COLB - Earnings call transcript Q3 2018 | Columbia Banking System, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Columbia Banking System's Third Quarter 2018 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session through both the telephone and web and instructions will be given at that time. [Operator Instructions] And as a reminder, this conference 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

Hadley Robbins

you, slide third quarter you results. The at and today’s Thank columbiabank.com. and as available XXXX afternoon a on release us website supplemental call our joining are on thank review we earnings Good Elizabeth. presentation for everyone, our

This all was solid on special Silver efforts many of thank our was we ongoing our employees quarter us Third and for and contributions. a quarter marked because their for fronts it Anniversary.

our Over the we’ve last have to XX Bank so. I doing years, create Columbia a believe experience on and teams distinctive hard successful very been worked

favorable deposit margin. expanded net quarter, interest Bank’s mix the interest with rising disciplined a During the coupled rates deposit and pricing

levels We loan also production. record of generated

However elevated growth. loan to levels continue activity of for create net headwinds repayment

non-performing reduction Additionally, our a persistent efforts by meaningful administration team to assets. led successfully in credit

forward order assist have a the as As position transformative I’ve it upfront we an grow. that to to order for mentioned, streams project, consider revenue the we’ve investment previously In efforts, accelerate a us. one to Bank been to will to digital We Bank require best the age. in path evaluating our outside we effectively us consultant continue engaged sustainable help expanding scale and

and dimensions of financial important the finalize we framework you. will thinking, our with the As share we plan

quality Andy will review Chief Chief our production providing Greg update I Officer, who Financial McDonald, and earnings Officer, provide are On who with our will Clint about on review Credit Sigrist, Chief by performance; Operating today the our our conditions. credit who our me call information. will activity; conclude an our business details Officer Stein, will

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

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

Greg Sigrist

afternoon, share was per we acquisition-related $X.Xmln EPS everyone. our pretax, million, the quarter expenses of third $X.XX common driver this $X.XX quarter diluted income. which key $XX.X Earlier would Good you, strength is excluding quarter, per Thank of reported been earnings in have share. A net interest today, the reported of

the in third linked operating Our XX the basis quarter. margin was increase on XX basis up yield points a basis, assets quarter X.XX% net interest was points. of was for earning tax-equivalent a This quarter. On the

deposit side, the quarter non-interest XX% of we bit obviously bearing benefit is growth On deposits the Bank. as total our nice some bearing during proportion of increased a to non-interest did structural deposits for mix a and shifts the of nearly and deposits see

deposits, basis by disciplined quarter market Selected to interest-bearing points rate be XX continues deposits basis adjustments the five interest-bearing money For pricing basis. in deposit – points. to adjusted increased on early a

closely actively but monitoring pressures However, our we we base dynamics. do are and continue market competitive deposit to building, see manage

interchange to growing of did the to remains revenue. the As quarter. we fairly non-interest impact, lines the remain from prior business expected, offset $X.X We see this help income flat the on our impact million committed Absent Amendment Xst. income application July a to and other Durban non-interest reduced

remaining costs. $X.X for of quarter. acquisition-related Essentially, and in million to the Transition fourth which million, small As quarter. all have only now responsible the the for most $X.X acquisition-related of compares cost quarter been these the mentioned agreements prior were were a costs earlier, incurred retention in with amount

as seeing are well runrate, compensation come the most expenses. notably Continental our expense through last quarter, benefits benefits, in Pacific mentioned of we we and As the as integration occupancy

additional we for non-interest a removing look move quarter expense to flat effect forward. basis. core acquisition-related as on efficiencies the linked cost, was We After will our of operational continue

continues in in quarter down XX% ratio efficiency compared quarter. operating to the Our trend third to prior as the XX.X% to

remain to the mid-XXs is target long-term range. in Our

XX.X% for the Our activity. talk tax this to range like our the point, of is third to call which the quarter At rate year XX% would we full I XX%. turn in to for effective Clint to about would is expect production over

Clint Stein

Good everyone. Thanks, afternoon, Greg.

balance trends XXXX X% with and play strong seasonal sheet. Our we existing Deposits bankers successfully new quarter. sides of quarter earning during busy the have in annualized both over prior the a is quarter $XXX results. and continue very team for in third our typically on effort reflected total growth. deepening third which deposit million We experienced business had The a took quarter years to year-to-date grew relationships or in out being the

of As quarter. the the during roughly has deposit benefit repricing occurred us This in Greg that mentioned, has base our some enabled despite structural activity benefit beta, maintain a accounts. with non-interest-bearing a low deposit half overall to

million, mentioned, in overall deposits production XX% Loan the than and, Our was basis basis points production rate quarter for average X% higher XXXX during loan adjusted X.XX%. mix The increased of XX% from rate to floating, prior variable. now Quarterly quarter million quarter two Hadley the coupon coupon points new for $XXX was is fixed, just increase portfolio points portfolio a mix cost rate production fixed, basis is record quarterly third portfolio of is the quarter. compared was and and or the tax during XX% five $XXX as of which XX% XX% third of quarter. about XX a The an of the floating production. X.XX%, variable. XX% The

the as started down line from and opportunities. the were earlier our the Pipelines end of the line to a quarter our to utilization prior satisfaction confidence balances Our in in gives third than $XX XX.X% seasonal of from the typical. little declined million rates decline roughly utilization At production remain us XX.X%. continuation quarter

$XXX from in the lower did quarter. activity impact negatively quarter growth. We million up million year. loan XXXX million of net the year-to-date prior or is period to was activity see in this continue prepayments about third the than X% $XX same prepayment as or the prior trend moderate However, XX% prepayment $XXX

essentially when Roughly predicting the revert how when about this adjust quarter real within of accounted balances C&I XX% commercial remains for in in production will level half CRE near-term. models, the as quarter estate prepayment a The activity loans by challenge to back while was linked However, activity the sector absorbed thinking your to were production. mostly historical unchanged. of new the production within

accounted million while XX% new in $XXX remains million size remaining range million. in $X of with million in million. buckets $XX new represented The declining production with the $X However, total mix roughly to and balances there over and increasing Firm firm $X under for of loans lines between the $XXX granular production, loans some million $X balances construction XX% of was by migration $XX XX% million. million,

In was other of new terms of in geography, generated XX% and XX% XX% Washington, in in production X% in states. Idaho Oregon,

is in group a Pacific result as growing production that the acquisition. healthcare other came as Our national our Continental of states us part to of

production required deposit the operations. our We prepared of could at for not achieved and without areas As in of our remarks, such growth quarter team work the beginning performance the hard total effort. results the a loan members our and back-office my team I have mentioned as

credit performance. the to review Andy turn our over call I’ll Now to

Andy McDonald

Clint. Thanks,

from of The portfolio balances portfolios were negative quarter provision portfolios. $X.X net the for provision the compared loan Intermountain of from third by since and driven where for quarter. Offsetting release losses was driven those these a million the in portfolio $XXX,XXX originated $X the of million Pacific respectively course to followed releases favorably portfolio. The million and the the provisions releases by of and occurred lease Coast migration. and Our $XX,XXX of nature and liquidating This and prior of provisions included recoveries $XXX,XXX West impairment PCI Continental in loan the $XXX,XXX $X.X a primarily the new modest by were originated portfolios. for

allowances loans is Pacific Continental associated with were is in December that impacted million X.XX% valuations for was and of As acquisition recorded ratio by discount X.XX% to Embedded last compared XXXX. at value. as This associated approximately $XX was portfolio. which was for the as XX, million our $XX of XX, the our of quarter loans and it fair X.XX% September those approximately

decreased We non-performing our assets, discussed. million in, For to loan. due the quarter. points to total were to were as was to last and it impaired of non-performing primarily assets quarter, of a in capital recoveries basis end. compares favorably Hadley? Past basis assets ratio All non-accrual $X.X enjoyed points, down quarter. a year good prior summary, the decreased XX% XX net XX $X.X points. decline XX basis million as XX% NPAs In from dues asset down

Hadley Robbins

due markets economy proximity near-term the and Northwest of faster sustainable Pacific tight. population diversification, broad to rest remains our conditions industry labor strong and nation a The the although economic Thanks, Okay. to for Asian the markets grow the look Andy. continue Favorable to largely growth. continues remain than robust to

pressure are the impacts tariffs number affecting segments the also industry costs. pace include, are broad the economic based agriculture, segments are most of of this conditions aircrafts, industry putting growth, exposed labor evident. and point for not With electronics. labor regionally tariffs on tight with associated across a growth, that upward Chinese and At concern negative

a show efforts of created which in we common and to our serve, XXth of per Community stock dividend Earlier However, concerned. of pleased business a and Campaign. organizations positive Northwest. the difference per the remain of XX,XXX across we commemorate with constitute non-profit We dividend making of four our share, XX, a our on yield announced X.XX% dividend October in Anniversary quarter a to donating employees campaign a communities for to and and ratio XXXX. customers a $X.XX special selected their together by of to owners $X.XX and based clients the announced communities price Giving to years closing Shifting communities the XX serving appreciation back we on XX% have regular share are payout our today, nominated

to Pacific us, excess will growth. we behind utilize special tools requirements future for of will earnings dividends the a a as organic power full and case-by-case of our With capital evaluate Continental we in capital to largely management the will companies prior Similar integration of combined basis. the years, our continue one on generate dividend

of call And me business reminder, XX, record will a your open Andy November dividend This close comments for Greg, Elizabeth, this of November are This on shareholders to questions. of with now, questions. quarter’s the on Clint, paid as prepared answer we’ll concludes XXXX and our X, to the as XXXX. be afternoon. And

Operator

you. Thank comes Rulis. line Your the Jeff from [Operator question of Instructions] first

open. Your is now line

Jeffrey Rulis

afternoon. Good

Hadley Robbins

Hello, Jeff.

Jeffrey Rulis

Andy. First question, maybe for

or, not I have the that anything was, that the results of credit of it at comments we of the is, do issues as short-term? your from what a and in indicative cautiousness read seems one-off credit cured am is guess, settling long in. a looking more like of Just I you about indicative those anything run trends forthcoming that some the over quarters few kind last I long-term release at seeing are in the getting profile, comments guess,

Andy McDonald

Well, obviously get something one every of fun consistent. helps I positions are that don’t to think, one, provision but in, the it’s but net then, that be quarter. going one this those to that quarters we – not and really We be I in not now that recovery And it’s the believe is are position.

It’s any So not industry help have be with the around I portfolio just would am what ideas modeling standpoint. you really on and you the or thoughts concerns a from that particular I trying provision to

Jeffrey Rulis

migration Got was it, migrating that mixed anything you what did that the there negative then, you that pretty particular was spoke see, was it And that sector, okay. or of?

Andy McDonald

and and wholesalers was in not was it it Yes, in distributors primarily One oil-related. particular then industry. was

rebounding and kind impacted unique. of So you what of it kind oil now. wasn’t But kind is that think so – of like anything But, Intermountain.

Jeffrey Rulis

allow me one And one. okay. last it, Got

Andy McDonald

ahead. go Sure,

Jeffrey Rulis

Yes.

mix? change that Just growth on somewhat are are is kind on that some deposit staffs the Is all it mix that the favorable. of the driving seek within better switching you gears customer a something saying that out to you or something being change

Hadley Robbins

it’s intentional the a is post. back Pacific is look one go of that’s on it’s what If to year. mix. don’t mix third one quarter I anything is third we other at period shift the anything our that’s the think the the mix end percent of was XXth And a this within quarter part at I XXXX, of our and in pre both think of Continental the

think is of I our it’s just So in customer base some it general. is,

of we Our are some is area. and they our commercial percentage is a peers of that are the accounts of think then, in seeing XX% other with nearly as I lot experiencing appears as it it side growth this is, well

Jeffrey Rulis

you. right. All Thank

Operator

Jackie Bohlen. comes question from of line the Next

Your line now open. is

Jackie Bohlen

Hi, good afternoon everyone.

Hadley Robbins

production. say the it on Clint, I was Did new missed X.XX? Hello, yield Jackie. you

Clint Stein

correct. That’s

Jackie Bohlen

Okay.

sure Just make it want to wrote down correctly. I

the in re-management deposit, the unusual quarters of drove that it was fees, third that Looking anything at past up then terms nicely that? quarter. Was picked steady two and in over there

Clint Stein

I Well, think with of it’s with of the Jackie, bit uptick, our again reciprocal expenses. a we deposits, part offset there reciprocal that. is is there non-interest But down it’s, arrangement. in some because disclosed

am not I is I’d that, forward. Beyond thinking anything pull really there else

Jackie Bohlen

Okay.

forward? that reciprocal item line the expenses to bit So, fluctuate and going then probably will a

Clint Stein

do Yes, they and offset.

Jackie Bohlen

And prepayments. mitigated as know are some I these deposit a then quite their around am from sorry, turning third deposit then, – selling looking growth said the and maybe you’ve prepayments, turning it some bit had putting they that, Are that customers accounts? higher are around Okay. ahead, businesses, meaning in it, shifting the you an them seeing on quarter. from I in impact and properties of you

Clint Stein

the our them pay-off into as the we always strive of them clients available our right move through set to move and in the for deepen loans products that, already That’s between group lifecycle itself, different wealth business relationship of is management have. they their to have our always or objective points their

in on seen some but necessarily of it when terms we’ve But in on a seen won perspective from were of new even as and what lending that. very we relationships do business where wealth compelling sold, just that the well. We didn’t some we have could have management the it’s manner some we We’ve the deposit side. relationship of

of it’s I so, a think. factors combination And all those of

Jackie Bohlen

Okay.

through well So, bit then management? it providing a of wealth a to little if benefit the see

Clint Stein

as I that’s year-after-year. the Yes, to grow in a wealth well We company continues – make our and side it’s long-term as management trust under see margin. assets management progress mean, our

translate are us. with We seeing some into are opportunity satisfied what should and additional long-term, in for there we yes, it

Jackie Bohlen

Okay. Thanks, back. Clint, that’s helpful. I’ll sit

Operator

comes Next Deer. line Aaron the question of from

now Your is line open.

Aaron Deer

Hey, good afternoon everybody.

Hadley Robbins

afternoon. Good

Aaron Deer

it bit other Hadley terms both a that selling mentioned activity? of or types real sort it are is customers again what about similar lenders and that other Clint, housing of think what’s I you and that more toward driving were that of the is seeing a estate are maybe really Can in to are quarter. headwind cycle top refis where of, it banks you downs is describing or aside and properties just you of the talk pay this

Clint Stein

of Yes, some different on our there is the forces variability in based geography. terms the that are driving of that parts

we markets – seeing seeing are in about of I into still in loan think that. deeper in pricing, we as also Washington, higher value, we collateral financial guess, there Eastern lending are of are guarantees, the managers, When when our metro and a pricing parts well. unions. private But Northern they intense we have specifically, those markets growth is Oregon, activity They are in lack terms equity aggressive – in So, of pretty actually Eastern higher some it’s Idaho, credit proceeds. and structure, demand no really, some the from that

union. are we increased So lenders, competition credit additional from

run. of reference One that from the I in to of of environment it the is even and key that commercial or of I I’d rebuilt into have where seeing and large of found coming But are there one comments anything pressure. competitive stuff humorous, There demographic on more And was this think back then rather I it and that. but of economic in our the that, a we won’t also the are market everything the was, comment people that that’s the regional, we of competitive so leaders – it’s pretty that’s their was it the regulated almost side deep businesses competitor out state the nature beyond part mention they is are creates really got a kind downturn. super

and are to so So ready folks we that those of seeing retire are selling. they are some

it’s just of well. as Some casual

going deal just going sense we can a certain for is where lender. another to And a So, with if to different terms it okay necessarily makes at we price that to get be then lenders. us there pricing and our may for it’s always we certain and not want times are

Aaron Deer

my at lending on or gone That’s that I their being with to question. it in company the really leads bit now conference of and those are a an attractive great year having deposit that different of and realize a two given up undercut other the past was over was higher to a actually that’s is deposit call quite the to deposit finally rates some that spreads he next base pinched and raise and his giving rates another also a with CEO market commenting is a forced him to competition market getting base. quality lenders that advantage starting similarly

just have a base. funding cost also guys You really low impressively

are terms, does deals So, pricing it does in now a you win where how you your thinking and can with what into come – outlook? better play little that and other’s more in about

Clint Stein

great We that returns this I appropriate the transaction. and the risk that at maintain always point is believe sure want in is we we we But we make getting that, think also are composition to for any the us sheet compete can our advantage base is done that are if that. our specifically funding we getting of deal price on gives and and it’s balance a we’ve at the

for key terms we to and the either the have done on retain market relationships some what are are that’s But We in so us. challenge. that gain very relationships to attractive or that the to of always new give won’t

in financial this weren’t we and a account as the and ours. so my gave valuation a and that to we long take the the because looks XX about right outstandings, deep a discipline. get make run, that was – It’s breath Hadley served a on the some that of $XX current comment, But in and year that period’s pass doesn’t requirements it, he sure and be on the mirror flexible maintained on at lost willing hey, long-term bank look million that’s the yourself tough we over but and to relationship. and are deal history large prior it’s had reporting us so, bank, it making decision it, the back of Going we longstanding you it where well

Aaron Deer

appreciate I you color. Sure. Thank That’s you. taking questions. my good

Clint Stein

bet. You

Operator

comes question The Jon next from line the of Arfstrom.

is line now Your open.

Jon Arfstrom

afternoon. Good Thanks.

Hadley Robbins

Good afternoon.

Jon Arfstrom

you costs. for on deposit Question your

a of deposits. put I peers Slide chart your able look bearing better in your the had you’ve kind performance to your to percentage increased and But history at with relative lag? on lot of You that it track and X you you much of were peers. Would you on non-interest shows really presentation,

quarter I is, is how to just in a catch-up the So, guess or Is type the costs that really pressure risk gradual if pressure there you is on a deposit much this there have makes near-term? that question a kind of really do sense?

Hadley Robbins

about, what gradual mean, the that too, of and looking ahead, also go I Yes, some lag, back our been the maintain betas rate half someone of you of obviously some disciplines I less to as of going market might I time rational XX whatever that and going think see benefits kind things of to of we seems this of We factor structural probably roll model we be got, is you look over kind we proportion structural pressure. are for kind sort you as two-thirds in the which benefit. given me that the the we be think as a to as beta a are of if But to a with we’ve as done this of changes continue of to we I to we acquisitions time maybe to I are it for you think mix. pretty environment, more non-interest-bearing think be continue out,

but we a in slower So of think to and market, to in line be kind a continue trajectory. going bit bit are I lower with

Jon Arfstrom

you go rate your guys and the something of Okay, And way then, piece. the that its is like earning you today reflected through? much asset just September increase, on yields through think work okay. floating how am Good. how in I does curious fixed And do long that take variable to

Greg Sigrist

think, in of pretty the jump through of pieces. XX% maybe roughly uplift got longer and the he it some this. think actually can our just I coming that floating But, start got numbers. We just XX% I It’s got, XX% I’ll off that piece. our continue but was variable Clint see you floating quickly. in of if fourth to on But Well, gone floating, going pull it’s sort production about really I think floors, our Clint is we’ve is think straight the are of of we about going we’ve of out that old some adjust term, quarter, in in to to new

know for, that the add? to if gives you you you anything color Clint, do looking You have are

Clint Stein

I the what would September thing that numbers. in been add through it is in only The received the is, hike, you little probably benefit are flow of seeing very June. What been current rate from quarter

room So, additional deposit The be being some betas. wildcard there should designed.

Jon Arfstrom

Okay, more. just okay. couple And Good. then

one Pacific as and same you well, Continental the and in talked pay-offs down bit you earlier, seasonality so which in then, may As maybe utilization And have seasonality. moderation throw the there QX. a in some guys some have QX little not you coming about,

balances you in balances So do about thinking how loan loan quarter? how you to the about us are coming think want or

Hadley Robbins

think things prepared remarks, we and line fourth the book Ag – with we book. utilization, of we we are and headwinds to that activity things could you And long-term, runrate the a seasonality our they and and of related It’s take around really bump. Fourth long-term, We’ll That’s finance things have pop quarters if unknown it saw very quarter. a rate. more guess, was From a or a slowdown. first say low-single-digit have see would company – we you activities, pay people quarter-to-quarter, growth I I’d the create promising. doing last it’s kind so. the period that if I what four over our typical the several Ag quarter typically, with customers can same outside the down at the can are up. third difficult in we then, the portfolio quarter in look question, the about looks quarter My prepayments. and pleased because The pipeline that just of look of the are – But quarters year just control end

Jon Arfstrom

okay, on But, that helps Okay, job. context. guys. the Nice job good

Hadley Robbins

Jon. Okay,

Operator

comes [Operator Matthew Instructions] Your question the Clark. line from of next

line Your is now open.

Matthew Clark

Hey, good afternoon.

Hadley Robbins

Hello, Matt.

Matthew Clark

step-up Can you you speak kind to your the plans built but upcoming year? like runrate should tech reinvestment, something a thinking terms we an a should to planning be sense in from about or get be related Just expense something, perspective? for are that want outlook? think systems might of the want to of get of it ratio is reinvestment if just we asset to into there It for sounds what or

Hadley Robbins

takes way. talking The Matt, look are really comprehensive all is a in general and me it will. of our pointed activity coming experience. if in expectations the clear starts required having little that, looks at lines we speak connections view and be customer desired which of creating let quarters it a that for you And internal well, project first a Yes, the customer at bit about the very just a the one really, it will the

And years. bank. project three that phase the and about first think least process So products, we touch, the systems, it’s how foundational is project will a within together at we would the data, work

as be in more that’s have expenses budgeting planned, CapEx process bit in position of to the phase, assessment goes, part as a we But that’s now. through. are I’ll We we’ll right And far year. probably flow color some already next our those have and provide a runrate

that on the our projects that and flows do of the think to planning. kind which And, technology of slide have have have capital Greg, was anything to already add? on XX you our some it reflects I roadmap we

Greg Sigrist

stay ratio as the remarks, in mid-XXs. operating long-term I Maybe, prepared to our is think goal in efficiency said I mean, on my our I

that have I the mean, journey. think really a our clients I to interactions the right is Hadley’s about just to of multi-year the not point really And this and is off enabling teams it’s expense about door, client-facing this client experience. the

it think are to I be So, horizon really also driving as that over at does client our what well. to looking we going value

we But, to a So, you and we’ll something I it. a to. of story looking Hadley’s I be better are through give as dimensions to point, we think around it’s some positive roll kind in think position time forward

Matthew Clark

Okay, And loans, reserve up reserve four basis great. on just ratio, then, the to I points. think

loans little reserve that increase a talk Was can’t required just of something you you renewal see drove maybe, in what Andy, here? mentioned to You was but can something migration, to can X we on ratio? the class bit there that you from credit Or that going had it in set aside for?

Greg Sigrist

that and migrating PCI have growth the you so, of growth are out into that in discounted about out of – of the part portfolio loans the portfolio, and originated. portfolios the million originated in Yes, $XXX discounted of

accretive discounts kind they of benefit into of totally the So enjoy and any no longer that’s income. been

the And you big terms basically, from that loan difference before are period-to-period. in had amount same so, the that – the of renewing for there you simply is a

discount so, portfolio has And Intermountain with basis that for example, point the a XX allowance. the

because move you the of of a is allowance loan when there out Intermountain So, more the little discounts is more the draw will the no same benefit help into to sudden originated X%, positions. over portfolio which all

lot So, growth it was a there. of

only accounted for was the the in third had, in then, $XXX,XXX and $X really thing about factor provision. and migration the impairment Second about million we really

Matthew Clark

about comes maybe assume little basis should the XX think So, we X% points that a right way bit to down the overtime. that just or Is X% migrates the toward that it?

Greg Sigrist

drive of overall the Well, as up. lower percentage they migrate the percentages, to going out it’s

Matthew Clark

I Yes, got it.

seeing on maybe, are What your then, updated late? might just What M&A Hadley, And landscape. your appetite you of Okay. the be? thoughts

Hadley Robbins

in with Yes, though, way I of anybody and have and be our And we forward. haven’t M&A it’s off point of engaged quiet. pretty that look just talked we the for the values. something stock recently But, it’s are movement us, this strategy to routinely. At of part to always vital conversations continues a

Matthew Clark

you. Thank great. Okay,

Operator

further There this continue questions presenters. no are at Please no There time. further are either. questions

So call. the go and we ahead can end

Hadley Robbins

Okay, everyone. thank you

Operator

you Thanks joining us for you disconnect. to day. today. presentation may and all participants good webcast found now hope a This this concludes Have We our our informative. webcast

Columbia Banking System (COLB) 25 Oct 182018 Q3 Earnings call transcript