Q4 2021 Columbia Banking System Inc Earnings Call

January 20, 2022

Ladies and gentlemen, thank you for standing by welcome to the Columbia Bank systems fourth quarter and full year 2021 earnings conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will be given at that time if.

If you are on the telephone and should require assistance during the conference. Please press Star Zero as a reminder, this conference is being recorded I would now like to turn the call over to your host today, Clint Stein, President and Chief Executive Officer of Columbia Bank system.

Thank you Catherine welcome and good afternoon, everyone and thank you for joining us on today's call as we review our fourth quarter and full year 2021 results, which we released yesterday after the market close.

The earnings release, and accompanying Investor presentation are available Columbia Bank Dot com.

2021 was another record year for Columbia in terms of loan production balance sheet growth wealth management fees and earnings for the first time in our history net income exceeded $200 million.

Asset surpassed 20 billion and $2 billion of new loan originations were generated outside of the PPP program.

We closed the bank of Commerce Holdings acquisition on October one and.

And on October 12th announced our pending combination with Umpqua holdings.

The <unk> integration is progressing as planned and will conclude during the current quarter.

A constant theme on every earnings call over the past two years has been our commitment to remain open and laser focused on helping our clients keep pace with the changes affecting their lives and businesses.

Efforts to which our bankers have gone to support each other and our communities has been impressive.

And it's typical of who we are working to build strong relationships being innovative and growing our people is the bedrock of our culture.

It was in place long before COVID-19 has guided our operations throughout the pandemic and it will continue to propel us as we work to meet new challenges and grow.

So we transformed from a $21 billion company into the leading regional bank in the West I want to thank all of our bankers for their dedication to keeping relationships with clients and each other at the forefront.

We will continue to work hard for each other our communities and our shareholders.

On the call with me today are Aaron Deer, our Chief Financial Officer, Chris Mary well, Chief operating officer and Andy.

Andy Mcdonald, our Chief Credit Officer.

Following our prepared remarks, we'll be happy to answer your questions.

I do need to remind you that we may make forward looking statements during the call for further information on forward looking comments, please refer to either our earnings release or website or our SEC filings.

This point I'd like to turn the call over to Aaron.

Thank you cliff.

Full year net income of $203 million and EPS of $2 78 included a full quarter of earnings from our merchants acquisition of approximately $4 3 million. Our performance was a reflection of strong growth in loans deposits and fee income combined with prudent spending in strategic investment excluding costs related to.

The merchant acquisition and Umpqua combination of $14 5 million pretax pre provision income was a record $282 million exceeding the prior record set in 2020 by $12 million.

Fourth quarter earnings of $42 9 million and EPS of <unk> 65.

The linked quarter decrease of $10 1 million 19, respectively, mostly due to the day two provision for the merchants loan portfolio quarterly pre tax pre provision earnings declined by $1 9 million to $66 $7 million with the decrease attributed to $9 6 million of higher merger related costs and $6 3 million.

Less interest income from the PPP portfolio, partly offset by the full quarter earnings for merchants operations.

Total deposits exceeded $18 billion at year end up $2 1 billion from September 30, and $4 1 billion over the past year. The merchants acquisition contributed $1 7 billion for the sequential increase in our cost of deposits held steady at an all time low of just four basis points for both the quarter and the year. This was.

From seven basis points for all of 2020.

The merchants acquisition added over $800 million of liquidity to the balance sheet propelling the investment portfolio to $8 1 billion with 27% held to maturity and 73% available for sale as of year end.

The securities investment yield increased on a linked quarter basis from 182% to $1, 98%. However, both quarters benefited from the prepayment of interest absent the investment securities yield remained level at $1 73.

Currently new purchases during the quarter had an average yield above this level at 193 and a duration of four five years.

The net interest margin decreased 12 basis points on a linked quarter basis to 3.05%, mostly due to a decrease in the loan yield was driven by a reduction in accelerated PPP fees and partly offset by higher yields on securities due to prepayments interest, excluding PPP fees and prepaid interests the net <unk>.

Margin declined one basis point to 299 the.

The impact to margin from the merchants acquisition was de Minimis.

For the year net interest.

For the year, the net interest margin decreased by 48 basis points due to reductions in loan and investment yields a 30 bps from 42 bps, respectively, as well as greater liquidity on the balance sheet PPP loans added eight basis points to the margin in 2021, driven by $19 million of accelerated fee.

As loans were forgiven.

This compares to 2020, when PPP loans negatively impacted the margin by two basis points with only $6 million of accelerated fee recognition.

We believe our balance sheet is very well positioned for prospective rise in interest rates given our cost of sensitivity, we see significant opportunity in terms of improving yields as the fed begins to normalize monetary policy.

Currently 2 billion of loans within the portfolio were at their floor, and we anticipate $658 million to increase with a single 25 basis point rate hike. Meanwhile, our deposit costs remain among the lowest in the industry.

Total loans rose by $1 1 billion during the quarter to $10 6 billion with $1 billion coming for merchants adjusting for PPP forgiveness, and Dave one merchant balances loans increased $228 million or 9% annualized.

New loan production was brought on at an average tax adjusted coupon rate of $3 57, which compares to the overall portfolio, excluding PPP loans of $3 78.

Noninterest income increased 282000 on a linked quarter basis to $24 2 billion with 776000 per merchant for.

For the year noninterest income decreased by <unk>.

$10 $4 million, but when adjusted for the visa B share gain of $16 4 million realized in the second quarter of 2020, it rose by $6 million on the strength of card revenues financial services and trust income.

Noninterest expense increased $12 6 million on a linked quarter basis to $102 6 million and included $6 4 million of new run rate expenses for merchants and an increase in acquisition and merger expenses of $9 6 million offset by a $2 million recapture for unfunded loan commitments.

Our noninterest expense ratio declined to 197% for the quarter and our operating efficiency ratio decreased three points to 51%.

With the addition of merchants, we expect our quarterly noninterest expense run rate to be in the mid <unk> range in 2022, excluding deal costs.

We could start the year, a little higher given the seasonal factors and without the benefit of the merchant system conversion planned for late this quarter.

The provision for income taxes was down slightly linked quarter to $13 1 million, representing a 23, 4% effective rate.

The higher rate stems from certain non deductible merger cost income earned in California, and other factors that true up our full year effective rate to 29%. We expect our 2022 effective rate to be similar to 2021 rate and with that I'll turn the call over to Chris.

Thank you Erin we had strong core loan growth in the fourth quarter powered by record production, excluding PPP loans quarterly production of $640 million was a new all time fourth quarter high for probably full year production to $2 billion for the first time in Colombia history.

Normal seasonality provided a bit of a headwind during the quarter with line utilization falling to 43% and we continue to refill our pipelines and there remains to our satisfaction.

Loans ended the year at $10 6 billion, which was up $1 1 billion or 12% and excluding the PPP portfolio up $1 3 billion or 14% during the quarter with $1 billion attributed for merchants.

Growth in CRE led the way during the quarter with $307 million of production predominantly.

With rental and leasing properties, followed by C&I production of 199 million spread across all sectors.

During the quarter the mortgage team originated and sold $75 million of loans with the mix, 30% purchase and 70% Refis.

For all of 2021 $353 million of mortgages were originated and sold.

The quarterly production mix was 62% fixed 29% floating and 9% variable.

The overall portfolio now stands at 2% PPP 50.

53% non PPP fixed 30% floating at 15% variable.

PPP loans were $184 million at the end of the year and merchants added 40 million with overall payoffs during the quarter of $171 million.

At year end deferred fees related to the PPP portfolio totaled $3 8 million.

With the addition, with the addition of merchants the geographic loan distribution is now 45% Washington.

31% for again.

12%, California, and 5%, Idaho with the remaining 7%.

Other states.

We rose to number one SBA position in the Seattle District, and are now the leading SBA lender in both the Seattle and Portland districts.

Going forward, we have our sights set on being the leading SBA lender in all of the communities we serve.

As was mentioned deposits grew by $2 1 billion during the quarter with $1 7 billion for merchants.

Deposit mix did not change remaining at 60% business and 40% consumer at year end.

Product mix shifted slightly from 50, 50% to 49% demand and 51% interest bearing.

Clint mentioned the record setting year that our wealth management group had nearly $16 million in revenue. This has been the culmination of years of building internal partnerships and our focus on deepening existing client relationships and we are very pleased with the progress now I'll turn the call over to Andy review, our credit performance.

Thank you Chris the primary driver of the increase of $12 8 million in the allowance for credit losses over the quarter to $155 6 million is the increase in the loan portfolio from the merchant bank of Commerce acquisition.

A day one allowance for credit losses were $2 6 million was added for purchase credit deteriorated loans in the acquired portfolio and a $16 2 million provision was added for the remaining book.

These additions were partially offset by a more favorable economic forecast and improvement in the credit quality of the overall portfolio.

The IHS market.

Economic forecast is more favorable than last quarter, particularly with respect to unemployment, which is a major driver for the model.

Last quarter, the unemployment rate was expected to end 2021, 5%.

And remain above pre pandemic levels through the end of 2022.

The current forecast assumes the unemployment rate in 2021 at four 4% and remains at or below pre pandemic levels throughout the forecast period.

The current forecast for GDP continues to be healthy with.

With a full year GDP growth expectation for 2021 remaining the same as the forecast last quarter at five 7%.

And growth expectations for 2022, only slightly lower than the forecast last quarter at four 3%.

Despite the continuing challenges the pandemic has been causing our borrowers have been able to adapt to this new environment and have shown great resilience.

<unk> for the quarter improved two basis points to 11 days this quarter and.

Past due loans were only seven basis points.

Net charge offs annualized were 13 basis points and our parent capital ratio improved from 26 to 21, 7%.

We are continuing to see credit quality improve across the whole portfolio.

And on the risk rating front loans rated watch or worse decline from 724 million to $626 million.

Yeah.

Okay.

Thanks, Andy.

This concludes our prepared comments as a reminder, Andy Chris and Erin are with me to answer your questions and now Catherine let's open the call for Q&A.

Thank you to ask a question you will need to press star one on your telephone.

Your question press the pound key.

And again, if you would like to ask a question press Star one.

Question comes from Jeff Lewis with D. A Davidson your line is open.

Thanks, Good morning.

Good morning, Jeff.

Maybe I'll just start with not to make a big deal out of this but.

The lending team announcement that you had this week I think it is.

A pretty good proxy for groups that at least was aware of the pending merger with <unk> I guess, maybe the timing of those discussions where did you as you engage with those folks prior to the.

Merger and then secondly, just.

There maybe kind of talk about there.

Attraction to the platform given the merger and how they.

Their confidence kind of going forward is if you could.

Yes, I'll share with you what I can in terms of timing.

It was.

Post post announcement.

And I think it's back to some of the things that that.

We feel.

And you've probably heard from.

Courtney.

Tory the last dollar is that.

What we're creating is a franchise that hasn't existed in the northwest for 25 or 30 years.

And for C&I bankers.

<unk>.

They want to be in an organization, where they know that theyre going to be able to meet the needs of their existing needs of their clients, but also grow the relationship as those businesses grow and.

And I think that they saw.

First what our capabilities are today on a standalone basis.

As well as as the information we put out with respect to the combination with AMCOL and they got excited by it and <unk>.

Started the conversation.

They've hit the ground running.

There is.

Not to share any numbers with you but.

And I was.

Pleasantly surprised by what they have in flight right now they are keeping A&D busy keeping them off the ski slopes.

So that's one aspect of it but I also want to share with you that that we've done some other things.

We added a physical presence in the Phoenix market for our National Health care platform, and we think thats going to be very complimentary post close to the things that.

Plaza doing with the announcements they've made and hires in that market will be able to hold that.

And have a more comprehensive.

Offering in that market. There's other markets that we're also very actively engaged in conversations and.

Looking at.

Other teams that want to be a part of what we're doing so more to come on that on that later, but.

I do think it's a.

I think it's a testament to.

Sure.

People that are in our markets that are familiar with both of our organizations Colombia.

And they see.

Back to to comment that I've said many times.

Is that we are more similar than what the market perception has been.

Sure.

Good perspective I appreciate it.

Just to shift gears maybe.

Maybe.

Aaron a bit on the expenses.

Any chance you could sort of lay out how the how that mapped in the income statement, where the merger costs were assuming legal.

Data processing comp, but any chance you could kind of.

Discuss where those came from on the merger cost.

Break that down for you and I think we've said in the press release that breaks down between the two deals with other totaled 11 877 is related to the merchants and the $4 one is <unk>.

Line item it works out too.

At $4 9 million is in the comp and benefits line.

The 300000 as occupancy another 300000 is in.

Data processing and software.

$5 6 million, both legal and professional.

100000 advertising and promotion and then about 600000 in the other category.

Got it.

And then just a follow on to your <unk> Guide you mentioned.

Looking for it.

Mid nineties run rate on a quarterly basis.

Yes.

<unk>.

Transaction, maybe a little higher in the first quarter, so you've kind of talked about.

Expectations for 'twenty, two I think.

Think about growth rates I think that sets us.

But if we think about cost savings into 'twenty, three that target of $135 million.

What would you peg that underlying.

Expense growth rate in 'twenty, three I know, we're getting way out there but.

Safe to assume there'll be some creep on a baseline.

The.

Targeted cost saves.

I guess, we're kind of mixing.

Standalone and combined they're but the.

I think that.

And you've probably heard bond make similar comments on an earlier call, but we're very comfortable with the expense savings targets that we've laid out.

Certainly expenses all else equal are likely to trend higher as a result of both.

The inflationary pressures that we're obviously well aware of and have been enduring.

As well as the investments in the business that we intend to be making on a go forward basis. So.

So there is an element of expense growth in that but.

We're.

Our internal targets for what we can achieve.

Better than what we've laid out in terms of the expense save guidance in the in the <unk>.

<unk> announcement.

In jeopardy.

This is Chris and I'll add some color to that.

At the beginning of this year.

We increased our starting wage to $18 an hour for our Nonexempt teams and as part of that process and you've been with US a long time, you've heard of how we offset and we're always looking for how we can cover that additional expense and we were able to find that offset through.

Some of the financial things that we had and so we feel really confident that we've covered that increase to our to our starting wage in it.

Won't show up in our ongoing run rate.

Okay.

Appreciate the detail there.

Thank you I'll step back.

Thank you and our next question comes from Matthew Clark with Piper Sandler Your line is open.

Hey, good morning, guys.

Hey, Matt.

Maybe just sticking with expenses.

Flipping to know the amount of cost saves that you've realized to date and the bank of commerce deal and what's left.

The.

I'll follow up with them.

We're tracking right in line with what with what wed expect in.

In fact, I think we might actually be a little bit ahead of what we're expecting.

So we're in good shape, but I don't have that number right in front of me at the moment ultimately to try to pull it up before the call.

Okay and then just.

You may have hit this during your prepared comments and I apologize if you did but on.

On the.

Better than expected cost control this quarter.

Ex merger charges held in a lot better than expected.

Can you speak to anything unusual I know you guided for the upcoming quarter and the outlook, but anything.

Unusual this quarter.

I think it is.

We had the $2 million benefit from a negative provision in the quarter I think that might be what.

What's your.

What youre thinking out there.

Nothing above and beyond that though.

No.

Okay.

Okay, and then on the commercial real estate growth stepped up meaningfully this quarter.

Can you.

Speak to the underlying properties you guys are financing and where you are where you're sourcing the growth from in terms of customers whether existing or new.

Yes, Matt it's a combination of both and it's not straying from anything that we have typically done.

Looking at owner user.

As well as other types of projects that are out there as well, but nothing that falls out.

Moving away from our historic portfolio in what we would normally do but I will say there is a good mix.

Existing clients as well as <unk>.

Due to our approach we continue to attract new clients from other institutions.

That's got a really positive outlook as we go forward.

Okay, and then just on the loan pipeline, if you could quantify it and how it compares to last quarter of year over year.

We're still very pleased with it of course, it's down slightly after a record quarter as we had previous record quarters I think.

The piece there is while it's down slightly.

We have all the confidence with what we've talked about previously of new teams coming on and just the focus of our bankers have been external out in the market talking to our clients talking to prospects that we'll rebuild that.

Prospects are good for this year by all means.

Okay. Thank you.

Yes.

Thank you and our next question comes from David Feaster with Raymond James Your line is open.

Hey, good morning, everybody.

Hi, David.

Just wanted to start on the growth side, I mean growth exceeded forecast record originations digging into the numbers it almost looks a little bit better when looking at EBIT.

Awesome Paydowns were pretty materially higher just curious whether there's just some noise in the payoffs and paydowns lives on a bundled deal.

Normal season seasonal activity at the year end or whether there are any other trends youre seeing and just kind of taking this into account with the improving origination activity less loan participations.

Given the combination with Umpqua does this imply that we could actually see potentially accelerating growth.

Just given the continued strong originations and normalized payoffs.

Yes, there is a lot in there David.

Yeah.

I would say to try to pull it apart a little bit.

<unk> been very pleased with the activity from our merchants or I should say the lack of payoff activity.

The process that we went through and retaining the teams retaining.

Randy at slick.

His leadership down there we've held onto.

So the clients many of them are excited about the opportunity to be with the larger organization.

Be able to take care of their needs. If you don't have to look anywhere else and that's only going to get enhanced when we move forward with with the <unk> combination.

Now, bringing it back more to some of our legacy piece of it we.

We did have we did have a fair amount of payoffs and pay downs during the during the quarter of <unk>.

Some CRE types of transactions that building sold things of that nature.

Obviously as you mentioned the good news is the teams are active and they're out in the originations are more than offsetting that.

No I think rising interest rates, so, let's say materialize, we could start to see payoffs paydowns be somewhat muted.

I would say, though that I'm cautious on businesses will still sell properties will still sell and things of that nature. So.

I think all signs are pointing in the right direction. We just have some we have a little ways to go before we see how it actually materializes.

Okay.

That makes sense and then just touching on deposits organic deposit growth has remained extremely strong just curious how you think about deposit growth as we go forward do you think loan growth might start outpacing deposit growth as we head into next year or just <unk>.

Given the increasing contribution from C&I would you perhaps be outside deposit growth.

Yes deposit growth as is.

It's one that we've we spent a lot of time looking at.

I would love to tell you we have the exact crystal ball that we can predict what's going to happen.

I think the story there really is we've attracted the deposits we've attracted new clients, we haven't changed our philosophy about how we price. So we're winning these relationships in these deposits based on our capabilities based on our bankers and the relationships in.

The solutions that they're providing.

I think that puts us in a really good position should rates start to rise that will.

We will be able to maintain kind of our historical.

Cost of funds, we had of how we follow that up.

But I think that what was really in there is we have a lot of liquidity and we'll be very mindful as we start to see where the flows go from money being spent.

Caution that all of the money being spent is staying in the system and it comes right back around into another clients accounts typically.

But more importantly, I'm going to point you back to our bankers are winning business and that's bringing on new relationships.

And many of them are significant and so thats going to be a piece that if we started to see some deposits leave I'm pretty confident we're going to continue to win that type of business and it should be able to offset it.

All things being equal.

That's where I would look at that aspect.

And I'll, just David I will just add.

With all of the deposit growth that we've had in.

The last two years.

<unk>.

We've done that and it hasn't changed what I think has some structural advantages that we have in our deposit base.

Roughly half noninterest bearing.

60%.

<unk>.

Already in it.

<unk>.

We had for 2021.

Another strong year of deposit growth.

At four basis points for our cost of funds and so I think that that that quality high quality deposit franchise that we've been known for for a very long period of time.

It's it's actually been strengthened and not diluted by the growth.

<unk>.

So it's a good first first world problem for us to have which is how do we deploy that liquidity.

Because it has.

Outstrip loan growth and so we'll see.

A lot of activity going on.

I think Chris is.

Turning to contain his excitement about.

The economic activity in our existing markets and then the.

The focus that we have.

With our Umpqua combination and.

<unk>.

The momentum that we still have each as as separate companies.

And our strategy around having the integration management office.

Insulate our client facing bankers from all the integration activities I think we've seen that play out over the last three months and I think we're going to see that momentum continue to carry.

Well into 2022.

2023.

That's a really good point and kind of dovetails into my last question I was hoping to get kind of an update on how the update.

On how the Umpqua merger.

Touches are going on just whether I was hoping you could provide us with a little bit of color and detail around the grades.

Is it just some of the things that that team is working on currently to help ensure a smooth integration and again like you said preventative instruction on the producer side.

Yes.

So.

Chris was in my office before the call and we were talking about.

And existing.

Client relationship.

That wants to expand what they do with us significantly.

In anticipation of of of our combination with <unk>.

We also had another conversation about.

Some some production teams.

Eric Guide comes into my office and he's talking about.

Vendor selection.

The process for that.

The redundant facilities or the excess facility space that we have.

Something.

Even our <unk>.

<unk> system, which sounds like it's.

It's not just payroll it's how we.

Train and develop our people and the integration throughout our company and so thinking about.

The employee experience as we go through the integration. So Chris is very focused on the client piece and others to hold the whole executive team, but I'm, just giving you. Some illustrative examples of the types of things that they're working on and how they are staying.

I guess staying in their lane and executing on that vision of insulating the client facing.

Bankers.

From any from any distraction.

There's a lot of activity around planning towards that day, one close.

And.

Converging processes and policies and all of those discussions are taking place.

Chris.

And then on the Umpqua from the Umpqua teen Tory, they're not totally.

Related from this they do sit on the steering committee that we have.

And so so.

So, they're they're involved but theyre not consumed by it I.

I will tell you that Eric and his counterpart at Umpqua drew they are consumed by integration planning activities right now.

Okay, that's great color thanks, everybody.

Thank you and we have a question from John <unk>.

RBC capital markets. Your line is open.

Hi, there John <unk> from RBC.

Are you doing.

Good how are you John good June .

Question for you Aaron just on the margin.

In the release.

It feels like Youre almost optimistic on the.

Outlook for the margin or at least less pessimistic.

Net rates aside how do you feel about just the prospect of margin stabilization and some of the puts and takes do you want us to think through.

Yes, I think we're getting getting close.

Highlight that debt in the quarter, we had.

A pretty good amount of.

Prepay income on mortgage.

On the bond book.

MBS the.

$4 $7 million. So we've got a pretty good bump from that that's about where we have a little bit of that each quarter, but it was about three times, what we ordinarily see in a quarter or so.

So that helped on our on our investment securities yield during the quarter.

The loan yields in the quarter.

If you look at where the.

The tax adjusted coupon was XP key was.

It was $3 78.

And the new.

Loans came on the book at $3 57, which was about the same level as the prior quarter.

Bounce around quite a bit but.

So.

New loans are coming on still below where the portfolio. So I think theres still a likelihood for for some pressure there.

But I think that we're getting closer to.

To a bottom or inflection point.

I think very importantly, obviously the tone.

Around the likelihood of rate hikes, we've already seen it exhibited in the.

At the longer end of the curve department was up pretty materially over the past quarter.

And we're seeing that too in our new bond purchases already.

And hopefully we'll start seeing that in on the.

<unk> side as well.

That's likely to take a little longer.

We could ultimately see a little bit of spread compression before the real benefit of higher rate hikes materializes.

But we.

Obviously, we have a fantastic funding base the balance sheet is very asset sensitive.

Yes.

They have really good disclosure in the deck I would point you to actually have a new slide that we put in.

At slide six.

Investor presentation, because it's yes.

Historically presented a pretty conservative in terms of our.

Our betas, but.

What's assumed.

Interest rate sensitivity.

But we provided some additional.

Beta level.

Going down as low as 15, which even fill is above the <unk>.

The beta that we exhibited during the last great rising cycle. So I think that will give you a better picture of just how powerful higher rates can be to our net interest income.

And as we hopefully get the benefit of that.

I was just kind of you answered my follow up on that because.

It just feels like maybe your deposit base like others is a little bit different at this point in the last cycle.

I'd, probably take the bet on lower betas.

But.

I think that's probably information and Mike.

On the same site.

Okay.

Go back to sequentially there were comments here about the strength of our non interest bearing deposits and how.

Our clientele.

It is truly differentiated with our commercial focus.

<unk>.

The percentage of noninterest bearing deposits.

As a percentage of the total increase in the loss rate license cycle and Theres not a lot of institutions that can say that.

Okay.

Andy one for you.

On the provision it looks like.

Absent.

Bank of Commerce, we would've had another negative provision a reserve release how are you.

Feeling about overall credit and there is any anything that you would call out other than growth.

Would impact of provisioning going forward.

Yes.

Your conclusion is correct, we would've had a release.

Obviously, we're feeling pretty good with where the portfolio stands we enjoyed a lot of healing during the quarter as well as during the year.

I think that the economic forecast is beginning to stabilize and as you know seasonal is very dependent.

On the economic forecast that you use.

So.

As that stabilizes it will create less volatility in the model and I think that the provision will become much more stable as well quarter to quarter. So in general I feel good about credit quality and I feel optimistic about the level of provisioning that we would have to do even given growth.

Yeah.

Alright, thanks, everyone. That's all I had.

Thanks, Joe.

Sure.

Thank you and I'm showing no further questions at this time I would like to turn the call back to Ken Stein for closing remarks.

Before we go there I just wanted to respond to.

Matthew Clark question on the cost saves on the merchant still year to date, we have realized $2 3 million annualized in terms of the cost saves.

By the end of this quarter I think we should be around <unk>.

<unk> 939 interesting about 80% 80, a little over 80% of what we've targeted and at this point our expectation is that we do better than target on the cost saves.

<unk>.

Tracking as expected and looking good on that front.

Thanks, Erin Thank you for attending our fourth quarter call. We look forward to seeing many of you in the coming weeks in the meantime have a great day and goodbye.

This concludes today's conference call. Thank you for participating you may now disconnect.

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Ladies and gentlemen, thank you for sending but welcome to the Columbia Bank systems fourth quarter and full year 2021 earnings conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will be given at that time.

Thank you Katherine and welcome and good afternoon, everyone and thank you for joining us on today's call as we review our fourth quarter and full year 2021 results, which we released yesterday after the market close.

The earnings release, and accompanying Investor presentation are available Columbia Bank Dot com.

2021 was another record year for Columbia in terms of loan production balance sheet growth wealth management fees and earnings for the first time in our history net income exceeded $200 million.

That surpassed 20 billion and $2 billion of new loan originations were generated outside of the PPP program.

We closed the bank of Commerce Holdings acquisition on October one and.

And on October 12th announced our pending combination with Umpqua holdings.

The <unk> integration is progressing as planned and will conclude during the current quarter.

The efforts to which our bankers have gone to support each other and our communities has been impressive.

And it's typical of who we are working to build strong relationships being innovative and growing our people is the bedrock of our culture.

It was in place long before COVID-19 has guided our operations throughout the pandemic and it will continue to propel us as we work to meet new challenges and grow.

We will continue to work hard for each other our communities and our shareholders.

On the call with me today are Eric <unk>, our Chief Financial Officer, Chris Mary well, our Chief operating officer and Andy.

Andy Mcdonald, our Chief Credit Officer.

Following our prepared remarks, we'll be happy to answer your questions.

This point I'd like to turn the call over to Aaron.

Thank you Glenn.

Full year net income of $203 million and EPS of $2 78 included a full quarter of earnings from our merchants acquisition of approximately $4 3 million.

<unk> was a reflection of strong growth in loans deposits and fee income combined with prudent spending on strategic investments excluding costs related to the merchants acquisition and Umpqua combination of $14 5 million pretax pre provision income was a record $282 million exceeding the prior record set in 2020.

By $12 million.

Fourth quarter earnings of $42 9 million and EPS of <unk> 65.

Our linked quarter decrease of $10 1 million 19, respectively, mostly due to the day two provision for the merchants loan portfolio quarterly pre tax pre provision earnings declined by $1 9 million to $66 7 million with the decrease attributed to $9 6 million of higher merger related costs and $6 3 million.

Less interest income from the PPP portfolio, partly offset by the full quarter earnings from merchants operations.

Down from seven basis points for all of 2020.

The merchants acquisition added over 800 million of liquidity to the balance sheet propelling the investment portfolio to $8 1 billion with 27% held to maturity and 73% available for sale as of year end.

Currently in my new purchases during the quarter had an average yield above this level at 193 and a duration of four five years.

The net interest margin decreased 12 basis points on a linked quarter basis to 305%, mostly due to a decrease in the loan yield was driven by a reduction in accelerated PPP fees and partly offset by higher yields on securities due to prepayments interests exclude.

Excluding PPP fees and prepaid interest the net interest margin declined one basis point to 299.

The impact to margin from the merchants acquisition was de Minimis.

For the year net interest.

For the year net the net interest margin decreased by 48 basis points due to reductions in loan and investment yields a 30 bps and 42 bps, respectively as well as greater liquidity on the balance sheet PPP loans added eight basis points to the margin in 2021, driven by $19 million of accelerated fee.

As loans are forgiven.

This compares to 2020, when PPP loans negatively impacted the margin by two basis points with only $6 million of accelerated fee recognition.

We believe our balance sheet is very well positioned for prospective rise in interest rates, given our cost of sensitivity with significant opportunity in terms of improving yields as the fed begins to normalize monetary policy.

Currently 2 billion of loans within the portfolio were at their floor, and we anticipate $658 million increase with a single 25 basis point rate hike. Meanwhile, our deposit costs remain among the lowest in the industry.

Total loans rose by $1 1 billion during the quarter to $10 6 billion with 1 billion coming from merchants adjusting for PPP forgiveness, and Dave one merchant balances loans increased $228 million or 9% annualized.

New loan production was brought on at an average tax adjusted coupon rate of $3 57, which compares to the overall portfolio, excluding PPP loans of $3 78.

Noninterest income increased 282000 on a linked quarter basis to $24 2 million with 776000 per merchant for.

For the year noninterest income decreased by.

$10 $4 million, but when adjusted for the visa B share gain of $16 4 million realized in the second quarter of 2020, it rose by $6 million on the strength of card revenue financial services and trust income.

Noninterest expense increased $12 $6 million on a linked quarter basis to $102 6 million and included $6 4 million of new run rate expenses for merchants and an increase in acquisition and merger expenses of $9 6 million offset by a $2 million recapture for unfunded loan commitments.

Our noninterest expense ratio declined to 197% for the quarter and our operating efficiency ratio decreased three points to 51%.

With the addition of <unk>, we expect our quarterly noninterest expense run rate to be in the mid <unk> range in 2022, excluding deal cost expense.

Expenses could start the year, a little higher given seasonal factors and without the benefit of the merchant system conversion planned for late this quarter.

The provision for income taxes was down slightly linked quarter to $13 1 million, representing a 23, 4% effective rate.

Thank you Erin we had strong core loan growth in the fourth quarter powered by record production, excluding PPP loans quarterly production of $640 million was a new all time fourth quarter high propelling full year production to 2 billion for the first time in Colombia is history.

Normal seasonality provided a bit of a headwind during the quarter with line utilization falling to 43% and we continue to refill our pipeline and they remain to our satisfaction.

Loans ended the year at $10 6 billion, which was up $1 1 billion or 12% and excluding the PPP portfolio up $1 3 billion or 14% during the quarter with 1 billion attributed for merchants.

Growth in CRE led the way during the quarter with $307 million of production predominantly.

With rental and leasing properties, followed by C&I production of 199 million spread across all sectors.

During the quarter the mortgage team originated and sold $75 million of allowance with the mix, 30% purchase and 70% Refis.

For all of 2021 $353 million of mortgages were originated and sold.

Our quarterly production mix was 62% fixed 29% floating and 9% variable.

The overall portfolio now stands at 2% PPP 50.

<unk>, 53% non PPP fixed, 30% floating and 15% variable.

PPP loans were $184 million at the end of the year and merchants added 40 million with overall payoffs during the quarter of $171 million.

At year end deferred fees related to the PPP portfolio totaled $3 8 million.

With the addition, with the addition of merchants the geographic loan distribution is now 45% Washington.

31% for again.

12%, California, and 5%, Idaho with the remaining 7% in other states.

We rose to number one SBA position in the Seattle District, and are now the leading SBA lender in both the Seattle and Portland districts.

Going forward, we have our sights set on being the leading SBA lender in all of the communities we serve.

As was mentioned deposits grew by $2 1 billion during the quarter with $1 7 billion for merchants.

Deposit mix did not change remaining at 60% business and 40% consumer at year end, the product mix shifted slightly from 50, 50% to 49% demand and 51% interest bearing.

Clint mentioned, our record setting year that our wealth management group had nearly $16 million in revenue. This has been the culmination of years of building internal partnerships and our focus on deepening existing client relationships and we are very pleased with the progress now I'll turn the call over to Andy review, our credit performance.

A day, one allowance for credit loss reserve of $2 6 million was added for purchase credit deteriorated loans and the acquired portfolio and a $16 2 million provision was added for the remaining book.

These additions were partially offset by a more favorable economic forecasts and improvement in the credit quality of the overall portfolio.

The IHS market.

Economic forecast is more favorable than last quarter, particularly with respect to unemployment, which is a major driver for the model.

Last quarter, the unemployment rate was expected to end 2021, 5%.

And remain above pre pandemic levels through the end of 2022.

The current forecast assumes the unemployment rate in 2021 at four 4% and remains at or below pre pandemic levels throughout the forecast period.

The current forecast for GDP continues to be healthy with a full year GDP growth expectation for 2021 remaining the same as the forecast last quarter at five 7%.

And growth expectations for 2022, only slightly lower than our forecast last quarter at four 3%.

Despite the continuing challenges of the pandemic has been causing our borrowers have been able to adapt to this new environment and have shown great resilience.

<unk> for the quarter improved two basis points to 11 days this quarter and past due loans were only seven basis points.

Net charge offs annualized were 13 basis points and our <unk> capital ratio improved from 26 to 21, 7%.

We are continuing to see credit quality improve across the whole portfolio.

And on the risk rating front loans rated watch or worse decline from 724 million to $626 million as of year end.

Okay.

Thanks, Andy This concludes.

Our prepared comments as a reminder, Andy Chris and Erin are with me to answer your questions and now Catherine let's open the call for Q&A.

Thank you to ask a question you will need to press star one on your telephone to withdraw your.

Question press the pound key.

Again, if you would like to ask a question press star one.

Our first question comes from Jeff <unk> with D. A Davidson your line is open.

Thanks, Good morning.

Good morning, Jeff.

Hi.

Just start with and not to make a big deal out of this but the.

The lending team announcement that you had this week I think it is.

Pretty good proxy for our groups that at least was aware of the pending merger with <unk>.

I guess, maybe the timing of those discussions where did you get as you engage with those folks prior to the <unk>.

<unk> and then secondly, just.

There maybe kind of talk about there.

Attraction to the platform given the merger and how they.

Their confidence kind of going forward if you could.

Yes, I'll share with you what I can in terms of timing.

It was.

Post post announcement.

And I think it's back to some of the things that bad.

We feel.

And you probably heard from.

From court.

Sorry, the last dollar is that.

What we're creating is a franchise that hasn't existed in the northwest for 25 years or 30 years.

And.

C&I bankers.

<unk>.

And I think that they saw.

First what our capabilities are today on a standalone basis.

As well as as the information we put out with respect to the combination with AMCOL and they got excited by it and <unk>.

Started the conversation.

They've hit the ground running.

There is.

Not to share any numbers with you but.

And I was.

Pleasantly surprised by what they have in flight right now they are keeping A&D busy keeping them off the ski slopes.

So that's one aspect of it but I also want to share with you that that we've done some other things.

We added a physical presence in the Phoenix market for our National Health care platform, and we think thats going to be very complimentary post close to the things that.

On Plaza doing.

The announcements they've made and hires in that market will be able to hold that.

And have a more comprehensive.

Offering in that market. There is other markets that we're also very actively engaged in conversations and.

Looking at.

Other teams that want to be a part of what we're doing so more to come on that on that later, but.

I do think it's a.

I think it's a testament to.

<unk>.

People that are in our markets that are familiar with both of our organizations Columbia Enel claw and they see that.

Back to the comment that I've said many times.

Is that we are more similar than what the market perception has been.

Sure.

Good perspective, so I appreciate it.

Just to shift gears maybe.

Maybe.

Eric a bit on the expenses.

Good.

And if you could sort of lay out how the how that map in the income statement, where the merger costs were assuming legal data processing comp, but any chance you could kind of.

Discuss where those came from on the merger cost.

Yes, I can break that down for you.

I think we've said in the press release that breaks down between the two deals with other debt totaled 11, 877 is related to the merchants and $4, one as well but by.

<unk> line item it works out too.

But $4 9 million in the comp and benefits line.

300000 as occupancy another 300000.

Data processing and software.

$5 6 million, both legal and professional.

About $100 in advertising and promotion and then about 600000.

Other category.

Got it.

And then just a follow on to your <unk> Guide you mentioned.

Look at Greg.

Mid nineties run rate on a quarterly basis ex <unk>.

Transaction, maybe a little higher in the first quarter, so you've kind of talked about.

Expectations for 'twenty, two I think.

If you think about growth rates I think that sets us.

But if we think about cost savings in the 'twenty three that target of $135 million.

Is that what would you peg that underlying.

Expense growth rate in 'twenty, three I know, we're getting way out there but.

Safe to assume there'll be some creep on a baseline ex.

The targeted.

Targeted cost saves.

I guess, we're kind of mixing.

<unk> standalone and combined they're but the.

I think that.

And you've probably heard Brian make similar comments on an earlier call, but we're very comfortable with the expense savings targets that we've laid out.

Certainly expenses all else equal are likely to trend higher as a result of both.

Some of the inflationary pressures that we're obviously well aware of and have been enduring as.

As well as the <unk>.

Investments in the business that we intend to be making on a go forward basis. So.

So there is an element of expense growth in that site.

We're.

Our internal targets for what we can achieve are better than what we have laid out in terms of the expense save guidance in the deal announcement.

Jeffrey this is.

This is Chris and I'll add some color to that.

At the beginning of this year.

And we were able to find that offset through some of the financial things that we had and so we feel really confident that we've covered that increase to our to our starting wage.

And it won't show up in our ongoing run rate.

Okay.

I appreciate the detail there.

Thank you I'll step back.

Thank you and our next question comes from Matthew Clark with Piper Sandler Your line is open.

Hey, good morning, guys.

Hey, Matt.

Maybe just sticking with expenses.

Happen to know the amount of cost saves that you've realized to date and the bank of commerce deal and what's left.

Okay.

The.

I'll follow up with them.

<unk> are tracking right in line with what with what wed expect in fact, I think we might actually be a little bit ahead of what we're expecting.

So we're in good shape, but I don't have that number right in front of me at the moment ultimately to try to pull it up before the call.

Okay and then just.

You may have hit this during your prepared comments and I apologize if you did but.

On the.

Better than expected cost control this quarter.

Ex merger charges held in a lot better than expected.

Can you speak to anything unusual I know you guided for the upcoming quarter and the outlook, but anything.

Unusual this quarter.

I think it is.

We had a $2 million benefit from a negative provision in the quarter I think that might be what.

<unk>.

Mature.

What's your thinking out there.

Nothing above and beyond that though.

No.

Okay.

Okay, and then on the commercial real estate growth stepped up meaningfully this quarter.

Can you.

Speak to the underlying properties you guys are financing and where you are.

Where you're sourcing the growth from in terms of customers whether existing or new.

Yes, Matt it's a combination of both and it's not straying from anything that we have typically done.

Net owner user.

As well as other types of projects that are out there as well.

Saying that falls out.

Moving away from our historic portfolio in what we would normally do but I will say there is a good mix.

Existing clients as well as due to our approach we continue to attract new clients from other institutions and that's got a really positive outlook as we go forward.

Okay, and then just on the loan pipeline, if you could quantify it and how it compares to last quarter our year over year.

We're still very pleased with it of course, it's down slightly after a record quarter as we had previous record quarters I think.

Piece, there is while it's down slightly.

The prospects are good for this year by all means.

Okay. Thank you.

Yes.

Thank you and our next question comes from David Feaster with Raymond James Your line is open.

Hey, good morning, everybody.

Hi, David.

Just wanted to start on the growth side, I mean growth exceeded forecast record originations.

The number is it almost looks a little bit better.

Looking at EBIT.

Paydowns were pretty materially higher just curious whether there's been some noise in the payoffs and paydowns lives on a dozen commerce deal and essentially normal season seasonal activity at year end or whether there's any other trends youre seeing and just kind of taking this into account with the improving origination activity less loan participations.

Given the combination with Umpqua does this imply that we could actually see potentially accelerating growth.

Just given the continued strong originations and normalized payoffs.

Yes, there's a lot in there David.

I would say to try to pull it apart a little bit.

<unk> been very pleased with the activity from our merchants or I should say the lack of payoff activity.

The process that we went through and retaining the teams retaining.

Randy Selleck.

His leadership down there we've held onto.

So the clients many of them are excited about the opportunity to be with a larger organization.

Be able to take care of their needs and they don't have to look anywhere else and that's only going to get enhanced when we move forward with with the <unk> combination.

Now, bringing it back more to some of our legacy piece of it we.

We did have we did have a fair amount of payoffs and pay downs during the during the quarter of <unk>.

Some CRE types of transactions that building sold things of that nature.

Obviously as you mentioned the good news is the teams are active and they're out in the originations are more than offsetting that.

No I think rising interest rates, so, let's say materialize, we could start to see payoffs paydowns be somewhat muted.

I would say, though that I'm cautious on businesses will still sell properties will still sell and things of that nature. So.

I think all signs are pointing in the right direction. We just have some we have a little ways to go before we see how it actually materializes.

Okay.

That makes sense and then just touching on deposits organic deposit growth has remained extremely strong just curious how you think about deposit growth as we go forward you think loan growth Mike.

<unk> outpacing deposit growth as we enter next year or just.

Given the increasing contribution from C&I would you perhaps be outside deposit growth.

Yes deposit growth as is.

It's one that we've we spent a lot of time looking at.

I would love to tell you we have the exact crystal ball that we can predict what's going to happen.

I think the story there really is we've attracted the deposits we have attracted new clients, we haven't changed our philosophy about how we price. So we're winning these relationships in these deposits based on our capabilities based on our bankers and the relationships in.

The solutions that they're providing.

I think that puts us in a really good position should rates start to rise that will.

We will be able to maintain kind of our historical.

Cost of funds, we've had of how we follow that up.

But I think that what was really in there is we have a lot of liquidity and we'll be very mindful as we start to see where the flows go from money being spent.

Caution that all of the money being spent is staying in the system and it comes right back around into another clients accounts typically.

But more importantly, I'm going to point you back to our bankers are winning business and that's bringing on new relationships.

All things being equal.

That's where I would look at that aspect.

And I'll, just David I will just add.

With all of the deposit growth that we've had it in.

The last two years.

<unk>.

We've done that and it hasnt changed what I think is somewhat structural advantages that we have in our deposit base roughly.

Roughly half noninterest bearing.

60%.

Business.

Oriented.

Hum.

We had for 2021.

Again, another strong year of deposit growth.

At four basis points for our cost of funds and so I think that that that quality high quality deposit franchise that we've been known for for a very long period of time.

It's actually been strengthened and not diluted by the growth.

And so it's a good first first world problem for us to have which is how do we deploy that liquidity.

Because it has.

I'll strip loan growth and so we will see theres a lot of activity going on.

I think Chris is trying to contain his excitement about.

The economic activity in our existing markets and then the <unk>.

Focus that we have.

With our Umpqua combination.

And.

The momentum that we still have each as as separate companies.

And our strategy around having the integration management office.

Ancillary to our client facing bankers from all of the integration activities I think we've seen that play out over the last three months and I think we're going to see that momentum continue to carry.

Well into 2022.

In 2023.

That's a really good point and kind of dovetails into my last question I was hoping to get kind of an update on how the update.

On how the Umpqua merger.

Touches are going on just I was hoping you could provide us with a little bit of color and detail around the grades.

Is it just some of the things that that team is working on currently to help ensure a smooth integration and again like you said preventing construction on the producer side.

Yes.

So.

Chris was in my office before the call and we were talking about.

And existing.

Client relationship.

That wants to expand what they do with us significantly.

In anticipation of of of our combination with <unk>.

We also had another conversation about.

Some some production teams.

Eric Guide comes into my office and he's talking about.

Vendor selection.

How the process for that.

The redundant facilities or the excess facility space that we have.

Something.

Even our <unk>.

<unk> system, which sounds like it's.

It's not just payroll it's how we.

Train and develop our people and the integration throughout our company and so you know thinking about.

I guess staying in their lane and executing on that vision of insulating the client facing.

Bankers.

From any from any distraction.

There's a lot of activity around planning towards the day one close.

And.

Converging processes and policies and all of those discussions are taking place.

Chris.

And then on the Umpqua from the Umpqua teen Tory, they're not totally isolated from this they do sit on the steering committee that we have.

And so so.

They are involved but they are not consumed by it I will tell you that Eric and his counterpart at Umpqua drew they are consumed by integration planning activities right now.

Okay, that's great color thanks, everybody.

Thank you and we have a question from Jon <unk> with RBC capital markets. Your line is open hi, there.

John Arps from RBC.

What are you doing.

Good how are you John .

Sure.

Question for you Aaron just on the margin.

In the release.

It feels like Youre almost optimistic.

Look for the margin or at least less pessimistic.

Set rates aside how do you feel about just the prospect of margin stabilization, maybe some of the puts and takes do you want us to think through.

Yes, I mean, I think we're getting getting close.

Highlight that debt in the quarter, we had.

A pretty good amount of.

Prepay income on mortgage.

On the bond book.

MBS.

That was about $4 $7 million. So we've got a pretty good bump from that that's that's about we always have a little bit of that each quarter, but that was about three times, what we ordinarily see in a quarter or so.

So that helped on our on our investment securities yield during the quarter.

The loan yields in the quarter.

If you look at where the.

The tax adjusted coupon was ex PPP key was.

It was $3 78.

And the new loans.

Loans came on the book at $3 57, which was about the same level as the prior quarter.

Bounce around quite a bit but.

So.

New loans are coming on still below where the portfolio. So I think there is still a likelihood for for some pressure there.

But I think that we're getting closer to.

To a bottom or inflection point.

I think very importantly, obviously the tone.

Around the likelihood of rate hikes, we've already seen it exhibited in the.

At the longer end of the curve, the tenures up pretty materially over the past.

Last quarter.

And we're seeing that too in our new bond purchases already.

So hopefully we'll start seeing that in on the loan side as well.

That's likely to take a little longer.

We could ultimately see a little bit of spread compression before the real benefit of higher rate hikes materializes.

But we.

Obviously, we have a fantastic funding base the balance sheet is very asset sensitive.

Sure.

They have really good disclosure in the deck I would point you to actually have a new slide that we put in.

At slide six.

Right.

Investor presentation, because it's yes.

Historically presented a pretty conservative.

Terms of.

Our beta site.

And what's assumed in our.

Interest rate sensitivity and but we provided some additional data level.

Going down as low as 15, which even fill is above the <unk>.

The beta that we exhibited during the last great rising cycle. So I think that will give you a better picture of just how powerful higher rates can be to our net interest income.

As we hopefully get the benefit of that.

I was just kind of you answered my follow up on that because.

It just feels like maybe your deposit base like others with different at this point in the last cycle.

I'd, probably take the bet on lower betas.

Leon.

I think Thats my information and Mike.

On the same site.

Okay.

Go back sequentially, there were comments here about the strength of our noninterest bearing deposits and how.

Our clientele.

It is truly differentiated with our commercial focus.

<unk>.

The percentage of noninterest bearing deposits.

As a percentage of the total increase in the loss rate rising cycle and theres not a lot of institutions that can say that.

Okay.

Andy one for you.

On the provision it looks like.

Absent.

Bank of Commerce, we would've had another negative provision a reserve release how are you.

Feeling about overall credit and there is any anything that you would call out other than growth.

Would impact of provisioning going forward.

Yeah.

Your conclusion is correct, we would've had a release.

Obviously, we're feeling pretty good with where the portfolio standards, we enjoyed a lot of healing during the quarter as well as during the year.

I think that the economic forecast is beginning to stabilize and as you know seasonal is very dependent.

On the economic forecast that you use.

So.

As that stabilizes it will it will create less volatility in the model and I think that the provision will become much more stable as well quarter to quarter. So in general I feel good about credit quality and I feel optimistic about the level of provisioning that we would have to do even given growth.

Okay.

Alright, thanks, everyone. That's all I had.

Thanks, Joe.

Sure.

Thank you and I'm showing no further questions at this time I would like to turn the call back to Ken Stein for closing remarks.

Actually before we go there I just wanted to respond to.

Matthew Clark question on the cost savings on the merchant still year.

Year to date, we have realized $2 3 million annualized in terms of the.

Cost saves.

By the end of this quarter I think we should be around <unk>.

<unk> 939 interesting about 80% 80, a little over 80% of what we've targeted and at this point our expectation is that we do better than target on the cost saves so.

Are tracking as expected and looking good on that front.

Thanks, Darren Thank you for attending our fourth quarter call. We look forward to seeing many of you in the coming weeks in the meantime have a great day and goodbye.

This concludes today's conference call. Thank you for participating you may now disconnect.

Q4 2021 Columbia Banking System Inc Earnings Call

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