COLUMBIA BANKING SYSTEM, INC. TACOMA, Wash., July 27, 2017 /PRNewswire/ -- Hadley Robbins, President and Chief Executive Officer of Columbia Banking System and Columbia Bank (NASDAQ: COLB) ("Columbia"), said today upon the release of Columbia's second quarter 2017 earnings, "I'm pleased with our record setting earnings for the quarter, especially in light of the impact of the $2.4 million expense we recognized to terminate our FDIC loss sharing agreements, which when combined with the $1.0 million of acquisition-related expense recorded in the quarter, reduced our earnings per share by $0.04." Mr. Robbins continued, "Our record first half 2017 earnings is a direct reflection on the efforts of our bankers, who remain focused on developing new relationships while deepening existing ones."
Balance Sheet
Total assets at June 30, 2017 were $9.69 billion, an increase of $157.8 million from March 31, 2017. Loans grew $194.9 million during the quarter due to strong loan originations of $316.2 million and seasonal increases in line utilization. Securities available for sale were $2.26 billion at June 30, 2017, a decrease of $66.7 million, or 3% from $2.33 billion at March 31, 2017. Total deposits at June 30, 2017 were $8.07 billion, a decrease of $16.4 million from March 31, 2017. Core deposits comprised 96% of total deposits and were $7.72 billion at June 30, 2017, a decrease of $72.8 million from March 31, 2017. The average cost of total deposits for the quarter was 0.05%, an increase of one basis point from the first quarter of 2017.
Income Statement
Net Interest Income
Net interest income for the second quarter of 2017 was $86.2 million, a decrease of $514 thousand from the linked period and an increase of $4.0 million from the prior year period. The linked quarter decrease was principally from taxable securities income, whose yields during the first quarter of 2017 benefited from a market-driven reduction in premium amortization. Also contributing to the decrease was incremental accretion from purchased loans, which was $956 thousand lower than the linked period. The increase from the prior year period was due to higher loan and securities volumes, partially offset by lower incremental accretion. Incremental accretion income from purchased loans in the current period was $1.3 million lower than the prior year period. For additional information regarding net interest income, see the "Average Balances and Rates" table.
Noninterest Income
Noninterest income was $24.1 million for the second quarter of 2017, a decrease of $724 thousand compared to $24.9 million for the first quarter of 2017. The linked quarter decrease was principally due to lower bank owned life insurance ("BOLI") benefits in the current period as well as a $573 thousand benefit from re-measuring our mortgage repurchase liability in the linked period. Both the BOLI and mortgage repurchase benefits were recorded to other noninterest income. Compared to the second quarter of 2016, noninterest income increased by $2.2 million due to lower expenses from the FDIC loss-sharing asset as well as higher other noninterest income, principally from a current quarter BOLI benefit of $430 thousand, with no such BOLI benefit in the prior year period.
Noninterest Expense
Total noninterest expense for the second quarter of 2017 was $68.9 million, a decrease of $119 thousand from the first quarter of 2017. The small improvement resulted from lower compensation costs being offset by the $2.4 million charge from early termination of our FDIC loss-sharing agreements; the early termination charge was recognized in other noninterest expense. The lower compensation costs stemmed from additional stock compensation expense recognized in the linked quarter due to the immediate vesting of certain restricted share awards as well as additional payroll taxes.
Compared to the second quarter of 2016, noninterest expense increased $5.1 million, or 8%, from $63.8 million. The increase was due to the previously noted charge from early termination of loss-sharing agreements as well as $1.0 million of acquisition-related expenses recognized in the current quarter. In addition, legal and professional fees were higher due to costs from both our investment in a customer relationship management application and the search for a permanent Chief Executive Officer.
Net Interest Margin
Columbia's net interest margin (tax equivalent) for the second quarter of 2017 was 4.12%, a decrease of 8 basis points from the linked quarter and an increase of 2 basis points from the prior year period. The decrease from the linked quarter was due to higher linked quarter interest income from taxable securities, which was driven by reduced amortization of premiums as well as lower incremental accretion in the current quarter. The increase from the prior year quarter was due to higher loan and security volumes, partially offset by lower incremental accretion. Columbia's operating net interest margin (tax equivalent)((1) )was 4.09% for the second quarter of 2017, unchanged from the linked quarter and an increase of 9 basis points from the prior year period due to higher loan and security volumes.
The following table shows the impact to interest income resulting from income accretion on acquired loan portfolios as well as the net interest margin and operating net interest margin:
Three Months Ended Six Months Ended
June 30, March 31, December 31, September 30, June 30, June 30, June 30,
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
(dollars in thousands)
Incremental accretion income due to:
FDIC purchased credit impaired loans $753 $2,117 $1,199 $1,816 $1,300 $2,870 $2,957
Other acquired loans 2,356 1,948 3,087 2,749 3,074 4,304 6,147
----- ----- ----- ----- ----- ----- -----
Incremental accretion income $3,109 $4,065 $4,286 $4,565 $4,374 $7,174 $9,104
====== ====== ====== ====== ====== ====== ======
Net interest margin (tax equivalent) 4.12% 4.20% 4.11% 4.13% 4.10% 4.16% 4.12%
Operating net interest margin (tax equivalent) (1) 4.09% 4.09% 3.99% 4.03% 4.00% 4.09% 4.01%
__________
(1) Operating net interest margin
(tax equivalent) is a non-GAAP
financial measure. See the
section titled "Non-GAAP
Financial Measures" on the last
page of this earnings release
for the reconciliation of
operating net interest margin
(tax equivalent) to net
interest margin.
Asset Quality
At June 30, 2017, nonperforming assets to total assets were 0.42% compared to 0.32% at March 31, 2017 and 0.35% at December 31, 2016. Total nonperforming assets increased $10.8 million from the linked quarter due to an $11.3 million increase in nonaccrual loans, partially offset by a decrease in other real estate owned.
The following table sets forth information regarding nonaccrual loans and total nonperforming assets:
June 30, 2017 March 31, 2017 December 31, 2016
------------- -------------- -----------------
(in thousands)
Nonaccrual loans:
Commercial business $24,747 $10,848 $11,555
Real estate:
One-to-four family residential 697 450 568
Commercial and multifamily residential 7,267 10,237 11,187
----- ------ ------
Total real estate 7,964 10,687 11,755
Real estate construction:
One-to-four family residential 241 213 563
--- --- ---
Total real estate construction 241 213 563
Consumer 3,872 3,799 3,883
----- ----- -----
Total nonaccrual loans 36,824 25,547 27,756
Other real estate owned and other personal property owned 4,058 4,519 5,998
Total nonperforming assets $40,882 $30,066 $33,754
======= ======= =======
The following table provides an analysis of the Company's allowance for loan and lease losses:
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
(in thousands)
Beginning balance $71,021 $70,043 $69,264 $70,043 $68,172
Charge-offs:
Commercial business (3,600) (1,127) (2,941) (4,727) (6,714)
One-to-four family
residential real estate (153) (307) (35) (460) (35)
Commercial and
multifamily residential
real estate - - (26) - (26)
One-to-four family
residential real estate
construction - (14) - (14) -
Consumer (465) (428) (334) (893) (600)
Purchased credit impaired (1,800) (1,939) (2,898) (3,739) (5,764)
------ ------ ------ ------ ------
Total charge-offs (6,018) (3,815) (6,234) (9,833) (13,139)
Recoveries:
Commercial business 2,944 365 753 3,309 1,415
One-to-four family
residential real estate 223 117 20 340 61
Commercial and
multifamily residential
real estate 127 78 130 205 199
One-to-four family
residential real estate
construction 58 29 5 87 259
Commercial and
multifamily residential
real estate construction - - 1 - 2
Consumer 248 285 201 533 366
Purchased credit impaired 1,204 1,144 1,524 2,348 3,075
----- ----- ----- ----- -----
Total recoveries 4,804 2,018 2,634 6,822 5,377
----- ----- ----- ----- -----
Net charge-offs (1,214) (1,797) (3,600) (3,011) (7,762)
Provision for loan and
lease losses 3,177 2,775 3,640 5,952 8,894
----- ----- ----- ----- -----
Ending balance $72,984 $71,021 $69,304 $72,984 $69,304
======= ======= ======= ======= =======
The allowance for loan losses to period end loans was 1.14% at both June 30, 2017 and March 31, 2017. For the second quarter of 2017, Columbia recorded a net provision for loan and lease losses of $3.2 million compared to a net provision of $2.8 million for the linked quarter and $3.6 million for the comparable quarter last year. The net provision for loan and lease losses recorded during the current quarter consisted of $3.9 million of provision for loan losses for loans, excluding PCI loans, partially offset by a provision recovery of $738 thousand for PCI loans.
Andy McDonald, Columbia's Executive Vice President and Chief Credit Officer, commented, "Our nonperforming assets ratio of 42 basis points reflects the strength of our regional economy and the diversification within our loan portfolio."
Organizational Update
Mr. Robbins commented, "Our pending acquisition of Pacific Continental Corporation is progressing. As announced last month, we have received the required shareholder approvals to complete the merger. Once the remaining regulatory approvals are obtained, we look forward to joining these two great companies together to the benefit of our customers, shareholders and the communities we serve. In addition, we regularly evaluate the alignment of our products and services with the needs of our clients. Given rapid technology changes in the payments industry, we are shifting our merchant card services business to an industry leading, third-party provider. We believe this transition will better serve our business clients via a broad selection of competitive, best-in-class payment processing solutions. This transaction will result in a one-time $14.0 million gain which will be recognized in the third quarter of 2017."
Mr. Robbins continued, "I'm pleased to have recently announced some organization changes that are occurring at the Company. Clint Stein's transition from Chief Financial Officer to Chief Operating Officer provides a great opportunity for leadership continuity as the two of us and our teams, have worked closely on the majority of our recently completed and in process strategic business initiatives. In addition to the national search for our next CFO, we have a search underway for an executive level Chief Risk Officer. This role will oversee the maturation of our existing enterprise risk management program and position us for future growth."
Cash Dividend Announcement
Columbia will pay a regular cash dividend of $0.22 per common share on August 23, 2017 to shareholders of record as of the close of business on August 9, 2017.
Conference Call Information
Columbia's management will discuss the second quarter 2017 results on a conference call scheduled for Thursday, July 27, 2017 at 1:00 p.m. Pacific Time (4:00 p.m. ET). Interested parties join the live-streamed event and a replay of the event by using the site:
https://engage.vevent.com/rt/columbiabankingsystemincao~48444274
The conference call can also be accessed on Thursday, July 27, 2017 at 1:00 p.m. Pacific Time (4:00 p.m. ET) by calling 1-888-286-8956; Conference ID code #48444274.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked in the top 30 on the 2017 Forbes list of best banks.
More information about Columbia can be found on its website at www.columbiabank.com.
Note Regarding Forward-Looking Statements
This news release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include, but are not limited to, descriptions of 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," "intend," "should," and "anticipate" or the negative of these words or 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 risks and uncertainties, many of which are outside our control, 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 Securities and Exchange Commission, available at the SEC's website at www.sec.gov and the Company's website at www.columbiabank.com, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual reports on Form 10-K and quarterly reports on Form 10-Q, (as applicable), factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following: (1) local, national and international economic conditions may be 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 could significantly reduce net interest income and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches may be lower than expected; (4) costs or difficulties related to the integration of acquisitions may be greater than expected; (5) competitive pressure among financial institutions may increase significantly; (6) legislation or regulatory requirements or changes may adversely affect the businesses in which Columbia is engaged; and (7) the proposed merger with Pacific Continental Corporation ("Pacific Continental") may not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all, which may have an effect on the trading prices of Columbia's stock. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws. The factors noted above and the risks and uncertainties described in our SEC filings should be considered when reading any forward-looking statements in this release.
Additional Information
In connection with the Agreement and Plan of Merger, dated as of January 9, 2017, by and between Columbia Banking System, Inc. and Pacific Continental, Columbia has filed with the SEC a Registration Statement on Form S-4 that includes a Joint Proxy Statement of Columbia and Pacific Continental and a Prospectus of Columbia, as well as other relevant documents concerning the proposed transaction. Shareholders of Columbia and Pacific Continental are urged to carefully read the Registration Statement and the Joint Proxy Statement/Prospectus regarding the transaction in their entirety and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. Shareholders of Columbia and Pacific Continental are also urged to carefully review and consider each of Columbia's and Pacific Continental's public filings with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly Reports on Form 10-Q. A definitive Joint Proxy Statement/Prospectus has been sent to the shareholders of each institution seeking any required shareholder approvals. The Joint Proxy Statement/Prospectus and other relevant materials filed with the SEC may be obtained free of charge at the SEC's Website at http://www.sec.gov. PACIFIC CONTINENTAL AND COLUMBIA SHAREHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.
Investors will also be able to obtain these documents, free of charge, from Pacific Continental by accessing Pacific Continental's website at www.therightbank.com under the link "Investor Relations" or from Columbia at www.columbiabank.com under the tab "About" and then under the heading "Investor Relations." Copies can also be obtained, free of charge, by directing a written request to Columbia, Attention: Corporate Secretary, 1301 A Street, Suite 800, Tacoma, Washington 98401-2156 or to Pacific Continental, Attention: Corporate Secretary, 111 West Seventh Avenue, P.O. Box 10727, Eugene Oregon 97440-2727.
Contacts: Hadley S. Robbins,
President and
Chief Executive Officer
Clint E. Stein,
Executive Vice President
and
Chief Financial Officer
Investor Relations
(253) 305-1921
FINANCIAL STATISTICS
Columbia Banking System, Inc. Three Months Ended Six Months Ended
Unaudited June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Earnings (dollars in thousands except per share amounts)
--------
Net interest income $86,161 $86,675 $82,140 $172,836 $162,310
Provision for loan and lease losses $3,177 $2,775 $3,640 $5,952 $8,894
Noninterest income $24,135 $24,859 $21,940 $48,994 $42,586
Noninterest expense $68,867 $68,986 $63,790 $137,853 $128,864
Acquisition-related expense (included in noninterest expense) $1,023 $1,364 $ - $2,387 $2,436
Net income $27,132 $29,199 $25,405 $56,331 $46,664
Per Common Share
----------------
Earnings (basic) $0.47 $0.50 $0.44 $0.97 $0.80
Earnings (diluted) $0.47 $0.50 $0.44 $0.97 $0.80
Book value $22.23 $21.86 $21.93 $22.23 $21.93
Averages
--------
Total assets $9,597,274 $9,473,698 $9,230,791 $9,535,827 $9,090,001
Interest-earning assets $8,651,735 $8,520,291 $8,285,183 $8,586,376 $8,145,564
Loans $6,325,462 $6,198,215 $5,999,428 $6,262,190 $5,913,434
Securities, including Federal Home Loan Bank stock $2,316,077 $2,310,490 $2,262,012 $2,313,299 $2,204,734
Deposits $7,965,868 $7,954,653 $7,622,266 $7,960,292 $7,533,980
Interest-bearing deposits $4,123,135 $4,118,604 $4,026,384 $4,120,882 $4,004,849
Interest-bearing liabilities $4,367,216 $4,263,660 $4,264,792 $4,315,724 $4,194,687
Noninterest-bearing deposits $3,842,733 $3,836,049 $3,595,882 $3,839,410 $3,529,131
Shareholders' equity $1,295,564 $1,261,652 $1,267,670 $1,278,702 $1,263,040
Financial Ratios
----------------
Return on average assets 1.13% 1.23% 1.10% 1.18% 1.03%
Return on average common equity 8.38% 9.26% 8.02% 8.81% 7.39%
Average equity to average assets 13.50% 13.32% 13.73% 13.41% 13.89%
Net interest margin (tax equivalent) 4.12% 4.20% 4.10% 4.16% 4.12%
Efficiency ratio (tax equivalent) (1) 60.42% 59.95% 59.30% 60.19% 60.93%
Operating efficiency ratio (tax equivalent) (2) 57.23% 59.07% 58.81% 58.15% 59.12%
June 30, March 31, December 31,
Period end 2017 2017 2016
---------- ---- ---- ----
Total assets $9,685,110 $9,527,272 $9,509,607
Loans, net of unearned income $6,423,074 $6,228,136 $6,213,423
Allowance for loan and lease losses $72,984 $71,021 $70,043
Securities, including Federal Home Loan Bank stock $2,280,996 $2,341,959 $2,288,817
Deposits $8,072,464 $8,088,827 $8,059,415
Core deposits $7,721,766 $7,794,590 $7,749,568
Shareholders' equity $1,297,314 $1,275,343 $1,251,012
Nonperforming assets
--------------------
Nonaccrual loans $36,824 $25,547 $27,756
Other real estate owned ("OREO") and other personal property
owned ("OPPO") 4,058 4,519 5,998
Total nonperforming assets $40,882 $30,066 $33,754
======= ======= =======
Nonperforming loans to period-end loans 0.57% 0.41% 0.45%
Nonperforming assets to period-end assets 0.42% 0.32% 0.35%
Allowance for loan and lease losses to period-end loans 1.14% 1.14% 1.13%
Net loan charge-offs $1,214 (3) $1,797 (4) $239 (5)
(1) Noninterest expense divided by the sum of net interest income on a tax equivalent basis and noninterest income on a tax equivalent basis.
(2) The operating efficiency ratio (tax equivalent) is a non-GAAP financial measure. See section titled "Non-GAAP Financial Measures" on the last page of this earnings release for the reconciliation of the operating efficiency ratio (tax equivalent) to the efficiency ratio (tax equivalent).
(3) For the three months ended June 30, 2017.
(4) For the three months ended March 31, 2017.
(5) For the three months ended December 31, 2016..
QUARTERLY FINANCIAL
STATISTICS
Columbia Banking System,
Inc. Three Months Ended
Unaudited June 30, March 31, December 31, September 30, June 30,
2017 2017 2016 2016 2016
---- ---- ---- ---- ----
(dollars in thousands except per share)
Earnings
--------
Net interest income $86,161 $86,675 $85,737 $85,572 $82,140
Provision for loan and lease
losses $3,177 $2,775 $18 $1,866 $3,640
Noninterest income $24,135 $24,859 $22,330 $23,166 $21,940
Noninterest expense $68,867 $68,986 $65,014 $67,264 $63,790
Acquisition-related expense
(included in noninterest
expense) $1,023 $1,364 $291 $ - $ -
Net income $27,132 $29,199 $30,718 $27,484 $25,405
Per Common Share
----------------
Earnings (basic) $0.47 $0.50 $0.53 $0.47 $0.44
Earnings (diluted) $0.47 $0.50 $0.53 $0.47 $0.44
Book value $22.23 $21.86 $21.52 $21.96 $21.93
Averages
--------
Total assets $9,597,274 $9,473,698 $9,568,214 $9,493,451 $9,230,791
Interest-earning assets $8,651,735 $8,520,291 $8,612,498 $8,544,876 $8,285,183
Loans $6,325,462 $6,198,215 $6,200,506 $6,179,163 $5,999,428
Securities, including
Federal Home Loan Bank
stock $2,316,077 $2,310,490 $2,314,521 $2,351,093 $2,262,012
Deposits $7,965,868 $7,954,653 $8,105,522 $7,918,532 $7,622,266
Interest-bearing deposits $4,123,135 $4,118,604 $4,151,695 $4,118,787 $4,026,384
Interest-bearing liabilities $4,367,216 $4,263,660 $4,222,820 $4,295,485 $4,264,792
Noninterest-bearing deposits $3,842,733 $3,836,049 $3,953,827 $3,799,745 $3,595,882
Shareholders' equity $1,295,564 $1,261,652 $1,274,388 $1,278,588 $1,267,670
Financial Ratios
----------------
Return on average assets 1.13% 1.23% 1.28% 1.16% 1.10%
Return on average common
equity 8.38% 9.26% 9.65% 8.60% 8.02%
Average equity to average
assets 13.50% 13.32% 13.32% 13.47% 13.73%
Net interest margin (tax
equivalent) 4.12% 4.20% 4.11% 4.13% 4.10%
Period end
----------
Total assets $9,685,110 $9,527,272 $9,509,607 $9,586,754 $9,353,651
Loans, net of unearned
income $6,423,074 $6,228,136 $6,213,423 $6,259,757 $6,107,143
Allowance for loan and lease
losses $72,984 $71,021 $70,043 $70,264 $69,304
Securities, including
Federal Home Loan Bank
stock $2,280,996 $2,341,959 $2,288,817 $2,372,724 $2,297,713
Deposits $8,072,464 $8,088,827 $8,059,415 $8,057,816 $7,673,213
Core deposits $7,721,766 $7,794,590 $7,749,568 $7,809,064 $7,447,963
Shareholders' equity $1,297,314 $1,275,343 $1,251,012 $1,276,735 $1,274,479
Nonperforming assets
--------------------
Nonaccrual loans $36,824 $25,547 $27,756 $21,366 $22,915
OREO and OPPO 4,058 4,519 5,998 8,994 10,613
----- ----- ----- ----- ------
Total nonperforming assets $40,882 $30,066 $33,754 $30,360 $33,528
------- ------- ------- ------- -------
Nonperforming loans to
period-end loans 0.57% 0.41% 0.45% 0.34% 0.38%
Nonperforming assets to
period-end assets 0.42% 0.32% 0.35% 0.32% 0.36%
Allowance for loan and lease
losses to period-end loans 1.14% 1.14% 1.13% 1.12% 1.13%
Net loan charge-offs $1,214 $1,797 $239 $906 $3,600
LOAN PORTFOLIO COMPOSITION
Columbia Banking System,
Inc.
Unaudited June 30, March 31, December 31, September 30, June 30,
2017 2017 2016 2016 2016
---- ---- ---- ---- ----
Loan Portfolio Composition
-Dollars (dollars in thousands)
--------------------------
Commercial business $2,704,468 $2,559,247 $2,551,054 $2,630,017 $2,518,682
Real estate:
One-to-four family
residential 173,150 172,581 170,331 168,511 172,957
Commercial and multifamily
residential 2,787,560 2,783,433 2,719,830 2,686,783 2,651,476
--------- --------- --------- --------- ---------
Total real estate 2,960,710 2,956,014 2,890,161 2,855,294 2,824,433
Real estate construction:
One-to-four family
residential 139,956 115,219 121,887 130,163 129,195
Commercial and multifamily
residential 195,565 172,896 209,118 202,014 185,315
------- ------- ------- ------- -------
Total real estate
construction 335,521 288,115 331,005 332,177 314,510
Consumer 323,187 318,069 329,261 325,741 325,632
Purchased credit impaired 129,853 138,903 145,660 152,764 161,107
------- ------- ------- ------- -------
Subtotal loans 6,453,739 6,260,348 6,247,141 6,295,993 6,144,364
Less: Net unearned income (30,665) (32,212) (33,718) (36,236) (37,221)
------- ------- ------- ------- -------
Loans, net of unearned
income 6,423,074 6,228,136 6,213,423 6,259,757 6,107,143
Less: Allowance for loan
and lease losses (72,984) (71,021) (70,043) (70,264) (69,304)
Total loans, net 6,350,090 6,157,115 6,143,380 6,189,493 6,037,839
========= ========= ========= ========= =========
Loans held for sale $6,918 $3,245 $5,846 $3,361 $7,649
====== ====== ====== ====== ======
June 30, March 31, December 31, September 30, June 30,
Loan Portfolio
Composition -
Percentages 2017 2017 2016 2016 2016
-------------- ---- ---- ---- ---- ----
Commercial business 42.1% 41.1% 41.1% 42.0% 41.2%
Real estate:
One-to-four family
residential 2.7% 2.8% 2.7% 2.7% 2.8%
Commercial and
multifamily residential 43.5% 44.7% 43.7% 43.0% 43.6%
---- ---- ---- ---- ----
Total real estate 46.2% 47.5% 46.4% 45.7% 46.4%
Real estate
construction:
One-to-four family
residential 2.2% 1.8% 2.0% 2.1% 2.1%
Commercial and
multifamily residential 3.0% 2.8% 3.4% 3.2% 3.0%
--- --- --- --- ---
Total real estate
construction 5.2% 4.6% 5.4% 5.3% 5.1%
Consumer 5.0% 5.1% 5.3% 5.2% 5.3%
Purchased credit
impaired 2.0% 2.2% 2.3% 2.4% 2.6%
--- --- --- --- ---
Subtotal loans 100.5% 100.5% 100.5% 100.6% 100.6%
Less: Net unearned
income (0.5)% (0.5)% (0.5)% (0.6)% (0.6)%
Loans, net of unearned
income 100.0% 100.0% 100.0% 100.0% 100.0%
===== ===== ===== ===== =====
DEPOSIT COMPOSITION
Columbia Banking System,
Inc.
Unaudited
June 30, March 31, December 31, September 30, June 30,
2017 2017 2016 2016 2016
---- ---- ---- ---- ----
Deposit Composition -
Dollars (dollars in thousands)
---------------------
Core deposits:
Demand and other non-
interest bearing $3,905,652 $3,958,106 $3,944,495 $3,942,434 $3,652,951
Interest bearing demand 988,532 985,954 985,293 963,242 957,548
Money market 1,787,101 1,798,034 1,791,283 1,873,376 1,818,337
Savings 756,825 759,002 723,667 714,047 692,694
Certificates of deposit,
less than $250,000 283,656 293,494 304,830 315,965 326,433
------- ------- ------- ------- -------
Total core deposits 7,721,766 7,794,590 7,749,568 7,809,064 7,447,963
Certificates of deposit,
$250,000 or more 81,861 74,460 79,424 79,590 72,812
Certificates of deposit
insured by CDARS(R) 19,276 20,994 22,039 16,951 22,755
Brokered money market
accounts 249,554 198,768 208,348 152,151 129,590
------- ------- ------- ------- -------
Subtotal 8,072,457 8,088,812 8,059,379 8,057,756 7,673,120
Premium resulting from
acquisition date fair
value adjustment 7 15 36 60 93
--- --- --- --- ---
Total deposits $8,072,464 $8,088,827 $8,059,415 $8,057,816 $7,673,213
========== ========== ========== ========== ==========
June 30, March 31, December 31, September 30, June 30,
Deposit Composition -
Percentages 2017 2017 2016 2016 2016
--------------------- ---- ---- ---- ---- ----
Core deposits:
Demand and other non-
interest bearing 48.4% 48.9% 48.9% 48.9% 47.6%
Interest bearing
demand 12.2% 12.2% 12.2% 12.0% 12.5%
Money market 22.1% 22.2% 22.2% 23.2% 23.7%
Savings 9.4% 9.4% 9.0% 8.9% 9.0%
Certificates of
deposit, less than
$250,000 3.5% 3.6% 3.8% 3.9% 4.3%
--- --- --- --- ---
Total core deposits 95.6% 96.3% 96.1% 96.9% 97.1%
Certificates of
deposit, $250,000 or
more 1.0% 0.9% 1.0% 1.0% 0.9%
Certificates of
deposit insured by
CDARS(R) 0.2% 0.3% 0.3% 0.2% 0.3%
Brokered money market
accounts 3.2% 2.5% 2.6% 1.9% 1.7%
Total 100.0% 100.0% 100.0% 100.0% 100.0%
===== ===== ===== ===== =====
CONSOLIDATED STATEMENTS OF
INCOME
Columbia Banking System, Inc. Three Months Ended Six Months Ended
Unaudited June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
(in thousands except per share)
Interest Income
Loans $75,579 $74,120 $71,651 $149,699 $141,967
Taxable securities 9,468 10,986 8,829 20,454 16,846
Tax-exempt securities 2,716 2,691 2,795 5,407 5,598
Deposits in banks 23 19 28 42 66
--- --- --- --- ---
Total interest income 87,786 87,816 83,303 175,602 164,477
Interest Expense
Deposits 908 787 787 1,695 1,529
Federal Home Loan Bank
advances 591 225 241 816 365
Other borrowings 126 129 135 255 273
--- --- --- --- ---
Total interest expense 1,625 1,141 1,163 2,766 2,167
----- ----- ----- ----- -----
Net Interest Income 86,161 86,675 82,140 172,836 162,310
Provision for loan and lease
losses 3,177 2,775 3,640 5,952 8,894
----- ----- ----- ----- -----
Net interest income after
provision for loan and lease
losses 82,984 83,900 78,500 166,884 153,416
Noninterest Income
Deposit account and treasury
management fees 7,396 7,287 7,093 14,683 14,082
Card revenue 6,202 5,723 6,051 11,925 11,703
Financial services and trust
revenue 3,036 2,839 2,780 5,875 5,601
Loan revenue 2,989 3,593 2,802 6,582 5,064
Merchant processing revenue 2,264 2,019 2,272 4,283 4,374
Bank owned life insurance 1,433 1,280 1,270 2,713 2,386
Investment securities gains,
net - - 229 - 602
Change in FDIC loss-sharing
asset (173) (274) (990) (447) (2,093)
Other 988 2,392 433 3,380 867
--- ----- --- ----- ---
Total noninterest income 24,135 24,859 21,940 48,994 42,586
Noninterest Expense
Compensation and employee
benefits 38,393 40,825 37,291 79,218 73,610
Occupancy 7,577 7,191 7,652 14,768 17,825
Merchant processing expense 1,147 1,049 1,118 2,196 2,151
Advertising and promotion 1,137 817 1,043 1,954 1,885
Data processing 4,741 4,208 3,929 8,949 8,075
Legal and professional fees 2,947 3,369 1,777 6,316 3,102
Taxes, licenses and fees 748 1,241 1,298 1,989 2,588
Regulatory premiums 741 776 1,068 1,517 2,209
Net cost (benefit) of
operation of other real
estate owned (1) 152 84 151 188
Amortization of intangibles 1,249 1,349 1,483 2,598 3,066
Other 10,188 8,009 7,047 18,197 14,165
------ ----- ----- ------ ------
Total noninterest expense 68,867 68,986 63,790 137,853 128,864
------ ------ ------ ------- -------
Income before income taxes 38,252 39,773 36,650 78,025 67,138
Provision for income taxes 11,120 10,574 11,245 21,694 20,474
------ ------ ------ ------ ------
Net Income $27,132 $29,199 $25,405 $56,331 $46,664
======= ======= ======= ======= =======
Earnings per common share
Basic $0.47 $0.50 $0.44 $0.97 $0.80
Diluted $0.47 $0.50 $0.44 $0.97 $0.80
Dividends paid per common
share -regular $0.22 $0.22 $0.19 $0.44 $0.37
Dividends paid per common
share -special $ - $ - $0.18 $ - $0.38
--- --- --- --- ----- --- --- -----
Dividends paid per common
share -total $0.22 $0.22 $0.37 $0.44 $0.75
Weighted average number of
common shares outstanding 57,520 57,388 57,185 57,437 57,149
Weighted average number of
diluted common shares
outstanding 57,525 57,394 57,195 57,442 57,160
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
Unaudited June 30, March 31, December 31,
2017 2017 2016
---- ---- ----
(in thousands)
ASSETS
Cash and due from banks $197,623 $169,697 $193,038
Interest-earning deposits with banks 14,425 13,124 31,200
------ ------ ------
Total cash and cash equivalents 212,048 182,821 224,238
Securities available for sale at fair value (amortized cost of $2,272,959, $2,349,149 and $2,299,037, respectively) 2,264,636 2,331,359 2,278,577
Federal Home Loan Bank stock at cost 16,360 10,600 10,240
Loans held for sale 6,918 3,245 5,846
Loans, net of unearned income of ($30,665), ($32,212) and ($33,718), respectively 6,423,074 6,228,136 6,213,423
Less: allowance for loan and lease losses 72,984 71,021 70,043
------ ------ ------
Loans, net 6,350,090 6,157,115 6,143,380
FDIC loss-sharing asset - 3,239 3,535
Interest receivable 30,856 31,345 30,074
Premises and equipment, net 146,728 148,541 150,342
Other real estate owned 4,058 4,519 5,998
Goodwill 382,762 382,762 382,762
Other intangible assets, net 15,033 16,282 17,631
Other assets 255,621 255,444 256,984
Total assets $9,685,110 $9,527,272 $9,509,607
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing $3,905,652 $3,958,106 $3,944,495
Interest-bearing 4,166,812 4,130,721 4,114,920
--------- --------- ---------
Total deposits 8,072,464 8,088,827 8,059,415
Federal Home Loan Bank advances 159,474 15,483 6,493
Securities sold under agreements to repurchase 65,895 46,914 80,822
Other liabilities 89,963 100,705 111,865
------ ------- -------
Total liabilities 8,387,796 8,251,929 8,258,595
Commitments and contingent liabilities
June 30, March 31, December 31,
2017 2017 2016
---- ---- ----
Preferred stock (no par value) (in thousands)
Authorized shares 2,000 2,000 2,000
Issued and outstanding - - 9 - - 2,217
Common stock (no par value)
Authorized shares 115,000 115,000 115,000
Issued and outstanding 58,353 58,329 58,042 1,001,292 999,702 995,837
Retained earnings 302,550 288,247 271,957
Accumulated other comprehensive loss (6,528) (12,606) (18,999)
------ ------- -------
Total shareholders' equity 1,297,314 1,275,343 1,251,012
Total liabilities and shareholders' equity $9,685,110 $9,527,272 $9,509,607
========== ========== ==========
AVERAGE BALANCES AND RATES
Columbia Banking System, Inc.
Unaudited
Three Months Ended Three Months Ended
------------------ ------------------
June 30, 2017 June 30, 2016
Average Interest Average Average Interest Average
Balances Earned / Paid Rate Balances Earned / Paid Rate
-------- ------------- ---- -------- ------------- ----
(dollars in thousands)
ASSETS
Loans, net (1)(2) $6,325,462 $77,030 4.87% $5,999,428 $72,952 4.86%
Taxable securities 1,861,895 9,468 2.03% 1,801,195 8,829 1.96%
Tax exempt securities (2) 454,182 4,179 3.68% 460,817 4,300 3.73%
Interest-earning deposits
with banks 10,196 23 0.90% 23,743 28 0.47%
------ --- ------ ---
Total interest-earning
assets 8,651,735 $90,700 4.19% 8,285,183 $86,109 4.16%
Other earning assets 173,044 154,843
Noninterest-earning assets 772,495 790,765
------- -------
Total assets $9,597,274 $9,230,791
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Certificates of deposit $386,361 $95 0.10% $428,279 $140 0.13%
Savings accounts 755,253 19 0.01% 692,179 18 0.01%
Interest-bearing demand 983,936 192 0.08% 949,669 183 0.08%
Money market accounts 1,997,585 602 0.12% 1,956,257 446 0.09%
--------- --- --------- ---
Total interest-bearing
deposits 4,123,135 908 0.09% 4,026,384 787 0.08%
Federal Home Loan Bank
advances 195,369 591 1.21% 161,637 241 0.60%
Other borrowings 48,712 126 1.03% 76,771 135 0.70%
------ --- ------ ---
Total interest-bearing
liabilities 4,367,216 $1,625 0.15% 4,264,792 $1,163 0.11%
Noninterest-bearing
deposits 3,842,733 3,595,882
Other noninterest-bearing
liabilities 91,761 102,447
Shareholders' equity 1,295,564 1,267,670
--------- ---------
Total liabilities &
shareholders' equity $9,597,274 $9,230,791
========== ==========
Net interest income (tax equivalent) $89,075 $84,946
======= =======
Net interest margin (tax equivalent) 4.12% 4.10%
==== ====
(1) Nonaccrual loans have been
included in the tables as loans
carrying a zero yield.
Amortized net deferred loan
fees and net unearned discounts
on acquired loans were included
in the interest income
calculations. The amortization
of net deferred loan fees was
$1.8 million and $1.2 million
for the three month periods
ended June 30, 2017 and June
30, 2016, respectively. The
incremental accretion on
acquired loans was $3.1 million
and $4.4 million for the three
months ended June 30, 2017 and
2016, respectively.
(2) Tax-exempt income is calculated
on a tax equivalent basis. The
tax equivalent yield adjustment
to interest earned on loans was
$1.5 million and $1.3 million
for the three months ended June
30, 2017 and 2016,
respectively. The tax
equivalent yield adjustment to
interest earned on tax exempt
securities was $1.5 million for
the three months ended June 30,
2017 and 2016, respectively.
AVERAGE BALANCES AND RATES
Columbia Banking System, Inc.
Unaudited
Three Months Ended Three Months Ended
------------------ ------------------
June 30, 2017 March 31, 2017
Average Interest Average Average Interest Average
Balances Earned / Paid Rate Balances Earned / Paid Rate
-------- ------------- ---- -------- ------------- ----
(dollars in thousands)
ASSETS
Loans, net (1)(2) $6,325,462 $77,030 4.87% $6,198,215 $75,514 4.87%
Taxable securities 1,861,895 9,468 2.03% 1,861,627 10,986 2.36%
Tax exempt securities (2) 454,182 4,179 3.68% 448,863 4,140 3.69%
Interest-earning deposits
with banks 10,196 23 0.90% 11,586 19 0.66%
------ --- ------ ---
Total interest-earning
assets 8,651,735 $90,700 4.19% 8,520,291 $90,659 4.26%
Other earning assets 173,044 178,091
Noninterest-earning assets 772,495 775,316
------- -------
Total assets $9,597,274 $9,473,698
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Certificates of deposit $386,361 $95 0.10% $399,306 $95 0.10%
Savings accounts 755,253 19 0.01% 738,631 19 0.01%
Interest-bearing demand 983,936 192 0.08% 972,560 159 0.07%
Money market accounts 1,997,585 602 0.12% 2,008,107 514 0.10%
--------- --- --------- ---
Total interest-bearing
deposits 4,123,135 908 0.09% 4,118,604 787 0.08%
Federal Home Loan Bank
advances 195,369 591 1.21% 81,577 225 1.10%
Other borrowings 48,712 126 1.03% 63,479 129 0.81%
------ --- ------ ---
Total interest-bearing
liabilities 4,367,216 $1,625 0.15% 4,263,660 $1,141 0.11%
Noninterest-bearing
deposits 3,842,733 3,836,049
Other noninterest-bearing
liabilities 91,761 112,337
Shareholders' equity 1,295,564 1,261,652
--------- ---------
Total liabilities &
shareholders' equity $9,597,274 $9,473,698
========== ==========
Net interest income (tax equivalent) $89,075 $89,518
======= =======
Net interest margin (tax equivalent) 4.12% 4.20%
==== ====
(1) Nonaccrual loans have been
included in the tables as loans
carrying a zero yield.
Amortized net deferred loan
fees and net unearned discounts
on acquired loans were included
in the interest income
calculations. The amortization
of net deferred loan fees was
$1.8 million and $1.6 million
for the three month periods
ended June 30, 2017 and March
31, 2017. The incremental
accretion on acquired loans was
$3.1 million and $4.1 million
for the three months ended June
30, 2017 and March 31, 2017,
respectively.
(2) Tax-exempt income is calculated
on a tax equivalent basis. The
tax equivalent yield adjustment
to interest earned on loans was
$1.5 million and $1.4 million
for the three months ended June
30, 2017 and March 31, 2017,
respectively. The tax
equivalent yield adjustment to
interest earned on tax exempt
securities was $1.5 million and
$1.4 million for the three
month periods ended June 30,
2017 and March 31, 2017,
respectively.
AVERAGE BALANCES AND RATES
Columbia Banking System, Inc.
Unaudited
Six Months Ended June 30, Six Months Ended June 30,
------------------------- -------------------------
2017 2016
Average Interest Average Average Interest Average
Balances Earned / Paid Rate Balances Earned / Paid Rate
-------- ------------- ---- -------- ------------- ----
(dollars in thousands)
ASSETS
Loans, net (1)(2) $6,262,190 $152,544 4.87% $5,913,434 $144,250 4.88%
Taxable securities 1,861,762 20,454 2.20% 1,745,242 16,846 1.93%
Tax exempt securities (2) 451,537 8,319 3.68% 459,492 8,612 3.75%
Interest-earning deposits
with banks 10,887 42 0.77% 27,396 66 0.48%
------ --- ------ ---
Total interest-earning
assets 8,586,376 $181,359 4.22% 8,145,564 $169,774 4.17%
Other earning assets 175,554 154,589
Noninterest-earning assets 773,897 789,848
------- -------
Total assets $9,535,827 $9,090,001
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Certificates of deposit $392,798 $190 0.10% $438,597 $284 0.13%
Savings accounts 746,988 38 0.01% 684,027 35 0.01%
Interest-bearing demand 978,279 351 0.07% 938,809 352 0.07%
Money market accounts 2,002,817 1,116 0.11% 1,943,416 858 0.09%
--------- ----- --------- ---
Total interest-bearing
deposits 4,120,882 1,695 0.08% 4,004,849 1,529 0.08%
Federal Home Loan Bank
advances 138,787 816 1.18% 106,103 365 0.69%
Other borrowings 56,055 255 0.91% 83,735 273 0.65%
------ --- ------ ---
Total interest-bearing
liabilities 4,315,724 $2,766 0.13% 4,194,687 $2,167 0.10%
Noninterest-bearing
deposits 3,839,410 3,529,131
Other noninterest-bearing
liabilities 101,991 103,143
Shareholders' equity 1,278,702 1,263,040
--------- ---------
Total liabilities &
shareholders' equity $9,535,827 $9,090,001
========== ==========
Net interest income (tax equivalent) $178,593 $167,607
======== ========
Net interest margin (tax equivalent) 4.16% 4.12%
==== ====
(1) Nonaccrual loans have been
included in the table as loans
carrying a zero yield.
Amortized net deferred loan
fees and net unearned discounts
on acquired loans were included
in the interest income
calculations. The amortization
of net deferred loan fees was
$3.4 million and $2.3 million
for the six months ended June
30, 2017 and 2016,
respectively. The incremental
accretion on acquired loans was
$7.2 million and $9.1 million
for the six months ended June
30, 2017 and 2016,
respectively.
(2) Tax-exempt income is calculated
on a tax equivalent basis. The
tax equivalent yield adjustment
to interest earned on loans was
$2.8 million and $2.3 million
for the six months ended June
30, 2017 and 2016,
respectively. The tax
equivalent yield adjustment to
interest earned on tax exempt
securities was $2.9 million and
$3.0 million for the six months
ended June 30, 2017 and 2016,
respectively.
Non-GAAP Financial Measures
The Company considers its operating net interest margin and operating efficiency ratios to be useful measurements as they more closely reflect the ongoing operating performance of the Company. Despite the usefulness of the operating net interest margin and operating efficiency ratio to the Company, there are no standardized definitions for them and, as a result, the Company's calculations may not be comparable with other organizations. The Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.
The following tables reconcile the Company's calculation of the operating net interest margin and operating efficiency ratio:
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Operating net interest margin non-GAAP reconciliation: (dollars in thousands)
Net interest income (tax equivalent) (1) $89,075 $89,518 $84,946 $178,593 $167,607
------- ------- ------- -------- --------
Adjustments to arrive at operating net interest income (tax equivalent):
Incremental accretion income on FDIC purchased credit impaired loans (753) (2,117) (1,300) (2,870) (2,957)
Incremental accretion income on other acquired loans (2,356) (1,948) (3,074) (4,304) (6,147)
Premium amortization on acquired securities 1,669 1,462 2,075 3,131 4,399
Interest reversals on nonaccrual loans 747 265 107 1,012 560
Operating net interest income (tax equivalent) (1) $88,382 $87,180 $82,754 $175,562 $163,462
======= ======= ======= ======== ========
Average interest earning assets $8,651,735 $8,520,291 $8,285,183 $8,586,376 $8,145,564
Net interest margin (tax equivalent) (1) 4.12% 4.20% 4.10% 4.16% 4.12%
Operating net interest margin (tax equivalent) (1) 4.09% 4.09% 4.00% 4.09% 4.01%
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Operating efficiency ratio non-GAAP reconciliation: (dollars in thousands)
Noninterest expense (numerator A) $68,867 $68,986 $63,790 $137,853 $128,864
Adjustments to arrive at operating noninterest expense:
Acquisition-related expenses (1,023) (1,364) - (2,387) (2,436)
Net benefit (cost) of operation of OREO and OPPO 1 (150) (84) (149) (186)
FDIC clawback liability recovery (expense) - 54 (70) 54 (279)
Loss on asset disposals (8) (6) (7) (14) (167)
Termination of FDIC loss share agreements charge (2,409) - - (2,409) -
State of Washington Business and Occupation ("B&O") taxes (642) (1,123) (1,204) (1,765) (2,375)
Operating noninterest expense (numerator B) $64,786 $66,397 $62,425 $131,183 $123,421
Net interest income (tax equivalent) (1) $89,075 $89,518 $84,946 $178,593 $167,607
Noninterest income 24,135 24,859 21,940 48,994 42,586
Bank owned life insurance tax equivalent adjustment 772 689 685 1,461 1,285
--- --- --- ----- -----
Total revenue (tax equivalent) (denominator A) $113,982 $115,066 $107,571 $229,048 $211,478
Operating net interest income (tax equivalent) (1) $88,382 $87,180 $82,754 $175,562 $163,462
Adjustments to arrive at operating noninterest income (tax equivalent):
Investment securities gains, net - - (229) - (602)
Gain on asset disposals (256) (29) (2) (285) (56)
Mortgage loan repurchase liability adjustment - (573) - (573) -
Change in FDIC loss-sharing asset 173 274 990 447 2,093
---
Operating noninterest income (tax equivalent) 24,824 25,220 23,384 50,044 45,306
------ ------ ------ ------ ------
Total operating revenue (tax equivalent) (denominator B) $113,206 $112,400 $106,138 $225,606 $208,768
Efficiency ratio (tax equivalent) (numerator A/denominator A) 60.42% 59.95% 59.30% 60.19% 60.93%
Operating efficiency ratio (tax equivalent) (numerator B/denominator B) 57.23% 59.07% 58.81% 58.15% 59.12%
__________
(1) Tax-exempt interest income has
been adjusted to a tax
equivalent basis. The amount of
such adjustment was an addition
to net interest income of $2.9
million for the three month
period ended June 30, 2017,
$2.8 million for the three
month periods ended March 31,
2017 and June 30, 2016,
respectively; and $5.8 million
and $5.3 million for the six
month periods ended June 30,
2017 and June 30, 2016,
respectively.
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SOURCE Columbia Banking System, Inc.
