2ND QUARTER HIGHLIGHTS
- Net income of $8.5 million, up 18% from 2nd quarter 2006.
- Earnings per diluted share of $0.53, up 18% from $0.45 the prior year.
- Total loans were $1.9 billion, an increase of $151 million, or 9%, from
December 31, 2006
- Total deposits were $2.1 billion, up 5% from December 31, 2006.
- Bellevue South branch opened June, 2007.
- Acquisitions of Mountain Bank Holding Company and Town Center Bancorp
completed July 23, 2007. Columbia branch system expands to 53 locations in
9 counties in western Washington and Oregon
TACOMA, Wash., July 26 /PRNewswire-FirstCall/ -- Columbia Banking
System, Inc. (Nasdaq: COLB) today announced earnings for the second quarter
2007 of $8.5 million, an increase of 18% from $7.2 million for the second
quarter of 2006. Diluted earnings per share were $0.53, an increase of 18%
from $0.45 per share one year ago. Return on average assets and return on
average equity for the second quarter 2007 were 1.29% and 13.04%,
respectively, compared to 1.17% and 12.48%, respectively, for the same
period in 2006. Return on average tangible equity for the second quarter
2007 was 15.04% compared to 14.77% for second quarter 2006. Revenue (net
interest income plus noninterest income) was $32.4 million for the second
quarter of 2007, up 6% from $30.6 million one year ago.
Melanie Dressel, President & Chief Executive Officer said, "The
increase in our earnings was a result of staying focused on growth in
loans, deposits and non-interest income. The investments we made in banking
teams during the first quarter of this year have already begun to produce
results. In addition to attracting new banking relationships, we are also
expanding the depth of the relationships we have with existing clients."
Ms. Dressel continued, "In spite of an increasingly competitive banking
environment in all the markets we serve, we achieved 14% loan growth since
June 30, 2006, and 9% growth since year-end 2006. Commercial business loans
are up 10% since December 31, 2006, and represent about 37% of our total
loans. We continue to maintain our discipline in both credit administration
and in the diversification of our loan portfolio."
"Core deposits, which consist of demand, savings, and money market
accounts, represented 70% of total deposits," Ms. Dressel noted.
"Competition for deposits has also been aggressive; however, we continue to
see core deposit growth. This has helped us maintain a relatively stable
net interest margin, although more of these deposits are in the
interest-bearing checking and money market categories."
Net income for the six months ended June 30, 2007 was $15.8 million, an
increase of 3% from $15.4 million for the first six months of 2006. On a
diluted per share basis, net income was $0.97, compared with $0.96 for the
same period last year. Return on average assets and return on average
equity for the first six months of 2007 were 1.22% and 12.29% respectively,
compared to 1.28% and 13.42%, respectively, for the same period in 2006.
Return on average tangible equity for the first six months of 2007 was
14.23%, compared to 15.87% for the same period in 2006.
At June 30, 2007, Columbia's total assets were $2.66 billion, an
increase of 4% from $2.55 billion at December 31, 2006. Total loans were
$1.86 billion at June 30, 2007, up $151 million, or 9%, from $1.71 billion
at year-end 2006. Total deposits were $2.12 billion at June 30, 2007, up 5%
from $2.02 billion at December 31, 2006.
Second Quarter 2007 Operating Results
Net Interest Income
Net interest income for the second quarter of 2007 was $25.7 million,
an increase of $1.4 million, or 6%, compared to $24.3 million for the
second quarter 2006. The increase is primarily due to higher loan volumes.
Columbia's net interest margin was lower compared to the same period in
2006 as a result of higher deposit costs and borrowings to fund the growth
in loans. The net interest margin was 4.36% for the second quarter of 2007,
compared to 4.47% for the second quarter of 2006. On a linked quarterly
basis, the net interest margin was 4.37% for the first quarter of 2007, and
4.43% for the fourth quarter of 2006.
Average interest-earning assets increased 8% to $2.46 billion during
the second quarter of 2007, compared with $2.27 billion during the second
quarter of 2006. The yield on average interest-earning assets increased 44
basis points to 7.23% during the second quarter of 2007, from 6.79% for the
same period in 2006. Average interest-bearing liabilities increased to
$1.94 billion from $1.79 billion last year. The cost of average
interest-bearing liabilities increased 69 basis points to 3.62% in the
second quarter of 2007, compared to 2.93% in the second quarter of 2006.
For the six months ended June 30, 2007, net interest income increased
4% to $50.4 million from $48.6 million for the same period in 2006. This
increase for the first half of 2007 was primarily driven by loan growth,
offset by an increase in interest expense on interest-bearing deposits.
During the first six months of 2007, Columbia's net interest margin
decreased to 4.37% from 4.56% for the same period of 2006. Average
interest-earning assets grew to $2.43 billion during the first six months
of 2007 compared with $2.23 billion for the same period of 2006. The yield
on average interest-earning assets increased 48 basis points to 7.19%
during the first six months of 2007, from 6.71% in 2006. In comparison,
average interest-bearing liabilities grew to $1.92 billion compared with
$1.74 billion for the first six months of 2006. The cost of average
interest-bearing liabilities increased 82 basis points to 3.58% during the
first six months of 2007, compared to 2.76% for the same period in 2006.
Noninterest income
Total noninterest income for the second quarter 2007 was $6.7 million,
an increase of 8% from $6.3 million a year ago. The increase in noninterest
income during the second quarter of 2007 as compared to second quarter 2006
was primarily due to service charges and other fees, which increased
$386,000, or 13%, partially offset by a decline in merchant services fees.
Total noninterest income for the first six months of 2007 was $12.9
million, an increase of $678,000, or 6%, from $12.2 million for the same
period of 2006.
Noninterest expense
Noninterest expense for the second quarter of 2007 was $20.3 million, a
decrease of 4% from $21.1 million for the same period in 2006. This
decrease was primarily due to the mark to market charges associated with
interest rate floor instruments recognized through earnings in the second
quarter of 2006. The valuation adjustment for the interest rate floors
resulted in a pre-tax, non-cash expense for the second quarter 2006 of $1.8
million. Our second quarter 2007 noninterest expense increased $905,000, or
5%, from the second quarter of 2006 after removing the nonrecurring
adjustment related to our interest rate floors. Increases in expenses
associated with employee compensation, benefits, and occupancy during the
second quarter of 2007 were partially tempered by a reduction in
advertising and promotion expense. Virtually all of the 2007 versus 2006
second quarter increase of $1.4 million in compensation and benefit expense
was associated with the expansion of our retail branch and commercial
lending units. The additional compensation expense incurred in the
expansion of Columbia's productive capacity contributed to an 8%, or $1.9
million, increase in total production revenue (defined as loan interest
income plus noninterest income less interest expense).
Total production revenue (as defined above) for the first six months of
2007 increased $1.8 million over the same period in 2006. Compensation and
benefit expense increased $3.1 million and occupancy expense was up
$449,000 when comparing the first six months of 2007 to 2006. A majority of
our additional bankers were added late in the fourth quarter of 2006 and
early in the first quarter of 2007. These teams spent much of the first
quarter building their production pipelines for which we began to realize
the full revenue impact during the second quarter.
Also impacting the second quarter 2007 was occupancy expense, which
increased $260,000 due to costs incurred for the ongoing expansion of our
branch network in King and Thurston counties coupled with a general
increase in prevailing rents of existing facilities and costs associated
with the reconfiguration for more efficient use of existing space in our
operations center located in Lakewood, Washington.
Nonperforming Assets and Loan Loss Provision
The company made a provision for loan losses of $329,000 for the
quarter ending June 30, 2007 compared to $638,000 for the first quarter of
2007 and $250,000 for the second quarter of 2006. The decrease in the
provision from the first quarter of 2007 was primarily attributable to a
slower rate of growth in the loan portfolio on a linked quarter basis. The
allowance for loan and lease losses as a percentage of loans (excluding
loans held for sale at each date) as of June 30, 2007 was essentially
unchanged at 1.15% compared to 1.14% as of March 31, 2007.
Non performing assets to period end assets as of June 30, 2007
increased 10 basis points over the first quarter of 2007 and are
attributable to a single lending relationship. The bank is pursuing its
remedies in accordance with the loan agreement which evidences this
transaction. At this time the bank believes the loans to be adequately
secured by the underlying real estate and no loss is expected.
Expansion Activities
In June 2007, Columbia Bank opened the second full-service branch
office in the rapidly growing Bellevue market. The previously announced
Lacey Branch, which has been delayed by permitting issues, is currently
under construction and is slated to open in the fourth quarter, 2007.
On March 28, 2007, Columbia announced the signing of definitive merger
agreements with Mountain Bank Holding Company, and Town Center Bancorp.
Both transactions closed on July 23, 2007, following shareholder and
regulatory approvals. This brings Columbia's number of branches to 53,
located in nine counties in Washington and Oregon.
Ms. Dressel commented, "The addition of these two fine organizations to
the Columbia family expands our footprint into adjacent markets, and moves
us significantly closer to our often stated goal of becoming a Pacific
Northwest regional community bank. We will continue to look for
opportunities to grow strategically through de novo expansion and accretive
partnerships."
About Columbia
Columbia Banking System, Inc. is a 53-branch Tacoma-based bank holding
company whose wholly owned banking subsidiaries are Columbia Bank and Bank
of Astoria. Columbia Bank is a Washington state-chartered full-service
commercial bank; with completion of the mergers, Columbia Bank has 48
banking offices in Pierce, King, Cowlitz, Kitsap and Thurston counties in
Washington State, and Clackamas and Multnomah counties in Oregon. Included
in Columbia Bank are former branches of Mt. Rainier National Bank, doing
business as Mt. Rainier Bank, with 7 branches in King and Pierce counties.
Bank of Astoria, a federally insured commercial bank headquartered in
Astoria, Oregon, operates four branches in Clatsop County: Astoria,
Warrenton, Seaside and Cannon Beach; and one branch in Manzanita in
Tillamook County. More information about Columbia can be found on its
website at http://www.columbiabank.com.
Note Regarding Forward Looking Statements
This news release includes forward looking statements, which management
believes are a benefit to shareholders. These forward looking statements
describe Columbia's management's expectations regarding future events and
developments such as future operating results, growth in loans and
deposits, continued success of Columbia's style of banking and the strength
of the local economy. The words "will," "believe," "expect," "should," and
"anticipate" and words of similar construction are intended in part to help
identify forward looking statements. Future events are difficult to
predict, and the expectations described above are necessarily subject to
risk and uncertainty that may cause actual results to differ materially and
adversely. In addition to discussions about risks and uncertainties set
forth from time to time in Columbia's filings with the SEC, factors that
may cause actual results to differ materially from those contemplated by
such forward looking statements include, among others, the following
possibilities: (1) local, national and international economic conditions
are less favorable than expected or have a more direct and pronounced
effect on Columbia than expected and adversely affect Columbia's ability to
continue its internal growth at historical rates and maintain the quality
of its earning assets; (2) changes in interest rates reduce interest
margins more than expected and negatively affect funding sources; (3)
projected business increases following strategic expansion or opening or
acquiring new branches are lower than expected; (4) costs or difficulties
related to the integration of acquisitions are greater than expected; (5)
competitive pressure among financial institutions increases significantly;
(6) legislation or regulatory requirements or changes adversely affect the
businesses in which Columbia is engaged.
Contacts: Melanie J. Dressel, President and
Chief Executive Officer
(253) 305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
(253) 305-1966
FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands, except per share)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Earnings
Net interest
income $25,695 $24,302 $50,398 $48,608
Provision for
loan and
lease losses $329 $250 $967 $465
Noninterest
income $6,741 $6,267 $12,918 $12,240
Noninterest
expense $20,266 $21,136 $40,668 $39,476
Net income $8,544 $7,239 $15,827 $15,427
Per Share
Net income(basic) $0.53 $0.45 $0.98 $0.97
Net income(diluted) $0.53 $0.45 $0.97 $0.96
Averages
Total assets $2,654,863 $2,480,585 $2,620,634 $2,434,887
Interest-earning
assets $2,460,603 $2,268,259 $2,426,676 $2,229,779
Loans $1,846,163 $1,613,253 $1,806,150 $1,590,560
Securities $582,378 $645,343 $590,122 $632,457
Deposits $2,090,273 $1,949,608 $2,045,951 $1,952,713
Core deposits $1,485,966 $1,414,455 $1,465,203 $1,419,918
Shareholders'
Equity $262,905 $232,614 $259,617 $231,851
Financial Ratios
Return on average
assets 1.29% 1.17% 1.22% 1.28%
Return on average
equity 13.04% 12.48% 12.29% 13.42%
Return on average
tangible equity(1) 15.04% 14.77% 14.23% 15.87%
Average equity to
average assets 9.90% 9.38% 9.91% 9.52%
Net interest
margin 4.36% 4.47% 4.37% 4.56%
Efficiency ratio
(tax equivalent)(2) 60.04% 60.97% 61.68% 59.81%
June 30, December 31,
2007 2006 2006
Period End
Total assets $2,660,946 $2,544,598 $2,553,131
Loans $1,859,592 $1,625,255 $1,708,962
Allowance for loan
and lease losses $21,339 $20,990 $20,182
Securities $570,742 $650,955 $605,133
Deposits $2,117,325 $1,962,748 $2,023,351
Core deposits $1,472,206 $1,418,313 $1,473,701
Shareholders' equity $259,773 $232,241 $252,347
Book value per share $16.07 $14.49 $15.71
Tangible book value per share $14.06 $12.44 $13.68
Nonperforming assets
Nonaccrual loans $4,972 $4,575 $2,414
Restructured loans 985 1,197 1,066
Other personal property owned 32 -- --
Other real estate owned -- -- --
Total nonperforming assets $5,989 $5,772 $3,480
Nonperforming loans
to period-end loans 0.32% 0.36% 0.20%
Nonperforming assets
to period-end assets 0.23% 0.23% 0.14%
Allowance for loan
and lease losses
to period-end loans 1.15% 1.29% 1.18%
Allowance for loan
and lease losses to
nonperforming loans 358.22% 363.65% 579.94%
Allowance for loan
and lease losses to
nonperforming assets 356.30% 363.65% 579.94%
Net loan charge-offs
(recoveries) $(190)(3) $304(4) $2,712(5)
(1) Annualized net income, excluding core deposit intangible asset
amortization, divided by average daily shareholders' equity, excluding
average goodwill and average core deposit intangible asset.
(2) Noninterest expense divided by the sum of net interest income and
noninterest income on a tax equivalent basis, excluding gain/loss on
sale of investment securities, net cost (gain) of OREO and
mark-to-market adjustments of interest rate floor instruments.
(3) For the six months ended June 30, 2007.
(4) For the six months ended June 30, 2006.
(5) For the twelve months ended December 31, 2006.
FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands)
Period End
June 30, December 31,
2007 2006 2006
Loan Portfolio Composition
Commercial business $681,534 $607,641 $617,899
Real Estate:
One-to-four family
residential 46,299 83,290 51,277
Five or more family
residential and
commercial 677,477 690,790 687,635
Total Real Estate 723,776 774,080 738,912
Real Estate Construction:
One-to-four family
residential 180,925 31,260 92,124
Five or more family
residential
and commercial 127,769 71,587 115,185
Total Real Estate
Construction 308,694 102,847 207,309
Consumer 148,869 142,969 147,782
Subtotal loans 1,862,873 1,627,537 1,711,902
Less: Deferred
loan fees (3,281) (2,282) (2,940)
Total loans $1,859,592 $1,625,255 $1,708,962
Loans held for sale $2,551 $1,288 $933
Deposit Composition
Demand and other
noninterest bearing $419,695 $446,568 $432,293
Interest bearing
demand 440,051 367,891 414,198
Money market 509,463 488,615 516,415
Savings 102,997 115,239 110,795
Certificates of
deposit 645,119 544,435 549,650
Total deposits $2,117,325 $1,962,748 $2,023,351
QUARTERLY FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
(in thousands, except per share)
Three Months Ended
Jun 30 Mar 31 Dec 31 Sept 30 Jun 30
2007 2007 2006 2006 2006
Earnings
Net interest
income $25,695 $24,703 $24,750 $24,405 $24,302
Provision
for loan
and lease
losses $329 $638 $950 $650 $250
Noninterest
income $6,741 $6,177 $6,324 $6,108 $6,267
Noninterest
expense $20,266 $20,402 $18,560 $18,098 $21,136
Net income $8,544 $7,283 $8,341 $8,335 $7,239
Per Share
Net income
(basic) $0.53 $0.45 $0.52 $0.52 $0.45
Net income
(diluted) $0.53 $0.45 $0.52 $0.52 $0.45
Averages
Total
assets $2,654,863 $2,586,025 $2,517,836 $2,504,371 $2,480,585
Interest-
earning
assets $2,460,603 $2,392,372 $2,310,502 $2,290,351 $2,268,259
Loans $1,846,163 $1,765,692 $1,688,600 $1,647,471 $1,613,253
Secur-
ities $582,378 $597,952 $602,075 $627,821 $645,343
Deposits $2,090,273 $2,001,136 $2,024,108 $1,975,103 $1,949,608
Core
deposits $1,485,966 $1,444,210 $1,459,281 $1,433,641 $1,414,455
Share-
holders'
Equity $262,905 $256,292 $249,202 $238,272 $232,614
Financial Ratios
Return on
average
assets 1.29% 1.14% 1.31% 1.32% 1.17%
Return on
average
equity 13.04% 11.52% 13.28% 13.88% 12.48%
Return on
average
tangible
equity 15.04% 13.38% 15.49% 16.32% 14.77%
Average
equity to
average
assets 9.90% 9.91% 9.90% 9.51% 9.38%
Net
interest
margin 4.36% 4.37% 4.43% 4.41% 4.47%
Efficiency
ratio (tax
equivalent) 60.04% 63.39% 57.41% 58.81% 60.97%
Period end
Total
assets $2,660,946 $2,676,204 $2,553,131 $2,507,450 $2,544,598
Loans $1,859,592 $1,833,852 $1,708,962 $1,655,809 $1,625,255
Allowance
for loan
and lease
losses $21,339 $20,819 $20,182 $20,926 $20,990
Secur-
ities $570,742 $599,306 $605,133 $611,497 $650,955
Deposits $2,117,325 $2,081,026 $2,023,351 $2,020,065 $1,962,748
Core
deposits $1,472,206 $1,518,797 $1,473,701 $1,460,634 $1,418,313
Share-
holders'
equity $259,773 $261,329 $252,347 $245,801 $232,241
Book value
per share $16.07 $16.17 $15.71 $15.32 $14.49
Tangible
book value
per share $14.06 $14.16 $13.68 $13.27 $12.44
Nonperforming
assets
Nonaccrual
loans $4,972 $2,580 $2,414 $4,101 $4,575
Restructured
loans 985 806 1,066 804 1,197
Other
personal
property
owned 32 -- -- -- --
Other real
estate owned -- -- -- -- --
Total non-
performing
assets $5,989 $3,386 $3,480 $4,905 $5,772
Nonperforming
loans to
period-end
loans 0.32% 0.18% 0.20% 0.30% 0.36%
Nonperforming
assets to
period-end
assets 0.23% 0.13% 0.14% 0.20% 0.23%
Allowance for
loan and
lease losses
to period-
end loans 1.15% 1.14% 1.18% 1.26% 1.29%
Allowance
for loan
and lease
losses to non-
performing
loans 358.22% 614.86% 579.94% 426.63% 363.65%
Allowance
for loan
and lease
losses to non-
performing
assets 356.30% 614.86% 579.94% 426.63% 363.65%
Net loan
charge-offs
(recoveries) $(191) $1 $1,694 $714 $(49)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
(in thousands, except per share)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Interest Income
Loans $36,224 $30,328 $70,254 $58,972
Taxable
securities 4,657 5,208 9,442 10,166
Tax-exempt
securities 1,960 1,753 3,920 3,180
Federal funds sold
and deposits
with banks 414 121 785 161
Total interest
income 43,255 37,410 84,401 72,479
Interest
Expense
Deposits 13,617 9,408 25,776 17,899
Federal Home
Loan Bank
advances 2,484 3,206 5,663 4,974
Long-term
obligations 513 492 1,020 951
Other borrowings 946 2 1,544 47
Total interest
expense 17,560 13,108 34,003 23,871
Net Interest
Income 25,695 24,302 50,398 48,608
Provision for
loan and
lease losses 329 250 967 465
Net interest
income after
provision for
loan and lease
losses 25,366 24,052 49,431 48,143
Noninterest Income
Service charges
and other fees 3,293 2,907 6,252 5,741
Merchant services fees 2,124 2,174 4,093 4,212
Gain on sale of
securities available
for sale, net -- -- -- 10
Bank owned life
insurance ("BOLI") 451 434 877 833
Other 873 752 1,696 1,444
Total noninterest
income 6,741 6,267 12,918 12,240
Noninterest Expense
Compensation and
employee benefits 10,848 9,426 22,206 19,095
Occupancy 2,945 2,685 5,782 5,333
Merchant processing 884 887 1,707 1,671
Advertising
and promotion 657 854 1,204 1,506
Data processing 553 520 1,120 1,320
Legal & professional
services 687 737 1,510 967
Taxes, licenses & fees 703 640 1,316 1,236
Gain on sale of other
real estate owned, net -- (11) -- (11)
Interest rate floor
valuation adjustment -- 1,775 -- 1,775
Other 2,989 3,623 5,823 6,584
Total noninterest
expense 20,266 21,136 40,668 39,476
Income before
income taxes 11,841 9,183 21,681 20,907
Provision for
income taxes 3,297 1,944 5,854 5,480
Net Income 8,544 7,239 $15,827 $15,427
Net income per
common share:
Basic $0.53 $0.45 $0.98 $0.97
Diluted $0.53 $0.45 $0.97 $0.96
Dividend paid
per common share $0.17 $0.14 $0.32 $0.27
Average number
of common shares
outstanding 16,126 15,937 16,115 15,907
Average number
of diluted common
shares outstanding 16,258 16,115 16,261 16,095
CONSOLIDATED CONDENSED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
(in thousands)
June 30, December 31,
2007 2006
Assets
Cash and due from banks $69,829 $76,365
Interest-earning deposits with banks 15,070 13,979
Federal funds sold 6,600 14,000
Total cash and cash equivalents 91,499 104,344
Securities available for sale at fair value
(amortized cost of $570,891 and $598,703
respectively) 558,716 592,858
Securities held to maturity at cost (fair
value of $1,618 and $1,871 respectively) 1,573 1,822
Federal Home Loan Bank stock at cost 10,453 10,453
Loans held for sale 2,551 933
Loans, net of deferred loan fees of ($3,281)
and ($2,940), respectively 1,859,592 1,708,962
Less: allowance for loan and lease losses 21,339 20,182
Loans, net 1,838,253 1,688,780
Interest receivable 13,349 12,549
Premises and equipment, net 44,959 44,635
Goodwill 29,723 29,723
Other assets 69,870 67,034
Total Assets $2,660,946 $2,553,131
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $419,695 $432,293
Interest-bearing 1,697,630 1,591,058
Total deposits 2,117,325 2,023,351
Short-term borrowings:
Federal Home Loan Bank advances 161,700 205,800
Securities sold under agreements to
repurchase 70,000 20,000
Other borrowings 49 198
Total short-term borrowings 231,749 225,998
Long-term subordinated debt 22,411 22,378
Other liabilities 29,688 29,057
Total liabilities 2,401,173 2,300,784
Commitments and contingent liabilities
Shareholders' equity: -- --
Preferred stock (no par value)
Authorized, 2 million shares; none
outstanding -- --
Common stock June 30, December 31,
(no par value) 2007 2006
Authorized shares 63,034 63,034
Issued and outstanding 16,166 16,060 168,401 166,763
Retained earnings 99,701 89,037
Accumulated other
comprehensive loss (8,329) (3,453)
Total shareholders'
equity 259,773 252,347
Total Liabilities and
Shareholders' Equity $2,660,946 $2,553,131
SOURCE Columbia Banking System, Inc.
 back to top
Related links:
http://www.columbiabank.com
CONTACT:
Melanie J. Dressel, President and Chief
Executive Officer, +1-253-305-1911, Gary R. Schminkey, Executive
Vice President and Chief Financial Officer, +1-253-305-1966, both
of Columbia Banking System, Inc.
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