Columbia Banking System, Inc.

The conference will begin shortly. To raise your hand during Q&A, you can dial star 1 1.

Ladies and gentlemen, thank you for standing by. Welcome to the Columbia Banking System's third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Instructions will be given at that time. If you are on the telephone and should require assistance during the conference, please press star zero. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Clint Stein, President and Chief Executive Officer of Columbia Banking Systems.

Thank you, Tonya. Welcome and good morning. Thank you for joining us on today's call as we review our quarter results. The earnings release and accompanying investor presentation are available at columbiabank.com. Our bankers' relentless focus on meeting our customers' needs is reflected in another quarter of consistent and outstanding performance. That income of $64.9 million was a new record, eclipsing the prior high set just last quarter. A meaningful increase in top-line revenue was supported by a robust loan growth, a stable deposit base, and an expanding margin. During the last rate cycle, the structural advantages of our deposit base, coupled with our wealth management capabilities, allowed us to significantly outperform industry deposit betas. At this point in the current cycle, we are seeing favorable results. Teams throughout the company have remained focused on meeting the needs of our customers and continuing to scale our existing operations, while at the same time working with their Umpqua counterparts to plan for a seamless close of our merger. By simultaneously focusing on sourcing, cultivating, and preserving long-term relationships, We believe the combined company will best be positioned to respond and scale to future market share growth opportunities. Preparation for our combination with Umpah Holdings continues to progress as both companies eagerly await regulatory approval. On the call with me today are Aaron Deer, Chris Merriwell, and Andy MacDonald. Following our prepared remarks, we'll open the line for questions. Before handing the call over to Aaron, I need to remind you that we may make forward-looking statements during the call. For further information on forward-looking comments, please refer to either our earnings release website or our SEC filings.