038
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(567,887)	(488,108)
U.S. Treasury and agencies
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	338,230	99,898
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(3,305)	(1,074)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	816,265	822,245
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(82,674)	(77,800)
Debt Securities, Available-for-sale, Unrealized Loss Position	1,154,495	922,143
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(85,979)	(78,874)
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	297,204	103,256
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,464)	(580)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	182,355	169,231
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(22,685)	(21,030)
Debt Securities, Available-for-sale, Unrealized Loss Position	479,559	272,487
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(25,149)	(21,610)
Mortgage-backed securities and collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3,860,007	1,089,640
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(51,572)	(10,355)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,756,986	1,817,768
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(405,187)	(377,269)
Debt Securities, Available-for-sale, Unrealized Loss Position	5,616,993	2,907,408
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (456,759)	$ (387,624)

XML

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale securities, due within one year, amortized cost	$ 141,688
Available-for-sale securities, after one year through five years, amortized cost	2,259,829
Available-for-sale securities, after five years through ten years, amortized cost	2,187,571
Available-for-sale securities, after ten years, amortized cost	4,583,038
Available-for-sale securities, amortized cost	9,172,126	$ 9,262,777
Available-for-sale securities, due within one year, fair value	139,856
Available-for-sale securities, after one year through five years, fair value	2,213,929
Available-for-sale securities, after five years through ten years, fair value	2,103,386
Available-for-sale securities, after ten years, fair value	4,159,374
Debt Securities, Available-for-sale	8,616,545	8,829,870
Held-to-maturity securities, due within one year, amortized cost	0
Held-to-maturity securities, after one year through five years, amortized cost	2
Held-to-maturity securities, after five years through ten years, amortized cost	3
Held-to-maturity securities, after ten years, amortized cost	2,242
Investment securities held to maturity	2,247	2,300
Held-to-maturity securities, due within one year, fair value	0
Held-to-maturity securities, after one year through five years, fair value	2
Held-to-maturity securities, after five years through ten years, fair value	64
Held-to-maturity securities, after ten years, fair value	2,873
Held-to-maturity securities, fair value	$ 2,939	$ 3,025

XML

Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
To state and local government to secure public deposits, amortized cost	$ 1,800,912
To secure repurchased agreements, amortized cost	326,111
Other securities pledged, amortized cost	3,407,623
Total pledged securities, amortized cost	5,534,646
To state and local governments to secure public deposits, fair value	1,638,230
To secure repurchase agreements, fair value	297,673
Other securities pledged, fair value	3,139,037
Total pledged securities, fair value	$ 5,074,940

XML

Loans and Leases (Schedule Of Major Types Of Loans And Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Non-owner occupied term, net	$ 6,557,768	$ 6,482,940
Owner occupied term, net	5,231,676	5,195,605
Multifamily, net	5,828,960	5,704,734
Construction & development, net	1,728,652	1,747,302
Residential development, net	284,117	323,899
Term, net	5,544,450	5,536,765
Lines of credit & other, net	2,491,557	2,430,127
Leases & equipment finance, net	1,706,759	1,729,512
Mortgage, net	6,128,884	6,157,166
Home equity loans & lines, net	1,950,421	1,938,166
Consumer & other, net	189,169	195,735
Total loans and leases, net of deferred fees and costs	$ 37,642,413	$ 37,441,951

XML

Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans pledged to secure borrowings	$ 5,074,940
Loans and leases, deferred fees and costs	69,800		$ 71,800
Discounts on acquired loans	522,700		552,500
Interest income recognized on leases	4,900	$ 4,700
Receivables Acquired with Deteriorated Credit Quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	316,100		331,900
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss	288,800		300,200
Asset Pledged as Collateral
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans pledged to secure borrowings	$ 21,100,000
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Lease term	3 years
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Lease term	5 years
Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Receivable	$ 157,800		$ 154,900

XML

Allowance for Credit Losses (Narrative) (Details) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024 USD ($) risk_code	Mar. 31, 2023 USD ($)	Dec. 31, 2024	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Change in Modeled Expected Credit Losses due to Modification | $		$ 30,500
Length of time projected by model		10 years
Days Past Due on Leases and Equipment Finance		181 days
Interest Income on Non-Accrual Loans and Leases | $		$ 0	$ 0
Moody's Analytics' February 2024 S2
Financing Receivable, Allowance for Credit Loss [Line Items]
Probability economy performs better than scenario		75.00%
Probability economy performs worse than scenario		25.00%
Non homogeneous
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Threshold Period Past Due		90 days
Pass | Non homogeneous | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		1
Pass | Non homogeneous | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		9
Watch | Non homogeneous | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		10
Watch | Non homogeneous | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		11
Special mention | Non homogeneous
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		12
Substandard | Non homogeneous | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		13
Substandard | Non homogeneous | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		14
Doubtful | Non homogeneous
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		15
Loss | Non homogeneous
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		16
Loss | Non homogeneous | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Internal risk rating code (number)		16
Expected | Moody's Analytics' February 2024 baseline
Financing Receivable, Allowance for Credit Loss [Line Items]
Real GDP Growth					2.20%	2.00%	1.60%		2.30%
Unemployment Rate					4.00%	4.00%	4.10%		3.90%
Fed Funds Rate					2.90%	3.20%	4.00%		4.90%
Expected | Moody's Analytics' February 2024 S2
Financing Receivable, Allowance for Credit Loss [Line Items]
Real GDP Growth					2.70%	2.80%	0.80%		1.30%
Unemployment Rate					4.00%	4.10%	5.80%		5.70%
Fed Funds Rate					2.90%	2.10%	2.40%		4.60%
Expected | Maximum | Moody's Analytics' February 2024 S2
Financing Receivable, Allowance for Credit Loss [Line Items]
Unemployment Rate	6.50%
Change in Unemployment Rate								1.00%
Percent Decrease of Stock Market				22.00%

XML

Allowance for Credit Losses (Allowance for Credit Losses Methodology) (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023
Allowance for credit losses on loans and leases
Balance, beginning of period		$ 440,871	$ 301,135
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			26,492
(Recapture) provision for credit losses for loans and leases	$ 88,400	17,476	106,498
Charge-offs		(49,753)	(20,269)
Recoveries		5,750	3,608
Net recoveries (charge-offs)		(44,003)	(16,661)
Balance, end of period		414,344	417,464
Reserve for unfunded commitments
Balance, beginning of period		23,208	14,221
Off-Balance-Sheet, Credit Loss, Liability, acquired during the period			5,767
(Recapture) provision for credit losses on unfunded commitments		(340)	(959)
Balance, end of period		22,868	19,029
Total allowance for credit losses		437,212	436,493
Commercial real estate
Allowance for credit losses on loans and leases
Balance, beginning of period		125,888	77,813
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			8,736
(Recapture) provision for credit losses for loans and leases		20,191	24,483
Charge-offs		(161)	0
Recoveries		358	58
Net recoveries (charge-offs)		197	58
Balance, end of period		146,276	111,090
Reserve for unfunded commitments
Balance, beginning of period		11,170	7,207
Off-Balance-Sheet, Credit Loss, Liability, acquired during the period			2,257
(Recapture) provision for credit losses on unfunded commitments		1,858	(1,059)
Balance, end of period		13,028	8,405
Total allowance for credit losses		159,304	119,495
Commercial
Allowance for credit losses on loans and leases
Balance, beginning of period		244,821	167,135
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			17,204
(Recapture) provision for credit losses for loans and leases		436	70,997
Charge-offs		(47,232)	(19,248)
Recoveries		4,732	3,058
Net recoveries (charge-offs)		(42,500)	(16,190)
Balance, end of period		202,757	239,146
Reserve for unfunded commitments
Balance, beginning of period		7,841	3,049
Off-Balance-Sheet, Credit Loss, Liability, acquired during the period			3,066
(Recapture) provision for credit losses on unfunded commitments		(1,951)	266
Balance, end of period		5,890	6,381
Total allowance for credit losses		208,647	245,527
Residential
Allowance for credit losses on loans and leases
Balance, beginning of period		62,004	50,329
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			454
(Recapture) provision for credit losses for loans and leases		(3,674)	9,955
Charge-offs		(490)	(248)
Recoveries		170	123
Net recoveries (charge-offs)		(320)	(125)
Balance, end of period		58,010	60,613
Reserve for unfunded commitments
Balance, beginning of period		2,940	3,196
Off-Balance-Sheet, Credit Loss, Liability, acquired during the period			268
(Recapture) provision for credit losses on unfunded commitments		(183)	(144)
Balance, end of period		2,757	3,320
Total allowance for credit losses		60,767	63,933
Consumer Portfolio Segment [Member]
Allowance for credit losses on loans and leases
Balance, beginning of period		8,158	5,858
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date			98
(Recapture) provision for credit losses for loans and leases		523	1,063
Charge-offs		(1,870)	(773)
Recoveries		490	369
Net recoveries (charge-offs)		(1,380)	(404)
Balance, end of period		7,301	6,615
Reserve for unfunded commitments
Balance, beginning of period		1,257	769
Off-Balance-Sheet, Credit Loss, Liability, acquired during the period			176
(Recapture) provision for credit losses on unfunded commitments		(64)	(22)
Balance, end of period		1,193	923
Total allowance for credit losses		$ 8,494	$ 7,538

XML

Allowance for Credit Losses (Non-Accrual Loans and Leases and Loans and Leases Past Due) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	$ 37,642,413	$ 37,441,951
Non-Accrual	98,696	74,371
Financing Receivable, Nonaccrual, No Allowance	4,666	4,901
Loans Insured or Guaranteed by US Government Authorities [Member]
Financing Receivable, Past Due [Line Items]
Non-Accrual	31,300	19,300
Greater than 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	94,500	40,014
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	15,173	45,221
90 Days or More and Accruing (2)
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	44,902	39,542
90 Days or More and Accruing (2) | Loans Insured or Guaranteed by US Government Authorities [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	11,700	12,300
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	154,575	124,777
Current and Other
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	37,389,142	37,242,803
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	19,631,173	19,454,480
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	6,557,768	6,482,940
Non-Accrual	5,382	4,359
Financing Receivable, Nonaccrual, No Allowance	37	52
Commercial real estate | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,231,676	5,195,605
Non-Accrual	34,354	24,330
Financing Receivable, Nonaccrual, No Allowance	1,492	1,352
Commercial real estate | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,828,960	5,704,734
Non-Accrual	0	0
Commercial real estate | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,728,652	1,747,302
Non-Accrual	0	0
Commercial real estate | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	284,117	323,899
Non-Accrual	0	0
Commercial real estate | Greater than 30 to 59 Days Past Due | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,237	1,270
Commercial real estate | Greater than 30 to 59 Days Past Due | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,275	3,078
Commercial real estate | Greater than 30 to 59 Days Past Due | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Greater than 30 to 59 Days Past Due | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Greater than 30 to 59 Days Past Due | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 60 to 89 Days Past Due | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	517	3,312
Commercial real estate | 60 to 89 Days Past Due | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	245	2,191
Commercial real estate | 60 to 89 Days Past Due | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 60 to 89 Days Past Due | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 60 to 89 Days Past Due | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 90 Days or More and Accruing (2) | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	253	437
Commercial real estate | 90 Days or More and Accruing (2) | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	433
Commercial real estate | 90 Days or More and Accruing (2) | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 90 Days or More and Accruing (2) | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | 90 Days or More and Accruing (2) | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Total Past Due | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	3,007	5,019
Commercial real estate | Total Past Due | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,520	5,702
Commercial real estate | Total Past Due | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Total Past Due | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Total Past Due | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	0
Commercial real estate | Current and Other | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	6,549,379	6,473,562
Commercial real estate | Current and Other | Owner occupied term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,194,802	5,165,573
Commercial real estate | Current and Other | Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,828,960	5,704,734
Commercial real estate | Current and Other | Construction & development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,728,652	1,747,302
Commercial real estate | Current and Other | Residential development, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	284,117	323,899
Commercial
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	9,742,766	9,696,404
Commercial | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,544,450	5,536,765
Non-Accrual	26,032	14,519
Financing Receivable, Nonaccrual, No Allowance	3,137	3,497
Commercial | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,491,557	2,430,127
Non-Accrual	2,335	2,760
Commercial | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,706,759	1,729,512
Non-Accrual	30,593	28,403
Commercial | Greater than 30 to 59 Days Past Due | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	4,946	6,341
Commercial | Greater than 30 to 59 Days Past Due | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	37,219	1,647
Commercial | Greater than 30 to 59 Days Past Due | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	26,837	22,217
Commercial | 60 to 89 Days Past Due | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,493	2,101
Commercial | 60 to 89 Days Past Due | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,736	1,137
Commercial | 60 to 89 Days Past Due | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	8,551	24,178
Commercial | 90 Days or More and Accruing (2) | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	832	202
Commercial | 90 Days or More and Accruing (2) | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,966	66
Commercial | 90 Days or More and Accruing (2) | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	7,935	7,965
Commercial | Total Past Due | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	7,271	8,644
Commercial | Total Past Due | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	40,921	2,850
Commercial | Total Past Due | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	43,323	54,360
Commercial | Current and Other | Term, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,511,147	5,513,602
Commercial | Current and Other | Lines of credit & other, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,448,301	2,424,517
Commercial | Current and Other | Leases & equipment finance, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,632,843	1,646,749
Residential
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	8,079,305	8,095,332
Residential | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	6,128,884	6,157,166
Non-Accrual	0	0
Residential | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,950,421	1,938,166
Non-Accrual	0	0
Residential | Greater than 30 to 59 Days Past Due | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	14,452	282
Residential | Greater than 30 to 59 Days Past Due | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	5,746	4,401
Residential | 60 to 89 Days Past Due | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	0	9,410
Residential | 60 to 89 Days Past Due | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	2,411	2,373
Residential | 90 Days or More and Accruing (2) | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	30,040	26,331
Residential | 90 Days or More and Accruing (2) | Mortgage, net | GNMA Loans
Financing Receivable, Past Due [Line Items]
GNMA Loans past due by 90 days, but not yet repurchased	1,600	1,000
Residential | 90 Days or More and Accruing (2) | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	3,439	3,782
Residential | Total Past Due | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	44,492	36,023
Residential | Total Past Due | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	11,596	10,556
Residential | Current and Other | Mortgage, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	6,084,392	6,121,143
Residential | Current and Other | Home equity loans & lines, net
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,938,825	1,927,610
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	189,169	195,735
Non-Accrual	0	0
Consumer Portfolio Segment [Member] | Greater than 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	788	778
Consumer Portfolio Segment [Member] | 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	220	519
Consumer Portfolio Segment [Member] | 90 Days or More and Accruing (2)
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	437	326
Consumer Portfolio Segment [Member] | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	1,445	1,623
Consumer Portfolio Segment [Member] | Current and Other
Financing Receivable, Past Due [Line Items]
Total Loans and Leases	$ 187,724	$ 194,112

XML

Allowance for Credit Losses (Collateral Dependent Loans and Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 37,642,413	$ 37,441,951
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	19,631,173	19,454,480
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	6,557,768	6,482,940
Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	5,231,676	5,195,605
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	9,742,766	9,696,404
Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	5,544,450	5,536,765
Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,491,557	2,430,127
Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,706,759	1,729,512
Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	8,079,305	8,095,332
Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	6,128,884	6,157,166
Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,950,421	$ 1,938,166
Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	59,438
Residential Real Estate | Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Residential Real Estate | Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Residential Real Estate | Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Residential Real Estate | Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Residential Real Estate | Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Residential Real Estate | Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	56,920
Residential Real Estate | Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,518
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	38,453
Commercial Real Estate | Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	5,290
Commercial Real Estate | Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	31,710
Commercial Real Estate | Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Commercial Real Estate | Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,453
Commercial Real Estate | Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Commercial Real Estate | Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Commercial Real Estate | Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
General Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	47,795
General Business Assets | Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
General Business Assets | Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
General Business Assets | Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	16,952
General Business Assets | Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	250
General Business Assets | Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	30,593
General Business Assets | Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
General Business Assets | Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,265
Other | Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other | Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other | Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,265
Other | Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other | Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other | Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Other | Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Total
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	149,951
Total | Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	5,290
Total | Commercial real estate | Owner occupied term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	31,710
Total | Commercial | Term, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	21,217
Total | Commercial | Lines of credit & other, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,703
Total | Commercial | Leases & equipment finance, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	30,593
Total | Residential | Mortgage, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	56,920
Total | Residential | Home equity loans & lines, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 2,518

XML

Allowance for Credit Losses (Schedule Of Financial Difficulty and Modification) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 34,902	$ 12,916
% of total class of financing receivable	0.09%	0.03%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 678
Financing Receivable, Modified, Subsequent Default		$ 0
Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	34,126
Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	98
60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	8,970	1,355
Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	25,932	429
Combination - Interest Rate Reduction and Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		207
Combination - Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		1,938
Combination - Principal forgiveness and other than insignificant payment delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		8,987
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 17,630
% of total class of financing receivable	0.27%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 0
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member] | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	17,630
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member] | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member] | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member] | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Owner occupied term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 534
% of total class of financing receivable	0.01%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 534
Commercial real estate | Owner occupied term, net | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Owner occupied term, net | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Owner occupied term, net | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Owner occupied term, net | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Term Extension | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Term Extension | Owner occupied term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial real estate | Payment Deferral | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	17,630
Financing Receivable, Modified, Increase (Decrease) from Modification	4,000
Commercial real estate | Payment Deferral | Owner occupied term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	534
Financing Receivable, Modified, Increase (Decrease) from Modification	51
Commercial | Term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 478
% of total class of financing receivable	0.01%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 0
Commercial | Term, net | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	478
Commercial | Term, net | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Term, net | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Term, net | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 6,839	$ 1,355
% of total class of financing receivable	0.27%	0.06%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 144
Commercial | Lines of credit & other, net | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	6,695
Commercial | Lines of credit & other, net | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Lines of credit & other, net | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Lines of credit & other, net | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 785	$ 429
% of total class of financing receivable	0.05%	0.02%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 0
Commercial | Leases & equipment finance, net | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	687
Commercial | Leases & equipment finance, net | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	98
Commercial | Leases & equipment finance, net | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Leases & equipment finance, net | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Commercial | Term Extension | Term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 478
Financing receivable, modified, weighted average term increase from modification	3 months
Commercial | Term Extension | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 6,695	$ 1,355
Financing receivable, modified, weighted average term increase from modification	6 months	10 months
Commercial | Term Extension | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 785	$ 0
Financing receivable, modified, weighted average term increase from modification	7 months
Commercial | Payment Deferral | Term, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 0
Commercial | Payment Deferral | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	144	0
Commercial | Payment Deferral | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0	$ 429
Financing receivable, modified, weighted average term increase from modification		9 months
Commercial | Combination - Interest Rate Reduction and Term Extension | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 0
Commercial | Combination - Interest Rate Reduction and Term Extension | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Commercial | Combination - Term Extension and Principal Forgiveness | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Commercial | Combination - Term Extension and Principal Forgiveness | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Commercial | Combination - Principal forgiveness and other than insignificant payment delay | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Commercial | Combination - Principal forgiveness and other than insignificant payment delay | Leases & equipment finance, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Residential | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 8,636	$ 10,925
% of total class of financing receivable	0.14%	0.18%
Financing Receivable, Modified in Period, Nonaccrual, Amount	$ 0
Residential | Mortgage, net | Current and Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	8,636
Residential | Mortgage, net | Greater than 30 to 59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Residential | Mortgage, net | 60 to 89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Residential | Mortgage, net | 90 Days or More and Accruing (2)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	0
Residential | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 207
% of total class of financing receivable		0.01%
Residential | Term Extension | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	$ 1,012	$ 0
Financing receivable, modified, weighted average term increase from modification	13 years 6 months	13 years 3 months 18 days
Residential | Term Extension | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 0
Residential | Payment Deferral | Lines of credit & other, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified, Increase (Decrease) from Modification	$ 63
Residential | Payment Deferral | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs	7,624	0
Financing Receivable, Modified, Increase (Decrease) from Modification	$ 534	499
Residential | Payment Deferral | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Residential | Combination - Interest Rate Reduction and Term Extension | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Residential | Combination - Interest Rate Reduction and Term Extension | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 207
Financing receivable, modified, weighted average term increase from modification		7 years 1 month 6 days
Financing receivable, modified, weighted average interest rate decrease from modification		3.24%
Residential | Combination - Term Extension and Principal Forgiveness | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 1,938
Residential | Combination - Term Extension and Principal Forgiveness | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		0
Residential | Combination - Principal forgiveness and other than insignificant payment delay | Mortgage, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		8,987
Residential | Combination - Principal forgiveness and other than insignificant payment delay | Home equity loans & lines, net
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total troubled debt restructurings, net of deferred fees and costs		$ 0

XML

Allowance for Credit Losses (Internal Risk Rating By Loan Class) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 605,197	$ 3,747,171
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,792,619	8,958,366
Financing Receivable, Originated Two Years before Latest Fiscal Year	8,891,193	8,055,492
Financing Receivable, Originated Three Years before Latest Fiscal Year	7,942,177	2,712,461
Financing Receivable, Originated Four Years before Latest Fiscal Year	2,677,887	2,838,682
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	8,088,391	5,504,993
Financing Receivable, Revolving	5,609,245	5,504,255
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	35,704	120,531
Financing Receivable, before Allowance for Credit Loss, Total	37,642,413	37,441,951
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	244,005	1,763,678
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,837,716	5,176,047
Financing Receivable, Originated Two Years before Latest Fiscal Year	5,226,986	4,426,895
Financing Receivable, Originated Three Years before Latest Fiscal Year	4,403,311	1,675,601
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,648,885	2,022,584
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	5,928,118	4,072,737
Financing Receivable, Revolving	332,349	310,789
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	9,803	6,149
Financing Receivable, before Allowance for Credit Loss, Total	19,631,173	19,454,480
Commercial real estate | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	64,408	614,639
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	623,728	1,308,209
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,323,157	1,185,963
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,185,248	617,448
Financing Receivable, Originated Four Years before Latest Fiscal Year	662,611	802,515
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,646,780	1,912,972
Financing Receivable, Revolving	51,836	41,194
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	6,557,768	6,482,940
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	70	0
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	70	0
Commercial real estate | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	129,268	538,091
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	527,850	1,082,008
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,095,762	1,026,586
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,011,358	471,193
Financing Receivable, Originated Four Years before Latest Fiscal Year	462,251	606,739
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,932,459	1,401,993
Financing Receivable, Revolving	72,672	68,995
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	56	0
Financing Receivable, before Allowance for Credit Loss, Total	5,231,676	5,195,605
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	16
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	91	787
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	91	803
Commercial real estate | Multifamily [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	12,410	272,084
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	278,014	1,982,075
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,006,317	1,661,770
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,741,050	400,280
Financing Receivable, Originated Four Years before Latest Fiscal Year	414,205	591,340
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,321,517	745,705
Financing Receivable, Revolving	55,219	51,480
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	228	0
Financing Receivable, before Allowance for Credit Loss, Total	5,828,960	5,704,734
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	0	0
Commercial real estate | Construction & development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	26,736	248,623
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	319,263	717,677
Financing Receivable, Originated Two Years before Latest Fiscal Year	758,303	530,305
Financing Receivable, Originated Three Years before Latest Fiscal Year	450,708	186,680
Financing Receivable, Originated Four Years before Latest Fiscal Year	109,752	21,990
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	26,211	10,738
Financing Receivable, Revolving	37,679	31,289
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	1,728,652	1,747,302
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	0	0
Commercial real estate | Residential development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	11,183	90,241
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	88,861	86,078
Financing Receivable, Originated Two Years before Latest Fiscal Year	43,447	22,271
Financing Receivable, Originated Three Years before Latest Fiscal Year	14,947	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	66	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,151	1,329
Financing Receivable, Revolving	114,943	117,831
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	9,519	6,149
Financing Receivable, before Allowance for Credit Loss, Total	284,117	323,899
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	0	0
Commercial real estate | Pass/Watch | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	46,778	582,178
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	593,569	1,307,143
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,319,246	1,182,485
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,181,377	615,021
Financing Receivable, Originated Four Years before Latest Fiscal Year	661,282	764,821
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,554,339	1,832,231
Financing Receivable, Revolving	51,836	41,194
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	6,408,427	6,325,073
Commercial real estate | Pass/Watch | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	128,470	532,482
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	520,659	1,067,388
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,080,381	972,130
Financing Receivable, Originated Three Years before Latest Fiscal Year	955,675	448,569
Financing Receivable, Originated Four Years before Latest Fiscal Year	438,732	581,616
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,857,268	1,351,172
Financing Receivable, Revolving	70,743	67,063
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	56	0
Financing Receivable, before Allowance for Credit Loss, Total	5,051,984	5,020,420
Commercial real estate | Pass/Watch | Multifamily [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	12,410	272,084
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	278,014	1,982,075
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,006,317	1,660,492
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,739,778	400,280
Financing Receivable, Originated Four Years before Latest Fiscal Year	413,265	590,379
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,311,940	745,705
Financing Receivable, Revolving	55,219	51,480
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	228	0
Financing Receivable, before Allowance for Credit Loss, Total	5,817,171	5,702,495
Commercial real estate | Pass/Watch | Construction & development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	26,736	248,623
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	319,263	716,207
Financing Receivable, Originated Two Years before Latest Fiscal Year	756,839	530,305
Financing Receivable, Originated Three Years before Latest Fiscal Year	442,504	186,680
Financing Receivable, Originated Four Years before Latest Fiscal Year	109,752	21,990
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	26,211	10,738
Financing Receivable, Revolving	37,679	31,289
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	1,718,984	1,745,832
Commercial real estate | Pass/Watch | Residential development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	11,183	90,241
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	88,861	86,078
Financing Receivable, Originated Two Years before Latest Fiscal Year	43,447	22,271
Financing Receivable, Originated Three Years before Latest Fiscal Year	14,947	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	66	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,151	1,329
Financing Receivable, Revolving	114,943	116,490
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	9,519	6,149
Financing Receivable, before Allowance for Credit Loss, Total	284,117	322,558
Commercial real estate | Special mention | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	317
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,684	3,478
Financing Receivable, Originated Three Years before Latest Fiscal Year	3,810	1,337
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,329	2,480
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	23,789	16,352
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	30,612	23,964
Commercial real estate | Special mention | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	264	1,575
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,308	5,950
Financing Receivable, Originated Two Years before Latest Fiscal Year	5,834	6,175
Financing Receivable, Originated Three Years before Latest Fiscal Year	7,600	4,945
Financing Receivable, Originated Four Years before Latest Fiscal Year	5,776	14,610
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	32,124	15,513
Financing Receivable, Revolving	1,929	1,932
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	54,835	50,700
Commercial real estate | Special mention | Multifamily [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	1,278
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,272	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	940	961
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	6,429	0
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	8,641	2,239
Commercial real estate | Special mention | Construction & development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	1,470
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,464	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	8,204	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	9,668	1,470
Commercial real estate | Special mention | Residential development, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year		0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year		0
Financing Receivable, Originated Two Years before Latest Fiscal Year		0
Financing Receivable, Originated Three Years before Latest Fiscal Year		0
Financing Receivable, Originated Four Years before Latest Fiscal Year		0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year		0
Financing Receivable, Revolving		1,341
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost		0
Financing Receivable, before Allowance for Credit Loss, Total		1,341
Commercial real estate | Substandard | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	17,630	32,461
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	30,159	749
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,227	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	61	1,090
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	35,214
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	68,636	64,304
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	118,713	133,818
Commercial real estate | Substandard | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	534	4,034
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	5,883	7,707
Financing Receivable, Originated Two Years before Latest Fiscal Year	8,584	48,281
Financing Receivable, Originated Three Years before Latest Fiscal Year	47,894	17,275
Financing Receivable, Originated Four Years before Latest Fiscal Year	17,339	10,513
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	43,038	35,216
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	123,272	123,026
Commercial real estate | Substandard | Multifamily [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	3,148
Financing Receivable, Revolving	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0
Financing Receivable, before Allowance for Credit Loss, Total	3,148
Commercial real estate | Doubtful | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	189	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	29	90
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	218	90
Commercial real estate | Loss | Commercial Real Estate, Non-owner Occupied Term [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	16	85
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	16	85
Commercial real estate | Loss | Owner occupied term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	963
Financing Receivable, Originated Two Years before Latest Fiscal Year	963	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	404
Financing Receivable, Originated Four Years before Latest Fiscal Year	404	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	2
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	1,367	1,369
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	338,098	1,718,460
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,670,410	1,914,454
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,794,931	1,259,451
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,200,751	508,328
Financing Receivable, Originated Four Years before Latest Fiscal Year	506,607	365,168
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	939,214	640,308
Financing Receivable, Revolving	3,273,535	3,196,423
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	19,220	93,812
Financing Receivable, before Allowance for Credit Loss, Total	9,742,766	9,696,404
Commercial | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	142,781	861,823
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	856,676	1,246,020
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,211,526	977,414
Financing Receivable, Originated Three Years before Latest Fiscal Year	959,611	396,356
Financing Receivable, Originated Four Years before Latest Fiscal Year	413,506	282,947
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	828,253	588,163
Financing Receivable, Revolving	1,130,911	1,129,029
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	1,186	55,013
Financing Receivable, before Allowance for Credit Loss, Total	5,544,450	5,536,765
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	3,000
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	1,418
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	185	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	30	415
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	143	389
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	527	886
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	820	44
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	808
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	1,705	6,960
Commercial | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	12,504	113,643
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	144,278	111,280
Financing Receivable, Originated Two Years before Latest Fiscal Year	85,345	59,035
Financing Receivable, Originated Three Years before Latest Fiscal Year	49,770	12,266
Financing Receivable, Originated Four Years before Latest Fiscal Year	12,614	10,928
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	26,388	16,782
Financing Receivable, Revolving	2,142,624	2,067,394
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	18,034	38,799
Financing Receivable, before Allowance for Credit Loss, Total	2,491,557	2,430,127
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	30
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	85	168
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	163	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	47
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	4	144
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	140	45
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	17,399	1,058
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	574	1,809
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	18,365	3,301
Commercial | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	182,813	742,994
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	669,456	557,154
Financing Receivable, Originated Two Years before Latest Fiscal Year	498,060	223,002
Financing Receivable, Originated Three Years before Latest Fiscal Year	191,370	99,706
Financing Receivable, Originated Four Years before Latest Fiscal Year	80,487	71,293
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	84,573	35,363
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	1,706,759	1,729,512
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	2,324
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	3,780	47,116
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	14,362	31,569
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	5,938	9,111
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	1,865	6,394
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	1,217	3,087
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	27,162	99,601
Commercial | Pass/Watch | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	142,479	835,662
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	850,557	1,215,539
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,179,718	933,970
Financing Receivable, Originated Three Years before Latest Fiscal Year	917,082	391,735
Financing Receivable, Originated Four Years before Latest Fiscal Year	406,535	271,974
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	792,210	560,595
Financing Receivable, Revolving	1,121,858	1,097,630
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	1,186	50,874
Financing Receivable, before Allowance for Credit Loss, Total	5,411,625	5,357,979
Commercial | Pass/Watch | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	11,658	105,360
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	100,991	105,791
Financing Receivable, Originated Two Years before Latest Fiscal Year	80,012	58,441
Financing Receivable, Originated Three Years before Latest Fiscal Year	49,341	12,266
Financing Receivable, Originated Four Years before Latest Fiscal Year	12,614	10,927
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	25,815	16,108
Financing Receivable, Revolving	2,012,335	1,922,115
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	12,559	5,676
Financing Receivable, before Allowance for Credit Loss, Total	2,305,325	2,236,684
Commercial | Pass/Watch | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	181,850	682,866
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	606,855	501,867
Financing Receivable, Originated Two Years before Latest Fiscal Year	446,654	200,499
Financing Receivable, Originated Three Years before Latest Fiscal Year	171,616	92,402
Financing Receivable, Originated Four Years before Latest Fiscal Year	75,045	61,065
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	80,587	33,908
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	1,562,607	1,572,607
Commercial | Special mention | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	302	23,250
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	14,875
Financing Receivable, Originated Two Years before Latest Fiscal Year	12,795	29,128
Financing Receivable, Originated Three Years before Latest Fiscal Year	8,811	109
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,193	3,340
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	20,323	16,476
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	43,424	87,178
Commercial | Special mention | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	476
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	712	635
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,489	394
Financing Receivable, Originated Three Years before Latest Fiscal Year	397	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	91	80
Financing Receivable, Revolving	33,055	61,927
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	732	403
Financing Receivable, before Allowance for Credit Loss, Total	36,476	63,915
Commercial | Special mention | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	111	46,806
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	47,131	15,962
Financing Receivable, Originated Two Years before Latest Fiscal Year	16,026	6,182
Financing Receivable, Originated Three Years before Latest Fiscal Year	5,717	1,688
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,581	7,224
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	981	77
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	71,547	77,939
Commercial | Substandard | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	2,911
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,119	13,862
Financing Receivable, Originated Two Years before Latest Fiscal Year	18,959	13,981
Financing Receivable, Originated Three Years before Latest Fiscal Year	28,547	3,068
Financing Receivable, Originated Four Years before Latest Fiscal Year	3,505	7,385
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	12,979	7,859
Financing Receivable, Revolving	9,053	31,399
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	4,139
Financing Receivable, before Allowance for Credit Loss, Total	79,162	84,604
Commercial | Substandard | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	846	7,807
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	42,575	4,161
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,653	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	32	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	481	593
Financing Receivable, Revolving	97,234	83,304
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	4,743	32,509
Financing Receivable, before Allowance for Credit Loss, Total	149,564	128,374
Commercial | Substandard | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	832	7,094
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	4,399	15,274
Financing Receivable, Originated Two Years before Latest Fiscal Year	10,865	6,704
Financing Receivable, Originated Three Years before Latest Fiscal Year	4,483	2,163
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,243	1,246
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,535	1,161
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	23,357	33,642
Commercial | Doubtful | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	1,329
Financing Receivable, Originated Two Years before Latest Fiscal Year	54	335
Financing Receivable, Originated Three Years before Latest Fiscal Year	4,836	796
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,625	197
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	729	699
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	7,244	3,356
Commercial | Doubtful | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year		0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year		0
Financing Receivable, Originated Two Years before Latest Fiscal Year		0
Financing Receivable, Originated Three Years before Latest Fiscal Year		0
Financing Receivable, Originated Four Years before Latest Fiscal Year		0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year		0
Financing Receivable, Revolving		48
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost		211
Financing Receivable, before Allowance for Credit Loss, Total		259
Commercial | Doubtful | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	20	5,833
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	10,174	22,566
Financing Receivable, Originated Two Years before Latest Fiscal Year	22,743	9,036
Financing Receivable, Originated Three Years before Latest Fiscal Year	9,057	3,161
Financing Receivable, Originated Four Years before Latest Fiscal Year	2,490	1,700
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,372	208
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	45,856	42,504
Commercial | Loss | Term, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	415
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	335	648
Financing Receivable, Originated Four Years before Latest Fiscal Year	648	51
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,012	2,534
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	2,995	3,648
Commercial | Loss | Lines of credit & other, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	693
Financing Receivable, Originated Two Years before Latest Fiscal Year	191	200
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1	1
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	192	895
Commercial | Loss | Leases & equipment finance, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	395
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	897	1,485
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,772	581
Financing Receivable, Originated Three Years before Latest Fiscal Year	497	292
Financing Receivable, Originated Four Years before Latest Fiscal Year	128	58
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	98	9
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	3,392	2,820
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	6,703	224,918
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	259,934	1,852,894
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,855,744	2,362,009
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,331,652	523,566
Financing Receivable, Originated Four Years before Latest Fiscal Year	517,929	447,434
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,213,308	786,796
Financing Receivable, Revolving	1,887,690	1,877,886
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	6,345	19,829
Financing Receivable, before Allowance for Credit Loss, Total	8,079,305	8,095,332
Residential | Mortgage, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	6,689	224,342
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	259,010	1,851,652
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,852,644	2,360,953
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,329,700	523,466
Financing Receivable, Originated Four Years before Latest Fiscal Year	517,183	446,287
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,163,658	750,466
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	6,128,884	6,157,166
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	368	6
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	368	6
Residential | Home equity loans & lines, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	14	576
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	924	1,242
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,100	1,056
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,952	100
Financing Receivable, Originated Four Years before Latest Fiscal Year	746	1,147
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	49,650	36,330
Financing Receivable, Revolving	1,887,690	1,877,886
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	6,345	19,829
Financing Receivable, before Allowance for Credit Loss, Total	1,950,421	1,938,166
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	0	0
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	0	12
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	0	29
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	0
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	49	52
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	73	448
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	122	541
Residential | Pass/Watch | Mortgage, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	6,689	221,207
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	254,228	1,845,395
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,845,613	2,355,420
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,317,192	521,177
Financing Receivable, Originated Four Years before Latest Fiscal Year	515,012	443,152
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,147,222	735,801
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	6,085,956	6,122,152
Residential | Pass/Watch | Home equity loans & lines, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	14	562
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	896	1,242
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,647	1,056
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,749	100
Financing Receivable, Originated Four Years before Latest Fiscal Year	645	896
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	47,880	35,677
Financing Receivable, Revolving	1,879,151	1,870,270
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	5,842	17,807
Financing Receivable, before Allowance for Credit Loss, Total	1,938,824	1,927,610
Residential | Special mention | Mortgage, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	1,125
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,657	916
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,270	1,737
Financing Receivable, Originated Three Years before Latest Fiscal Year	5,024	651
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,050	1,156
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	5,451	4,109
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	14,452	9,694
Residential | Special mention | Home equity loans & lines, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	28	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	253	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	28	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	114
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	964	378
Financing Receivable, Revolving	6,845	5,052
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	38	1,230
Financing Receivable, before Allowance for Credit Loss, Total	8,156	6,774
Residential | Substandard | Mortgage, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	1,851
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,094	2,617
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,958	2,826
Financing Receivable, Originated Three Years before Latest Fiscal Year	3,604	787
Financing Receivable, Originated Four Years before Latest Fiscal Year	987	1,759
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	9,201	8,746
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	18,844	18,586
Residential | Substandard | Home equity loans & lines, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	175	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	137
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	376	190
Financing Receivable, Revolving	475	1,278
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	71	174
Financing Receivable, before Allowance for Credit Loss, Total	1,097	1,779
Residential | Loss | Mortgage, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	159
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,031	2,724
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,803	970
Financing Receivable, Originated Three Years before Latest Fiscal Year	3,880	851
Financing Receivable, Originated Four Years before Latest Fiscal Year	134	220
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,784	1,810
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	9,632	6,734
Residential | Loss | Home equity loans & lines, net
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	14
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	200	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	101	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	430	85
Financing Receivable, Revolving	1,219	1,286
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	394	618
Financing Receivable, before Allowance for Credit Loss, Total	2,344	2,003
Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	16,391	40,115
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	24,559	14,971
Financing Receivable, Originated Two Years before Latest Fiscal Year	13,532	7,137
Financing Receivable, Originated Three Years before Latest Fiscal Year	6,463	4,966
Financing Receivable, Originated Four Years before Latest Fiscal Year	4,466	3,496
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7,751	5,152
Financing Receivable, Revolving	115,671	119,157
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	336	741
Financing Receivable, before Allowance for Credit Loss, Total	189,169	195,735
Financing receivable, excluding accrued interest, Year One, Originated, Current Fiscal Year, Write-off	0	3,313
Financing receivable, excluding accrued interest, Year Two, Originated, Current Fiscal Year Two, Write-off	922	132
Financing receivable, excluding accrued interest, Year Three, Originated, Current Fiscal Year, Write-off	52	23
Financing receivable, excluding accrued interest, Year Four, Originated, Current Fiscal Year, Write-off	5	20
Financing receivable, excluding accrued interest, Year Five, Originated, Current Fiscal Year, Write-off	0	29
Financing receivable, excluding accrued interest, Originated, More than Five Years before Current Fiscal Year, Write-off	76	288
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff	619	1,485
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff	196	472
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	1,870	5,762
Consumer Portfolio Segment [Member] | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	16,391	39,977
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	24,413	14,919
Financing Receivable, Originated Two Years before Latest Fiscal Year	13,490	7,132
Financing Receivable, Originated Three Years before Latest Fiscal Year	6,444	4,953
Financing Receivable, Originated Four Years before Latest Fiscal Year	4,458	3,441
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7,490	5,022
Financing Receivable, Revolving	114,815	118,125
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	221	543
Financing Receivable, before Allowance for Credit Loss, Total	187,722	194,112
Consumer Portfolio Segment [Member] | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	138
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	133	52
Financing Receivable, Originated Two Years before Latest Fiscal Year	4	5
Financing Receivable, Originated Three Years before Latest Fiscal Year	19	13
Financing Receivable, Originated Four Years before Latest Fiscal Year	8	52
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	147	122
Financing Receivable, Revolving	613	779
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	85	135
Financing Receivable, before Allowance for Credit Loss, Total	1,009	1,296
Consumer Portfolio Segment [Member] | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	13	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	38	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	3
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	107	1
Financing Receivable, Revolving	240	251
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	30	63
Financing Receivable, before Allowance for Credit Loss, Total	428	318
Consumer Portfolio Segment [Member] | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7	7
Financing Receivable, Revolving	3	2
Financing Receivable, Revolving to Non-Revolving Loans Amortized Cost	0	0
Financing Receivable, before Allowance for Credit Loss, Total	$ 10	$ 9

XML

Intangible Assets, Goodwill and Other (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,029,234,000		$ 1,029,234,000
Finite-Lived Intangible Asset, Useful Life	10 years
Goodwill and Intangible Asset Impairment	$ 0
Intangible amortization	$ (32,091,000)	$ (12,660,000)

XML

Intangible Assets, Goodwill and Other (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 764,791	$ 764,791
Finite-Lived Intangible Assets, Accumulated Amortization	193,203	161,112
Finite-Lived Intangible Assets, Net	$ 571,588	$ 603,679

XML

Intangible Assets, Goodwill and Other (Schedule of Other Intangible Assets Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 87,340
2025	105,458
2026	92,545
2027	79,632
2028	66,719
Thereafter	139,894
Total intangible assets	$ 571,588	$ 603,679

XML

Residential Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance, beginning of period	$ 109,243	$ 185,017
Additions for new MSR capitalized	1,237	1,601
Changes due to collection/realization of expected cash flows over time	(3,153)	(4,881)
Changes due to valuation inputs or assumptions	3,117	(2,937)
Balance, end of period	$ 110,444	$ 178,800

XML

Residential Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
Balance of loans serviced for others	$ 8,081,039	$ 8,175,664
MSR as a percentage of serviced loans	1.37%	1.34%

XML

Residential Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset	$ 6.0	$ 9.4

XML

Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Borrowings	$ 3,900,000	$ 3,950,000
Advance from Federal Home Loan Bank	2,400,000	3,800,000
FRB Bank Team Funding Program | Federal Reserve Bank Advances [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other Short-Term Borrowings	$ 1,600,000	$ 200,000
Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB Advances Fixed Interest Rates	5.25%
Maximum | FRB Bank Team Funding Program | Federal Reserve Bank Advances [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other short-term borrowings, interest rate	4.93%
Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB Advances Fixed Interest Rates	5.10%
Minimum | FRB Bank Team Funding Program | Federal Reserve Bank Advances [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other short-term borrowings, interest rate	4.76%

XML

Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Commitments and contingent liabilities
Commitments to extend credit
Loss Contingencies [Line Items]
Commitments and contingent liabilities	11,203,778
Forward sales commitments
Loss Contingencies [Line Items]
Commitments and contingent liabilities	68,244	39,500
Commitments to originate residential mortgage loans held for sale
Loss Contingencies [Line Items]
Commitments and contingent liabilities	40,745	$ 20,600
Standby letters of credit
Loss Contingencies [Line Items]
Commitments and contingent liabilities	$ 196,748

XML

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Financial guarantees in connection with standby letters of credit	$ 0.0	$ 0.0
Standby letters of credit expiring within one year	181.8
Standby letters of credit expiring thereafter	14.9
Loss Contingency Accrual	6.9
iCap Entities [Member]
Concentration Risk [Line Items]
Loss Contingency, Damages Sought, Value	250.0
Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. [Member]
Concentration Risk [Line Items]
Prior Bankruptcy Recoveries by Plaintiffs	110.0
Minimum | Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. [Member]
Concentration Risk [Line Items]
Loss Contingency, Damages Sought, Value	386.2
Maximum | Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. [Member]
Concentration Risk [Line Items]
Loss Contingency, Damages Sought, Value	$ 429.8
Product Concentration Risk | Revenue Benchmark | Real Estate Loans As Part Of Loan Portfolio
Concentration Risk [Line Items]
Concentration risk (as a percent)	75.00%		75.00%
Product Concentration Risk | Revenue Benchmark | Multifamily Loans as Part of Loan portfolio [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)	19.00%
Product Concentration Risk | Revenue Benchmark | Commercial Office Loans as Part of Loan portfolio [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)	8.00%

XML

Derivatives (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Counterparty default losses on forward contracts	$ 0	$ 0
Credit Derivatives [Line Items]
Commitments
Collateral required to be posted under agreements	85,600		88,300
Variation Margin Adjustment	200,300		166,300
Interest rate futures
Credit Derivatives [Line Items]
Derivative, notional amount	156,000		150,000
Mortgage-Backed Security
Credit Derivatives [Line Items]
Derivative, notional amount	17,000		36,000
Interest rate swaps
Credit Derivatives [Line Items]
Derivative, notional amount			4,700,000
Derivative Asset, Notional Amount	4,500,000
Derivative Liability, Notional Amount	4,700,000
Commitments To Originate Loans Held For Sale
Credit Derivatives [Line Items]
Commitments	40,745		20,600
Interest rate forward sales commitments
Credit Derivatives [Line Items]
Commitments	$ 68,244		$ 39,500

XML

Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 114,763	$ 38,085
Derivative Liability	312,489	261,091
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Asset Derivatives	16
Derivative Liability		137
Interest rate forward sales commitments
Derivatives, Fair Value [Line Items]
Asset Derivatives	74	9
Derivative Liability	188	535
Interest rate swaps
Derivatives, Fair Value [Line Items]
Asset Derivatives	114,347	33,874
Derivative Liability	310,985	260,064
Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	114,347
Derivative Liability	310,985
Interest rate contracts | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Asset Derivatives	16	0
Derivative Liability	$ 0	$ 137
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate contracts | Future
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 3,745
Derivative Liability	$ 1,134	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate contracts | Interest rate forward sales commitments
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 74	$ 9
Derivative Liability	$ 188	$ 535
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate contracts | Interest rate swaps
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 114,347	$ 33,874
Derivative Liability	$ 310,985	$ 260,064
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Foreign currency derivatives
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 326	$ 457
Derivative Liability	$ 182	$ 355
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

XML

Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ (2,833)	$ (1,761)
Asset Derivatives	114,763		$ 38,085
Derivative Liability	312,489		261,091
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Assets Gross Amounts Offsetting the Balance Sheets	0
Asset Derivatives	114,347
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset	9,623
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset	98,026
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral	6,698
Derivative Liability, Gross Amounts Offset in Balance Sheets	0
Derivative Liability	310,985
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset	9,623
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	0
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral	301,362
Interest rate contracts | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets, gross amounts of recognized assets	114,347
Derivative Liability, Subject to Master Netting Arrangement, before Offset	310,985
Foreign currency derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ 42	$ 30
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Asset Derivatives	$ 326		457
Derivative Liability	182		355
Interest rate lock commitments
Derivative Instruments, Gain (Loss) [Line Items]
Asset Derivatives	16
Derivative Liability			137
Interest rate lock commitments | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ 153	$ 105
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Asset Derivatives	$ 16		0
Derivative Liability	0		137
Future | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ (4,271)	$ 2,650
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Asset Derivatives	$ 0		3,745
Derivative Liability	1,134		0
Interest rate forward sales commitments
Derivative Instruments, Gain (Loss) [Line Items]
Asset Derivatives	74		9
Derivative Liability	188		535
Interest rate forward sales commitments | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ 46	$ (1,003)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Residential mortgage banking revenue, net	Residential mortgage banking revenue, net
Asset Derivatives	$ 74		9
Derivative Liability	188		535
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Asset Derivatives	114,347		33,874
Derivative Liability	310,985		260,064
Interest rate swaps | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Gain (Losses)	$ 1,197	$ (3,543)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Asset Derivatives	$ 114,347		33,874
Derivative Liability	$ 310,985		$ 260,064

XML

Earnings Per Common Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 124,080	$ 93,531	$ 135,845	$ 133,377	$ (14,038)
Weighted average number of common shares outstanding - basic (in shares)	208,260				156,383
Effect of potentially dilutive common shares (in shares)	696				0
Weighted average number of shares outstanding, diluted (in shares)	208,956				156,383
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.60				$ (0.09)
Diluted (in dollars per share)	$ 0.59				$ (0.09)

XML

Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	601	783

XML

Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Equity and other investment securities	$ 77,203	$ 76,995
Investment securities available for sale	8,616,545	8,829,870
Investment securities held to maturity	2,247	2,300
Loans held for sale	47,201	30,715
Loans and leases, net	37,228,069	37,001,080
Restricted equity securities	116,274	179,274
Residential mortgage servicing rights	110,444	109,243	$ 178,800	$ 185,017
Bank-owned life insurance	682,293	680,948
Derivatives	114,763	38,085
Financial liabilities:
Securities sold under agreements to repurchase	213,573	252,119
Borrowings	3,900,000	3,950,000
Junior subordinated debentures, at fair value	309,544	316,440
Junior and other subordinated debentures, at amortized cost	107,838	107,895
Derivatives	312,489	261,091
Carrying Value
Financial assets:
Cash and cash equivalents	2,201,117	2,162,534
Equity and other investment securities	77,203	76,995
Investment securities available for sale	8,616,545	8,829,870
Investment securities held to maturity	2,247	2,300
Loans held for sale	47,201	30,715
Loans and leases, net	37,228,069	37,001,080
Restricted equity securities	116,274	179,274
Residential mortgage servicing rights	110,444	109,243
Bank-owned life insurance	682,293	680,948
Derivatives	114,763	38,085
Financial liabilities:
Demand, money market, and savings deposits	35,366,323	35,379,451
Time Deposits	6,339,837	6,227,569
Securities sold under agreements to repurchase	213,573	252,119
Borrowings	3,900,000	3,950,000
Junior subordinated debentures, at fair value	309,544	316,440
Junior and other subordinated debentures, at amortized cost	107,838	107,895
Derivatives	312,489	261,091
Fair Value
Financial assets:
Cash and cash equivalents	2,201,117	2,162,534
Equity and other investment securities	77,203	76,995
Investment securities available for sale	8,616,545	8,829,870
Investment securities held to maturity	2,939	3,025
Loans held for sale	47,201	30,715
Loans and leases, net	35,740,658	35,810,989
Restricted equity securities	116,274	179,274
Residential mortgage servicing rights	110,444	109,243
Bank-owned life insurance	682,293	680,948
Derivatives	114,763	38,085
Financial liabilities:
Demand, money market, and savings deposits	35,366,323	35,379,451
Time Deposits	6,314,381	6,201,519
Securities sold under agreements to repurchase	213,573	252,119
Borrowings	3,893,589	3,950,037
Junior subordinated debentures, at fair value	309,544	316,440
Junior and other subordinated debentures, at amortized cost	98,867	97,695
Derivatives	$ 312,489	$ 261,091

XML

Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	$ 77,203	$ 76,995
Investment securities available for sale	8,616,545	8,829,870
Loans held for sale	47,201	30,715
Loans Receivable, Fair Value Disclosure	267,806	275,140
Residential mortgage servicing rights, at fair value	110,444	109,243	$ 178,800	$ 185,017
Derivative Asset	114,763	38,085
Total assets measured at fair value	9,233,962	9,360,048
Junior subordinated debentures, at fair value	309,544	316,440
Derivative Liability	312,489	261,091
Total liabilities measured at fair value	622,033	577,531
Foreign currency derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	326	457
Derivative Liability	182	355
Investments in mutual funds and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	62,497	63,298
Equity securities held in rabbi trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	14,706	13,697
U.S. Treasury and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	1,467,393	1,478,392
Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	1,051,929	1,072,105
Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	6,097,223	6,279,373
Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	16
Derivative Liability		137
Interest rate futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,745
Derivative Liability	1,134
Interest rate forward sales commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	74	9
Derivative Liability	188	535
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	114,347	33,874
Derivative Liability	310,985	260,064
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	0	0
Loans Receivable, Fair Value Disclosure	0	0
Residential mortgage servicing rights, at fair value	0	0
Total assets measured at fair value	431,609	432,200
Junior subordinated debentures, at fair value	0	0
Total liabilities measured at fair value	0	0
Level 1 | Foreign currency derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Level 1 | Investments in mutual funds and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	44,038	44,839
Level 1 | Equity securities held in rabbi trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	14,706	13,697
Level 1 | U.S. Treasury and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	372,865	373,664
Level 1 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	0	0
Level 1 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	0	0
Level 1 | Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Derivative Liability		0
Level 1 | Interest rate futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Derivative Liability	0
Level 1 | Interest rate forward sales commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	47,201	30,715
Loans Receivable, Fair Value Disclosure	267,806	275,140
Residential mortgage servicing rights, at fair value	0	0
Total assets measured at fair value	8,691,893	8,818,605
Junior subordinated debentures, at fair value	0	0
Total liabilities measured at fair value	312,489	260,954
Level 2 | Foreign currency derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	326	457
Derivative Liability	182	355
Level 2 | Investments in mutual funds and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	18,459	18,459
Level 2 | Equity securities held in rabbi trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	0	0
Level 2 | U.S. Treasury and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	1,094,528	1,104,728
Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	1,051,929	1,072,105
Level 2 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	6,097,223	6,279,373
Level 2 | Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Derivative Liability		0
Level 2 | Interest rate futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,745
Derivative Liability	1,134
Level 2 | Interest rate forward sales commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	74	9
Derivative Liability	188	535
Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	114,347	33,874
Derivative Liability	310,985	260,064
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	0	0
Loans Receivable, Fair Value Disclosure	0	0
Residential mortgage servicing rights, at fair value	110,444	109,243
Total assets measured at fair value	110,460	109,243
Junior subordinated debentures, at fair value	309,544	316,440
Total liabilities measured at fair value	309,544	316,577
Level 3 | Foreign currency derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Level 3 | Investments in mutual funds and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	0	0
Level 3 | Equity securities held in rabbi trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity and other investment securities	0	0
Level 3 | U.S. Treasury and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	0	0
Level 3 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	0	0
Level 3 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale	0	0
Level 3 | Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	16
Derivative Liability		137
Level 3 | Interest rate futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Derivative Liability	0
Level 3 | Interest rate forward sales commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Level 3 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

XML

Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Loans and leases, at fair value	$ 267,806		$ 275,140
Unrealized gains arising during the period	6,453	$ 25,812
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes	4,775	19,101
Residential Mortgage Banking Revenue
Fair Value, Option, Quantitative Disclosures [Line Items]
Net increase (decrease) in fair value	189	81
Other Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Net increase (decrease) in fair value	$ (2,400)	$ 9,500

XML

Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classified As Level 3) (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residential mortgage servicing rights, at fair value	$ 110,444	$ 109,243	$ 178,800	$ 185,017
Asset Derivatives	114,763	38,085
Junior subordinated debentures, at fair value	309,544	316,440
Residential mortgage servicing rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residential mortgage servicing rights, at fair value	110,444
Interest rate lock commitments, net
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset Derivatives	16
Junior subordinated debentures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Junior subordinated debentures, at fair value	309,544
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residential mortgage servicing rights, at fair value	110,444	109,243
Junior subordinated debentures, at fair value	$ 309,544	$ 316,440
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Weighted Average | Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0674
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1024
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Minimum | Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0607
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0950
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Maximum | Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.2752
Level 3 | Discounted cash flow | Residential mortgage servicing rights | Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1608
Level 3 | Discounted cash flow | Junior subordinated debentures | Weighted Average | Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0379
Level 3 | Discounted cash flow | Junior subordinated debentures | Minimum | Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0211
Level 3 | Discounted cash flow | Junior subordinated debentures | Maximum | Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0613
Level 3 | Internal pricing model | Interest rate lock commitments, net | Weighted Average | Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.8571
Level 3 | Internal pricing model | Interest rate lock commitments, net | Minimum | Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.6427
Level 3 | Internal pricing model | Interest rate lock commitments, net | Maximum | Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	1.0000

XML

Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Junior subordinated debentures, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	$ (7,583)	$ (6,679)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	6,453	25,812
Junior subordinated debentures, at fair value
Beginning Balance	(316,440)	(323,639)
Change included in earnings	(7,583)	(6,679)
Change in fair values included in comprehensive income/loss	6,453	25,812
Purchases and issuances	0	0
Sales and settlements	8,026	6,785
Ending Balance	(309,544)	(297,721)
Interest rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	16	137
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	0	0
Interest rate lock commitments, net
Beginning Balance	(137)	32
Change included in earnings	(16)	(32)
Change in fair values included in comprehensive income/loss	0	0
Purchases and issuances	47	338
Sales and settlements	122	(201)
Ending Balance	16	137
Residential mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period	3,117	(2,937)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period	0	0
Residential mortgage servicing rights
Beginning balance	109,243	185,017
Change included in earnings	(36)	(7,818)
Change in fair values included in comprehensive income/loss	0	0
Purchases and issuances	1,237	1,601
Sales and settlements	0	0
Ending balance	$ 110,444	$ 178,800

XML

Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	$ 9,233,962	$ 9,360,048
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	431,609	432,200
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	8,691,893	8,818,605
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	110,460	109,243
Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	1,059	5,036
Fair Value, Nonrecurring | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Fair Value, Nonrecurring | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Fair Value, Nonrecurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	1,059	5,036
Fair Value, Nonrecurring | Loans and leases
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	1,059	5,036
Fair Value, Nonrecurring | Loans and leases | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Fair Value, Nonrecurring | Loans and leases | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	0	0
Fair Value, Nonrecurring | Loans and leases | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets measured at fair value	$ 1,059	$ 5,036

XML

Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Losses resulting from nonrecurring fair value adjustments	$ 28,174	$ 18,734
Loans and leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Losses resulting from nonrecurring fair value adjustments	$ 28,174	$ 18,734

XML

Fair Value Measurement (Fair Value Option) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	$ 47,201	$ 30,715
Aggregate Unpaid Principal Balance	45,926	29,629
Fair Value Less Aggregate Unpaid Principal Balance	1,275	1,086
Loans and leases, at fair value	267,806	275,140
Fair Value, Loans Held as Assets, Aggregate Unpaid Balance, Loans and Long-term Receivables	315,435	320,397
Fair Value, Option, Loans Held as Assets, Aggregate Difference	$ (47,629)	$ (45,257)

XML

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred Tax Assets, Net	$ 356,000
Income Tax Expense (Benefit)	$ 44,987	$ (4,886)
Effective Tax Rate as a Percentage of pre-tax Income (loss)	26.60%	25.80%
Amortization Method Qualified Affordable Housing Project Investments	$ 205,600		$ 210,900
Qualified Affordable Housing Project Investments, Commitment	104,900		$ 114,100
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 2,000