COLB - Earnings call transcript Q4 2017 | Columbia Banking System, Inc.

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Operator

Good day, ladies and gentlemen, thank you for standing by. Welcome to the Columbia Banking System's Fourth Quarter and Full Year 2017 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instruction will be given at that time. [Operator Instructions] As a reminder, this conference call is being recorded. to President call of and System. like host, to Columbia now Robbins, Hadley Chief would turn over the your Banking I Executive Officer go Please ahead.

Hadley Robbins

challenging us and Thank fourth our this results, before you afternoon, morning. Sharlet. released XXXX call everyone, we are full market you, The income of for we Good quarter net with We achieved year it release XXXX, record joining is we the on which available on our review year today's as was outcome. the a million pleased columbiabank.com. for thank and website, open $XXX.X

During Integrating March are and for financial planning to explains billion in deposits significant XX, changes been conversion $X.X Tax billion $X.X related as the his of we to color November system statements Reform legislation. join Continental our Bank and Loans XXXX. for $X.X System deliver will income following regarding tax net expenses acquisition million, billion. $XX.X On closed acquisition a Continental transition dataset our Pacific have charge of confident deferred ongoing in we Clint and to $XX.X Pacific through fourth quarter, deposits has that sometime bankers Pacific asset are delighted Continental the adjustment this the of the loans which of comments. passage includes billion our smooth more of talented will and largely re-measurement year-end. team. Continental The and reported Pacific we we to Xst, provide our are up into new conversion customers. the increased

our Officer details our providing Stein, Operating earnings Clint And by information. about and review Officer, Chief conditions. loan provide McDonald, who On the Officer, activity and call on quality with today business conclude I Credit will credit quick Andy our will performance. a who our update will Chief Chief me Financial

It's other economic we'll making important your be today, to that happy that I to statements prepared you questions. and we'll be factors. answer remind subject forward-looking our comments, Following are which

risks the point, associated our to the filings with a discussion performance. like Form statements, to this call At to and financial the refer of For over our full turn talk about please and securities XX-K. in I'd particular, XXXX to uncertainties SEC forward-looking our Clint

Clint Stein

afternoon, everyone. Good year-end certainly and quarter Pacific tax close noisy And reform legislation. was to due a Continental the

result prior comparisons a are to linked As quarter going and be difficult. period

quarter quarter other EPS reported common acquisition corporate significant related professional resulted earnings adjustment As expenses per and adjustment assets. related in million $X.XX. reduced in decreased Hadley $X advertising deferred reduce This was $X million EPS the in diluted by $XXX,XXX. expense These $XX.X by federal tax The $X of or our two fourth DTA the earnings tax $XX.X share. for write-down about in a mentioned, processing million; of reported our to $XXX,XXX; were items Acquisition million following the occupancy $XXX,XXX; compensation re-measurement a The data of impacted million; line The decreased reduction expenses the quarter items, that acquisition EPS we $X.XX legal expense. million; $X.XX. and reported $XX.X rate and by items related $X.XX.

decrease Today, core the from expected of the both conversion some prior continue XX% and about the was in have a late quarter $XX.X Non-interest of of first savings. $XX.X of in income the timing first the we current acquisition see expense the quarter cost Given quarters. related million. we to quarter implemented million will second

$XX.X mid-X.X% prior to resulting third the due remaining million the ongoing quarter, primarily $X.X expenses million prior the and activity the non-interest expenses to by acquisition-related same months million. related of the $XX.X was linked-quarter million additional results the non-interest Pacific increase non-interest X.XX% effects quarter. quarter, a portfolio million increase $XXX,XXX for our $XX.X third two expense X.XX% quarter, acquisition The Continental quarter. OREO an an The for $X.X to reasonable. to this Using compared though quarter Pacific fourth is Merchant million non-interest from increase was we related on from rate in expense, are removing prior current in increase the and Services in ratio Excluding down the increased run due assets of expenses average current the was there acquisition our to expect ratio Continental the the from Even in expense as quarter. $XX.X expense After short-term expense $XX a gain of of in [ph] Card basis, range is sale only Reported ongoing for of the quarter. purposes the acquisition. of was from modeling income the core in million

the from basis net and of margin operating XX to Our course increasing the over third XX expand interest points basis XXXX. quarter points continues

will and mix the floating feel the well portfolio rates Given outlook variable the loans in us we in rate hold NIM interest coming the our for and of year.

the we lower XX.X% obviously Under The impacted value mentioned an Our expect tax to by previously our mid-year. deferred to the range by XX%. write-down reduced to adjustment value rate book effective effective the quarter book of new tax tax in X.X%, tax rate tax intangible dilution effective but tangible the recover assets. rate before we corporate was the DTA rate expect XX% our structure, for of

modest members will job joining which pipeline, our from us synergies fourth both the team new growing require Our in augmented bankers from balance of Continental. some excellent an sheet Pacific sides be by robust the production The should relationships during of XXXX. the did production rebuilding on quarter loan

utilization be variable the determine kick weeks, six will in. four to when Another the will over weather tagline will next our seasonal which

to Now, I'll Andy. over turn the call

Andrew McDonald

Offsetting in to utilization XX.X% combined XX.X% quarter. somewhat Okay, the Pacific quarter line due $XX or this to origination. last during about impact. of a million million and $X.X That quarter Loans loan decline increased to this billion $XXX thanks from acquisition Clint. XX.X% equates the an was Continental, in revolving

the the quarter about as $X fourth compared In million payoff which impact. higher $X prepayment million addition, to third a and activity quarter, in is was

the for of $X The real C&I total for in granular was production new million and $X XX% loans. in predominantly million lines estate loans of production and roughly million, construction $XXX of million. fourth remained centered production, was accounted $X mix the under XX% while commercial of New of new new $X over size. Terms XX% million. to the $XXX terms quarter in was was production represented million, range new

that in geography, and loans the Oregon up of the of terms or the Continental Washington, was and X% of from loan. XX.X% Idaho. quarter C&I in in XX% In new quarter XX% acquired $X.X Pacific ended billion, at generated million includes course previous production $XXX

retail professional social were real services, the was portfolio. production ag, about million healthcare prepayments with course Industry loans quarter portfolio and loans of again segments offset construction loan. billion, $XX.X $XXX XX.X% growth from construction forest up higher ended including and at the quarter Commercial New types Commercial C&I versus quarter prior acquired Healthcare, by acquired or in at during was where where the somewhat approximately of contracted the loans in estate this includes the and fish Property this book, $XXX quarter we and the that acquired $XX the including this the $XXX quarter warehouses, loan and services, multifamily and quarter last up manufacturing. $X again the loans. seasonal million, representing million $XXX multifamily portfolio. XX.X% saw growth. dental or million manufacturing quarter. the highest was ended was That saw most the we and billion the nature office, growth million

lease Pacific million credit the the for releases $X.X $X.X of loan as combined portfolio. in provision to of million side, the On allowance company of provision $XXX,XXX credit Continental Intermountain portfolio. for the was from purchase the quarter. losses Coast and a million million prior impaired $X.X the of included $X.X were West provision a recovery portfolio, from for had provisions release which Offsetting million This compared a these portfolios, and $X.XX for the and originated

of and This total of of is lower to impacted XXXX X.XX% compared quarter acquisitions as our associated and by with is our loans those at at approximately acquired were valued. Continental X.XX% is Embedded Coast, loans $XX.X allowance ratio As X.X% fair last course of Pacific Approximately Continental, XXXX. Intermountain XX, valuation in as XX, million Pacific discount. the as well $XX West December was portfolio. million as December of

due assets to million the up it the $XX.X to systemic. the increased nonperforming Past came provided For XX quarter, to one the large to XX situational estate increase largely quarter. quarter we an increases from was is it acquisition. that NPAs assets points interesting portfolio basis bit ratio than a dues from and to points, coming around in credit, total last XX assets Continental were nonperforming basis due point, summary, as results. Pacific The mix point. rather asset XX describe portfolio. primarily basis commercial The non-performing million real commercial were This up in maritime XX increased basis so In in some with $XX.X

recoveries However, our quarter. now XX% impaired enjoyed Hadley. I for at turn call steady will asset to and the the to capital we back also ratio net remained

Hadley Robbins

Andy. Thanks,

be of of migration, the national large debt. conditions remained and demand but revealed creating for labor do We confidence however business region relative housing responds to demand expenditures to tax continues owners reform. of wage in still for that pressure quarter. We It expect for to Northwest not appetite rates. are limited owners the labor has markets primary than business see and putting capital Northwest the during positive continue following Northwest the time. continually will pool but the to The fourth headwinds. yet expect slowing remained cost steadier capital results on the also the about express The bill concern surfaced growing enjoy is by capital large business tight equipment markets and in Tight loan will a availability additional uncommitted commercial software short-term, surveyed pace faster how applications. and the is economy, concentration to amount tax growth upward increase labor produce Survey that businesses we the a over spending, interesting

capital So in activity region. higher levels the increase of will certainly economic spending

training to on savings reform financial increased burden plan our immediate well-being per tax the minimum expanding will expand employees and wage earlier the forward. our to employees wage non-exempt prepare our help will for programs reduce believe out career rate Clint, and by pointed minimum tax opportunities. will make $XX employee and tax raise training for going As positive use hour an development future to programs. We We the impact future

of component giving allocated to Increased serve where of XXXX program. America's accelerated effort This is capacity XXth be that List this our program the funding XX% plan communities business. our We the pleased to XX% fall as savings non-profit well, tax Forbes implementation to towards one part helps employee of we burden our be also Bank's certainly Banks. on enhance of use to we those support intent do bottom-line. direct this technologies in new closing, customers. of community we’ll the increasing of to In the tax expect need we’re Annual Best in roughly ranked point, our At

Stein afternoon, a per as on of the share on Our close XX% me February shareholders on questions. February January answer on ratio for record concludes This business the the closing Xth. Andrew $X.XX of quarter price your of a of be our X.XX% this here Clint payout prepared common dividend stock fourth This dividend of paid our XXth. to of constitutes McDonald are XXst reminder with a as to quarter of will based comments and and yield dividend

open Now call Sharlet, we’ll for the questions.

Operator

looks we it Jeff from coming question a you. Thank And like Instructions] of Rulis. the have line [Operator

is now Your line open.

Jeff Rulis

Good afternoon.

Hadley Robbins

Good afternoon, Jeff.

Jeff Rulis

environment follow-up well, a kind within on little detail assuming on that maybe the with margin the color that comment on engaged to little up holding Thanks. more of be and just margin? more you're Just that

Hadley Robbins

is our the two less. we've it's when the If the is by the is our do. the combined flat But we as that characteristics curve floors have But lot we've we've sensitivity companies simulations at view. view floors a When repricing going look supported of of talked there were we sensitive right under yield a we talking basis, Continental on not Sure, combined our play a are money margin in what past, it's loans is slightly to asset that what floors, at point into much million different loans asset our at in at where as money we variables standalone million $XXX very about roughly. $XXX for within pre-Pacific the that's good still the of in floors, And that now job is seen that look portfolio. us. to a in beneficial from we’re pretty done

So off The guess net that XX what the come about that XX% of movement. happens wild the rate deposits. at. our in appears shift is some at That's guess I diligent looking I we'll of pricing basis where not their marketplace with it seen so market. those far will and floors are and There looking I'm in see places the of We're pressure. points factors cards one in people a we're their remaining certain

model that Our that level of incorporated doesn't during bringing or And on. a concern certain had But points a carry activity the and cause any basis simply of X to That's X did points pause. our funds Continental cost product go higher little certainly us us from into quarter. something the higher of types price. basis we deposits cause to of Pacific

Jeff Rulis

Okay.

of if you’re moderated of kind bit, still ahead PCBK as to a flat and up it the positive Sounds is but expectation?

Hadley Robbins

I to to say, if went would typically back the tend -- over years. I the transcripts

I think of on quarters. as couple the been my or that would margin at tempered I we're margins positive to that is thoughts Continental now of well ago I the deal. say that as than this the from around the And quarter rather as Pacific quarters resiliency two I've a as haven't where last

Jeff Rulis

offer mentioned Great, or credit legacy size side, you a And the one thanks. maritime I just on other credit. think that the credit detail that then that's you could any of the

Hadley Robbins

unable oil that came credit contracts. A new so to while operation has in years. here the COLB headquarter actually Northwest portion many get itself the that Yes, with in they had maturity. occurs large back the is it's activity were down Obviously industry their not contract sustained goes of a And their they finally down Gulf. associated to there

borrower things relief there but that million $XX down unfortunately our hurricane it of This then and well. and by Some that to with pretty exposure Gulf. was It is actions, about down only of the mitigated tough resulted are Columbia. in go didn't activity represents

Jeff Rulis

quicker you there and in run Okay. general or PCBK the specific But the NPA portfolio. for if lumpy maybe is And anything guys now paying then at more to it? in more to that resolution look this are total you that's headed

Hadley Robbins

And long or almost that at a take We little the those I still have are when the you quarters give you're add NPAs large workout. going maritime think several ag run our credit credit ago. of looking that less with a chunk to again. XX% from term of be big than And both

got stuff So that impactful. anything will immediately will resolve itself, have we've smaller be don't some that but we

Jeff Rulis

you. thank Great,

Operator

Thank you.

the Matthew next Our of from question comes Clark. line

now Your line open. is

Matthew Clark

Hey, good all. afternoon

Hadley Robbins

afternoon. Good

Matthew Clark

you loan when all. organic the bit that's but were the I in strip little for growths PCBK quarter I out you think pretty linked On quarter down think standard, a balances

PCBK you production loan probably that how Is they more or If you on to organic But look normalized going right growth about think well, organic year that year-over-year I kind you COLB with mid about back as that compressions growth when to are high you. the and guess to for I meaningful to with last for way guess, a single-digit? full think the think do not? bring quarter, and additional of

Hadley Robbins

Well digits. the I that make mid-single to rates think about sense growth think are

Matthew Clark

okay. Okay,

quantify that? here I guess could curious you if Sounds good. pipeline, the coming year into just And the then

Hadley Robbins

accelerated a that little $XX lot pipeline quarter, of package. the of of in in tax initial Yes, of stuff we it's the based off of fourth was About is production production. $XXX part some that million the that bit, reform down a high was million had language relatively

that borrowing had that were private vehicle issues reform private tax not survive we activity is accelerated bond to some bond And proactively and that needs. going their -- concerned so

of that So pulled year-end the $XX was a that about million. from little bit pipe QX into

a I relationships job think ones. building out also finding our production folks really new and do a existing of going

And about their so ability we're guess I not that. to do concerned

impacts before. totals. down to pressures competitive national aggressive haven’t that and move the seeing seeing they of some been market continue where some banks increased are certainly We large We're real

things think we've wouldn’t returning to to that their do up is And small I they’re of as then do. things and union restructures the at some large business and never with before seen them move continue consumer some they in honestly looking augment credit do that quite way the a are areas. market banks

headwinds as high some one creating us single-digits. to for mid-single and we that's So, as think why and well opposed expectation no that's about the our outlook asked work in digit

Matthew Clark

the of margins, just margin you that's unusual core something being time for seen first I think the in Okay. me first, is guess the above can maybe. one on really talk And core the nuance I the the last to That have the maybe I reported that? just

Hadley Robbins

back we release. a have Yes, of the reconciliation in earnings the

Matthew Clark

there I'll in go the slide.

Hadley Robbins

us think to I our stems is $X.X back our a mortgage the you Yes, the we see premium amortization this they adjustment. on calculation They to it service a for when one were prepayment off changed amortization of in of us premiums from if and quarter caught correction provider there XXXX. that that believe how calculate speeds over the securities. that algorithm they about made that back does in was created notified going that you're biggest the we That's late decimal XXXX I the quarter was thing think we us, and place and backed our little when million

seeing between as I think nuance the that's So NIM. and operating NIM reported you're that what the

Matthew Clark

they that loan sense were competitive business the trying then And pressures speaking quarter, how I new great. XXX just think you're and to? just yields to a this Okay, relates for on and get to

Hadley Robbins

income noise fee We and think out about it just takes because everything. the of all coupon

rate. in new believe was the at and report XXX the finalize riding at obviously for So [ph] at what XXX we’re end at quarter and a we’re The just production here. I was quarter our note at portfolio it we looking

the was that that's XXX. portfolio So was portfolio something production -- the yes the quarter during at XXX

we've that something rates. above during environment portfolio was against to been get the new the years for upstream coming several rates that’s So origination rate low the

tag guess think the about resiliency even a I optimistic another I that’s question to to on as positive well. NIM as the so reason of we’re And more Jeff's that’s why to

Matthew Clark

me, then last cost the one for And data. realized saves Okay. on the just

you realized in get of I think up been coming they're far, have terms conversion XX% and the said like coming it quicker the sounds saves you May. in a lot so in

So the terms of of the XX% the I for in timing just of what outlook confirm guess and is you kind could rest it?

Hadley Robbins

that in the conversion Matt, March. actually was

Matthew Clark

me. excuse March,

Hadley Robbins

would the wouldn’t of the of the very the of So, in will feel I saves to mean, are down of a the we’re conversion we early that about majority really -- big timing the quarter XX% majority occur. in of we’ll once at winding the the compensation is of start The the -- have trailing and some we few those version. that saves. see that but of we’ll then And end beyond March lot end by cost were activity we second that’s I the second saves still that quarter where What say that post-second see quarter, will of it’s that’s of vast given a it quarter also the because estimates yes, or we might I right the majority rest know place. be say accelerate going were implementation in the cost going to don't I the saves the we good reduction new or during maybe implemented first timing,

Matthew Clark

thank Okay, you.

Hadley Robbins

Matt. Thanks,

Operator

Thank you.

of from Jackie next comes the question Our Bohlen. line

open. line now Your is

Jackie Bohlen

good everyone. Hi, morning

Hadley Robbins

Hello.

Jackie Bohlen

question, Clint expense of cost end? it the timing XX% towards the quarter, in more saves implementation was those was the what Keeping the

Clint Stein

I the and I'm solve that probably hesitating because was to two doing for or on if not building reason the it reasons, sure, trying first outside I'm can Yes, construction you not. of -- am somebody hear the

quarter second of some it or of the reason saves implemented to am in, come XX where and thinking is in probably XX month that The closed saw where was cost I second we about days the post-closing we the we initial where in.

the quarter have question, would them mid-November later your most to starting been So in of time it frame.

Jackie Bohlen

the outward XXX%. then everything mid-X.X% that And you helpful. for the expense ratio, ratio back do to is how longer goal are think that’s operations about you near-term thank once integrated Okay, term, you and

Clint Stein

to I think continues it improve. that

move kind quarter said get But one I some range next. think next short-term of we'll fairly Because kind of fully the -- caged with that's to it think a and I've the to why the doesn't we keep realize the where lot integrated the the past just I cost in it would I continue from thought that I and savings. see do it once additional be. we improvement everything

Jackie Bohlen

to fall to Okay. XX% roughly of to tax And bottom-line. then that the benefit expect XX% the the you

would To about terms the of the that and then to from to you what In what increase minimum value, XX% just to extrapolate can former reinvestments technological the rate fall guidance dollar tax spoke your benefit the the get do won’t is we and fair do with wage that the and dollar the everything. new a math? expenses take be value that, of way XX%

Clint Stein

Yes, the that want think I to think, it's I I opposite. clarify

XX% reduced the And give to in -- models Hadley the in utilized for put that have give to to your able it terms we on expect of view opportunity about to fall bottom-line. current to -- think bottom-line. We is we're will and fall guidance reason percentage And in all XX% level don't going to to the what where earnings take but the of the is be your that our of the in we you have earnings, you burden we will mentioned. factor XX% there issues the will tax of and XX%

Hadley Robbins

that was there effect our thing in as well amendment --. than and to just I the rather interchange July impact one going take to will keep mind say is

Jackie Bohlen

already understood is in has increase to No, that Yes. wage come? score. that minimum take still or on that definitely place The

Hadley Robbins

in That start will February.

Jackie Bohlen

in a would guess okay. February, bit expenses kind And of as go? I will In other just layered we be

Clint Stein

And for those for take example. to will some we'll business Yes, plans time. of the technology have have

drop expenses the overtime. so And in will

Jackie Bohlen

color. all it. for I appreciate added Thanks alright. the Okay,

Clint Stein

bet. Bye-bye. You

Operator

you. Thank

Deer. Our line Aaron from of the next question comes

open. is line Your now

Aaron Deer

Hey, good afternoon everyone.

Hadley Robbins

afternoon. Good

Aaron Deer

Maybe made in just of statement clarify if impact expected could to you is comment to terms start, just just income the interchange the you what be?

Clint Stein

tax amount an $XX annualized basis before Well million. on is

Aaron Deer

And think I what I one you change think other was it from then Okay. line but thing in the mentioned utilization down, Andy, quarter-to-quarter? it,

Andrew McDonald

me from It XX.X. went second. XX.X a Yes, to give just

some that of the to we seasonal be the we to And related company’s a specifically decrease like then is just in activity that money at finance the contraction end fair there our some now public of the And a of nature the businesses warehouse year. that seem of the raised lines mortgage And And do market and then that one in saw ag. redeploying amount an used of our money. larger clients in capital acquisition. they're in of book

expect So in first finance quarter. we bounce the the some in company activity back

Aaron Deer

going Okay, of Continental big now of you terms of deals forward? maybe rear for in give I for view interest? picture moving question mirror, that's in kind what then with guess terms of some additional And Pacific were the appetite can be just do geographies into helpful. the your most you And Hadley, color where stand might

Hadley Robbins

market M&A Well Sure. strong for continue that and our to candidates with risk new consider We on here continue change an can are as to starting basis. go compatible process partner that we in in would deepen primarily our going but strategy. footprint, grown. opportunities part end markets presence essentially Again comparable first forward cultures a be be but West, exception our to the to existing to stay evaluating we're looking in prepared There our and and is we no for of in with interest prefer appetites. have

Aaron Deer

very you taking Thank question. for much great. that's Okay, my

Hadley Robbins

You bet. Thank you, Aaron.

Operator

comes next of Arfstrom. you. line the Thank question Our [Operator from Jon Instructions]

open. now is line Your

Jon Arfstrom

good Thanks, afternoon.

Hadley Robbins

Jon. Good afternoon,

Jon Arfstrom

Hadley, comment spend I focused also follow-ups is of on one there? you just in kind the there accelerating if an spending. And what where think you a curious I'm on about then I the the and of just or tax just guess acceleration? expenses made Couple change are total

Hadley Robbins

Are tax we’re reallocating? you that referring the to benefit

Jon Arfstrom

Yes, exactly.

Hadley Robbins

minimum approached And mentioned is basis benefit through include trying very Okay. made the customers, I will fall to into really we that $XX overall We the goes employees, what considered and the XX% February. savings be. with as to the choices we in run it themes compatible of on XX% that our which to the culture, the that And regard communities essentially wage. effect say

that the On our of products we're online as and And we have digital to side, and we're upgrading out number building our technology corporate it distribution integrating with looking treasury relates for mobile channels at platform a particularly and our capabilities. our management.

are allow go directed to decision that And and employees got contribute giving that air for fall doing then will So business we Community particular before our with regard we’ve the that in. to be Bank’s dollars and fully again to need are employee that they we selections, to priorities our but And our forward. business prepared a nonprofit in area. I make cases have marked the mentioned that fund make as to on how projects support established are communities to

on and probably timing that the community will the be of probably will the in of just second the So third expense quarter it in flow that when side through the accelerating some quarter. side technology on be

Jon Arfstrom

think guys alluded you fact Deposit acquisition, from the the I as a as result you the if you deposit that set primarily cost were Columbia? the where acquisition aside, about helps. can that legacy seeing good up pricing to what of you maybe Okay, talk

Hadley Robbins

pretty stable. been That's

we ready that’s place now, necessary. pricing in on. holding we're respond and to spread lays for course track attrition deposit We actively We're haven't market on as seen going our of hone what's but in this TDA wide to changes and

depositors dialog with have large basis. an We ongoing on

can product We’re select if make replace adjustments situational prepared positioned it to for entire customer customer segment. rollout that groups some makes with rather we sense. also We're than

have to that we the start strategies deposit spread can move being, But not time deposit in on some movement that wide with shelf So we pricing. we're think execute. the seeing for we

Jon Arfstrom

for questions. taking thanks Good, the good. Okay,

Operator

you. Thank

Our Bohlen. of next question line Jackie comes from the

open. now is line Your

Jackie Bohlen

Hi, an one follow-up. you if update going. provide quick the I might just how wondered on search is CFO

Hadley Robbins

the What search. distribute members committed stepped supported is disciplined have have we take the are CFO to the required. a workload. and team our very to process. And Both still I up bet. very by well You doing time help in us on who we're we're search We're Clint the

if well So of we're are. feel And to we me we search know know. as you that continue positioned to anybody let

Jackie Bohlen

Sounds good appreciate it. Hadley, I will. Thanks

Hadley Robbins

bet. You

Operator

Thank time, this on the questions lines. showing at any not you. And I'm further phone

Operator

further the There web either. no questions through coming are

Hadley Robbins

Okay, everyone. much. you afternoon thank very Good

Operator

for conclude thank gentlemen, today's in Everyone And day. and does Ladies program. may have all participating This you you a disconnect. great conference. the

Columbia Banking System (COLB) 25 Jan 182017 Q4 Earnings call transcript