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SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: July 21, 2005
Umpqua Holdings Corporation
One SW Columbia, Suite 1200
(503) 546-2491
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
Item 2.02 Results of Operations and Financial Condition.
On July 21, 2005, Umpqua Holdings Corporation issued a press release announcing financial results for the
second quarter of 2005. A copy of the press release is attached as
Exhibit 99.1.
Attached as Exhibit 99.2 is a Statistical Supplement that the Company provides to shareholders and others who request additional financial and statistical information not included in the press release. This
information is being furnished to satisfy Regulation FD, but is not deemed filed under the Securities Exchange Act of 1934.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this reported to be signed on its behalf of the undersigned hereunto duly authorized.
EXHIBIT 99.1
UMPQUA HOLDINGS REPORTS 13% INCREASE IN NET INCOME
PORTLAND, Ore. - July 21, 2005 - Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua Bank and Strand, Atkinson, Williams & York, Inc., today announced second quarter 2005 net
income of $16.0 million, or $0.36 per diluted share, compared to $9.1 million, or $0.32 per diluted share, for the second quarter of 2004. These results reflect earnings per share growth of 13% compared to the same period a year ago.
Operating earnings are defined as the Company's net income before deduction of merger-related expenses, net of tax, which are reported in periods with merger-related costs. Excluding merger related expenses, the Company reports
second quarter 2005 operating earnings of $16.1 million, or $0.36 per diluted share, compared to $9.5 million, or $0.33 per diluted share for the second quarter of 2004, an increase of 9% on a per share basis.
Umpqua Bank's net interest margin increased to 5.05% for the second quarter of 2005, compared to 4.74% for the same quarter one year ago, principally resulting from recent increases in short-term market interest rates.
During the second quarter of 2005, the Company recorded a $2.1 million impairment to the value of our mortgage servicing right portfolio. This impairment resulted from a decline in mortgage interest rates, and is included as a
charge in mortgage banking revenue on the Company's consolidated statement of income. Excluding mortgage servicing right impairments, mortgage banking revenue was $2.3 million for the second quarter of 2005, compared to $1.5 million for the
same quarter one year ago, and $1.6 million for the first quarter of 2005. Offsetting the impairment in the second quarter of 2005 were $1.4 million in gains on the sale of securities, and $0.6 million in gain on the sale of our remaining credit card portfolio which is reflected in other non-interest income.
Umpqua Bank, Umpqua Holdings' largest subsidiary, reported an efficiency ratio before merger-related expenses of 52.7% for the second quarter of 2005, compared to 55.1% for the same quarter one year ago, and 53.6% for the first
quarter of 2005.
Total consolidated assets of Umpqua Holdings as of June 30, 2005 were $5.04 billion, compared to $4.98 billion as of March 31, 2005. Total gross loans and deposits were $3.61 billion and $3.97 billion,
respectively, as of June 30, 2005, compared to $3.53 billion and $3.95 billion, respectively, as of March 31, 2005.
Strong loan growth resulted in loans increasing $79.9 million during the second quarter of 2005. Deposits increased $19.3 million during the same period. For the year to date, annualized organic growth rates for loans and
deposits were 8% and 9%, respectively. Organic growth is defined as growth excluding the increase related to acquisitions on the Company's balance sheet, with all growth subsequent to the acquisition date included as organic.
"This was another strong quarter for the Company with our core business fundamentals as solid as ever," said Ray Davis, president and chief executive officer of Umpqua Holdings Corporation.
As previously announced, the Company completed the sale of its merchant card processing portfolio during the fourth quarter of 2004. In accordance with generally accepted accounting principles, the financial results related to the
merchant card processing operations, including the gain on sale, have been classified as a discontinued operation.
As of June 30, 2005 total shareholders equity was $714.7 million, and tangible book value per share was $6.92.
About Umpqua Holdings Corporation
About Umpqua Holdings Corporation
Umpqua Holdings Corporation will conduct a quarterly earnings conference call Thursday, July 21, 2005, at 10:00 a.m. PDT where management will discuss operating results for the second quarter of 2005. There will be a
question-and-answer session following the presentation. Shareholders, analysts and other interested parties are invited to join the call by dialing 888-791-5525 a few minutes before 10:00 a.m. The password is "UMPQUA." Information to be discussed in
the teleconference will be available on the Company's website prior to the call at www.umpquaholdingscorp.com. A rebroadcast can be found approximately one hour after the conference call by dialing 866-431-7903, or by visiting that website.
Quarter Ended:
June 30, 2005
March 31, 2005
June 30, 2004
Total interest income
fed funds purchased
Total interest expense
Six Months Ended:
Total interest income
fed funds purchased
WASHINGTON, D.C. 20549
(Date of earliest event reported)
(Exact Name of Registrant as Specified in Its Charter)
OREGON
000-25597
93-1261319
(State or Other Jurisdiction of
(Commission File
(I.R.S. Employer
Incorporation or Organization)
Number)
Identification Number)
Portland, Oregon 97258 (address of Principal Executive Offices)(Zip Code)
(Registrant's Telephone Number, Including Area Code)
[ ]
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 9.01
Financial Statements and Exhibits.
(a)
Not applicable.
(b)
Not applicable.
(c)
Exhibits.
99.1
Earnings Press Release
99.2
Statistical Supplement
UMPQUA HOLDINGS CORPORATION
(Registrant)
Dated: July 21, 2005
By: /s/ Kenneth E. Roberts
Kenneth E. Roberts
Assistant Secretary
FOR IMMEDIATE RELEASE
Contacts:
Ray Davis
Dan Sullivan
President/CEO
EVP/CFO
Umpqua Holdings Corporation
Umpqua Holdings Corporation
503-727-4101
503-727-4103
raydavis@umpquabank.com
dansullivan@umpquabank.com
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions.
Umpqua Bank has 93 locations between Sacramento, Calif. and Bellevue, Wash., along the Oregon and Northern California Coast and in Central Oregon. In 2004, Umpqua Bank launched the Connect Volunteer Network, an innovative, paid volunteer program
focused on youth and education. Bank associates volunteered at more than 100 organizations in the program's first year. Umpqua Holdings also owns retail brokerage subsidiary Strand, Atkinson, Williams & York, Inc., which has locations in Umpqua
Bank stores and in dedicated offices throughout Oregon and Southwest Washington. Umpqua Bank's Private Client Services Division provides tailored financial services and products to individual customers. Umpqua Holdings Corporation is
headquartered in Portland, Oregon. For more information, visit www.umpquaholdingscorp.com.
Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
Dollars in thousands, except per share data
Interest income
Loans and leases
$60,220
$56,936
$32,791
Investments taxable
6,252
6,549
5,324
Investments tax exempt
699
713
396
Temporary investments
454
233
44
Other interest and dividends
38
43
91
67,663
64,474
38,646
Interest expense
Deposits
13,485
11,324
5,785
Repurchase agreements and
407
501
184
Trust preferred securities
2,550
2,394
1,120
Other borrowings
139
405
467
16,581
14,624
7,556
Net interest income
51,082
49,850
31,090
Provision for loan losses
1,400
1,000
1,100
Non-interest income
Service charges
5,426
4,822
3,273
Brokerage fees
2,879
3,129
3,014
Mortgage banking revenue
228
1,350
2,399
Gain on sale of securities
1,398
--
6
Other income
1,993
1,301
514
Total non-interest income
11,924
10,602
9,206
Non-interest expense
Salaries and benefits
20,361
20,279
13,753
Occupancy and equipment
6,109
6,133
4,153
Other
9,790
8,922
6,551
Merger related expenses
161
101
549
Total non-interest expense
36,421
35,435
25,006
Income before income taxes and discontinued
operations
25,185
24,017
14,190
Provision for income tax
9,179
8,998
5,180
Income from continuing operations
16,006
15,019
9,010
Income from discontinued operation, net of tax
--
--
121
Net income
$16,006
$15,019
$9,131
Weighted average shares outstanding
44,436,323
44,330,626
28,339,080
Weighted average diluted shares outstanding
44,988,322
44,962,502
28,664,279
Earnings per share - Basic:
Continuing operations
$0.36
$0.34
$0.32
Discontinued operations
$0.00
$0.00
$0.00
Net income
$0.36
$0.34
$0.32
Earnings per share - Diluted:
Continuing operations
$0.36
$0.33
$0.31
Discontinued operations
$0.00
$0.00
$0.01
Net income
$0.36
$0.33
$0.32
Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
Dollars in thousands, except per share data
June 30, 2005
June 30, 2004
Interest income
Loans and leases
$117,156
$64,655
Investments taxable
12,801
9,843
Investments tax exempt
1,412
809
Temporary investments
687
84
Other interest and dividends
81
162
132,137
75,553
Interest expense
Deposits
24,809
11,675
Repurchase agreements and
908
323
Trust preferred securities
4,944
2,243
Other borrowings
544
708
Total interest expense
31,205
14,949
Net interest income
100,932
60,604
Provision for loan losses
2,400
2,175
Non-interest income
Service charges
10,248
6,400
Brokerage fees
6,008
5,905
Mortgage banking revenue
1,578
4,048
Gain on sale of securities
1,398
6
Other income
3,294
1,059
Total non-interest income
22,526
17,418
Non-interest expense
Salaries and benefits
40,640
27,419
Occupancy and equipment
12,242
8,268
Other
18,712
12,495
Merger related expenses
262
765
Total noninterest expense
71,856
48,947
Income before income taxes and discontinued operations
49,202
26,900
Provision for income tax
18,177
9,643
Income from continuing operations
31,025
17,257
Income from discontinued operations, net of tax
--
272
Net income
$31,025
$17,529
Weighted average shares outstanding
44,383,766
28,392,198
Weighted average diluted shares outstanding
44,972,170
28,734,859
Earnings per share - Basic:
Continuing operations
$0.70
$0.61
Discontinued operations
$0.00
$0.01
Net income
$0.70
$0.62
Earnings per share - Diluted:
Continuing operations
$0.69
$0.60
Discontinued operations
$0.00
$0.01
Net income
$0.69
$0.61
Umpqua Holdings Corporation |
||||||
Dollars in thousands, except per share data |
June 30, 2005 |
March 31, 2005 |
June 30, 2004 |
|||
|
||||||
Assets: | ||||||
Cash and cash equivalents | $200,748 | $203,501 | $110,804 | |||
Trading account securities | 1,403 | 1,350 | 1,089 | |||
Investments available for sale | 571,895 | 639,706 | 559,013 | |||
Investments held to maturity | 11,735 | 11,793 | 13,908 | |||
Loans held for sale | 20,301 | 12,398 | 37,866 | |||
Loans and leases | 3,612,004 | 3,532,061 | 2,152,417 | |||
Less: Allowance for loan losses | (44,510) | (45,360) | (27,319) | |||
|
||||||
Loans and leases, net |
3,567,494 | 3,486,701 | 2,125,098 | |||
Federal Home Loan Bank stock | 14,298 | 14,220 | 10,368 | |||
Premises and equipment, net | 88,321 | 87,073 | 68,526 | |||
Other real estate owned | 213 | 213 | 724 | |||
Mortgage servicing rights, net | 9,268 | 11,081 | 11,391 | |||
Goodwill and other intangibles | 407,072 | 407,788 | 159,575 | |||
Other assets | 145,867 | 105,830 | 54,929 | |||
|
||||||
Total assets | $5,038,615 | $4,981,654 | $3,153,291 | |||
|
||||||
Liabilities: | ||||||
Deposits | $3,972,920 | $3,953,670 | $2,479,115 |
Securities sold under agreements | ||||||
to repurchase and fed funds purchased | 127,449 | 55,712 | 77,615 | |||
Borrowings | 13,296 | 63,373 | 145,618 | |||
Notes payable for Trust preferred | ||||||
securities | 165,970 | 166,134 | 97,941 | |||
Other liabilities | 44,243 | 45,818 | 30,963 | |||
|
||||||
Total liabilities | 4,323,878 | 4,284,707 | 2,831,252 | |||
Shareholders' equity: | ||||||
Common stock | 563,582 | 563,319 | 226,774 | |||
Retained earnings | 153,794 | 140,462 | 103,754 | |||
Accumulated other comprehensive | ||||||
Income (loss) | (2,639) | (6,834) | (8,489) | |||
|
||||||
Total shareholders' equity | 714,737 | 696,947 | 322,039 | |||
|
||||||
Total liabilities and shareholders' equity | $5,038,615 | $4,981,654 | $3,153,291 | |||
|
||||||
Common shares outstanding at period end | 44,453,407 | 44,434,655 | 28,219,677 | |||
Book value per share | $16.08 | $15.68 | $11.41 | |||
Tangible book value per share | $6.92 | $6.51 | $5.76 | |||
Tangible equity | $307,665 | $289,159 | $162,464 |
Umpqua Holdings Corporation Loan Portfolio (Unaudited) |
||||||
Dollars in thousands | June 30, 2005 |
March 31, 2005 |
June 30, 2004 | |||
|
||||||
Loans and leases by purpose: | ||||||
Commercial real estate | $1,975,218 | $1,897,234 | $1,209,975 | |||
Residential real estate | 217,245 | 219,951 | 105,003 | |||
Construction | 503,599 | 486,277 | 196,577 | |||
|
||||||
Total real estate | 2,696,062 | 2,603,462 | 1,511,555 | |||
Commercial | 837,702 | 842,999 | 592,718 | |||
Leases | 16,887 | 17,423 | 9,439 | |||
Consumer | 59,571 | 66,916 | 35,904 | |||
Other | 1,782 | 1,261 | 2,801 | |||
|
||||||
Total loans and leases | $3,612,004 | $3,532,061 | $2,152,417 | |||
|
||||||
Quarter Ended | Quarter Ended | Quarter Ended | ||||
Dollars in thousands | June 30, 2005 |
March 31, 2005 |
June 30, 2004 | |||
|
||||||
Allowance for credit losses | ||||||
Balance beginning of period | $45,360 | $44,229 | $26,287 | |||
Provision for credit losses | 1,400 | 1,000 | 1,100 | |||
Charge-offs | (3,239) | (612) | (415) |
Less: recoveries | 989 | 743 | 347 | |||
|
||||||
Net recoveries (charge-offs) |
(2,250) | 131 | (68) | |||
Total Allowance for loan losses | 44,510 | 45,360 | 27,319 | |||
Reserve for unfunded commitments | 1,354 | 1,368 | -- | |||
|
||||||
Total Allowance for credit losses | $45,864 | $46,728 | $27,319 | |||
|
||||||
Net charge-offs (recoveries) to average | ||||||
loans and leases (annualized) | 0.25% | (0.02)% | 0.01% | |||
Recoveries to gross charge-offs | 31% | 121% | 84% | |||
Allowance for credit losses to | ||||||
loans and leases | 1.27% | 1.32% | 1.27% | |||
Allowance for credit losses to | ||||||
nonperforming loans and leases | 223% | 197% | 221% | |||
Nonperforming loans and leases | ||||||
To total loans and leases | 0.57% | 0.67% | 0.57% | |||
Nonperforming assets | ||||||
Nonperforming loans and leases | $20,606 | $23,660 | $12,352 | |||
Real estate owned | 213 | 213 | 724 | |||
|
||||||
Total nonperforming assets | $20,819 | $23,873 | $13,076 | |||
|
Umpqua Holdings Corporation
Loan Portfolio (Unaudited) |
|||||||||||||
Six Months Ended |
Six Months Ended | ||||||||||||
Dollars in thousands | June 30, 2005 | June 30, 2004 | |||||||||||
|
|||||||||||||
Allowance for credit losses | |||||||||||||
Balance beginning of period | $44,229 | $25,352 | |||||||||||
Provision for credit losses | 2,400 | 2,175 | |||||||||||
Charge-offs | (3,851) |
(862) |
|||||||||||
Less: recoveries | 1,732 | 654 | |||||||||||
|
|||||||||||||
Net charge-offs | (2,119) |
(208) |
|||||||||||
Total Allowance for loan loss | 44,510 | 27,319 | |||||||||||
Reserve for unfunded commitments | 1,354 | -- | |||||||||||
|
|||||||||||||
Total Allowance for credit loss | $45,864 | $27,319 | |||||||||||
|
|||||||||||||
Net charge-offs to average | |||||||||||||
loans and leases (annualized) | 0.12% | 0.02% | |||||||||||
Recoveries to gross charge-offs | 45% | 76% |
Deposits by Type |
||||||||||||
June 30, 2005 |
March 31, 2005 |
June 30, 2004 |
||||||||||
|
|
|
||||||||||
Dollars in thousands |
Amount |
Mix |
Amount |
Mix |
Amount |
Mix | ||||||
|
|
|
||||||||||
Demand, non interest bearing |
$977,160 |
24.6% | $962,912 | 24.4% | $624,391 | 25.2% | ||||||
Demand, interest bearing | 1,562,189 | 39.3% | 1,563,394 | 39.5% | 1,132,087 | 45.7% | ||||||
Savings | 445,319 | 11.2% | 451,733 | 11.4% | 150,436 | 6.1% | ||||||
Time | 988,252 | 24.9% | 975,631 | 24.7% | 572,201 | 23.1% | ||||||
|
|
|
||||||||||
Total Deposits |
$3,972,920 | 100.0% | $3,953,670 | 100.0% | $2,479,115 | 100.0% | ||||||
|
|
|
Umpqua Holdings Corporation Selected Ratios (Unaudited) |
||||||
Quarter Ended: | ||||||
|
||||||
June 30, 2005 | March 31, 2005 | June 30, 2004 | ||||
|
||||||
Net Interest Spread: | ||||||
Yield on loans and leases | 6.76% | 6.62% | 6.12% | |||
Yield on taxable investments | 4.27% | 4.22% | 3.95% | |||
Yield on tax-exempt investments (1) | 6.59% | 6.47% | 6.77% | |||
Yield on temporary investments | 2.76% | 2.48% | 0.92% | |||
|
||||||
Total yield on earning assets |
6.36% | 6.24% | 5.68% | |||
Cost of interest bearing deposits | 1.80% | 1.57% | 1.25% | |||
Cost of securities sold under agreements | ||||||
to repurchase and fed funds purchased | 2.26% | 2.32% | 0.85% | |||
Cost of borrowings | 2.06% | 1.99% | 1.91% | |||
Cost of trust preferred | 6.16% | 5.84% | 4.60% | |||
|
||||||
Total cost of interest bearing liabilities |
2.03% | 1.82% | 1.42% | |||
Net interest spread | 4.33% | 4.42% | 4.26% | |||
Net interest margin | 4.81% | 4.83% | 4.57% | |||
Before Merger Related Expenses: (2) | ||||||
Return on average assets | 1.30% | 1.25% | 1.23% | |||
Return on average tangible assets | 1.41% | 1.36% | 1.29% | |||
Return on average equity | 9.17% | 8.82% | 11.65% | |||
Return on average tangible equity | 21.74% | 21.43% | 22.76% | |||
After Merger Related Expenses: (2) | ||||||
Return on average assets | 1.29% | 1.24% | 1.18% | |||
Return on average tangible assets | 1.40% | 1.35% | 1.25% | |||
Return on average equity | 9.11% | 8.78% | 11.23% | |||
Return on average tangible equity | 21.61% | 21.34% | 21.93% | |||
Bank Only Ratios: | ||||||
Umpqua Bank efficiency ratio before merger | ||||||
expenses (2) | 52.71% | 53.62% | 55.11% | |||
Umpqua Bank net interest margin | 5.05% | 5.06% | 4.74% |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a 35% tax rate. |
(2) | Includes the impact of the gain on sale of, and income from, discontinued operations recognized in 2004. |
Umpqua Holdings Corporation Selected Ratios (Unaudited) |
||||
Six Months Ended: |
||||
|
||||
June 30, 2005 |
June 30, 2004 |
|||
|
||||
Net Interest Spread: | ||||
Yield on loans and leases | 6.69% | 6.17% | ||
Yield on taxable investments | 4.25% | 3.91% | ||
Yield on tax-exempt investments (1) | 6.53% | 6.69% | ||
Yield on temporary investments | 2.66% | 0.93% | ||
|
||||
Total yield on earning assets |
6.30% | 5.73% | ||
Cost of interest bearing deposits | 1.69% | 1.28% | ||
Cost of securities sold under | ||||
agreements to repurchase and fed funds purchased | 2.30% | 0.91% | ||
Cost of borrowings | 2.01% | 1.86% | ||
Cost of trust preferred | 6.00% | 4.61% | ||
|
||||
Total cost of interest bearing liabilities | 1.92% | 1.44% | ||
Net interest spread | 4.38% | 4.29% | ||
Net interest margin | 4.82% | 4.60% | ||
Before Merger Related Expenses: (2) | ||||
Return on average assets | 1.27% | 1.20% | ||
Return on average tangible assets | 1.39% | 1.26% | ||
Return on average equity | 9.00% | 11.12% | ||
Return on average tangible equity | 21.59% | 21.81% | ||
After Merger Related Expenses: (2) | ||||
Return on average assets | 1.27% | 1.17% | ||
Return on average tangible assets | 1.38% | 1.23% | ||
Return on average equity | 8.95% | 10.83% | ||
Return on average tangible equity | 21.48% | 21.23% | ||
Bank Only Ratios: | ||||
Umpqua Bank efficiency ratio before merger expenses (2) | 53.15% | 56.59% | ||
Umpqua Bank net interest margin | 5.05% | 4.77% |
(1) | Tax exempt interest has been adjusted to a taxable equivalent basis using a 35% tax rate. |
(2) | Includes the impact of the gain on sale of, and income from, discontinued operations. |
Umpqua Holdings Corporation Mortgage Banking Statistical Analysis (unaudited) |
||||||
Quarter ended: |
||||||
June 30, 2005 |
March 31, 2005 |
June 30, 2004 |
||||
|
||||||
Dollars in thousands | ||||||
Mortgage Servicing Rights (MSR): | ||||||
Mortgage loans serviced for others | $1,026,088 | $1,052,910 | $1,119,351 | |||
MSR Asset (gross) | $12,455 | $12,157 | $11,832 | |||
Less: Valuation reserve | (3,187) | (1,076) | (441) | |||
|
||||||
MSR Asset (net of reserve) |
$9,268 | $11,081 | $11,391 | |||
|
||||||
MSR as % of serviced portfolio |
0.90% |
1.05% | 1.02% | |||
Mortgage Banking Revenue: | ||||||
Origination and sale | $2,156 | $1,397 | $1,903 | |||
Servicing | 183 | 237 | (370) | |||
MSR valuation reserve change | (2,111) | (284) | 866 | |||
|
||||||
Total Mortgage Banking Revenue | $228 | $1,350 | $2,399 | |||
|
||||||
Diluted earnings per share | ||||||
contribution (loss) of Mortgage | ||||||
Group | $(0.02) | $0.00 | $0.02 | |||
Year ended: |
||||||
June 30, 2005 |
June 30, 2004 |
|||||
|
||||||
Dollars in thousands | ||||||
Mortgage Banking Revenue: | ||||||
Origination and sale | $3,553 | $3,176 | ||||
Servicing | 420 | (594) | ||||
MSR valuation reserve change | (2,395) | 1,466 | ||||
|
||||||
Total Mortgage Banking Revenue | $1,578 | $4,048 | ||||
|
||||||
Diluted earnings per share | ||||||
contribution (loss) of Mortgage | ||||||
Group | $(0.02) | $0.03 |
# # #
EXHIBIT 99.2
UMPQUA HOLDINGS CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statistical Supplement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data and ratios: unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr |
Years Ended December 31, |
|||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2005 | 2004 |
2004 |
2004 | 2004 | 2003 | 2003 | 2003 | 2003 |
YTD 6/2005 |
2004 |
2003 |
2002 |
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|
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Income Statement Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Interest income | $ | 67,667 | $ | 64,474 | $ | 63,240 | $ | 59,265 | $ | 38,646 | $ | 36,907 | $ | 36,608 | $ | 35,927 | $ | 34,281 | $ | 35,317 | $ | 132,141 | $ | 198,058 | $ | 142,132 | $ | 100,325 | |||||||||||||||||||||||||||||
Interest expense | 16,582 | 14,624 | 13,566 | 11,856 | 7,557 | 7,392 | 6,804 | 6,839 | 7,480 | 7,738 | 31,206 | 40,371 | 28,860 | 23,797 | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | 51,085 | 49,850 | 49,674 | 47,409 | 31,089 | 29,515 | 29,804 | 29,088 | 26,801 | 27,579 | 100,935 | 157,687 | 113,272 | 76,528 | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 1,400 | 1,000 | 3,667 | 1,479 | 1,100 | 1,075 | 1,075 | 1,050 | 950 | 1,475 | 2,400 | 7,321 | 4,550 | 3,888 | |||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 49,685 | 48,850 | 46,007 | 45,930 | 29,989 | 28,440 | 28,729 | 28,038 | 25,851 | 26,104 | 98,535 | 150,367 | 108,722 | 72,640 | |||||||||||||||||||||||||||||||||||||||||||
Service fees | 5,426 | 4,822 | 5,434 | 5,570 | 3,273 | 3,127 | 3,188 | 3,256 | 3,198 | 2,914 | 10,248 | 17,404 | 12,556 | 8,640 | |||||||||||||||||||||||||||||||||||||||||||
Brokerage fees & commissions | 2,879 | 3,129 | 3,188 | 2,736 | 3,014 | 2,891 | 2,554 | 2,635 | 2,370 | 1,939 | 6,008 | 11,829 | 9,498 | 9,012 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage banking revenue, net | 228 | 1,350 | 1,665 | 1,942 | 2,399 | 1,649 | 1,200 | 3,160 | 2,834 | 4,279 | 1,578 | 7,655 | 11,473 | 9,073 | |||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of securities | 1,398 | - | - | 13 | 6 | - | 2 | 10 | 2,136 | 7 | 1,398 | 19 | 2,155 | (497) | |||||||||||||||||||||||||||||||||||||||||||
Other income (4) | 1,991 | 1,301 | 7,930 | 1,412 | 716 | 793 | 760 | 455 | 1,100 | 1,045 | 3,292 | 10,851 | 3,361 | 2,113 | |||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 11,922 | 10,602 | 18,217 | 11,673 | 9,408 | 8,460 | 7,704 | 9,516 | 11,638 | 10,184 | 22,524 | 47,758 | 39,043 | 28,341 | |||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 20,362 | 20,279 | 20,248 | 19,685 | 13,753 | 13,665 | 13,583 | 13,438 | 13,171 | 12,899 | 40,641 | 67,351 | 53,090 | 37,117 | |||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 6,109 | 6,133 | 5,809 | 5,688 | 4,153 | 4,115 | 3,770 | 3,534 | 3,947 | 3,582 | 12,242 | 19,765 | 14,834 | 9,596 | |||||||||||||||||||||||||||||||||||||||||||
Other non interest expense | 9,790 | 8,922 | 9,820 | 10,150 | 6,550 | 5,946 | 6,077 | 6,332 | 6,760 | 6,093 | 18,712 | 32,466 | 25,263 | 17,249 | |||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 36,261 | 35,334 | 35,877 | 35,523 | 24,456 | 23,726 | 23,430 | 23,304 | 23,878 | 22,574 | 71,595 | 119,582 | 93,187 | 63,962 | |||||||||||||||||||||||||||||||||||||||||||
Income before income tax & merger expense | 25,346 | 24,118 | 28,347 | 22,080 | 14,941 | 13,174 | 13,003 | 14,250 | 13,611 | 13,714 | 49,464 | 78,542 | 54,578 | 37,020 | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 9,243 | 9,038 | 10,383 | 7,301 | 5,464 | 4,645 | 4,412 | 4,983 | 4,807 | 4,925 | 18,281 | 27,793 | 19,127 | 13,332 | |||||||||||||||||||||||||||||||||||||||||||
Net income before merger expenses | $ | 16,103 | $ | 15,080 | $ | 17,964 | $ | 14,779 | $ | 9,477 | $ | 8,529 | $ | 8,591 | $ | 9,267 | $ | 8,804 | $ | 8,789 | $ | 31,183 | $ | 50,749 | $ | 35,451 | $ | 23,689 | |||||||||||||||||||||||||||||
Merger expenses net of tax benefit | 97 | 61 | 1,695 | 1,411 | 346 | 131 | - | 251 | 672 | 409 | 158 | 3,583 | 1,332 | 1,721 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,006 | $ | 15,019 | $ | 16,269 | $ | 13,368 | $ | 9,131 | $ | 8,398 | $ | 8,591 | $ | 9,016 | $ | 8,132 | $ | 8,380 | $ | 31,025 | $ | 47,166 | $ | 34,119 | $ | 21,968 | |||||||||||||||||||||||||||||
|
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Share Data(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Before Merger Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.36 | $ | 0.34 | $ | 0.41 | $ | 0.35 | $ | 0.33 | $ | 0.30 | $ | 0.30 | $ | 0.33 | $ | 0.31 | $ | 0.31 | $ | 0.70 | $ | 1.42 | $ | 1.25 | $ | 1.13 | |||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.36 | $ | 0.34 | $ | 0.40 | $ | 0.34 | $ | 0.33 | $ | 0.30 | $ | 0.30 | $ | 0.32 | $ | 0.31 | $ | 0.31 | $ | 0.69 | $ | 1.40 | $ | 1.24 | $ | 1.11 | |||||||||||||||||||||||||||||
After Merger Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.36 | $ | 0.34 | $ | 0.37 | $ | 0.32 | $ | 0.32 | $ | 0.30 | $ | 0.30 | $ | 0.32 | $ | 0.29 | $ | 0.30 | $ | 0.70 | $ | 1.32 | $ | 1.21 | $ | 1.04 | |||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.36 | $ | 0.33 | $ | 0.36 | $ | 0.31 | $ | 0.32 | $ | 0.29 | $ | 0.30 | $ | 0.31 | $ | 0.28 | $ | 0.29 | $ | 0.69 | $ | 1.30 | $ | 1.19 | $ | 1.03 | |||||||||||||||||||||||||||||
Tangible book value per common share | $ | 6.92 | $ | 6.51 | $ | 6.31 | $ | 5.97 | $ | 5.76 | $ | 5.99 | $ | 5.61 | $ | 5.36 | $ | 5.10 | $ | 4.86 | $ | 6.92 | $ | 6.31 | $ | 5.61 | $ | 4.55 | |||||||||||||||||||||||||||||
Book value per common share | $ | 16.08 | $ | 15.68 | $ | 15.55 | $ | 15.28 | $ | 11.41 | $ | 11.59 | $ | 11.23 | $ | 11.00 | $ | 10.77 | $ | 10.57 | $ | 16.08 | $ | 15.55 | $ | 11.23 | $ | 10.30 | |||||||||||||||||||||||||||||
Cash dividends per common share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.22 | $ | 0.16 | $ | 0.16 | |||||||||||||||||||||||||||||
Ratio of dividends declared to net income | 16.71% | 17.77% | 16.30% | 19.74% | 18.54% | 13.57% | 13.23% | 12.59% | 13.92% | 13.50% | 17.22% | 17.22% | 13.29% | 16.09% | |||||||||||||||||||||||||||||||||||||||||||
Shares outstanding | 44,453,407 | 44,434,655 | 44,211,075 | 43,979,674 | 28,219,677 | 28,489,267 | 28,411,816 | 28,365,814 | 28,331,279 | 28,234,620 | 44,453,407 | 44,211,075 | 28,411,816 | 27,980,591 | |||||||||||||||||||||||||||||||||||||||||||
Basic weighted average shares of common stock outstanding | 44,436,323 | 44,330,626 | 44,121,546 | 42,149,082 | 28,339,080 | 28,445,316 | 28,389,064 | 28,343,696 | 28,283,843 | 28,157,475 | 44,383,766 | 35,804,038 | 28,294,291 | 21,054,351 | |||||||||||||||||||||||||||||||||||||||||||
Common stock equivalents | 551,999 | 631,877 | 749,393 | 740,631 | 325,199 | 373,883 | 413,101 | 359,195 | 384,083 | 412,669 | 588,404 | 541,405 | 371,779 | 251,686 | |||||||||||||||||||||||||||||||||||||||||||
Fully diluted weighted average shares of common stock outstanding | 44,988,322 | 44,962,503 | 44,870,939 | 42,889,713 | 28,664,279 | 28,819,200 | 28,802,165 | 28,702,891 | 28,667,926 | 28,570,144 | 44,972,170 | 36,345,443 | 28,666,070 | 21,306,037 | |||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Before Merger Expense - Diluted Earnings Per Share Contribution | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core company (excluding mortgage group and gain (loss) on sale of securities) | $ | 0.36 | $ | 0.34 | $ | 0.32 | $ | 0.33 | $ | 0.31 | $ | 0.28 | $ | 0.30 | $ | 0.26 | $ | 0.22 | $ | 0.25 | $ | 0.69 | $ | 1.26 | $ | 1.06 | $ | 0.93 | |||||||||||||||||||||||||||||
Mortgage group | $ | (0.02) | $ | - | $ |
- |
$ | 0.01 | $ | 0.02 | $ | 0.01 | $ | (0.01) | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | (0.02) | $ | 0.04 | $ | 0.11 | $ | 0.17 | |||||||||||||||||||||||||||||
Gain (loss) on sale of securities | $ | 0.02 | $ | - | $ |
- |
$ | 0.00 | $ | 0.00 | $ | - | $ | 0.00 | $ | 0.00 | $ | 0.05 | $ | 0.00 | $ | 0.02 | $ | 0.00 | $ | 0.05 | $ | (0.01) | |||||||||||||||||||||||||||||
Gain on sale of discontinued operation | $ | - | $ | - | $ | 0.08 | $ |
- |
$ |
- |
$ | - | $ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ | 0.09 | $ |
- |
$ |
- |
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Income from discontinued operation | $ | - | $ | - | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ |
- |
$ | 0.01 | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||
Net income before merger expense per diluted share | $ | 0.36 | $ | 0.34 | $ | 0.40 | $ | 0.34 | $ | 0.33 | $ | 0.30 | $ | 0.30 | $ | 0.32 | $ | 0.31 | $ | 0.31 | $ | 0.69 | $ | 1.40 | $ | 1.24 | $ | 1.11 | |||||||||||||||||||||||||||||
|
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Balance Sheet Data (at period end) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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Investment securities | $ 585,033 | $ | 652,849 | $ | 689,368 | $ | 752,417 | $ | 574,009 | $ | 518,496 | $ | 517,781 | $ | 422,973 | $ | 370,878 | $ | 374,000 | $ | 585,033 | $ | 689,368 | $ | 517,781 | $ | 349,615 | ||||||||||||||||||||||||||||||
Loans & leases, gross (excl held-for-sale) | 3,612,004 | 3,532,061 | 3,467,904 | 3,323,137 | 2,152,417 | 2,073,875 | 2,003,587 | 1,935,482 | 1,877,238 | 1,823,311 | 3,612,004 | 3,467,904 | 2,003,587 | 1,778,315 | |||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for credit losses | 44,510 | 45,360 | 44,229 | 43,374 | 27,319 | 26,287 | 25,352 | 25,312 | 25,316 | 24,538 | 44,510 | 44,229 | 25,352 | 24,731 | |||||||||||||||||||||||||||||||||||||||||||
Loans & leases, net (excl held-for-sale) | 3,567,494 | 3,486,701 | 3,423,675 | 3,279,763 | 2,125,098 | 2,047,588 | 1,978,235 | 1,910,170 | 1,851,922 | 1,798,773 | 3,567,494 | 3,423,675 | 1,978,235 | 1,753,584 | |||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 407,072 | 407,788 | 408,460 | 409,516 | 159,575 | 159,661 | 159,585 | 160,012 | 160,547 | 161,181 | 407,072 | 408,460 | 159,585 | 160,967 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | 5,038,615 | 4,981,654 | 4,873,035 | 4,944,340 | 3,153,291 | 2,997,782 | 2,963,815 | 2,811,195 | 2,747,057 | 2,645,915 | 5,038,615 | 4,873,035 | 2,963,815 | 2,555,964 | |||||||||||||||||||||||||||||||||||||||||||
Total deposits | 3,972,920 | 3,953,670 | 3,799,107 | 3,919,271 | 2,479,115 | 2,428,926 | 2,378,192 | 2,263,211 | 2,282,909 | 2,178,769 | 3,972,920 | 3,799,107 | 2,378,192 | 2,103,790 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | 714,737 | 696,947 | 687,613 | 671,977 | 322,039 | 330,237 | 318,969 | 311,987 | 305,104 | 298,469 | 714,737 | 687,613 | 318,969 | 288,159 | |||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data (averages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & leases, gross (excl held-for-sale) | $ 3,555,336 | $ | 3,475,172 | $ | 3,388,503 | $ 3,158,363 | $ | 2,125,031 | $ | 2,033,357 | $ | 1,945,568 | $ | 1,900,862 | $ | 1,827,360 | $ | 1,796,875 | $ 3,515,475 | $ | 2,679,576 | $ | 1,868,165 | $ | 1,134,832 | ||||||||||||||||||||||||||||||||
Loans held for sale | 15,463 | 13,735 | 22,831 | 29,915 | 29,245 | 25,100 | 39,868 | 72,831 | 40,678 | 34,298 | 14,604 | 26,770 | 47,005 | 22,592 | |||||||||||||||||||||||||||||||||||||||||||
Earning assets | 4,286,972 | 4,215,935 | 4,205,698 | 4,015,604 | 2,751,467 | 2,581,349 | 2,499,933 | 2,412,628 | 2,296,639 | 2,223,745 | 4,251,650 | 3,392,475 | 2,359,142 | 1,449,250 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | 4,980,367 | 4,908,401 | 4,918,386 | 4,693,725 | 3,106,392 | 2,941,964 | 2,863,045 | 2,759,590 | 2,636,203 | 2,579,051 | 4,944,583 | 3,919,985 | 2,710,388 | 1,614,775 | |||||||||||||||||||||||||||||||||||||||||||
Non interest bearing demand deposits | 949,610 | 894,916 | 935,648 | 875,741 | 607,543 | 571,131 | 585,655 | 583,422 | 531,779 | 473,501 | 922,414 | 748,380 | 544,006 | 309,502 | |||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits | 3,008,406 | 2,927,914 | 2,920,903 | 2,761,381 | 1,861,619 | 1,813,598 | 1,737,365 | 1,658,570 | 1,644,151 | 1,631,155 | 2,968,383 | 2,342,117 | 1,688,076 | 1,054,922 | |||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities | 3,273,642 | 3,264,258 | 3,255,602 | 3,143,938 | 2,145,309 | 2,021,049 | 1,937,556 | 1,843,889 | 1,772,521 | 1,760,894 | 3,268,976 | 2,644,525 | 1,829,240 | 1,124,753 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | 704,466 | 693,551 | 679,387 | 628,667 | 327,064 | 324,191 | 314,184 | 305,751 | 301,314 | 292,767 | 699,039 | 490,724 | 303,569 | 161,774 | |||||||||||||||||||||||||||||||||||||||||||
|
UMPQUA HOLDINGS CORPORATION | ||||||||||||||||||||||||||||||||||||||
Statistical Supplement | ||||||||||||||||||||||||||||||||||||||
(in thousands, except share data and ratios: unaudited) | ||||||||||||||||||||||||||||||||||||||
|
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2nd Qtr | 1st Qtr | 4th Qtr |
3rd Qtr |
2nd Qtr | 1st Qtr |
4th Qtr |
3rd Qtr | 2nd Qtr | 1st Qtr |
YTD |
Years Ended December 31, |
|||||||||||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 |
2003 |
2003 | 2003 | 2003 |
6/2005 |
2004 |
2003 |
2002 |
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Other Financial Data | ||||||||||||||||||||||||||||||||||||||
|
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Total loan charge-offs |
$ 3,239 |
$ 612 | $ 3,443 |
$ 2,124 |
$ 415 | $ 447 | $ 1,591 | $ 2,045 | $ 466 | $ 1,975 | $ 3,851 |
$ 6,429 |
$6,077 |
$2,792 | ||||||||||||||||||||||||
Total loan recoveries | 989 | 743 | 631 | 659 | 347 | 307 | 556 | 991 | 294 | 307 | 1,732 | 1,944 | 2,148 | 558 | ||||||||||||||||||||||||
Net loan charge-offs (recoveries) | 2,250 | (131) | 2,812 | 1,465 | 68 | 140 | 1,035 | 1,054 | 172 | 1,668 | 2,119 | 4,485 | 3,929 | 2,234 | ||||||||||||||||||||||||
Loans 90 days past due and still accruing | 1,148 | 2,240 | 737 | 497 | 704 | 1,246 | 927 | 533 | 1,112 | 963 | 1,148 | 737 | 927 | 3,243 | ||||||||||||||||||||||||
Non-accrual loans | 19,458 | 21,420 | 21,836 | 27,299 | 11,648 | 10,554 | 10,498 | 12,861 | 20,767 | 16,853 | 19,458 | 21,836 | 10,498 | 15,152 | ||||||||||||||||||||||||
Total nonperforming loans | 20,606 | 23,660 | 22,573 | 27,796 | 12,352 | 11,800 | 11,425 | 13,394 | 21,879 | 17,816 | 20,606 | 22,573 | 11,425 | 18,395 | ||||||||||||||||||||||||
Other real estate owned | 213 | 213 | 979 | 641 | 724 | 1,711 | 2,529 | 2,452 | 2,504 | 3,430 | 213 | 979 | 2,529 | 2,209 | ||||||||||||||||||||||||
Nonperforming assets | 20,819 | 23,873 | 23,552 | 28,437 | 13,076 | 13,511 | 13,954 | 15,846 | 24,383 | 21,246 | 20,819 | 23,552 | 13,954 | 20,604 | ||||||||||||||||||||||||
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Selected Ratios | ||||||||||||||||||||||||||||||||||||||
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Net Income Before Merger Expenses: | ||||||||||||||||||||||||||||||||||||||
Return on average total assets (annualized) | 1.30% | 1.25% | 1.45% | 1.25% | 1.23% | 1.17% | 1.19% | 1.33% | 1.34% | 1.38% | 1.27% | 1.29% | 1.31% | 1.47% | ||||||||||||||||||||||||
Return on average tangible assets (annualized) | 1.41% | 1.36% | 1.58% | 1.36% | 1.29% | 1.23% | 1.28% | 1.43% | 1.43% | 1.46% | 1.39% | 1.39% | 1.39% | 1.51% | ||||||||||||||||||||||||
Return on average total shareholders' equity (annualized) | 9.17% | 8.82% | 10.52% | 9.35% | 11.65% | 10.58% | 10.85% | 12.02% | 11.72% | 12.17% | 9.00% | 10.34% | 11.68% | 14.64% | ||||||||||||||||||||||||
Return on average tangible shareholders' equity (annualized) | 21.74% | 21.43% | 26.46% | 24.11% | 22.76% | 20.84% | 22.10% | 25.31% | 25.19% | 27.04% | 21.59% | 23.97% | 24.80% | 19.76% | ||||||||||||||||||||||||
Efficiency ratio (3) - Umpqua Bank only | 52.71% | 53.62% | 48.40% | 55.43% | 55.11% | 58.16% | 56.89% | 55.94% | 57.51% | 54.98% | 53.15% | 53.51% | 56.32% | 55.58% | ||||||||||||||||||||||||
Efficiency ratio (3) | 57.24% | 58.11% | 52.55% | 59.74% | 60.09% | 62.14% | 62.10% | 59.98% | 61.55% | 59.16% | 57.67% | 57.88% | 60.70% | 60.15% | ||||||||||||||||||||||||
Non interest revenue to Total revenue (TE) | 18.82% | 17.44% | 26.68% | 19.63% | 23.12% | 22.16% | 20.42% | 24.49% | 30.00% | 26.69% | 18.14% | 23.11% | 25.43% | 26.65% | ||||||||||||||||||||||||
Effective tax rate | 36.47% | 37.47% | 36.63% | 33.07% | 36.57% | 35.26% | 33.93% | 34.97% | 35.32% | 35.91% | 36.96% | 35.39% | 35.05% | 36.01% | ||||||||||||||||||||||||
Net Income After Merger Expenses: | ||||||||||||||||||||||||||||||||||||||
Return on average total assets (annualized) | 1.29% | 1.24% | 1.32% | 1.13% | 1.18% | 1.15% | 1.19% | 1.30% | 1.24% | 1.32% | 1.27% | 1.20% | 1.26% | 1.36% | ||||||||||||||||||||||||
Return on average tangible assets (annualized) | 1.40% | 1.35% | 1.44% | 1.23% | 1.25% | 1.21% | 1.28% | 1.40% | 1.32% | 1.39% | 1.38% | 1.30% | 1.34% | 1.40% | ||||||||||||||||||||||||
Return on average total shareholders' equity (annualized) | 9.11% | 8.78% | 9.53% | 8.46% | 11.23% | 10.42% | 10.85% | 11.70% | 10.83% | 11.61% | 8.95% | 9.61% | 11.24% | 13.58% | ||||||||||||||||||||||||
Return on average tangible shareholders' equity (annualized) | 21.61% | 21.34% | 23.96% | 21.81% | 21.93% | 20.52% | 22.10% | 24.63% | 23.27% | 25.78% | 21.48% | 22.27% | 23.87% | 18.33% | ||||||||||||||||||||||||
Average yield on earning assets (2) (annualized) | 6.36% | 6.24% | 6.02% | 5.91% | 5.68% | 5.78% | 5.85% | 5.95% | 6.05% | 6.51% | 6.30% | 5.87% | 6.08% | 7.02% | ||||||||||||||||||||||||
Interest expense to interest bearing liabilities(2)(annualized) | 2.03% | 1.82% | 1.66% | 1.50% | 1.42% | 1.47% | 1.39% | 1.47% | 1.69% | 1.78% | 1.92% | 1.53% | 1.58% | 2.12% | ||||||||||||||||||||||||
Net interest spread (2) | 4.33% | 4.42% | 4.36% | 4.41% | 4.26% | 4.31% | 4.45% | 4.48% | 4.36% | 4.73% | 4.38% | 4.34% | 4.50% | 4.91% | ||||||||||||||||||||||||
Interest expense to earning assets (annualized) | 1.55% | 1.41% | 1.28% | 1.17% | 1.10% | 1.15% | 1.08% | 1.12% | 1.31% | 1.41% | 1.48% | 1.19% | 1.22% | 1.64% | ||||||||||||||||||||||||
Net interest margin (2) (annualized) | 4.81% | 4.83% | 4.74% | 4.73% | 4.57% | 4.63% | 4.77% | 4.82% | 4.74% | 5.10% | 4.82% | 4.68% | 4.85% | 5.38% | ||||||||||||||||||||||||
Net interest margin (2) (annualized) - Umpqua Bank only | 5.05% | 5.06% | 4.96% | 4.93% | 4.74% | 4.80% | 4.91% | 4.98% | 4.90% | 5.27% | 5.05% | 4.88% | 5.01% | 5.44% | ||||||||||||||||||||||||
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Asset Quality Ratios | ||||||||||||||||||||||||||||||||||||||
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Allowance for credit losses to ending total loans and leases | 1.27% | 1.32% | 1.31% | 1.34% | 1.27% | 1.27% | 1.27% | 1.31% | 1.35% | 1.35% | 1.27% | 1.31% | 1.27% | 1.39% | ||||||||||||||||||||||||
Nonperforming loans to ending total loans and leases | 0.57% | 0.67% | 0.65% | 0.84% | 0.57% | 0.57% | 0.57% | 0.69% | 1.17% | 0.98% | 0.57% | 0.65% | 0.57% | 1.03% | ||||||||||||||||||||||||
Nonperforming assets to ending total assets | 0.41% | 0.48% | 0.48% | 0.58% | 0.41% | 0.45% | 0.47% | 0.56% | 0.89% | 0.80% | 0.41% | 0.48% | 0.47% | 0.81% | ||||||||||||||||||||||||
Net loan charge-offs (recoveries) to avg loans and leases (annualized) | 0.25% | -0.02% | 0.33% | 0.18% | 0.01% | 0.03% | 0.21% | 0.22% | 0.04% | 0.38% | 0.12% | 0.17% | 0.21% | 0.20% | ||||||||||||||||||||||||
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Capital Ratio | ||||||||||||||||||||||||||||||||||||||
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Average shareholders' equity to average assets | 14.14% | 14.13% | 13.81% | 13.39% | 10.53% | 11.02% | 10.97% | 11.08% | 11.43% | 11.35% | 14.14% | 12.52% | 11.20% | 10.02% | ||||||||||||||||||||||||
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Year to Date Growth | ||||||||||||||||||||||||||||||||||||||
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Loans & leases, gross (excl held-for-sale) | 4.16% | 1.85% | 73.08% | 65.86% | 7.43% | 3.51% | 12.67% | 8.84% | 5.56% | 2.53% | 4.16% | 73.08% | 12.67% | 75.01% | ||||||||||||||||||||||||
Deposits | 4.58% | 4.07% | 59.75% | 64.80% | 4.24% | 2.13% | 13.04% | 7.58% | 8.51% | 3.56% | 4.58% | 59.75% | 13.04% | 74.60% | ||||||||||||||||||||||||
Total assets | 3.40% | 2.23% | 64.42% | 66.82% | 6.39% | 1.15% | 15.96% | 9.99% | 7.48% | 3.52% | 3.40% | 64.42% | 15.96% | 78.90% | ||||||||||||||||||||||||
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Mortgage Banking Revenue | ||||||||||||||||||||||||||||||||||||||
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Gain (loss) on origination and sale | 2,156 | 1,397 | 1,447 | 2,065 | 1,903 | 1,273 | 1,208 | 2,424 | 4,867 | 4,985 | 3,553 | 6,688 | 13,484 | 10,834 | ||||||||||||||||||||||||
Servicing income before accelerated amortization | 684 | 683 | 693 | 703 | 314 | 307 | 299 | 318 | 323 | 253 | 1,367 | 2,017 | 1,193 | 804 | ||||||||||||||||||||||||
Accelerated servicing right amortization | (501) | (446) | (443) | (507) | (684) | (531) | (527) | (1,222) | (1,056) | (709) | (947) | (2,165) | (3,514) | (1,342) | ||||||||||||||||||||||||
Sub total before mortgage servicing right (MSR) valuation change | 2,339 | 1,634 | 1,697 | 2,261 | 1,533 | 1,049 | 980 | 1,520 | 4,134 | 4,529 | 3,973 | 6,540 | 11,163 | 10,296 | ||||||||||||||||||||||||
MSR valuation change | (2,111) | (284) | (32) | (319) | 866 | 600 | 220 | 1,640 | (1,700) | (250) | (2,395) | 1,115 | (90) | (1,221) | ||||||||||||||||||||||||
Total Mortgage Banking Revenue | 228 | 1,350 | 1,665 | 1,942 | 2,399 | 1,649 | 1,200 | 3,160 | 2,434 | 4,279 | 1,578 | 7,655 | 11,073 | 9,075 | ||||||||||||||||||||||||
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Mortgage Servicing Right Asset | ||||||||||||||||||||||||||||||||||||||
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Gross Mortgage Servicing Right Asset | 12,455 | 12,157 | 11,946 | 11,900 | 11,832 | 12,266 | 12,515 | 12,859 | 13,041 | 12,646 | 12,455 | 11,946 | 12,515 | 11,533 | ||||||||||||||||||||||||
less: valuation reserve | (3,187) | (1,076) | (792) | (760) | (441) | (1,307) | (1,907) | (2,127) | (3,767) | (2,467) | (3,187) | (792) | (1,907) | (2,217) | ||||||||||||||||||||||||
Net Mortgage Servicing Right Asset | 9,268 | 11,081 | 11,154 | 11,140 | 11,391 | 10,959 | 10,608 | 10,732 | 9,274 | 10,179 | 9,268 | 11,154 | 10,608 | 9,316 | ||||||||||||||||||||||||
Net Mortgage Servicing Right Asset as % of serviced loan portfolio | 0.90% | 1.05% | 1.05% | 1.02% | 1.02% | 0.95% | 0.91% | 0.91% | 0.77% | 0.90% | 0.90% | 1.05% | 0.91% | 0.91% | ||||||||||||||||||||||||
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(1) | Per share data has been adjusted for subsequent stock dividends and stock splits. | |||||||||||||||||||||||||||||||||||||
(2) | Tax exempt interest income has been adjusted to a tax equivalent basis at a 35% effective tax rate. | |||||||||||||||||||||||||||||||||||||
(3) | Efficiency ratio is noninterest expense divided by the sum of net interest income (tax equivalent basis) plus noninterest income. | |||||||||||||||||||||||||||||||||||||
(4) | The gain on sale of, and income from, the merchant bankcard operation, which is disclosed as a discontinued operation on the Company's financial statements, is included in other non-interest income above. | |||||||||||||||||||||||||||||||||||||