Columbia Banking System Inc (COLB) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Columbia Banking Systems First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

感謝您的支持，歡迎來到 Columbia Banking Systems 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，今天的電話會議正在錄製中。

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

此時，我想介紹哥倫比亞投資者關係總監 Jacque Bohlen，開始電話會議。

Thank you, Valerie. Good afternoon, everyone. Thank you for joining us as we review our first quarter 2023 results, which we released shortly after the market closed today. The earnings release and corresponding presentation, which we will refer to during our remarks this afternoon, are available on our website at columbiabankingsystem.com.

謝謝你，瓦萊麗。大家下午好。感謝您加入我們，回顧我們今天收市後不久發布的 2023 年第一季度業績。我們將在今天下午的評論中提到的收益發布和相應的演示文稿可在我們的網站 columbiabankingsystem.com 上找到。

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

今天早上和我在一起的是哥倫比亞銀行系統公司總裁兼首席執行官克林特斯坦; Umpqua銀行總裁Chris Merrywell和Tory Nixon；羅恩法恩斯沃思，首席財務官；和首席信貸官 Frank Namdar。在我們準備好的發言之後，我們將回答您的問題。

During today's call, we will make forward-looking statements, which are subject to risks and uncertainties and are intended to be covered by the safe harbor provisions of federal securities law. For a list of factors that may cause actual results to differ materially from expectations, please refer to Slide 2 of our earnings presentation as well as the disclosures contained within our SEC filings.

在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響，並受聯邦證券法安全港條款的約束。有關可能導致實際結果與預期存在重大差異的一系列因素，請參閱我們的收益演示文稿的幻燈片 2 以及我們向美國證券交易委員會提交的文件中包含的披露。

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

在討論 GAAP 結果的同時，我們還將參考非 GAAP 財務指標。我們鼓勵您查看我們的收益發布和整個收益報告中提供的 GAAP 與非 GAAP 對賬。

I will now turn the call over to Clint.

我現在將把電話轉給克林特。

Thank you, Jacque. Good afternoon, everyone. It was an extraordinary first quarter for Columbia. We closed our merger with Umpqua Holdings Corporation on February 28, reinforcing Umpqua Bank's position as the largest bank headquartered in the Northwest and creating one of the largest banking franchises headquartered in the West. At $54 billion in assets, our broader scale and additional products and services enable us to meet the needs of our customer base in expanded ways.

謝謝你，雅克。大家下午好。對於哥倫比亞來說，這是一個非凡的第一季度。我們於 2 月 28 日完成了與 Umpqua Holdings Corporation 的合併，鞏固了 Umpqua Bank 作為總部位於西北部的最大銀行的地位，並創建了總部位於西部的最大銀行特許經營權之一。憑藉 540 億美元的資產，我們更廣泛的規模和更多的產品和服務使我們能夠以更多的方式滿足客戶群的需求。

Over the past 18 months, our organization has attracted top talent in new and existing markets. These leaders and teams, alongside our seasoned long-time bankers, continue to win new business and expand existing relationships. This activity has thrived despite the ongoing preparation for the integration of Columbia and Umpqua. I'm very proud of what our team accomplished during the first quarter.

在過去的 18 個月裡，我們的組織吸引了新市場和現有市場的頂尖人才。這些領導者和團隊與我們經驗豐富的長期銀行家一起，繼續贏得新業務並擴大現有關係。儘管哥倫比亞和 Umpqua 正在為整合做準備，但這項活動仍在蓬勃發展。我為我們的團隊在第一季度取得的成就感到非常自豪。

In addition to closing the merger, we also completed 2 branch divestiture projects and successfully converted our core systems. Careful planning and the dedication of our exceptionally talented team enabled us to achieve these accomplishments.

除了完成合併，我們還完成了 2 個分支剝離項目並成功轉換了我們的核心系統。精心的計劃和我們才華橫溢的團隊的奉獻精神使我們能夠取得這些成就。

I want to thank our associates for their commitment and diligence throughout this busy period. It has enabled us to remain on track to realize our targeted cost savings by the end of the third quarter.

我要感謝我們的同事在這個繁忙時期的承諾和勤奮。它使我們能夠繼續按計劃在第三季度末實現我們的目標成本節約。

In addition to the heightened activity surrounding the merger, our associates were also engaged with customers throughout the industry events that unfolded in March. We were uniquely positioned during this period given our robust customer engagement surrounding the core systems conversion. Our teams were able to expand conversations already taking place to discuss Columbia's diversified business model, granular deposit base and tailored solutions for those looking to add products like our insured cash sweep service.

除了圍繞合併開展的高強度活動外，我們的員工還在 3 月份展開的整個行業活動中與客戶進行了接觸。鑑於我們圍繞核心系統轉換的強大客戶參與度，我們在此期間處於獨特的位置。我們的團隊能夠擴大已經進行的對話，討論 Columbia 的多元化商業模式、精細的存款基礎和為那些希望添加我們的保險現金清掃服務等產品的人量身定制的解決方案。

With the historic first quarter for our company, our customers, associates and communities are already benefiting from enhancements provided by the merger. We remain committed to supporting communities throughout our 8-state footprint as evidenced by our 5-year $8 billion community benefits agreement. This agreement supports community development, expanded homeownership and small business formation.

憑藉我們公司歷史性的第一季度，我們的客戶、員工和社區已經從合併帶來的增強中受益。正如我們 5 年 80 億美元的社區福利協議所證明的那樣，我們仍然致力於在我們 8 個州的足跡中支持社區。該協議支持社區發展、擴大房屋所有權和成立小企業。

In that light, I'm pleased to announce we contributed $20 million to the Umpqua Bank Charitable Foundation in March.

有鑑於此，我很高興地宣布，我們在 3 月份向 Umpqua Bank Charitable Foundation 捐贈了 2000 萬美元。

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

隨著合併的完成，我們的股東將很快開始意識到我們加強運營和改善財務業績以及顯著增加資本所帶來的預期收益。

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

現在我會把電話轉給你，羅恩。

Okay. Thank you, Clint. And for those on the call who want to follow along, I will be referring to certain page numbers from our earnings presentation. Starting on Slide 4. Now that we've closed the merger, we present here updated overall financial metrics expected as compared to the original projections in October of 2021. The changes in fair value since then led to significant rate-related discounts, which will accrete to interest income over time.

好的。謝謝你，克林特。對於那些想跟進電話的人，我將參考我們收益報告中的某些頁碼。從幻燈片 4 開始。既然我們已經完成了合併，我們將在此處展示與 2021 年 10 月的原始預測相比的更新後的整體財務指標。此後公允價值的變化導致了與利率相關的重大折扣，這將隨著時間的推移增加利息收入。

With that, our tangible book dilution was larger, but our expected GAAP accretion and return on tangible equity increases significantly with a similar earn-back.

因此，我們的有形賬面稀釋更大，但我們預期的 GAAP 增長和有形股本回報率顯著增加，並具有類似的收益回報。

With our core system conversion completed a month ago, we are on track to achieve our expected cost synergies of $135 million on an annualized basis by the end of the third quarter this year.

我們的核心系統轉換在一個月前完成，我們有望在今年第三季度末實現年化 1.35 億美元的預期成本協同效應。

Next, on Slide 5, we present updated fair value marks at closing as compared to announcement. Given the increase in treasury yields and inversion of the 10 versus 2 spreads since announcement, we ended with $1.76 billion in discount marks, with all the $130 million of that related to rate. Again, these rate discounts will accrete to interest income, providing a significant and stable additional earnings stream over time, which we'll highlight in a few minutes.

接下來，在幻燈片 5 中，我們展示了與公告相比更新後的公允價值標記。鑑於自宣布以來國債收益率上升和 10 比 2 利差倒掛，我們以 17.6 億美元的貼現率結束，其中 1.3 億美元與利率相關。同樣，這些利率折扣將增加利息收入，隨著時間的推移提供重要且穩定的額外收益流，我們將在幾分鐘內強調這一點。

Also noted, lower on the page is the larger core deposit intangible balance, which will be amortized to expense over time.

另請注意，頁面下方是較大的核心存款無形餘額，隨著時間的推移將攤銷為費用。

On Slide 6, we carry forward the discount marks in CDI at closing and also present the current balances as of quarter end. For the AFS securities discount, the decline from closing to quarter end resulted from writing off existing premiums at close of roughly $200 million, along with removing the discounts of $165 million on the $1.2 billion of bonds sold as part of a restructuring. The remaining decline of approximately $15 million was accretive to interest income.

在幻燈片 6 中，我們在收盤時結轉 CDI 中的折扣標記，並顯示截至季度末的當前餘額。對於 AFS 證券折扣，從收盤到季度末的下降是由於在收盤時註銷了大約 2 億美元的現有溢價，以及取消了作為重組一部分出售的 12 億美元債券的 1.65 億美元折扣。剩餘約 1500 萬美元的下降增加了利息收入。

Slide 7 projects our cost synergy realization estimate at quarter end through the year. On an annualized basis, we estimate we've realized $25 million of cost synergies in the month of March run rate, with an additional $21 million achieved post conversion, which will reduce our run rate in April. Looking forward, we expect to realize a further $59 million to $64 million in annualized cost savings by the end of the second quarter or approximately $15 million to $16 million on a quarterly basis, achieving these synergies evenly throughout the quarter.

幻燈片 7 預測了我們在今年季度末的成本協同效應實現估計。按年率計算，我們估計我們在 3 月份的運行率中實現了 2500 萬美元的成本協同效應，另外還有 2100 萬美元的轉換後實現，這將降低我們 4 月份的運行率。展望未來，我們預計到第二季度末將進一步實現 5900 萬至 6400 萬美元的年化成本節省，或每季度節省約 1500 萬至 1600 萬美元，從而在整個季度均勻地實現這些協同效應。

Slide 8 covers our liquidity, including deposit flows during the quarter. For comparability, we presented the table on the left as if we were combined for all periods presented. Total deposits declined 4.9% in the first quarter or 3.6% when excluding the divestiture required with the combination.

幻燈片 8 介紹了我們的流動性，包括本季度的存款流量。為了便於比較，我們將左側的表格呈現為就好像我們針對所呈現的所有時期進行了合併。第一季度總存款下降 4.9%，如果不包括合併所需的資產剝離，則下降 3.6%。

Market liquidity tightening and the impact of inflation on consumer spending continued to pressure customer deposit balances. We utilized short-term Federal Home Loan Bank borrowings to fund the outflows, along with adding $2 billion for higher on-balance sheet liquidity.

市場流動性收緊和通脹對消費者支出的影響繼續對客戶存款餘額構成壓力。我們利用聯邦住房貸款銀行的短期借款為資金流出提供資金，同時增加 20 億美元以提高資產負債表內的流動性。

The upper right table details our off-balance sheet liquidity, with $9.7 billion available as of quarter end. Below that, we had cash and excess bond collateral not pledged for lines to arrive at total available liquidity of $17.9 billion. This represents 121% of uninsured deposits as of quarter end.

右上表詳細說明了我們的資產負債表外流動性，截至本季度末可用資金為 97 億美元。在此之下，我們有現金和未抵押的超額債券抵押品，以達到 179 億美元的總可用流動性。截至季度末，這佔未投保存款的 121%。

On the next page, Slide 9, we detail out the investment portfolio. The upper left table takes you from current par to amortized cost to fair value. Noting the difference between current par and amortized costs is the combined net discount, which will be accretive to interest income over time. The $94 million of gross unrealized gains at quarter end came primarily from the marked Columbia portfolio as the bond market rallied in March, while the gross unrealized losses related to the prior Umpqua bonds, which were not marked.

在下一頁幻燈片 9 中，我們詳細介紹了投資組合。左上表將您從當前面值帶到攤餘成本再到公允價值。請注意，當前面值和攤銷成本之間的差異是合併後的淨折扣，隨著時間的推移，這將增加利息收入。季度末 9400 萬美元的未實現收益總額主要來自標記的 Columbia 投資組合，因為 3 月份債券市場上漲，而未實現的總虧損與之前未標記的 Umpqua 債券有關。

I mentioned earlier, we sold $1.2 billion of marked Columbia bonds the first week of March and reinvested $0.9 billion as part of restructuring. We sold front-end cash flows and purchased longer dated bonds to extend duration slightly, benefiting our interest rate sensitivity, which I'll cover in a few minutes.

我之前提到過，我們在 3 月的第一周出售了 12 億美元的標記哥倫比亞債券，並將 9 億美元作為重組的一部分再投資。我們出售了前端現金流量併購買了期限較長的債券以略微延長期限，這有利於我們的利率敏感性，我將在幾分鐘後介紹這一點。

The chart on the right breaks out the overall portfolio between the portion with unrealized gains versus losses. Noting $6.1 billion of the book is in a gain position with a book yield of 4.53% as of quarter end. As you can tell, I'm excited about this portfolio as it gives us significantly higher and stable earnings stream with greater optionality.

右邊的圖表將整體投資組合的未實現收益部分與損失部分分開。注意到賬面價值中有 61 億美元處於盈利狀態，截至本季度末賬面收益率為 4.53%。如您所知，我對這個投資組合感到興奮，因為它為我們提供了更高、更穩定的收益流，並具有更大的選擇性。

The overall book yield was 3.62% with an effective duration of 5.7 at quarter end. And lastly, we only have 2.4 million in HTM bonds, which represents some CRE-related bonds with no unrealized loss.

季度末總賬面收益率為 3.62%，有效久期為 5.7。最後，我們只有 240 萬的 HTM 債券，這代表一些沒有未實現損失的 CRE 相關債券。

Now to better help investors, given the combination of accounting and moving parts, on Slide 10, we provide an updated outlook for the remainder of the year on several key financial statement items. The accretion estimates noted on the lower half of the table accrete based on the effective interest method, meaning they should be fairly stable near term and declining slightly over the life of the portfolios. They will provide significant interest income and capital build over time.

現在，考慮到會計和移動部分的結合，為了更好地幫助投資者，在幻燈片 10 上，我們提供了今年剩餘時間幾個關鍵財務報表項目的最新展望。表下半部分的增生估計是基於實際利率法增生的，這意味著它們在短期內應該相當穩定，並且在投資組合的整個生命週期內略有下降。隨著時間的推移，它們將提供可觀的利息收入和資本積累。

We also provide an updated outlook for our quarterly expense run rate, which we expect to be in the $260 million to $270 million range, but CDI amortization and merger expenses are excluded. We expect this level to trend down to $240 million to $250 million in Q4, reflecting the expected achievement of all communicated expense synergies by the end of the third quarter.

我們還提供了季度費用運行率的最新展望，我們預計其在 2.6 億美元至 2.7 億美元的範圍內，但不包括 CDI 攤銷和合併費用。我們預計這一水平在第四季度將下降至 2.4 億美元至 2.5 億美元，反映出到第三季度末所有溝通費用協同效應的預期實現。

Slides 12 through 14 provide summary financials for Q1, but I want to take you forward to Slide 15. Here, we break out Q1 GAAP earnings to help investors understand the nonoperating and merger-related impacts and resulting core bank results in the far right column. The first column represents our Q1 GAAP results with a net loss of $14 million driven entirely by merger expense, along with the initial ACL provision. The second column includes our nonoperating designation for income statement changes mostly related to fair value swings, along with $116 million of merger costs included in noninterest expense, which are detailed out in the appendix. These net to an $86 million reduction in Q1 earnings, resulting in a third column for operating income.

幻燈片 12 到 14 提供了第一季度的財務摘要，但我想帶你轉到幻燈片 15。在這裡，我們列出了第一季度的 GAAP 收益，以幫助投資者了解非經營和合併相關的影響以及在最右邊的列中產生的核心銀行業績.第一列代表我們第一季度的 GAAP 結果，淨虧損 1400 萬美元，完全由合併費用以及初始 ACL 準備金驅動。第二欄包括我們對主要與公允價值波動相關的損益表變化的非經營指定，以及包含在非利息費用中的 1.16 億美元合併成本，詳見附錄。這些淨額使第一季度收益減少了 8600 萬美元，從而產生了營業收入的第三列。

This is the key page, the bridge from GAAP reported earnings isolating nonoperating fair value changes, then the merger-related items of discount accretion, CDI amortization and the CECL day 2 double count, then to adjusted operating income.

這是關鍵頁面，從 GAAP 報告的收益中分離出非經營性公允價值變化的橋樑，然後是與合併相關的折扣增加項目、CDI 攤銷和 CECL 第 2 天的雙重計算，然後是調整後的營業收入。

Now in the merger-related items column, we have $32 million of net discount accretion from the marks discussed earlier for 1 month, along with $88 million initial ACL provision commonly referred to as the CECL day 2 double count. Also included is $13 million of CDI amortization for the 1 month. The value in this column will be a clear view of the net earnings impact from the merger accounting, which will be substantial and, again, build capital over time.

現在，在與合併相關的項目欄中，我們有 3200 萬美元的淨折扣從之前討論的標記中增加了 1 個月，以及 8800 萬美元的初始 ACL 準備金，通常稱為 CECL 第 2 天重複計算。還包括 1 個月的 1300 萬美元 CDI 攤銷。此欄中的值將清楚地顯示合併會計對淨收益的影響，這將是巨大的，並且會隨著時間的推移積累資本。

And that takes us to the far right column, which presents the bank, excluding the merger accounting marks. Again, the interest rate environment introduced a significant amount of purchase accounting accretion and amortization into our reported earnings, and Slide 15 breaks out the components. This will enable investors to view the earnings power of Columbia outside purchase accounting adjustments while also seeing the meaningful net capital generation we expect these adjustments to produce over time.

這將我們帶到最右邊的列，該列顯示了銀行，不包括合併會計標記。同樣，利率環境在我們報告的收益中引入了大量的採購會計增值和攤銷，幻燈片 15 分解了這些組成部分。這將使投資者能夠在購買會計調整之外查看 Columbia 的盈利能力，同時還可以看到我們預計這些調整會隨著時間的推移產生有意義的淨資本生成。

Okay. With that, moving ahead for a couple of more items. Slide 17 breaks out accretion from net interest income, and Slide 18 does the same for the margin. In the footnote, we highlight the NIM for just the month of March was 4.31% as reported and 3.55%, excluding the accretion. The excess liquidity held on balance sheet had a 10 basis point impact on the month of March NIM but an insignificant impact on net interest income.

好的。有了這個，繼續進行更多的項目。幻燈片 17 打破了淨利息收入的增長，幻燈片 18 對利潤率也做了同樣的處理。在腳註中，我們強調 3 月份的 NIM 報告為 4.31% 和 3.55%，不包括增長。資產負債表持有的過剩流動性對3月淨息差影響10個基點，但對淨利息收入影響不大。

Slide 19 breaks out the repricing and maturity characteristics of the loan portfolio, noting 46% as fixed, 24% as floating and 30% are adjustable.

幻燈片 19 列出了貸款組合的重新定價和期限特徵，指出 46% 是固定的，24% 是浮動的，30% 是可調整的。

Slide 20 provides an updated view of our combined interest rate sensitivity under both ramp and shock scenarios. We've taken proactive measures to reduce the balance sheet sensitivity to a potential declining rate environment, including the bond portfolio restructuring discussed earlier, along with using short-term wholesale borrowings. Combined with more locked-out bond cash flows, this acts like a swap for rates down environments.

幻燈片 20 提供了我們在上升和衝擊情景下的綜合利率敏感性的更新視圖。我們已採取積極措施降低資產負債表對潛在利率下降環境的敏感性，包括之前討論的債券投資組合重組，以及使用短期批發借款。再加上更多鎖定的債券現金流，這就像是利率下調環境的互換。

You can see here the trending over the past few quarters where our rates down risk has been reduced significantly. And noted below, we calculate our cycle-to-date funding betas, which are calculated on a combined company basis over the periods presented for comparability. As of the first quarter, our interest-bearing deposit portfolio has priced in 28% of the Fed funds rate increases. Notably, here is the cost of interest rate deposits, which was 1.33% for the month of March compared with the quarter end spot rate of 1.43% highlighting stability.

您可以在這裡看到過去幾個季度的趨勢，我們的降息風險已大大降低。並且在下面指出，我們計算了我們的周期至今的資金貝塔值，這些貝塔值是在為了可比性而提出的時期內以合併公司為基礎計算的。截至第一季度，我們的計息存款組合已反映 28% 的聯邦基金利率上漲。值得注意的是，這是利率存款成本，3 月份為 1.33%，而季度末即期利率為 1.43%，凸顯穩定性。

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

有了這個，我現在將把電話轉給弗蘭克。

Thank you, Ron. Turning to Slide 23. The addition of the historical Columbia loans at fair value was the primary driver of the quarter's loan growth as new originations were nearly offset by payment activity.

謝謝你，羅恩。轉到幻燈片 23。以公允價值計算的 Columbia 歷史貸款的增加是本季度貸款增長的主要驅動力，因為新發放的貸款幾乎被支付活動所抵消。

Slide 24 details select characteristics of our loan portfolio by major category with added details surrounding production during the first quarter. Our portfolio is diversified by mix and geography. Average loan size displays, the granularity of the portfolio and where applicable, average loan-to-value and debt service coverage supports the quality of our underwriting.

幻燈片 24 按主要類別詳細選擇了我們貸款組合的特徵，並增加了第一季度生產的詳細信息。我們的投資組合因組合和地域而多樣化。顯示的平均貸款規模、投資組合的粒度以及適用的平均貸款價值比和償債覆蓋率支持我們的承銷質量。

Additional industry detail for our commercial portfolio is provided on Slide 25, further highlighting our diversification by industry and collateral type.

幻燈片 25 提供了我們商業投資組合的其他行業詳細信息，進一步突出了我們在行業和抵押品類型方面的多元化。

Let's spend a little time on Slide 26, which provides an overview of our office portfolio in response to increased investor focus on this asset category. Like other verticals, our office portfolio is characterized by a diversified mix of granular loans that exhibit strong credit metrics. Our average office loan is $1.3 million. The average loan-to-value of the portfolio is 57%, and the average debt service coverage of the nonowner-occupied portion of the portfolio is approximately 1.75x.

讓我們花一點時間在幻燈片 26 上，它概述了我們的辦公室投資組合，以響應投資者對這一資產類別的日益關注。與其他垂直行業一樣，我們的寫字樓投資組合的特點是呈現出強大信用指標的多元化顆粒貸款組合。我們的平均辦公室貸款為 130 萬美元。投資組合的平均貸款價值比為 57%，非自住部分的平均償債覆蓋率約為 1.75 倍。

Properties are located across our broad Western footprint, and majority are in suburban markets. We have very limited exposure to core downtown metro markets. 83% of our office loans have a guarantee in place, and performance of the portfolio remains exceptional.

物業遍布我們廣泛的西部足跡，其中大部分位於郊區市場。我們對核心市中心地鐵市場的接觸非常有限。我們 83% 的辦公室貸款都有擔保，投資組合的表現依然出色。

Past due and nonaccrual levels are de minimis at a combined $1 million, and criticized balances represent only 2% of the overall portfolio and less than 20 basis points of our total loan portfolio. We remain very comfortable with our office exposure given the characteristics I've outlined.

逾期和非應計水平合計為 100 萬美元，微不足道，批評餘額僅佔整體投資組合的 2%，占我們總貸款組合的不到 20 個基點。鑑於我所概述的特徵，我們對辦公室曝光率仍然非常滿意。

Moving on, Slide 27 highlights our reserve coverage by loan category. With the majority of the quarter's build driven by $32 million added as part of the merger for historical Columbia PCD loans and $88 million initial provision booked for non-PCD loans. The remaining $17 million provision expense primarily reflects changes in the economic forecast used in credit models.

繼續，幻燈片 27 突出顯示了我們按貸款類別劃分的準備金覆蓋率。本季度的大部分建設是由作為歷史哥倫比亞 PCD 貸款合併的一部分增加的 3200 萬美元和為非 PCD 貸款登記的 8800 萬美元初始準備金推動的。剩餘的 1700 萬美元撥備費用主要反映了信用模型中使用的經濟預測的變化。

Slide 28 provides an overview for our consolidated credit trends. And note the additional 28 basis points, the remaining credit discount on loans adds to our loss-absorbing capacity. Overall, our credit trends are benign outside the anticipated trend in FinPac charge-offs.

幻燈片 28 概述了我們的綜合信貸趨勢。並註意額外的 28 個基點，剩餘的貸款信用折扣增加了我們的損失吸收能力。總體而言，除了 FinPac 沖銷的預期趨勢之外，我們的信貸趨勢是良性的。

Delinquency and charge-off activity and the FinPac portfolio remains centered in the trucking sector of the portfolio, and we believe delinquencies in this area have reached plateau as the supply-demand imbalance in this specific space evens out. These factors drive our expectations for another quarter of elevated charge-offs in the FinPac portfolio as delinquencies continue to roll through the later delinquency balance. We continue to view these trends as isolated to the FinPac portfolio given the unique characteristics of their obligors, and we have obviously witnessed no spillover to the broader commercial portfolio or other sectors within the FinPac portfolio.

拖欠和註銷活動以及 FinPac 投資組合仍然集中在投資組合的卡車運輸部門，我們認為隨著這一特定領域的供需失衡趨於平衡，該領域的拖欠率已經達到穩定水平。這些因素推動了我們對 FinPac 投資組合中另一個四分之一的高沖銷的預期，因為拖欠繼續在後來的拖欠餘額中滾動。鑑於其債務人的獨特特徵，我們繼續將這些趨勢視為獨立於 FinPac 投資組合，並且我們顯然沒有看到更廣泛的商業投資組合或 FinPac 投資組合中的其他部門。

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

不包括 FinPac，該銀行的註銷活動仍處於最低水平。儘管分類資產比率確實有所增加，但在查看合併後的投資組合時，它們並不代表分類資產餘額有任何顯著變化。

I will now turn the call over to Chris.

我現在將電話轉給克里斯。

Thank you, Frank. Shifting the focus to deposits. Slide 29 highlights the quality of our portfolio. 41% of balances are in noninterest-bearing accounts. Of the overall, consumer balances comprised 41% of our base with the average account balance at $20,000. Commercial balances make up the remaining 49% of our deposit portfolio, with the average account balance at $108,000. The company offers multiple deposit solutions like our insured cash sweep service, the ability to collateralize select accounts and opportunities for enhanced returns through Columbia wealth management. These products provide our customers with the flexibility they seek and improve the stability of our granular deposit base.

謝謝你，弗蘭克。將重點轉移到存款上。幻燈片 29 突出了我們產品組合的質量。 41% 的餘額在無息賬戶中。在總體中，消費者余額占我們基數的 41%，平均賬戶餘額為 20,000 美元。商業餘額占我們存款組合的剩餘 49%，平均賬戶餘額為 108,000 美元。該公司提供多種存款解決方案，例如我們的受保現金清掃服務、抵押精選賬戶的能力以及通過 Columbia 財富管理提高回報的機會。這些產品為我們的客戶提供了他們尋求的靈活性，並提高了我們顆粒狀沉積物基礎的穩定性。

At quarter end, just 36% of our deposit portfolio was uninsured, screening on the lower end of peer averages.

在季度末，我們的存款組合中只有 36% 沒有投保，處於同行平均水平的較低端。

Net contraction in our deposit balances on an organic basis during the quarter reflects normal customer uses of cash, the impact of inflation on spending and market liquidity tightening. Offsetting these headwinds to net expansion was continued growth in new account balances as customers transferred funds into recently opened accounts throughout the quarter. We also continued the development of our franchise throughout the West. With the merger closed, we now have deposit and other capabilities in Utah, which further enables us to bring full banking relationships to the company. We will continue to invest in this market and throughout our other geographies. We believe this will lead to enhanced long-term organic growth opportunities.

本季度存款餘額自然收縮反映了客戶現金的正常使用、通貨膨脹對支出的影響以及市場流動性收緊。隨著客戶在整個季度將資金轉入最近開設的賬戶，新賬戶餘額的持續增長抵消了淨擴張的這些不利因素。我們還在整個西部繼續發展我們的特許經營權。隨著合併的完成，我們現在在猶他州擁有存款和其他能力，這進一步使我們能夠為公司帶來全面的銀行業務關係。我們將繼續投資於這個市場和我們的其他地區。我們相信這將帶來增強的長期有機增長機會。

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

隨著核心系統轉換現已完成，我們的團隊更加專注於為我們的特許經營創造平衡增長。我們社區內的關係銀行業務推動了我們的目標。我們更廣泛的足跡、更多的產品和服務以及我們團隊的協作精神支持我們對持續成功的期望。

And now back to you, Clint.

現在回到你身邊，克林特。

Thanks, Chris. Our regulatory capital position is outlined on Slide 30. We remain above both well-capitalized and internal threshold targets. And as Ron outlined, we expect capital to accrete quickly in the coming quarters.

謝謝，克里斯。幻燈片 30 概述了我們的監管資本狀況。我們仍然高於資本充足和內部門檻目標。正如羅恩所概述的那樣，我們預計未來幾個季度資本將迅速增加。

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

由於合併，我們調整了股息申報時間線，使其與 Umpqua Holdings 之前使用的時間線相似。

This concludes our prepared comments. The team is now available to answer your questions. So Valerie, please open the call for Q&A.

我們準備好的評論到此結束。該團隊現在可以回答您的問題。瓦萊麗，請開啟問答環節。

(Operator Instructions) Our first question comes from the line of Jeff Rulis of D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Jeff Rulis。戴維森。

I guess to start, appreciate all the detail in the deck. Maybe I'd go first to the cost or the expense run rate. Ron, you kind of rattled through that. I missed kind of the fair step as you go through the -- through Q3, and I guess you ended at $240 million to $250 million in Q4. But could you repeat that piece again?

我想開始，欣賞甲板上的所有細節。也許我會首先考慮成本或費用運行率。羅恩，你有點喋喋不休。當你經歷第三季度時，我錯過了公平的一步，我猜你在第四季度結束時的收入為 2.4 億至 2.5 億美元。但是你能再重複一遍嗎？

Yes. I mean I think you summarized it well. We've got $25 million we have included within our run rate for the month of March. There's another $21 million that is in place, but at the end of the quarter, which will be reflected in Q2. So we talked about that. And then on that Slide 7, we show you the ramp for additional $59 million to $64 million we expect to achieve on an annualized basis in Q3, which will put us at the $135 million level by the end of Q3. $59 million to $64 million additional in the second quarter and then the balance in Q3, we'll end at $135 million annualized again at the end of Q3 looking forward. And the guidance we gave for Q2 on the expense side reflects those trends, along with the Q4 amount noted in the far right note column on that outlook page.

是的。我的意思是我認為你總結得很好。我們有 2500 萬美元已包含在 3 月份的運行率中。還有 2100 萬美元到位，但在本季度末，這將反映在第二季度。所以我們談到了這一點。然後在幻燈片 7 上，我們向您展示了我們預計在第三季度實現的年化額外 5900 萬至 6400 萬美元的增長，這將使我們在第三季度末達到 1.35 億美元的水平。第二季度增加 5900 萬至 6400 萬美元，然後是第三季度的餘額，展望未來，我們將在第三季度末再次以年化 1.35 億美元結束。我們在費用方面為第二季度提供的指導反映了這些趨勢，以及該展望頁面最右側註釋欄中註明的第四季度金額。

Okay. Great. And then the -- I guess if I were to jump to capital, your comment about expecting to accrete that quickly. And I just -- I don't know if you've got projections on kind of year-end or expectations for those capital levels? And I guess that's question 1. Question 2 would be other tools, with the deal closed now, do you look at the buyback to be the other ways of deploying that capital as that grows?

好的。偉大的。然後 - 我想如果我要跳到資本，你關於期望迅速積累的評論。我只是 - 我不知道你是否有關於年底的預測或對這些資本水平的預期？我想這是問題 1。問題 2 是其他工具，現在交易已經完成，你是否認為回購是隨著資本增長而部署資本的其他方式？

Jeff, this is Ron. On the first one, very much we have forecast on the capital build, and it's going to be in a range of 20 to 30 bps on the risk-based measures across the various separate ratios over the course of the year and into the following year and the year after. That's got a long life -- this will be a long-life level of accretion that -- also interestingly enough, just given the nature of how rates have moved up over the last year, you'd have to go significantly below where rates were prior to last year in order to see a real acceleration in prepay on a lot of those instruments. So excited about that. And that 20 to 30 bps would be a quarterly accretion in the capital ratios.

傑夫，這是羅恩。在第一個方面，我們對資本建設做出了很多預測，並且在今年和下一年中，基於風險的各種獨立比率的措施將在 20 到 30 個基點的範圍內和後年。這是一個很長的生命期——這將是一個長期的增長水平——同樣有趣的是，考慮到去年利率上升的性質，你必須大幅低於利率水平去年之前，以便看到許多這些工具的預付款真正加速。對此很興奮。而這 20 到 30 個基點將是資本比率的季度增長。

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

傑夫，這是克林特。我只是補充一點，因為你根據增生增加的內容進行數學計算，然後考慮收益因素，你可以很快地協調羅恩的評論和我對資本生成和公司能力的看法。

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

關於回購，我今年看不到任何東西。我認為，就目前的所有波動性以及我們將在未來幾個季度建立長期目標資本比率這一事實，我們會讓這種情況發生。然後，如果市場條件有利，無論如何，Ron 和我本人將與我們的董事會進行討論，並確保我們是好管家並保持適當數量的資本，以便我們可以靈活地在任何週期的整個過程中發展我們的業務，但也不要有太多的資本閒置，這會損害我們對股東的回報。

Okay. And then maybe one last one for Chris. Just on the deposit side, could you comment on flows in April so far, is kind of the first part of that. And then second, you talked about expanding tools into Utah and I guess your expectations for the growth through the end of the year, if you think you could scratch (inaudible) from 3/31 levels.

好的。然後也許是克里斯的最後一個。就存款方面而言，您能否評論 4 月份到目前為止的流量，這是其中的第一部分。其次，你談到了將工具擴展到猶他州，我猜你對到今年年底的增長的期望，如果你認為你可以從 3/31 的水平開始（聽不清）。

Sure. Into April, with the conversion behind us, still early behind that. You're looking at getting some people back out into the markets. We've also launched our own deposit promotion. Trends are good on that out of the gate, and that's been out for a couple of weeks. More though I'm starting to see -- and I know Tory is seeing this as well, we're seeing clients and prospects that are coming to us requesting new business. Now I can't put a dollar amount on it for you right at this time, but it's certainly a very positive sign to see the new business flow that's coming in as well as the multiple conversations that are going on with existing clients around, one, retaining their deposits; and two, looking at opportunities they might have with funds that are held elsewhere.

當然。進入 4 月，隨著我們的轉換，仍然很早。你正在考慮讓一些人重返市場。我們還推出了自己的存款促銷活動。從一開始，趨勢就很好，而且已經有幾週了。儘管我開始看到更多——而且我知道 Tory 也看到了這一點，但我們看到客戶和潛在客戶正在向我們尋求新業務。現在我不能在這個時候為你投入一美元，但看到即將到來的新業務流程以及與周圍現有客戶正在進行的多次對話，這肯定是一個非常積極的跡象，一個, 保留他們的存款；第二，尋找他們在別處持有的資金可能擁有的機會。

Expanding into Utah, we should be up and going sometime during the quarter to attracting actual deposits and would expect that team, which hit the ground running on the loan side, to be able to drive a good amount. Again, I can't put a dollar amount on it of exactly what we would get, but we're very -- we've always been excited about the market, and I don't see the experienced bankers that we have having any trouble bringing in deposits on that. And then we will look into the other states where we have loan production offices as well. And I would say more to come on that, but we're certainly looking to be full service across all 8 states.

擴展到猶他州，我們應該在本季度的某個時候啟動並繼續吸引實際存款，並期望在貸款方面開始運作的團隊能夠推動大量資金。再說一次，我無法確切地說明我們會得到什麼，但我們非常 - 我們一直對市場感到興奮，而且我沒有看到我們有任何經驗豐富的銀行家帶來存款的麻煩。然後我們將研究我們也有貸款生產辦公室的其他州。我會說更多，但我們當然希望在所有 8 個州提供全面服務。

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

我不知道，保守黨，你想補充什麼嗎？

Jeff, this is Tory Nixon. I think the only thing I would add is for the first 3 weeks of April, deposit balances are down just a little bit, mostly in retail and consumer banking, and that's like typical tax payments and just kind of traditional outflow, not significant at all. And to Chris' point, a lot of activity inside the commercial bank on new relationships, prospecting funds, deposit funds from -- for our customers from other institutions. So a lot of really, really good activity.

傑夫，這是托里·尼克松。我認為我唯一要補充的是 4 月的前 3 週，存款餘額略有下降，主要是在零售和消費銀行業務中，這就像典型的納稅和傳統的資金外流，一點也不顯著.對於克里斯的觀點，商業銀行內部有很多活動涉及新的關係、探礦資金、存款資金——為我們來自其他機構的客戶。很多非常非常好的活動。

I guess putting it another way, I guess by year-end, are you looking at in your budget from the 3/31 jump (inaudible) deposit balances? Are you in a stable down or up type mindset?

我想換一種說法，我想到年底，您是否正在從 3/31 躍升（聽不清）的存款餘額中查看預算？你是穩定的向下型還是向上型心態？

Yes. No, I think there's a really great opportunity for us to grow the balances of the company, and we -- all hands on deck to do that. We are continuing to focus on C&I relationships in full banking relationships. And what comes with that is core deposits, fee income, I mean, all those things that drive value for the company.

是的。不，我認為我們有一個很好的機會來增加公司的平衡，我們 - 全力以赴做到這一點。我們將繼續關注完整銀行關係中的 C&I 關係。隨之而來的是核心存款、費用收入，我的意思是，所有這些都能為公司帶來價值。

And Jeff, I'll just add. There's a bit of a wildcard in there. And that's -- it appears that we've returned to kind of seasonal patterns that we haven't had for -- since pre-COVID. And if you go back prior to 2020 and throughout the history of the company, a lot of the deposit -- positive deposit flows occur in the second half of the year, and they start to build late second quarter.

傑夫，我只是補充一下。那裡有點通配符。那就是 - 看起來我們已經回到了我們沒有的季節性模式 - 自 COVID 之前。如果你回顧 2020 年之前和公司的整個歷史，很多存款 - 正存款流量發生在下半年，並且它們在第二季度末開始建立。

So in addition to the activities that Tory mentioned and Chris, there's that seasonal pattern. And I would expect that, that will return and behave as we've seen in the past. But then the Fed is still removing liquidity from the system. And so -- and I think there's still -- just from an industry perspective, there's still some of that activity that's yet to occur. So that's why it's hard to just tell you, yes, it's up x percent. But I think I share the team's optimism on our ability to take market share and the conversations that we're having. And it gets back to my prepared remarks along the lines of not only the new teams, but our seasoned bankers, they -- they're continuing to win new business and deepen those existing relationships. And so I think those activities, no matter what happens at a macro level, you'll see the positive benefit to our balance sheet.

因此，除了 Tory 和 Chris 提到的活動之外，還有季節性模式。我希望它會返回並像我們過去看到的那樣運行。但隨後美聯儲仍在從系統中移除流動性。因此——我認為仍然存在——從行業的角度來看，仍有一些活動尚未發生。所以這就是為什麼很難告訴你，是的，它上升了 x%。但我想我和團隊一樣對我們奪取市場份額的能力以及我們正在進行的對話持樂觀態度。這回到了我準備好的言論，不僅是新團隊，還有我們經驗豐富的銀行家，他們——他們正在繼續贏得新業務並加深現有關係。所以我認為這些活動，無論在宏觀層面發生什麼，你都會看到對我們資產負債表的積極好處。

(Operator Instructions) Our next question comes from the line of David Feaster of Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 David Feaster。

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

也許只是停留在存款方面。我只是好奇，也許你在本季度看到的一些流量，如果你能談談——你談到了很多，這實際上是現有客戶餘額下降的一個函數。我很好奇你是在商業方面還是在零售方面看到更多。與客戶利用現金支付更高成本、浮動利率債務轉移到財富中或與銀行倒閉或什至轉換造成的動盪相比，這種季節性有多大？

Dave, this is Ron. Let me take a crack of that, pretty wide-ranging. But I'd say overall, traditionally and seasonally, it's like a bell curve over the course of the year, right? Stronger Q2, Q3, a little bit more pressure in Q4, Q1, depending on the segment, et cetera. And on Page 8, we did lay out the changes in deposits in that upper left table as if we were pooled or combined on a basis for comparability purposes.

戴夫，這是羅恩。讓我來分析一下，範圍很廣。但我想說的是，總體而言，傳統上和季節性上，它就像一年中的鐘形曲線，對吧？ Q2、Q3 更強，Q4、Q1 壓力更大，具體取決於細分市場，等等。在第 8 頁上，我們確實在左上角的表格中列出了存款的變化，就好像我們出於可比性的目的而合併或合併一樣。

And when we look at the x broker or the divestitures or the public deposit change on the customer count side, it's pretty evenly balanced between commercial and consumer, similar to just the overall mix of the portfolio, right? I think on the consumer side, it's -- feels like a similar continuation of the inflation story we talked about last quarter for -- we're looking at Q4 results on the commercial side, similar. So just the kind of effects of [QT] at the customer level utilizing cash from that standpoint.

當我們在客戶數量方面查看 x 經紀人或資產剝離或公共存款變化時，它在商業和消費者之間相當平衡，類似於投資組合的整體組合，對吧？我認為在消費者方面，它 - 感覺就像我們上個季度談到的通貨膨脹故事的類似延續 - 我們正在看商業方面的第四季度結果，類似。因此，從這個角度來看，[QT] 在客戶層面使用現金的那種效果。

Yes. And David, you asked in there -- there was a lot packed into that of -- and you mentioned investments and things moving away because we've talked about that in the past. And we saw a very similar -- I'd say it's probably a little bit of a larger activity than historical averages on that. But the really nice thing about this combination now is we have even more options that are available. And so all of the clients aren't looking to immediately move into a treasury bill or something of that nature. And with the insured cash sweeps and the deposit promos that we have, we've got -- our bankers have multiple tools available for them based on what the clients' needs are. And I think that just gives us maximum flexibility to solve the issue that they have.

是的。大衛，你在那裡問過——裡面有很多東西——你提到了投資和搬走的東西，因為我們過去談過這個。我們看到了一個非常相似的——我想說這可能比歷史平均水平要大一些。但現在這種組合的真正好處是我們有更多的選擇。因此，所有客戶都不希望立即購買國庫券或類似性質的東西。通過我們擁有的保險現金掃描和存款促銷，我們已經 - 我們的銀行家可以根據客戶的需求為他們提供多種工具。我認為這給了我們最大的靈活性來解決他們遇到的問題。

That makes sense. Maybe touching on the growth -- the loan growth side. Obviously, the market is pretty volatile right now, but I'm curious how demand is trending from your standpoint. How new loan yields are? What segments you're still seeing good risk-adjusted return. And maybe just -- you probably have some unique opportunities for growth just given the deal and some bigger targets and opportunities to increase relationships. Does that maybe support outsized growth in the short run? I'm just curious how you think about the organic loan growth opportunities.

這就說得通了。也許觸及增長——貸款增長方面。顯然，現在市場非常不穩定，但我很好奇從您的角度來看需求趨勢如何。新貸款收益率如何？您在哪些細分市場仍然看到良好的風險調整後回報。也許只是 - 鑑於這筆交易以及一些更大的目標和增加關係的機會，你可能有一些獨特的增長機會。這可能會在短期內支持超額增長嗎？我只是好奇你如何看待有機貸款增長機會。

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

大衛，這是托里·尼克松。我認為您在那個問題中總結了很多東西。我認為公司有很大的機會向前發展並做很多你剛剛描述或剛剛要求的事情。我的意思是，我認為我們有能力為我們所在的所有州的市場提供服務，無論是小型企業，還是消費者方面，無論是商業、中間市場銀行業務，還是真實的房地產空間，我的意思是我們有很多能力。

We've got certainly the opportunity as a combined company to increase hold levels and continue to expand credit facilities for customers, our customers as they grow. I think that's a great opportunity for the bank. I mean we have a leasing capability for the organization that I think will be very -- is being very well received by our C&I customers that typically wasn't available in the legacy Columbia portfolio or -- customer. So great opportunity to kind of see us -- we have a lot of financial strength and to be very active in all the markets that we are in. And I'm excited about the ability to grow loans.

作為一家合併後的公司，我們當然有機會提高持有水平，並隨著客戶的增長繼續擴大信貸額度。我認為這對銀行來說是一個很好的機會。我的意思是，我們為組織提供了租賃能力，我認為這將非常受到我們的 C&I 客戶的歡迎，而這在傳統的哥倫比亞投資組合或客戶中通常是沒有的。看到我們的好機會——我們擁有強大的財務實力，並且在我們所處的所有市場中都非常活躍。我對增加貸款的能力感到興奮。

Pipeline looks strong. It's actually just up a little bit from last quarter, which is nice to see. Demand in the marketplace is certainly not the same as it was 6 to 9 months ago, but there still is demand. And I think to Clint's point earlier, we've got a great opportunity to take market share in all the markets that we are in.

管道看起來很結實。它實際上比上一季度略有上升，這很高興看到。市場需求肯定與 6 至 9 個月前不同，但需求仍然存在。我認為對於克林特早些時候的觀點，我們有很好的機會在我們所處的所有市場中佔據市場份額。

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

好的。然後就是那個問題，新貸款收益率如何？您仍然期望哪些細分市場能夠推動增長並提供良好的風險調整回報？

Yes. I think it certainly depends on the asset class, but I think they're in the -- they're near the 6% range on yield, maybe a little higher. And I mean just we got a lot of dry powder, a lot of opportunity and able to serve our customers and bring in new ones into the company.

是的。我認為這當然取決於資產類別，但我認為它們處於——它們的收益率接近 6% 的範圍，可能更高一點。我的意思是我們有很多幹火藥，很多機會，能夠為我們的客戶提供服務，並將新客戶帶入公司。

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

好的。然後你們在 Columbia 和 Umpqua 通過新員工和新市場繼續擴張，做得很好。我們已經談到了猶他州。我想，當你審視自己的足跡並思考銀行未來的新招聘機會時，鑑於波動性，現在是貪婪和挑選新人才的時候嗎？你在尋找新員工嗎？如果是，它主要是在加深現有足跡嗎？你談到了繼續投資特許經營權。但您是否考慮進一步擴大市場？

So this is Tory again. I'll talk about commercial and let Chris talk about consumer a bit. We're doing all of those things. So we're looking to hire in -- the markets -- the new markets that we've expanded into Arizona, Colorado and Utah recently, we're looking to hire some really talented folks in those markets. We have hired talent -- we have recently hired talent in those markets. We will continue to do that. And then infill and the rest of the company, I mean, we continue to look at talented people and have a philosophy we're going to bring talent into this company when we find it. And we've got a great story to tell. You can obviously tell we're very excited about the future of this company.

所以這又是保守黨。我會談談商業，讓克里斯談談消費者。我們正在做所有這些事情。因此，我們希望在市場上招聘我們最近擴展到亞利桑那州、科羅拉多州和猶他州的新市場，我們希望在這些市場上招聘一些真正有才華的人。我們聘請了人才——我們最近在這些市場聘請了人才。我們將繼續這樣做。然後是 infill 和公司的其他人，我的意思是，我們繼續尋找有才華的人，並有一種理念，我們會在找到人才時將人才帶入這家公司。我們有一個很棒的故事要講。你可以明顯地看出我們對這家公司的未來感到非常興奮。

I mean we think about the opportunity that we have and the opportunity that bankers in our markets have working here, they get very excited. So we continue to tell the story. We continue to hire people in the Pacific Northwest, in Northern California, in Southern California, in Idaho. I mean you name it, we're continuing to broad and expand and push the bank forward.

我的意思是我們考慮我們擁有的機會以及我們市場中的銀行家在這里工作的機會，他們非常興奮。所以我們繼續講故事。我們繼續在太平洋西北部、北加州、南加州和愛達荷州招聘員工。我的意思是你的名字，我們正在繼續擴大和擴展並推動銀行向前發展。

Yes. And David, what I'd add to that is the states where we have the commercial presence, we're certainly looking at bringing on the retail. As I mentioned, we'll bring on small business to fill in where those loan production offices have historically been. And what I would say is that we're also, though, looking at the wealth side of it and bringing that into the 8 states and the areas that we're expanding as well.

是的。大衛，我要補充的是我們擁有商業存在的州，我們當然正在考慮引入零售。正如我提到的，我們將引入小企業來填補那些貸款生產辦公室歷來所在的位置。我要說的是，我們也在關注它的財富方面，並將其帶入 8 個州以及我們正在擴展的地區。

And I think we've -- both companies have always been opportunistic that when good bankers raise their hands, we're ready for them. And so I would say that's still out there. I echo Tory's comments about people are excited. And when you think about the capabilities that we have and the balance sheet construction, as Ron described, I think there's going to be plenty of opportunity for that.

而且我認為我們 - 兩家公司一直都是機會主義的，當優秀的銀行家舉手時，我們已經為他們做好了準備。所以我會說它仍然存在。我贊同保守黨關於人們興奮的評論。當你考慮我們擁有的能力和資產負債表結構時，正如羅恩所描述的那樣，我認為這會有很多機會。

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

我們的下一個問題來自 KBW 的 Chris McGratty。

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

我們的下一個問題來自富國銀行的 Jared Shaw。

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

也許只是停留在機會的軌道上。顯然，矽谷和 First Republic 受到了很多干擾。總的來說，一些銀行表示 - 看到更多的疲軟。也許更具體地說，您是否看到了其中一些業務領域的具體機會，其中一些市場需要介入？而且我不確定當你談論新的商業客戶來接洽你時，其中一些銀行專注於的那些專業業務線中的任何一個對你來說都是一個機會嗎？

Yes. Jared, this is Clint. I'll kick it off and then see if Tory and Chris want to add anything to it. The short answer is yes. We have seen opportunities. We saw that actually in the days and hours leading up to Silicon Valley's failure. We've got a pretty diverse offering. And we talk about our portfolio, and you look in the slide deck, and you can see both sides of the balance sheet, there's a lot of granularity and diversification. And so with that, we have a lot of very experienced bankers, and we won't do something if we don't have expertise in it. But there is some crossover. And to the extent that there's crossover, there's -- we'll compete for the business, and I think we compete very well, and it will create opportunities.

是的。賈里德，這是克林特。我將開始討論，然後看看 Tory 和 Chris 是否想添加任何內容。簡短的回答是肯定的。我們看到了機會。我們實際上在導致矽谷失敗的幾天和幾小時內看到了這一點。我們提供了非常多樣化的產品。我們談論我們的投資組合，你看看幻燈片，你可以看到資產負債表的兩面，有很多粒度和多樣化。因此，我們有很多非常有經驗的銀行家，如果我們沒有這方面的專業知識，我們就不會做某事。但是有一些交叉。就交叉而言，我們將競爭業務，我認為我們競爭非常好，這將創造機會。

But in terms of going all in and shifting our focus, that's not necessarily the plan. We love the diversification that we have. We think that's a foundational element of strength for our company. But certainly, we'll be opportunistic when and where we can be. Tory, anything to add?

但就全力以赴和轉移我們的注意力而言，這不一定是計劃。我們喜歡我們擁有的多元化。我們認為這是我們公司實力的基本要素。但可以肯定的是，我們會在可能的時間和地點投機取巧。保守黨，有什麼要補充的嗎？

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

不，我認為你總結得很好。我的意思是 - 我認為存在 - 我們所有市場都存在機會。我們將繼續做我們所做的事情，我們過去做過的事情，並且做得非常好，並繼續尋找客戶或人——想成為銀行一部分的客戶或想成為一部分的人銀行的。

Okay. Good. And then maybe shifting a little bit on capital. You highlight getting back to that CET1 target of 9%. Do you think -- is that sufficient going forward? Is 9% high enough? Or do you think that maybe you end up needing to bring that floor up a little bit before really exploring other capital deployment opportunities?

好的。好的。然後可能會轉移一點資本。你強調要回到 9% 的 CET1 目標。你認為 - 這足以向前發展嗎？ 9%夠高嗎？或者您是否認為在真正探索其他資本部署機會之前，您可能最終需要將地板抬高一點？

Yes. Chris, this is Ron. I'd say our long-term target on CET1 is 9%, and we're at 8.9%. So we'll be there next month. I'd say on the total risk-based capital ratio, long term, again, targeted is around 12%, and I expect we'll get there over the course of the year, again, through that earnings and accretion. The capital accretion bills just coming off the financial benefit of both companies coming together, cutting the cost and having the accretion. So that's really -- you got to look across all 4 ratios, both at the parent and the bank. And so yes, by default, then that CET1 would be above 9%, but long-term target was not significantly.

是的。克里斯，這是羅恩。我會說我們在 CET1 上的長期目標是 9%，而我們現在是 8.9%。所以我們下個月會在那裡。我想說的是，基於風險的總資本比率，長期來看，目標是 12% 左右，我預計我們將在今年內再次通過收益和增長實現這一目標。資本增值法案剛剛從兩家公司的財務利益中脫穎而出，削減了成本並獲得了增值。所以這真的是 - 你必須查看所有 4 個比率，包括母公司和銀行。所以是的，默認情況下，CET1 將高於 9%，但長期目標並不顯著。

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

好的。因此，鑑於我們在上個月看到的某種動盪，您認為沒有必要改變它或提高它嗎？

In terms of the long-term targets, no. There are times where you might want to be below or above, depending on which way the winds flow. And I said, we're going to have quite a bit of capital generation over time. And again, if so much of the mark -- I mean $1.6 billion of the $1.7 billion in March was rate-related, like on the bonds. That's all -- the vast majority of that is backed by government agencies.

就長期目標而言，沒有。有時您可能希望位於下方或上方，具體取決於風向。我說，隨著時間的推移，我們將產生相當多的資本。再一次，如果有這麼多的標記 - 我的意思是 3 月份的 17 億美元中有 16 億美元與利率相關，比如債券。僅此而已——其中絕大多數是由政府機構支持的。

So it's interesting for you to think about the impact of the merger accounting on this, reducing our CapEx to stay but then accreting back over time. I'd say, too, CET1, that's a measure I know a lot of analysts and investors focus on. We also got to look at the other ratios as well, though. And total risk-based capital generally between the bank and the parent is where I'm targeting to be around 12% over time a good sweet spot.

因此，考慮合併會計對此的影響對您來說很有趣，減少我們的資本支出以保持不變，但隨後會隨著時間的推移而增加。我也想說，CET1，這是我知道很多分析師和投資者關注的衡量標準。不過，我們還必須查看其他比率。銀行和母公司之間的基於風險的總資本是我的目標，隨著時間的推移達到 12% 左右，這是一個很好的最佳點。

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

我認為合併前的歷史，兩家公司，這一直是一個挑戰，試圖讓它回到那些長期目標。在我們獲得全部成本協同效應之後，你加上增加收入和盈利能力，它仍然是 - 我認為我們面臨的主要挑戰是 - 在未來幾年我們如何保持這些資本比率遠離這些目標。你可以選擇任何比例，它們都會快速增長。

Okay. And then just finally for me, when we look at the average earning asset guide, where -- do you see cash going back down to -- I guess where do you see cash flowing as a percentage of the balance sheet after we get through the end of March here, back down to 5% (inaudible) 5%?

好的。最後對我來說，當我們查看平均收益資產指南時，你會看到現金回落到哪裡 - 我想你會看到現金流量佔資產負債表的百分比3 月底在這裡，回到 5%（聽不清）5%？

Yes. And on that guide, we're making the note call that we assume we maintain an elevated level of cash. Of course, a lot of that is going to be subject to what happens from a macro standpoint with overall deposit flows, et cetera. So -- but I'd say all else being equal, if we brought on $2 billion of additional (inaudible) liquidity on balance sheet, just to have that on balance sheet and we're sitting at 3, and we'd be somewhere in the $1 billion to $1.5 billion range, we had not done that. So that's probably a better representation of where I'd expect that (inaudible) cash flow (inaudible).

是的。在該指南中，我們正在做筆記電話，我們假設我們保持較高的現金水平。當然，其中很多將取決於從宏觀角度來看整體存款流量等方面發生的情況。所以 - 但我想說其他條件相同，如果我們在資產負債表上增加 20 億美元的額外（聽不清）流動性，只是為了將其放在資產負債表上並且我們坐在 3，我們會在某個地方在 10 億到 15 億美元的範圍內，我們還沒有這樣做。因此，這可能更好地代表了我期望（聽不清）現金流量（聽不清）的位置。

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

是的。我認為我們有靈活性，我們決定利用這種靈活性並在短期內在資產負債表上保留更多現金是合適的。

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

我們的下一個問題來自 Piper Sandler 的 Matthew Clark。

The first one for me just around the borrowings, the $6 billion of borrowing, and 2 of it was to fund cash. But I guess what's your -- what are your thoughts on how borrowings might trend for the balance of the year and whether or not you might use securities to -- sell securities to pay them down?

對我來說，第一個是關於借款，60 億美元的借款，其中 2 個是為現金提供資金。但我猜你 - 你對今年餘下時間的借款趨勢如何以及你是否可以使用證券 - 出售證券來償還債務有何看法？

Yes. Ideally, we're going to see our deposit activities strengthen over the course of the next couple of quarters post consolidation, as you heard -- sorry, post conversion, as you heard Chris and Clint talked about it earlier. So no plans to reduce the investment portfolio. That's very well structured. That's going to provide a lot of value over time. And that discount will accrete if we keep those now discounted bonds on the books. So plan on maintaining the wholesale borrowings, but then that'll fluctuate just as the opposite of what we see with the net loan and deposit flows. So near term, relatively stag.

是的。理想情況下，我們將看到我們的存款活動在整合後的接下來幾個季度中有所加強，正如您所聽到的 - 抱歉，轉換後，正如您聽到克里斯和克林特早些時候談到的那樣。因此沒有減少投資組合的計劃。這是非常好的結構。隨著時間的推移，這將提供很多價值。如果我們將那些現在貼現的債券記在賬面上，那麼這種貼現就會增加。因此，計劃維持批發借款，但隨後它的波動將與我們在淨貸款和存款流量中看到的相反。所以近期，相對穩定。

Okay. Great. And then you've had a lot of time with how long the merger took to close to identify the cost saves and make sure you can get the $135 million out. They're coming out sooner than previously thought. But are there -- and it may not necessarily be the focus in the near term, but have you been able to quantify some additional cost saves above and beyond the $135 million and whether or not -- if so, how much? And could that hit the bottom line?

好的。偉大的。然後你花了很多時間研究合併需要多長時間才能完成，以確定節省的成本並確保你可以拿出 1.35 億美元。他們比以前想像的要早出來。但是有沒有 - 它可能不一定是近期的焦點，但你是否能夠量化超過 1.35 億美元的一些額外成本節省以及是否 - 如果是這樣，多少？這會觸及底線嗎？

Yes. Matt, this is Clint. We have spoken over the past year that our internal target is actually above the $135 million. And if we seem overly confident in delivering on the $135 million by the end of the third quarter, it's because we have, in fact, identified up to that internal target. What we haven't done is we haven't disclosed what that internal number is. And there's a couple of reasons. One, with inflation and wage pressure that's happened over the past 1.5 years since we set that target, we wanted to maintain flexibility. And then the other component of that is the investment in growing our franchise that Chris and Tory spoke about. So we wanted to make sure that we're still going to do those things. We're still going to make the appropriate investments. But net-net, we want to make sure that, that doesn't dilute the $135 million or 12.5% cost saves that we promised to investors.

是的。馬特，這是克林特。我們在過去一年中說過，我們的內部目標實際上高於 1.35 億美元。如果我們對在第三季度末實現 1.35 億美元的目標過於自信，那是因為我們實際上已經確定了該內部目標。我們還沒有做的是我們還沒有透露那個內部號碼是什麼。有幾個原因。第一，自我們設定該目標以來的過去 1.5 年中發生了通貨膨脹和工資壓力，我們希望保持靈活性。然後，其中的另一個組成部分是投資於發展我們的特許經營權，克里斯和托里談到了這一點。所以我們想確保我們仍然會做那些事情。我們仍將進行適當的投資。但淨淨，我們要確保，這不會稀釋我們向投資者承諾的 1.35 億美元或 12.5% 的成本節省。

So there is a higher internal target. It's identified. It'll trickle in fourth quarter and beyond. It could be diluted somewhat by other investments that we may elect to make. We will talk about those at the time that they occur.

所以有一個更高的內部目標。它被識別了。它會在第四季度及以後逐漸出現。它可能會被我們可能選擇進行的其他投資所稀釋。我們將在它們發生時討論它們。

But then the other aspect of -- we put 2 pretty large banks together. And I think we did a really good job as a team of setting the org structure for a $50-plus billion bank. But we also know that there's probably areas where -- well, not probably. We know there are areas where we're a little heavy in terms of people or redundancy. And I think that's a longer-term process of just fine-tuning and making our company the best and most efficient it can be. And so that's the type of activities that you'll see in '24, '25 and then ongoing as we go through the years.

但另一方面——我們將兩家相當大的銀行放在一起。而且我認為我們作為一個團隊在為一家資產超過 50 億美元的銀行設置組織結構方面做得非常好。但我們也知道，可能有些地方——好吧，不太可能。我們知道在某些領域，我們在人員或冗餘方面有點繁重。而且我認為這是一個長期的過程，只是微調並使我們的公司成為最好和最高效的公司。因此，這就是您將在 24 世紀、25 世紀看到的活動類型，然後隨著我們經歷這些年而持續進行。

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

好的。然後就是圍繞存款定價前景。聽起來您正在一些較新的市場進行一些促銷活動。而且——但是既然你們在一起了，你能談談存款定價理念嗎？我的意思是，在存款方面，舊版 COLB 並不是很受歡迎。但很明顯，合併後的實體可能發生了一些變化，3 月份的動盪也可能改變了您對未來定價的看法？關於存款定價前景的任何評論，特別是當美聯儲停止加息時？

Sure, Matt. Great question. And I would say that separately, we actually were very similar in our approaches to exception pricing and doing things of that nature. Coming together, yes, we're still on the same track there. We do have as some promo rates that are out there. That's not just new markets. It's existing markets. It's all across the footprint. And so that kind of sets the -- that sets a marker for us. But we're still negotiating rates with clients and looking at options, looking at where -- what's the real need, what are they really trying to do with the money. And so as I mentioned previously, lots of different ways to go about that.

當然，馬特。很好的問題。我想單獨說一下，我們在例外定價和做這種性質的事情的方法上實際上非常相似。走到一起，是的，我們仍然在同一條軌道上。我們確實有一些促銷價。這不僅僅是新市場。這是現有的市場。到處都是足跡。因此，這種設置 - 為我們設置了一個標記。但我們仍在與客戶協商利率並尋找選擇，看看在哪裡——真正的需求是什麼，他們真正想用這筆錢做什麼。因此，正如我之前提到的，有很多不同的方法可以解決這個問題。

The Fed and the slowing, I think that's going to -- maybe you'll see some lag. And I think deposit rates tend to lag that, and that's historically for both companies as well. So as it approaches the slowing, I think that, yes, you start maybe getting near the peak of it, but then I'll always throw in the caveat of we don't know what competitors are going to do. And so we just have to maintain our discipline. We have to stay in touch with our clients and understand what's going on in the market.

美聯儲和經濟放緩，我認為這將會——也許你會看到一些滯後。而且我認為存款利率往往會滯後於此，這在歷史上對兩家公司來說也是如此。因此，當它接近放緩時，我認為，是的，你可能開始接近它的頂峰，但我總是會警告我們不知道競爭對手會做什麼。所以我們只需要保持我們的紀律。我們必須與客戶保持聯繫並了解市場上發生的事情。

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

我不知道 Tory 是否想添加任何內容。

Matt, the only thing I would add is that with all the conversations that we're having with clients, which is a lot, which has been great, the conversation is less about price and more about security and safety. I mean, certainly, there's some price in the conversation, but a lot of it is around security and safety and explaining the balance sheet of the company in our earnings stream and our deposit base, et cetera, it's like very valuable to the customer -- our customer base. But then we -- as Chris, I think, talked about in his comments, we have a couple of products that are really valuable to kind of take money and create incredible safety and security around it through our ICS product or CDARS And so we've done that on a lot the last couple of months. I think we probably increased the ICS balances about $400 million to $500 million, which is just reciprocal insurance for deposits, especially on the commercial side. So I mean we've got a lot of options for customers and had a lot of conversations. And again, it's a little less about price and more about a relationship and about safety and security.

馬特，我唯一要補充的是，在我們與客戶進行的所有對話中，很多，一直很棒，對話不是關於價格，而是關於安全和安全。我的意思是，當然，談話中有一些代價，但很多都是圍繞安全和安全以及在我們的收入流和我們的存款基礎等方面解釋公司的資產負債表，這對客戶來說非常有價值 - - 我們的客戶群。但是後來我們——正如克里斯，我想，在他的評論中談到的，我們有一些非常有價值的產品，可以通過我們的 ICS 產品或 CDARS 來賺錢，並圍繞它創造令人難以置信的安全和保障，所以我們”在過去的幾個月裡，我已經做了很多。我認為我們可能將 ICS 餘額增加了大約 4 億至 5 億美元，這只是存款的互惠保險，尤其是在商業方面。所以我的意思是我們為客戶提供了很多選擇並且進行了很多對話。再說一次，它與價格無關，而與關係以及安全和保障有關。

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

好的。最後一個對我來說，只是家政服務。稅率，你建議我們今後使用什麼？

25%.

25%。

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

我們的下一個問題來自 Stephens 的 Andrew Terrell。

Clarification on the margin guidance. I think you noted the margin was 4.31% on a GAAP basis in March. I think the borrowings were about -- the excess cash and borrowing is about 10 basis points to that. In your full year margin guidance, that 4.15% to 4.25%, what do you assume for borrowings and cash? Do you assume it stays at a relatively similar level?

澄清保證金指導。我想你注意到 3 月份按 GAAP 計算的利潤率為 4.31%。我認為藉款大約是 - 多餘的現金和借款大約是 10 個基點。在您的全年利潤率指導中，即 4.15% 至 4.25%，您對借款和現金的假設是什麼？你認為它保持在相對相似的水平嗎？

Yes. We assume a consistent level and also recognize that, that full year number will also reflect the effect of averages with the combination fully included for 10 of those 12 months, but not the full 12. So maintaining consistent cash balances.

是的。我們假設一個一致的水平，並且還認識到，全年數字也將反映平均數的影響，其中 12 個月中的 10 個月完全包括在內，而不是全部 12 個月。因此保持一致的現金餘額。

And then I'd clarify one item. So when we talked about the impact of the excess liquidity, I was really referring to the month of March, at the 3.55% would have been ballpark of 3.65% have we not brought on that excess borrowing, but insignificant impact in terms of the interest income, but 10 bps on the margin.

然後我要澄清一項。因此，當我們談到流動性過剩的影響時，我實際上指的是 3 月份，3.55% 應該是 3.65%，如果我們沒有帶來過度借貸，但在利息方面的影響微不足道收入，但差額為 10 個基點。

Yes. Got it. Understood. Okay. And on the core fee income side, it looks like when I adjust the items called out that the core operating fee income was around $47 million or so for the quarter. I guess given there's several moving parts here, can you help us out just expectations for kind of a core fee income run rate moving forward?

是的。知道了。明白了。好的。在核心費用收入方面，當我調整指出的項目時，本季度的核心運營費用收入約為 4700 萬美元左右。我想鑑於這裡有幾個移動部分，你能幫助我們了解對未來核心費用收入運行率的預期嗎？

Yes. We didn't provide a guide on that, but I can tell you for the month of March noninterest income, excluding, again, the fair value change type stuff was $22 million just for the month on a combined basis.

是的。我們沒有提供這方面的指南，但我可以告訴你 3 月份的非利息收入，再次排除公允價值變化類型的東西，僅當月的總和為 2200 萬美元。

Okay. So imply -- yes, okay. That makes sense. And last one for me is just on the office. I appreciate all the color here on Page 26 of the presentation. A couple of questions. For the 6 properties that are listed as greater than $30 million, what markets are those in? And can you talk about the underwriting specifically on the larger end of the spectrum and whether it differs at all from what you list as the kind of averages there? And then the second part was the credit mark taken on acquired office portfolio. Is that similar to the overall credit mark in the transaction? Or did the deal allow you to put a greater kind of marks against the office book?

好的。所以暗示——是的，好的。這就說得通了。最後一個對我來說只是在辦公室。我很欣賞演示文稿第 26 頁上的所有顏色。幾個問題。對於列出的價值超過 3000 萬美元的 6 處房產，它們位於哪些市場？您能否具體談談範圍較大的承保，以及它是否與您列出的那種平均水平完全不同？然後第二部分是對收購的辦公室組合的信用標記。這與交易中的整體信用標記相似嗎？還是這筆交易讓你在辦公簿上加了更多的標記？

Yes. This is Frank, Chief Credit Officer. Regarding the first part of your question, the majority of those in the larger tranche are really centered in the Puget Sound area, if you will. And the underwriting is very similar, but the qualification criteria, I would say, is much more steep. So we've got to know the sponsors extremely well. They've got to sensitize extremely well. We shock it for rate. We shock it for vacancy even to a greater degree of some of our smaller relationship deals that we evaluate. So they are all leased at this point, I will say, fully leased under lease agreements and are performing well.

是的。我是首席信貸官弗蘭克。關於您問題的第一部分，如果您願意的話，較大部分中的大多數確實集中在普吉特灣地區。承銷非常相似，但資格標準，我想說，要陡峭得多。所以我們必須非常了解贊助商。他們必須非常敏感。我們震驚它的速度。我們對我們評估的一些較小的關係交易的空缺感到震驚，甚至在更大程度上。所以他們都在這一點上出租，我會說，根據租賃協議完全出租並且表現良好。

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

好的。然後是辦公室組合的信用標記，具體來說，它是否與整體標記相似？還是有分歧？我想這筆交易是否允許您在辦公簿上加一個更大的信用標記？

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

但如果數據支持，我們有能力去做。但是，我們再次談到了這個投資組合的質量。我會說這是與整體 CRE 水平一致的大概和平均水平。

Our next question comes from the line of Brody Preston.

我們的下一個問題來自 Brody Preston。

Just wanted to ask on the securities that you sold and then the securities that you purchased at the end of March, what was the duration of those securities? And what was the rate on the $1.2 billion that you sold, I guess, more the effective rate for the marks?

只是想問一下你在三月底賣出的證券和買入的證券，這些證券的久期是多少？你賣的 12 億美元的利率是多少，我猜，更多的是馬克的有效利率？

Yes. This is Ron. I'd say -- so again, we sold off front-end cash flows. So the duration on the purchases was probably about a half a year longer than the overall duration. Again, we wanted to extend that. So we would have been probably around 5.5, ended up at 5.7 just with the effect of -- the repurchases were longer dated, right? So -- and again, with an eye towards -- when we did this, it was actually the first week of March, right? So you had a top tick in the bond yield February 28 in the first week, and it wasn't for another week, 1.5 weeks or so following that you saw the rally in the bond markets and the yields decline.

是的。這是羅恩。我會說 - 再一次，我們賣掉了前端現金流。因此，購買的持續時間可能比整體持續時間長半年左右。同樣，我們想擴展它。所以我們可能會在 5.5 左右，最終達到 5.7 只是因為 - 回購的日期更長，對吧？所以 - 再一次，著眼於 - 當我們這樣做時，實際上是三月的第一周，對嗎？因此，在第一周的 2 月 28 日，債券收益率出現了最高點，而在接下來的一周，即 1.5 週左右，你看到了債券市場的反彈和收益率的下降。

So overall, the mark book was -- you talked about 4.5%. The one sold were probably a bit below the ones purchased were a bit above just given the slight difference in duration.

所以總的來說，分數是——你談到了 4.5%。考慮到持續時間的細微差別，售出的可能略低於購買的略高於購買的。

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

知道了。然後在 NIM 指南上——你擁有的核心 NIM 指南，我只是想問——你概述了——你的利率預期是什麼，但我想問一下生息貝塔和 NIB 組合是什麼假設是支撐這一點的。

You bet. It'll be a continued -- we'll talk about later in the insensitivity slides, working out closer to that model beta from our sensitivity standpoint. So higher than 28%, but probably -- but not at the 53% level that we have footnoted on that slide later on. So continued increase just because we're assuming there's a lag to deposit pricing increases.

你打賭。這將是一個持續的——我們將在稍後的不敏感幻燈片中討論，從我們的敏感性角度來看更接近那個模型 beta。高於 28%，但可能 - 但不是我們稍後在該幻燈片上腳註的 53% 水平。所以持續增長只是因為我們假設存款定價上漲存在滯後。

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

知道了。是否存在支持 NIM 指南的靜態存款組合假設？

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

相對靜態，當然——我們之前談到過，例如，DDA 在 12 月在這裡——抱歉，在 4 月在這裡。但僅就整體組合而言，整體組合併無明顯變化。

Got it. And then on the -- I guess on the margin waterfall chart that you have in there, the 43 basis point drag that you have for deposits, do you have a sense for how much of that was mix versus rate?

知道了。然後在 - 我猜在你那裡的保證金瀑布圖上，你有 43 個基點的存款拖累，你是否知道其中有多少是混合與利率？

Well, I think in terms of this waterfall, you've also got the effect of -- the Q4 reported amount was stand-alone Umpqua Holdings. The Q1 reported amount was a combined company for 1 month, and the stand-alone prior Umpqua Holdings for the first 2 months of the quarter. So you've got that really driving a good chunk of that from an overall mix standpoint. (inaudible) that makes a lot more sense for you next quarter.

好吧，我認為就這個瀑布而言，你也得到了——第四季度報告的金額是獨立的 Umpqua Holdings 的影響。第一季度報告的金額是一家合併公司 1 個月，以及該季度前 2 個月的獨立前 Umpqua Holdings。因此，從整體混音的角度來看，你已經真正推動了其中的很大一部分。 （聽不清）下個季度對你來說更有意義。

Yes, yes. I wanted to ask on the loans that are maturing in the less than 6 months bucket, the fixed, the $2.6 billion. Do you have a sense for what the current yield is on those loans versus what current origination yields are?

是的是的。我想問一下在不到 6 個月的期限內到期的固定貸款，即 26 億美元。您是否了解這些貸款的當前收益率與當前的初始收益率是多少？

I don't know, less (inaudible) current yield...

我不知道，更少（聽不清）當前收益率...

Yes. I mean those loans are going to be dated from prior to the move up. So it's going to be in the, call it, mid-4s to 5 range at the highest, which is going to be well below what Tory talked about earlier for new loan yields.

是的。我的意思是這些貸款的日期是在升級之前。因此，它將處於最高的 4 至 5 中間範圍內，這將遠低於保守黨早些時候談到的新貸款收益率。

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

知道了。你們是否都對我們需要考慮的 NII 建模的貸款組合進行了任何對沖？

Not on the balance sheet. We do have customer swaps, but those are offsetting back-to-back on our balance sheet. We've taken the approach of using instruments within the portfolio. Specifically here, in this case, we're talking about the bond portfolio, along with the use of the short-term borrowings to really help improve our interest rate sensitivity position we talked about earlier.

不在資產負債表上。我們確實有客戶掉期，但這些在我們的資產負債表上是背靠背抵消的。我們採取了在投資組合中使用工具的方法。具體來說，在這種情況下，我們談論的是債券投資組合，以及使用短期借款真正幫助改善我們之前談到的利率敏感度狀況。

Got it. And then just one last one for me. I'm sorry if you mentioned this earlier and I missed it. But just on the FinPac portfolio, I wanted to ask 2 questions. What is the growth outlook for that portfolio going forward? I know it's a much smaller piece of the overall loan portfolio now. And then the 3.89% annualized charge-off ratio, I know it's tough to say, but could you help us think about what a peak net charge-off ratio kind of looks like through cycle for that loan book?

知道了。然後給我最後一個。很抱歉，如果您之前提到過這一點而我錯過了。但就 FinPac 產品組合而言，我想問兩個問題。該投資組合未來的增長前景如何？我知道現在它在整個貸款組合中所佔的比例要小得多。然後是 3.89% 的年化沖銷率，我知道這很難說，但你能幫我們想想那個貸款賬簿的峰值淨沖銷率是什麼樣的嗎？

This is Tory. I'll talk about the growth side, and then Frank can weigh in if he wants on the charge-off piece. I mean first of all, the FinPac portfolio is 3 different businesses. It's a small ticket, which makes up about half of it. And then we have a vendor space and a traditional commercial bank leasing business for our customers. Each of those are about 25% of the portfolio.

這是保守黨。我談談增長方面，然後如果 Frank 想要沖銷部分，他可以權衡一下。我的意思是，首先，FinPac 的投資組合是 3 種不同的業務。這是一張小票，大概佔了一半。然後我們為客戶提供供應商空間和傳統商業銀行租賃業務。其中每一個約佔投資組合的 25%。

The growth outlook for the combined FinPac portfolio is somewhere between $50 million and $100 million over the course of 2023. And that's evenly distributed within those 3 businesses. So moving up a little but nothing significant at all. Frank, do you want to talk about...

到 2023 年，合併後的 FinPac 投資組合的增長前景在 5000 萬至 1 億美元之間。而且這三項業務平均分配。所以向上移動了一點，但一點也不重要。弗蘭克，你想談談...

Yes. Generally, what we find within the FinPac portfolio, we look at the nonaccrual numbers and how those are tracking. And generally, of the preceding quarter, approximately 80% of those nonaccruals typically roll the charge-off. I think that the top of it will be north of 4%. And I would be surprised if it peaks over 5%.

是的。一般來說，我們在 FinPac 投資組合中找到的是非應計數字以及這些數字的跟踪方式。通常，在上一季度中，大約 80% 的非應計費用通常會結賬。我認為它的頂部將超過 4%。如果它超過 5%，我會感到驚訝。

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

知道了。這很有幫助。我想如果我能偷偷跟進一下就好了。您是否將 FinPac 投資組合視為 - 我想當您查看其他設備融資類型的空間時，您是否認為它不同於您所承保的組合以及相對於其他銀行承保的東西類型？還是您認為它與其他銀行也在承銷的設備貸款非常相似？

It's different. It's -- with respect to the classic FinPac, these are tiny ticket loans. They are high-yielding. They are higher risk, specialized lending. So that's why you see the loss numbers where they're at, and that's why we're not surprised.

這不一樣。這是——關於經典的 FinPac，這些都是小額票據貸款。它們是高產的。它們是高風險的專業貸款。所以這就是為什麼你會看到他們所在的損失數字，這就是為什麼我們並不感到驚訝。

Typically, when you say equipment finance company, most equipment finance companies do not have a tiny ticket -- small-ticket leasing operation. They're typically middle market, which we also have. And those losses are extremely low, if existing at all, but it's also extremely low-yielding business as well. So it is more of a specialized leasing business.

通常，當你說設備金融公司時，大多數設備金融公司都沒有小票——小票租賃業務。他們通常是中間市場，我們也有。這些損失極低，如果存在的話，但它也是極低收益的業務。所以它更像是一種專業化的租賃業務。

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

我們的下一個問題來自 Brandon King of Truist。

Just one question for me. And I know a lot has changed since the merger was announced. But with the return on tangible common equity of 15% was kind of the estimation NIM, but should we think about that as a long-term target for the company now?

只問我一個問題。我知道自合併宣布以來發生了很多變化。但是，15% 的有形普通股回報率是 NIM 的一種估計，但我們現在是否應該將其視為公司的長期目標？

Well, I say this, we did also include on Page 4 of this kind of our updated expectations as compared to the original announcement date. And with that, just in terms of return on tangible common equity, driven again by a lot of the accretion, 15% is now 20% plus. So I guess it depends on the long term and the definition of long term for that -- for the next couple of years, we feel pretty good about that. Longer term beyond that, I think just going back over a 27-year career, not specific to Columbia, but just for regional banks in general, somewhere in the mid-teens seem to make sense for long-term targets.

好吧，我這麼說，我們確實也在第 4 頁上包含了與原始公告日期相比我們更新後的期望。因此，就有形普通股的回報率而言，在大量增長的推動下，15% 現在是 20% 以上。所以我想這取決於長期和長期的定義——在接下來的幾年裡，我們對此感覺很好。從長遠來看，我認為只是回顧 27 年的職業生涯，不是特定於哥倫比亞，而是一般的區域性銀行，十幾歲的某個地方似乎對長期目標有意義。

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

我們的下一個問題來自 RBC 的 Jon Arfstrom。

Just a few follow-ups. Just focusing out a bit on credit. I understand the Moody's impact on the provision, but credit seems clean. You have high reserves in marks. Is it safe for us to assume just minimal provisions from here? Or what would drive our provision from here?

只是一些後續行動。只是稍微關註一下信用。我了解穆迪對準備金的影響，但信用似乎很乾淨。你有很高的分數儲備。我們從這裡假設最低限度的規定是否安全？或者什麼會推動我們從這裡提供？

This is Ron. I'd say what will drive the provision, of course, will be changes in the economic forecast, right? So as those change, you'll see from a CECL standpoint of provisions. But the real key is what's happening with charge-offs. And so we've seen elevated levels with FinPac over the last couple of quarters specific to that small owner-operator transportation type business. That will continue here for a bit. And we're just -- we're not seeing any migration for the rest of the portfolio, which is the vast majority of the portfolio. So I think specific to provisions is going to be solely based off of what we see with the Moody's baseline economic forecast or consensus economic forecast over time, how they change.

這是羅恩。我想說的是，推動撥款的因素當然是經濟預測的變化，對吧？因此，隨著這些變化，您將從 CECL 的角度來看條款。但真正的關鍵是沖銷發生了什麼。因此，在過去幾個季度中，我們看到 FinPac 的水平有所提高，具體針對小型業主運營商運輸類型的業務。這將在這裡繼續一段時間。我們只是 - 我們沒有看到其餘投資組合的任何遷移，這是投資組合的絕大多數。因此，我認為具體的條款將完全基於我們看到的穆迪基線經濟預測或共識經濟預測隨時間的變化，它們如何變化。

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

好的。那挺好的。這很有幫助。只是辦公室的一項後續行動。最後一個項目符號，您根據您在該投資組合中看到的內容給出了一些統計數據，您認為有任何異常嗎？你說的中央商務區和郊區辦公室，這些數據和你平時看到的有什麼不同嗎？

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

不，他們不是。非常典型的我所期望看到的。

Okay. Good. And then I guess the other one, Slide 10, I want to make sure I have this right. The earning asset message, Ron, when I just do the math, it suggests that Q3 and Q4 average earning assets are going to look a lot like Q2. Is that the right way to read that? I know it sounds like a simple question, but I just want to clarify that.

好的。好的。然後我猜是另一個，幻燈片 10，我想確保我做對了。收益資產信息，羅恩，當我做數學時，它表明第三季度和第四季度的平均收益資產看起來很像第二季度。這是正確的閱讀方式嗎？我知道這聽起來像是一個簡單的問題，但我只想澄清一下。

That is.

那是。

Yes. Okay. And then last one, Clint, for you. Are the name changes done? And just big picture, how did the conversion go?

是的。好的。最後一個，克林特，給你。名稱更改完成了嗎？只是大局觀，轉換是如何進行的？

The name changes are done. There's -- the reason I hesitate is so -- like if you drive by the -- like a legacy -- a former Columbia Bank branch, most of those are -- signs are bagged right now because there's 150 locations that we have to re-sign. And then even in markets like the Puget Sound area where we both had -- or Portland, where we both separately had a significant presence -- well, we want to make sure that the branding in that market -- any particular market matches. We don't want mismatch signs and things. So that's a summertime project.

名稱更改已完成。有——我猶豫的原因是——如果你開車經過——就像一個遺產——一個前哥倫比亞銀行分行，其中大部分是——標誌現在都被裝袋了，因為有 150 個地點我們必須重新-符號。然後，即使在像我們都擁有的普吉特灣地區或波特蘭這樣的市場，我們都在那裡擁有重要的存在——好吧，我們希望確保該市場的品牌——任何特定的市場匹配。我們不想要不匹配的標誌和東西。所以這是一個夏季項目。

But when you do drive by one of the locations that formerly said Columbia Bank, it now says Umpqua Bank. Our branch that's in the first floor of our headquarters building here has been fully rebranded -- was done, I think, the first week. So that side of it, I think, has gone very well.

但是，當您確實開車經過以前稱為 Columbia Bank 的地點之一時，它現在稱為 Umpqua Bank。我們位於總部大樓一樓的分支機構已完全更名——我認為，第一周就完成了。所以我認為，這方面進展順利。

What I'll say about the conversion -- when Ron was talking about the bond portfolio during his prepared remarks, he could hardly contain his excitement. And even right now, I just mentioned bond portfolio, I mean (inaudible) ear to ear, that's kind of how -- I'm not an excitable person, but that's how when I think about the team of -- that we've assembled with this combination.

關於轉換，我要說的是——當羅恩在他準備好的發言中談論債券投資組合時，他幾乎無法抑制自己的興奮。即使是現在，我也只是提到了債券投資組合，我的意思是（聽不清）耳對耳，這就是 - 我不是一個容易激動的人，但當我想到我們的團隊時就是這樣用這個組合組裝。

And I referenced it in my prepared remarks, and this has been a pretty lengthy call. So I don't know if anybody even remembers an hour and 10 minutes ago when I made these comments. But if you think about what we accomplished organizationally in the first quarter, 2 separate divestiture projects, I mean, those are kind of many M&A transactions in and of themselves, closing a transformative merger mid-quarter and then having this level of detail already to go. And along the way, 2.5 weeks after you close it, you convert the systems. And so I think about the talent that it took to pull that off, and we did it.

我在準備好的發言中提到了它，這是一個相當冗長的電話會議。所以我不知道是否有人還記得 1 小時 10 分鐘前我發表這些評論的時間。但是，如果你想想我們在第一季度在組織上取得的成就，兩個獨立的資產剝離項目，我的意思是，這些項目本身就是許多併購交易，在季度中期完成了一次變革性的合併，然後已經有了這種程度的細節去。在此過程中，在您關閉它 2.5 週後，您將轉換系統。所以我想到了實現這一目標所需的才能，我們做到了。

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

所以我認為自己是公司的一名員工，我正在利用我們目前所有的前進平台。它工作得很好。如果我在轉換電子郵件後的第一天不說我不想弄清楚所有東西到底在哪裡，那我就太虛偽了。但是到了第三天，伙計，我愛上了我們擁有的增強功能。

And then if I step back and think of it from a customer's perspective, on a personal level, utilizing all of our go-forward platforms, and they're working great. And more importantly, when I go home at night, my wife is not complaining about (inaudible) the mobile banking app or anything like that. So just a couple of kind of high-level points of view that we've monitored.

然後，如果我退後一步，從客戶的角度，在個人層面上考慮，利用我們所有的前瞻性平台，他們工作得很好。更重要的是，當我晚上回家時，我妻子並沒有抱怨（聽不清）手機銀行應用程序或類似的東西。因此，我們已經監控了幾種高級觀點。

And then we've had a lot of conversations with some of our very complex larger middle market clients and just a lot of success stories. So I think -- I was telling somebody this the other day, our IMO team, they gave themselves an A-. I give them a solid A, maybe even an A+. Now that doesn't mean there still aren't just some things that are in flight. But overall, it went great. And that's why there's the optimism around the pipelines building, the outlook for the rest of the year, the ability to go out, take market share and all of those things that we've talked about for the last hour and 15 minutes.

然後，我們與一些非常複雜的大型中間市場客戶進行了很多對話，並獲得了很多成功案例。所以我想——前幾天我告訴別人，我們的 IMO 團隊，他們給自己打了 A-。我給他們一個堅實的 A，甚至可能是 A+。現在，這並不意味著仍然不只是一些在飛行中的東西。但總的來說，一切都很順利。這就是為什麼人們對管道建設、今年剩餘時間的前景、走出去的能力、佔據市場份額以及我們在過去一小時 15 分鐘內討論的所有這些事情持樂觀態度。

That's the fine work of Jacque Bohlen.

這是 Jacque Bohlen 的傑作。

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

謝謝。我現在沒有進一步的問題。我將電話轉回 Jacque Bohlen 以聽取任何結束語。

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

謝謝你，瓦萊麗。感謝您參加今天的電話會議。如果您想澄清今天討論的或我們的收益材料中提供的任何項目，請與我聯繫。這將結束我們的通話。再見。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。