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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________ 
FORM 10-Q
________________________________________________________  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File Number 000-20288
 _________________________________________________________________________
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
 _______________________________________________________________
Washington91-1422237
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
1301 A Street
Tacoma, Washington 98402-2156
(Address of principal executive offices and zip code)
(253) 305-1900
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, No Par ValueCOLBThe Nasdaq Stock Market LLC
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
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 x 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 and post such files).    Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated 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 x
The number of shares of common stock outstanding at April 30, 2021 was 71,731,554



TABLE OF CONTENTS
 
 Page
PART I — FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i


Glossary of Acronyms, Abbreviations, and Terms

The acronyms, abbreviations, and terms listed below are used in various sections of the Form 10-Q, including “Item 1. Financial Statements” and “Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations.”
ACLAllowance for Credit LossesFASBFinancial Accounting Standards Board
ASCAccounting Standards CodificationFDICFederal Deposit Insurance Corporation
ASC 326Codification related to measurement of credit losses on financial instrumentsFHLBFederal Home Loan Bank of Des Moines
ASUAccounting Standards UpdateFRBFederal Reserve Bank
ATMAutomated Teller MachineGAAPGenerally Accepted Accounting Principles
B&OBusiness and OccupationGDPGross Domestic Product
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013IntermountainIntermountain Community Bancorp
BOLIBank Owned Life InsuranceLIBORLondon Interbank Offering Rate
Capital RulesRisk-based capital standards currently applicable to the Company and the Bank.N/MNot meaningful
CARES ActCoronavirus Aid Relief and Economic Security ActOPPOOther Personal Property Owned
CDICore Deposit IntangibleOREOOther Real Estate Owned
CECLCurrent Expected Credit LossesPacific ContinentalPacific Continental Corporation
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1RSARestricted Stock Awards
CFOChief Financial OfficerRSURestricted Stock Units
COVID-19Novel CoronavirusSBASmall Business Administration
DCFDiscounted Cash FlowSECSecurities and Exchange Commission
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActTDRsTroubled Debt Restructurings
EPSEarnings Per ShareWest CoastWest Coast Bancorp

ii

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
March 31,
2021
December 31,
2020
ASSETS(in thousands)
Cash and due from banks$178,096 $218,899 
Interest-earning deposits with banks706,389 434,867 
Total cash and cash equivalents884,485 653,766 
Debt securities available for sale at fair value (amortized cost of $5,417,373 and $4,997,529, respectively)
5,496,290 5,210,134 
Equity securities13,425 13,425 
FHLB stock at cost10,280 10,280 
Loans held for sale26,176 26,481 
Loans, net of unearned income9,676,318 9,427,660 
Less: ACL148,294 149,140 
Loans, net9,528,024 9,278,520 
Interest receivable52,667 54,831 
Premises and equipment, net160,179 162,059 
OREO521 553 
Goodwill765,842 765,842 
Other intangible assets, net24,810 26,734 
Other assets372,417 382,154 
Total assets$17,335,116 $16,584,779 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing$7,424,472 $6,913,214 
Interest-bearing7,342,994 6,956,648 
Total deposits14,767,466 13,869,862 
FHLB advances7,400 7,414 
Securities sold under agreements to repurchase38,624 73,859 
Subordinated debentures35,046 35,092 
Other liabilities211,517 250,945 
Total liabilities15,060,053 14,237,172 
Commitments and contingent liabilities (Note 10)
Shareholders’ equity:
March 31,
2021
December 31,
2020
(in thousands)
Preferred stock (no par value)
Authorized shares2,000 2,000 
Common stock (no par value)
Authorized shares115,000 115,000 
Issued73,923 73,782 1,661,129 1,660,998 
Outstanding71,739 71,598 
Retained earnings607,040 575,248 
Accumulated other comprehensive income77,728 182,195 
Treasury stock at cost2,184 2,184 (70,834)(70,834)
Total shareholders’ equity2,275,063 2,347,607 
Total liabilities and shareholders’ equity$17,335,116 $16,584,779 

See accompanying Notes to unaudited Consolidated Financial Statements.
1

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended
March 31,
20212020
(in thousands except per share amounts)
Interest Income
Loans$100,315 $107,366 
Taxable securities22,816 21,088 
Tax-exempt securities2,759 2,302 
Deposits in banks152 141 
Total interest income126,042 130,897 
Interest Expense
Deposits1,485 3,642 
FHLB advances and FRB borrowings72 4,229 
Subordinated debentures468 468 
Other borrowings23 136 
Total interest expense2,048 8,475 
Net Interest Income123,994 122,422 
Provision (recapture) for credit losses(800)41,500 
Net interest income after provision (recapture) for credit losses124,794 80,922 
Noninterest Income
Deposit account and treasury management fees6,358 7,788 
Card revenue3,733 3,518 
Financial services and trust revenue3,381 3,065 
Loan revenue7,369 4,590 
Bank owned life insurance1,560 1,596 
Investment securities gains, net 249 
Other765 401 
Total noninterest income23,166 21,207 
Noninterest Expense
Compensation and employee benefits51,736 54,842 
Occupancy9,006 9,197 
Data processing and software8,451 7,099 
Legal and professional fees2,815 2,102 
Amortization of intangibles1,924 2,310 
B&O taxes1,259 624 
Advertising and promotion760 1,305 
Regulatory premiums1,105 34 
Net cost (benefit) of operation of OREO(63)12 
Other6,566 6,746 
Total noninterest expense83,559 84,271 
Income before income taxes64,401 17,858 
Income tax provision12,548 3,230 
Net Income$51,853 $14,628 
Earnings per common share
Basic$0.73 $0.20 
Diluted$0.73 $0.20 
Weighted average number of common shares outstanding70,869 71,206 
Weighted average number of diluted common shares outstanding71,109 71,264 

See accompanying Notes to unaudited Consolidated Financial Statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
Three Months Ended
March 31,
20212020
(in thousands)
Net income$51,853 $14,628 
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) from securities:
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax of $31,082 and $(24,143)
(102,605)79,696 
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $58
 (191)
Net unrealized gain (loss) from securities, net of reclassification adjustment(102,605)79,505 
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(35) and $(24)
115 80 
Pension plan liability adjustment, net115 80 
Unrealized gain from cash flow hedging instruments:
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of $0 and $(5,446)
 17,977 
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $599 and $218
(1,977)(722)
Net unrealized gain (loss) from cash flow hedging instruments, net of reclassification adjustment(1,977)17,255 
Other comprehensive income (loss)(104,467)96,840 
Total comprehensive income (loss)$(52,614)$111,468 
See accompanying Notes to unaudited Consolidated Financial Statements.
3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended March 31, 2021(in thousands except per share amounts)
Balance at January 1, 202171,598 $1,660,998 $575,248 $182,195 $(70,834)$2,347,607 
Net income— — 51,853 — — 51,853 
Other comprehensive loss— — — (104,467)— (104,467)
Issuance of common stock - employee stock purchase plan41 1,098 — — — 1,098 
Issuance of common stock - RSAs and RSUs, net of canceled awards188 3,028 — — — 3,028 
Purchase and retirement of common stock(88)(3,995)— — — (3,995)
Cash dividends declared on common stock ($0.28 per share)
— — (20,061)— — (20,061)
Balance at March 31, 202171,739 $1,661,129 $607,040 $77,728 $(70,834)$2,275,063 
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended March 31, 2020(in thousands except per share amounts)
Balance at January 1, 202072,124 $1,650,753 $519,676 $40,367 $(50,834)$2,159,962 
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-13— — (2,457)— — (2,457)
Net income— — 14,628 — — 14,628 
Other comprehensive income— — — 96,840 — 96,840 
Issuance of common stock - employee stock purchase plan26 945 — — — 945 
Activity in deferred compensation plan 3 — — — 3 
Issuance of common stock - RSAs and RSUs, net of canceled awards222 2,172 — — — 2,172 
Purchase and retirement of common stock(66)(2,474)— — — (2,474)
Cash dividends declared on common stock ($0.50 per share)
— — (36,017)— — (36,017)
Purchase of treasury stock(731)— — — (20,000)(20,000)
Balance at March 31, 202071,575 $1,651,399 $495,830 $137,207 $(70,834)$2,213,602 

See accompanying Notes to unaudited Consolidated Financial Statements.
4

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended March 31,
20212020
(in thousands)
Cash Flows From Operating Activities
Net income$51,853 $14,628 
Adjustments to reconcile net income to net cash provided by operating activities
Provision (recapture) for credit losses(800)41,500 
Stock-based compensation expense3,028 2,172 
Depreciation, amortization and accretion1,433 13,151 
Investment securities gain, net (249)
Net realized (gain) loss on sale of premises and equipment, loans held for investment and OPPO6 (25)
Net realized gain on sale and valuation adjustments of OREO(100) 
Gain on bank owned life insurance death benefit(209) 
Originations of loans held for sale (107,104)(58,199)
Proceeds from sales of loans held for sale107,320 66,216 
Change in fair value of loans held for sale89  
Net change in:
Interest receivable2,164 2,262 
Interest payable494 2,325 
Other assets11,525 (63,141)
Other liabilities(10,627)44,725 
Net cash provided by operating activities59,072 65,365 
Cash Flows From Investing Activities
Loans originated, net of principal collected(164,856)(197,362)
Purchases of:
Debt securities available for sale(608,854)(37,472)
Loans held for investment(74,383) 
Premises and equipment(805)(1,650)
FHLB stock (51,240)
Proceeds from:
Sales of debt securities available for sale 194,105 
Principal repayments and maturities of debt securities available for sale180,380 134,641 
Sales of premises and equipment 31 
Redemption of FHLB stock 61,080 
Sales of OREO and OPPO132 50 
Bank owned life insurance death benefit671 1,050 
Net cash provided by (used in) investing activities(667,715)103,233 
Cash Flows From Financing Activities
Net increase in deposits897,604 128,059 
Net decrease in sweep repurchase agreements(35,235)(35,185)
Proceeds from:
FHLB advances 1,281,000 
FRB borrowings 182,010 
Other borrowings 5,000 
Employee stock purchase plan1,098 945 
Payments for:
Repayment of FHLB advances (1,527,000)
Repayment of FRB borrowings (177,010)
Common stock dividends(20,110)(35,860)
Purchase of treasury stock (20,000)
Purchase and retirement of common stock(3,995)(2,474)
Net cash provided by (used in) financing activities839,362 (200,515)
5

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended March 31,
20212020
(in thousands)
Increase (decrease) in cash and cash equivalents230,719 (31,917)
Cash and cash equivalents at beginning of period653,766 247,673 
Cash and cash equivalents at end of period$884,485 $215,756 
Supplemental Information:
Interest paid$1,553 $6,150 
Income taxes paid, net of refunds$(1)$12 
Non-cash investing and financing activities
Premises and equipment expenditures incurred but not yet paid$43 $238 
Change in dividends payable on unvested shares included in other liabilities$(49)$157 

See accompanying Notes to unaudited Consolidated Financial Statements.

6

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Columbia Banking System, Inc.
1.Basis of Presentation, Significant Accounting Policies and Reclassifications
Basis of Presentation
The interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of Columbia Banking System, Inc. (“we”, “our”, “Columbia” or the “Company”) and its subsidiaries, including its wholly owned banking subsidiary Columbia State Bank (“Columbia Bank” or the “Bank”) and Columbia Trust Company (“Columbia Trust”). All intercompany transactions and accounts have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be anticipated for the year ending December 31, 2021. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2020 Annual Report on Form 10-K.
Significant Accounting Policies
The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2020 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2020 Form 10-K disclosure for the year ended December 31, 2020.
Reclassifications
Certain amounts reported in prior periods have been reclassified in the Consolidated Financial Statements to conform to the current presentation. Specifically, amounts related to software expense, which have historically been included in “Other” noninterest expense, have been combined with data processing expense in the row titled “Data processing and software” in the Consolidated Statements of Income. The reclassifications have no effect on net income or shareholders’ equity as previously reported.
2.Accounting Pronouncements Recently Adopted or Issued
Accounting Standards Adopted in 2021
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of the cessation of LIBOR, the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective March 12, 2020 for all entities. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The guidance issued in this ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. This ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020; early adoption is permitted. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements.
7

Recently Issued Accounting Standards, Not Yet Adopted
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) - Scope. The amendments in this ASU clarify that certain optional expedients and exceptions for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Certain provisions, if elected, apply to derivative instruments that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform. Amendments in this ASU to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The ASU is effective for interim and annual reporting periods beginning on January 7, 2021. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
3.Securities
The following table summarizes the amortized cost, gross unrealized gains and losses, the allowance for credit losses and the resulting fair value of debt securities available for sale:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit
Losses
Fair Value
March 31, 2021(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$4,040,359 $109,063 $(45,203)$ $4,104,219 
Other asset-backed securities359,259 5,216 (5,656) 358,819 
State and municipal securities739,570 18,080 (6,365) 751,285 
U.S. government agency and government-sponsored enterprise securities278,185 5,349 (1,567) 281,967 
Total$5,417,373 $137,708 $(58,791)$ $5,496,290 
December 31, 2020
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,640,351 $178,579 $(4,543)$ $3,814,387 
Other asset-backed securities349,904 9,651 (2,076) 357,479 
State and municipal securities729,066 25,098 (592) 753,572 
U.S. government agency and government-sponsored enterprise securities278,208 6,545 (57) 284,696 
Total$4,997,529 $219,873 $(7,268)$ $5,210,134 
A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three months ended March 31, 2021 and 2020.
Accrued interest receivable for securities available for sale is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2021 and December 31, 2020, accrued interest receivable for securities was $17.4 million and $17.1 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.
8

The following table provides the proceeds and both gross realized gains and losses on sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
Three Months Ended March 31,
20212020
(in thousands)
Proceeds from sales of debt securities available for sale$ $194,105 
Gross realized gains from sales of debt securities available for sale$ $435 
Gross realized losses from sales of debt securities available for sale (186)
Other securities gains  
Investment securities gains, net$ $249 
There were no gains or losses recognized on equity securities during the three month periods ended March 31, 2021 and 2020.
The scheduled contractual maturities of debt securities available for sale at the period presented below are as follows:
March 31, 2021
Amortized CostFair Value
(in thousands)
Due within one year$81,385 $81,986 
Due after one year through five years737,066 765,090 
Due after five years through ten years2,457,820 2,507,546 
Due after ten years2,141,102 2,141,668 
Total debt securities available for sale$5,417,373 $5,496,290 
The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law:
March 31, 2021
(in thousands)
To secure public funds$477,970 
To secure borrowings109,650 
Other securities pledged217,055 
Total securities pledged as collateral$804,675 
9

The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented:
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2021(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$1,661,107 $(44,484)$16,463 $(719)$1,677,570 $(45,203)
Other asset-backed securities183,636 (5,656)69  183,705 (5,656)
State and municipal securities311,953 (6,365)  311,953 (6,365)
U.S. government agency and government-sponsored enterprise securities149,483 (1,567)  149,483 (1,567)
Total$2,306,179 $(58,072)$16,532 $(719)$2,322,711 $(58,791)
December 31, 2020
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$575,329 $(3,728)$18,527 $(815)$593,856 $(4,543)
Other asset-backed securities143,764 (2,076)70  143,834 (2,076)
State and municipal securities86,471 (592)  86,471 (592)
U.S. government agency and government-sponsored enterprise securities74,943 (57)  74,943 (57)
Total$880,507 $(6,453)$18,597 $(815)$899,104 $(7,268)
At March 31, 2021, there were 144 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2021.
At March 31, 2021, there were 16 other asset-backed securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2021.
At March 31, 2021, there were 89 state and municipal government securities in an unrealized loss position. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of March 31, 2021, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2021.
At March 31, 2021, there were eight U.S. government securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2021.
10

Equity Securities without Readily Determinable Fair Values
Visa Class B Restricted Shares
In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which is indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account not be sufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Visa Class B conversion ratio to unrestricted Visa Class A shares.
During the second quarter of 2020, the Company sold 17,360 shares of Visa Class B restricted stock, which resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining Visa Class B restricted shares upward to this observable market price. At March 31, 2021, the Company owned 77,683 Visa Class B shares, which had a carrying value of $13.4 million.
4.Loans
The Company’s loan portfolio includes originated and purchased loans. The following is an analysis of the loan portfolio by segment and class (net of unearned income):
March 31, 2021December 31, 2020
(dollars in thousands)
Commercial loans:
Commercial real estate$4,081,915 $4,062,313 
Commercial business3,792,813 3,597,968 
Agriculture751,800 779,627 
Construction282,534 268,663 
Consumer loans:
One-to-four family residential real estate735,314 683,570 
Other consumer31,942 35,519 
Total loans9,676,318 9,427,660 
Less: Allowance for credit losses(148,294)(149,140)
Total loans, net$9,528,024 $9,278,520 
At March 31, 2021 and December 31, 2020, the Company had no material foreign activities. Substantially all of the Company’s loans and unfunded commitments are geographically concentrated in its service areas within the states of Washington, Oregon and Idaho.
At March 31, 2021 and December 31, 2020, $3.49 billion and $3.46 billion of commercial and residential real estate loans were pledged as collateral on FHLB advances and additional borrowing capacity. The Company has also pledged $200.1 million and $200.4 million of commercial loans to the FRB for additional borrowing capacity at March 31, 2021 and December 31, 2020, respectively.
Accrued interest receivable for loans is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2021 and December 31, 2020, accrued interest receivable for loans was $35.2 million and $37.8 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.
11

The following is an aging of the recorded investment of the loan portfolio at the dates presented:
Current
Loans
30 - 59
Days
Past Due
60 - 89
Days
Past Due
Greater
than 90
Days Past
Due
Total
Past Due