Earnings call transcript Q1 2023

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Operator

Thank you for standing by, and welcome to the Columbia Banking System's First Quarter 2023 Earnings Conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder today's conference call is being recorded.

At this time, I'd like to introduce Jackie Bohlen, Investor Relations Director for Columbia, to begin the conference call.

Jackie Bohlen

you. Thank Valerie. everyone. afternoon, Good joining which we the we today. for quarter market our XXXX results, released us you review as first closed Thank shortly after

earnings our website will columbiabankingsystem.com. which remarks The afternoon, at corresponding during this on to our we available are and release refer presentation,

our Banking Presidents Officer; this me After of take Credit Ron Chief Financial Columbia Umpqua Frank will Clint Merrywell Namdar, and Officer. and CEO Stein, Bank; remarks, With Chris President Tory and your Chief are of morning we System; prepared Nixon, the Farnsworth, questions.

make call, we to statements, today's safe to securities During subject by risks covered uncertainties will harbor intended forward-looking are which federal of law. and are provisions the and be

please of For of factors as as earnings X that well a presentation from our to disclosures SEC list filings. expectations, our to contained refer within the actual Slide cause results may differ materially

reconciliations you release We will the GAAP non-GAAP GAAP We reference also non-GAAP results. in measures alongside of earnings to presentation. review throughout discussion the provided our our encourage financial to and earnings

turn the Clint. call to over now will I

Clint Stein

Jackie. Good everyone. afternoon, you, Thank

needs West. for our and franchises banking additional an the headquartered Umpqua us We the was customer bank $XX as Bank's quarter the largest ways. and the assets, XX, base Umpqua expanded in At of Columbia. on broader enable in meet of to first scale the in our extraordinary with position closed our billion reinforcing in headquartered largest products services creating Holdings Corporation one It Northwest merger and February

long-time preparation integration proud and thrived the months, of This very expand team new existing during new despite teams, XX existing win and I'm has relationships. our has of in first seasoned the business and continue to Over Umpqua. top These our attracted the our ongoing quarter. organization bankers, what and the accomplished for Columbia leaders talent activity alongside markets. past

for I and successfully Careful this our addition remain want and track targeted merger, branch It core savings third divestiture to our and the throughout quarter. two planning we commitment us of to our us to the has our to cost team exceptionally realize end to the associates completed talented dedication by these projects diligence on converted enabled thank the In period. their accomplishments. closing of systems. busy also enabled achieve

the associates In industry addition surrounding the with surrounding also conversion. events throughout March. our to engagement customer merger, systems that We given in unfolded activities positioned heightened uniquely the our the customers were this core were period, robust during engaged

taking solutions business to Our base model, sweep teams looking insured and cash diversified products to deposit like already place, were discuss conversations, our Columbia's able service. granular expand tailored to for those add

five-year, $X our million benefiting pleased Foundation business benefits first throughout for small This to customers, formation. remain supports $XX In the merger. supporting a Charitable associates community contributed enhancements I'm communities expanded agreement quarter as provided are and light, in evidenced announce billion we agreement. homeownership Bank to March. community that Umpqua to by development, the communities footprint, from With our company, and committed historic our our We already by eight-state

expected our closed, quickly will of and capital With the with strengthened the merger to accretion. our performance realize financial shareholders begin improved operations significant along benefits

over the to Ron. And you call turn now, I'll

Ron Farnsworth

Thank Okay. you, Clint.

presentation. along, want on our those the call certain follow for page referring And earnings who to from I'll be numbers to

Slide X. on Starting

the will updated discounts, through that since financial significant then which in overall fair compared Now expected projections changes in merger, October related of closed the here led original rate income over accrete XXXX. to interest metrics we've as time. value to The we present

synergies track and similar of a to ago, on increases conversion end are return cost With With the significantly, million third we quarter completed expected the of that, on our month by but larger, this a equity tangible year. an with expected annualized system our $XXX basis was our dilution back. on accretion earn book core achieve tangible our GAAP

present updated at compared Slide marks X, Next fair closing on value we as to announcement.

the that X time. but announcement, to since and accrete billion increase significant additional is which a Again, few marks providing the lower income, ended $XXX with intangible discount balance, with $X.XX interest in all core expense of inversion spreads which million earnings Also and the in in will rate time, will related amortized we stream Given over XX treasury to versus these highlight discounts larger yields of rate. to page noted minutes. deposit a stable over I'll be in

present of On in also CDI closing Slide as the forward at and we balances discount quarter-end. marks X, current the carry

the resulted $XX quarter-end AFS part $XXX premiums the removing million roughly $XXX of existing million, writing-off of bonds $X.X of as close discounts with The to approximately million discount, For along the securities from decline at sold of the income. from restructuring. on interest accreted billion remaining of to decline a closing was

quarter-end we cost million annualized the in estimate On March through we rate our of an with $XX $XX rate in X month additional synergy at estimate post an April. will conversion, million which run realized Slide year. our basis, the cost run projects achieved of synergies realization reduce

the second we a to million to on cost quarter, million realize a achieving or these million expect annualized further forward, basis, savings by throughout end $XX evenly $XX the Looking quarter. of $XX approximately synergies to million in quarterly the $XX

the covers our X during including deposit liquidity, flows quarter. Slide

inflation comparability, presented. as the customer when impact divestiture balances. first X.X% we liquidity consumer the deposit X.X% to For table the or with spending combined declined if on required pressure in we and Total for Market the deposits excluding the quarter, periods presented of all continued on left combination. were tightening the

quarter-end. to we arrive $X.X billion. of pledged Bank as upper-right $X billion cash not liquidity The borrowings total with sheet to of higher Federal and lines had XXX% uninsured sheet on-balance utilized liquidity liquidity. We as of the adding for This Below available bond Home details off-balance of excess quarter-end. deposits that, for at fund billion outflows, collateral Loan $XX.X represents our short-term table, available along with

we to value, between bond difference interest Slide next as at were investment combined the will million portfolio The income rallied table current the the gains which X, cost discount, amortized in par March, par related The page, accretive from market detail prior and you the the the of gross marked the unrealized unrealized out takes current Columbia upper-left came from quarter-end $XX to noting net Umpqua portfolio. to costs over time. bonds, which be losses the primarily is to amortized not marked. while On gross fair

flows of bonds slightly, to a $X.X of front-end I'll part in benefiting cover interest billion we rate purchased extend billion I and mentioned reinvested sensitivity, marked of a earlier, and our March longer-dated Columbia minutes. duration the as We sold sold cash week $X.X first few bonds which restructuring.

overall a the of quarter-end. The as noting portion portfolio chart with book position $X.X versus of X.XX% book the gain losses, breaks the gains of the unrealized yield on a right with is billion between out in

As with bonds, as lastly, stream about in this no was optionality. with tell, effective you and greater million $X.X a CRE-related X.XX% stable bonds we book can with represents I'm at The us unrealized HTM it an yield earnings which only some excited gives overall duration loss. portfolio quarter-end. And have X.X% significantly higher of

items. provided updated the given we of on combination better help year the remainder XX, for to financial outlook on investors accounting several the moving an Now statement Slide parts, and key

they based over declining capital the on estimates, of be the table, near time. effective the of significant build provide meaning fairly accrete lower term They over interest the the The noted on should income method, life accretion portfolios. slightly interest half stable and will and

$XXX quarterly expense for our also when an in provided range merger million be are CDI to expect run and million outlook to updated $XXX amortization We expenses which QX, we in rate, excluded. the

reflecting achievement the $XXX all of expense of this down trend expect expected synergies end $XXX to QX, in third the million the level We by to quarter. communicated to million

I to take XX financials Slides for Slide but to forward QX, XX through XX. summary want provides you

earnings we investors in understand out help column. QX and impacts GAAP the non-operating Here, related far merger bank results resulting and right break core the to

driven provision. first the $XX with by QX results, merger our loss expense, a GAAP column of net with represents ACL initial The along million, entirely

column designation non-operating fair income for the led isolating This expense, reported is costs changes, amortization $XX QX in the the and value in earnings, an X reduction includes statement to mostly along resulting column operating third operating fair income. key of These in the are our income. non-operating included related earnings detailed adjusted GAAP to from value items in page day the merger to double bridge second accretion, The merger changes million then swings, then which CDI for the with count CECL million discount appendix. $XXX out of related non-interest

provision, earlier along be CDI commonly from for of clear have view month. day and in amortization the build merger million The $XX time. accounting, the column million value $XX X with substantial of the over million the for in initial to $XX count. merger again ACL will marks be one column, Also items the net a is from net impact the as will included capital we earnings which month, double one discussed CECL related referred discount accretion Now of this

column, these interest the significant purchase XX enable And introduced meaningful takes far view excluding our and earnings, amortization Columbia right environment also Again, capital the that rate the while earnings the us presents the we investors accounting to over which accounting expect power will amount to into adjustments to breaks time. purchase a produce the outside of marks. out components. This seeing reported of generation merger accretion accounting the and net Slide adjustments, bank

balance March the XX XX liquidity same income. that In accretion. just a for on sheet from an breaks we moving of highlight impact The Okay, ahead items. footnote, Slide on X.XX% Slide March net couple month the NIM, and accretion X.XX% month out held for on the more as interest the NIM and reported the for a but of excess had excluding does margins. XX the insignificant net income, basis the point impact interest was with

maturity are XX characteristics is Slide and fixed, repricing noting adjustable. XX% of and floating out XX% is breaks the loan XX% the portfolio,

We've provides our rate to to Combined of environments. balance sheet swap flows, out using bond reduce shock rate for combined portfolio sensitivity sensitivity, earlier, rates interest a this along like under the down Slide restructuring short-term environment, proactive including the with acts cash borrowings. discussed more with an measures potential view XX and declining a updated ramp both scenarios. taken bond wholesale locked

quarters You the few the can past down significantly. reduced here has trend risk our rates been see where over

calculated a combined And periods comparability. the for noted which cycle-to-date our calculate betas, over basis presented we on below, funding company are

month As X.XX%, of interest-bearing highlighting Notably, is of quarter, spot has rate stability. was rate deposits, of here the funds deposit portfolio March X.XX% the compared for to the first cost XX% in which increases. our of Fed interest-bearing quarter-end of the priced

I Frank. And will with that, call the to over now turn

Frank Namdar

Ron. you, Thank

value fair originations at Turning the of offset to loans growth was Slide XX, historical addition by as of the loan were new quarter's primary the nearly activity. driver Columbia the payment

added XX of first category, the during select production details our characteristics portfolio loan major details Slide surrounding quarter. with by

mix and where portfolio supports diversified debt of quality the geography. Our Average service applicable, value displays our is loan and, by to average of coverage loan portfolio the the and size granularity underwriting.

portfolio further Additional for detail Slide type. industry and industry our by collateral commercial is highlighting XX, provided diversification on our

an Let's our diversified little credit on is Slide by Like investor that in metrics. loans response granular on mix verticals, strong category. office exhibit provides our other overview of office focus a spend a increased to this time of asset portfolio portfolio XX, characterized which

the average of debt The the office portfolio of average XX% the is X.XX occupied is service loan non-owner value is approximately loan average times. to $X.X the Our of and million. coverage portfolio portion

located broad markets. our and in majority are Western suburban footprint across Properties are

of of balances portfolio. and have de loan have million, portfolio exceptional. overall at guarantee Past due loans office of very I've the office moving. to less a exposure metro place with We combined given XX% levels We remain of points XX and our remains our $X very basis downtown and non-accrual performance only outlined are limited characteristics a comfortable criticized and the X% the represent than total in portfolio core markets. our exposure minimis

million added build driven provision on, our credit reserve primarily Moving the Columbia provision of models. and $XX with million changes expense the booked majority million $XX as for PCD loan merger by historical highlights economic for part reflects using quarter's by forecasts loans. The in of the non-PCD XX $XX coverage category, the loans Slide remaining initial

Overall, overview for credit consolidated the XX to trends on trends discount notes are adds additional anticipated loss and our basis points, the outside Slide XX our credit an trend loans capacity. remaining absorbing credit the and FinPac charge-offs. provides our benign,

plateau delinquencies elevated in in Delinquency factors bands. remains in as and portfolio as FinPac centered the expectations charge-offs in reached the the this the drive delinquency sector later FinPac another charge-off we for activity space to this believe our have the quarter of roll continue supply-demand and of portfolio specific a out. area the through trucking in portfolio delinquencies These evens imbalance

as to or the We obligors other continue the characteristics given and to portfolio. view the have obviously isolated the FinPac we no these spillover trends unique of portfolio broader within to sectors witnessed commercial FinPac portfolio their

Though minimis Excluding they FinPac, charge-off did remains in activity bank balances changes ratios at classified represent not at increase, level. do a the any combined de viewing the when portfolio. asset classified asset notable

now will Chris. to the turn I call over

Chris Merrywell

Frank. you, Thank

up balance the portfolio the Shifting XX% the the deposit comprised Of the of in average of $XXX,XXX. quality the focus base balance portfolio. $XX,XXX. overall, of remaining highlights balances consumer non-interest account balances account at to at bearing make our average of deposits. Slide our with Commercial XX our with XX% XX% balances are accounts.

flexibility the our solutions seek the enhanced Management. on end ability with sweep collateralize averages. accounts just the peer of insured our uninsured, of offers At for the company they returns granular Wealth deposit customers multiple was The select lower and service, our quarter-end, portfolio provide deposit opportunities through These screening improve cash Columbia deposit XX% base. of stability products like to and our

throughout customers recently impact balances contraction an net and growth into Net in normal cash, quarter. customer reflects accounts of on organic funds opened deposit during Offsetting to of account basis, market was these new quarter the the our tightening. headwinds balances, liquidity expansion spending uses on continued in as inflation transferred the

continued also of our development franchise the throughout West. the We

merger the bring capabilities further have us closed, Utah, With other to and in relationships to we enables the company. deposit banking now which full

our this will We other organic will continue to We enhanced, invest geographies. in to believe long-term, growth throughout lead this and market opportunities.

systems products our and on growth success. complete, our core generating drives teams purpose. across services, the footprint, banking our and expanded balanced collaborative our And our within an communities support continued now invigorated our teams our have franchise. of Relationship With conversion for our for spirit focus broader expectations set

And now, back to Clint. you

Clint Stein

Chris. Thanks,

outlined capital quarters. coming XX. outlined, quickly And position the internal capital well targets. we and We is capitalized as to regulatory on above accrete Ron Our Slide in both remain threshold expect

our result utilized dividend a so one As the merger, of the Umpqua it adjusted timeline, we previously declaration to similar by have is that Holdings.

questions. is prepared now available answer to This comments. concludes team our The your

open please for Valerie, Q&A. call So, the

Operator

from of Our Thank you. [Operator line Davidson. the Rulis Instructions] first comes question of D.A. Jeff

is open. line Your

Jeff Rulis

good afternoon. Thanks,

Clint Stein

Good afternoon.

Jeff Rulis

you rate. that, appreciate the of as those all maybe in rattled go at I through you I'll -- that $XXX the go but ended deck, missed kind detail cost, guess the through million could to I air in I to to million start, again? $XXX guess you the step kind and repeat QX, first piece QX Ron, the you I expense of run through

Ron Farnsworth

place, I in end rate of reflected is the summarized in will QX. Yeah, million you run quarter, We've that There's at but well. $XX another mean, think $XX which our I within got be have for it month of March. included the million we the

about in page. annualized million end we again expense QX guidance noted right the that balance at trends QX QX additional to on with Slide second forward. we then the $XX which for ramp $XX note So, you that X, an And to end in those of $XX column far QX, And QX. annualized the we million to looking million that. side the achieve at end basis quarter, at we million the will the $XX million $XXX reflects million us outlook in will on additional put $XXX along the of then show the by for on level QX and the expect in amount talked gave

Jeff Rulis

capital, to Okay, you've question if on you. -- levels, I And those that's if guess expectations I about comment I jump one. just or then, guess, that I were to to great. your and Thank got I expect accrete of capital year-end kind quickly projections for and know don't

with look tools, other the deploying other capital buyback, the be, do as deal grows? would now, that closed that of two Question ways the at you

Ron Farnsworth

Hey, Jeff, it's Ron.

On very one, much. the first

XX it's where going the range of got of and in level moved those after, nature that. accretion to rates of in life. XX a This prepay will prior the last order on have given over the over instruments. a lot long have a forecast bps rates year go life a have acceleration year enough, measures year on across to various of the in course the and in you'd Also be last to the below interestingly into significantly just on of a separations real risk-based how following year see and that's build capital up year, the were be We the to long the

that. in So, a be would excited the accretion to capital That XX about quarterly bps ratios. XX

Clint Stein

do quickly and And generation the Jeff, math the capital just earnings Clint. of what I'll then the comments just company. mine about Ron's in pretty the and terms in reconcile of as this and you add that capabilities is adds can and you the accretion factor

buyback, this With year. respect to see I don't anything

through returns and sitting but would we amount appropriate we're too shareholders. make sure good also the run of of have entirety not cycle, stewards have that to think all keeping a that we'll would We'll capital target be next means, Ron the if quarters by that I fact just out favorable, long there market conditions occur. and building it hurts the that our flexibility discussion volatility in and are business capital our something let the Board And so with around that capital, that's long-term for the our then, have be any couple myself that ratios. to and all the stated, being our our of much

Jeff Rulis

one Okay, one thank Chris. for last you. And then, maybe

comment far? of kind the It's so deposit could April you that. the in on on of side, first Just part flows

expanding [stretch expectations through And your you you levels? tools guess you the into second, I (ph) can for of Thanks. the then, talked up] from year if X/XX about the end Utah. And think growth

Chris Merrywell

gate, I'm seeing us, early people on and April behind markets. clients coming getting out behind business. I prospects to that back We've with also the conversion at Tory are weeks. as that, Trends Sure. still are been us that though, launched and the deposit out we're Into well, good that's of see, know some couple own and promotion. for starting new our seeing is to requesting out into you're looking More the a of

I Now on business sign very at the as held opportunities for that's are funds multiple but going you this a have can't it's positive time, clients a that see conversations right they and, around, put certainly dollar are might looking at two, deposits one, retaining as that with existing amount to in, it the coming flow their new well with on elsewhere.

well, the the full-service Utah, attracting loan market quarter more states see about -- then, bankers all will dollar side, I actual we trouble that we across Again, amount. put I very the on exactly we always looking get, production good but sometime up would excited and come as other experienced we been and eight bringing having in amount of the don't be that, states. can't that. into loan that say, the we would going have would it And deposits certainly a to be drive on to should I on into able but have where what to offices the we're hit and be we're look and any to deposits which during to we've running expect on ground team, a Expanding

know, want Tory, add And you I to anything? don't do

Tory Nixon

Tory Nixon. is this Jeff,

a inside -- from relationships our Chris' outflow, at the of down a that's significant only commercial of is retail in payments and new the And customers activity and mostly balances on institutions. deposit add deposit I banking, bank to not are three consumer kind traditional from weeks I for funds, bit, prospecting, think that all. April, typical just the lot of point, funds first tax and just thing little for other would

really So, good of activity. a really, lot

Jeff Rulis

at, or putting a you you another I looking budget, balances, I your mindset? it in down up guess, X/XX deposit guess type the stable year-end, by in way, from are are

Tory Nixon

opportunity I do on think for we to all No, us Yeah. -- that. of balances company the great grow the a there really to and deck hands

We what C&I full and are drive for relationships that continuing those deposits, mean, with value and that core to comes relationships the is all company. fee I banking things income, focus on

Clint Stein

XXXX I'll that we've and to in And there There's appears and to for quarter. occur that to we Jeff, pre-COVID. of seasonal of -- of start and that half build add. the wildcard just patterns bit of kind it if positive throughout And second second back a go of a the since returned history the they the haven't late year, in flows deposit a lot the had prior company, you

mentioned we've So, that pattern. and to And will that activities the that return would the there in Tory addition seen and expect is behave in Chris, I seasonal past. as

then the from Fed the liquidity still removing system. But

I And industry that's there's so, still an yet there occur. to activity still some perspective, -- think from just of that

just And to existing prepared ability why deepen are along team's continuing seasoned you, I lines share the back "Yes, of conversations not win gets having. it teams, but our only relationships. remarks, we're and it's the to on to new X they and those new business bankers, optimism the our up my that's it's percent." market tell shared think take I So to hard that But the

think I our benefit so, sheet. balance the you'll a at those activities, macro what And level, see positive no matter to happens

Jeff Rulis

I it. Okay. appreciate

Operator

Thank you. moment One please.

line next from Feaster Raymond comes David of Our question of the James.

Your line is open.

David Feaster

good afternoon, Hey, everybody.

Clint Stein

David. afternoon, Good

David Feaster

I'm banking rate the versus on cost higher seasonality the migration some pay maybe just from how floating curious, you kind the utilizing just to or debt, talked is saw lot wealth cash side, you or on about more that customers the that conversion? the just deposit saw of, the the about the a retail versus you the And -- much commercial bit side? into whether curious turmoil I'm customers. if or failures a down staying talk that of you quarter, it's declining a in balances at flows could of function really existing Maybe of even

Ron Farnsworth

Dave, is this Ron.

the the utilizing X, over say of public deposit course ranging. that, bell crack depending it overall take story. on We talked me count a just effects at similar results wide the continuation a the right? between little we're consumer, it's year, did Page broker a at or QX, basis evenly the Stronger about if On the so combined the the similar -- that table pretty to seasonally upper-left were lay mix more pressure customer And when in commercial comparability we right? on it's from deposits it's we ex like purposes. for cetera. the et I the I'd out side, Let we QX kind on the or divestitures pretty side, changes traditionally last portfolio, overall -- side of bit change customer QX, in curve of the on standpoint. to looking balanced inflation level a and segment, QX, think as just commercial of look on But that consumer similar, like QX, the cash feels pool QT at quarter of for

Clint Stein

that David we've And was And that the even there bit investments mentioned averages similar on saw historical I'd probably are things away say we the because a available. of have options more and really activity we you this asked, you thing very nice that. in about packed into talked a larger But And now combination about and a than past. moving a is lot it's that. little

clients nature. looking of the into to or of immediately the all aren't that bill treasury something And move so,

are. they promos multiple we the have, issue available bankers for the insured to we've got tools With that's deposit needs that on that and us maximum have. sweeps flexibility -- based And clients' have I them, what the cash think the just solve gives our

David Feaster

growth growth curious the segments That the standpoint? obviously is good But How makes And right are pretty touching trending still sense. probably just -- side, I'm adjusted are? on loan growth. for you you seeing now. return? What market is maybe new your risk opportunities volatile from some loan demand have unique the yields Maybe -- how

how and about maybe increase growth some the just opportunities loan to outsized and growth run? in organic deal targets relationships, the given think that opportunities. curious Just short does bigger I'm support you

Tory Nixon

Nixon. is Tory this David,

in I a lot think you of summarized kind things of that question.

think the is go just company and I just or there's to to certainly that business, to all mean, banking a the estate markets there we're it's space, in of side, forward we commercial, I whether whether and lot of asked. what in, middle it's for consumer states serve ability I of great lot the capability. market the have described the it's opportunity in for you in small whether us real think just I a do mean

the to credit as combined customers hold to levels We've a customers, increase got certainly for company continue grow. opportunity expand they and facilities our as

leasing that Columbia wasn't -- available think will customer. opportunity for I mean think a on a the portfolio C&I for the -- I that's legacy organization typically I the bank. great be is customers we well very that have capability being very our received by

a to kind of all very be financial the in. opportunity see in to we markets strength lot -- great that we So and are us have of active

actually demand. it as is ability market Demand excited in the nine earlier, we've take in that there six to was little to we're loans. Clint's to And Pipeline not share is think marketplace but I'm grow certainly It's about nice I great months quarter, point see. is still the got same the in. all opportunity ago, from markets to a last bit to just And is up strong. a which the looks

David Feaster

to of are Okay. new segments expecting give that you And what are and good then, yields? risk-adjusted question that returns? still kind how kind loan drive growth And in just too, of

Tory Nixon

got on the maybe company. certainly Yes, opportunity in it dry And on we've X% of are I our serve ones range the powder I think just we they -- to yields, depends lot a the lot think able customers of little bring and into But and asset near class. and new higher. a

David Feaster

bank, pick new in to your have at look to you about existing the is in you looking the considering greedy future you hires to markets, you guess hires? talked at then, continuing expand Columbia just you I volatility? it on time are, And opportunities touched talent the this footprint with given further about new new footprints? both market and And already guys at new continuing Are great And done Okay. you thinking job primarily Umpqua, deepening but new expansion? if and hiring and franchise, the you are as already we've Utah. invest of off be is a and and the

Tory Nixon

So, this Chris doing talk things. consumer about is Tory, bit. let We're of again. about commercial, I'll talked all a I'll those

markets to Utah in We're hire looking the to talented hire looking we're markets. new recently. those markets that Colorado -- expanded in some and folks Arizona, the So, really we've into

hired have We talent.

We hired in have those markets. talent recently

continue and that. do talented rest a the we infill have story going to the will philosophy and talent We it. of great we got And to this I at company we've find mean, And bring continue that look into then to a when company, we're to people tell.

excited tell they opportunity markets the very the And very working of get this we about company. have have our excited. think obviously that in can here, we're bankers when future the we about You to and add opportunity

story. So, we the to continue tell

to forward. push broaden in We Southern I name continuing mean you hire continue California, expand and and people in the bank Idaho, and to Pacific Northern Northwest, it, the we're California, in

Chris Merrywell

looking is add Yeah. that at And we the David, the where to the states certainly we're on commercial have presence, what bringing I'd retail.

at what on them. companies also and say we're is been. states where we're well. bringing we're that those wealth we'll I raise the we've it think have offices when And into expanding production I mentioned, loan ready good the the always And and areas as for in fill bankers to that been opportunistic hands, eight their have -- both would that bring looking side that historically As of I small business

And about the and people so, sheet construction, Tory's still say for think excited opportunity described, be and are I Ron that there. out I echo to have plenty when comments would I that's of that. going you about the capabilities there's we as think balance

David Feaster

closing Yeah. the it. Thank you. deal. Congrats Appreciate on

Chris Merrywell

Thanks, David.

Operator

One you. Thank please. moment

Chris line of next comes KBW. the McGratty Our question from of

line is moment line moment. Your is One open. open. your McGratty, One Mr. please.

Wells Our of next Shaw the Fargo. line Jared from of comes question

is Your open. line

Jared Shaw

good Hey, afternoon.

Clint Stein

Good afternoon, Jared.

Jared Shaw

and some those banks specifically, step to Valley business you, more sure any been talk disruption of business are you on just commercial that in some just some that Maybe weakness. about more coming of Republic from opportunity, seeing markets of I'm opportunity for could specific a an in? lot in First of and not you those Hey. of some there's general of that And some you? to do staying see approach Maybe be lines of on when they said track those opportunities specialty Silicon banks the with customers areas, new clearly, focus those

Clint Stein

want is to anything to Yeah, answer it Jared, yes. off, then Chris if see Clint. it. kick I'll is add and Tory short and The this

talk in We have we our actually opportunities. got a diversification. granularity We and sheet, of slide seen We've of and lot diverse pretty you and portfolio balance a up and the deck you days saw the in Silicon about that both the see hours offering to can there failure. Valley's look leading and is sides

love don't won't compete have compete experienced is something do And there so and if we the I with it be. of opportunities. where necessarily our have. it. to think will in and we and for we all can extent But business, foundational our and very and that, crossover. We that's the crossover, We lot expertise in well And we company. we that we'll have diversification of opportunistic that when of certainly, the a for plan. there's we'll going that's be some not element we shifting But think bankers very But create terms strength focus, the in

add? to anything Tory,

Tory Nixon

want there's summarized and I what markets to really you've think in in that find exists stay and be I -- want it the mean to customers do opportunity the bank who the to -- we're historically I our part of we what or be do, and people people going or of well. continue to well, No, we've of customers all done exceptionally think who to bank. do part

Jared Shaw

forward? going X% bit bit exploring floor think needing Okay. CETX bring -- then, capital back of deployment high shifting enough? maybe Or think highlight And you sufficient that little Do to Good, that you a opportunities? Is up thanks. end is capital, little other getting you up on to maybe that target that a you before do X%. really

Ron Farnsworth

is this Yeah, [Chris] (ph), Ron.

X.X%. on our is think X%, we're and I target CETX long-term

And accretion expect of that there, year, say I earnings risk-based I'd the coming we'll both there XX%. companies heck, cost coming long-term, the through capital total over and on accretion we'll be off month. benefit is next again, -- So, around the the the target of build again ratio, the course cutting capital financial get accretion. just the together having

got four -- ratios, bank. both that's you all really the across parent So at look to and the

But default be significantly. wise, would then above not target long-term by X%. CETX yes, that so, And

Jared Shaw

Okay.

in last in sort feel raise that to or that So, you change don't of the of turmoil seen we've the need month? a that light

Ron Farnsworth

to long-term In quite is you have capital want blowing. are There be depending said, of might which bit where no. going I way generation Like terms the or on wind below a we're to above, targets, time. That's backed of of like mark the all the of billion majority was the the mark. vast by over government-to-government in rate $X.X related, of so agencies. -- billion that again, much mean, is on And bonds. I times $X.X

think for So, time. on capital to merger measure and investors of this say analysts CETX, a over the the reducing back accounting it's to on. impact of then but I focus state, lot know I'd the interesting that's accreting you ratio about our

though. is risk-based We In at got to ratios over to I'm other parent generally XX% is spot. as be sweet the also bank good well the capital, time where between look a around total targeting and

Clint Stein

synergies trying capital too us those And again is the they're -- from companies ratios primary to full a income rapidly. well cost for of think targets. still after walk challenge, history add we as any And getting those pretty And challenge grow both was long-term those power to can the do accretion That's coming get back you baked that ratio, the in pick we the think to you is always I north I far down it targets. get the how as years of earnings pre-merger keep in in. going the all

Jared Shaw

asset down from you as sheet then to the X%? do March just do where average the below end where earning a here, through of you at get guide, look the And X% me. When to -- -- -- balance back back finally we I cash we after Okay. guess, see percentage cash flowing a down of see going

Ron Farnsworth

of that assume we there guide, on we're maintain that Yeah, the cash. column making level elevated note we

Of to standpoint subject to going from lot with macro a course, overall be of deposit a that what is happens flows, cetera. et

equal be have -- being $X sitting we're balance range had to brought in sheet, billion, but So to that. of additional just else we all if billion at $X say $X $X.X billion if sheet sheet the liquidity and I'd off-balance somewhere done we'd on to on-balance we on billion not

probably that's better representation So of a that expect where I'd [indiscernible].

Clint Stein

near sheet decided to that and appropriate we flexibility a balance use was flexibility more and have little the cash just keep it we that during Yeah, on term.

Jared Shaw

understand. Yeah, I totally

Okay, thank you.

Ron Farnsworth

bet. You

Operator

Thank you. moment One please.

question line Matthew next the from comes of of Our Sandler. Clark Piper

is open. line Your

Matthew Clark

Hey, afternoon. good

Clint Stein

Good afternoon.

Matthew Clark

to just whether the what pay one you cash. down? first borrowings thoughts and for was not might me, from But what's how the The billion or might securities balance your fund to borrowings, around year, securities of -- are of use to it trend borrowings guess them $X $X billion and of I the on sell your -- the

Ron Farnsworth

strengthen you as about Chris over of Yeah. consolidation, activities sorry, course our heard conversion, it you Clint we're -- post going earlier. the couple deposit of the heard post quarters talk as Ideally, next to and see

plans no if time. over discount now lot And accrete that value structured. That's the reduce well very the discounted portfolio. we So, bonds on That's going to of those a books. investment keep to provide will

just So, fluctuate but the of deposit see plan the net loan and on opposite that'll then what wholesale flows. borrowings, we maintaining with as the

So, near stag. term, relatively

Matthew Clark

They're a there than out are not necessarily long the that took near the been to and not And then, close the But lot get $XXX much? line? some sooner identify additional cost you've term, be or with coming in but to make bottom the beyond how if could quantify thought. -- million? previously saves can cost you the -- Great. saves had have And merger of the Okay. the able time how and sure out. and you it $XXX above focus to whether may hit And so, million

Clint Stein

Clint. is this Matt, Yeah.

because in is overly fact, of past the spoken to have it's have, is. a the what confident up internal the that $XXX we that disclosed couple over our actually we year seem $XXX haven't we target We on million. that the if million done internal quarter, in third there's And haven't the is What delivering target. And reasons. number of we end internal identified by above

Chris investment to past since wage half wanted about. component spoke set other year One, with a target, maintain And inflation over and the the growing and we and then, that flexibility. that the our that pressure is of Tory we that's in franchise happened

wanted doesn't we going appropriate going things. investors. make to we that that, do still the net-net, to we're we So, those saves want cost that to million the make make investments. to to still promised sure $XXX We're or dilute that But XX.X% sure

So, could diluted investments to there other trickle is may It'll and beyond. that in a higher we internal somewhat It be identified. by make. elect fourth target. It's quarter

We will time at those occur. that talk about they the

in put as bank. we other there's of probably for we best areas the company of And a people we large we're of are heavy billion where where we the aspect job there redundancy. structure a can think longer-term and just that's two org $XX-plus setting think process terms -- areas a that really did the -- it also most I fine-tuning well, then But not But good pretty a of team And probably, our little know banks together. a and I efficient know or be. making

And that the years. 'XX, ongoing the type so that's and through as we you'll activities 'XX of in see then go

Matthew Clark

and entity comments pricing then, But can you markets. through the pricing mean when promotional may combined activities doing sounds I that March deposits. guys newer going stops it just you maybe in turmoil deposit legacy the like promotional pricing very together? obviously, particular with talk view you're outlook. the But And the the changed in have are little on also deposit your deposit may around COLB around some that a of bit philosophy raising rates? when in any now Just pricing Fed some came It forward? to wasn't outlook have Okay. your changed

Clint Stein

still we not That's the actually rates very in We approaches the doing have across all on that footprint. separately, say It's and would that pricing that were to promo Great nature. together, yes, there. And I similar Coming do of our new out just markets. exception some markets. things track Sure, same there. Matt. are we're existing question. It's

what -- of rates kind with for sets they really that at trying -- But the so real the we're to marker still options, do are money. with at what's negotiating that and need, looking us. where sets looking the And a clients

of previously, different mentioned I to that. so ways And as lots go about

and rates lag Fed lag. historically that, that's see and -- you'll to to the And maybe The that's both companies I well. as for deposit going tend some think slowing, think I

the of maybe I but caveat approaches getting that, as are it think going to we know the So of yes, start it, don't do. you near throw slowing, the what I'll in then peak always competitors

just we have to so, And discipline. our maintain

We stay touch in our understand clients have the with market. going to in and what's on

know, if don't Tory, I And to add want anything? you

Tory Nixon

valuable certainly, the we're and of a some to and that is lot explaining of and would it our very having our there's the is about has I thing base. customer earnings and price like Matt, the more great, is but in safety and company the that -- balance about a is stream cetera, security in add conversation, safety. I customer deposit et sheet lot, our which around clients, price the security with which the base, less it's only all conversation with conversations the been mean,

security -- I or a have CDARS. our of in safety his that we as it kind and take about But through around then valuable incredible money products product really Chris, think, create couple and talked ICS comments, are of we to

months. so And couple lot on last the that of we've a done

ICS on is we especially increased to $XXX deposits, million for commercial side. just reciprocal about million, which think the balances insurance $XXX probably I the

about a and a more of it's and we've lot safety got options less customers a about had I and price security. again, So, lot about of And and a little mean relationship conversations. for

Matthew Clark

one last just suggest housekeeping. me, And Okay. do use forward? you going rate, what we for Tax

Ron Farnsworth

XX%.

Matthew Clark

you. thank Okay,

Ron Farnsworth

You bet.

Operator

please. you. moment One Thank

of question of Terrell comes the next Andrew line Our from Stephens.

is line open. You

Andrew Terrell

Hey, good afternoon.

Clint Stein

afternoon. Good

Andrew Terrell

margin on the guidance. Clarification

X.XX% think in the noted basis I was margin March. on you GAAP a

to cash the your -- points about were to it borrowings XX the X.XX%, relatively assume similar margin excess at assume what for level? think basis and you In guidance, that. full stays year borrowings and you I a that Do cash? borrowing X.XX% do is about

Ron Farnsworth

full Yes, XX the included year reflect averages that and XX recognize fully with for those of we that, consistent the also will full effect number XX. combination also a assume not level months, of the but

balances. cash consistent maintaining So,

then I'd clarify item. And one

have of impact when the I but of talked not that on in March, the been impact about bps XX would excess So ballpark terms we the of brought to borrowing, but income, the at liquidity, month excess on insignificant the have referring the really X.XX% of was margin. we X.XX% interest

Andrew Terrell

Yes. Got it. Understood.

I Okay. side, And the help the can it of fee so for you $XX there's run million adjust fee several on income when looks guess was a core us here, moving moving income rate called the I or for core quarter. fee income forward? like kind items parts just that around out out operating expectations core given the

Ron Farnsworth

a excluding, We basis. didn't on provide I the change for on the the that, just stuff of can fair tell month noninterest $XX a month guide Yeah. type combined for again, March income, million, you was but value

Andrew Terrell

Okay.

-- That imply okay. makes yes, So sense.

Ron Farnsworth

You bet.

Andrew Terrell

on for questions. I just A here is of appreciate color couple the of the one last And presentation. me office. all XX on Page the

And in? there? at underwriting differs about For the list the and can properties from markets end listed of it those on than specifically of all what the are kind talk million, whether averages $XX you six larger that what spectrum as the the as greater are you

second that mark acquired mark similar was the greater a to of the deal on put to in portfolio, office part credit overall mark Or did transaction? the kind the the And is book? taken you office against allow the credit then,

Frank Namdar

is Frank, Officer. Credit This Yes. Chief

will. larger the criteria, And Puget the underwriting the of more very tranche centered but the the question, is steep. of if part much majority the is similar, Regarding first qualification in your would area, those you Sound really say, I in are

shock extremely We evaluate. relationship greater the know We we even deals to sensitize well. shock They've rate. So, extremely it of smaller degree a got some for sponsors got to to our of well. that we've vacancy it for

this say, point, will agreements leased all at they So, performing and well. are under fully are I leased lease

Andrew Terrell

the the a portfolio, And mark office you specifically, guess, a it mark, to then, Okay. the there credit allow did was mark deal just bifurcation? credit on office was put on to the on or larger the overall I similar book?

Ron Farnsworth

average ballpark I'd with to We data have portfolio, talked and overall the level. it. in again, CRE line this the the of the say But do supports about ability quality if we it's

Andrew Terrell

and congrats the deal. taking for closing Thanks the Okay. questions, on

Ron Farnsworth

you. Thank bet. You

Operator

moment you. Thank please. One

Preston. next question from comes the line of Brody Our

line is You open.

Brody Preston

everyone, good Thank you for good Hey, for you taking questions. or all. evening, afternoon the

the on that duration ask you rate sold, and you And then of guess, rate end securities on for to the I was marks? of the you what was at that the wanted $X.X the effective March, the more Just securities? the sold that billion purchased those what the securities

Ron Farnsworth

sold flows. Yes. This front-end we is off Ron. I'd so say again, cash --

So than extend a the to the duration on Again, the probably about purchases was we half overall longer a that. wanted year duration.

right? another towards bond half when a top have decline. So, of up this, effect rally saw -- week, longer with So X.X the following had wasn't the we in ended with tick it a actually the or in would at X.X, of you the and February week, right? markets an so did XX the yields was week you the first yield So, for dated, we week it bond March, just been -- first eye around the repurchases -- again, that were in and and and probably the

you So below, in -- above The bit book a were duration. sold just X.X%. overall, purchased probably a bit were difference mark the given the talked ones about was ones slight the

Brody Preston

-- Thank you your wanted underpin the NIM mix what beta what interest-bearing outlined the core And guide the expectations ask I but ask the have, are that? wanted on -- the guide what rate are, you assumptions -- NIB Got to and it. you I just that NIM to then that for that.

Ron Farnsworth

be insensitivity from continued closer later You in we'll model a our sensitivity out bet. beta the standpoint. working It'll -- that about talk slides, to

have probably on. on footnoted but slide that but we level XX% XX%, later than at not higher that So the --

assuming pricing increases. increase to because continued a So there's deposit just lag we're

Brody Preston

assumption static Got is mix that guidance? there a underpins NIM deposit And it. the

Ron Farnsworth

Relatively mix. in the But significant static, change -- sorry, in granted earlier, just the talked we here overall about here example, a in in DDA not December mix, -- for of terms April. are up overall

Brody Preston

then on was that the have of do have you for sense you basis And on XX it. how in rate? chart guess versus Got drag margin that you the that mix a point deposits, -- the have waterfall there, much I for

Ron Farnsworth

was Well, a the Holdings. combined stand-alone Holdings the of for of reported I think month in for also quarter. got stand-alone terms company of this waterfall, the and Umpqua one The you've two prior reported the the effect QX amount QX -- Umpqua first months was amount

that good chunk got that from an driving standpoint. a you've So of mix really overall

Brody Preston

Okay. Understood.

Ron Farnsworth

a next make you sense more lot It'll for quarter.

Brody Preston

versus a what current you yields the that wanted loans less in origination are to current ask what for the loans maturing I the Yes. the on bucket, billion. is the are? fixed, months those six than $X.X Do yield on have sense

Ron Farnsworth

Speakers] mean, I up. from to Yeah. dated move the loans [Multiple those prior are be going to

yields. earlier call So which X for to range about well it's be be the new loan talked it, the, highest, in below mid-Xs to going going to Tory at what is

Brody Preston

we hedges Got all modeling? you have place for the need NII in portfolio any it. And on do think to loan that about

Ron Farnsworth

balance the but on customer the using instruments approach balance our We've taken sheet. swaps, on are sheet. back-to-back of the within portfolio. have We Not offsetting do those

sensitivity use in the the short-term to about here, help this case, we're really with of portfolio, talked along borrowings Specifically our improve position about the we rate bond talking interest earlier.

Brody Preston

one could ask then of that growth I wanted like portfolio, it. a is but X.XX% charge-off What earlier book? I loan kind ratio, the looks a think much forward? loan know for this piece know ratio net outlook tough portfolio sorry if smaller about then say, through and the charge-off the it's FinPac But overall for cycle on you portfolio the missed it's going now. us And what help to one peak annualized last to just of Got I I that it. I'm just for me. two And you questions. mentioned

Tory Nixon

weigh our makes mean, of the This half The are within over the and customers. on leasing It's growth the wants $XX and XXXX. about we is is first up portfolio vendor businesses. that's small And it. in can I'll space XX% all, And about million portfolio. combined evenly outlook piece. business bank Frank charge-off he between have a and a the for the $XXX if which side, course talk is traditional those I growth of a those FinPac Tory. then distributed three million for ticket, different of then about of Each businesses. X portfolio commercial of the somewhere FinPac

So at nothing moving significant up a little but all.

do Frank, talk about... you want to

Frank Namdar

Generally, we and the portfolio, charge-off. typically we look are of the find FinPac those at the tracking. XX% approximately Yes. the those numbers what generally, nonaccruals within nonaccrual preceding of And how roll quarter,

would I be be X%. X%. the of that over north will think if it of I peaks surprised top it And

Brody Preston

Or as follow-up the sneak it. when I if could look very portfolio underwriting? do finance underwrite? stuff that. across other helpful. guess guess loans equipment kind it's of Got similar the the And -- think do on of FinPac you a rest I type banks other the just you to also you underwriting you space, from That's that one relative view view it the that Do are and I fairly of to banks what you're as different mix equipment

Frank Namdar

tiny these specialized It's different. are are They -- FinPac, risk, loans. higher the ticket to respect lending. They high-yielding. with are classic It's

they're we're So you surprised. that's not equipment why and do company, at, low, market, a that's existing most -- also finance you well. have when why typically Typically, as losses equipment not say companies business loss which numbers operation. but extremely where see middle the have. tiny are They're extremely low-yielding leasing small-ticket those if we also all, at it's ticket And finance

leasing specialized is So it business. a of more

Brody Preston

That's Got everyone. much my it. I very for very helpful. it. you Thank taking appreciate questions,

Operator

Thank please. you. moment One

of question Brandon King comes the Truist. Our from of next line

Your open. is line

Brandon King

Hey, good afternoon.

Clint Stein

afternoon. Good

Brandon King

know estimation but Just now? XX% a has the that merger lot of But we tangible one target a for the with as me. of changed was on announced. return for equity the long-term NIM, I kind should since company was about question And common the think

Ron Farnsworth

include our of common of this a Well, compared XX% is date. Page equity, I expectations And announcement of that, again as original XX% lot kind on tangible updated on by of just also now the the driven did accretion, say terms X in with this, return to plus. we

to that. definition long of term -- over the mid-teens banks years, back Longer just targets. we on depends beyond going but it XX-year career, just make somewhere guess Columbia, pretty a I term about think and good term not in the for I So the seem for regional next that, general, for of feel long specific the for long-term couple that to in sense

Brandon King

answering had. questions. you That's all Okay. I my for Thank

Clint Stein

you. Thank

Operator

Thank you. One moment please.

line question next RBC. Jon of Our comes Arfstrom the of from

open. line Your is

Jon Arfstrom

Hey, good afternoon, everyone.

Clint Stein

Jon. Hey,

Jon Arfstrom

Hey.

Just a few follow-ups.

Just on Moody's impact credit provision, clean. but seems the focusing on the a credit. understand out bit I

to have just reserves in high from assume safe from drive marks. us here? would minimal You Is our provisions here? Or it for provision what

Ron Farnsworth

of course, real provisions. key change, is CECL you'll those charge-offs. economic This a So in Ron. What I'd will of will as right? with be from happening the the what's say provision, But what forecast, see standpoint the changes is drive

over That vast elevated And transportation small couple quarters portfolio, we're we're portfolio. so not the continue majority of seeing type bit. here last owner-operator to just -- FinPac for will seen we've levels of rest migration business. of with that for the the And a any specific which the the is

Moody's we or So provisions change. forecast forecast is solely time, economic off of they I based see to baseline consensus think how be what over with the going specific to economic

Jon Arfstrom

That's That's helpful. Okay. good.

talking office you're in from in what Just bullet some where in suburban The of stats see? one any last the That give you those central abnormal your you different terms business district follow-up is that seeing that you're of and what are on minds? office. portfolio, that of of normally any about, stats

Clint Stein

to typical would I Pretty expected to see. not. what they're have No, as

Jon Arfstrom

Okay. know a message, Good. to that Slide want but I just clarify the Is to asset QX QX. QX to average I that? have just earning lot then Ron, right I do it that I sounds when I way The to the guess And a XX, sure question, math, it other like going assets this one, that. read look and want right. make suggests like simple are the earning I

Ron Farnsworth

picture, Yeah, conversion one, Are the And big done? did name just Thank is. last how go? That And then you. the okay. Clint, for changes you.

Clint Stein

presence market the -- any legacy to or And The then so name markets separately -- signs by -- where -- drive and We hesitate area Bank Portland, a both branding both you like the a changes if -- make that mismatch Puget don't to of those now the had that are signs I done. are particular market There's that in the like reason had even there's in we sure locations -- Sound is re-sign. like we well, XXX matches. because Columbia things. have former where bagged we -- right most a we want branch, want significant are --

a that's But you the Umpqua formerly that Bank, when one Bank. summertime do So by locations said project. says of drive Columbia it now

been building I first in of here our the the first branch Our week. has done, think, was that's fully rebranded, headquarters floor

side has well. I very So it, of gone think, that

bond hour and this mid-quarter his comments. we think portfolio, so say that's prepared about of about you with I'll in prepared when a in hardly lengthy talking these don't how anybody combination. accomplished I bond even when about it I was this think even if has the of assembled made I'm excitable right to But call, he's pretty remembers organizationally an XX I been during and ear and what contain portfolio know minutes ago referenced but that's really team kind if we've of I I And in the not this mentioned mean, are how transformative then to M&A when about those first two -- remarks, an could having of of merger themselves, kind a go. detail -- remarks, ear, already transactions his person, I What just and quarter, level divestiture and that separate excitement. projects, Ron he conversion, closing now, many And the the my

after along you a two convert And way, weeks the systems. half and it, close the you

and about And so took talent we it. that that off, it I pull think the did to

we utilizing great. say think an platforms. go-forward of disingenuous be if converted loving I third the the everything first employee I'd the But functionality wasn't day trying didn't all the man, the It's as have. e-mail I myself out like our my working company. current was. heck I'm so by And after was I that to about day, I that figure where enhanced

think more of that. at app platforms, a step they're the utilizing when And not all perspective, I like mobile on anything home is or personal level, go-forward it from our if Zelle importantly, back working I night, then, and banking and go customer's my or wife And complaining of a about great.

view of monitored. couple high-level kind that a just So points we've of of

very lot of some success larger clients of then, stories. complex middle a lot had market just conversations we've our a And with and of

So I an the A+. A-. was even somebody themselves IMO I A, maybe team, an telling solid our think this they -- day, I give them gave a other

Now for mean the that doesn't outlook for and some went optimism out, market why still and take of minutes. we've things the there's the all there it the about around overall, last that's the pipelines hour share aren't just XX the ability And in to year, flight. are But that that of great. things the building, talked rest go those

Jon Arfstrom

deck. great there. helpful. for Appreciate of the detail it. And That's Lot thanks on Okay. good

Clint Stein

work Bohlen. That's of the fine Jackie

Operator

time. closing Thank call further over showing Bohlen any back the Jackie you. turn this for at no I'm questions to I remarks.

Jackie Bohlen

for Valerie. on conclude Please joining me material. today's discussed me. Thank clarification call. our earnings you, would any excuse Please us or Goodbye. you Thank on the in you like call. contact if of today -- our will This provided items

Operator

Ladies Thank all this does and participating. you Thank today's you. conclude gentlemen, conference. for

a You day. may disconnect. Have great now

Columbia Banking System (COLB) 26 Apr 232023 Q1 Earnings call transcript