As filed with the Securities and Exchange Commission on May 08, 2024
Registration No. 333-_____ 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM S-8 
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
 
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 No.)
1301 A Street 
98402-4200
Tacoma, WA(Zip Code)
(Address of Principal Executive Offices) 
Columbia Banking System, Inc. 2024 Equity Incentive Plan
(Full title of the plan)
 
Kumi Yamamoto Baruffi, General Counsel
Columbia Banking System, Inc.
1301 A Street
Tacoma, WA 98402-4200
(Name and address of agent for service)
(253) 305-1900
(Telephone number, including area code, of agent for service)
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 7(a)(2)(B) of the Securities Act. ☐



PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
All information required by Part I to be contained in the prospectus is omitted from this Registration Statement on Form S-8 (this “Registration Statement”) in accordance with Rule 428 under the Securities Act of 1933, as amended (the “Securities Act”) and the introductory note to Part I of the Form S-8. The documents containing the information specified in Part I will be delivered to the participants in the Columbia Banking System, Inc. 2024 Equity Incentive Plan as required by Rule 428(b)(1).

PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated herein by reference:
(a) Columbia Banking System, Inc.’s (the “Registrant”) Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 27, 2024 (including information specifically incorporated therein by reference from the Definitive Proxy Statement on Schedule 14A for the 2024 Annual Meeting of Shareholders, filed on March 27, 2024);
(b) The Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, filed on May 7, 2024;
(c) The Registrant’s Current Reports on Form 8-K filed on February 9, 2024 and May 8, 2024 (only those portions deemed filed and not furnished); and
(d) Description of the Registrant’s common stock, no par value, contained in Exhibit 4.3 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on February 27, 2020, including any amendments or reports filed for the purpose of updating such documents.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), after the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents; except as to any portion of any future annual or quarterly report to shareholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
2

Item 6. Indemnification of Directors and Officers.
Section 23B.08.320 of the Washington Business Corporation Act (the “WBCA”) provides that the personal liability of directors to a corporation imposed by Section 23B.08.310 of the WBCA may be eliminated by the articles of incorporation of the corporation, except (i) for acts or omissions that involve intentional misconduct by the director or a knowing violation of law by the director, (ii) for conduct violating Section 23B.08.310 of the WBCA, or (iii) for any transaction from which the director will personally receive a benefit in money, property or services to which the director is not legally entitled.
Sections 23B.08.500 through 23B.08.600 of the WBCA contain specific provisions further relating to indemnification of directors and officers of Washington corporations. In general, the statute provides that (i) a corporation must indemnify a director or officer who is wholly successful in his defense of a proceeding to which he is a party because of his status as such, unless limited by the articles of incorporation, and (ii) a corporation may indemnify a director or officer if he is not wholly successful in such defense, if it is determined as provided in the statute that the director meets a certain standard of conduct, provided that when a director is liable to the corporation, the corporation may not indemnify him. The statute also permits a director or officer of a corporation who is a party to a proceeding to apply to the courts for indemnification or advance of expenses, unless the articles of incorporation provide otherwise, and the court may order indemnification or advancement of expenses under certain circumstances set forth in the statute. The statute further provides that a corporation may in its articles of incorporation or bylaws or by resolution provide indemnification in addition to that provided by statute, provided that any such indemnity shall comply with the provisions of Section 23B.08.320 of the WBCA.
The articles of incorporation of the Registrant provide, among other things, for the indemnification of directors (including directors of subsidiaries), and authorize the board of directors to pay reasonable expense incurred by, or to satisfy a judgment or fine against, a current or former director in connection with any personal legal liability incurred by the individual while acting for the Registrant within the scope of his employment, and which was not the result of conduct finally adjudged to be “egregious” conduct. “Egregious” conduct is defined as intentional misconduct, a knowing violation of law, or participation in any transaction from which the person will personally receive a benefit in money, property or services to which that person is not legally entitled. The articles of incorporation also include a provision that limits the liability of directors of the Registrant from any personal liability to the Registrant or its shareholders for conduct not found to have been egregious.
The Registrant has entered into indemnification agreements with certain current directors. These agreements require the Registrant to indemnify these individuals to the fullest extent not prohibited by the articles of incorporation of the Registrant, federal and Washington state law, against any and all reasonable expenses (including, without limitation, attorneys’ fees and expenses and any expenses of establishing a right to indemnification), witness fees, judgments, fines, Employee Retirement Income Security Act of 1974 (“ERISA”) excise taxes, and amounts paid in settlement actually and reasonably incurred by these individuals in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including an action by or in the right of the Registrant or Umpqua Bank) to which these individuals are, were, or at any time become a party, or are threatened to be made a party, or are otherwise involved in, by reason of the fact that the individual is or was a director or officer-director of the Registrant. Insofar as indemnification for liabilities arising under certain federal securities laws (including the Securities Act), ERISA and federal banking law violations may be permitted to directors or executive officers, the Registrant has been informed that in the opinion of the Securities and Exchange Commission (the “Commission”) such indemnification is against public policy and is therefore unenforceable.
Item 7. Exemption from Registration Claimed.
Not applicable.
3

Item 8. Exhibits.
 
Exhibit
Number
  
4.1 
4.2 
4.3 
5.1 
23.1 Consent of Kumi Yamamoto Baruffi (contained in Exhibit 5.1)
23.2 
24.1 
107 

Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (17 C.F.R. § 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
4

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.


5

SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tacoma, State of Washington on May 08, 2024.
 
COLUMBIA BANKING SYSTEM, INC.
By: /s/ Kumi Yamamoto Baruffi
 Name: Kumi Yamamoto Baruffi
 Title: General Counsel
 
/s/ Clint E. Stein* Chief Executive Officer
Clint E. Stein*(Principal Executive Officer and Director)
/s/ Ronald L. Farnsworth*Chief Financial Officer
Ronald L. Farnsworth*(Principal Financial Officer)
/s/ Lisa M. White*Principal Accounting Officer & Corporate Controller
Lisa M. White*(Principal Accounting Officer)
/s/ Cort L. O'Haver*Executive Chairman of the Board of Directors
Cort L. O'Haver*
/s/ Craig D. Eerkes*Director
Craig D. Eerkes*
/s/ Mark A. Finkelstein*Director
Mark A. Finkelstein*
/s/ Eric S. Forrest*Director
Eric S. Forrest*
/s/ Peggy Y. Fowler*Director
Peggy Y. Fowler*
/s/ Randal L. Lund*Director
Randal L. Lund*
/s/ Luis F. Machuca*Director
Luis F. Machuca*
/s/ S. Mae Fujita Numata*Director
S. Mae Fujita Numata*
/s/ Maria M. Pope*Director
Maria M. Pope*
/s/ John F. Schultz*Director
John F. Schultz*
/s/ Elizabeth W. Seaton*Director
Elizabeth W. Seaton*
/s/ Hilliard C. Terry, III*Director
Hilliard C. Terry, III*
/s/ Anddria Varnado*Director
Anddria Varnado*
*By power of attorney
6


Exhibit 5.1
May 08, 2024
Columbia Banking System, Inc.,
1301 “A” Street,
Tacoma, Washington 98402.

Ladies and Gentlemen:

In connection with the Registration Statement on Form S-8 under the Securities Act of 1933 (the “Act”) of 7,482,000 shares of no par value common stock (the “Securities”) of Columbia Banking System, Inc., a Washington corporation (the “Company”), issuable under the Columbia Banking System, Inc. 2024 Equity Incentive Plan (the “Plan”), I, as General Counsel of the Company, have examined the following documents: (i) the Plan; (ii) a certificate from an assistant secretary of the Company; (iii) resolutions adopted by the Board of Directors of the Company; (iv) the registration statement on Form S-8 relating to the Securities (the “Registration Statement”); (v) the Company’s Restated Articles of Incorporation; and (vi) the Company’s Amended and Restated Bylaws. I have relied as to certain matters on factual information obtained from public officials, officers of the Company and other sources believed by me to be responsible. I have not made any independent investigation in rendering this opinion other than the document examination described above. I have assumed and relied, as to questions of fact and mixed questions of law and fact, on the truth, completeness, authenticity and due authorization of all certificates, documents and records examined and the genuineness of all signatures.

For the purposes of this opinion, I have assumed that the Securities that may be issued pursuant to the Plan will continue to be duly authorized on the dates of such issuance.

Upon the basis of such examination, it is my opinion that, when the Registration Statement has become effective under the Act, the terms of the sale of the Securities have been duly established in conformity with the Company’s Restated Articles of Incorporation and the Plan as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding on the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, and the Securities have been duly issued and sold as contemplated by the Registration Statement and in accordance with the Plan, the Securities will be validly issued, fully paid and nonassessable.

In rendering the foregoing opinion, I am not passing upon, and assume no responsibility for, any disclosure in any registration statement or any related prospectus or other offering material relating to the offer and sale of the Securities.

The foregoing opinion is limited to the Federal laws of the United States and the laws of the State of Washington, and I am expressing no opinion as to the effect of the laws of any other jurisdiction. This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.

This opinion is given as of the date hereof, and I assume no obligation to advise you after the date hereof of facts or circumstances that come to my attention, or changes in the law that occur, that could affect the opinions contained herein.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, I do not thereby admit that I am in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
Very truly yours,
/s/ Kumi Yamamoto Baruffi
Kumi Yamamoto Baruffi

EXHIBIT 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 27, 2024, relating to the financial statements of Columbia Banking System, Inc., and the effectiveness of Columbia Banking System, Inc.’s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Columbia Banking System, Inc. for the year ended December 31, 2023.
/s/ Deloitte & Touche LLP
Portland, Oregon
May 8, 2024


Exhibit 24.1
POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kumi Yamamoto Baruffi, his or her true and lawful attorney-in-fact and agent, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign the Registration Statement and any and all amendments (including post-effective amendments) thereto and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, each of the undersigned has hereunto executed this Power of Attorney on the date set forth opposite his or her name.

SignatureTitleDate
/s/ Clint E. SteinPresident, Chief Executive Officer and Director
(Principal Executive Officer)
May 8, 2024
Clint E. Stein
/s/ Ronald L. Farnsworth
Chief Financial Officer
(Principal Financial Officer)
May 8, 2024
Ronald L. Farnsworth
/s/ Lisa M. WhitePrincipal Accounting Officer & Corporate Controller
(Principal Accounting Officer)		May 8, 2024
Lisa M. White
/s/ Cort L. O’HaverExecutive Chairman of the Board of DirectorsMay 8, 2024
Cort L. O’Haver
/s/ Craig D. EerkesDirectorMay 8, 2024
Craig D. Eerkes
/s/ Mark A. FinkelsteinDirectorMay 8, 2024
Mark A. Finkelstein
/s/ Eric S. ForrestDirectorMay 8, 2024
Eric S. Forrest
/s/ Peggy Y. FowlerDirectorMay 8, 2024
Peggy Y. Fowler
/s/ Randal L. LundDirectorMay 8, 2024
Randal L. Lund
/s/ Luis F. MachucaDirectorMay 8, 2024
Luis F. Machuca
/s/ S. Mae Fujita NumataDirectorMay 8, 2024
S. Mae Fujita Numata
/s/ Maria M. PopeDirectorMay 8, 2024
Maria M. Pope
/s/ John F. SchultzDirectorMay 8, 2024
John F. Schultz
/s/ Elizabeth W. SeatonDirectorMay 8, 2024
Elizabeth W. Seaton
/s/ Hilliard C. Terry, IIIDirectorMay 8, 2024
Hilliard C. Terry, III
/s/ Anddria VarnadoDirectorMay 8, 2024
Anddria Varnado



Exhibit 107
Calculation of Filing Fee Tables
Form S-8
(Form Type)
Columbia Banking System, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type
Security
Class
Title
Fee
Calculation
Rule		Amount
Registered (1)
Proposed
Maximum
Offering
Price Per
Unit()
Maximum
Aggregate
Offering
Price(3)
Fee
Rate
Amount of
Registration
Fee
EquityCommon Stock, no par valueOther
7,482,000 (2)
$19.69$147,320,5800.0001476$21,744.52
Total Offering Amounts$147,320,580$21,744.52
Total Fee Offsets—
Net Fee Due$21,744.52

(1)Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional shares of common stock, no par value (the “Common Stock”) of Columbia Banking System, Inc. which may become issuable under the Columbia Banking System, Inc. 2024 Equity Incentive Plan below by reason of any stock split, stock dividend, recapitalization, or other similar transaction effected without consideration which results in the increase in the number of outstanding shares of Common Stock.
(2)Represents shares of Common Stock issuable upon the exercise or vesting, as applicable, of equity awards issued pursuant to the Columbia Banking System, Inc. 2024 Equity Incentive Plan.
(3)Estimated solely for purpose of calculating the registration fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and proposed maximum aggregate offering price are based on the reported average of the high and low prices of Common Stock as reported on Nasdaq Global Select Market on May 2, 2024.





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