Columbia Banking System, Inc. (NASDAQ:COLB) Q2 2023 Earnings Conference Call July 19, 2023 5:30 PM ET
Company Participants
Jacque Bohlen - Investor Relations
Clint Stein - President and Chief Executive Officer
Chris Merrywell - President, Umpqua Bank
Tory Nixon - President, Umpqua Bank
Ron Farnsworth - Chief Financial Officer
Frank Namdar - Chief Credit Officer
Conference Call Participants
Jeff Rulis - D.A. Davidson
Matthew Clark - Piper Sandler
Chris McGratty - KBW
Janet Lee - JPMorgan
Jared Shaw - Wells Fargo
Brody Preston - UBS
David Feaster - Raymond James
Andrew Terrell - Stephens
Operator
Hello and thank you for standing by. Welcome to Columbia Banking System’s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] At this time, I would like to introduce Jacque Bohlen, Investor Relations Director for Columbia to begin the conference.
Jacque Bohlen
Thank you, Towanda. Good afternoon, everyone. Thank you for joining us as we review our second 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.
With me this afternoon are Clint Stein, President and CEO of Columbia Banking System; Chris Merrywell and Tory Nixon, the Presidents of Umpqua Bank; Ron Farnsworth, Chief Financial Officer; and Frank Namdar, Chief Credit Officer.
After our prepared remarks, we’ll take your questions. 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. 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.
I will now turn the call over to Clint.
Clint Stein
Thank you, Jacque. Good afternoon, everyone. It was another productive quarter for Columbia. Merger integration activity remains a heightened priority, but we are nearing its completion as milestones continue to be achieved on or ahead of schedule.
I’m pleased to report we have already surpassed $100 million in cost synergies. We remain on track to meet our original target over the next 2 months and additional opportunities beyond $135 million have already been identified. We’re 4 months out from the systems conversion that took place in March, and our teams are benefiting from unified systems, products, and services. We have the necessary tools and support to win new business and expand existing relationships as we use our scale to drive revenue synergies across both legacy customer bases. Our enhanced footprint provides new opportunities to deploy successful businesses into new markets, which supports our strategy to drive balanced growth.