10-Q

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, 2022.

☐ 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 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 Value	COLB	The 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 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 x

The number of shares of common stock outstanding at April 30, 2022 was 78,639,422

TABLE OF CONTENTS

		Page
	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Balance Sheets - March 31, 2022 and December 31, 2021	1
	Consolidated Statements of Income - three months ended March 31, 2022 and 2021	2
	Consolidated Statements of Comprehensive Income - three months ended March 31, 2022 and 2021	3
	Consolidated Statements of Changes in Shareholders’ Equity - three months ended March 31, 2022 and 2021	4
	Consolidated Statements of Cash Flows - three months ended March 31, 2022 and 2021	5
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	50
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
	Signatures	54

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.”

ACL	Allowance for Credit Losses	FHLB	Federal Home Loan Bank of Des Moines
ASC	Accounting Standards Codification	FRB	Federal Reserve Bank
ASU	Accounting Standards Update	GAAP	Generally Accepted Accounting Principles
Bank of Commerce	Bank of Commerce Holdings	GDP	Gross Domestic Product
B&O	Business and Occupation	LIBOR	London Interbank Offering Rate
Basel III	A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013	Nasdaq	National Association of Securities Dealer Automated Quotations
Capital Rules	Risk-based capital standards currently applicable to the Company and the Bank.	OPPO	Other Personal Property Owned
CARES Act	Coronavirus Aid Relief and Economic Security Act	OREO	Other Real Estate Owned
CDI	Core Deposit Intangible	Pacific Continental	Pacific Continental Corporation
CECL	Current Expected Credit Losses	PCD	Purchased Credit Deteriorated
CEO	Chief Executive Officer	PPP	Paycheck Protection Program
CET1	Common Equity Tier 1	RSA	Restricted Stock Awards
CFO	Chief Financial Officer	RSU	Restricted Stock Units
COVID-19	Novel Coronavirus	SBA	Small Business Administration
DCF	Discounted Cash Flow	SEC	Securities and Exchange Commission
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act	SOFR	Secured Overnight Financing Rate
EPS	Earnings Per Share	TDR	Troubled Debt Restructuring
FASB	Financial Accounting Standards Board	Umpqua	Umpqua Holdings Corporation
FDIC	Federal Deposit Insurance Corporation

ii

PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
			March 31, 2022		December 31, 2021
ASSETS			(in thousands)
Cash and due from banks			$	225,141	$	153,414
Interest-earning deposits with banks			747,335		671,300
Total cash and cash equivalents			972,476		824,714
Debt securities available for sale at fair value (amortized cost of $5,853,160 and $5,898,041, respectively)			5,527,371		5,910,999
Debt securities held to maturity at amortized cost (fair value of $2,038,037 and $2,122,606, respectively)			2,202,437		2,148,327
Equity securities			13,425		13,425
FHLB stock at cost			10,280		10,280
Loans held for sale			4,271		9,774
Loans, net of unearned income			10,759,684		10,641,937
Less: ACL			146,949		155,578
Loans, net			10,612,735		10,486,359
Interest receivable			55,940		56,019
Premises and equipment, net			170,055		172,144
OREO			381		381
Goodwill			823,172		823,172
Other intangible assets, net			32,359		34,647
Other assets			539,056		455,092
Total assets			$	20,963,958	$	20,945,333
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing			$	8,790,138	$	8,856,714
Interest-bearing			9,509,075		9,153,401
Total deposits			18,299,213		18,010,115
FHLB advances			7,345		7,359
Securities sold under agreements to repurchase			44,212		86,013
Subordinated debentures			10,000		10,000
Junior subordinated debentures			10,310		10,310
Other liabilities			232,099		232,794
Total liabilities			18,603,179		18,356,591
Commitments and contingent liabilities (Note 11)
Shareholders’ equity:
	March 31, 2022	December 31, 2021
	(in thousands)
Preferred stock (no par value)
Authorized shares	2,000	2,000
Common stock (no par value)
Authorized shares	115,000	115,000
Issued	80,828	80,695	1,931,076		1,930,187
Outstanding	78,644	78,511
Retained earnings			728,314		694,227
Accumulated other comprehensive income (loss)			(227,777)		35,162
Treasury stock at cost	2,184	2,184	(70,834)		(70,834)
Total shareholders’ equity			2,360,779		2,588,742
Total liabilities and shareholders’ equity			$	20,963,958	$	20,945,333

See accompanying Notes to unaudited Consolidated Financial Statements.

1

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
	Three Months Ended
	March 31,
	2022		2021
	(in thousands except per share amounts)
Interest Income
Loans	$	107,103	$	100,315
Taxable securities	37,162		22,816
Tax-exempt securities	3,725		2,759
Deposits in banks	295		152
Total interest income	148,285		126,042
Interest Expense
Deposits	1,796		1,485
FHLB advances and FRB borrowings	71		72
Subordinated debentures	144		468
Other borrowings	74		23
Total interest expense	2,085		2,048
Net Interest Income	146,200		123,994
Recapture for credit losses	(7,800)		(800)
Net interest income after recapture for credit losses	154,000		124,794
Noninterest Income
Deposit account and treasury management fees	7,113		6,358
Card revenue	4,967		3,733
Financial services and trust revenue	4,632		3,381
Loan revenue	3,193		7,369
Bank owned life insurance	1,788		1,560
Other	2,487		765
Total noninterest income	24,180		23,166
Noninterest Expense
Compensation and employee benefits	63,079		51,736
Occupancy	11,009		9,006
Data processing and software	10,324		8,451
Legal and professional fees	6,535		2,815
Amortization of intangibles	2,288		1,924
B&O taxes	1,589		1,259
Advertising and promotion	726		760
Regulatory premiums	1,536		1,105
Net cost (benefit) of operation of OREO	10		(63)
Other	7,957		6,566
Total noninterest expense	105,053		83,559
Income before income taxes	73,127		64,401
Income tax provision	15,605		12,548
Net Income	$	57,522	$	51,853
Earnings per common share
Basic	$	0.74	$	0.73
Diluted	$	0.74	$	0.73
Weighted average number of common shares outstanding	77,925		70,869
Weighted average number of diluted common shares outstanding	78,083		71,109

See accompanying Notes to unaudited Consolidated Financial Statements.

2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited)
	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Net income	$	57,522	$	51,853
Other comprehensive loss, net of tax:
Unrealized loss from securities:
Net unrealized holding loss from available for sale debt securities arising during the period, net of tax of $78,759 and $31,082	(259,988)		(102,605)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $326 and $0	(1,076)		—
Net unrealized loss from securities, net of reclassification adjustment	(261,064)		(102,605)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(30) and $(35)	101		115
Pension plan liability adjustment, net	101		115
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $599 and $599	(1,976)		(1,977)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment	(1,976)		(1,977)
Other comprehensive loss	(262,939)		(104,467)
Total comprehensive loss	$	(205,417)	$	(52,614)

See accompanying Notes to unaudited Consolidated Financial Statements.

3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
	Common Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders’ Equity
	Shares Outstanding	Amount
For the Three Months Ended March 31, 2022	(in thousands except per share amounts)
Balance at January 1, 2022	78,511	$	1,930,187	$	694,227	$	35,162	$	(70,834)	$	2,588,742
Net income	—	—		57,522		—		—		57,522
Other comprehensive loss	—	—		—		(262,939)		—		(262,939)
Issuance of common stock - employee stock purchase plan	31	1,017		—		—		—		1,017
Activity in deferred compensation plan	—	1		—		—		—		1
Issuance of common stock - RSAs and RSUs, net of canceled awards	210	3,795		—		—		—		3,795
Purchase and retirement of common stock	(108)	(3,924)		—		—		—		(3,924)
Cash dividends declared on common stock ($0.30 per share)	—	—		(23,435)		—		—		(23,435)
Balance at March 31, 2022	78,644	$	1,931,076	$	728,314	$	(227,777)	$	(70,834)	$	2,360,779

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
	Common Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders’ Equity
	Shares Outstanding	Amount
For the Three Months Ended March 31, 2021	(in thousands except per share amounts)
Balance at January 1, 2021	71,598	$	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 plan	41	1,098		—		—		—		1,098
Issuance of common stock - RSAs and RSUs, net of canceled awards	188	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, 2021	71,739	$	1,661,129	$	607,040	$	77,728	$	(70,834)	$	2,275,063

See accompanying Notes to unaudited Consolidated Financial Statements.

4

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
	Three Months Ended March 31,
	2022		2021
	(in thousands)
Cash Flows From Operating Activities
Net income	$	57,522	$	51,853
Adjustments to reconcile net income to net cash provided by operating activities
Recapture for credit losses	(7,800)		(800)
Stock-based compensation expense	3,795		3,028
Depreciation, amortization and accretion	9,435		1,433
Net realized (gain) loss on sale of premises and equipment and loans held for investment	(1,253)		6
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	(51,395)		(107,104)
Proceeds from sales of loans held for sale	56,700		107,320
Change in fair value of loans held for sale	198		89
Net change in:
Interest receivable	79		2,164
Interest payable	(2)		494
Other assets	(7,060)		11,525
Other liabilities	2,157		(10,627)
Net cash provided by operating activities	62,376		59,072
Cash Flows From Investing Activities
Loans originated, net of principal collected	(139,777)		(164,856)
Investment in low income housing tax credit partnerships	(42)		—
Purchases of:
Debt securities available for sale	(183,802)		(608,854)
Debt securities held to maturity	(97,658)		—
Loans held for investment	—		(74,383)
Premises and equipment	(1,817)		(805)
Proceeds from:
Principal repayments and maturities of debt securities available for sale	221,718		180,380
Principal repayments and maturities of debt securities held to maturity	38,873		—
Sales of premises and equipment and loans held for investment	27,272		—
Sales of OREO and OPPO	—		132
Bank owned life insurance death benefit	—		671
Net cash used in investing activities	(135,233)		(667,715)
Cash Flows From Financing Activities
Net increase in deposits	289,282		897,604
Net decrease in sweep repurchase agreements	(41,801)		(35,235)
Proceeds from:
FHLB advances	10		—
FRB borrowings	10		—
Employee stock purchase plan	1,017		1,098
Payments for:
Repayment of FHLB advances	(10)		—
Repayment of FRB borrowings	(10)		—
Common stock dividends	(23,955)		(20,110)
Purchase and retirement of common stock	(3,924)		(3,995)
Net cash provided by financing activities	220,619		839,362
Increase in cash and cash equivalents	147,762		230,719
Cash and cash equivalents at beginning of period	824,714		653,766
Cash and cash equivalents at end of period	$	972,476	$	884,485

5

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
	Three Months Ended March 31,
	2022		2021
Supplemental Information:
Interest paid	$	2,087	$	1,553
Income taxes paid, net of refunds	$	11	$	(1)
Non-cash investing and financing activities
Premises and equipment expenditures incurred but not yet paid	$	216	$	43
Change in dividends payable included in other liabilities	$	(520)	$	(49)

See accompanying Notes to unaudited Consolidated Financial Statements.

6

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Columbia Banking System, Inc.

1.Basis of Presentation and Significant Accounting Policies

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, 2022 are not necessarily indicative of results to be anticipated for the year ending December 31, 2022. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2021 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 2021 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2021 Annual Report on Form 10-K disclosure for the year ended December 31, 2021.

2.Accounting Pronouncements Recently Adopted or Issued

Accounting Standards Adopted in 2022

There are no recently issued accounting standards that are applicable to the Company that were adopted in 2022.

Recently Issued Accounting Standards, Not Yet Adopted

In March 2022, the FASB issued ASU 2022-02, Financial Instruments (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.

3.Business Combinations

Bank of Commerce

On October 1, 2021, the Company completed its acquisition of Bank of Commerce and its wholly-owned banking subsidiary Merchants Bank of Commerce. The Company acquired 100% of the equity interests of Bank of Commerce.

The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the October 1, 2021 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $57.3 million and a CDI of $15.9 million. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The Company paid this premium for a number of reasons, including to expand the Company’s current footprint and to enter the California market and the synergies and economies of scale expected from the acquisition. The goodwill is not deductible for income tax purposes.

7

The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:

	October 1, 2021
	(in thousands)
Merger consideration			$	256,257
Identifiable net assets acquired, at fair value
Assets acquired
Cash and cash equivalents	$	155,180
Investment securities	654,480
FHLB stock	7,463
Loans, net allowance for credit loss	1,084,984
Interest receivable	5,237
Premises and equipment	17,658
Core deposit intangible	15,932
Other assets	41,963
Total assets acquired			1,982,897
Liabilities assumed
Deposits	(1,737,584)
Subordinated debentures	(10,000)
Junior subordinated debentures	(10,310)
Other liabilities	(26,076)
Total liabilities assumed			(1,783,970)
Total fair value of identifiable net assets			198,927
Goodwill			$	57,330

See Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets.

Of the $1.08 billion net loans acquired, $40.3 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition:

	October 1, 2021
	(in thousands)
Par value of PCD loans acquired	$	43,419
PCD ACL at acquisition	(2,616)
Non-credit discount on PCD loans	(525)
Purchase price of PCD loans	$	40,278

The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period of January 1, 2022 to March 31, 2022. Disclosure of the amount of Bank of Commerce’s revenue and net income (excluding integration costs) included in Columbia’s Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for this acquisition.

8

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2021. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, Columbia expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.

	Unaudited Pro Forma for the
	Three Months Ended March 31,
	2021
	(in thousands, except per share amounts)
Total revenues (net interest income plus noninterest income)	$	162,092
Net income	$	55,882
Earnings per share - basic	$	0.72
Earnings per share - diluted	$	0.72

The following table shows the impact of the acquisition-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest Expense
Compensation and employee benefits	$	370	$	—
Occupancy	819		—
Data processing and software	1,039		—
Legal and professional fees	92		—
Advertising and promotion	18		—
Other	249		—
Total impact of acquisition-related expenses to noninterest expense	$	2,587	$	—

In addition, related to the recently announced transaction with Umpqua, the Company recognized $4.5 million of acquisition-related expenses for the three months ended March 31, 2022.

9

4.Securities

The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2022	(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,604,576	$	8,315	$	(205,237)	$	3,407,654
Other asset-backed securities	433,879		377		(26,209)		408,047
State and municipal securities	1,002,490		2,275		(65,800)		938,965
U.S. government agency and government-sponsored enterprise securities	247,727		711		(9,164)		239,274
U.S. government securities	182,500		—		(9,158)		173,342
Non-agency collateralized mortgage obligations	381,988		—		(21,899)		360,089
Total available for sale	$	5,853,160	$	11,678	$	(337,467)	$	5,527,371
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,202,437	$	—	$	(164,400)	$	2,038,037
Total held to maturity	$	2,202,437	$	—	$	(164,400)	$	2,038,037
December 31, 2021
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,738,616	$	45,077	$	(38,092)	$	3,745,601
Other asset-backed securities	469,052		3,802		(9,791)		463,063
State and municipal securities	983,704		18,525		(4,938)		997,291
U.S. government agency and government-sponsored enterprise securities	252,755		3,095		(3,274)		252,576
U.S. government securities	158,367		—		(831)		157,536
Non-agency collateralized mortgage obligations	295,547		340		(955)		294,932
Total available for sale	$	5,898,041	$	70,839	$	(57,881)	$	5,910,999
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,148,327	$	50	$	(25,771)	$	2,122,606
Total held to maturity	$	2,148,327	$	50	$	(25,771)	$	2,122,606

There was no allowance for credit losses on both available for sale securities and held to maturity securities as of March 31, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss.

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, 2022 and 2021.

Accrued interest receivable for debt securities 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, 2022 and December 31, 2021, accrued interest receivable for securities available for sale was $18.4 million and $19.2 million, respectively. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities held to maturity was $4.5 million and $4.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.

10

There were no proceeds or gross realized gains and losses on sales and calls of debt securities available for sale, nor were there other securities gains and losses for the three month periods ended March 31, 2022 and 2021. Additionally, there were no gains or losses recognized on equity securities during the three month periods ended March 31, 2022 and 2021.

The scheduled contractual maturities of debt securities at the period presented below are as follows:

	March 31, 2022
	Available for sale				Held to maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	92,542	$	92,902	$	—	$	—
Due after one year through five years	1,026,274		1,002,760		174,734		162,632
Due after five years through ten years	1,432,895		1,363,245		1,152,092		1,063,768
Due after ten years	3,301,449		3,068,464		875,611		811,637
Total debt securities	$	5,853,160	$	5,527,371	$	2,202,437	$	2,038,037

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, 2022
	(in thousands)
To secure public funds	$	590,026
To secure borrowings	93,557
Other securities pledged	244,917
Total securities pledged as collateral	$	928,500

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2022	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,667,464	$	(181,337)	$	214,390	$	(23,900)	$	2,881,854	$	(205,237)
Other asset-backed securities	277,210		(16,208)		106,449		(10,001)		383,659		(26,209)
State and municipal securities	657,101		(57,012)		77,447		(8,788)		734,548		(65,800)
U.S. government agency and government-sponsored enterprise securities	25,502		(1,249)		118,135		(7,915)		143,637		(9,164)
U.S. government securities	173,342		(9,158)		—		—		173,342		(9,158)
Non-agency collateralized mortgage obligations	359,060		(21,899)		—		—		359,060		(21,899)
Total	$	4,159,679	$	(286,863)	$	516,421	$	(50,604)	$	4,676,100	$	(337,467)
December 31, 2021
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,292,062	$	(30,777)	$	176,946	$	(7,315)	$	2,469,008	$	(38,092)
Other asset-backed securities	195,708		(4,823)		117,751		(4,968)		313,459		(9,791)
State and municipal securities	237,354		(3,862)		40,343		(1,076)		277,697		(4,938)
U.S. government agency and government-sponsored enterprise securities	100,813		(1,988)		48,714		(1,286)		149,527		(3,274)
U.S. government securities	157,536		(831)		—		—		157,536		(831)
Non-agency collateralized mortgage obligations	212,259		(955)		—		—		212,259		(955)
Total	$	3,195,732	$	(43,236)	$	383,754	$	(14,645)	$	3,579,486	$	(57,881)

11

Debt securities available for sale

At March 31, 2022, there were 584 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, 2022.

At March 31, 2022, there were 81 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, 2022.

At March 31, 2022, there were 433 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, 2022, 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, 2022.

At March 31, 2022, there were 12 U.S. government agency and government-sponsored enterprise 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, 2022.

At March 31, 2022, there were 10 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, 2022.

At March 31, 2022, there were 55 non-agency collateralized mortgage obligations 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, 2022.

12

5.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, 2022		December 31, 2021
	(dollars in thousands)
Commercial loans:
Commercial real estate	$	5,047,472	$	4,981,263
Commercial business	3,492,307		3,423,268
Agriculture	765,319		795,715
Construction	409,242		384,755
Consumer loans:
One-to-four family residential real estate	1,003,157		1,013,908
Other consumer	42,187		43,028
Total loans	10,759,684		10,641,937
Less: Allowance for credit losses	(146,949)		(155,578)
Total loans, net	$	10,612,735	$	10,486,359

At March 31, 2022 and December 31, 2021, 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, Idaho and California.

At March 31, 2022 and December 31, 2021, $3.51 billion and $3.49 billion of commercial and residential real estate loans were pledged as collateral on FHLB advances and additional borrowing capacity. The Company also pledged $200.3 million and $200.5 million of commercial loans to the FRB for additional borrowing capacity at March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, accrued interest receivable for loans was $32.9 million and $32.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.

13

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		Nonaccrual Loans		Total Loans
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	5,045,647	$	886	$	—	$	—	$	886	$	939	$	5,047,472
Commercial business	3,478,768		3,013		325		—		3,338		10,201		3,492,307
Agriculture	755,439		4,332		495		—		4,827		5,053		765,319
Construction	409,242		—		—		—		—		—		409,242
Consumer loans:
One-to-four family residential real estate	1,001,426		495		—		—		495		1,236		1,003,157
Other consumer	42,151		24		—		—		24		12		42,187
Total	$	10,732,673	$	8,750	$	820	$	—	$	9,570	$	17,441	$	10,759,684
	Current Loans		30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Nonaccrual Loans		Total Loans
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	4,977,781	$	—	$	1,610	$	—	$	1,610	$	1,872	$	4,981,263
Commercial business	3,406,539		2,721		687		—		3,408		13,321		3,423,268
Agriculture	789,112		1,207		—		—		1,207		5,396		795,715
Construction	384,755		—		—		—		—		—		384,755
Consumer loans:
One-to-four family residential real estate	1,010,343		921		211		—		1,132		2,433		1,013,908
Other consumer	42,998		11		—		—		11		19		43,028
Total	$	10,611,528	$	4,860	$	2,508	$	—	$	7,368	$	23,041	$	10,641,937

Loan payments are considered timely when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof is received on the due date of the scheduled payment.

Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. The Company’s policy is to write-off all accrued interest on loans when they are placed on nonaccrual status.

14

The following table summarizes written-off interest on nonaccrual loans for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Commercial loans	$	68	$	211
Consumer loans	8		7
Total	$	76	$	218

The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL for the periods indicated:

	March 31, 2022		December 31, 2021
	(in thousands)
Commercial loans:
Commercial real estate	$	—	$	932
Commercial business	4,418		5,131
Agriculture	3,662		3,756
Consumer loans:
One-to-four family residential real estate	774		—
Total	$	8,854	$	9,819

The following is an analysis of loans classified as TDR for the periods indicated:

	Three Months Ended March 31, 2022					Three Months Ended March 31, 2021
	Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	(dollars in thousands)
Commercial loans:
Commercial real estate	—	$	—	$	—	1	$	628	$	628
Commercial business	—	—		—		7	$	843	$	843
Agriculture	1	633		633		—	—		—
Consumer loans:
One-to-four family residential real estate	—	—		—		2	140		140
Total	1	$	633	$	633	10	$	1,611	$	1,611

The Company’s loans classified as TDR are loans that have been modified or with respect to which the borrower has been granted special concessions due to financial difficulties that, if not for the challenges of the borrower, the Company would not otherwise consider. The TDR modifications or concessions are made to increase the likelihood that these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. The concessions granted in the restructurings, summarized in the table above, largely consisted of maturity extensions, interest rate modifications or a combination of both. In limited circumstances, a reduction in the principal balance of the loan could also be made as a concession. Loans classified as TDR are included with the loans collectively measured for credit losses.

The Company had commitments to lend $714 thousand of additional funds on loans classified as TDR as of March 31, 2022. The Company had $1.5 million of such commitments at December 31, 2021. The Company had no loans classified as TDR that defaulted within 12 months of being classified as TDR during the three months ended March 31, 2022 and December 31, 2021.

15

The Company offered PPP loans to provide financial support to small and medium-size businesses to cover payroll and certain other expenses during the COVID-19 pandemic. The PPP was established by the CARES Act and is implemented by the U.S. SBA with support from the U.S. Department of Treasury. The program, which was amended by the Paycheck Protection Flexibility Act of 2020, provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits, as well as interest on mortgages, rent and utilities. Funds are provided to small businesses in the form of loans that will be fully forgiven when used for permitted purposes and when at least 60% of the funds are used for payroll costs and applicable employment levels are maintained in accordance with the requirements of the amended PPP. At March 31, 2022, we had $83.2 million of PPP loans outstanding, which are included in commercial business loans.

6.Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit

The ACL is determined through quarterly assessments of the present value of expected future cash flows within the loan portfolio, which, are deducted from the loan’s amortized cost basis to determine the expected credit losses of the loan portfolio. We estimate the ACL using relevant and reliable available information, which is derived from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Additions to and recaptures from the ACL are charged to current period earnings through the provision for credit losses. Loan amounts that are determined to be uncollectible are charged directly against the ACL and netted against amounts recovered on previously charged-off loans.

For the purpose of calculating portfolio level reserves, we have segmented our loan portfolio into two portfolio segments (Commercial and Consumer). The Commercial and Consumer portfolio segments are then further broken down into loan classes by risk characteristics. The risk characteristics include regulatory call codes, type of industry, risk ratings and collateral type.

The ACL is comprised of reserves measured on a collective (pool) basis using a quantitative DCF model for all loan classes with similar risk characteristics and then qualitatively adjusted for large loan concentrations, policy exemptions granted and other factors. The quantitative DCF model utilizes anticipated period cash flows determined on a loan-level basis. The anticipated cash flows take into account contractual principal and interest payments, anticipated segment level prepayments, probability of defaults and historical loss given defaults. The majority of our loan classes utilize regression models to calculate probability of defaults, in which macroeconomic factors are correlated to historical quarterly defaults. The Commercial segment multi-factor models utilize a mix of 15 macroeconomic factors, including the four most commonly used factors: Real GDP, National Unemployment Rate, Disposable Personal Income and Private Inventories. The Consumer segment multi-factor models utilize a mix of three macroeconomic factors: National Unemployment Rate, Home Price Index and Disposable Income. The Company utilizes an 18 month reasonable and supportable forecast for the macroeconomic factors, after which the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s absolute historical quarterly change.

Loans are individually measured for credit losses if they do not share similar risk characteristics of other loans within their respective pools. Individually measured loans are primarily nonaccrual and collateral dependent with balances equal to or greater than $500,000 and for which the borrower is experiencing financial difficulty such that full satisfaction of the contractual terms of the loan is in question. Commercial real estate loans are secured by commercial real estate, including owner occupied and non-owner occupied commercial real estate, as well as multifamily residential real estate. Commercial business loans are primarily secured by non-real estate collateral, including equipment and other non-real estate fixed assets, inventory, receivables and cash. Agricultural loans are secured by farmland and other agricultural real estate, as well as equipment, inventory, such as crops and livestock, non-real estate fixed assets and cash. Construction loans are secured by one-to-four family residential real estate and commercial real estate in varying stages of development. One-to-four family residential real estate loans are secured by one-to-four family residential properties. Other consumer loans are secured by personal property. For collateral dependent loans, the Company calculates the allowance as the difference between the amortized cost of the loan and the fair market value of the collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. If the fair value of the collateral is greater than the amortized cost of the loan, no reserve is recorded.

The Company also records an allowance for credit losses on unfunded loan commitments and letters of credit. We estimate expected credit losses on unfunded commitments in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of what will be funded by analyzing the most recent four-quarter utilization rates, current utilization and our quantitative ACL rate. The allowance for unfunded commitments and letters of credit is included in “Other Liabilities” on the Consolidated Balance Sheets, with changes to the balance being charged to noninterest expense.

16

We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written-off in a timely manner as a reduction to interest income when loans are placed on nonaccrual status.

The following tables show a detailed analysis of the ACL for the periods indicated:

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	61,254	$	—	$	14	$	(3,961)	$	57,307
Commercial business	54,712		(1,632)		291		(2,897)		50,474
Agriculture	8,148		(23)		125		(240)		8,010
Construction	5,397		—		8		(6)		5,399
Consumer loans:
One-to-four family residential real estate	24,123		—		294		(61)		24,356
Other consumer	1,944		(246)		340		(635)		1,403
Total	$	155,578	$	(1,901)	$	1,072	$	(7,800)	$	146,949

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	68,934	$	—	$	36	$	(11,920)	$	57,050
Commercial business	45,250		(3,339)		3,214		13,280		58,405
Agriculture	9,052		—		12		423		9,487
Construction	7,636		—		46		(1,131)		6,551
Consumer loans:
One-to-four family residential real estate	16,875		—		51		(1,288)		15,638
Other consumer	1,393		(127)		61		(164)		1,163
Total	$	149,140	$	(3,466)	$	3,420	$	(800)	$	148,294

The $8.6 million decrease in the ACL at March 31, 2022 compared to the ACL at December 31, 2021 was primarily due to significant improvements in portfolio risk ratings. Additionally, problem loans decreased during the quarter and their percentage within the portfolio is now near pre-pandemic levels. Specifically regarding the forecast used in the March 31, 2022 estimate, management expects the forecasted national unemployment rate to be near pre-pandemic levels throughout the forecast period. Additionally, the commercial real estate index is expected to grow more slowly throughout the year. The home price index is projected to moderate over the forecast period and real GDP growth is projected to slow in 2022. The models used for calculating the ACL are sensitive to changes in these and other economic factors, which could result in volatility as these assumptions change over time. The ACL at March 31, 2022 does not include a reserve for the PPP loans as these loans are fully guaranteed by the SBA.

Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Beginning balance	$	8,500	$	8,300
Net changes in the allowance for unfunded commitments and letters of credit	500		1,500
Ending balance	$	9,000	$	9,800

17

Credit Quality Indicators

The extension of credit in the form of loans or other credit products to consumer and commercial clients is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower.

We evaluate the credit quality of our loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial condition, historical payment experience, credit documentation and current economic trends. Risk ratings are reviewed and updated whenever appropriate, with more periodic reviews as the risk and dollar value of the loss on the loan increases. All loans risk rated special mention or worse with amortized costs exceeding $250 thousand are reviewed at least quarterly with more frequent review for specific loans.

Pass rated loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention rated loans have potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans with a risk rating of Substandard or worse are reviewed to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating or accrual status may be adjusted accordingly. Loans risk rated as Substandard reflect loans where a loss is possible if loan weaknesses are not corrected. Doubtful rated loans have a high probability of loss; however, the amount of loss has not yet been determined. Loss rated loans are considered uncollectible and when identified, are charged-off.

18

The following is an analysis of the credit quality of our loan portfolio as of the periods indicated:

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior						Total
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	237,545	$	1,053,628	$	746,400	$	669,287	$	492,695	$	1,605,407	$	59,752	$	3,618	$	4,868,332
Special mention	—		—		1,381		16,450		—		26,154		—		—		43,985
Substandard	—		927		2,551		29,267		5,728		95,683		999		—		135,155
Total commercial real estate	$	237,545	$	1,054,555	$	750,332	$	715,004	$	498,423	$	1,727,244	$	60,751	$	3,618	$	5,047,472
Commercial business
Pass	$	129,275	$	794,588	$	408,780	$	262,133	$	203,962	$	351,159	$	1,198,963	$	3,410	$	3,352,270
Special mention	—		677		355		6,485		372		—		16,898		330		25,117
Substandard	—		3,831		4,045		18,627		24,648		31,317		32,302		150		114,920
Total commercial business	$	129,275	$	799,096	$	413,180	$	287,245	$	228,982	$	382,476	$	1,248,163	$	3,890	$	3,492,307
Agriculture
Pass	$	26,826	$	141,085	$	81,501	$	76,041	$	27,547	$	119,214	$	246,062	$	226	$	718,502
Special mention	—		154		—		428		—		—		665		—		1,247
Substandard	—		1,597		7,515		3,235		414		5,059		27,750		—		45,570
Total agriculture	$	26,826	$	142,836	$	89,016	$	79,704	$	27,961	$	124,273	$	274,477	$	226	$	765,319
Construction
Pass	$	31,991	$	247,354	$	46,517	$	14,346	$	3,169	$	5,498	$	58,569	$	—	$	407,444
Substandard	—		—		—		1,746		—		52		—		—		1,798
Total construction	$	31,991	$	247,354	$	46,517	$	16,092	$	3,169	$	5,550	$	58,569	$	—	$	409,242
Consumer loans:
One-to-four family residential real estate
Pass	$	39,826	$	377,035	$	131,139	$	49,382	$	44,964	$	108,061	$	248,949	$	249	$	999,605
Substandard	—		774		461		101		524		1,542		3		147		3,552
Total one-to-four family real estate	$	39,826	$	377,809	$	131,600	$	49,483	$	45,488	$	109,603	$	248,952	$	396	$	1,003,157
Other consumer
Pass	$	4,351	$	4,139	$	2,192	$	1,643	$	2,190	$	11,509	$	16,055	$	73	$	42,152
Substandard	—		21		—		—		—		13		—		1		35
Total consumer	$	4,351	$	4,160	$	2,192	$	1,643	$	2,190	$	11,522	$	16,055	$	74	$	42,187
Total	$	469,814	$	2,625,810	$	1,432,837	$	1,149,171	$	806,213	$	2,360,668	$	1,906,967	$	8,204	$	10,759,684
Less:
Allowance for credit losses																	146,949
Loans, net																	$	10,612,735

19

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior						Total
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	1,068,493	$	760,545	$	650,593	$	492,348	$	515,233	$	1,180,115	$	74,754	$	3,644	$	4,745,725
Special mention	2,252		—		19,016		6,196		163		27,270		—		2,199		57,096
Substandard	4,119		5,897		45,769		9,112		29,917		82,599		1,029		—		178,442
Total commercial real estate	$	1,074,864	$	766,442	$	715,378	$	507,656	$	545,313	$	1,289,984	$	75,783	$	5,843	$	4,981,263
Commercial business
Pass	$	891,957	$	426,004	$	280,823	$	217,605	$	144,363	$	232,356	$	1,028,616	$	35,411	$	3,257,135
Special mention	621		135		6,097		747		105		51		34,256		236		42,248
Substandard	4,329		4,610		18,393		28,066		20,568		27,462		18,796		1,661		123,885
Total commercial business	$	896,907	$	430,749	$	305,313	$	246,418	$	165,036	$	259,869	$	1,081,668	$	37,308	$	3,423,268
Agriculture
Pass	$	147,561	$	87,964	$	74,658	$	29,739	$	46,058	$	79,693	$	266,573	$	5,448	$	737,694
Special mention	162		—		445		—		—		—		565		—		1,172
Substandard	—		7,717		9,148		1,616		5,532		1,833		29,125		1,878		56,849
Total agriculture	$	147,723	$	95,681	$	84,251	$	31,355	$	51,590	$	81,526	$	296,263	$	7,326	$	795,715
Construction
Pass	$	228,661	$	53,880	$	35,795	$	3,183	$	3,285	$	2,189	$	55,765	$	—	$	382,758
Substandard	—		—		1,748		—		—		249		—		—		1,997
Total construction	$	228,661	$	53,880	$	37,543	$	3,183	$	3,285	$	2,438	$	55,765	$	—	$	384,755
Consumer loans:
One-to-four family real estate
Pass	$	390,153	$	140,799	$	56,520	$	51,549	$	32,447	$	111,307	$	222,747	$	1,347	$	1,006,869
Substandard	85		470		183		562		234		4,736		485		284		7,039
Total one-to-four family real estate	$	390,238	$	141,269	$	56,703	$	52,111	$	32,681	$	116,043	$	223,232	$	1,631	$	1,013,908
Other consumer
Pass	$	7,045	$	2,711	$	1,950	$	13,489	$	560	$	1,277	$	15,853	$	97	$	42,982
Substandard	—		—		—		—		1		13		23		9		46
Total consumer	$	7,045	$	2,711	$	1,950	$	13,489	$	561	$	1,290	$	15,876	$	106	$	43,028
Total	$	2,745,438	$	1,490,732	$	1,201,138	$	854,212	$	798,466	$	1,751,150	$	1,748,587	$	52,214	$	10,641,937
Less:
Allowance for credit losses																	155,578
Loans, net																	$	10,486,359

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7.Other Real Estate Owned

The following tables set forth activity in OREO for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance, beginning of period	$	381	$	553
Proceeds from sale of OREO property	—		(132)
Gain on sale of OREO, net	—		100
Balance, end of period	$	381	$	521

At March 31, 2022, there were no foreclosed residential real estate properties held as OREO. Additionally, there were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process.

8.Goodwill and Other Intangible Assets

Goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis on July 31 and between annual tests in certain circumstances such as material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an annual impairment assessment as of July 31, 2021 and concluded that there was no impairment.

Our CDIs are evaluated for impairment if events and circumstances indicate a possible impairment. Each CDI is amortized on an accelerated basis over an estimated life of 10 years.

The following table sets forth activity for goodwill and other intangible assets for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Goodwill
Total goodwill	$	823,172	$	765,842
Other intangible assets, net
CDI:
Gross CDI balance at beginning of period (1)	88,931		105,473
Accumulated amortization at beginning of period	(55,203)		(79,658)
CDI, net at beginning of period	33,728		25,815
CDI current period amortization	(2,288)		(1,924)
Total CDI, net at end of period	31,440		23,891
Intangible assets not subject to amortization	919		919
Other intangible assets, net at end of period	32,359		24,810
Total goodwill and other intangible assets at end of period	$	855,531	$	790,652

__________

(1) For the three months ended March 31, 2022, the gross CDI balance, beginning of period excludes fully amortized amounts. Prior period column has not been adjusted.

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The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2022 and the succeeding four years:

	Year ending December 31,
	(in thousands)
2022	$	6,410
2023	7,082
2024	5,673
2025	4,366
2026	3,225

9. Revolving Line of Credit

The Company has a $15.0 million short-term credit facility with an unaffiliated bank, for which the term was extended through May 26, 2022 as a result of an amendment executed during the second quarter of 2021. This facility has a variable interest rate and provides the Company additional liquidity, if needed, for various corporate activities including the repurchase of shares of Columbia Banking System, Inc. common stock. There was no outstanding balance at both March 31, 2022 and December 31, 2021. The credit agreement requires the Company to comply with certain covenants including those related to asset quality and capital levels. The Company was in compliance with all covenants associated with this facility at March 31, 2022.

10.Derivatives, Hedging Activities and Balance Sheet Offsetting

The Company is exposed to certain risks arising from both its business and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities as well as the use of derivative financial instruments. Specifically, the Company enters into interest rate-based derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company used an interest rate collar as part of its interest rate risk management strategy. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipts of variable-rate amounts if interest rates fall below the floor strike rate on the contract. These derivative contracts were used to hedge the variable cash flows associated with existing variable-rate assets.

With respect to derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives are reclassified to interest income as interest payments are received on the Company’s variable-rate assets. During the next 12 months, the Company estimates that there will be $10.4 million reclassified as an increase to interest income.

The Company may use derivatives to hedge the risk or changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. These derivatives are not 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 primarily utilizes interest rate forward loan sales contracts in its derivative risk management strategy.

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The Company enters into forward delivery contracts to sell residential mortgage loans 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 during the three months ended March 31, 2022 and 2021. 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. At March 31, 2022 and December 31, 2021, the Bank had commitments to originate mortgage loans held for sale totaling $24.1 million and $21.8 million, respectively, and forward sales commitments of $20.5 million and $18.5 million, respectively, which are used to hedge both on-balance sheet and off-balance sheet exposures.

In addition, the Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate. The Company then enters into a corresponding swap agreement with a third-party in order to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the instruments are marked to market in earnings. The notional amount of open interest rate swap agreements at March 31, 2022 and December 31, 2021 was $543.8 million and $570.2 million, respectively.

The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet as of the dates presented:

	Asset Derivatives						Liability Derivatives
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(in thousands)
Derivatives not designated as hedging instruments:
Interest rate lock commitments	Other assets	$	36	Other assets	$	356	Other liabilities	$	—	Other liabilities	$	—
Interest rate forward loan sales contracts	Other assets	$	313	Other assets	$	—	Other liabilities	$	—	Other liabilities	$	27
Interest rate swap contracts	Other assets	$	16,784	Other assets	$	24,257	Other liabilities	$	16,784	Other liabilities	$	24,257

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
		Three Months Ended March 31,
		2022		2021
		(in thousands)
Interest rate collar	Interest income	$	2,575	$	2,576

In January 2019, the Company entered into a $500.0 million notional interest rate collar with a five-year term. In October 2020, the collar was terminated and resulted in a $34.4 million realized gain that was recorded in accumulated other comprehensive income, net of deferred income taxes. The gain will amortize through February 2024 into interest income. The gain will be amortized in this manner as long as the cash flows pertaining to the hedged item are expected to occur.

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The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Interest rate lock commitments	$	(319)	$	(171)
Interest rate forward loan sales contracts	340		670
Interest rate swap contracts	—		112
Total derivative gains (losses)	$	21	$	611

The gains and losses on the Company’s mortgage banking derivatives are included in loan revenue. Mark-to-market gains and losses on the Company’s interest rate swap contracts are recorded to “Other” noninterest expense.

The Company is party to interest rate swap contracts and repurchase agreements 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 tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown.

	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
							Collateral Pledged/Received		Net Amount
March 31, 2022	(in thousands)
Assets
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(9,940)	$	6,844
Liabilities
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(180)	$	16,604
Repurchase agreements	$	44,212	$	—	$	44,212	$	(44,212)	$	—
December 31, 2021
Assets
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(450)	$	23,807
Liabilities
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(20,747)	$	3,510
Repurchase agreements	$	86,013	$	—	$	86,013	$	(86,013)	$	—

The Company’s agreements with each of its derivative counterparties provide that if the Company defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

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The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements:

	Remaining contractual maturity of the agreements
	Overnight and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
March 31, 2022	(in thousands)
Class of collateral pledged for repurchase agreements
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	44,212	$	—	$	—	$	—	$	44,212
Gross amount of recognized liabilities for repurchase agreements									44,212
Amounts related to agreements not included in offsetting disclosure									$	—

The collateral utilized for the Company’s repurchase agreements is subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below acceptable amounts based on the type of the underlying repurchase agreement. The pledged collateral related to the Company’s $44.2 million sweep repurchase agreements, which mature on an overnight basis, is monitored on a daily basis as the underlying sweep accounts can have frequent transaction activity and the amount of pledged collateral is adjusted as necessary.

11.Commitments and Contingent Liabilities

Lease Commitments: The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2022 and 2043. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule.

Financial Instruments with Off-Balance Sheet Risk: In the normal course of business, the Company makes loan commitments (typically unfunded loans and unused lines of credit) and issues standby letters of credit to accommodate the financial needs of its customers. At March 31, 2022 and December 31, 2021, the Company’s loan commitments amounted to $3.64 billion and $3.50 billion, respectively.

Standby letters of credit commit the Company to make payments on behalf of customers under specified conditions. Historically, no significant losses have been incurred by the Company under standby letters of credit. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including collateral requirements, where appropriate. Standby letters of credit were $35.6 million and $36.0 million at March 31, 2022 and December 31, 2021, respectively.

Legal Proceedings: The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from their regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

12.Shareholders’ Equity

Dividends:

The following table summarizes year-to-date dividend activity:

Declared	Regular Cash Dividends Per Common Share		Record Date	Paid Date
January 19, 2022	$	0.30	February 2, 2022	February 16, 2022

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

Subsequent to quarter end, on April 21, 2022, the Company declared a regular quarterly cash dividend of $0.30 per common share payable on May 18, 2022 to shareholders of record at the close of business on May 4, 2022.

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13.Accumulated Other Comprehensive Income (Loss)

The following table shows changes in accumulated other comprehensive income (loss) by component for the periods indicated:

	Unrealized Gains and Losses on Available for Sale Securities (1)		Unrealized Gains and Losses on Pension Plan Liability (1)		Unrealized Gains and Losses on Hedging Instruments (1)		Total (1)
Three Months Ended March 31, 2022	(in thousands)
Beginning balance	$	23,134	$	(4,812)	$	16,840	$	35,162
Other comprehensive loss before reclassifications	(259,988)		—		—		(259,988)
Amounts reclassified from accumulated other comprehensive income (2)	(1,076)		101		(1,976)		(2,951)
Net current-period other comprehensive income (loss)	(261,064)		101		(1,976)		(262,939)
Ending balance	$	(237,930)	$	(4,711)	$	14,864	$	(227,777)
Three Months Ended March 31, 2021
Beginning balance	$	163,174	$	(5,833)	$	24,854	$	182,195
Other comprehensive loss before reclassifications	(102,605)		—		—		(102,605)
Amounts reclassified from accumulated other comprehensive income (2)	—		115		(1,977)		(1,862)
Net current-period other comprehensive income (loss)	(102,605)		115		(1,977)		(104,467)
Ending balance	$	60,569	$	(5,718)	$	22,877	$	77,728

__________

(1) All amounts are net of tax. Amounts in parentheses indicate debits.

(2) See following table for details about these reclassifications.

The following table shows details regarding the reclassifications from accumulated other comprehensive income (loss) for the periods indicated:

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,				Affected line Item in the Consolidated
	2022		2021		Statement of Income
	(in thousands)
Amortization of unrealized gains related to securities transfer	1,402		—		Taxable securities
	1,402		—		Total before tax
	(326)		—		Income tax provision
	$	1,076	$	—	Net of tax
Amortization of pension plan liability actuarial losses	$	(131)	$	(150)	Compensation and employee benefits
	(131)		(150)		Total before tax
	30		35		Income tax provision
	$	(101)	$	(115)	Net of tax
Unrealized gains from hedging instruments	$	2,575	$	2,576	Loans
	2,575		2,576		Total before tax
	(599)		(599)		Income tax provision
	$	1,976	$	1,977	Net of tax

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14.Fair Value Accounting and Measurement

The Fair Value Measurements and Disclosures topic of the FASB ASC defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value. We hold fixed and variable rate interest-bearing securities, investments in marketable equity securities and certain other financial instruments, which are carried at fair value. Fair value is determined based upon quoted prices when available or through the use of alternative approaches, such as matrix or model pricing, when market quotes are not readily accessible or available.

The valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our own market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices for identical instruments in active markets that are accessible at the measurement date.

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.

Fair values are determined as follows:

Debt securities at fair value are priced using a combination of market activity, industry recognized information sources, yield curves, discounted cash flow models and other factors. These fair value calculations are considered a Level 2 input method under the provisions of the Fair Value Measurements and Disclosures topic of the FASB ASC for all debt securities.

Loans held for sale include the fair value of residential mortgage loans originated as held for sale determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value.

The fair values of the interest rate lock commitments and interest rate forward loan sales contracts 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.

Interest rate contracts and the interest rate collar are valued in models, which use as their basis, readily observable market parameters and are classified within Level 2 of the valuation hierarchy.

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The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at the dates presented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
March 31, 2022	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,407,654	$	—	$	3,407,654	$	—
Other asset-backed securities	408,047		—		408,047		—
State and municipal securities	938,965		—		938,965		—
U.S. government agency and government-sponsored enterprise securities	239,274		—		239,274		—
U.S. government securities	173,342		173,342		—		—
Non-agency collateralized mortgage obligations	360,089		—		360,089		—
Total debt securities available for sale	$	5,527,371	$	173,342	$	5,354,029	$	—
Loans held for sale	$	4,267	$	—	$	4,267	$	—
Other assets:
Interest rate lock commitments	$	36	$	—	$	—	$	36
Interest rate forward loan sales contracts	$	313	$	—	$	313	$	—
Interest rate contracts	$	16,784	$	—	$	16,784	$	—
Liabilities
Other liabilities:
Interest rate contracts	$	16,784	$	—	$	16,784	$	—

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	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
December 31, 2021	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,745,601	$	—	$	3,745,601	$	—
Other asset-backed securities	463,063		—		463,063		—
State and municipal securities	997,291		—		997,291		—
U.S. government agency and government-sponsored enterprise securities	252,576		—		252,576		—
U.S. government securities	157,536		157,536		—		—
Non-agency collateralized mortgage	294,932		—		294,932		—
Total debt securities available for sale	$	5,910,999	$	157,536	$	5,753,463	$	—
Loans held for sale	$	9,570	$	—	$	9,570	$	—
Other assets:
Interest rate lock commitments	$	356	$	—	$	—	$	356
Interest rate contracts	$	24,257	$	—	$	24,257	$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts	$	27	$	—	$	27	$	—
Interest rate contracts	$	24,257	$	—	$	24,257	$	—

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 at the dates presented:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	36	Internal pricing model	Pull-through rate	77.94% - 100.00% (94.64%)
	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	925	Internal pricing model	Pull-through rate	79.87% - 100.00% (90.39%)

An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement). Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement).

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The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance at the beginning of the period	$	356	$	1,096
Change included in earnings	(19)		1,710
Settlements	(301)		(1,881)
Balance at the end of the period	$	36	$	925

Nonrecurring Measurements

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans. The following valuation techniques and inputs were used to estimate the fair value of collateral dependent loans.

Collateral dependent loans - A collateral dependent loan is a loan in which repayment is expected to be provided solely by the underlying collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. The collateral dependent loan valuations are performed in conjunction with the allowance for credit losses process on a quarterly basis.

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2022
	March 31, 2022		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	2,262	$	—	$	—	$	2,262	$	(1,465)
	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2021
	March 31, 2021		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	1,520	$	—	$	—	$	1,520	$	722

The gains (losses) on collateral dependent loans disclosed above represent the amount of the allowance or provision recapture for credit losses and/or charge-offs during the period applicable to loans held at period-end. The amount of the allowance is included in the ACL.

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Quantitative information about Level 3 fair value measurements

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Collateral dependent loans (2)	$	2,262	Fair Market Value of Collateral	Adjustment to Stated Value	N/A (1)

__________

(1) Quantitative disclosures are not provided because there were no adjustments made to the appraisal value during the current period.

(2) Collateral consists of equipment and real estate.

	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Collateral dependent loans (2)	$	1,520	Fair Market Value of Collateral	Adjustment to Stated Value	42.96% - 75.00% (59.53%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets).

(2) Collateral consists of accounts receivable and fixed assets.

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The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at the dates presented:

	March 31, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	225,141	$	225,141	$	225,141	$	—	$	—
Interest-earning deposits with banks	747,335		747,335		747,335		—		—
Debt securities available for sale	5,527,371		5,527,371		173,342		5,354,029		—
Debt securities held to maturity	2,202,437		2,038,037		—		2,038,037		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	4,271		4,271		—		4,271		—
Loans	10,612,735		10,746,287		—		—		10,746,287
Interest rate contracts	16,784		16,784		—		16,784		—
Interest rate lock commitments	36		36		—		—		36
Interest rate forward loan sales contracts	313		313		—		313		—
Liabilities
Time deposits	$	418,395	$	412,068	$	—	$	412,068	$	—
FHLB advances	7,345		8,090		—		8,090		—
Repurchase agreements	44,212		44,212		—		44,212		—
Subordinated debentures	10,000		10,013		—		10,013		—
Junior subordinated debentures	10,310		10,967		—		10,967		—
Interest rate contracts	16,784		16,784		—		16,784		—

	December 31, 2021
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	153,414	$	153,414	$	153,414	$	—	$	—
Interest-earning deposits with banks	671,300		671,300		671,300		—		—
Debt securities available for sale	5,910,999		5,910,999		157,536		5,753,463		—
Debt securities held to maturity	2,148,327		2,122,606		—		2,122,606		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	9,774		9,774		—		9,774		—
Loans	10,486,359		10,679,349		—		—		10,679,349
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate lock commitments	356		356		—		—		356
Liabilities
Time deposits	$	445,957	$	430,682	$	—	$	430,682	$	—
FHLB advances	7,359		8,752		—		8,752		—
Repurchase agreements	86,013		86,013		—		86,013		—
Subordinated debentures	10,000		10,125		—		10,125		—
Junior subordinated debentures	10,310		9,927		—		9,927		—
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate forward loan sales contracts	27		27		—		27		—

32

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented:

March 31, 2022						December 31, 2021
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
(in thousands)
$	4,267	$	4,295	$	(28)	$	9,570	$	9,401	$	169

Residential mortgage loans held for sale that are sold under the mandatory delivery method and 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 in loan revenue. For the three months ended March 31, 2022 and 2021, the Company recorded net decreases in fair value of $197 thousand and $88 thousand, respectively, representing the change in fair value reflected in earnings. At March 31, 2022 and December 31, 2021, there were no residential mortgage loans held for sale for which the fair value option was elected that were 90 days or more past due, in nonaccrual status or both.

15.Earnings Per Common Share

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table sets forth the computation of basic and diluted EPS for the periods presented:

	Three Months Ended
	March 31,
	2022		2021
	(in thousands except per share amounts)
Basic EPS:
Net income	$	57,522	$	51,853
Less: Earnings allocated to participating securities:
Nonvested restricted shares	46		155
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Basic earnings per common share	$	0.74	$	0.73
Diluted EPS:
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Dilutive effect of equity awards	158		240
Weighted average diluted common shares outstanding	78,083		71,109
Diluted earnings per common share	$	0.74	$	0.73
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	257		70

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16.Revenue from Contracts with Customers

The following table shows the disaggregation of revenue from contracts with customers for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest income:
Revenue from contracts with customers:
Deposit account and treasury management fees	$	7,113	$	6,358
Card revenue	4,967		3,733
Financial services and trust revenue	4,632		3,381
Total revenue from contracts with customers	16,712		13,472
Other sources of noninterest income	7,468		9,694
Total noninterest income	$	24,180	$	23,166

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion should be read in conjunction with the unaudited Consolidated Financial Statements of Columbia Banking System, Inc. (referred to in this report as “we”, “our”, “Columbia” and “the Company”) and notes thereto presented elsewhere in this report and with the December 31, 2021 audited Consolidated Financial Statements and its accompanying notes included in our Annual Report on Form 10-K. In the following discussion, unless otherwise noted, references to increases or decreases in average balances in items of income and expense for a particular period and balances at a particular date refer to the comparison with corresponding amounts for the period or date one year earlier.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature, as well as the continuing effects of the COVID-19 pandemic on the Company’s business, operations, financial performance and prospects. Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. In addition to the factors set forth in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and the factors set forth in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, the following factors, among others, could cause actual results to differ materially from the anticipated results expressed or implied by forward-looking statements:

•national and global economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our ability to continue internal growth and maintain the quality of our earning assets;

•the markets where we operate and make loans could face challenges;

•the risks presented by the economy, which could adversely affect credit quality, collateral values, including real estate collateral, investment values, liquidity and loan originations and loan portfolio delinquency rates;

•continued increases in inflation and the risk that inflation may differ, possibly materially, from expectations, and actions taken by the Federal Reserve in response to inflation and their potential impact on economic conditions;

•risks related to the proposed merger with Umpqua including, among others, (i) failure to complete the merger with Umpqua or unexpected delays related to the merger or either party’s inability to obtain regulatory approvals or satisfy other closing conditions required to complete the merger, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (iii) certain restrictions during the pendency of the proposed transaction with Umpqua that may impact the parties’ ability to pursue certain business opportunities or strategic transactions, (iv) diversion of management’s attention from ongoing business operations and opportunities, (v) cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (vi) the integration of each party’s management, personnel and operations will not be successfully achieved or may be materially delayed or will be more costly or difficult than expected, (vii) deposit attrition, customer or employee loss and/or revenue loss as a result of the announcement of the proposed merger, (viii) expenses related to the proposed merger being greater than expected, and (ix) shareholder litigation that may prevent or delay the closing of the proposed merger or otherwise negatively impact the Company’s business and operations;

•the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions (including the recent acquisition of Bank of Commerce) and infrastructure may not be realized;

•the ability to successfully integrate Bank of Commerce, or to integrate future acquired entities;

•interest rate changes could significantly reduce net interest income and negatively affect asset yields and funding sources;

•the effect of the discontinuation or replacement of LIBOR;

•results of operations following strategic expansion, including the impact of acquired loans on our earnings, could differ from expectations;

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

•changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analysis relating to how such changes will affect our financial results could prove incorrect;

•changes in laws and regulations affecting our businesses, including changes in the enforcement and interpretation of such laws and regulations by applicable governmental and regulatory agencies;

•increased competition among financial institutions and nontraditional providers of financial services;

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

•the goodwill we have recorded in connection with acquisitions could become impaired, which may have an adverse impact on our earnings and capital;

•our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft;

•any material failure or interruption of our information and communications systems;

35

•inability to keep pace with technological changes;

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

•failure to maintain effective internal control over financial reporting or disclosure controls and procedures;

•the effect of geopolitical instability, including wars, conflicts and terrorist attacks, including the impacts of Russia’s invasion of Ukraine;

•our profitability measures could be adversely affected if we are unable to effectively manage our capital;

•the risks from climate change and its potential to disrupt our business and adversely impact the operations and creditworthiness of our customers;

•natural disasters, including earthquakes, tsunamis, flooding, fires and other unexpected events;

•the effect of COVID-19 and other infectious illness outbreaks that may arise in the future, which has created significant impacts and uncertainties in U.S. and global markets;

•changes in governmental policy and regulation, including measures taken in response to economic, business, political and social conditions, including with regard to COVID-19; and

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

You should take into account that forward-looking statements speak only as of the date of this report. Given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under federal securities laws.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management has identified the accounting policies related to the ACL, business combinations and the valuation and recoverability of goodwill as critical to an understanding of our financial statements. These policies and related estimates are discussed in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the headings “Allowance for Credit Losses,” “Business Combinations” and “Valuation and Recoverability of Goodwill” in our 2021 Annual Report on Form 10-K. There have not been any material changes in our critical accounting policies and estimates as compared to those disclosed in our 2021 Annual Report on Form 10-K.

RESULTS OF OPERATIONS

Our results of operations are dependent to a large degree on our net interest income. We also generate noninterest income from our broad range of products and services including treasury management, wealth management and debit and credit cards. Our operating expenses consist primarily of compensation and employee benefits, occupancy, data processing and software and legal and professional fees. Like most financial institutions, our interest income and cost of funds are affected significantly by general economic conditions, particularly changes in market interest rates, and by government policies and actions of regulatory authorities.

In November 2020, the SEC issued Final Rule 33-10890, Management’s Discussion and Analysis, Selected Financial Data and Supplementary Financial Information, which modernizes and simplifies certain disclosure requirements of Regulation S-K. One update to Item 303 of Regulation S-K allows registrants to compare the results of the most recently completed quarter to the results of either the immediately preceding quarter or the corresponding quarter of the preceding year. We have adopted this change, as management believes that comparing current quarter results to those of the immediately preceding quarter is more useful in identifying current business trends and provides a more meaningful comparison. Additionally, in the first filing after the adoption of this rule change, we are required to disclose a comparison of the results for the current quarter and the corresponding quarter of the preceding fiscal year. Accordingly, we have compared the results for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, where applicable throughout this Management’s Discussion and Analysis.

Earnings Summary

Comparison of current quarter to prior quarter

The Company reported net income for the first quarter of $57.5 million or $0.74 per diluted common share, compared to $42.9 million or $0.55 per diluted common share for the fourth quarter of 2021. Net interest income for the three months ended March 31, 2022 was $146.2 million, an increase of $677 thousand from the prior quarter. The increase was primarily a result of higher interest income related to increased yield for the securities portfolio substantially driven by lower premium amortization.

36

The Company recorded a $7.8 million recapture for credit losses for the first quarter of 2022 compared to a net provision of $11.1 million for the fourth quarter of 2021. The decrease in provision expense for the first quarter of 2022 as compared to the fourth quarter of 2021 was primarily related to improved credit quality. The prior quarter’s net provision was recorded primarily due to the initial allowance for non-PCD loans acquired in the Bank of Commerce acquisition.

Noninterest income for the current quarter was $24.2 million, a decrease of $60 thousand from the prior quarter. The decrease was largely due to lower loan fees and mortgage banking revenue partially offset by financial services and trust revenue and other noninterest income including a gain on the sale of loans of $868 thousand for the current quarter.

Total noninterest expense for the quarter ended March 31, 2022 was $105.1 million, an increase of $2.4 million from the prior quarter. Acquisition-related expenses in the current quarter were $7.1 million compared to $11.8 million for the prior quarter. Taking this into consideration, the largest contributor to the increase in noninterest expense for the current quarter is related to compensation and employee benefits that can be attributed to higher 401k and payroll tax expenses, which are typically elevated in the first quarter. The increase was also attributable to a $500 thousand provision for unfunded loan commitments recorded in the current quarter compared to a $2.0 million recapture recorded in the prior quarter. Higher data processing and software expenses partially offset by lower professional services expense were also drivers of the current quarter increase.

Comparison of current quarter to prior year period

The Company reported net income for the first quarter of $57.5 million or $0.74 per diluted common share, compared to $51.9 million or $0.73 per diluted common share for the first quarter of 2021. Net interest income for the three months ended March 31, 2022 was $146.2 million, an increase of $22.2 million from the prior year period. The increase was primarily due to increases in interest income from loans and securities, which were a result of higher average balances partially related to the Bank of Commerce acquisition.

The Company recorded a $7.8 million recapture for credit losses for the first quarter of 2022 compared to a provision recapture of $800 thousand for the first quarter of 2021. The increase in net provision recapture for the first quarter of 2022 compared to the first quarter of 2021 was principally the result of improved credit quality.

Noninterest income for the current quarter was $24.2 million, an increase of $1.0 million from the prior year period. The increase was largely due to increases associated with other noninterest income, financial services and trust revenue and card revenue offset by lower mortgage banking revenue due to lower overall mortgage production and decreased premium on loan sales as a result of the higher rate environment.

Total noninterest expense for the quarter ended March 31, 2022 was $105.1 million, an increase of $21.5 million from the prior year period. This increase was primarily driven by higher compensation and employee benefits due to our acquisition of Bank of Commerce in the fourth quarter of 2021 and the prior year period having substantial labor costs capitalized for PPP loan originations. Increased acquisition-related expenses related to legal and professional fees, occupancy and data processing and software also contributed to the increase from the prior year period.

37

Net Interest Income

The following table sets forth the average balances of all major categories of interest-earning assets and interest-bearing liabilities, the total dollar amounts of interest income on interest-earning assets and interest expense on interest-bearing liabilities, the average yield earned on interest-earning assets and average cost of interest-bearing liabilities by category and, in total, net interest income and net interest margin:

	Three Months Ended
	March 31, 2022						December 31, 2021						March 31, 2021
	Average Balances		Interest Earned / Paid		Average Rate		Average Balances		Interest Earned / Paid		Average Rate		Average Balances		Interest Earned / Paid		Average Rate
	(dollars in thousands)
ASSETS
Loans, net (1)(2)	$	10,665,242	$	108,181	4.11	%	$	10,545,172	$	111,709	4.20	%	$	9,586,984	$	101,477	4.29	%
Taxable securities	7,217,844		37,162		2.09	%	$	6,934,477	$	33,654	1.93	%	4,624,175		22,816		2.00	%
Tax exempt securities (2)	792,763		4,715		2.41	%	$	759,182	$	4,364	2.28	%	606,129		3,492		2.34	%
Interest-earning deposits with banks	590,795		295		0.20	%	$	947,567	$	360	0.15	%	602,083		152		0.10	%
Total interest-earning assets	19,266,644		150,353		3.16	%	$	19,186,398	$	150,087	3.10	%	15,419,371		127,937		3.36	%
Other earning assets	302,865						$	276,828					242,684
Noninterest-earning assets	1,386,157						$	1,394,757					1,229,627
Total assets	$	20,955,666					$	20,857,983					$	16,891,682
LIABILITIES AND SHAREHOLDERS’ EQUITY
Money market accounts	4,530,698		960		0.09	%	4,339,959		951		0.09	%	3,450,750		699		0.08	%
Interest-bearing demand	2,024,757		374		0.07	%	1,967,559		376		0.08	%	1,449,642		265		0.07	%
Savings accounts	1,632,369		77		0.02	%	1,593,434		78		0.02	%	1,221,431		40		0.01	%
Interest-bearing public funds, other than certificates of deposit	776,965		288		0.15	%	787,395		252		0.13	%	663,158		276		0.17	%
Certificates of deposit	437,251		97		0.09	%	458,837		150		0.13	%	336,319		205		0.25	%
Total interest-bearing deposits	9,402,040		1,796		0.08	%	9,147,184		1,807		0.08	%	7,121,300		1,485		0.08	%
FHLB advances and FRB borrowings	7,354		71		3.92	%	7,368		74		3.98	%	7,408		72		3.94	%
Subordinated debentures	10,000		144		5.84	%	43,859		561		5.07	%	35,072		468		5.41	%
Other borrowings and interest-bearing liabilities	76,185		74		0.39	%	56,803		71		0.50	%	53,691		23		0.17	%
Total interest-bearing liabilities	9,495,579		2,085		0.09	%	9,255,214		2,513		0.11	%	7,217,471		2,048		0.12	%
Noninterest-bearing deposits	8,695,832						8,788,127						7,091,316
Other noninterest-bearing liabilities	228,879						230,532						236,302
Shareholders’ equity	2,535,376						2,584,110						2,346,593
Total liabilities & shareholders’ equity	$	20,955,666					$	20,857,983					$	16,891,682
Net interest income (tax equivalent)			$	148,268					$	147,574					$	125,889
Net interest margin (tax equivalent)					3.12	%					3.05	%					3.31	%

__________

(1)Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees and net unearned discounts on acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $4.2 million, $6.2 million and $8.3 million for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively. The net incremental amortization on acquired loans was $350 thousand for the three months ended March 31, 2022 compared to net incremental accretion of $16 thousand and $1.1 million for the three months ended December 31, 2021 and March 31, 2021, respectively.

(2)Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $1.1 million for both the three months ended March 31, 2022 and December 31, 2021 and $1.2 million for the three months ended March 31, 2021. The tax equivalent yield adjustment to interest earned on tax exempt securities was $990 thousand, $917 thousand and $733 thousand for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

38

The following table sets forth the total dollar amount of change in interest income and interest expense. The changes have been segregated for each major category of interest-earning assets and interest-bearing liabilities into amounts attributable to changes in volume and changes in rates. Changes attributable to the combined effect of volume and interest rates have been allocated proportionately to the changes due to volume and the changes due to interest rates:

	Three Months Ended March 31, 2022 Compared to December 31, 2021						Three Months Ended March 31, 2022 Compared to March 31, 2021
	Increase (Decrease) Due to						Increase (Decrease) Due to
	Volume		Rate		Total (1)		Volume		Rate		Total (1)
	(in thousands)
Interest Income
Loans, net	$	1,260	$	(4,788)	$	(3,528)	$	11,065	$	(4,361)	$	6,704
Taxable securities	1,409		2,099		3,508		13,314		1,032		14,346
Tax exempt securities	197		154		351		1,107		116		1,223
Interest-earning deposits with banks	(159)		94		(65)		(3)		146		143
Interest income	$	2,707	$	(2,441)	$	266	$	25,483	$	(3,067)	$	22,416
Interest Expense
Deposits:
Money market accounts	$	41	$	(32)	$	9	$	228	$	33	$	261
Interest-bearing demand	11		(13)		(2)		106		3		109
Savings accounts	2		(3)		(1)		15		22		37
Interest-bearing public funds, other than certificates of deposit	(3)		39		36		44		(32)		12
Certificates of deposit	(6)		(47)		(53)		50		(158)		(108)
Total interest on deposits	45		(56)		(11)		443		(132)		311
FHLB advances and FRB borrowings	—		(3)		(3)		(1)		—		(1)
Subordinated debentures	(498)		81		(417)		(364)		40		(324)
Other borrowings and interest-bearing liabilities	9		(6)		3		13		38		51
Interest expense	$	(444)	$	16	$	(428)	$	91	$	(54)	$	37

__________

(1)The change in interest not due solely to volume or rate has been allocated in proportion to the absolute dollar amount of the change in each.

Comparison of current quarter to prior quarter

Net interest income for the first quarter of 2022 was $146.2 million, up from $145.5 million for the fourth quarter in 2021. The increase was mainly due to higher interest income related to increased yield on the securities portfolio substantially driven by lower premium amortization partially offset by lower yield on the loan portfolio. Also contributing was lower interest expense as a result of the $35.0 million repayment of subordinated debentures in the prior quarter.

The Company’s net interest margin (tax equivalent) increased to 3.12% in the first quarter of 2022, from 3.05% for the prior quarter. This increase was driven by higher yields on securities driven by substantially lower premium amortization partially offset by lower yield on the loan portfolio. A stronger earning assets mix with a lower ratio of low-yield interest-earning deposits with banks was also a contributing factor to the improved net interest margin. The Company’s operating net interest margin (tax equivalent)1 increased to 3.15% from 3.08% compared to the fourth quarter of 2021. The increase was also due to higher yields on securities and a stronger earnings mix as noted above.

Comparison of current quarter to prior year period

Net interest income for the first quarter of 2022 was $146.2 million, up from $124.0 million for the same quarter in 2021. The increase was mainly due to an increase in interest income from loans and securities due to higher average balances partially related to the Bank of Commerce acquisition.

1 Operating net interest margin (tax equivalent) is a non-GAAP financial measure. See the “Non-GAAP financial measures” section in this Management’s Discussion and Analysis.

39

The Company’s net interest margin (tax equivalent) decreased to 3.12% in the first quarter of 2022, from 3.31% for the prior year period. This decrease was driven by lower average rates on loans. The Company’s operating net interest margin (tax equivalent) decreased to 3.15% from 3.30% compared to the first quarter of 2021, which was also due to lower average rates on loans.

Provision for Credit Losses

Comparison of current quarter to prior quarter

During the first quarter of 2022, the Company recorded a $7.8 million recapture for credit losses for the first quarter of 2022 compared to a net provision of $11.1 million for the fourth quarter of 2021. The decrease in provision expense for the first quarter of 2022 as compared to the fourth quarter of 2021 was related to improved credit quality. The prior quarter’s net provision was recorded due to the initial allowance for non-PCD loans acquired in the Bank of Commerce acquisition.

Comparison of current quarter to prior year period

During the first quarter of 2022, the Company recorded a $7.8 million recapture for credit losses compared to an $800 thousand net provision recapture during the first quarter of 2021. This was principally the result of credit quality improvement.

The net provision recapture for credit losses recorded during the current quarter also reflected management’s ongoing assessment of the credit quality of the Company’s loan portfolio. Other factors affecting the provision include net charge-offs, credit quality migration and the size and composition of the loan portfolio and changes in the economic environment during the first quarter of 2022. The amount of provision was calculated in accordance with the Company’s methodology for determining the ACL, discussed in Note 6 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report.

Noninterest Income

The following table presents the significant components of noninterest income and the related dollar and percentage change from period to period:

	Three Months Ended						Prior Quarter				Prior Year Period
	March 31, 2022		December 31, 2021		March 31, 2021		$ Change		% Change		$ Change		% Change
	(dollars in thousands)
Deposit account and treasury management fees	$	7,113	$	7,155	$	6,358	$	(42)	(1)	%	$	755	12	%
Card revenue	4,967		5,108		3,733		(141)		(3)	%	1,234		33	%
Financial services and trust revenue	4,632		3,877		3,381		755		19	%	1,251		37	%
Loan revenue	3,193		4,977		7,369		(1,784)		(36)	%	(4,176)		(57)	%
Bank owned life insurance	1,788		1,753		1,560		35		2	%	228		15	%
Other	2,487		1,370		765		1,117		82	%	1,722		225	%
Total noninterest income	$	24,180	$	24,240	$	23,166	$	(60)	—	%	$	1,014	4	%

Comparison of current quarter to prior quarter

Noninterest income was $24.2 million for the first quarter of 2022, a decrease of $60 thousand from the prior quarter. This decrease was due to lower loan fees and mortgage banking revenue partially offset by higher financial services and trust revenue and other noninterest income including a gain on the sale of loans of $868 thousand in the current quarter.

Comparison of current quarter to prior year period

Noninterest income was $24.2 million for the first quarter of 2022, compared to $23.2 million for the same period in 2021. The increase was primarily due to increases associated with other noninterest income, financial services and trust revenue and card revenue offset by lower mortgage banking revenue due to lower overall mortgage production and decreased premium on loan sales as a result of the higher rate environment.

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Noninterest Expense

The following table presents the significant components of noninterest expense and the related dollar and percentage change from period to period:

	Three Months Ended						Prior Quarter				Prior Year Period
	March 31, 2022		December 31, 2021		March 31, 2021		$ Change		% Change		$ Change		% Change
	(dollars in thousands)
Compensation and employee benefits	$	63,079	$	64,169	$	51,736	$	(1,090)	(2)	%	$	11,343	22	%
Occupancy	11,009		10,076		9,006		933		9	%	2,003		22	%
Data processing and software	10,324		9,130		8,451		1,194		13	%	1,873		22	%
Legal and professional fees	6,535		7,937		2,815		(1,402)		(18)	%	3,720		132	%
Amortization of intangibles	2,288		2,376		1,924		(88)		(4)	%	364		19	%
B&O taxes	1,589		1,571		1,259		18		1	%	330		26	%
Advertising and promotion	726		1,357		760		(631)		(46)	%	(34)		(4)	%
Regulatory premiums	1,536		1,481		1,105		55		4	%	431		39	%
Net cost (benefit) of operation of OREO	10		14		(63)		(4)		(29)	%	73		(116)	%
Other	7,957		4,511		6,566		3,446		76	%	1,391		21	%
Total noninterest expense	$	105,053	$	102,622	$	83,559	$	2,431	2	%	$	21,494	26	%

The following table shows the impact of the acquisition-related expenses for the periods indicated to the various components of noninterest expense:

	Three Months Ended
	March 31, 2022		December 31, 2021		March 31, 2021
	(in thousands)
Acquisition-related expenses:
Compensation and employee benefits	$	586	$	4,875	$	—
Occupancy	819		271		—
Data processing and software	1,039		286		—
Legal and professional fees	4,209		5,624		—
Advertising and promotion	134		111		—
Other	270		645		—
Total impact of acquisition-related expense to noninterest expense	$	7,057	$	11,812	$	—
Acquisition-related expenses by transaction:
Bank of Commerce (1)	2,587		7,667		—
Umpqua (2)	4,470		4,145		—
Total impact of acquisition-related expense to noninterest expense	$	7,057	$	11,812	$	—

__________

(1) The Company completed the acquisition of Bank of Commerce on October 1, 2021. See Note 3 of the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report for further information regarding this transaction.

(2) Definitive merger agreement has been entered into; however, completion of this transaction is pending as of the date of this filing.

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Comparison of current quarter to prior quarter

Noninterest expense was $105.1 million for the first quarter of 2022, an increase of $2.4 million from $102.6 million for the prior quarter. Acquisition-related expenses in the current quarter were $7.1 million compared to $11.8 million for the prior quarter. Taking this into consideration, the largest contributor to the increase in noninterest expense for the current quarter is related to compensation and employee benefits that can be attributed to higher 401k and payroll tax expenses, which are typically elevated in the first quarter. The increase was also attributable to a $500 thousand provision for unfunded loan commitments recorded in the current quarter compared to a $2.0 million recapture recorded in the prior quarter. Higher data processing and software expenses partially offset by lower professional services expense were also drivers of the current quarter increase.

Comparison of current quarter to prior year period

Noninterest expense was $105.1 million for the first quarter of 2022, an increase of $21.5 million from $83.6 million for the prior year period. This increase was mostly attributable to higher compensation and employee benefits due to our acquisition of Bank of Commerce in the fourth quarter of 2021 and the prior year period having substantial labor costs capitalized for PPP loan originations. Increased acquisition-related expenses related to legal and professional fees, occupancy and data processing and software also contributed to the increase from the prior year period.

The provision for unfunded loan commitments for the periods indicated are as follows:

	Three Months Ended
	March 31, 2022		December 31, 2021		March 31, 2021
	(in thousands)
Provision for unfunded loan commitments	$	500	$	(2,000)	$	1,500

Income Taxes

We recorded an income tax provision of $15.6 million for the first quarter of 2022, compared to a provision of $13.1 million and $12.5 million for the three months ended December 31, 2021 and March 31, 2021, respectively. The effective tax rate was 21%, 23% and 19% for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively. For additional information, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

FINANCIAL CONDITION

Total assets were $20.96 billion at March 31, 2022, an increase of $18.6 million from December 31, 2021. Cash and cash equivalents increased $147.8 million. Loans increased $117.7 million during the first three months of 2022, which was primarily the result of new loan production partially offset by loan payments. Debt securities available for sale were $5.53 billion at March 31, 2022, a decrease of $383.6 million from December 31, 2021 which was primarily due to fair value movement. Total liabilities were $18.60 billion as of March 31, 2022, an increase of $246.6 million from December 31, 2021 primarily due to an increase in interest-bearing deposits.

Investment Securities

At March 31, 2022, the Company’s investment portfolio primarily consisted of debt securities available for sale totaling $5.53 billion compared to $5.91 billion at December 31, 2021 and debt securities held to maturity of $2.20 billion at March 31, 2022 compared to $2.15 billion at December 31, 2021. The decrease in the debt securities available for sale from year-end is due to a $338.7 million decline in unrealized gains, $221.7 million in maturities and repayments, and $7.0 million in premium amortization, partially offset by $183.8 million in purchases. The increase in debt securities held to maturity from year-end is due to purchases of $97.7 million, partially offset by $38.9 million in maturities and repayments and $4.7 million in premium amortization. The average duration of our debt securities available for sale was approximately 5 years and 1 month at March 31, 2022. The average duration of our debt securities held to maturity was approximately 5 years and 9 months at March 31, 2022. These durations take into account calls, where appropriate, and consensus prepayment speeds.

The investment securities are used by the Company as a component of its balance sheet management strategies. From time-to-time, securities may be sold to reposition the portfolio in response to strategies developed by the Company’s asset liability management committee. In accordance with our investment strategy, management monitors market conditions with a view to realize gains on its available for sale securities portfolio when prudent.

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The Company performs a quarterly assessment to determine whether a decline in fair value below amortized cost exists. Amortized cost includes adjustments made to the cost of an investment for accretion, amortization, collection of cash and previous credit losses recognized in earnings.

When the fair value of an available for sale debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves, the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired available for sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding allowance for credit losses.

At March 31, 2022, the market value of debt securities available for sale had a net unrealized loss of $325.8 million compared to a net unrealized gain of $13.0 million at December 31, 2021. The change in valuation was the result of fluctuations in market interest rates during the three months ended March 31, 2022. At March 31, 2022, the Company had $4.68 billion of debt securities available for sale with gross unrealized losses of $337.5 million; however, we did not consider these investment securities to have an indicated credit loss.

All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2022.

The following table sets forth our securities portfolio by type for the dates indicated:

	March 31, 2022		December 31, 2021
	(in thousands)
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,407,654	$	3,745,601
Other asset-backed securities	408,047		463,063
State and municipal securities	938,965		997,291
U.S. government agency and government-sponsored enterprise securities	239,274		252,576
U.S. government securities	173,342		157,536
Non-agency collateralized mortgage securities	360,089		294,932
Total debt securities available for sale, at fair value	$	5,527,371	$	5,910,999
Debt securities held to maturity:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,202,437	$	2,148,327
Total debt securities held to maturity, at amortized cost	$	2,202,437	$	2,148,327
Equity securities	13,425		13,425
Total investment securities	$	7,743,233	$	8,072,751

For further information on our investment portfolio and equity securities transactions, see Note 4 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report.

Credit Risk Management

The extension of credit in the form of loans or other credit substitutes to individuals and businesses is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower.

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In analyzing our existing portfolio, we review our consumer and residential loan portfolios by their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. In contrast, the monitoring process for the commercial business, real estate construction and commercial real estate portfolios includes periodic reviews of individual loans with risk ratings assigned to each loan and performance judged on a loan-by-loan basis.

We review these loans to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating may be adjusted accordingly. In the event that full collection of principal and interest is not reasonably assured, the loan is appropriately downgraded and, if warranted, placed on nonaccrual status even though the loan may be current as to principal and interest payments. Additionally, we assess whether an individually measured allowance is required for collateral dependent nonaccrual loans with balances equal to or greater than $500,000 and with respect to which foreclosure is probable. For the individually measured collateral dependent nonaccrual loan, the allowance for credit losses is equal to the difference between amortized cost of the loan and the determined value of the collateral. However, if the determined value of the collateral is greater than the amortized cost of the loan, no allowance for credit losses will be added for these loans.

For additional discussion on our methodology in managing credit risk within our loan portfolio, see the “Allowance for Credit Losses” section in this Management’s Discussion and Analysis and Note 1 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” of the Company’s 2021 Annual Report on Form 10-K.

Loan policies, credit quality criteria, portfolio guidelines and other controls are established under the guidance of our Chief Credit Officer and approved, as appropriate, by the Board of Directors. Credit Administration, together with the management loan committee, has the responsibility for administering the credit approval process. As another part of its control process, we use an internal credit review and examination function to provide reasonable assurance that loans and commitments are made and maintained as prescribed by our credit policies. Examinations are performed to ensure continued performance and proper risk assessment.

Loan Portfolio Analysis

Our wholly owned banking subsidiary Columbia State Bank is a full service commercial bank, which originates a wide variety of loans, and focuses its lending efforts on originating commercial real estate and commercial business loans.

The following table provides additional detail related to the net premium (discount) of acquired and purchased loans by acquisition:

	March 31, 2022		December 31, 2021
	(in thousands)
Acquisition:
Bank of Commerce	$	11,377	$	12,923
Pacific Continental	(4,773)		(5,306)
All other purchased and acquired net premium	5,082		5,031
Total net premium at period end	$	11,686	$	12,648

Commercial Real Estate Loans: Commercial real estate loans are secured by properties located within our primary market areas and typically, have loan-to-value ratios of 80% or lower at origination. Our underwriting standards for commercial and multifamily residential loans generally require that the loan-to-value ratio for these loans not exceed 75% of appraised value, cost, or discounted cash flow value, as appropriate, and that commercial properties maintain debt coverage ratios (net operating income divided by annual debt servicing) of 1.2 or better. However, underwriting standards can be influenced by competition and other factors. We endeavor to maintain the highest practical underwriting standards while balancing the need to remain competitive in our lending practices.

Commercial Business Loans: Our commercial business lending is directed toward meeting the credit and related deposit and treasury management needs of small to medium sized businesses. Commercial and industrial loans are primarily underwritten based on the identified cash flows of the borrower’s operations and secondarily on the underlying collateral provided by the borrower and/or the strength of the guarantor. The majority of these loan provide financing for working capital and capital expenditures. Loan terms, including, loan maturity, fixed or adjustable interest rate and collateral considerations, are based on factors such as the loan purpose, collateral type and industry and are underwritten on an individual loan basis.

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Agriculture Loans: Agricultural lending includes agricultural real estate and production loans and lines of credit within our primary market area. We are committed to our Pacific Northwest communities offering seasonal and longer-term loans and operating lines of credit by lending officers with expertise in the agricultural communities we serve. Typical loan-to-value ratios on term loans can range from 55% to 80% depending upon the type of loan. Operating lines of credit require the borrower to provide a 20% to 25% equity investment. The debt coverage ratio is generally 1.25 or better on all term loans.

Construction Loans: We originate a variety of real estate construction loans. Underwriting guidelines for these loans vary by loan type but include loan-to-value limits, term limits and loan advance limits, as applicable. Our underwriting guidelines for commercial and multifamily residential real estate construction loans generally require that the loan-to-value ratio not exceed 75% and stabilized debt coverage ratios (net operating income divided by annual debt service) of 1.2 or better. As noted above, underwriting standards can be influenced by competition and other factors. However, we endeavor to maintain the highest practical underwriting standards while balancing the need to remain competitive in our lending practices.

One-to-four Family Residential Real Estate Loans: One-to-four family residential loans, including home equity loans and lines of credit, are secured by properties located within our primary market areas and, typically, have loan-to-value ratios of 80% or lower at origination.

Other Consumer Loans: Consumer loans include automobile loans, boat and recreational vehicle financing and other miscellaneous personal loans.

Foreign Loans: The Company has 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, Idaho and California.

For additional information on our loan portfolio, including amounts pledged as collateral on borrowings, see Note 5 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report.

Allowance for Credit Losses

The ACL is an accounting estimate of expected credit losses in our loan portfolio at the balance sheet date. The provision for credit losses is the expense recognized in the Consolidated Statements of Income to adjust the ACL to the levels deemed appropriate by management, as measured by the Company’s credit loss estimation methodologies. The allowance for unfunded commitments and letters of credit is maintained at a level believed by management to be sufficient to absorb estimated expected losses related to these unfunded credit facilities at the balance sheet date.

At March 31, 2022, our ACL was $146.9 million, or 1.37% of total loans (excluding loans held for sale). This compares with an ACL of $155.6 million, or 1.46% of total loans (excluding loans held for sale) at December 31, 2021 and an ACL of $148.3 million or 1.53% of total loans (excluding loans held for sale) at March 31, 2021. The decrease from year end was primarily due to significant improvement in portfolio risk ratings as well as the percentage of problem loans to total loans reaching pre-pandemic levels. The ACL at March 31, 2022 does not include a reserve for the PPP loans as they are fully guaranteed by the SBA.

For additional information on our allowances for credit losses and allowance for unfunded commitments and letters of credit, as well as the credit quality of the loan portfolio, see Note 6 to the Consolidated Financial Statements in “Item 1. Consolidated Financial Statements (unaudited)” of this report.

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Liquidity and Sources of Funds

Our primary sources of funds are customer deposits. Additionally, we utilize advances from the FHLB, borrowings from the FRB, sweep repurchase agreements, subordinated debentures and junior subordinated debentures assumed in acquisitions and a revolving line of credit to supplement our funding needs. These funds, together with loan repayments, loan sales, retained earnings, equity and other borrowed funds are used to make loans, to acquire securities, meet deposit withdrawals and maturing liabilities, to acquire other assets and to fund continuing operations.

In addition, we have a shelf registration statement on file with the SEC registering an unspecified amount of any combination of debt or equity securities, depository shares, purchase contracts, units and warrants in one or more offerings. Specific information regarding the terms of and the securities being offered will be provided at the time of any offering. Proceeds from any future offerings are expected to be used for general corporate purposes, including, but not limited to, the repayment of debt, repurchasing or redeeming outstanding securities, working capital, funding future acquisitions or other purposes identified at the time of any offering.

Deposit Activities

Our deposit products include a wide variety of transaction accounts, savings accounts and time deposit accounts. We have established a branch system to serve our consumer and business depositors. Deposits increased $289.1 million from December 31, 2021. Management’s strategy for funding asset growth is to make use of public funds and brokered and other wholesale deposits on an as-needed basis. The Company participates in the CD Option of IntraFi Network Deposits program, which is a network that allows participating banks to offer extended FDIC deposit insurance coverage on time deposits. The Company also participates in a similar program to offer extended FDIC deposit insurance coverage on money market accounts. These extended deposit insurance programs are generally available only to existing customers and are not used as a means of generating additional liquidity. At March 31, 2022, brokered deposits, reciprocal money market accounts and other wholesale deposits (excluding public funds) totaled $1.11 billion, or 6.1% of total deposits, compared to $821.7 million or 4.6% at year-end 2021. These deposits have varied maturities.

The following table sets forth the Company’s deposit base by type of product for the dates indicated:

	March 31, 2022				December 31, 2021
	Balance		% of Total		Balance		% of Total
	(dollars in thousands)
Demand and other noninterest-bearing	$	8,790,138	48.1	%	$	8,856,714	49.1	%
Money market	3,501,723		19.1	%	3,525,299		19.6	%
Interest-bearing demand	2,103,053		11.5	%	1,999,407		11.1	%
Savings	1,637,451		8.9	%	1,617,546		9.0	%
Interest-bearing public funds, other than certificates of deposit	775,048		4.2	%	779,146		4.3	%
Certificates of deposit, less than $250,000	239,863		1.3	%	249,120		1.4	%
Certificates of deposit, $250,000 or more	145,372		0.8	%	160,490		0.9	%
Certificates of deposit insured by the CD Option of IntraFi Network Deposits	32,608		0.2	%	35,611		0.2	%
Reciprocal money market accounts	1,073,405		5.9	%	786,046		4.4	%
Subtotal	$	18,298,661	100.0	%	$	18,009,379	100.0	%
Valuation adjustment resulting from acquisition accounting	$	552			$	736
Total deposits	$	18,299,213			$	18,010,115

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Borrowings

We rely on FHLB advances and FRB borrowings as another source of both short and long-term funding. FHLB advances and FRB borrowings are secured by investment securities and residential, commercial and commercial real estate loans. At March 31, 2022 and December 31, 2021, we had FHLB advances of $7.3 million and $7.4 million, respectively.

We also utilize wholesale and retail repurchase agreements to supplement our funding sources. Our wholesale repurchase agreements are secured by mortgage-backed securities. At March 31, 2022 and December 31, 2021, we had deposit customer sweep-related repurchase agreements of $44.2 million and $86.0 million, respectively, which mature on a daily basis.

Subordinated debentures and junior subordinated debentures are another source of funding. On October 1, 2021, with its acquisition of Bank of Commerce, the Company assumed $10.0 million in aggregate principal amount of subordinated debentures, which are unsecured, and mature on December 10, 2025. Also assumed through the Bank of Commerce acquisition were $10.3 million of trust preferred obligations which are redeemable at the Company’s option on any March 15, June 15, September 15, or December 15.

The Company has a $15.0 million short-term credit facility with an unaffiliated bank. This facility provides the Company additional liquidity, if needed, for various corporate activities including the repurchase of shares of Columbia Banking System, Inc. common stock. At both March 31, 2022 and December 31, 2021, there was no balance associated with this credit facility. The credit agreement requires the Company to comply with certain covenants including those related to asset quality and capital levels. The Company was in compliance with all covenants associated with this facility at March 31, 2022.

Management anticipates we will continue to rely on FHLB advances, FRB borrowings, the short-term credit facility and wholesale and retail repurchase agreements in the future. We will use those funds primarily to make loans and purchase securities.

Contractual Obligations, Commitments & Off-Balance Sheet Arrangements

We are party to many contractual financial obligations, including repayments of borrowings, operating and equipment lease payments, off-balance sheet commitments to extend credit and investments in affordable housing partnerships. At March 31, 2022, we had commitments to extend credit of $3.67 billion compared to $3.54 billion at December 31, 2021.

Capital Resources

Shareholders’ equity at March 31, 2022 was $2.36 billion, compared to $2.59 billion at December 31, 2021. Shareholders’ equity was 11% and 12% of total period-end assets at March 31, 2022 and December 31, 2021, respectively.

Regulatory Capital

In July 2013, the federal bank regulators approved the Capital Rules (as discussed in our 2021 Annual Report on Form 10-K, “Item 1. Business—Supervision and Regulation and —Regulatory Capital Requirements”), which implement the Basel III capital framework and various provisions of the Dodd-Frank Act, which were fully phased in as of January 1, 2019. As of March 31, 2022, we and the Bank met all capital adequacy requirements under the Capital Rules.

FDIC regulations set forth the qualifications necessary for a bank to be classified as “well-capitalized,” primarily for assignment of FDIC insurance premium rates. Failure to qualify as “well-capitalized” can negatively impact a bank’s ability to expand and to engage in certain activities. The Company and the Bank qualified as “well-capitalized” at March 31, 2022 and December 31, 2021.

As part of its response to the impact of COVID-19, the U.S. federal regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company elected to adopt the interim final rule. As a result, certain capital ratios and amounts as of March 31, 2022 and December 31, 2021 have a reduced impact of the increased allowance for credit losses related to the adoption of CECL.

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The following table presents the capital ratios and the capital conservation buffer, as applicable, for the Company and its banking subsidiary as of the dates presented below:

	Company				Columbia Bank
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
CET1 risk-based capital ratio	12.88	%	13.01	%	12.94	%	13.06	%
Tier 1 risk-based capital ratio	12.88	%	13.01	%	12.94	%	13.06	%
Total risk-based capital ratio	14.00	%	14.21	%	13.99	%	14.18	%
Leverage ratio	8.64	%	8.55	%	8.70	%	8.60	%
Capital conservation buffer	6.00	%	6.21	%	5.99	%	6.18	%

Non-GAAP Financial Measures

The Company considers operating net interest margin (tax equivalent) to be a useful measurement as it more closely reflects the ongoing operating performance of the Company. Additionally, presentation of the operating net interest margin allows readers to compare certain aspects of the Company’s net interest margin to other organizations that may not have had significant acquisitions. Despite the usefulness of the operating net interest margin (tax equivalent) to the Company, there is no standardized definition for it and, as a result, the Company’s calculations may not be comparable with other organizations. The Company encourages readers to consider its Consolidated Financial Statements in their entirety and not to rely on any single financial measure.

The following table reconciles the Company’s calculation of the operating net interest margin (tax equivalent) to the net interest margin (tax equivalent) for the periods indicated:

	Three Months Ended
	March 31, 2022			December 31, 2021			March 31, 2021
	(dollars in thousands)
Operating net interest margin non-GAAP reconciliation:
Net interest income (tax equivalent) (1)	$	148,268		$	147,574		$	125,889
Adjustments to arrive at operating net interest income (tax equivalent):
Incremental accretion income on acquired loans	350			(16)			(1,055)
Premium amortization on acquired securities	1,031			1,278			520
Operating net interest income (tax equivalent) (1)	$	149,649		$	148,836		$	125,354
Average interest earning assets	$	19,266,644		$	19,186,398		$	15,419,371
Net interest margin (tax equivalent) (1)	3.12		%	3.05		%	3.31		%
Operating net interest margin (tax equivalent) (1)	3.15		%	3.08		%	3.30		%

__________

(1) Tax-exempt interest income has been adjusted to a tax equivalent basis. The amount of such adjustment was an addition to net interest income of $2.1 million for both the three months ended March 31, 2022 and December 31, 2021, respectively, and $1.9 million for the three months ended March 31, 2021.

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Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Sensitivity

We are exposed to interest rate risk, which is the risk that changes in prevailing interest rates will adversely affect assets, liabilities, capital, income and expenses at different times or in different amounts. Generally, there are four sources of interest rate risk as described below:

Repricing risk—Repricing risk is the risk of adverse consequences from a change in interest rates that arises because of differences in the timing of when those interest rate changes affect an institution’s assets and liabilities.

Basis risk—Basis risk is the risk of adverse consequences resulting from unequal changes in the spread between two or more rates for different instruments with the same maturity.

Yield curve risk—Yield curve risk is the risk of adverse consequences resulting from unequal changes in the spread between two or more rates for different maturities for the same instrument.

Option risk—In banking, option risks are known as borrower options to prepay loans and depositor options to make deposits, withdrawals and early redemptions. Option risk arises whenever a bank’s products give customers the right, but not the obligation, to alter the quantity or the timing of cash flows. We are also exposed to option risk in callable bonds as the counterparty may call the bonds during a low rate environment resulting in reinvestment of the proceeds at lower yields. Option risk is also present in the investment portfolio as mortgage-backed securities could prepay or callable bonds could be called.

Since our earnings are primarily dependent on our ability to generate net interest income, we actively monitor and manage the effects of adverse changes in interest rates on our results of operations. Management of our interest rate risk is overseen by our board of directors, which is responsible for establishing policies and interest rate limits and approving these policies and interest rate limits annually. These policies include our asset/liability management policy, which provides guidelines for controlling our exposure to interest rate risk. These guidelines direct management to assess the impact of changes in interest rates upon both earnings and capital. These guidelines also establish limits for interest rate risk sensitivity.

We maintain an Asset/Liability Management Committee which is responsible for developing, monitoring and reviewing asset/liability processes, interest rate risk exposures, strategies and tactics. The Asset/Liability Management Committee reports on a periodic basis to our board of directors. It is the responsibility of management to execute the approved policies, develop and implement risk management strategies and to report to the board of directors on a regular basis.

Interest Rate Risk Sensitivity

We use a number of measures to monitor and manage interest rate risk, including income simulations and interest sensitivity (gap) analysis. An income simulation model is the primary tool used to assess the direction and magnitude of changes in net interest income resulting from changes in interest rates. Basic assumptions in the model include prepayment speeds on mortgage-related assets, cash flows and maturities of other investment securities, loan and deposit volumes and pricing. These assumptions are inherently subjective and may not be realized and, as a result, actual results will differ from our projections. In addition, variances in the timing, magnitude and frequency of interest rate changes, overall market conditions including volumes and pricing, and changes in management strategies, among other factors, will also result in variances between the projected and actual results.

The following table summarizes the expected impact on net interest income over a one or two year period if interest rates gradually increased or decreased during the first year, based on the results of the simulation model as of March 31, 2022:

	Year one				Year two
Change in basis points (bps)	Change in net interest income		% Change in net interest income		Change in net interest income		% Change in net interest income
	(dollars in thousands)
+200	$	17,411	3.09	%	$	71,327	12.61	%
-100	$	(11,308)	(2.01)	%	$	(35,781)	(6.33)	%

49

The following table summarizes the expected impact on net interest income over a one or two year period if interest rates instantaneously increased or decreased, based on the results of the simulation model as of March 31, 2022:

	Year one				Year two
Change in basis points (bps)	Change in net interest income		% Change in net interest income		Change in net interest income		% Change in net interest income
	(dollars in thousands)
+200	$	48,211	8.56	%	$	92,004	16.27	%
-100	$	(25,606)	(4.55)	%	$	(47,951)	(8.48)	%

The projections are based on the current interest rate environment and we assume our balance sheet remains constant during the next two years. Short-term market interest rates increased slightly since year end and tenors over one year increased by more than 100 basis points. Loan interest rate indexes such as Prime, LIBOR and SOFR also increased modestly but are still near historical lows. Since we do not assume negative interest rates, the downward repricing of these loans is more limited than during a higher interest rate environment. Our ability to reprice deposits downward is also limited given our low cost of funds.

The increase in interest rates improved our projected net interest income in a stable interest rate environment by more than the change in our funding costs. However, this resulted in a modest adverse change in sensitivity in the -100 interest rate shock and ramp as our ability to reprice deposits is limited.

The smaller change in net interest income in the gradual scenarios versus the shock scenarios is due to the ramp up period of the interest rate scenario. Growth in interest income in the gradual and shock rising rate scenarios is constrained by floating rate loans where the floor rate exceeds the fully indexed rate. In year two of the rising rate scenarios, net interest income increases as yields on new loan production and investment security purchases rise faster than funding costs. The decrease in net interest income in the falling rate scenario is due to loan production and investment security purchases at rates lower than the existing portfolios combined with our inability to materially lower funding costs.

Net interest income sensitivity excludes the amortization of premiums, discounts and deferred fees on the existing loan portfolio although the amortization of the collar is included in loan interest income.

On January 23, 2019, the Company entered into an interest rate collar derivative transaction with a $500.0 million notional value based on one month LIBOR. In October 2020, the collar was terminated and resulted in a $34.4 million realized gain that was recorded in accumulated other comprehensive income, net of deferred income taxes. The gain will amortize into interest income through February 2024 which is in line with the initial term of the interest rate collar. The gain will be amortized in this manner as long as the cash flows pertaining to the hedged item are expected to occur.

Item 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of the Company’s management, including the CEO and CFO, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, the CEO and CFO have concluded that as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that the information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934 is (i) accumulated and communicated to our management (including the CEO and CFO) to allow timely decisions regarding required disclosure, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control Over Financial Reporting

There was no change in our internal controls over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

50

PART II - OTHER INFORMATION

Item 1.LEGAL PROCEEDINGS

The Company and its subsidiaries are party to routine litigation arising in the ordinary course of business. Management believes that, based on information currently known to it, any liabilities arising from such litigation will not have a material adverse impact on the Company’s financial conditions, results of operations or cash flows.

Item 1A. RISK FACTORS

Refer to Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for a discussion of risk factors relating to the Company’s business. The Company believes that there has been no material change in its risk factors as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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, 2022:

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 Remaining Shares That May Yet Be Purchased Under the Plan (2)
1/1/2022 - 1/31/2022	2,696	$	35.14	—	—
2/1/2022 - 2/28/2022	50,531	36.75		—	—
3/1/2022 - 3/31/2022	54,315	36.32		—	—
	107,542	36.49		—

__________

(1) Common shares repurchased by the Company during the quarter consisted of cancellation of shares of common stock to pay the shareholders’ withholding taxes.

(2) The Company does not have a current share repurchase plan.

51

Item 3.DEFAULTS UPON SENIOR SECURITIES

None.

Item 4.MINE SAFETY DISCLOSURES

Not applicable.

Item 5.OTHER INFORMATION

None.

52

Item 6.EXHIBITS

31.1+	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2+	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32+	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS+	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+	XBRL Taxonomy Extension Schema
101.CAL+	XBRL Taxonomy Extension Calculation Linkbase
101.LAB+	XBRL Taxonomy Extension Label Linkbase
101.PRE+	XBRL Taxonomy Extension Presentation Linkbase
101.DEF+	XBRL Taxonomy Extension Definition Linkbase
104+	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

_______

+ Filed herewith

53

SIGNATURES

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

		COLUMBIA BANKING SYSTEM, INC.
Date:	May 5, 2022	By	/s/ CLINT E. STEIN
			Clint E. Stein
			President and Chief Executive Officer (Principal Executive Officer)
Date:	May 5, 2022	By	/s/ AARON JAMES DEER
			Aaron James Deer
			Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	May 5, 2022	By	/s/ BROCK M. LAKELY
			Brock M. Lakely
			Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

54

EX-31.1

EXHIBIT 31.1

CERTIFICATION

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 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 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 the registrant’s board of directors (or persons performing the equivalent functions):

(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.

/s/ CLINT E. STEIN

Clint E. Stein
President and
Chief Executive Officer

Date: May 5, 2022

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Aaron James Deer, 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 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 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 the registrant’s board of directors (or persons performing the equivalent functions):

(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.

/s/ AARON JAMES DEER

Aaron James Deer
Executive Vice President and
Chief Financial Officer

Date: May 5, 2022

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Columbia Banking System, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Clint E. Stein, President and Chief Executive Officer, and Aaron James Deer, Executive Vice President and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 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 Company.

/s/ CLINT E. STEIN

Clint E. Stein
President and
Chief Executive Officer
Columbia Banking System, Inc.

/s/ AARON JAMES DEER

Aaron James Deer
Executive Vice President and
Chief Financial Officer
Columbia Banking System, Inc.

Dated: May 5, 2022

XML

Document - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		78,639,422
Entity Central Index Key	0000887343
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 225,141	$ 153,414
Interest-earning deposits with banks	747,335	671,300
Total cash and cash equivalents	972,476	824,714
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
Equity Securities	13,425	13,425
FHLB stock at cost	10,280	10,280
Loans held for sale	4,271	9,774
Loans, net of unearned income	10,759,684	10,641,937
Less: Allowance for credit losses	146,949	155,578
Loans, net	10,612,735	10,486,359
Interest receivable	55,940	56,019
Premises and equipment, net	170,055	172,144
OREO	381	381
Goodwill	823,172	823,172
Other intangible assets, net	32,359	34,647
Other assets	539,056	455,092
Total assets	20,963,958	20,945,333
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing	8,790,138	8,856,714
Interest-bearing	9,509,075	9,153,401
Total deposits	18,299,213	18,010,115
FHLB advances	7,345	7,359
Securities sold under agreements to repurchase	44,212	86,013
Subordinated debentures	10,000	10,000
Junior subordinated Debentures	10,310	10,310
Other liabilities	232,099	232,794
Total liabilities	$ 18,603,179	$ 18,356,591
Shareholders' equity:
Preferred Stock, Authorized shares	2,000	2,000
Common Stock Authorized shares	115,000	115,000
Common Stock Issued Shares	80,828	80,695
Common Stock Issued value	$ 1,931,076	$ 1,930,187
Common Stock, Shares, Outstanding	78,644	78,511
Retained earnings	$ 728,314	$ 694,227
Accumulated other comprehensive income (loss)	$ (227,777)	$ 35,162
Treasury Stock, Shares	2,184	2,184
Treasury Stock, Value	$ (70,834)	$ (70,834)
Total shareholders’ equity	2,360,779	2,588,742
Total liabilities and shareholders’ equity	$ 20,963,958	$ 20,945,333

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Amortized Cost	$ 5,853,160	$ 5,898,041
Debt Securities, Held-to-maturity, Fair Value	$ 2,038,037	$ 2,122,606
Preferred Stock, No Par Value	$ 0	$ 0
Common Stock, No Par Value	$ 0	$ 0

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Income
Loans	$ 107,103	$ 100,315
Taxable securities	37,162	22,816
Tax-exempt securities	3,725	2,759
Deposits in banks	295	152
Total interest income	148,285	126,042
Interest Expense
Deposits	1,796	1,485
FHLB advances and FRB borrowings	71	72
Subordinated debentures	144	468
Other borrowings	74	23
Total interest expense	2,085	2,048
Net Interest Income	146,200	123,994
Recapture for credit losses	(7,800)	(800)
Net interest income after recapture for credit losses	154,000	124,794
Noninterest Income
Deposit account and treasury management fees	7,113	6,358
Card revenue	4,967	3,733
Financial services and trust revenue	4,632	3,381
Loan revenue	3,193	7,369
Bank owned life insurance	1,788	1,560
Other	2,487	765
Total noninterest income	24,180	23,166
Noninterest Expense
Compensation and employee benefits	63,079	51,736
Occupancy	11,009	9,006
Data processing and software	10,324	8,451
Legal and professional fees	6,535	2,815
Amortization of intangibles	2,288	1,924
B&O taxes	1,589	1,259
Advertising and promotion	726	760
Regulatory premiums	1,536	1,105
Net cost (benefit) of operation of OREO	10	(63)
Other	7,957	6,566
Total noninterest expense	105,053	83,559
Income before income taxes	73,127	64,401
Income tax provision	15,605	12,548
Net Income	$ 57,522	$ 51,853
Earnings per common share
Basic	$ 0.74	$ 0.73
Diluted	$ 0.74	$ 0.73
Weighted average number of common shares outstanding	77,925	70,869
Weighted average number of diluted common shares outstanding	78,083	71,109

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income	$ 57,522	$ 51,853
Unrealized gain from securities
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax	(259,988)	(102,605)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, after Tax	1,076	0
Net unrealized gain (loss) from securities, net of reclassification adjustment	(261,064)	(102,605)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax	101	115
Pension plan liability adjustment, net	101	115
Unrealized gain from cash flow hedging instruments
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax	1,976	1,977
Net unrealized gain (loss) from cash flow hedging instruments, net of reclassification adjustment	(1,976)	(1,977)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(262,939)	(104,467)
Total comprehensive income	$ (205,417)	$ (52,614)

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net unrealized holding gain (loss) from available for sale securities arising during the period, tax	$ 78,759	$ 31,082
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), Tax	326	0
Less: amortization of unrecognized net actuarial loss included in net periodic pension cost, tax	(30)	(35)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 599	$ 599

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Shares, Outstanding		71,598
Balance, value at Dec. 31, 2020	$ 2,347,607	$ 1,660,998	$ 575,248	$ 182,195	$ (70,834)
Net income	51,853		51,853
Other comprehensive income (loss)	(104,467)			(104,467)
Issuance of common stock - employee stock purchase plan, shares		41
Issuance of common stock - employee stock purchase plan, value	1,098	$ 1,098
Issuance of common stock - RSAs and RSUs, net of canceled awards, shares		188
Issuance of common stock - RSAs and RSUs, net of canceled awards, value	3,028	$ 3,028
Purchase and retirement of common stock, shares		(88)
Purchase and retirement of common stock, value	(3,995)	$ (3,995)
Cash dividends declared on common stock	(20,061)		(20,061)
Balance, value at Mar. 31, 2021	2,275,063	$ 1,661,129	607,040	77,728	(70,834)
Shares, Outstanding		71,739
Shares, Outstanding		78,511
Balance, value at Dec. 31, 2021	2,588,742	$ 1,930,187	694,227	35,162	(70,834)
Net income	57,522		57,522
Other comprehensive income (loss)	(262,939)			(262,939)
Issuance of common stock - employee stock purchase plan, shares		31
Issuance of common stock - employee stock purchase plan, value	1,017	$ 1,017
Activity in Deferred Compensation Plan, shares		0
Activity in Deferred Compensation Plan, value	1	$ 1
Issuance of common stock - RSAs and RSUs, net of canceled awards, shares		210
Issuance of common stock - RSAs and RSUs, net of canceled awards, value	3,795	$ 3,795
Purchase and retirement of common stock, shares		108
Purchase and retirement of common stock, value	(3,924)	$ (3,924)
Cash dividends declared on common stock	(23,435)		(23,435)
Balance, value at Mar. 31, 2022	$ 2,360,779	$ 1,931,076	$ 728,314	$ (227,777)	$ (70,834)
Shares, Outstanding		78,644

XML

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical and Footnote) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash dividends declared on common stock, per share	$ 0.30	$ 0.28

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net income	$ 57,522	$ 51,853
Adjustments to reconcile net income to net cash provided by operating activities
Recapture for credit losses	(7,800)	(800)
Stock-based compensation expense	3,795	3,028
Depreciation, amortization and accretion	9,435	1,433
Net realized (gain) loss on sale of premises and equipment and loans held for investment	1,253	(6)
Net realized gain on sale and valuation adjustments of OREO	0	100
Gain on bank owned life insurance death benefit	0	209
Originations of loans held for sale	51,395	107,104
Proceeds from sales of loans held for sale	56,700	107,320
Change in fair value of loans held for sale	198	89
Net change in:
Interest receivable	79	2,164
Interest payable	(2)	494
Other assets	(7,060)	11,525
Other liabilities	2,157	(10,627)
Net cash provided by operating activities	62,376	59,072
Cash Flows From Investing Activities
Loans originated, net of principal collected	(139,777)	(164,856)
Investment in low income housing tax credit partnerships	(42)	0
Purchases of Debt Securities, Available-for-sale	183,802	608,854
Purchases of debt securities held to maturity	(97,658)	0
Purchases of loans held for investment	0	74,383
Purchases of premises and equipment	(1,817)	(805)
Proceeds from principal repayments and maturities of debt securities available for sale	221,718	180,380
Proceeds from repayments and maturities of securities held to maturity	38,873	0
Proceeds from sales of premises and equipment	27,272	0
Proceeds from sales of other real estate and other personal property owned	0	132
Proceeds from bank owned life insurance death benefit	0	671
Net cash used in investing activities	(135,233)	(667,715)
Cash Flows From Financing Activities
Net increase in deposits	289,282	897,604
Net decrease in sweep repurchase agreements	(41,801)	(35,235)
Proceeds from FHLB advances	10	0
Proceeds from FRB borrowings	10	0
Proceeds from employee stock purchase plan	1,017	1,098
Repayment of FHLB advances	(10)	0
Repayment of FRB borrowings	(10)	0
Payments of Common Stock Dividends	23,955	20,110
Payments for purchase and retirement of common stock	3,924	3,995
Net cash provided by financing activities	220,619	839,362
Increase (decrease) in cash and cash equivalents	147,762	230,719
Cash and cash equivalents at beginning of period	824,714	653,766
Cash and cash equivalents at end of period	972,476	884,485
Supplemental Information:
Cash paid for interest	2,087	1,553
Income Taxes Paid, Net	11	(1)
Non-cash investing and financing activities
Premises and equipment expenditures incurred but not yet paid	216	43
Change in dividends payable included in other liabilities	$ (520)	$ (49)

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Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Basis of Presentation And Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

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, 2022 are not necessarily indicative of results to be anticipated for the year ending December 31, 2022. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2021 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 2021 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2021 Annual Report on Form 10-K disclosure for the year ended December 31, 2021.

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Accounting Pronouncements Recently Adopted or Issued

3 Months Ended

Mar. 31, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements Recently Adopted or Issued

Accounting Pronouncements Recently Adopted or Issued

Accounting Standards Adopted in 2022

There are no recently issued accounting standards that are applicable to the Company that were adopted in 2022.

Recently Issued Accounting Standards, Not Yet Adopted

In March 2022, the FASB issued ASU 2022-02, Financial Instruments (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.

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Business Combinations and Asset Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combination Disclosure [Text Block]

Bank of Commerce

On October 1, 2021, the Company completed its acquisition of Bank of Commerce and its wholly-owned banking subsidiary Merchants Bank of Commerce. The Company acquired 100% of the equity interests of Bank of Commerce.

The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the October 1, 2021 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $57.3 million and a CDI of $15.9 million. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The Company paid this premium for a number of reasons, including to expand the Company’s current footprint and to enter the California market and the synergies and economies of scale expected from the acquisition. The goodwill is not deductible for income tax purposes.

The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:

	October 1, 2021
	(in thousands)
Merger consideration			$	256,257
Identifiable net assets acquired, at fair value
Assets acquired
Cash and cash equivalents	$	155,180
Investment securities	654,480
FHLB stock	7,463
Loans, net allowance for credit loss	1,084,984
Interest receivable	5,237
Premises and equipment	17,658
Core deposit intangible	15,932
Other assets	41,963
Total assets acquired			1,982,897
Liabilities assumed
Deposits	(1,737,584)
Subordinated debentures	(10,000)
Junior subordinated debentures	(10,310)
Other liabilities	(26,076)
Total liabilities assumed			(1,783,970)
Total fair value of identifiable net assets			198,927
Goodwill			$	57,330

See Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets.

Of the $1.08 billion net loans acquired, $40.3 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition:

	October 1, 2021
	(in thousands)
Par value of PCD loans acquired	$	43,419
PCD ACL at acquisition	(2,616)
Non-credit discount on PCD loans	(525)
Purchase price of PCD loans	$	40,278

The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period of January 1, 2022 to March 31, 2022. Disclosure of the amount of Bank of Commerce’s revenue and net income (excluding integration costs) included in Columbia’s Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for this acquisition.

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2021. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, Columbia expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.

	Unaudited Pro Forma for the
	Three Months Ended March 31,
	2021
	(in thousands, except per share amounts)
Total revenues (net interest income plus noninterest income)	$	162,092
Net income	$	55,882
Earnings per share - basic	$	0.72
Earnings per share - diluted	$	0.72

The following table shows the impact of the acquisition-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest Expense
Compensation and employee benefits	$	370	$	—
Occupancy	819		—
Data processing and software	1,039		—
Legal and professional fees	92		—
Advertising and promotion	18		—
Other	249		—
Total impact of acquisition-related expenses to noninterest expense	$	2,587	$	—

In addition, related to the recently announced transaction with Umpqua, the Company recognized $4.5 million of acquisition-related expenses for the three months ended March 31, 2022

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Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Securities

The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2022	(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,604,576	$	8,315	$	(205,237)	$	3,407,654
Other asset-backed securities	433,879		377		(26,209)		408,047
State and municipal securities	1,002,490		2,275		(65,800)		938,965
U.S. government agency and government-sponsored enterprise securities	247,727		711		(9,164)		239,274
U.S. government securities	182,500		—		(9,158)		173,342
Non-agency collateralized mortgage obligations	381,988		—		(21,899)		360,089
Total available for sale	$	5,853,160	$	11,678	$	(337,467)	$	5,527,371
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,202,437	$	—	$	(164,400)	$	2,038,037
Total held to maturity	$	2,202,437	$	—	$	(164,400)	$	2,038,037
December 31, 2021
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,738,616	$	45,077	$	(38,092)	$	3,745,601
Other asset-backed securities	469,052		3,802		(9,791)		463,063
State and municipal securities	983,704		18,525		(4,938)		997,291
U.S. government agency and government-sponsored enterprise securities	252,755		3,095		(3,274)		252,576
U.S. government securities	158,367		—		(831)		157,536
Non-agency collateralized mortgage obligations	295,547		340		(955)		294,932
Total available for sale	$	5,898,041	$	70,839	$	(57,881)	$	5,910,999
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,148,327	$	50	$	(25,771)	$	2,122,606
Total held to maturity	$	2,148,327	$	50	$	(25,771)	$	2,122,606

There was no allowance for credit losses on both available for sale securities and held to maturity securities as of March 31, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss.

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, 2022 and 2021.

Accrued interest receivable for debt securities 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, 2022 and December 31, 2021, accrued interest receivable for securities available for sale was $18.4 million and $19.2 million, respectively. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities held to maturity was $4.5 million and $4.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.

There were no proceeds or gross realized gains and losses on sales and calls of debt securities available for sale, nor were there other securities gains and losses for the three month periods ended March 31, 2022 and 2021. Additionally, there were no gains or losses recognized on equity securities during the three month periods ended March 31, 2022 and 2021.

The scheduled contractual maturities of debt securities at the period presented below are as follows:

	March 31, 2022
	Available for sale				Held to maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	92,542	$	92,902	$	—	$	—
Due after one year through five years	1,026,274		1,002,760		174,734		162,632
Due after five years through ten years	1,432,895		1,363,245		1,152,092		1,063,768
Due after ten years	3,301,449		3,068,464		875,611		811,637
Total debt securities	$	5,853,160	$	5,527,371	$	2,202,437	$	2,038,037

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, 2022
	(in thousands)
To secure public funds	$	590,026
To secure borrowings	93,557
Other securities pledged	244,917
Total securities pledged as collateral	$	928,500

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2022	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,667,464	$	(181,337)	$	214,390	$	(23,900)	$	2,881,854	$	(205,237)
Other asset-backed securities	277,210		(16,208)		106,449		(10,001)		383,659		(26,209)
State and municipal securities	657,101		(57,012)		77,447		(8,788)		734,548		(65,800)
U.S. government agency and government-sponsored enterprise securities	25,502		(1,249)		118,135		(7,915)		143,637		(9,164)
U.S. government securities	173,342		(9,158)		—		—		173,342		(9,158)
Non-agency collateralized mortgage obligations	359,060		(21,899)		—		—		359,060		(21,899)
Total	$	4,159,679	$	(286,863)	$	516,421	$	(50,604)	$	4,676,100	$	(337,467)
December 31, 2021
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,292,062	$	(30,777)	$	176,946	$	(7,315)	$	2,469,008	$	(38,092)
Other asset-backed securities	195,708		(4,823)		117,751		(4,968)		313,459		(9,791)
State and municipal securities	237,354		(3,862)		40,343		(1,076)		277,697		(4,938)
U.S. government agency and government-sponsored enterprise securities	100,813		(1,988)		48,714		(1,286)		149,527		(3,274)
U.S. government securities	157,536		(831)		—		—		157,536		(831)
Non-agency collateralized mortgage obligations	212,259		(955)		—		—		212,259		(955)
Total	$	3,195,732	$	(43,236)	$	383,754	$	(14,645)	$	3,579,486	$	(57,881)

Debt securities available for sale

At March 31, 2022, there were 584 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, 2022.

At March 31, 2022, there were 81 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, 2022.

At March 31, 2022, there were 433 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, 2022, 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, 2022.

At March 31, 2022, there were 12 U.S. government agency and government-sponsored enterprise 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, 2022.

At March 31, 2022, there were 10 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, 2022.

At March 31, 2022, there were 55 non-agency collateralized mortgage obligations 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, 2022.

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Loans

3 Months Ended

Mar. 31, 2022

Loans and Leases Receivable, Net Amount [Abstract]

Loans

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, 2022		December 31, 2021
	(dollars in thousands)
Commercial loans:
Commercial real estate	$	5,047,472	$	4,981,263
Commercial business	3,492,307		3,423,268
Agriculture	765,319		795,715
Construction	409,242		384,755
Consumer loans:
One-to-four family residential real estate	1,003,157		1,013,908
Other consumer	42,187		43,028
Total loans	10,759,684		10,641,937
Less: Allowance for credit losses	(146,949)		(155,578)
Total loans, net	$	10,612,735	$	10,486,359

At March 31, 2022 and December 31, 2021, 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, Idaho and California.

At March 31, 2022 and December 31, 2021, $3.51 billion and $3.49 billion of commercial and residential real estate loans were pledged as collateral on FHLB advances and additional borrowing capacity. The Company also pledged $200.3 million and $200.5 million of commercial loans to the FRB for additional borrowing capacity at March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, accrued interest receivable for loans was $32.9 million and $32.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.

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		Nonaccrual Loans		Total Loans
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	5,045,647	$	886	$	—	$	—	$	886	$	939	$	5,047,472
Commercial business	3,478,768		3,013		325		—		3,338		10,201		3,492,307
Agriculture	755,439		4,332		495		—		4,827		5,053		765,319
Construction	409,242		—		—		—		—		—		409,242
Consumer loans:
One-to-four family residential real estate	1,001,426		495		—		—		495		1,236		1,003,157
Other consumer	42,151		24		—		—		24		12		42,187
Total	$	10,732,673	$	8,750	$	820	$	—	$	9,570	$	17,441	$	10,759,684
	Current Loans		30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Nonaccrual Loans		Total Loans
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	4,977,781	$	—	$	1,610	$	—	$	1,610	$	1,872	$	4,981,263
Commercial business	3,406,539		2,721		687		—		3,408		13,321		3,423,268
Agriculture	789,112		1,207		—		—		1,207		5,396		795,715
Construction	384,755		—		—		—		—		—		384,755
Consumer loans:
One-to-four family residential real estate	1,010,343		921		211		—		1,132		2,433		1,013,908
Other consumer	42,998		11		—		—		11		19		43,028
Total	$	10,611,528	$	4,860	$	2,508	$	—	$	7,368	$	23,041	$	10,641,937

Loan payments are considered timely when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof is received on the due date of the scheduled payment.

Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. The Company’s policy is to write-off all accrued interest on loans when they are placed on nonaccrual status.

The following table summarizes written-off interest on nonaccrual loans for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Commercial loans	$	68	$	211
Consumer loans	8		7
Total	$	76	$	218

The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL for the periods indicated:

	March 31, 2022		December 31, 2021
	(in thousands)
Commercial loans:
Commercial real estate	$	—	$	932
Commercial business	4,418		5,131
Agriculture	3,662		3,756
Consumer loans:
One-to-four family residential real estate	774		—
Total	$	8,854	$	9,819

The following is an analysis of loans classified as TDR for the periods indicated:

	Three Months Ended March 31, 2022					Three Months Ended March 31, 2021
	Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	(dollars in thousands)
Commercial loans:
Commercial real estate	—	$	—	$	—	1	$	628	$	628
Commercial business	—	—		—		7	$	843	$	843
Agriculture	1	633		633		—	—		—
Consumer loans:
One-to-four family residential real estate	—	—		—		2	140		140
Total	1	$	633	$	633	10	$	1,611	$	1,611

The Company’s loans classified as TDR are loans that have been modified or with respect to which the borrower has been granted special concessions due to financial difficulties that, if not for the challenges of the borrower, the Company would not otherwise consider. The TDR modifications or concessions are made to increase the likelihood that these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. The concessions granted in the restructurings, summarized in the table above, largely consisted of maturity extensions, interest rate modifications or a combination of both. In limited circumstances, a reduction in the principal balance of the loan could also be made as a concession. Loans classified as TDR are included with the loans collectively measured for credit losses.

The Company had commitments to lend $714 thousand of additional funds on loans classified as TDR as of March 31, 2022. The Company had $1.5 million of such commitments at December 31, 2021. The Company had no loans classified as TDR that defaulted within 12 months of being classified as TDR during the three months ended March 31, 2022 and December 31, 2021.

The Company offered PPP loans to provide financial support to small and medium-size businesses to cover payroll and certain other expenses during the COVID-19 pandemic. The PPP was established by the CARES Act and is implemented by the U.S. SBA with support from the U.S. Department of Treasury. The program, which was amended by the Paycheck Protection Flexibility Act of 2020, provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits, as well as interest on mortgages, rent and utilities. Funds are provided to small businesses in the form of loans that will be fully forgiven when used for permitted purposes and when at least 60% of the funds are used for payroll costs and applicable employment levels are maintained in accordance with the requirements of the amended PPP. At March 31, 2022, we had $83.2 million of PPP loans outstanding, which are included in commercial business loans.

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Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit

3 Months Ended

Mar. 31, 2022

Allowance For Credit Losses and Allowance for Unfunded Commitments and Letters Of Credit [Abstract]

Allowance For Credit Losses And Allowance for Unfunded Loan Commitments And Letters Of Credit Text Block

Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit

The ACL is determined through quarterly assessments of the present value of expected future cash flows within the loan portfolio, which, are deducted from the loan’s amortized cost basis to determine the expected credit losses of the loan portfolio. We estimate the ACL using relevant and reliable available information, which is derived from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Additions to and recaptures from the ACL are charged to current period earnings through the provision for credit losses. Loan amounts that are determined to be uncollectible are charged directly against the ACL and netted against amounts recovered on previously charged-off loans.

For the purpose of calculating portfolio level reserves, we have segmented our loan portfolio into two portfolio segments (Commercial and Consumer). The Commercial and Consumer portfolio segments are then further broken down into loan classes by risk characteristics. The risk characteristics include regulatory call codes, type of industry, risk ratings and collateral type.

The ACL is comprised of reserves measured on a collective (pool) basis using a quantitative DCF model for all loan classes with similar risk characteristics and then qualitatively adjusted for large loan concentrations, policy exemptions granted and other factors. The quantitative DCF model utilizes anticipated period cash flows determined on a loan-level basis. The anticipated cash flows take into account contractual principal and interest payments, anticipated segment level prepayments, probability of defaults and historical loss given defaults. The majority of our loan classes utilize regression models to calculate probability of defaults, in which macroeconomic factors are correlated to historical quarterly defaults. The Commercial segment multi-factor models utilize a mix of 15 macroeconomic factors, including the four most commonly used factors: Real GDP, National Unemployment Rate, Disposable Personal Income and Private Inventories. The Consumer segment multi-factor models utilize a mix of three macroeconomic factors: National Unemployment Rate, Home Price Index and Disposable Income. The Company utilizes an 18 month reasonable and supportable forecast for the macroeconomic factors, after which the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s absolute historical quarterly change.

Loans are individually measured for credit losses if they do not share similar risk characteristics of other loans within their respective pools. Individually measured loans are primarily nonaccrual and collateral dependent with balances equal to or greater than $500,000 and for which the borrower is experiencing financial difficulty such that full satisfaction of the contractual terms of the loan is in question. Commercial real estate loans are secured by commercial real estate, including owner occupied and non-owner occupied commercial real estate, as well as multifamily residential real estate. Commercial business loans are primarily secured by non-real estate collateral, including equipment and other non-real estate fixed assets, inventory, receivables and cash. Agricultural loans are secured by farmland and other agricultural real estate, as well as equipment, inventory, such as crops and livestock, non-real estate fixed assets and cash. Construction loans are secured by one-to-four family residential real estate and commercial real estate in varying stages of development. One-to-four family residential real estate loans are secured by one-to-four family residential properties. Other consumer loans are secured by personal property. For collateral dependent loans, the Company calculates the allowance as the difference between the amortized cost of the loan and the fair market value of the collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. If the fair value of the collateral is greater than the amortized cost of the loan, no reserve is recorded.

The Company also records an allowance for credit losses on unfunded loan commitments and letters of credit. We estimate expected credit losses on unfunded commitments in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of what will be funded by analyzing the most recent four-quarter utilization rates, current utilization and our quantitative ACL rate. The allowance for unfunded commitments and letters of credit is included in “Other Liabilities” on the Consolidated Balance Sheets, with changes to the balance being charged to noninterest expense.

We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written-off in a timely manner as a reduction to interest income when loans are placed on nonaccrual status.

The following tables show a detailed analysis of the ACL for the periods indicated:

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	61,254	$	—	$	14	$	(3,961)	$	57,307
Commercial business	54,712		(1,632)		291		(2,897)		50,474
Agriculture	8,148		(23)		125		(240)		8,010
Construction	5,397		—		8		(6)		5,399
Consumer loans:
One-to-four family residential real estate	24,123		—		294		(61)		24,356
Other consumer	1,944		(246)		340		(635)		1,403
Total	$	155,578	$	(1,901)	$	1,072	$	(7,800)	$	146,949

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	68,934	$	—	$	36	$	(11,920)	$	57,050
Commercial business	45,250		(3,339)		3,214		13,280		58,405
Agriculture	9,052		—		12		423		9,487
Construction	7,636		—		46		(1,131)		6,551
Consumer loans:
One-to-four family residential real estate	16,875		—		51		(1,288)		15,638
Other consumer	1,393		(127)		61		(164)		1,163
Total	$	149,140	$	(3,466)	$	3,420	$	(800)	$	148,294

The $8.6 million decrease in the ACL at March 31, 2022 compared to the ACL at December 31, 2021 was primarily due to significant improvements in portfolio risk ratings. Additionally, problem loans decreased during the quarter and their percentage within the portfolio is now near pre-pandemic levels. Specifically regarding the forecast used in the March 31, 2022 estimate, management expects the forecasted national unemployment rate to be near pre-pandemic levels throughout the forecast period. Additionally, the commercial real estate index is expected to grow more slowly throughout the year. The home price index is projected to moderate over the forecast period and real GDP growth is projected to slow in 2022. The models used for calculating the ACL are sensitive to changes in these and other economic factors, which could result in volatility as these assumptions change over time. The ACL at March 31, 2022 does not include a reserve for the PPP loans as these loans are fully guaranteed by the SBA.

Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Beginning balance	$	8,500	$	8,300
Net changes in the allowance for unfunded commitments and letters of credit	500		1,500
Ending balance	$	9,000	$	9,800

Credit Quality Indicators

The extension of credit in the form of loans or other credit products to consumer and commercial clients is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower.

We evaluate the credit quality of our loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial condition, historical payment experience, credit documentation and current economic trends. Risk ratings are reviewed and updated whenever appropriate, with more periodic reviews as the risk and dollar value of the loss on the loan increases. All loans risk rated special mention or worse with amortized costs exceeding $250 thousand are reviewed at least quarterly with more frequent review for specific loans.

Pass rated loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention rated loans have potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans with a risk rating of Substandard or worse are reviewed to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating or accrual status may be adjusted accordingly. Loans risk rated as Substandard reflect loans where a loss is possible if loan weaknesses are not corrected. Doubtful rated loans have a high probability of loss; however, the amount of loss has not yet been determined. Loss rated loans are considered uncollectible and when identified, are charged-off.

The following is an analysis of the credit quality of our loan portfolio as of the periods indicated:

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior						Total
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	237,545	$	1,053,628	$	746,400	$	669,287	$	492,695	$	1,605,407	$	59,752	$	3,618	$	4,868,332
Special mention	—		—		1,381		16,450		—		26,154		—		—		43,985
Substandard	—		927		2,551		29,267		5,728		95,683		999		—		135,155
Total commercial real estate	$	237,545	$	1,054,555	$	750,332	$	715,004	$	498,423	$	1,727,244	$	60,751	$	3,618	$	5,047,472
Commercial business
Pass	$	129,275	$	794,588	$	408,780	$	262,133	$	203,962	$	351,159	$	1,198,963	$	3,410	$	3,352,270
Special mention	—		677		355		6,485		372		—		16,898		330		25,117
Substandard	—		3,831		4,045		18,627		24,648		31,317		32,302		150		114,920
Total commercial business	$	129,275	$	799,096	$	413,180	$	287,245	$	228,982	$	382,476	$	1,248,163	$	3,890	$	3,492,307
Agriculture
Pass	$	26,826	$	141,085	$	81,501	$	76,041	$	27,547	$	119,214	$	246,062	$	226	$	718,502
Special mention	—		154		—		428		—		—		665		—		1,247
Substandard	—		1,597		7,515		3,235		414		5,059		27,750		—		45,570
Total agriculture	$	26,826	$	142,836	$	89,016	$	79,704	$	27,961	$	124,273	$	274,477	$	226	$	765,319
Construction
Pass	$	31,991	$	247,354	$	46,517	$	14,346	$	3,169	$	5,498	$	58,569	$	—	$	407,444
Substandard	—		—		—		1,746		—		52		—		—		1,798
Total construction	$	31,991	$	247,354	$	46,517	$	16,092	$	3,169	$	5,550	$	58,569	$	—	$	409,242
Consumer loans:
One-to-four family residential real estate
Pass	$	39,826	$	377,035	$	131,139	$	49,382	$	44,964	$	108,061	$	248,949	$	249	$	999,605
Substandard	—		774		461		101		524		1,542		3		147		3,552
Total one-to-four family real estate	$	39,826	$	377,809	$	131,600	$	49,483	$	45,488	$	109,603	$	248,952	$	396	$	1,003,157
Other consumer
Pass	$	4,351	$	4,139	$	2,192	$	1,643	$	2,190	$	11,509	$	16,055	$	73	$	42,152
Substandard	—		21		—		—		—		13		—		1		35
Total consumer	$	4,351	$	4,160	$	2,192	$	1,643	$	2,190	$	11,522	$	16,055	$	74	$	42,187
Total	$	469,814	$	2,625,810	$	1,432,837	$	1,149,171	$	806,213	$	2,360,668	$	1,906,967	$	8,204	$	10,759,684
Less:
Allowance for credit losses																	146,949
Loans, net																	$	10,612,735

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior						Total
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	1,068,493	$	760,545	$	650,593	$	492,348	$	515,233	$	1,180,115	$	74,754	$	3,644	$	4,745,725
Special mention	2,252		—		19,016		6,196		163		27,270		—		2,199		57,096
Substandard	4,119		5,897		45,769		9,112		29,917		82,599		1,029		—		178,442
Total commercial real estate	$	1,074,864	$	766,442	$	715,378	$	507,656	$	545,313	$	1,289,984	$	75,783	$	5,843	$	4,981,263
Commercial business
Pass	$	891,957	$	426,004	$	280,823	$	217,605	$	144,363	$	232,356	$	1,028,616	$	35,411	$	3,257,135
Special mention	621		135		6,097		747		105		51		34,256		236		42,248
Substandard	4,329		4,610		18,393		28,066		20,568		27,462		18,796		1,661		123,885
Total commercial business	$	896,907	$	430,749	$	305,313	$	246,418	$	165,036	$	259,869	$	1,081,668	$	37,308	$	3,423,268
Agriculture
Pass	$	147,561	$	87,964	$	74,658	$	29,739	$	46,058	$	79,693	$	266,573	$	5,448	$	737,694
Special mention	162		—		445		—		—		—		565		—		1,172
Substandard	—		7,717		9,148		1,616		5,532		1,833		29,125		1,878		56,849
Total agriculture	$	147,723	$	95,681	$	84,251	$	31,355	$	51,590	$	81,526	$	296,263	$	7,326	$	795,715
Construction
Pass	$	228,661	$	53,880	$	35,795	$	3,183	$	3,285	$	2,189	$	55,765	$	—	$	382,758
Substandard	—		—		1,748		—		—		249		—		—		1,997
Total construction	$	228,661	$	53,880	$	37,543	$	3,183	$	3,285	$	2,438	$	55,765	$	—	$	384,755
Consumer loans:
One-to-four family real estate
Pass	$	390,153	$	140,799	$	56,520	$	51,549	$	32,447	$	111,307	$	222,747	$	1,347	$	1,006,869
Substandard	85		470		183		562		234		4,736		485		284		7,039
Total one-to-four family real estate	$	390,238	$	141,269	$	56,703	$	52,111	$	32,681	$	116,043	$	223,232	$	1,631	$	1,013,908
Other consumer
Pass	$	7,045	$	2,711	$	1,950	$	13,489	$	560	$	1,277	$	15,853	$	97	$	42,982
Substandard	—		—		—		—		1		13		23		9		46
Total consumer	$	7,045	$	2,711	$	1,950	$	13,489	$	561	$	1,290	$	15,876	$	106	$	43,028
Total	$	2,745,438	$	1,490,732	$	1,201,138	$	854,212	$	798,466	$	1,751,150	$	1,748,587	$	52,214	$	10,641,937
Less:
Allowance for credit losses																	155,578
Loans, net																	$	10,486,359

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Other Real Estate Owned

3 Months Ended

Mar. 31, 2022

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Other Real Estate Owned

Other Real Estate Owned

The following tables set forth activity in OREO for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance, beginning of period	$	381	$	553
Proceeds from sale of OREO property	—		(132)
Gain on sale of OREO, net	—		100
Balance, end of period	$	381	$	521

At March 31, 2022, there were no foreclosed residential real estate properties held as OREO. Additionally, there were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

Goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis on July 31 and between annual tests in certain circumstances such as material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an annual impairment assessment as of July 31, 2021 and concluded that there was no impairment.

Our CDIs are evaluated for impairment if events and circumstances indicate a possible impairment. Each CDI is amortized on an accelerated basis over an estimated life of 10 years.

The following table sets forth activity for goodwill and other intangible assets for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Goodwill
Total goodwill	$	823,172	$	765,842
Other intangible assets, net
CDI:
Gross CDI balance at beginning of period (1)	88,931		105,473
Accumulated amortization at beginning of period	(55,203)		(79,658)
CDI, net at beginning of period	33,728		25,815
CDI current period amortization	(2,288)		(1,924)
Total CDI, net at end of period	31,440		23,891
Intangible assets not subject to amortization	919		919
Other intangible assets, net at end of period	32,359		24,810
Total goodwill and other intangible assets at end of period	$	855,531	$	790,652

__________

(1) For the three months ended March 31, 2022, the gross CDI balance, beginning of period excludes fully amortized amounts. Prior period column has not been adjusted.

The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2022 and the succeeding four years:

	Year ending December 31,
	(in thousands)
2022	$	6,410
2023	7,082
2024	5,673
2025	4,366
2026	3,225

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Revolving Line of Credit	3 Months Ended
	Mar. 31, 2022
Line of Credit [Member]
Line of Credit Facility [Line Items]
Short-term Debt [Text Block]	Revolving Line of CreditThe Company has a $15.0 million short-term credit facility with an unaffiliated bank, for which the term was extended through May 26, 2022 as a result of an amendment executed during the second quarter of 2021. This facility has a variable interest rate and provides the Company additional liquidity, if needed, for various corporate activities including the repurchase of shares of Columbia Banking System, Inc. common stock. There was no outstanding balance at both March 31, 2022 and December 31, 2021. The credit agreement requires the Company to comply with certain covenants including those related to asset quality and capital levels. The Company was in compliance with all covenants associated with this facility at March 31, 2022.

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Derivatives and Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2022

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivatives and Hedging Activities

Derivatives, Hedging Activities and Balance Sheet Offsetting

The Company is exposed to certain risks arising from both its business and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities as well as the use of derivative financial instruments. Specifically, the Company enters into interest rate-based derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company used an interest rate collar as part of its interest rate risk management strategy. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipts of variable-rate amounts if interest rates fall below the floor strike rate on the contract. These derivative contracts were used to hedge the variable cash flows associated with existing variable-rate assets.

With respect to derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives are reclassified to interest income as interest payments are received on the Company’s variable-rate assets. During the next 12 months, the Company estimates that there will be $10.4 million reclassified as an increase to interest income.

The Company may use derivatives to hedge the risk or changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. These derivatives are not 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 primarily utilizes interest rate forward loan sales contracts in its derivative risk management strategy.

The Company enters into forward delivery contracts to sell residential mortgage loans 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 during the three months ended March 31, 2022 and 2021. 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. At March 31, 2022 and December 31, 2021, the Bank had commitments to originate mortgage loans held for sale totaling $24.1 million and $21.8 million, respectively, and forward sales commitments of $20.5 million and $18.5 million, respectively, which are used to hedge both on-balance sheet and off-balance sheet exposures.

In addition, the Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate. The Company then enters into a corresponding swap agreement with a third-party in order to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the instruments are marked to market in earnings. The notional amount of open interest rate swap agreements at March 31, 2022 and December 31, 2021 was $543.8 million and $570.2 million, respectively.

The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet as of the dates presented:

	Asset Derivatives						Liability Derivatives
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(in thousands)
Derivatives not designated as hedging instruments:
Interest rate lock commitments	Other assets	$	36	Other assets	$	356	Other liabilities	$	—	Other liabilities	$	—
Interest rate forward loan sales contracts	Other assets	$	313	Other assets	$	—	Other liabilities	$	—	Other liabilities	$	27
Interest rate swap contracts	Other assets	$	16,784	Other assets	$	24,257	Other liabilities	$	16,784	Other liabilities	$	24,257

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
		Three Months Ended March 31,
		2022		2021
		(in thousands)
Interest rate collar	Interest income	$	2,575	$	2,576

In January 2019, the Company entered into a $500.0 million notional interest rate collar with a five-year term. In October 2020, the collar was terminated and resulted in a $34.4 million realized gain that was recorded in accumulated other comprehensive income, net of deferred income taxes. The gain will amortize through February 2024 into interest income. The gain will be amortized in this manner as long as the cash flows pertaining to the hedged item are expected to occur.

The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Interest rate lock commitments	$	(319)	$	(171)
Interest rate forward loan sales contracts	340		670
Interest rate swap contracts	—		112
Total derivative gains (losses)	$	21	$	611

The gains and losses on the Company’s mortgage banking derivatives are included in loan revenue. Mark-to-market gains and losses on the Company’s interest rate swap contracts are recorded to “Other” noninterest expense.

The Company is party to interest rate swap contracts and repurchase agreements 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 tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown.

	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
							Collateral Pledged/Received		Net Amount
March 31, 2022	(in thousands)
Assets
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(9,940)	$	6,844
Liabilities
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(180)	$	16,604
Repurchase agreements	$	44,212	$	—	$	44,212	$	(44,212)	$	—
December 31, 2021
Assets
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(450)	$	23,807
Liabilities
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(20,747)	$	3,510
Repurchase agreements	$	86,013	$	—	$	86,013	$	(86,013)	$	—

The Company’s agreements with each of its derivative counterparties provide that if the Company defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements:

	Remaining contractual maturity of the agreements
	Overnight and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
March 31, 2022	(in thousands)
Class of collateral pledged for repurchase agreements
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	44,212	$	—	$	—	$	—	$	44,212
Gross amount of recognized liabilities for repurchase agreements									44,212
Amounts related to agreements not included in offsetting disclosure									$	—

The collateral utilized for the Company’s repurchase agreements is subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below acceptable amounts based on the type of the underlying repurchase agreement. The pledged collateral related to the Company’s $44.2 million sweep repurchase agreements, which mature on an overnight basis, is monitored on a daily basis as the underlying sweep accounts can have frequent transaction activity and the amount of pledged collateral is adjusted as necessary.

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Commitments and contingent liabilities

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingent Liabilities

Lease Commitments: The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2022 and 2043. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule.

Financial Instruments with Off-Balance Sheet Risk: In the normal course of business, the Company makes loan commitments (typically unfunded loans and unused lines of credit) and issues standby letters of credit to accommodate the financial needs of its customers. At March 31, 2022 and December 31, 2021, the Company’s loan commitments amounted to $3.64 billion and $3.50 billion, respectively.

Standby letters of credit commit the Company to make payments on behalf of customers under specified conditions. Historically, no significant losses have been incurred by the Company under standby letters of credit. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including collateral requirements, where appropriate. Standby letters of credit were $35.6 million and $36.0 million at March 31, 2022 and December 31, 2021, respectively.

Legal Proceedings: The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from their regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Dividends:

The following table summarizes year-to-date dividend activity:

Declared	Regular Cash Dividends Per Common Share		Record Date	Paid Date
January 19, 2022	$	0.30	February 2, 2022	February 16, 2022

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

Subsequent to quarter end, on April 21, 2022, the Company declared a regular quarterly cash dividend of $0.30 per common share payable on May 18, 2022 to shareholders of record at the close of business on May 4, 2022.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

The following table shows changes in accumulated other comprehensive income (loss) by component for the periods indicated:

	Unrealized Gains and Losses on Available for Sale Securities (1)		Unrealized Gains and Losses on Pension Plan Liability (1)		Unrealized Gains and Losses on Hedging Instruments (1)		Total (1)
Three Months Ended March 31, 2022	(in thousands)
Beginning balance	$	23,134	$	(4,812)	$	16,840	$	35,162
Other comprehensive loss before reclassifications	(259,988)		—		—		(259,988)
Amounts reclassified from accumulated other comprehensive income (2)	(1,076)		101		(1,976)		(2,951)
Net current-period other comprehensive income (loss)	(261,064)		101		(1,976)		(262,939)
Ending balance	$	(237,930)	$	(4,711)	$	14,864	$	(227,777)
Three Months Ended March 31, 2021
Beginning balance	$	163,174	$	(5,833)	$	24,854	$	182,195
Other comprehensive loss before reclassifications	(102,605)		—		—		(102,605)
Amounts reclassified from accumulated other comprehensive income (2)	—		115		(1,977)		(1,862)
Net current-period other comprehensive income (loss)	(102,605)		115		(1,977)		(104,467)
Ending balance	$	60,569	$	(5,718)	$	22,877	$	77,728

__________

(1) All amounts are net of tax. Amounts in parentheses indicate debits.

(2) See following table for details about these reclassifications.

The following table shows details regarding the reclassifications from accumulated other comprehensive income (loss) for the periods indicated:

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,				Affected line Item in the Consolidated
	2022		2021		Statement of Income
	(in thousands)
Amortization of unrealized gains related to securities transfer	1,402		—		Taxable securities
	1,402		—		Total before tax
	(326)		—		Income tax provision
	$	1,076	$	—	Net of tax
Amortization of pension plan liability actuarial losses	$	(131)	$	(150)	Compensation and employee benefits
	(131)		(150)		Total before tax
	30		35		Income tax provision
	$	(101)	$	(115)	Net of tax
Unrealized gains from hedging instruments	$	2,575	$	2,576	Loans
	2,575		2,576		Total before tax
	(599)		(599)		Income tax provision
	$	1,976	$	1,977	Net of tax

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Fair Value Accounting and Measurement

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Accounting and Measurement

Fair Value Accounting and Measurement

The Fair Value Measurements and Disclosures topic of the FASB ASC defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value. We hold fixed and variable rate interest-bearing securities, investments in marketable equity securities and certain other financial instruments, which are carried at fair value. Fair value is determined based upon quoted prices when available or through the use of alternative approaches, such as matrix or model pricing, when market quotes are not readily accessible or available.

The valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our own market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices for identical instruments in active markets that are accessible at the measurement date.

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.

Fair values are determined as follows:

Debt securities at fair value are priced using a combination of market activity, industry recognized information sources, yield curves, discounted cash flow models and other factors. These fair value calculations are considered a Level 2 input method under the provisions of the Fair Value Measurements and Disclosures topic of the FASB ASC for all debt securities.

Loans held for sale include the fair value of residential mortgage loans originated as held for sale determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value.

The fair values of the interest rate lock commitments and interest rate forward loan sales contracts 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.

Interest rate contracts and the interest rate collar are valued in models, which use as their basis, readily observable market parameters and are classified within Level 2 of the valuation hierarchy.

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at the dates presented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
March 31, 2022	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,407,654	$	—	$	3,407,654	$	—
Other asset-backed securities	408,047		—		408,047		—
State and municipal securities	938,965		—		938,965		—
U.S. government agency and government-sponsored enterprise securities	239,274		—		239,274		—
U.S. government securities	173,342		173,342		—		—
Non-agency collateralized mortgage obligations	360,089		—		360,089		—
Total debt securities available for sale	$	5,527,371	$	173,342	$	5,354,029	$	—
Loans held for sale	$	4,267	$	—	$	4,267	$	—
Other assets:
Interest rate lock commitments	$	36	$	—	$	—	$	36
Interest rate forward loan sales contracts	$	313	$	—	$	313	$	—
Interest rate contracts	$	16,784	$	—	$	16,784	$	—
Liabilities
Other liabilities:
Interest rate contracts	$	16,784	$	—	$	16,784	$	—

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
December 31, 2021	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,745,601	$	—	$	3,745,601	$	—
Other asset-backed securities	463,063		—		463,063		—
State and municipal securities	997,291		—		997,291		—
U.S. government agency and government-sponsored enterprise securities	252,576		—		252,576		—
U.S. government securities	157,536		157,536		—		—
Non-agency collateralized mortgage	294,932		—		294,932		—
Total debt securities available for sale	$	5,910,999	$	157,536	$	5,753,463	$	—
Loans held for sale	$	9,570	$	—	$	9,570	$	—
Other assets:
Interest rate lock commitments	$	356	$	—	$	—	$	356
Interest rate contracts	$	24,257	$	—	$	24,257	$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts	$	27	$	—	$	27	$	—
Interest rate contracts	$	24,257	$	—	$	24,257	$	—

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 at the dates presented:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	36	Internal pricing model	Pull-through rate	77.94% - 100.00% (94.64%)
	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	925	Internal pricing model	Pull-through rate	79.87% - 100.00% (90.39%)

An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement). Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement).

The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance at the beginning of the period	$	356	$	1,096
Change included in earnings	(19)		1,710
Settlements	(301)		(1,881)
Balance at the end of the period	$	36	$	925

Nonrecurring Measurements

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans. The following valuation techniques and inputs were used to estimate the fair value of collateral dependent loans.

Collateral dependent loans - A collateral dependent loan is a loan in which repayment is expected to be provided solely by the underlying collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. The collateral dependent loan valuations are performed in conjunction with the allowance for credit losses process on a quarterly basis.

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2022
	March 31, 2022		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	2,262	$	—	$	—	$	2,262	$	(1,465)
	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2021
	March 31, 2021		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	1,520	$	—	$	—	$	1,520	$	722

The gains (losses) on collateral dependent loans disclosed above represent the amount of the allowance or provision recapture for credit losses and/or charge-offs during the period applicable to loans held at period-end. The amount of the allowance is included in the ACL.

Quantitative information about Level 3 fair value measurements

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Collateral dependent loans (2)	$	2,262	Fair Market Value of Collateral	Adjustment to Stated Value	N/A (1)

__________

(1) Quantitative disclosures are not provided because there were no adjustments made to the appraisal value during the current period.

(2) Collateral consists of equipment and real estate.

	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Collateral dependent loans (2)	$	1,520	Fair Market Value of Collateral	Adjustment to Stated Value	42.96% - 75.00% (59.53%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets).

(2) Collateral consists of accounts receivable and fixed assets.

The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at the dates presented:

	March 31, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	225,141	$	225,141	$	225,141	$	—	$	—
Interest-earning deposits with banks	747,335		747,335		747,335		—		—
Debt securities available for sale	5,527,371		5,527,371		173,342		5,354,029		—
Debt securities held to maturity	2,202,437		2,038,037		—		2,038,037		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	4,271		4,271		—		4,271		—
Loans	10,612,735		10,746,287		—		—		10,746,287
Interest rate contracts	16,784		16,784		—		16,784		—
Interest rate lock commitments	36		36		—		—		36
Interest rate forward loan sales contracts	313		313		—		313		—
Liabilities
Time deposits	$	418,395	$	412,068	$	—	$	412,068	$	—
FHLB advances	7,345		8,090		—		8,090		—
Repurchase agreements	44,212		44,212		—		44,212		—
Subordinated debentures	10,000		10,013		—		10,013		—
Junior subordinated debentures	10,310		10,967		—		10,967		—
Interest rate contracts	16,784		16,784		—		16,784		—

	December 31, 2021
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	153,414	$	153,414	$	153,414	$	—	$	—
Interest-earning deposits with banks	671,300		671,300		671,300		—		—
Debt securities available for sale	5,910,999		5,910,999		157,536		5,753,463		—
Debt securities held to maturity	2,148,327		2,122,606		—		2,122,606		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	9,774		9,774		—		9,774		—
Loans	10,486,359		10,679,349		—		—		10,679,349
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate lock commitments	356		356		—		—		356
Liabilities
Time deposits	$	445,957	$	430,682	$	—	$	430,682	$	—
FHLB advances	7,359		8,752		—		8,752		—
Repurchase agreements	86,013		86,013		—		86,013		—
Subordinated debentures	10,000		10,125		—		10,125		—
Junior subordinated debentures	10,310		9,927		—		9,927		—
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate forward loan sales contracts	27		27		—		27		—

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented:

March 31, 2022						December 31, 2021
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
(in thousands)
$	4,267	$	4,295	$	(28)	$	9,570	$	9,401	$	169

Residential mortgage loans held for sale that are sold under the mandatory delivery method and 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 in loan revenue. For the three months ended March 31, 2022 and 2021, the Company recorded net decreases in fair value of $197 thousand and $88 thousand, respectively, representing the change in fair value reflected in earnings. At March 31, 2022 and December 31, 2021, there were no residential mortgage loans held for sale for which the fair value option was elected that were 90 days or more past due, in nonaccrual status or both.

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Earnings per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table sets forth the computation of basic and diluted EPS for the periods presented:

	Three Months Ended
	March 31,
	2022		2021
	(in thousands except per share amounts)
Basic EPS:
Net income	$	57,522	$	51,853
Less: Earnings allocated to participating securities:
Nonvested restricted shares	46		155
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Basic earnings per common share	$	0.74	$	0.73
Diluted EPS:
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Dilutive effect of equity awards	158		240
Weighted average diluted common shares outstanding	78,083		71,109
Diluted earnings per common share	$	0.74	$	0.73
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	257		70

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Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

The following table shows the disaggregation of revenue from contracts with customers for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest income:
Revenue from contracts with customers:
Deposit account and treasury management fees	$	7,113	$	6,358
Card revenue	4,967		3,733
Financial services and trust revenue	4,632		3,381
Total revenue from contracts with customers	16,712		13,472
Other sources of noninterest income	7,468		9,694
Total noninterest income	$	24,180	$	23,166

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Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Assets Acquired and Liabilities Assumed [Table Text Block]

The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:

	October 1, 2021
	(in thousands)
Merger consideration			$	256,257
Identifiable net assets acquired, at fair value
Assets acquired
Cash and cash equivalents	$	155,180
Investment securities	654,480
FHLB stock	7,463
Loans, net allowance for credit loss	1,084,984
Interest receivable	5,237
Premises and equipment	17,658
Core deposit intangible	15,932
Other assets	41,963
Total assets acquired			1,982,897
Liabilities assumed
Deposits	(1,737,584)
Subordinated debentures	(10,000)
Junior subordinated debentures	(10,310)
Other liabilities	(26,076)
Total liabilities assumed			(1,783,970)
Total fair value of identifiable net assets			198,927
Goodwill			$	57,330

See Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets.

Summary of PCD loans at acquisition [Table Text Block]

The following table provides a summary of these PCD loans at acquisition:

	October 1, 2021
	(in thousands)
Par value of PCD loans acquired	$	43,419
PCD ACL at acquisition	(2,616)
Non-credit discount on PCD loans	(525)
Purchase price of PCD loans	$	40,278

Business Acquisition, Pro Forma Information [Table Text Block]

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2021. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, Columbia expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.

	Unaudited Pro Forma for the
	Three Months Ended March 31,
	2021
	(in thousands, except per share amounts)
Total revenues (net interest income plus noninterest income)	$	162,092
Net income	$	55,882
Earnings per share - basic	$	0.72
Earnings per share - diluted	$	0.72

Business acquisition, acquisition-related expenses [Table text block]

The following table shows the impact of the acquisition-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest Expense
Compensation and employee benefits	$	370	$	—
Occupancy	819		—
Data processing and software	1,039		—
Legal and professional fees	92		—
Advertising and promotion	18		—
Other	249		—
Total impact of acquisition-related expenses to noninterest expense	$	2,587	$	—

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Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities and held-to-maturity securities

The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2022	(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,604,576	$	8,315	$	(205,237)	$	3,407,654
Other asset-backed securities	433,879		377		(26,209)		408,047
State and municipal securities	1,002,490		2,275		(65,800)		938,965
U.S. government agency and government-sponsored enterprise securities	247,727		711		(9,164)		239,274
U.S. government securities	182,500		—		(9,158)		173,342
Non-agency collateralized mortgage obligations	381,988		—		(21,899)		360,089
Total available for sale	$	5,853,160	$	11,678	$	(337,467)	$	5,527,371
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,202,437	$	—	$	(164,400)	$	2,038,037
Total held to maturity	$	2,202,437	$	—	$	(164,400)	$	2,038,037
December 31, 2021
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,738,616	$	45,077	$	(38,092)	$	3,745,601
Other asset-backed securities	469,052		3,802		(9,791)		463,063
State and municipal securities	983,704		18,525		(4,938)		997,291
U.S. government agency and government-sponsored enterprise securities	252,755		3,095		(3,274)		252,576
U.S. government securities	158,367		—		(831)		157,536
Non-agency collateralized mortgage obligations	295,547		340		(955)		294,932
Total available for sale	$	5,898,041	$	70,839	$	(57,881)	$	5,910,999
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,148,327	$	50	$	(25,771)	$	2,122,606
Total held to maturity	$	2,148,327	$	50	$	(25,771)	$	2,122,606

Schedule Of Contractual Maturities

The scheduled contractual maturities of debt securities at the period presented below are as follows:

	March 31, 2022
	Available for sale				Held to maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	92,542	$	92,902	$	—	$	—
Due after one year through five years	1,026,274		1,002,760		174,734		162,632
Due after five years through ten years	1,432,895		1,363,245		1,152,092		1,063,768
Due after ten years	3,301,449		3,068,464		875,611		811,637
Total debt securities	$	5,853,160	$	5,527,371	$	2,202,437	$	2,038,037

Schedule of Securities pledged as collateral

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, 2022
	(in thousands)
To secure public funds	$	590,026
To secure borrowings	93,557
Other securities pledged	244,917
Total securities pledged as collateral	$	928,500

Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2022	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,667,464	$	(181,337)	$	214,390	$	(23,900)	$	2,881,854	$	(205,237)
Other asset-backed securities	277,210		(16,208)		106,449		(10,001)		383,659		(26,209)
State and municipal securities	657,101		(57,012)		77,447		(8,788)		734,548		(65,800)
U.S. government agency and government-sponsored enterprise securities	25,502		(1,249)		118,135		(7,915)		143,637		(9,164)
U.S. government securities	173,342		(9,158)		—		—		173,342		(9,158)
Non-agency collateralized mortgage obligations	359,060		(21,899)		—		—		359,060		(21,899)
Total	$	4,159,679	$	(286,863)	$	516,421	$	(50,604)	$	4,676,100	$	(337,467)
December 31, 2021
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,292,062	$	(30,777)	$	176,946	$	(7,315)	$	2,469,008	$	(38,092)
Other asset-backed securities	195,708		(4,823)		117,751		(4,968)		313,459		(9,791)
State and municipal securities	237,354		(3,862)		40,343		(1,076)		277,697		(4,938)
U.S. government agency and government-sponsored enterprise securities	100,813		(1,988)		48,714		(1,286)		149,527		(3,274)
U.S. government securities	157,536		(831)		—		—		157,536		(831)
Non-agency collateralized mortgage obligations	212,259		(955)		—		—		212,259		(955)
Total	$	3,195,732	$	(43,236)	$	383,754	$	(14,645)	$	3,579,486	$	(57,881)

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Loans (Tables)

3 Months Ended

Mar. 31, 2022

Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]

Analysis of Loan Portfolio by Major Types of 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, 2022		December 31, 2021
	(dollars in thousands)
Commercial loans:
Commercial real estate	$	5,047,472	$	4,981,263
Commercial business	3,492,307		3,423,268
Agriculture	765,319		795,715
Construction	409,242		384,755
Consumer loans:
One-to-four family residential real estate	1,003,157		1,013,908
Other consumer	42,187		43,028
Total loans	10,759,684		10,641,937
Less: Allowance for credit losses	(146,949)		(155,578)
Total loans, net	$	10,612,735	$	10,486,359

Analysis of the Aged Loan Portfolio

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		Nonaccrual Loans		Total Loans
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	5,045,647	$	886	$	—	$	—	$	886	$	939	$	5,047,472
Commercial business	3,478,768		3,013		325		—		3,338		10,201		3,492,307
Agriculture	755,439		4,332		495		—		4,827		5,053		765,319
Construction	409,242		—		—		—		—		—		409,242
Consumer loans:
One-to-four family residential real estate	1,001,426		495		—		—		495		1,236		1,003,157
Other consumer	42,151		24		—		—		24		12		42,187
Total	$	10,732,673	$	8,750	$	820	$	—	$	9,570	$	17,441	$	10,759,684
	Current Loans		30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Nonaccrual Loans		Total Loans
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	4,977,781	$	—	$	1,610	$	—	$	1,610	$	1,872	$	4,981,263
Commercial business	3,406,539		2,721		687		—		3,408		13,321		3,423,268
Agriculture	789,112		1,207		—		—		1,207		5,396		795,715
Construction	384,755		—		—		—		—		—		384,755
Consumer loans:
One-to-four family residential real estate	1,010,343		921		211		—		1,132		2,433		1,013,908
Other consumer	42,998		11		—		—		11		19		43,028
Total	$	10,611,528	$	4,860	$	2,508	$	—	$	7,368	$	23,041	$	10,641,937

Interest written off on nonaccrual loans

The following table summarizes written-off interest on nonaccrual loans for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Commercial loans	$	68	$	211
Consumer loans	8		7
Total	$	76	$	218

Analysis of Nonaccrual Loans

The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL for the periods indicated:

	March 31, 2022		December 31, 2021
	(in thousands)
Commercial loans:
Commercial real estate	$	—	$	932
Commercial business	4,418		5,131
Agriculture	3,662		3,756
Consumer loans:
One-to-four family residential real estate	774		—
Total	$	8,854	$	9,819

Analysis of loans classified as Troubled Debt Restructurings (“TDR”)

The following is an analysis of loans classified as TDR for the periods indicated:

	Three Months Ended March 31, 2022					Three Months Ended March 31, 2021
	Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of TDR Modifications	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	(dollars in thousands)
Commercial loans:
Commercial real estate	—	$	—	$	—	1	$	628	$	628
Commercial business	—	—		—		7	$	843	$	843
Agriculture	1	633		633		—	—		—
Consumer loans:
One-to-four family residential real estate	—	—		—		2	140		140
Total	1	$	633	$	633	10	$	1,611	$	1,611

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Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Tables)

3 Months Ended

Mar. 31, 2022

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Credit Losses on Financing Receivables

The following tables show a detailed analysis of the ACL for the periods indicated:

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate	$	61,254	$	—	$	14	$	(3,961)	$	57,307
Commercial business	54,712		(1,632)		291		(2,897)		50,474
Agriculture	8,148		(23)		125		(240)		8,010
Construction	5,397		—		8		(6)		5,399
Consumer loans:
One-to-four family residential real estate	24,123		—		294		(61)		24,356
Other consumer	1,944		(246)		340		(635)		1,403
Total	$	155,578	$	(1,901)	$	1,072	$	(7,800)	$	146,949

	Beginning Balance		Charge-offs		Recoveries		Provision (Recapture)		Ending Balance
Three Months Ended March 31, 2021	(in thousands)
Commercial loans:
Commercial real estate	$	68,934	$	—	$	36	$	(11,920)	$	57,050
Commercial business	45,250		(3,339)		3,214		13,280		58,405
Agriculture	9,052		—		12		423		9,487
Construction	7,636		—		46		(1,131)		6,551
Consumer loans:
One-to-four family residential real estate	16,875		—		51		(1,288)		15,638
Other consumer	1,393		(127)		61		(164)		1,163
Total	$	149,140	$	(3,466)	$	3,420	$	(800)	$	148,294

Changes in the Allowance for Unfunded Commitments and Letters of Credit

Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Beginning balance	$	8,500	$	8,300
Net changes in the allowance for unfunded commitments and letters of credit	500		1,500
Ending balance	$	9,000	$	9,800

Financing Receivable Credit Quality Indicators

The following is an analysis of the credit quality of our loan portfolio as of the periods indicated:

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior						Total
March 31, 2022	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	237,545	$	1,053,628	$	746,400	$	669,287	$	492,695	$	1,605,407	$	59,752	$	3,618	$	4,868,332
Special mention	—		—		1,381		16,450		—		26,154		—		—		43,985
Substandard	—		927		2,551		29,267		5,728		95,683		999		—		135,155
Total commercial real estate	$	237,545	$	1,054,555	$	750,332	$	715,004	$	498,423	$	1,727,244	$	60,751	$	3,618	$	5,047,472
Commercial business
Pass	$	129,275	$	794,588	$	408,780	$	262,133	$	203,962	$	351,159	$	1,198,963	$	3,410	$	3,352,270
Special mention	—		677		355		6,485		372		—		16,898		330		25,117
Substandard	—		3,831		4,045		18,627		24,648		31,317		32,302		150		114,920
Total commercial business	$	129,275	$	799,096	$	413,180	$	287,245	$	228,982	$	382,476	$	1,248,163	$	3,890	$	3,492,307
Agriculture
Pass	$	26,826	$	141,085	$	81,501	$	76,041	$	27,547	$	119,214	$	246,062	$	226	$	718,502
Special mention	—		154		—		428		—		—		665		—		1,247
Substandard	—		1,597		7,515		3,235		414		5,059		27,750		—		45,570
Total agriculture	$	26,826	$	142,836	$	89,016	$	79,704	$	27,961	$	124,273	$	274,477	$	226	$	765,319
Construction
Pass	$	31,991	$	247,354	$	46,517	$	14,346	$	3,169	$	5,498	$	58,569	$	—	$	407,444
Substandard	—		—		—		1,746		—		52		—		—		1,798
Total construction	$	31,991	$	247,354	$	46,517	$	16,092	$	3,169	$	5,550	$	58,569	$	—	$	409,242
Consumer loans:
One-to-four family residential real estate
Pass	$	39,826	$	377,035	$	131,139	$	49,382	$	44,964	$	108,061	$	248,949	$	249	$	999,605
Substandard	—		774		461		101		524		1,542		3		147		3,552
Total one-to-four family real estate	$	39,826	$	377,809	$	131,600	$	49,483	$	45,488	$	109,603	$	248,952	$	396	$	1,003,157
Other consumer
Pass	$	4,351	$	4,139	$	2,192	$	1,643	$	2,190	$	11,509	$	16,055	$	73	$	42,152
Substandard	—		21		—		—		—		13		—		1		35
Total consumer	$	4,351	$	4,160	$	2,192	$	1,643	$	2,190	$	11,522	$	16,055	$	74	$	42,187
Total	$	469,814	$	2,625,810	$	1,432,837	$	1,149,171	$	806,213	$	2,360,668	$	1,906,967	$	8,204	$	10,759,684
Less:
Allowance for credit losses																	146,949
Loans, net																	$	10,612,735

													Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis
	Term Loans
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior						Total
December 31, 2021	(in thousands)
Commercial loans:
Commercial real estate
Pass	$	1,068,493	$	760,545	$	650,593	$	492,348	$	515,233	$	1,180,115	$	74,754	$	3,644	$	4,745,725
Special mention	2,252		—		19,016		6,196		163		27,270		—		2,199		57,096
Substandard	4,119		5,897		45,769		9,112		29,917		82,599		1,029		—		178,442
Total commercial real estate	$	1,074,864	$	766,442	$	715,378	$	507,656	$	545,313	$	1,289,984	$	75,783	$	5,843	$	4,981,263
Commercial business
Pass	$	891,957	$	426,004	$	280,823	$	217,605	$	144,363	$	232,356	$	1,028,616	$	35,411	$	3,257,135
Special mention	621		135		6,097		747		105		51		34,256		236		42,248
Substandard	4,329		4,610		18,393		28,066		20,568		27,462		18,796		1,661		123,885
Total commercial business	$	896,907	$	430,749	$	305,313	$	246,418	$	165,036	$	259,869	$	1,081,668	$	37,308	$	3,423,268
Agriculture
Pass	$	147,561	$	87,964	$	74,658	$	29,739	$	46,058	$	79,693	$	266,573	$	5,448	$	737,694
Special mention	162		—		445		—		—		—		565		—		1,172
Substandard	—		7,717		9,148		1,616		5,532		1,833		29,125		1,878		56,849
Total agriculture	$	147,723	$	95,681	$	84,251	$	31,355	$	51,590	$	81,526	$	296,263	$	7,326	$	795,715
Construction
Pass	$	228,661	$	53,880	$	35,795	$	3,183	$	3,285	$	2,189	$	55,765	$	—	$	382,758
Substandard	—		—		1,748		—		—		249		—		—		1,997
Total construction	$	228,661	$	53,880	$	37,543	$	3,183	$	3,285	$	2,438	$	55,765	$	—	$	384,755
Consumer loans:
One-to-four family real estate
Pass	$	390,153	$	140,799	$	56,520	$	51,549	$	32,447	$	111,307	$	222,747	$	1,347	$	1,006,869
Substandard	85		470		183		562		234		4,736		485		284		7,039
Total one-to-four family real estate	$	390,238	$	141,269	$	56,703	$	52,111	$	32,681	$	116,043	$	223,232	$	1,631	$	1,013,908
Other consumer
Pass	$	7,045	$	2,711	$	1,950	$	13,489	$	560	$	1,277	$	15,853	$	97	$	42,982
Substandard	—		—		—		—		1		13		23		9		46
Total consumer	$	7,045	$	2,711	$	1,950	$	13,489	$	561	$	1,290	$	15,876	$	106	$	43,028
Total	$	2,745,438	$	1,490,732	$	1,201,138	$	854,212	$	798,466	$	1,751,150	$	1,748,587	$	52,214	$	10,641,937
Less:
Allowance for credit losses																	155,578
Loans, net																	$	10,486,359

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Other Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2022

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Summary of Other Real Estate Owned

The following tables set forth activity in OREO for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance, beginning of period	$	381	$	553
Proceeds from sale of OREO property	—		(132)
Gain on sale of OREO, net	—		100
Balance, end of period	$	381	$	521

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

The following table sets forth activity for goodwill and other intangible assets for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Goodwill
Total goodwill	$	823,172	$	765,842
Other intangible assets, net
CDI:
Gross CDI balance at beginning of period (1)	88,931		105,473
Accumulated amortization at beginning of period	(55,203)		(79,658)
CDI, net at beginning of period	33,728		25,815
CDI current period amortization	(2,288)		(1,924)
Total CDI, net at end of period	31,440		23,891
Intangible assets not subject to amortization	919		919
Other intangible assets, net at end of period	32,359		24,810
Total goodwill and other intangible assets at end of period	$	855,531	$	790,652

__________

(1) For the three months ended March 31, 2022, the gross CDI balance, beginning of period excludes fully amortized amounts. Prior period column has not been adjusted.

Estimated Future Amortization Expense of Core Deposit Intangibles

The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2022 and the succeeding four years:

	Year ending December 31,
	(in thousands)
2022	$	6,410
2023	7,082
2024	5,673
2025	4,366
2026	3,225

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Derivatives and Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2022

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet as of the dates presented:

	Asset Derivatives						Liability Derivatives
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(in thousands)
Derivatives not designated as hedging instruments:
Interest rate lock commitments	Other assets	$	36	Other assets	$	356	Other liabilities	$	—	Other liabilities	$	—
Interest rate forward loan sales contracts	Other assets	$	313	Other assets	$	—	Other liabilities	$	—	Other liabilities	$	27
Interest rate swap contracts	Other assets	$	16,784	Other assets	$	24,257	Other liabilities	$	16,784	Other liabilities	$	24,257

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
		Three Months Ended March 31,
		2022		2021
		(in thousands)
Interest rate collar	Interest income	$	2,575	$	2,576

Derivative Instruments, Gain (Loss)

The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Interest rate lock commitments	$	(319)	$	(171)
Interest rate forward loan sales contracts	340		670
Interest rate swap contracts	—		112
Total derivative gains (losses)	$	21	$	611

Balance Sheet Offsetting [Table Text Block]

The following tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown.

	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
							Collateral Pledged/Received		Net Amount
March 31, 2022	(in thousands)
Assets
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(9,940)	$	6,844
Liabilities
Interest rate swap contracts	$	16,784	$	—	$	16,784	$	(180)	$	16,604
Repurchase agreements	$	44,212	$	—	$	44,212	$	(44,212)	$	—
December 31, 2021
Assets
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(450)	$	23,807
Liabilities
Interest rate swap contracts	$	24,257	$	—	$	24,257	$	(20,747)	$	3,510
Repurchase agreements	$	86,013	$	—	$	86,013	$	(86,013)	$	—

Available-for-sale Securities [Member]

Derivative [Line Items]

Carrying Value of Securities Pledged As Collateral

The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements:

	Remaining contractual maturity of the agreements
	Overnight and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
March 31, 2022	(in thousands)
Class of collateral pledged for repurchase agreements
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	44,212	$	—	$	—	$	—	$	44,212
Gross amount of recognized liabilities for repurchase agreements									44,212
Amounts related to agreements not included in offsetting disclosure									$	—

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Shareholders' Equity Dividends Declared (Tables)

3 Months Ended

Mar. 31, 2022

Shareholders' Equity [Abstract]

Dividends Declared [Table Text Block]

The following table summarizes year-to-date dividend activity:

Declared	Regular Cash Dividends Per Common Share		Record Date	Paid Date
January 19, 2022	$	0.30	February 2, 2022	February 16, 2022

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table shows changes in accumulated other comprehensive income (loss) by component for the periods indicated:

	Unrealized Gains and Losses on Available for Sale Securities (1)		Unrealized Gains and Losses on Pension Plan Liability (1)		Unrealized Gains and Losses on Hedging Instruments (1)		Total (1)
Three Months Ended March 31, 2022	(in thousands)
Beginning balance	$	23,134	$	(4,812)	$	16,840	$	35,162
Other comprehensive loss before reclassifications	(259,988)		—		—		(259,988)
Amounts reclassified from accumulated other comprehensive income (2)	(1,076)		101		(1,976)		(2,951)
Net current-period other comprehensive income (loss)	(261,064)		101		(1,976)		(262,939)
Ending balance	$	(237,930)	$	(4,711)	$	14,864	$	(227,777)
Three Months Ended March 31, 2021
Beginning balance	$	163,174	$	(5,833)	$	24,854	$	182,195
Other comprehensive loss before reclassifications	(102,605)		—		—		(102,605)
Amounts reclassified from accumulated other comprehensive income (2)	—		115		(1,977)		(1,862)
Net current-period other comprehensive income (loss)	(102,605)		115		(1,977)		(104,467)
Ending balance	$	60,569	$	(5,718)	$	22,877	$	77,728

__________

(1) All amounts are net of tax. Amounts in parentheses indicate debits.

(2) See following table for details about these reclassifications.

Schedule of reclassifications from accumulated other comprehensive income [Table Text Block]

The following table shows details regarding the reclassifications from accumulated other comprehensive income (loss) for the periods indicated:

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,				Affected line Item in the Consolidated
	2022		2021		Statement of Income
	(in thousands)
Amortization of unrealized gains related to securities transfer	1,402		—		Taxable securities
	1,402		—		Total before tax
	(326)		—		Income tax provision
	$	1,076	$	—	Net of tax
Amortization of pension plan liability actuarial losses	$	(131)	$	(150)	Compensation and employee benefits
	(131)		(150)		Total before tax
	30		35		Income tax provision
	$	(101)	$	(115)	Net of tax
Unrealized gains from hedging instruments	$	2,575	$	2,576	Loans
	2,575		2,576		Total before tax
	(599)		(599)		Income tax provision
	$	1,976	$	1,977	Net of tax

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Fair Value Accounting and Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at the dates presented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
March 31, 2022	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,407,654	$	—	$	3,407,654	$	—
Other asset-backed securities	408,047		—		408,047		—
State and municipal securities	938,965		—		938,965		—
U.S. government agency and government-sponsored enterprise securities	239,274		—		239,274		—
U.S. government securities	173,342		173,342		—		—
Non-agency collateralized mortgage obligations	360,089		—		360,089		—
Total debt securities available for sale	$	5,527,371	$	173,342	$	5,354,029	$	—
Loans held for sale	$	4,267	$	—	$	4,267	$	—
Other assets:
Interest rate lock commitments	$	36	$	—	$	—	$	36
Interest rate forward loan sales contracts	$	313	$	—	$	313	$	—
Interest rate contracts	$	16,784	$	—	$	16,784	$	—
Liabilities
Other liabilities:
Interest rate contracts	$	16,784	$	—	$	16,784	$	—

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
December 31, 2021	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	3,745,601	$	—	$	3,745,601	$	—
Other asset-backed securities	463,063		—		463,063		—
State and municipal securities	997,291		—		997,291		—
U.S. government agency and government-sponsored enterprise securities	252,576		—		252,576		—
U.S. government securities	157,536		157,536		—		—
Non-agency collateralized mortgage	294,932		—		294,932		—
Total debt securities available for sale	$	5,910,999	$	157,536	$	5,753,463	$	—
Loans held for sale	$	9,570	$	—	$	9,570	$	—
Other assets:
Interest rate lock commitments	$	356	$	—	$	—	$	356
Interest rate contracts	$	24,257	$	—	$	24,257	$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts	$	27	$	—	$	27	$	—
Interest rate contracts	$	24,257	$	—	$	24,257	$	—

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

The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance at the beginning of the period	$	356	$	1,096
Change included in earnings	(19)		1,710
Settlements	(301)		(1,881)
Balance at the end of the period	$	36	$	925

Equity Securities without Readily Determinable Fair Value

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2022
	March 31, 2022		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	2,262	$	—	$	—	$	2,262	$	(1,465)
	Fair Value at		Fair Value Measurements  at Reporting Date Using						Gains (Losses) During the Three Months Ended March 31, 2021
	March 31, 2021		Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	1,520	$	—	$	—	$	1,520	$	722

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at the dates presented:

	March 31, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	225,141	$	225,141	$	225,141	$	—	$	—
Interest-earning deposits with banks	747,335		747,335		747,335		—		—
Debt securities available for sale	5,527,371		5,527,371		173,342		5,354,029		—
Debt securities held to maturity	2,202,437		2,038,037		—		2,038,037		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	4,271		4,271		—		4,271		—
Loans	10,612,735		10,746,287		—		—		10,746,287
Interest rate contracts	16,784		16,784		—		16,784		—
Interest rate lock commitments	36		36		—		—		36
Interest rate forward loan sales contracts	313		313		—		313		—
Liabilities
Time deposits	$	418,395	$	412,068	$	—	$	412,068	$	—
FHLB advances	7,345		8,090		—		8,090		—
Repurchase agreements	44,212		44,212		—		44,212		—
Subordinated debentures	10,000		10,013		—		10,013		—
Junior subordinated debentures	10,310		10,967		—		10,967		—
Interest rate contracts	16,784		16,784		—		16,784		—

	December 31, 2021
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	153,414	$	153,414	$	153,414	$	—	$	—
Interest-earning deposits with banks	671,300		671,300		671,300		—		—
Debt securities available for sale	5,910,999		5,910,999		157,536		5,753,463		—
Debt securities held to maturity	2,148,327		2,122,606		—		2,122,606		—
FHLB stock	10,280		10,280		—		10,280		—
Loans held for sale	9,774		9,774		—		9,774		—
Loans	10,486,359		10,679,349		—		—		10,679,349
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate lock commitments	356		356		—		—		356
Liabilities
Time deposits	$	445,957	$	430,682	$	—	$	430,682	$	—
FHLB advances	7,359		8,752		—		8,752		—
Repurchase agreements	86,013		86,013		—		86,013		—
Subordinated debentures	10,000		10,125		—		10,125		—
Junior subordinated debentures	10,310		9,927		—		9,927		—
Interest rate contracts	24,257		24,257		—		24,257		—
Interest rate forward loan sales contracts	27		27		—		27		—

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 sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented:

March 31, 2022						December 31, 2021
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
(in thousands)
$	4,267	$	4,295	$	(28)	$	9,570	$	9,401	$	169

Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Collateral dependent loans (2)	$	2,262	Fair Market Value of Collateral	Adjustment to Stated Value	N/A (1)

__________

(1) Quantitative disclosures are not provided because there were no adjustments made to the appraisal value during the current period.

(2) Collateral consists of equipment and real estate.

	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Collateral dependent loans (2)	$	1,520	Fair Market Value of Collateral	Adjustment to Stated Value	42.96% - 75.00% (59.53%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets).

(2) Collateral consists of accounts receivable and fixed assets.

Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis ValuationTechniques

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 at the dates presented:

	Fair Value at March 31, 2022		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	36	Internal pricing model	Pull-through rate	77.94% - 100.00% (94.64%)
	Fair Value at March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(dollars in thousands)
Interest rate lock commitments	$	925	Internal pricing model	Pull-through rate	79.87% - 100.00% (90.39%)

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Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted EPS for the periods presented:

	Three Months Ended
	March 31,
	2022		2021
	(in thousands except per share amounts)
Basic EPS:
Net income	$	57,522	$	51,853
Less: Earnings allocated to participating securities:
Nonvested restricted shares	46		155
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Basic earnings per common share	$	0.74	$	0.73
Diluted EPS:
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Dilutive effect of equity awards	158		240
Weighted average diluted common shares outstanding	78,083		71,109
Diluted earnings per common share	$	0.74	$	0.73
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	257		70

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows the disaggregation of revenue from contracts with customers for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Noninterest income:
Revenue from contracts with customers:
Deposit account and treasury management fees	$	7,113	$	6,358
Card revenue	4,967		3,733
Financial services and trust revenue	4,632		3,381
Total revenue from contracts with customers	16,712		13,472
Other sources of noninterest income	7,468		9,694
Total noninterest income	$	24,180	$	23,166

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Business Combinations and Asset Acquisitions - Assets acquired and liabilities assumed (Details) - Bank of Commerce $ in Thousands	Oct. 01, 2021 USD ($)
Asset Acquisition [Line Items]
Merger consideration	$ 256,257
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	155,180
Business Acquisition, Purchase Price Allocation, Current Assets, Investment Securities	654,480
Business Acquisition, Purchase Price Allocation, FHLB Stock	7,463
Business Combination, Acquired Loans, net of allowance for credit loss	1,084,984
Business Acquisition, Purchase Price Allocation, Accrued Interest Receivable	5,237
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	17,658
Business Combination, Purchase Price Allocation, Core Deposit Intangible	15,932
Business Combination, Purchase Price Allocation, Other Assets	41,963
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	1,982,897
Business Acquisition, Purchase Price Allocation, Liabilities, Deposits	1,737,584
Business Combination, Purchase Price Allocation, Subordinated Debt	10,000
Business Combination, Purchase Price Allocation, Junior Subordinated Debentures	10,310
Business Combination, Purchase Price Allocation, Other Liabilities	26,076
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	1,783,970
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	198,927
Business Combination, Purchase Price Allocation, Goodwill Amount	$ 57,330

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Business Combinations and Asset Acquisitions - PCD (Details) - Bank of Commerce $ in Thousands	Oct. 01, 2021 USD ($)
Business Acquisition [Line Items]
Par Value of PCD loans acquired	$ 43,419
PCD ACL at acquisition	(2,616)
Non-credit discount on PCD loans	(525)
Purchase price of PCD loans	$ 40,278

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Business Combinations and Asset Acquisitions - Proforma (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue | $	$ 162,092
Business Acquisition, Pro Forma Net Income | $	$ 55,882
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares	$ 0.72
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares	$ 0.72

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Business Combinations and Asset Acquisitions - acquisition-related expenses (Details) - Bank of Commerce - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	$ 2,587	$ 0
Compensation and employee benefits
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	370	0
Occupancy
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	819	0
Data processing and software
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	1,039	0
Legal and professional fees
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	92	0
Advertising and promotion
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	18	0
Other noninterest expenses
Asset Acquisition [Line Items]
Business Combination, Acquisition Related Costs	$ 249	$ 0

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Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 01, 2021	Mar. 31, 2022	Mar. 31, 2021
Bank of Commerce
Business Acquisition [Line Items]
Business Combination, Purchase Price Allocation, Goodwill Amount	$ 57,330
Business Combination, Purchase Price Allocation, Amortizable Intangible Assets	15,932
Business Combination, net loans acquired	1,084,984
Acquired PCD loans	$ 40,278
Business Combination, Acquisition Related Costs		$ 2,587	$ 0
Umpqua
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs		$ 4,500

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Securities (Debt securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	$ 5,853,160	$ 5,898,041
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	11,678	70,839
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(337,467)	(57,881)
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0	50
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	164,400	25,771
Debt Securities, Held-to-maturity, Fair Value	2,038,037	2,122,606
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	3,604,576	3,738,616
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	8,315	45,077
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(205,237)	(38,092)
Debt securities available for sale at fair value	3,407,654	3,745,601
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0	50
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	164,400	25,771
Debt Securities, Held-to-maturity, Fair Value	2,038,037	2,122,606
Asset-backed Securities [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	433,879	469,052
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	377	3,802
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(26,209)	(9,791)
Debt securities available for sale at fair value	408,047	463,063
State and Municipal Securities [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	1,002,490	983,704
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2,275	18,525
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(65,800)	(4,938)
Debt securities available for sale at fair value	938,965	997,291
U.S. Government and Government-Sponsored Enterprise Securities [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	247,727	252,755
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	711	3,095
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(9,164)	(3,274)
Debt securities available for sale at fair value	239,274	252,576
US Treasury Securities [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	182,500	158,367
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(9,158)	(831)
Debt securities available for sale at fair value	173,342	157,536
Non-agency collateralized mortgage obligations [Member]
Debt Securities, [Line Items]
Debt securities available-for-sale, amortized cost	381,988	295,547
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	340
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(21,899)	(955)
Debt securities available for sale at fair value	$ 360,089	$ 294,932

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Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$ 92,542
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	1,026,274
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	1,432,895
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	3,301,449
Debt securities available-for-sale, amortized cost	5,853,160	$ 5,898,041
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	92,902
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	1,002,760
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	1,363,245
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	3,068,464
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One	0
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five	174,734
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year Five through Ten	1,152,092
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10	875,611
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	0
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	162,632
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	1,063,768
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	811,637
Debt Securities, Held-to-maturity, Fair Value	$ 2,038,037	$ 2,122,606

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Securities (Carrying Value of Securities Pledged as Collateral) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Restricted	$ 928,500
To secure public funds
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Restricted	590,026
To secure borrowings
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Restricted	93,557
Other securities pledged
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Restricted	$ 244,917

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Securities (Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 4,159,679	$ 3,195,732
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	286,863	43,236
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	516,421	383,754
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	50,604	14,645
Debt Securities, Available-for-sale, Unrealized Loss Position	4,676,100	3,579,486
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	337,467	57,881
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	2,667,464	2,292,062
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	181,337	30,777
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	214,390	176,946
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	23,900	7,315
Debt Securities, Available-for-sale, Unrealized Loss Position	2,881,854	2,469,008
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	205,237	38,092
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	277,210	195,708
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	16,208	4,823
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	106,449	117,751
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	10,001	4,968
Debt Securities, Available-for-sale, Unrealized Loss Position	383,659	313,459
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	26,209	9,791
State and Municipal Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	657,101	237,354
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	57,012	3,862
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	77,447	40,343
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	8,788	1,076
Debt Securities, Available-for-sale, Unrealized Loss Position	734,548	277,697
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	65,800	4,938
U.S. Government and Government-Sponsored Enterprise Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	25,502	100,813
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1,249	1,988
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	118,135	48,714
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	7,915	1,286
Debt Securities, Available-for-sale, Unrealized Loss Position	143,637	149,527
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	9,164	3,274
US Treasury Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	173,342	157,536
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	9,158	831
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	173,342	157,536
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	9,158	831
Non-agency collateralized mortgage obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	359,060	212,259
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	21,899	955
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	359,060	212,259
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 21,899	$ 955

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Securities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) security	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Held-to-maturity, Allowance for Credit Loss	$ 0		$ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Interest receivable	55,940		56,019
Investment securities gains (losses), net	0	$ 0
Gain (loss) on equity securities, net	0	$ 0
Available-for-sale Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Interest receivable	18,400		19,200
Held-to-maturity Securities
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 4,500		$ 4,400
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	584
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	81
State and Municipal Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	433
U.S. Government and Government-Sponsored Enterprise Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	12
Non-agency collateralized mortgage obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	55
US Treasury Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	10

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Loans (Analysis of Loan Portfolio by Major Types of Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 10,759,684	$ 10,641,937
Financing Receivable, Allowance for Credit Loss	(146,949)	(155,578)	$ (148,294)	$ (149,140)
Loans and Leases Receivable, Net Amount	10,612,735	10,486,359
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	5,047,472	4,981,263
Financing Receivable, Allowance for Credit Loss	(57,307)	(61,254)	(57,050)	(68,934)
Commercial Business [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	3,492,307	3,423,268
Financing Receivable, Allowance for Credit Loss	(50,474)	(54,712)	(58,405)	(45,250)
Agriculture [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	765,319	795,715
Financing Receivable, Allowance for Credit Loss	(8,010)	(8,148)	(9,487)	(9,052)
Construction [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	409,242	384,755
Financing Receivable, Allowance for Credit Loss	(5,399)	(5,397)	(6,551)	(7,636)
One-to-Four Family Residential [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	1,003,157	1,013,908
Financing Receivable, Allowance for Credit Loss	(24,356)	(24,123)	(15,638)	(16,875)
Consumer Loan [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans and Leases Receivable, Net of Deferred Income	42,187	43,028
Financing Receivable, Allowance for Credit Loss	$ (1,403)	$ (1,944)	$ (1,163)	$ (1,393)

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Loans (Analysis of the Aged Loan Portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 17,441	$ 23,041
Total Loans	10,759,684	10,641,937
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	939	1,872
Total Loans	5,047,472	4,981,263
Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	10,201	13,321
Total Loans	3,492,307	3,423,268
Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	5,053	5,396
Total Loans	765,319	795,715
Construction [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	0	0
Total Loans	409,242	384,755
One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	1,236	2,433
Total Loans	1,003,157	1,013,908
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	12	19
Total Loans	42,187	43,028
Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	10,732,673	10,611,528
Financial Asset, Not Past Due | Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	5,045,647	4,977,781
Financial Asset, Not Past Due | Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	3,478,768	3,406,539
Financial Asset, Not Past Due | Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	755,439	789,112
Financial Asset, Not Past Due | Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	409,242	384,755
Financial Asset, Not Past Due | One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	1,001,426	1,010,343
Financial Asset, Not Past Due | Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	42,151	42,998
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	8,750	4,860
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	886	0
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	3,013	2,721
Financial Asset, 30 to 59 Days Past Due [Member] | Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	4,332	1,207
Financial Asset, 30 to 59 Days Past Due [Member] | Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, 30 to 59 Days Past Due [Member] | One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	495	921
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	24	11
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	820	2,508
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	1,610
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	325	687
Financial Asset, 60 to 89 Days Past Due [Member] | Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	495	0
Financial Asset, 60 to 89 Days Past Due [Member] | Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, 60 to 89 Days Past Due [Member] | One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	211
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	9,570	7,368
Financial Asset, Past Due | Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	886	1,610
Financial Asset, Past Due | Commercial Business [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	3,338	3,408
Financial Asset, Past Due | Agriculture [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	4,827	1,207
Financial Asset, Past Due | Construction [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Financial Asset, Past Due | One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	495	1,132
Financial Asset, Past Due | Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total Loans	$ 24	$ 11

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Loans (Interest written off on nonaccual loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items]
Financing Receivable Accrued Interest Reversed Through Interest Income	$ 76	$ 218
Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items]
Financing Receivable Accrued Interest Reversed Through Interest Income	68	211
Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items]
Financing Receivable Accrued Interest Reversed Through Interest Income	$ 8	$ 7

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Loans (Analysis of Nonaccrual Loans with no ACL) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual, No Allowance	$ 8,854	$ 9,819
Commercial Real Estate [Member]
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual, No Allowance	0	932
Commercial Business [Member]
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual, No Allowance	4,418	5,131
Agriculture [Member]
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual, No Allowance	3,662	3,756
One-to-Four Family Residential [Member]
Financing Receivable, Nonaccrual [Line Items]
Financing Receivable, Nonaccrual, No Allowance	$ 774	$ 0

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Loans Loans (Analysis of Troubled Debt Restructurings) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Modifications	Mar. 31, 2021 USD ($) Modifications
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | Modifications	1	10
Financing Receivable, Troubled Debt Restructuring, Premodification	$ 633	$ 1,611
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 633	$ 1,611
Commercial Real Estate [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | Modifications	0	1
Financing Receivable, Troubled Debt Restructuring, Premodification	$ 0	$ 628
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 0	$ 628
Commercial Business [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | Modifications	0	7
Financing Receivable, Troubled Debt Restructuring, Premodification	$ 0	$ 843
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 0	$ 843
Agriculture [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | Modifications	1	0
Financing Receivable, Troubled Debt Restructuring, Premodification	$ 633	$ 0
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 633	$ 0
One-to-Four Family Residential [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | Modifications	0	2
Financing Receivable, Troubled Debt Restructuring, Premodification	$ 0	$ 140
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 0	$ 140

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Loans (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) contract	Mar. 31, 2021 contract	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Interest Receivable, loans	$ 55,940		$ 56,019
Financing Receivable Modifications Additional Commitment To Lend	$ 714		1,500
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract	0	0
Paycheck Protection Program (PPP) loans, net of unearned income	$ 83,200
Loans Receivable [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	3,510,000		3,490,000
Commercial Loan [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Loans pledged to collateralize Federal Reserve Bank Borrowings	200,300		200,500
Loans [Member]
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items]
Interest Receivable, loans	$ 32,900		$ 32,400

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Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	$ 146,949	$ 148,294	$ 155,578	$ 149,140
Financing Receivable, Allowance for Credit Loss, Writeoff	(1,901)	(3,466)
Financing Receivable, Allowance for Credit Loss, Recovery	1,072	3,420
Recapture for credit losses	(7,800)	(800)
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	57,307	57,050	61,254	68,934
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0
Financing Receivable, Allowance for Credit Loss, Recovery	14	36
Recapture for credit losses	(3,961)	(11,920)
Commercial Business [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	50,474	58,405	54,712	45,250
Financing Receivable, Allowance for Credit Loss, Writeoff	(1,632)	(3,339)
Financing Receivable, Allowance for Credit Loss, Recovery	291	3,214
Recapture for credit losses	(2,897)	13,280
Agriculture [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	8,010	9,487	8,148	9,052
Financing Receivable, Allowance for Credit Loss, Writeoff	(23)	0
Financing Receivable, Allowance for Credit Loss, Recovery	125	12
Recapture for credit losses	(240)	423
Construction [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	5,399	6,551	5,397	7,636
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0
Financing Receivable, Allowance for Credit Loss, Recovery	8	46
Recapture for credit losses	(6)	(1,131)
One-to-Four Family Residential [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	24,356	15,638	24,123	16,875
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0
Financing Receivable, Allowance for Credit Loss, Recovery	294	51
Recapture for credit losses	(61)	(1,288)
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	1,403	1,163	$ 1,944	$ 1,393
Financing Receivable, Allowance for Credit Loss, Writeoff	(246)	(127)
Financing Receivable, Allowance for Credit Loss, Recovery	340	61
Recapture for credit losses	$ (635)	$ (164)

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Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Changes in the Allowance for Unfunded Commitments and Letters of Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Allowance for Unfunded Commitments and Letters of Credit [Line Items]
Allowance For Unfunded Loan Commitments And Letters Of Credit	$ 9,000	$ 9,800	$ 8,500	$ 8,300
Allowance for Loan and Lease Losses, Net Changes In Unfunded Commitments and Letters Of Credit Allowance	$ 500	$ 1,500

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Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Analysis of Credit Quality of the Loan Portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 469,814	$ 2,745,438
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,625,810	1,490,732
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,432,837	1,201,138
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,149,171	854,212
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	806,213	798,466
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,360,668	1,751,150
Financing Receivable, Revolving	1,906,967	1,748,587
Financing Receivable, Revolving Converted to Term Loans	8,204	52,214
Loans and Leases Receivable, Net of Deferred Income	10,759,684	10,641,937
Financing Receivable, Allowance for Credit Loss	146,949	155,578	$ 148,294	$ 149,140
Loans, net	10,612,735	10,486,359
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	237,545	1,074,864
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,054,555	766,442
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	750,332	715,378
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	715,004	507,656
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	498,423	545,313
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,727,244	1,289,984
Financing Receivable, Revolving	60,751	75,783
Financing Receivable, Revolving Converted to Term Loans	3,618	5,843
Loans and Leases Receivable, Net of Deferred Income	5,047,472	4,981,263
Financing Receivable, Allowance for Credit Loss	57,307	61,254	57,050	68,934
Commercial Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	237,545	1,068,493
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,053,628	760,545
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	746,400	650,593
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	669,287	492,348
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	492,695	515,233
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,605,407	1,180,115
Financing Receivable, Revolving	59,752	74,754
Financing Receivable, Revolving Converted to Term Loans	3,618	3,644
Loans and Leases Receivable, Net of Deferred Income	4,868,332	4,745,725
Commercial Real Estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	2,252
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,381	19,016
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	16,450	6,196
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0	163
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	26,154	27,270
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving Converted to Term Loans	0	2,199
Loans and Leases Receivable, Net of Deferred Income	43,985	57,096
Commercial Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	4,119
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	927	5,897
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,551	45,769
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	29,267	9,112
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	5,728	29,917
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	95,683	82,599
Financing Receivable, Revolving	999	1,029
Financing Receivable, Revolving Converted to Term Loans	0	0
Loans and Leases Receivable, Net of Deferred Income	135,155	178,442
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	129,275	896,907
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	799,096	430,749
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	413,180	305,313
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	287,245	246,418
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	228,982	165,036
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	382,476	259,869
Financing Receivable, Revolving	1,248,163	1,081,668
Financing Receivable, Revolving Converted to Term Loans	3,890	37,308
Loans and Leases Receivable, Net of Deferred Income	3,492,307	3,423,268
Financing Receivable, Allowance for Credit Loss	50,474	54,712	58,405	45,250
Commercial Business [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	129,275	891,957
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	794,588	426,004
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	408,780	280,823
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	262,133	217,605
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	203,962	144,363
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	351,159	232,356
Financing Receivable, Revolving	1,198,963	1,028,616
Financing Receivable, Revolving Converted to Term Loans	3,410	35,411
Loans and Leases Receivable, Net of Deferred Income	3,352,270	3,257,135
Commercial Business [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	621
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	677	135
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	355	6,097
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	6,485	747
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	372	105
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0	51
Financing Receivable, Revolving	16,898	34,256
Financing Receivable, Revolving Converted to Term Loans	330	236
Loans and Leases Receivable, Net of Deferred Income	25,117	42,248
Commercial Business [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	4,329
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3,831	4,610
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,045	18,393
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	18,627	28,066
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	24,648	20,568
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	31,317	27,462
Financing Receivable, Revolving	32,302	18,796
Financing Receivable, Revolving Converted to Term Loans	150	1,661
Loans and Leases Receivable, Net of Deferred Income	114,920	123,885
Agriculture [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	26,826	147,723
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	142,836	95,681
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	89,016	84,251
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	79,704	31,355
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	27,961	51,590
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	124,273	81,526
Financing Receivable, Revolving	274,477	296,263
Financing Receivable, Revolving Converted to Term Loans	226	7,326
Loans and Leases Receivable, Net of Deferred Income	765,319	795,715
Financing Receivable, Allowance for Credit Loss	8,010	8,148	9,487	9,052
Agriculture [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	26,826	147,561
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	141,085	87,964
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	81,501	74,658
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	76,041	29,739
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	27,547	46,058
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	119,214	79,693
Financing Receivable, Revolving	246,062	266,573
Financing Receivable, Revolving Converted to Term Loans	226	5,448
Loans and Leases Receivable, Net of Deferred Income	718,502	737,694
Agriculture [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	162
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	154	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0	445
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	428	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0	0
Financing Receivable, Revolving	665	565
Financing Receivable, Revolving Converted to Term Loans	0	0
Loans and Leases Receivable, Net of Deferred Income	1,247	1,172
Agriculture [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,597	7,717
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	7,515	9,148
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	3,235	1,616
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	414	5,532
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	5,059	1,833
Financing Receivable, Revolving	27,750	29,125
Financing Receivable, Revolving Converted to Term Loans	0	1,878
Loans and Leases Receivable, Net of Deferred Income	45,570	56,849
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	31,991	228,661
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	247,354	53,880
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	46,517	37,543
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	16,092	3,183
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3,169	3,285
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	5,550	2,438
Financing Receivable, Revolving	58,569	55,765
Financing Receivable, Revolving Converted to Term Loans	0	0
Loans and Leases Receivable, Net of Deferred Income	409,242	384,755
Financing Receivable, Allowance for Credit Loss	5,399	5,397	6,551	7,636
Construction [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	31,991	228,661
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	247,354	53,880
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	46,517	35,795
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	14,346	3,183
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3,169	3,285
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	5,498	2,189
Financing Receivable, Revolving	58,569	55,765
Financing Receivable, Revolving Converted to Term Loans	0	0
Loans and Leases Receivable, Net of Deferred Income	407,444	382,758
Construction [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0	1,748
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,746	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	52	249
Financing Receivable, Revolving	0	0
Financing Receivable, Revolving Converted to Term Loans	0	0
Loans and Leases Receivable, Net of Deferred Income	1,798	1,997
One-to-Four Family Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	39,826	390,238
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	377,809	141,269
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	131,600	56,703
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	49,483	52,111
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	45,488	32,681
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	109,603	116,043
Financing Receivable, Revolving	248,952	223,232
Financing Receivable, Revolving Converted to Term Loans	396	1,631
Loans and Leases Receivable, Net of Deferred Income	1,003,157	1,013,908
Financing Receivable, Allowance for Credit Loss	24,356	24,123	15,638	16,875
One-to-Four Family Residential [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	39,826	390,153
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	377,035	140,799
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	131,139	56,520
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	49,382	51,549
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	44,964	32,447
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	108,061	111,307
Financing Receivable, Revolving	248,949	222,747
Financing Receivable, Revolving Converted to Term Loans	249	1,347
Loans and Leases Receivable, Net of Deferred Income	999,605	1,006,869
One-to-Four Family Residential [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	85
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	774	470
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	461	183
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	101	562
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	524	234
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,542	4,736
Financing Receivable, Revolving	3	485
Financing Receivable, Revolving Converted to Term Loans	147	284
Loans and Leases Receivable, Net of Deferred Income	3,552	7,039
Consumer Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	4,351	7,045
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,160	2,711
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,192	1,950
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,643	13,489
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,190	561
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	11,522	1,290
Financing Receivable, Revolving	16,055	15,876
Financing Receivable, Revolving Converted to Term Loans	74	106
Loans and Leases Receivable, Net of Deferred Income	42,187	43,028
Financing Receivable, Allowance for Credit Loss	1,403	1,944	$ 1,163	$ 1,393
Consumer Loan [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	4,351	7,045
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,139	2,711
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,192	1,950
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,643	13,489
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,190	560
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	11,509	1,277
Financing Receivable, Revolving	16,055	15,853
Financing Receivable, Revolving Converted to Term Loans	73	97
Loans and Leases Receivable, Net of Deferred Income	42,152	42,982
Consumer Loan [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	21	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0	1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	13	13
Financing Receivable, Revolving	0	23
Financing Receivable, Revolving Converted to Term Loans	1	9
Loans and Leases Receivable, Net of Deferred Income	$ 35	$ 46

XML

Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minimum loan balance of nonaccrual, collateral dependent loans considered for ACL	$ 500,000
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ (8,600,000)

XML

Other Real Estate Owned (Summary of Other Real Estate Owned) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Real Estate Owned [Line Items]
Balance, beginning of period	$ 381	$ 553
Proceeds from Sale of OREO Property	0	132
Gain on sale of OREO, net	0	100
Total OREO, end of period	$ 381	$ 521

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Other Real Estate Owned (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Other Real Estate Owned [Line Items]
Foreclosed residential real estate properties	$ 381	$ 381	$ 521	$ 553
Mortgage Loans in Process of Foreclosure, Amount	0
One-to-Four Family Residential [Member]
Other Real Estate Owned [Line Items]
Foreclosed residential real estate properties	$ 0

XML

Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets [Roll Forward]
Total goodwill	$ 823,172
CDI current period amortization	(2,288)	$ (1,924)
Indefinite-lived Intangible Assets (Excluding Goodwill)	919	919
Other intangible assets, net	32,359	24,810	$ 34,647
Total goodwill and intangible assets, end of period	855,531	790,652
Core Deposits [Member]
Goodwill and Intangible Assets [Roll Forward]
Gross core deposit intangible balance, beginning of period			88,931	$ 105,473
Accumulated amortization at beginning of period			$ (55,203)	$ (79,658)
Core deposit intangible, net, beginning of period	33,728	25,815
CDI current period amortization	(2,288)	(1,924)
Total core deposit intangible, end of period	$ 31,440	$ 23,891

XML

Goodwill and Intangible Assets (Estimated Future Amortization Expense of Core Deposit Intangibles) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Future Amortization Expense For Core Deposit Intangibles
2022	$ 6,410
2023	7,082
2024	5,673
2025	4,366
2026	$ 3,225

XML

Intangible Assets, Goodwill and Other (Details) - Narrative	3 Months Ended
	Mar. 31, 2022
Core Deposits [Member]
Goodwill and Intangible Assets [Line Items]
Estimated life of CDI, in years	10 years

XML

Revolving Line of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Short-term Debt	$ 0	$ 0

XML

Derivatives and Balance Sheet Offsetting - Fair value of derivatives & classifications table (Details) - Not Designated as Hedging Instrument [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Fair value of asset derivative instruments	$ 16,784	$ 24,257
Fair value of liability derivative instruments	16,784	24,257
Other Assets [Member] | Interest Rate Lock Commitments Contracts
Derivative [Line Items]
Fair value of asset derivative instruments	36	356
Other Assets [Member] | Interest rate Forward Sales Contracts
Derivative [Line Items]
Fair value of asset derivative instruments	313	0
Other Assets [Member] | Interest Rate Swap Contracts
Derivative [Line Items]
Fair value of asset derivative instruments	16,784	24,257
Other Liabilities [Member] | Interest Rate Lock Commitments Contracts
Derivative [Line Items]
Fair value of liability derivative instruments	0	0
Other Liabilities [Member] | Interest rate Forward Sales Contracts
Derivative [Line Items]
Fair value of liability derivative instruments	0	27
Other Liabilities [Member] | Interest Rate Swap Contracts
Derivative [Line Items]
Fair value of liability derivative instruments	$ 16,784	$ 24,257

XML

Derivatives and Balance Sheet Offsetting - Cash flow hedge effect on AOCI table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Offsetting [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 2,575	$ 2,576

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Derivatives and Balance Sheet Offsetting - Not designated as hedging instruments gain/loss table (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Offsetting [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 21	$ 611
Interest Rate Contracts [Member] | Interest Rate Lock Commitments Contracts
Balance Sheet Offsetting [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	(319)	(171)
Interest Rate Contracts [Member] | Interest rate Forward Sales Contracts
Balance Sheet Offsetting [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	340	670
Interest Rate Contracts [Member] | Interest Rate Swap Contracts
Balance Sheet Offsetting [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 0	$ 112

XML

Derivatives and Balance Sheet Offsetting - Collateral pledged table (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Offsetting [Line Items]
Repurchase agreements, amounts offset in balance sheet	$ 0	$ 0
Repurchase agreements, net amount presented in statement of financial position	44,212	86,013
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	(44,212)	(86,013)
Securities sold under agreements to repurchase, amount not offset	0	0
Interest Rate Contracts [Member]
Balance Sheet Offsetting [Line Items]
Derivative Assets, Gross Amounts Offset in the Balance Sheets	0	0
Derivative Asset	16,784	24,257
Derivative, Collateral, Obligation to Return Cash	(9,940)	(450)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	6,844	23,807
Derivative Liability, Gross Amounts Offset in Balance Sheets	0	0
Derivative Liability	16,784	24,257
Derivative, Collateral, Right to Reclaim Cash	180	20,747
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	16,604	3,510
Available-for-sale Securities [Member]
Balance Sheet Offsetting [Line Items]
Securities Sold under Agreements to Repurchase, Gross	44,212	86,013
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member]
Balance Sheet Offsetting [Line Items]
Fair value of asset derivative instruments	16,784	24,257
Fair value of liability derivative instruments	$ 16,784	$ 24,257

XML

Derivatives and Balance Sheet Offsetting - Collateral pledged for repurchase agreements table (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	$ 44,212
Secured Borrowings, Gross, Difference, Amount	0
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	44,212
Maturity Overnight [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	44,212
Maturity Less than 30 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	0
Maturity 30 to 90 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	0
Maturity Greater than 90 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	$ 0

XML

Derivatives and Balance Sheet Offsetting (Narative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Offsetting [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 10,400
Gain on termination of interest rate collar	34,400
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	44,212
Commitments To Originate Loans Held For Sale Member
Balance Sheet Offsetting [Line Items]
Commitments and contingent liabilities (Note 10)	24,100	$ 21,800
Interest rate Forward Sales Contracts
Balance Sheet Offsetting [Line Items]
Commitments and contingent liabilities (Note 10)	20,500	18,500
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member]
Balance Sheet Offsetting [Line Items]
Derivative, Notional Amount	543,800	$ 570,200
Designated as Hedging Instrument [Member] | Interest rate collar [Domain]
Balance Sheet Offsetting [Line Items]
Derivative, Notional Amount	500,000
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member]
Balance Sheet Offsetting [Line Items]
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement	$ 44,212

XML

Commitments and contingent liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments to Extend Credit [Member]
Other Commitments [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability	$ 3,640.0	$ 3,500.0
Standby Letters of Credit [Member]
Other Commitments [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability	$ 35.6	$ 36.0

XML

Shareholders' Equity (Details) - $ / shares	Apr. 21, 2022	Jan. 19, 2022
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.30
Subsequent Event [Member]
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.30

XML

Accumulated Other Comprehensive Income (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 35,162	$ 182,195
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(259,988)	(102,605)
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax	(2,951)	(1,862)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(262,939)	(104,467)
Ending balance	(227,777)	77,728
Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	23,134	163,174
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(259,988)	(102,605)
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax	(1,076)	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(261,064)	(102,605)
Ending balance	(237,930)	60,569
Unrealized Gains and Losses on Pension Plan Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,812)	(5,833)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax	101	115
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	101	115
Ending balance	(4,711)	(5,718)
Unrealized gains and losses on cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	16,840	24,854
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax	(1,976)	(1,977)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(1,976)	(1,977)
Ending balance	$ 14,864	$ 22,877

XML

Accumulated Other Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loan interest income	$ 146,200	$ 123,994
Income before income taxes	73,127	64,401
Income tax provision	(15,605)	(12,548)
Net Income	57,522	51,853
Compensation and employee benefits	63,079	51,736
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	1,402	0
Income tax provision	(326)	0
Net Income	1,076	0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of unrealized gains and losses related to available for sale securities transfer
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loan interest income	1,402	0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Pension Plan Liability [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(131)	(150)
Income tax provision	30	35
Net Income	(101)	(115)
Compensation and employee benefits	(131)	(150)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized gains and losses from hedging instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	2,575	2,576
Income tax provision	(599)	(599)
Net Income	1,976	1,977
Loans	$ 2,575	$ 2,576

XML

Fair Value Accounting and Measurement (Financial Assets And Liabilities Accounted for Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	$ 5,527,371	$ 5,910,999
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	5,527,371	5,910,999
Loans held for sale	4,267	9,570
Interest rate derivative asset	16,784	24,257
Interest rate derivative liability	16,784	24,257
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	173,342	157,536
Loans held for sale	0	0
Interest rate derivative asset	0	0
Interest rate derivative liability	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	5,354,029	5,753,463
Loans held for sale	4,267	9,570
Interest rate derivative asset	16,784	24,257
Interest rate derivative liability	16,784	24,257
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Loans held for sale	0	0
Interest rate derivative asset	0	0
Interest rate derivative liability	0	0
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	3,407,654	3,745,601
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	3,407,654	3,745,601
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	408,047	463,063
Asset-backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	408,047	463,063
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	408,047	463,063
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
State and Municipal Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	938,965	997,291
State and Municipal Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	938,965	997,291
State and Municipal Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
State and Municipal Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	938,965	997,291
State and Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
U.S. Government Agency [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	239,274	252,576
U.S. Government Agency [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
U.S. Government Agency [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	239,274	252,576
U.S. Government Agency [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	173,342	157,536
US Treasury Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	173,342	157,536
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	173,342	157,536
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Non-agency collateralized mortgage obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	360,089	294,932
Non-agency collateralized mortgage obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	360,089	294,932
Non-agency collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Non-agency collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	360,089	294,932
Non-agency collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale at fair value	0	0
Interest Rate Lock Commitments Contracts | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	36	356	$ 925
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	0	0
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	0	0
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	36	356
Interest rate Forward Sales Contracts | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	313
Derivative Liability		27
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	0
Derivative Liability		0
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	313
Derivative Liability		27
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative asset	$ 0
Derivative Liability		$ 0

XML

Fair Value Accounting and Measurement (IRL Quantitative Information About Level 3 Fair Value Measurements) (Details) $ in Thousands	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments Contracts | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset, Measurement Input	0.7794		0.7987
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments Contracts | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset, Measurement Input	1.0000		1.0000
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments Contracts | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset, Measurement Input	0.9464		0.9039
Fair Value, Recurring [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset	$ 16,784	$ 24,257
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset	0	0
Fair Value, Recurring [Member] | Interest Rate Lock Commitments Contracts
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset	36	356	$ 925
Fair Value, Recurring [Member] | Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Interest rate derivative asset	$ 36	$ 356

XML

Fair Value Accounting and Measurement (IRL rollforward) (Details) - Interest Rate Lock Commitments Contracts - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance - Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 36	$ 925	$ 356	$ 1,096
Change included in Earnings - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	(19)	1,710
Settlements - Fair Value Net Derivative Asset (Liability) Measured on Recurring Basis with Unobserved Inputs reconciliation, Sales and Settlements	$ (301)	$ (1,881)

XML

Fair Value Accounting and Measurement (Financial Assets Accounted For Fair Value On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	$ 13,425		$ 13,425
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(197)	$ (88)
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans, Fair Value	2,262	1,520
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans, Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans, Fair Value	2,262	1,520
Collateral dependent loans [Domain] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (1,465)	$ 722

XML

Fair Value Accounting and Measurement (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Nonrecurring [Member] $ in Thousands	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Fair Value Measurements Inputs and Valuation Techniques
Collateral dependent loans, Fair Value	$ 2,262	$ 1,520
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Collateral dependent loans, Fair Value	$ 2,262	$ 1,520
Valuation, Market Approach [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Collateral dependent loans, Measurement Input	0.01	0.4296
Valuation, Market Approach [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Collateral dependent loans, Measurement Input		0.7500
Valuation, Market Approach [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Inputs and Valuation Techniques
Collateral dependent loans, Measurement Input		0.5953

XML

Fair Value Accounting and Measurement (Carrying Amounts and Estimated Fair Values of Selected Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Interest-earning deposits with banks	$ 747,335	$ 671,300
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
Debt Securities, Held-to-maturity, Fair Value	2,038,037	2,122,606
Estimate of Fair Value Measurement [Member]
Assets
Cash and due from banks	225,141	153,414
Interest-earning deposits with banks	747,335	671,300
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-maturity, Fair Value	2,038,037	2,122,606
FHLB stock	10,280	10,280
Loans held for sale	4,271	9,774
Loans	10,746,287	10,679,349
Liabilities
Deposits	412,068	430,682
FHLB advances	8,090	8,752
Repurchase agreements	44,212	86,013
Subordinated Debentures	10,013	10,125
Junior subordinated debentures, fair value disclosure	10,967	9,927
Carrying Amount
Assets
Cash and due from banks	225,141	153,414
Interest-earning deposits with banks	747,335	671,300
Debt securities available for sale at fair value	5,527,371	5,910,999
Debt Securities, Held-to-Maturity, Amortized Cost	2,202,437	2,148,327
FHLB stock	10,280	10,280
Loans held for sale	4,271	9,774
Loans	10,612,735	10,486,359
Liabilities
Deposits	418,395	445,957
FHLB advances	7,345	7,359
Repurchase agreements	44,212	86,013
Subordinated Debentures	10,000	10,000
Junior subordinated debentures, fair value disclosure	10,310	10,310
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Cash and due from banks	225,141	153,414
Interest-earning deposits with banks	747,335	671,300
Debt securities available for sale at fair value	173,342	157,536
Debt Securities, Held-to-maturity, Fair Value	0	0
FHLB stock	0	0
Loans held for sale	0	0
Loans	0	0
Liabilities
Deposits	0	0
FHLB advances	0	0
Repurchase agreements	0	0
Subordinated Debentures	0	0
Junior subordinated debentures, fair value disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Cash and due from banks	0	0
Interest-earning deposits with banks	0	0
Debt securities available for sale at fair value	5,354,029	5,753,463
Debt Securities, Held-to-maturity, Fair Value	2,038,037	2,122,606
FHLB stock	10,280	10,280
Loans held for sale	4,271	9,774
Loans	0	0
Liabilities
Deposits	412,068	430,682
FHLB advances	8,090	8,752
Repurchase agreements	44,212	86,013
Subordinated Debentures	10,013	10,125
Junior subordinated debentures, fair value disclosure	10,967	9,927
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Cash and due from banks	0	0
Interest-earning deposits with banks	0	0
Debt securities available for sale at fair value	0	0
Debt Securities, Held-to-maturity, Fair Value	0	0
FHLB stock	0	0
Loans held for sale	0	0
Loans	10,746,287	10,679,349
Liabilities
Deposits	0	0
FHLB advances	0	0
Repurchase agreements	0	0
Subordinated Debentures	0	0
Junior subordinated debentures, fair value disclosure	0	0
Interest Rate Swap Contracts | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	16,784	24,257
Liabilities
Interest rate derivative liability	16,784	24,257
Interest Rate Swap Contracts | Carrying Amount
Assets
Interest rate derivative asset	16,784	24,257
Liabilities
Interest rate derivative liability	16,784	24,257
Interest Rate Swap Contracts | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	0	0
Liabilities
Interest rate derivative liability	0	0
Interest Rate Swap Contracts | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	16,784	24,257
Liabilities
Interest rate derivative liability	16,784	24,257
Interest Rate Swap Contracts | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	0	0
Liabilities
Interest rate derivative liability	0	0
Interest Rate Lock Commitments Contracts | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	36	356
Interest Rate Lock Commitments Contracts | Carrying Amount
Assets
Interest rate derivative asset	36	356
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	0	0
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	0	0
Interest Rate Lock Commitments Contracts | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	36	356
Interest rate Forward Sales Contracts | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	313
Liabilities
Interest rate derivative liability		27
Interest rate Forward Sales Contracts | Carrying Amount
Assets
Interest rate derivative asset	313
Liabilities
Interest rate derivative liability		27
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	0
Liabilities
Interest rate derivative liability		0
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	313
Liabilities
Interest rate derivative liability		27
Interest rate Forward Sales Contracts | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Assets
Interest rate derivative asset	$ 0
Liabilities
Interest rate derivative liability		$ 0

XML

Fair Value Accounting and Measurement (Aggregate FV and aggregate unpaid principal balance of LHFS under FV option (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FV, Loans held for sale, FV option, Mandatory Delivery method	$ 4,267	$ 9,570
Fair Value, Loans held for sale, FV option, Aggregate Unpaid Principal Balance	4,295	9,401
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	$ (28)	$ 169

XML

Fair Value Accounting and Measurement - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (197)	$ (88)

XML

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income	$ 57,522	$ 51,853
Earnings allocated to participating securities - nonvested restricted shares	46	155
Earnings allocated to common shareholders, Basic	$ 57,476	$ 51,698
Weighted average common shares outstanding	77,925	70,869
Basic earnings per common share	$ 0.74	$ 0.73
Earnings allocated to common shareholders, Diluted	$ 57,476	$ 51,698
Dilutive effect of equity awards	158	240
Weighted average diluted common shares outstanding	78,083	71,109
Diluted earnings per common share	$ 0.74	$ 0.73
Potentially dilutive stock awards and units that were not included in the computation of diluted EPS because to do so would be anti-dilutive.	257	70

XML

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Deposit account and treasury management fees	$ 7,113	$ 6,358
Card revenue	4,967	3,733
Financial services and trust revenue	4,632	3,381
Revenue from contracts with customers	16,712	13,472
Noninterest income, excluding revenue from contracts with customers	7,468	9,694
Noninterest income	$ 24,180	$ 23,166