EX-99.1 2 f8kuhc0128104qeaex991.htm EXHIBIT 99.1 f8kuhc0128104qeaex991.htm - Generated by SEC Publisher for SEC Filing

 

 

 

FOR IMMEDIATE RELEASE                                

 

Contacts:

Ray Davis                                                               Ron Farnsworth

President/CEO                                                        EVP/Chief Financial Officer

Umpqua Holdings Corporation                                  Umpqua Holdings Corporation

503-727-4101                                                          503-727-4108

raydavis@umpquabank.com                                     ronfarnsworth@umpquabank.com

 

 

UMPQUA HOLDINGS REPORTS FOURTH QUARTER & FULL YEAR 2009 RESULTS

Net loss available to common shareholders of $0.34 per share for fourth quarter

Non-performing assets ended the quarter at 2.38% of total assets

Deposits increased $225 million, or 3%, during fourth quarter, and 13% for full year

Non-interest bearing demand deposits increased 5% during fourth quarter, 12% for full year

Reduction in loans past due 30-89 days of 10% during fourth quarter, 30% for full year

 

PORTLAND, Ore. – January 28, 2010 – Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua Bank and Umpqua Investments, Inc. today announced a fourth quarter 2009 net loss of $26.7 million.  Including preferred stock dividends of $3.2 million, the net loss available to common shareholders was $29.9 million, or $0.34 per diluted share.  For the full year 2009, the Company reported a net loss of $153.4 million.  Including preferred stock dividends of $12.9 million, the net loss available to common shareholders was $166.3 million, or $2.36 per diluted share.  Operating loss, defined as earnings available to common shareholders before merger related expenses, net of tax, and goodwill impairment, was $54.1 million for the year ended 2009, or $0.77 per diluted share.  Operating income or loss is considered a “non-GAAP” financial measure.  More information regarding this measurement and reconciliation to the comparable GAAP measurement is provided under the heading Non-GAAP Financial Measures below.

 

Significant financial statement items for the fourth quarter of 2009 include:

·         Provision for loan losses of $68.6 million;

·         Total net charge-offs of $64.1 million;

·         The allowance for credit losses increased from 1.71% to 1.81% of total loans during the fourth quarter;

·         Non-performing assets ended the quarter at $223.6 million, or 2.38% of total assets, resulting in part from reclassification of portion of restructured loans to non-accrual status;

·         Loans past due 30-89 days declined 10% on a sequential quarter basis;

·         Total deposits increased $225 million, or 3%, on a sequential quarter basis;

·         Net interest income of $85 million, an increase of 3% on a sequential quarter basis;

·         Net interest margin, on a tax equivalent basis, increased during the quarter to 4.06%;

·         The cost of interest bearing deposits for the fourth quarter was 1.35%, a decrease of 15 basis points from the third quarter of 2009;

·         Mortgage banking revenue was $4.1 million on closed mortgage loan volume of $172 million;

·         Loss on fair value of junior subordinated debentures of $3.7 million during the fourth quarter of 2009;

·         Net loss on other real estate owned was $9.1 million during the fourth quarter of 2009;

·         Tangible common equity ratio of 8.27% and tangible book value per common share of $8.33; and

·         Total risk based capital of 17.07%.

 

 

 

 


 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 2 of 28

 

 

“During this past quarter the Company experienced the continuation of core deposit growth, strong results from our residential mortgage lending division, and a steady net interest margin,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “Unfortunately these successes have been overshadowed by continued earnings pressure from our credit quality numbers resulting in a loss for the period due to economic issues that have plagued our industry for the last several years.  Our management team continues to actively deal with troubled credits and is focused on returning the company to normalized earnings, as the country emerges from the national recession.”

 

Asset quality

Non-performing assets were $223.6 million, or 2.38% of total assets, as of December 31, 2009, compared to $156.0 million, or 1.70% of total assets as of September 30, 2009, and $161.3 million, or 1.88% of total assets as of December 31, 2008.  Of this amount, $5.9 million represented loans past due greater than 90 days and still accruing interest, $193.1 million represented non-accrual loans, and $24.6 million was other real estate owned (OREO). 

 

The Company has aggressively charged-down impaired assets to their disposition values, and they are expected to be resolved at those levels, absent further declines in market prices.  As of December 31, 2009, the non-performing assets of $223.6 million have been written down by 41%, or $154.8 million, from their original balance of $378.4 million.

 

The provision for loan losses for the fourth quarter of 2009 was $68.6 million.  Total net charge-offs for the fourth quarter of 2009 were $64.1 million, which represented 4.19% of average loans on an annualized basis.  The allowance for credit losses increased to 1.81% of total loans as of December 31, 2009, compared to 1.71% of total loans as of September 30, 2009 and 1.58% of total loans as of December 31, 2008. 

 

Loans past due 30-89 days were $41.5 million, or 0.69% of total loans as of December 31, 2009, down 10% from $46.1 million as of September 30, 2009, and down 30% from $59.1 million as of December 31, 2008.

 

Since 2007, the Company has been aggressively resolving problems arising from the current economic downturn.  The following is a recap of the Company’s credit quality trends since the start of 2007:

 

  Credit quality trends

(Dollars in thousands)

 

 

 

 

Provision

Net

Allowance

 

Non-performing

 

for

charge-offs

for credit losses

30-89 days

assets to

 

loan loss

(recoveries)

to loans %

past due %

total assets %

Q1 2007

$83

$(90)

1.14%

0.17%

0.18%

Q2 2007

3,413

31

1.17%

0.56%

0.59%

Q3 2007

20,420

865

1.47%

0.99%

0.96%

Q4 2007

17,814

21,188

1.42%

0.64%

1.18%

Q1 2008

15,132

13,476

1.45%

1.13%

1.06%

Q2 2008

25,137

37,976

1.22%

0.31%

1.25%

Q3 2008

35,454

15,193

1.54%

1.16%

1.66%

Q4 2008

31,955

30,072

1.58%

0.96%

1.88%

Q1 2009

59,092

59,871

1.58%

1.47%

1.82%

Q2 2009

29,331

26,047

1.63%

0.80%

1.73%

Q3 2009

52,108

47,342

1.71%

0.76%

1.70%

Q4 2009

68,593

64,072

1.81%

0.69%

2.38%

Total

$358,532

$316,043

 

 

 

 


 

 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 3 of 28

 

Loan portfolio

Construction loan portfolio

Total construction loans as of December 31, 2009 decreased 17% from September 30, 2009, and decreased 32% from December 31, 2008.  Within the construction loan portfolio, the residential development loan segment was $225.8 million, or 4% of the total loan portfolio.  Of this amount, $45.5 million represented non-performing loans, and $180.3 million represented performing loans, which were 3% of the total loan portfolio.  The residential development loan segment has decreased $158 million, or 41%, from December 31, 2008. 

 

The remaining $393 million in construction loans as of December 31, 2009 was primarily commercial construction projects.  Total non-performing assets related to commercial construction loans were $41.4 million at December 31, 2009, with $1.2 million, or 0.3% of total commercial construction projects, past due 30-89 days as of December 31, 2009.

 

Commercial real estate loan portfolio

The total term commercial real estate loan portfolio was $3.5 billion as of December 31, 2009.  Of this total, $2.4 billion are non-owner occupied and $1.1 billion are owner occupied.  Of the total portfolio, $18.6 million, or 0.53%, are past due 30-89 days as of December 31, 2009.  As shown in table 8 on page 24 of this release, 6% of the total commercial real estate portfolio matures in 2010, 4% in 2011, 13% in years 2012-2013, and 21% in years 2014-2015.  The remaining 56% of the portfolio matures in or after the year 2016.

 

The portfolio was conservatively underwritten at origination to a minimum debt service coverage ratio of 1.20, and as a result in many cases the loan-to-value was substantially less than our in-house maximum of 75%.  This underwriting serves to protect against the low capitalization rate environment of the past several years.

 

During the past 12 months, the Company has completed several rounds of stress testing on the commercial real estate portfolio, focusing on items such as capitalization rate, interest rate and vacancy factors.  The results of the stress testing showed no significant unidentified risks, unlike our experience in the residential development construction portfolio.  However, given the economic climate, we expect any potential issues that may arise in this portfolio will result from individual loans within distinct geographic areas and not represent a systemic weakness.  We are well positioned to manage the exposure and work with our customers until the economic climate improves.

 

Restructured loans

Restructured loans were $134 million as of December 31, 2009, down 26% from $182 million as of September 30, 2009.  The decrease during the fourth quarter resulted from reclassifications to non-accrual status of loans previously restructured based on projected performance.  The Company will consider a loan for restructuring only if it is current on payments.  The Company does not enter into restructurings on loans in non-performing status, and requires the customer to pledge additional collateral, maintain a minimum debt service coverage ratio of 1.0, and show substantial external sources of repayment prior to the Company agreeing to restructure.

 

Additional detail on credit quality, trends, the loan portfolio by segment and non-performing assets

Additional tables are included at the end of this earnings release covering the following aspects of the Company's loan portfolio: residential development loan trends by region, residential development loan

stratification by size and by region, non-performing asset detail by type and by region, loans past due 30-89 days by type and by region, loans past due 30-89 days trends, restructured loans by type and by region, commercial real estate loan portfolio by type and by region, commercial real estate loan portfolio by type and by year of maturity, commercial real estate loan portfolio by type and by year of origination, commercial construction loan portfolio by type and by region, and commercial loan portfolio by type and by region.

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 4 of 28

 

 

Net interest margin

The Company reported a tax equivalent net interest margin of 4.06% for the fourth quarter of 2009, compared to 4.05% for the third quarter of 2009, and 4.02% for the fourth quarter of 2008.  The increase in net interest margin, net of interest reversals, resulted primarily from declining costs of interest bearing deposits, partially offset by the impact of holding higher levels of interest bearing cash.  Interest reversals on new non-accrual loans during the fourth quarter of 2009 were $1.4 million, negatively impacting the net interest margin by 7 basis points.  Excluding the reversals of interest, the net interest margin would have been 4.13% during the quarter.  The cost of interest bearing deposits was 15 basis points lower than the third quarter of 2009.  

 

Mortgage banking revenue

The Company generated $4.1 million in total mortgage banking revenue during the fourth quarter of 2009, on closed loan volume of $172 million.  For the full year 2009, total closed loan volume was a record $757 million, an increase of 131% from $328 million for the full year 2008.  As of December 31, 2009, the Company serviced $1.3 billion of mortgage loans for others, and the related mortgage servicing right asset was valued at $12.6 million, or 0.99% of the total serviced portfolio.

 

Fair value of junior subordinated debentures

The Company recognized a loss from the change in fair value of junior subordinated debentures of $3.7 million during the fourth quarter of 2009.  The Company utilizes a pricing service along with internal models to determine the valuation of this liability.  The majority of the fair value difference over par value relates to the $61.8 million of junior subordinated debentures issued in the third quarter of 2007, which carry interest rate spreads of 135 and 275 basis points over the 3 month LIBOR.  As of December 31, 2009, the credit adjusted interest spread for potential new issuances was forecasted to be significantly higher.  The difference between spreads creates the gain in fair value of the Company’s junior subordinated debentures which results from their carrying amount compared to the estimated amount that would be paid to transfer the liability in an orderly transaction among market participants.  This fair value adjustment will reverse and be recognized as a reduction in non-interest income over the remaining period to maturity of the related instrument.  As of December 31, 2009, the total par value of junior subordinated debentures carried at fair value was $134.0 million, and the fair value was $86.0 million.

 

Non-interest expense

Total non-interest expense for the fourth quarter of 2009 was $72.5 million, compared to $68.3 million for the third quarter of 2009.  Included in non-interest expense are several categories which are outside of the control of the Company, including FDIC deposit insurance assessments, gain or loss on other real estate owned valuations, VISA litigation and infrequently occurring expenses such as merger costs and goodwill impairments.  Excluding the non-controllable or infrequently occurring items, the remaining non-interest expense items totaled $60.2 million for the fourth quarter of 2009, compared to $56.4 million for the third quarter of 2009.  This increase related mainly to increases in variable expense related to our mortgage operation (on increased volume), $0.8 million of accelerated intangible amortization, and growth initiatives underway.

 

Total FDIC deposit insurance assessments during the fourth quarter of 2009 were $3.2 million, and for the full year were $15.8 million.  The increase over the prior year resulted from an overall industry-wide increase in assessments as the FDIC is replenishing the deposit insurance fund.

 

Balance sheet

Total consolidated assets as of December 31, 2009 were $9.4 billion, compared to $9.2 billion on September 30, 2009 and $8.6 billion a year ago.  Total gross loans and leases, and deposits, were $6.0 billion and $7.4 billion, respectively, as of December 31, 2009, compared to $6.1 and $6.6 billion, respectively, as of December 31, 2008. 

 


 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 5 of 28

 

Total net loan fundings during the fourth quarter of 2009 were $447 million.  Of this amount, $162 million represents originations of mortgage loans held for sale and $285 million represents net loan advances on loans held for investment.  Net loan advances is calculated as gross advances on non-revolving notes plus net advances (gross advances less gross payments) on revolving notes.  Total loans held for investment decreased $72 million during the fourth quarter of 2009. This decrease is principally attributable to charge-offs of $66 million and transfers to other real estate owned of $17 million.

 

Total deposits increased $225 million, or 3%, over the third quarter of 2009.  For the full year 2009, total deposits increased $851 million, or 13%.  Average non-interest bearing demand deposits increased 5% over the third quarter of 2009, and increased 5% for the full year 2009 over 2008.

 

Due to poor/unattractive bond market conditions during the second half of 2009, the Company has been holding larger levels of interest bearing cash rather than investing into the bond portfolio.  At December 31, 2009, the Company had $491 million of interest bearing cash earning 0.25%, the target Federal Funds Rate.  This excess balance sheet liquidity has been increased as investment security alternatives in the current market are unattractive given the historically low interest rate environment.  The Company plans to hold this extra interest bearing cash position until the investment alternatives in the market improve from a return/duration standpoint.  Including secured off-balance sheet lines of credit, total available liquidity to the Company was $3 billion as of December 31, 2009, representing 32% of total assets and 39% of total deposits.

 

Capital

As of December 31, 2009, total shareholders’ equity was $1.6 billion, comprised of $204 million in preferred stock (par value of $214.2 million issued to the U.S. Treasury on November 14, 2008 and described below), and common equity available to common shareholders of $1.4 billion.  Book value per common share was $15.70, tangible book value per common share was $8.33 and the ratio of tangible common equity to tangible assets was 8.27%. 

 

In August 2009, the Company completed an underwritten public offering of common stock raising $258.7 million by issuing 26,538,461 shares of the Company’s common stock, including 3,461,538 shares pursuant to the underwriters’ over-allotment option, at a price of $9.75 per share.  The net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $245.7 million.  The net proceeds from the offering qualify as tangible common equity and Tier 1 capital and will be used for general corporate purposes, which may include capital to support growth and acquisition opportunities and to position the Company for eventual redemption of preferred stock issued to the U.S. Treasury under the Capital Purchase Program. 

 

The Company’s estimated total risk-based capital ratio as of December 31, 2009 is 17.07%, and has increased from 14.62% as of December 31, 2008.  Our total risk-based capital level is well in excess of the regulatory definition of “well capitalized” of 10.00%.  This capital ratio as of December 31, 2009 is an estimate pending completion and filing of the Company’s regulatory reports. 

 

On November 14, 2008, in exchange for an aggregate purchase price of $214.2 million, Umpqua Holdings Corporation issued and sold to the United States Department of the Treasury (U.S. Treasury) pursuant to the TARP Capital Purchase Program the following: (i) 214,181 shares of the Company's newly designated Fixed Rate Cumulative Perpetual Preferred Stock, Series A, no par value per share, with a liquidation preference of $1,000 per share ($214,181,000 liquidation preference in the aggregate) and (ii) a warrant to purchase up to 2,221,795 shares of the Company's common stock, no par value per share, at an exercise price of $14.46 per share, subject to certain anti-dilution and other adjustments. The warrant may be exercised for up to ten years after it was issued.

 

After completion of the underwritten public offering of common stock in August 2009, the number of shares of common stock underlying the warrant issued to the U.S. Treasury were reduced by 50%, and now total 1,110,898 at the same exercise price of $14.46 per share.

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 6 of 28

 

 

There were no repurchases of common stock during 2009.  The total remaining available common shares authorized for repurchase is approximately 1.5 million as of December 31, 2009.

 

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Umpqua believes that certain non-GAAP financial measures provide investors with information useful in understanding Umpqua’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

 

Umpqua incurs significant expenses related to the completion and integration of mergers. Additionally, we may recognize goodwill impairment losses that have no direct effect on the Company’s or the Bank’s cash balances, liquidity, or regulatory capital ratios. Accordingly, management believes that our operating results are best measured on a comparative basis excluding the impact of merger-related expenses, net of tax, and other charges related to business combinations such as goodwill impairment charges. We define operating earnings as earnings available to common shareholders before merger related expenses, net of tax, and goodwill impairment, and we calculate operating earnings per diluted share by dividing operating income by the same diluted share total used in determining diluted earnings per common share.

 

The following table provides the reconciliation of net (loss) earnings available to common shareholders (GAAP) to operating (loss) earnings (non-GAAP), and net (loss) earnings per diluted common share (GAAP) to operating (loss) earnings per diluted share (non-GAAP) for the periods presented:

 

 

Quarter ended:

Sequential Quarter

Year over Year

 (Dollars in thousands, except per share data)

12/31/09

9/30/09

12/31/08

% Change

% Change

Net (loss) earnings available to common shareholders

$(29,924)

$(10,376)

$2,205

188%

(1457)%

Add back: Merger expense, net of tax, and goodwill impairment

--

--

982

nm

nm

Operating (loss) earnings

$(29,924)

$(10,376)

$3,187

188%

(1039)%

 

 

 

 

 

 

Earnings (loss) per diluted share:

 

 

 

 

 

Net (loss) earnings available to common shareholders

    $(0.34)

    $(0.14)

    $0.04

143%

(950)%

Operating (loss) earnings

    $(0.34)

    $(0.14)

    $0.05

143%

(780)%

 

 

Year ended:

Year over Year

 

12/31/09

12/31/08

% Change

Net (loss) earnings available to common shareholders

 $(166,262)

 $49,270

(437)%

Add back: Merger expense, net of tax, and goodwill impairment

       112,116

       982

nm

Operating (loss) earnings

 $(54,146)

 $50,252

(208)%

 

 

 

 

Earnings (loss) per diluted share:

 

 

 

Net (loss) earnings available to common shareholders

 $(2.36)

 $0.82

(388)%

Operating (loss) earnings

 $(0.77)

 $0.83

(193)%

 

 

 

 

nm = not meaningful

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 7 of 28

 

Management believes "tangible common equity" and the "tangible common equity ratio" are meaningful measures of capital adequacy. Tangible common equity is calculated as total shareholders' equity less preferred stock and less goodwill and other intangible assets, net (excluding MSRs).  In addition, tangible assets are total assets less goodwill and other intangible assets, net (excluding MSRs).  The tangible common equity ratio is calculated as tangible common shareholders’ equity divided by tangible assets.

 

The following table provides reconciliations of ending shareholders’ equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

 

Dollars in thousands, except per share data

12/31/09

9/30/09

12/31/08

 

 

 

 

Total shareholders' equity

    $1,566,517

    $1,606,150

$1,487,008

Subtract:

 

 

 

   Preferred stock

         204,335

         203,779

     202,178

   Goodwill and other intangible assets, net

         639,634

         641,759

     757,833

Tangible common shareholders' equity

       $722,548

       $760,612

   $526,997

 

 

 

 

Total assets

    $9,381,372

    $9,204,346

$8,597,550

Subtract:

 

 

 

   Goodwill and other intangible assets, net

         639,634

         641,759

     757,833

Tangible assets

    $8,741,738

    $8,562,587

$7,839,717

 

 

 

 

Common shares outstanding at period end

    86,785,588

    86,780,559

60,146,400

 

 

 

 

Tangible common equity ratio

            8.27%

           8.88%

       6.72%

Tangible book value per common share

             $8.33

             $8.76

        $8.76

 

 

Subsequent event – FDIC assisted acquisition of EvergreenBank of Seattle, WA

On January 22, 2010, the Washington Department of Financial Institutions closed EvergreenBank, Seattle, Washington and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. That same date, Umpqua Bank assumed the banking operations of EvergreenBank from the FDIC under a whole bank purchase and assumption agreement with loss sharing.  In connection with the assumption, Umpqua Bank acquired assets totaling $420 million, including $370 million of loans, along with liabilities of $347 million, including $306 million of deposits.  These amounts represent gross book values from interim balances, and do not include fair value adjustments.  With this agreement, Umpqua Bank now operates seven additional store locations the greater Seattle, Washington market.  The agreement includes loss sharing between the FDIC and Umpqua Bank, which after fair value adjustments, significantly mitigates the risk of future loss on the loan portfolio acquired.  The acquisition is expected to be immediately accretive to operating earnings per share.

 

 

 


 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 8 of 28

 

About Umpqua Holdings Corporation

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 162 locations between San Francisco, Calif., and Seattle, Wash., along the Oregon and Northern California Coast and in Central Oregon. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Bank’s Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit www.umpquaholdingscorp.com.

 

Umpqua Holdings Corporation will conduct a quarterly earnings conference call Thursday, January 28, 2010, at 10:00 a.m. PT (1:00 p.m. ET) during which the Company will discuss fourth quarter and 2009 year end results and provide an update on recent activities.  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 800-784-9386 a few minutes before 10:00 a.m.  The conference ID is “49390663.”  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 two hours after the conference call by dialing 800-642-1687 with the conference ID noted above, or by visiting the Company’s Website.      

 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders.  These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC.  You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements.  In this press release we make forward-looking statements about our ability to return to normalized earnings, limitations on exposure in our commercial real estate loan portfolio, our ability to effectively identify and manage that exposure and our expectation that the acquisition of certain EvergreenBank assets and liabilities will be immediately accretive to operating earnings per share.   Specific risks that could cause results to differ from the forward-looking statements are set forth in our filings with the SEC and include, without limitation, unanticipated deterioration in the commercial real estate loan portfolio, and loss of, or inability to recruit, personnel to manage problem credits, unanticipated deterioration of the economy in our markets and unanticipated operating expenses, deposit runoff and/or loan losses relating to the EvergreenBank acquisition, that were not covered by fair value adjustments at the date of acquisition.

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 9 of 28

 

Umpqua Holdings Corporation

Consolidated Statements of Operations

(Unaudited)

 

                                    Quarter Ended:

 

 

 

 

Sequential

Year over

 

 

 

 

Quarter

Year

Dollars in thousands, except per share data

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

% Change

% Change

Interest income

 

 

 

 

 

  Loans and leases

           $88,608

           $89,474

           $93,632

       (1)%

        (5)%

  Interest and dividends on investments:

 

 

 

 

 

     Taxable

                 16,570 

                 15,365 

                 11,253

       8%

          47%

     Exempt from federal income tax

                 2,039

                 2,020

                 1,653

         1%

          23%

     Dividends

                      --

                      22

                    36

    (100)%

     (100)%

  Temporary investments & interest bearing cash

                    268

                    207

                  84

        29%

      219%

    Total interest income

             107,485

             107,088

             106,658

           0%

      1%

 

Interest expense

 

 

 

 

 

  Deposits

               20,190

               22,132

               28,252

        (9)%

        (29)%

  Repurchase agreements and

 

 

 

 

 

    fed funds purchased

                    153

                    163

262

       (6)%

      (42)%

  Junior subordinated debentures

                 1,957

                 2,114

                 3,306

      (7)%

        (41)%

  Term debt

                 641

                 917

                1,794

     (30)%

        (64)%

    Total interest expense

               22,941

               25,326

               33,614

         (9)%

        (32)%

Net interest income

               84,544

               81,762

               73,044

3%

        16%

Provision for loan and lease losses

                 68,593

                 52,108

                 31,955

       32%

        115%

Non-interest income

 

 

 

 

 

  Service charges

                 8,392

                 8,542

                 8,668

        (2)%

         (3)%

  Brokerage fees

                 2,480

                 1,993

                 2,384

         24%

        4%

  Mortgage banking revenue, net

              4,071

              4,288

              (408)

       (5)%

          nm

  Net (loss) gain on investment securities

             (600)

             158

               (73)

       (480)%

       nm

  Gain (loss) on junior subordinated debentures

 

 

                 

       

   

      carried at fair value

              (3,691)

              982

                 8,751

       (476)%

     (142)%

  Other income

                 2,372

                 1,962

1,559

       21%

       52%

Total non-interest income

               13,024

               17,925

               20,881

       (27)%

       (38)%

 

Non-interest expense

 

 

 

 

 

  Salaries and benefits

               32,153

               31,583

               29,557

         2%

        9%

  Occupancy and equipment

                 10,407

                 9,937

                 9,442

           5%

           10%

  Intangible amortization

                 2,122

                 1,319

                 1,438

       61%

       48%

  FDIC assessments

                 3,180

                 3,321

                 1,368

       (4)%

        132%

  Net loss on other real estate owned

              9,094

              8,641

                 2,658

       5%

     242%

  VISA litigation

--

--

(2,085)

nm

(100)%

  Goodwill impairment

--

--

982

     nm

(100)%

  Merger related expenses

                 --

                 --

                 --

     --

     --

  Other

               15,544

               13,548

               12,944

        15%

       20%

Total non-interest expense

               72,500

               68,349

               56,304

          6%

         29%

(Loss) income before (benefit from) provision for

     income taxes

           (43,525)

           (20,770)

               5,666

       110%

     (868)%

(Benefit from) provision for income taxes

             (16,843)

             (13,626)

               1,836

       24%

     (1017)%

   Net (loss) income

         (26,682)

         (7,144)

             3,830

      273%

     (797)%

 

 

 

 

 

 

Dividends and undistributed earnings

 

 

 

 

 

   allocated to participating securities

               8

               7

               5

        14%

       60%

Preferred stock dividend - undeclared

3,234

3,225

1,620

      0%

       100%

Net (loss) earnings available to common shareholders

$(29,924)

$(10,376)

$2,205

      188%

       (1457)%

 

 

 

 

 

 

Weighted average shares outstanding

        86,782,397

        74,084,640

        60,134,062

          17%

          44%

Weighted average diluted shares outstanding

        86,782,397

        74,084,640

        60,491,507

       17%

          43%

(Loss) earnings per common share – Basic

                $(0.34)

                $(0.14)

                $0.04

       143%

       (950)%

(Loss) earnings per common share – Diluted

                $(0.34)

                $(0.14)

                $0.04

       143%

       (950)%

nm = not meaningful

 

 

 


 

 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 10 of 28

 

Umpqua Holdings Corporation

Consolidated Statements of Operations

(Unaudited)

 

Year Ended:

Dollars in thousands, except per share data

Dec 31, 2009

Dec 31, 2008

% Change

Interest income

 

 

 

  Loans and leases

                   $355,195

                  $393,927

             (10)%

  Interest and dividends on investments:

 

 

 

     Taxable

                       60,195

                       41,189

             46%

     Exempt from federal income tax

                         7,794

                         6,653

             17%

     Dividends

                            22

                            334

             (93)%

  Temporary investments & interest bearing cash

                         526

                          443

             19%

    Total interest income

                     423,732

                     442,546

             (4)%

Interest expense

 

 

 

  Deposits

                    88,742

                     129,370

             (31)%

  Repurchase agreements and

 

 

 

    fed funds purchased

                         680

                         2,220

           (69)%

  Junior subordinated debentures

                      9,026

                       13,655

             (34)%

  Other borrowings

                        4,576

                         6,994

           (35)%

    Total interest expense

                     103,024

                     152,239

           (32)%

Net interest income

                     320,708

                     290,307

            10%

Provision for loan and lease losses

                      209,124

                         107,678

            94%

Non-interest income

 

 

 

  Service charges

                       32,957

                       34,775

             (5)%

  Brokerage fees

                         7,597

                         8,948

             (15)%

  Mortgage banking revenue, net

                         18,688

                         2,436

             667%

  Net gain (loss) on investment securities

                         (1,677)

                             1,349

          (224)%

  Gain on junior subordinated debentures

 

 

 

      carried at fair value

                         6,482

                         38,903

             (83)%

  Proceeds from Visa

 

 

 

       mandatory partial redemption

                         --

                         12,633

            (100)%

  Other income

                       9,469

                         8,074

             17%

Total non-interest income

                       73,516

                       107,118

             (31)%

Non-interest expense

 

 

 

  Salaries and benefits

                     126,850

                       114,600

             11%

  Occupancy and equipment

                      39,673

                       37,047

             7%

  Intangible amortization

                         6,165

                         5,857

             5%

  FDIC assessments

15,825

5,182

         205%

  Net loss on other real estate owned

                         23,204

                        8,313

             179%

  Visa litigation

                       --

                       (5,183)

         (100)%

  Goodwill impairment

111,952

982

          nm

  Merger related expenses

                         273

                         --

          nm

  Other

                       55,461

                       49,772

             11%

Total non-interest expense

                     379,403

                     216,570

            75%

(Loss) income before (benefit from) provision for

     income taxes

                       (194,303)

                       73,177

            (366)%

(Benefit from) provision for income taxes

                       (40,937)

                       22,133

          (285)%

   Net (loss) income

                     (153,366)

                    51,044

           (400)%

 

 

 

 

Dividends and undistributed earnings

 

 

 

   allocated to participating securities

                         30

                        154

             (81)%

Preferred stock dividend - undeclared

12,866

1,620

           694%

Net (loss) earnings available to common shareholders

$(166,262)

$49,270

           (437)%

 

 

 

 

Weighted average shares outstanding

                70,399,201

                60,083,788

             17%

Weighted average diluted shares outstanding

                70,399,201

                60,423,867

             17%

 

 

 

 

(Loss) earnings per share – Basic

                         $(2.36)

                         $0.82

           (388)%

(Loss) earnings per share – Diluted

                         $(2.36)

                         $0.82

          (388)%

nm = not meaningful

 

 

 

 


 

 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 11 of 28

 

Umpqua Holdings Corporation

Consolidated Balance Sheets

(Unaudited)

 

 

 

 

Sequential

Year over

 

 

 

 

Quarter

Year

Dollars in thousands, except per share data

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

% Change

% Change

Assets:

 

 

 

 

 

  Cash and due from banks, non-interest bearing

              $113,353

              $108,768

                $139,909

       4%

      (19)%

  Cash and due from banks, interest bearing

              491,462

              261,642

                8,155

       88%

     nm

  Temporary investments

                  598

                  575

                  56,612

         4%

      (99)%

  Investment securities:

 

 

 

 

 

     Trading

                    2,273

                    1,912

                      1,987

     19%

       14%

     Available for sale

               1,795,616

               1,848,482

               1,238,712

         (3)%

         45%

     Held to maturity

                   6,061

                   6,211

                    15,812

         (2)%

       (62)%

  Loans held for sale

                    33,715

                    23,614

                    22,355

      43%

       51%

  Loans and leases

               5,999,267

               6,071,042

               6,131,374

          (1)%

           (2)%

  Less:  Allowance for loan and lease losses

              (107,657)

              (103,136)

                  (95,865)

          4%

          12%

    Loans and leases, net

            5,891,610

            5,967,906

               6,035,509

          (1)%

          (2)%

  Restricted equity securities

                    15,211

                    15,211

                    16,491

        0%

          (8)%

  Premises and equipment, net

                  103,266

                  101,883

                 104,694

          1%

         (1)%

  Mortgage servicing rights, at fair value

                  12,625

                  11,552

                    8,205

          9%

       54%

  Goodwill and other intangibles, net

                  639,634

                  641,759

                  757,833

          0%

          (16)%

  Other real estate owned

                    24,566

                    26,705

                   27,898

          (8)%

       (12)%

  Other assets

                  251,382

                  188,126

                  163,378

         34%

       54%

Total assets

           $9,381,372

           $9,204,346

           $8,597,550

          2%

          9%

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

  Deposits

             $7,440,434

             $7,215,821

             $6,588,935

           3%

           13%

  Securities sold under agreements

 

 

 

 

 

    to repurchase

                    45,180

                    50,031

                    47,588

       (10)%

         (5)%

  Term debt

                76,274

                76,329

                 206,531

        0%

       (63)%

  Junior subordinated debentures, at fair value

                85,666

                81,992

92,520

          4%

       (7)%

  Junior subordinated debentures, at amortized cost

                  103,188

                  103,269

                  103,655

          0%

       0%

  Other liabilities

                    64,113

                    70,754

                    71,313

          (9)%

       (10)%

    Total liabilities

               7,814,855

               7,598,196

               7,110,542

          3%

           10%

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

  Preferred stock

               204,335

               203,779

            202,178

          0%

        1%

  Common stock

             1,253,288

             1,252,786

            1,005,820

          0%

          25%

  Retained earnings

                83,939

                118,204

               264,938

         (29)%

          (68)%

  Accumulated other comprehensive income

                24,955

                31,381

               14,072

     (20)%

      77%

    Total shareholders' equity

             1,566,517

             1,606,150

            1,487,008

          (2)%

          5%

Total liabilities and shareholders' equity

           $9,381,372

           $9,204,346

           $8,597,550

          2%

          9%

 

 

 

 

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 12 of 28

 

Common shares outstanding at period end

            86,785,588

            86,780,559

            60,146,400

          0%

          44%

Book value per common share

                 $15.70

                 $16.16

                 $21.36

          (3)%

       (27)%

Tangible book value per common share

                   $8.33

                   $8.76

                   $8.76

          (5)%

          (5)%

Tangible equity - common

             $722,548

             $760,612

             $526,997

          (5)%

          37%

Tangible common equity to tangible assets

8.27%

8.88%

6.72%

 

 

nm = not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

Umpqua Holdings Corporation

Loan Portfolio

(Unaudited)

 

 

 

 

 

 

 

Sequential

Year over

Dollars in thousands

Dec 31, 2009

 

Sep 30, 2009

 

Dec 31, 2008

 

Quarter

Year

Loans and leases by class:

Amount

Mix

 

Amount

Mix

 

Amount

Mix

 

% Change

% Change

 

 

 

 

 

 

 

 

 

 

 

 

  Commercial real estate

$3,523,104

59%

 

$3,438,923

57%

 

$3,257,796

53%

 

2%

8%

  Residential real estate

443,731

7%

 

441,613

7%

 

435,287

7%

 

0%

2%

  Construction

618,974

10%

 

748,337

12%

 

909,532

15%

 

(17)%

(32)%

    Total real estate

4,585,809

76%

 

4,628,873

76%

 

4,602,615

75%

 

(1)%

0%

  Commercial

1,354,469

23%

 

1,381,549

22%

 

1,460,909

24%

 

(2)%

(7)%

  Leases

34,528

1%

 

36,720

1%

 

40,155

1%

 

(6)%

(14)%

  Installment and other

35,863

1%

 

34,833

1%

 

39,145

1%

 

3%

(8)%

  Deferred loan fees, net

(11,402)

0%

 

(10,933)

0%

 

(11,450)

0%

 

4%

0%

     Total loans and leases

$5,999,267

100%

 

$6,071,042

100%

 

$6,131,374

100%

 

(1)%

(2)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 13 of 28

 

Umpqua Holdings Corporation

Deposits by Type/Core Deposits

(Unaudited)

 

 

 

 

 

 

 

Sequential

Year over

Dollars in thousands

Dec 31, 2009

 

Sep 30, 2009

 

Dec 31, 2008

 

Quarter

Year

 

Amount

Mix

 

Amount

Mix

 

Amount

Mix

 

% Change

% Change

Demand, non interest-bearing

$1,398,332

19%

 

$1,337,280

19%

 

$1,254,079

19%

 

5%

12%

Demand, interest-bearing

3,388,696

46%

 

3,185,128

44%

 

2,810,935

43%

 

6%

21%

Savings

297,293

4%

 

294,482

4%

 

277,154

4%

 

1%

7%

Time

2,356,113

32%

 

2,398,931

33%

 

2,246,767

34%

 

(2)%

5%

   Total Deposits

$7,440,434

100%

 

$7,215,821

100%

 

$6,588,935

100%

 

3%

13%

 

 

 

 

 

 

 

 

 

 

 

 

Total Core deposits-ending (1)

$5,837,024

78%

 

$5,608,058

78%

 

$5,277,728

80%

 

4%

11%

 

 

 

 

 

 

 

 

 

 

 

 

Number of open accounts:

 

 

 

 

 

 

 

 

 

 

 

Demand, non interest-bearing

157,199

 

 

156,659

 

 

147,395

 

 

0%

7%

Demand, interest-bearing

62,883

 

 

63,483

 

 

59,938

 

 

(1)%

5%

Savings

74,884

 

 

74,421

 

 

69,661

 

 

1%

7%

Time

34,249

 

 

35,495

 

 

33,023

 

 

(4)%

4%

   Total

329,215

 

 

330,058

 

 

310,017

 

 

0%

6%

 

 

 

 

 

 

 

 

 

 

 

 

Average balance per account:

 

 

 

 

 

 

 

 

 

 

 

Demand, non interest-bearing

$8.9

 

 

$8.5

 

 

$8.5

 

 

 

 

Demand, interest-bearing

53.9

 

 

50.2

 

 

46.9

 

 

 

 

Savings

4.0

 

 

4.0

 

 

4.0

 

 

 

 

Time

68.8

 

 

67.6

 

 

68.0

 

 

 

 

   Total

22.6

 

 

21.9

 

 

21.3

 

 

 

 

(1)  Core deposits are defined as total deposits less time deposits greater than $100,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 14 of 28

 

Umpqua Holdings Corporation

Credit Quality

 (Unaudited)

 

 

 

 

Sequential

Year over

 

 

Quarter Ended

 

Quarter

Year

Dollars in thousands

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

% Change

% Change

Allowance for credit losses:

 

 

 

 

 

Balance beginning of period

$103,136

$98,370

$93,982

 

 

    Provision for loan and lease losses

68,593

52,108

31,955

32%

115%

 

 

 

 

 

 

Charge-offs

(65,502)

(48,443)

(31,222)

35%

110%

Less:  Recoveries

1,430

1,101

1,150

30%

24%

     Net charge-offs

(64,072)

(47,342)

(30,072)

35%

113%

 

 

 

 

 

 

Total Allowance for loan and lease losses

107,657

103,136

95,865

4%

12%

 

 

 

 

 

 

Reserve for unfunded commitments

731

841

983

 

 

   Total Allowance for credit losses

$108,388

$103,977

$96,848

4%

12%

 

 

 

 

 

 

Net charge-offs to average

 

 

 

 

 

  loans and leases (annualized)

4.19%

3.07%

1.94%

 

 

Recoveries to gross charge-offs

2.18%

2.27%

3.68%

 

 

Allowance for credit losses to

 

 

 

 

 

  loans and leases

1.81%

1.71%

1.58%

 

 

 

 

 

 

 

 

Nonperforming assets:

 

 

 

 

 

  Loans on non-accrual status

$193,118

$123,714

$127,914

56%

51%

  Loans past due 90+ days & accruing interest

5,909

5,614

5,452

5%

8%

Total nonperforming loans

199,027

129,328

133,366

54%

49%

  Other real estate owned

24,566

26,705

27,898

(8)%

(12)%

Total nonperforming assets

$223,593

$156,033

$161,264

43%

39%

 

 

 

 

 

 

Nonperforming loans to total loans and leases

3.32%

2.13%

2.18%

 

 

Nonperforming assets to total assets

2.38%

1.70%

1.88%

 

 

 

 

 

 

 

 

Past due 30-89 days

$41,458

$46,069

$59,138

(10)%

(30)%

Past due 30-89 days to total loans and leases

0.69%

0.76%

0.96%

 

 

 

 

 

 

 

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 15 of 28

 

Umpqua Holdings Corporation

Credit Quality (continued)

(Unaudited)

 

                 Year Ended:

Dollars in thousands

Dec 31, 2009

Dec 31, 2008

% Change

Allowance for credit losses

 

 

 

Balance beginning of period

$95,865

$84,904

 

    Provision for loan and lease losses

209,124

107,678

94%

 

 

 

 

Charge-offs

(200,867)

(101,052)

99%

Less:  Recoveries

3,535

4,335

(18)%

     Net charge-offs

(197,332)

(96,717)

104%

 

 

 

 

Total Allowance for loan and lease losses

107,657

95,865

12%

 

 

 

 

Reserve for unfunded commitments

731

983

 

   Total Allowance for credit losses

$108,388

$96,848

12%

 

Net charge-offs to average

 

 

 

  loans and leases (annualized)

3.23%

1.58%

 

Recoveries to gross charge-offs

1.76%

4.29%

 

 

 

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 16 of 28

 

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)

 

 

Sequential

Year over

 

Quarter Ended:

Quarter

Year

 

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

Change

Change

Net Interest Spread:

 

 

 

 

 

  Yield on loans and leases

5.75%

5.77%

6.03%

(0.02)

(0.28)

  Yield on taxable investments

4.03%

4.22%

4.88%

(0.19)

(0.85)

  Yield on tax-exempt investments (1)

5.81%

5.86%

5.81%

(0.05)

0.00

  Yield on temporary investments & interest bearing cash

0.28%

0.28%

0.82%

0.00

(0.54)

    Total yield on earning assets (1)

5.15%

5.29%

5.85%

(0.14)

(0.70)

 

 

 

 

 

 

  Cost of interest bearing deposits

1.35%

1.50%

2.15%

(0.15)

(0.80)

  Cost of securities sold under agreements

 

 

 

 

 

      to repurchase and fed funds purchased

1.09%

1.08%

1.36%

0.01

(0.27)

  Cost of term debt

3.33%

3.68%

3.45%

(0.35)

(0.12)

  Cost of junior subordinated debentures

4.19%

4.50%

6.42%

(0.31)

(2.23)

    Total cost of interest bearing liabilities

1.45%

1.62%

2.34%

(0.17)

(0.89)

 

 

 

 

 

 

Net interest spread (1)

3.70%

3.67%

3.51%

0.03

0.19

     Net interest margin – Consolidated (1)

4.06%

4.05%

4.02%

0.01

0.04

 

 

 

 

 

 

     Net interest margin – Bank (1)

4.15%

4.15%

4.20%

0.00

(0.05)

 

 

 

 

 

 

As reported (GAAP):

 

 

 

 

 

Return on average assets

(1.27)%

(0.45)%

0.10%

(0.82)

(1.37)

Return on average tangible assets

(1.37)%

(0.49)%

0.11%

(0.88)

(1.48)

Return on average common equity

(8.41)%

(3.19)%

0.70%

(5.22)

(9.11)

Return on average tangible common equity

(15.39)%

(6.35)%

1.75%

(9.04)

(17.14)

Efficiency ratio – Consolidated

73.57%

67.91%

59.46%

5.66

14.11

Efficiency ratio – Bank

67.99%

65.21%

60.84%

2.78

7.15

 

 

 

 

 

 

Excluding merger expense & goodwill impairment:

 

 

 

 

 

Return on average assets

(1.27)%

(0.45)%

0.15%

(0.82)

(1.42)

Return on average tangible assets

(1.37)%

(0.49)%

0.17%

(0.88)

(1.54)

Return on average common equity

(8.41)%

(3.19)%

1.00%

(5.22)

(9.41)

Return on average tangible common equity

(15.39)%

(6.35)%

2.52%

(9.04)

(17.91)

Efficiency ratio – Consolidated

73.57%

67.91%

58.42%

5.66

15.15

Efficiency ratio – Bank

67.99%

65.21%

60.84%

2.78

7.15

 

 

 

 

 

 

(1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 35% tax rate.

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 17 of 28

 

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)

 

Year Ended:

 

 

Dec 31, 2009

Dec 31, 2008

Change

Net Interest Spread:

 

 

 

  Yield on loans and leases

5.78%

6.42%

(0.64)

  Yield on taxable investments

4.34%

4.70%

(0.36)

  Yield on tax-exempt investments (1)

5.80%

5.68%

0.12

  Yield on temporary investments & interest bearing cash

0.27%

1.82%

(1.55)

    Total yield on earning assets (1)

5.39%

6.18%

(0.79)

 

 

 

 

  Cost of interest bearing deposits

1.56%

2.49%

(0.93)

  Cost of securities sold under agreements

 

 

 

    to repurchase and fed funds purchased

1.12%

2.23%

(1.11)

  Cost of term debt

3.53%

3.60%

(0.07)

  Cost of junior subordinated debentures

4.74%

6.03%

(1.29)

    Total cost of interest bearing liabilities

1.70%

2.66%

(0.96)

 

 

 

 

Net interest spread (1)

3.69%

3.52%

0.17

     Net interest margin – Consolidated (1)

4.09%

4.07%

0.02

 

 

 

 

     Net interest margin – Bank (1)

4.20%

4.25%

(0.05)

 

 

 

 

As reported (GAAP):

 

 

 

Return on average assets

(1.85)%

0.59%

(2.44)

Return on average tangible assets

(2.01)%

0.65%

(2.66)

Return on average equity

(12.63)%

3.93%

(16.56)

Return on average tangible equity

(26.91)%

9.99%

(36.90)

Efficiency ratio – Consolidated

95.34%

54.08%

41.26

Efficiency ratio – Bank

93.77%

56.34%

37.43

 

 

 

 

Excluding merger expense & goodwill impairment:

 

 

 

Return on average assets

(0.60)%

0.60%

(1.20)

Return on average tangible assets

(0.65)%

0.66%

(1.31)

Return on average equity

(4.11)%

4.01%

(8.12)

Return on average tangible equity

(8.77)%

10.19%

(18.96)

Efficiency ratio – Consolidated

67.14%

53.84%

13.30

Efficiency ratio – Bank

65.08%

56.34%

8.74

 

(1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 35% tax rate.

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 18 of 28

 

Umpqua Holdings Corporation

Average Balances

(Unaudited)

 

 

Sequential

Year over

 

Quarter Ended:

Quarter

Year

Dollars in thousands

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

% Change

% Change

 

 

 

 

 

 

  Temporary investments & interest bearing cash

$384,492

$291,214

$40,961

32%

839%

  Investment securities, taxable

1,645,629

1,458,333

924,722

13%

78%

  Investment securities, tax-exempt

207,984

203,676

167,127

2%

24%

  Loans held for sale

43,662

39,915

14,900

9%

193%

  Loans and leases

6,072,606

6,111,146

6,158,620

(1)%

(1)%

     Total earning assets

8,354,373

8,104,284

7,306,330

3%

14%

  Goodwill & other intangible assets, net

640,995

642,315

759,424

0%

(16)%

  Total assets

9,332,737

9,100,407

8,425,353

3%

11%

 

 

 

 

 

 

  Non interest bearing demand deposits

1,392,988

1,325,328

1,254,846

5%

11%

  Interest bearing deposits

5,943,110

5,866,098

5,235,651

1%

14%

  Total deposits

7,336,098

7,191,426

6,490,497

2%

13%

  Interest bearing liabilities

6,260,408

6,211,237

5,723,779

1%

9%

 

 

 

 

 

 

  Shareholders’ equity - common

1,412,324

1,291,218

1,262,566

9%

12%

  Tangible common equity (1)

771,329

648,903

503,142

19%

53%

 

 

 

Umpqua Holdings Corporation

Average Balances

(Unaudited)

 

Year Ended:

 

Dollars in thousands

Dec 31, 2009

Dec 31, 2008

% Change

 

 

 

 

  Temporary investments & interest bearing cash

$193,486

$24,357

694%

  Investment securities, taxable

1,386,960

883,987

57%

  Investment securities, tax-exempt

198,641

170,277

17%

  Loans held for sale

42,261

17,840

137%

  Loans and leases

6,103,666

6,118,540

0%

     Total earning assets

7,925,014

7,215,001

10%

  Goodwill & other intangible assets, net

698,223

761,672

(8)%

  Total assets

8,975,178

8,342,005

8%

 

 

 

 

  Non interest bearing demand deposits

1,318,954

1,255,263

5%

  Interest bearing deposits

5,691,785

5,204,313

9%

  Total deposits

7,010,739

6,459,576

9%

  Interest bearing liabilities

6,072,812

5,724,340

6%

 

 

 

 

  Shareholders’ equity - common

1,315,953

1,254,730

5%

  Tangible common equity (1)

617,730

493,058

25%

 

(1) Average tangible common equity is a non-GAAP financial measure.  Average tangible common equity is calculated as average common shareholders’ equity less average goodwill and other intangible assets, net (excluding MSRs). Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

 


 

January 28, 2010

Page 19 of 28

 

Umpqua Holdings Corporation

Mortgage Banking Activity

(unaudited)

 

 

Sequential

Year over

 

Quarter Ended:

Quarter

Year

Dollars in thousands

Dec 31, 2009

Sep 30, 2009

Dec 31, 2008

% Change

% Change

 

 

 

 

 

 

Mortgage Servicing Rights (MSR):

 

 

 

 

 

Mortgage loans serviced for others

$1,277,832

$1,205,528

$955,494

6%

34%

MSR Asset, at fair value

$12,625

$11,552

$8,205

9%

54%

 

 

 

 

 

 

MSR as % of serviced portfolio

0.99%

0.96%

0.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Revenue:

 

 

 

 

 

Origination and sale

$3,804

$4,294

$1,987

(11)%

91%

Servicing

805

796

633

1%

27%

Change in fair value of MSR asset

(538)

(802)

(3,028)

(33)%

(82)%

   Total Mortgage Banking Revenue

$4,071

$4,288

$(408)

(5)%

nm

 

 

 

 

 

 

 

 

 

 

 

 

Closed loan volume

$172,303

$158,957

$70,430

8%

145%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended:

 

 

 

Dollars in thousands

Dec 31, 2009

Dec 31, 2008

% Change

 

 

 

 

 

 

 

 

Mortgage Banking Revenue:

 

 

 

 

 

Origination and sale

$18,844

$6,940

172%

 

 

Servicing

2,993

2,472

21%

 

 

Change in fair value of MSR asset

(3,149)

(4,578)

(31)%

 

 

Change in fair value of MSR hedge

--

(2,398)

(100)%

 

 

   Total Mortgage Banking Revenue

$18,688

$2,436

667%

 

 

 

 

 

 

 

 

Closed loan volume

$756,997

$328,327

131%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nm = not meaningful

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 20 of 28

 

Additional detail on credit quality, trends, the loan portfolio by segment and non-performing assets

The following tables present additional detail covering the following aspects of the Company's loan portfolio:

 

·         Table 1 - Residential development loan trends by region

·         Table 2 - Residential development loan stratification by size and by region

·         Table 3 - Non-performing asset detail by type and by region

·         Table 4 - Loans past due 30-89 days by type and by region

·         Table 5 - Loans past due 30-89 days trends

·         Table 6 - Restructured loans by type and by region

·         Table 7 - Commercial real estate loan portfolio by type and by region

·         Table 8 - Commercial real estate loan portfolio by type and by year of maturity

·         Table 9 - Commercial real estate loan portfolio by type and by year of origination

·         Table 10 - Commercial construction loan portfolio by type and by region

·         Table 11 - Commercial loan portfolio by type and by region

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 21 of 28

 

The following is a geographic distribution of the residential development portfolio as of December 31, 2009, September 30, 2009 and December 31, 2008:

 

Table 1- Residential development loan trends by region

 

 

   

(Dollars in thousands)

 

Non-

 

 

 

 

 

% change

performing

Performing

 

Balance

Balance

Balance

   from

loans

  loans

 

12/31/08

9/30/09

12/31/09

12/31/08

12/31/09

  12/31/09

Northwest Oregon

$134,506

$93,745

$88,762

(34)%

$4,090

$84,672

Central Oregon

31,186

13,753

9,059

(71)%

2,729

6,330

Southern Oregon

33,850

21,852

19,006

(44)%

4,950

14,056

Washington

27,531

17,690

8,616

(69)%

0

8,616

Greater Sacramento

109,181

80,107

74,993

(31)%

23,391

51,602

Northern California

47,905

31,336

25,373

(47)%

10,324

15,049

Total

$384,159

$258,483

$225,809

(41)%

$45,484

$180,325

% of total loan portfolio

6%

4%

4%

 

 

3%

 

 

 

 

 

 

 

Quarter change $

$(71,158)

$(42,807)

$(32,674)

 

 

 

Quarter change %

(16)%

(14)%

(13)%

 

 

 

 

 

The following is a stratification by size and region of the remaining residential development loans still on accrual status (excludes non-performing loans) as of December 31, 2009:

 

Table 2 - Residential development loan stratification by size and by region

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

$250k

$1 million

$3 million

$5 million

 

 

 

$250k

to

to

to

to

$10 million

 

 

and less

$1 million

$3 million

$5 million

$10 million

and greater

Total

Northwest Oregon

$4,674

$8,770

$22,307

$17,480

$16,635

$14,806

$84,672

Central Oregon

514

2,115

3,701

--

--

--

6,330

Southern Oregon

1,209

7,330

5,517

--

--

--

14,056

Washington

--

632

4,792

3,192

--

--

8,616

Greater Sacramento

3,605

6,487

4,628

4,867

11,455

20,560

51,602

Northern California

1,640

3,792

9,617

--

--

--

15,049

   Total

$11,642

$29,126

$50,562

$25,539

$28,090

$35,366

$180,325

   % of Total

6%

16%

28%

14%

16%

20%

100%

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 22 of 28

 

The following is a distribution of non-performing assets by type and by region as of December 31, 2009:

 

Table 3 - Non-performing asset detail by type and by region

 

 

 

(Dollars in thousands)

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Loans 90 days past due:

 

 

 

 

 

 

 

   Residential development

$--

$--

$--

$--

$--

$--

$--

   Commercial construction

--

--

--

--

--

--

--

   Commercial real estate

--

--

--

247

--

--

247

   Commercial

--

--

--

1,000

266

--

1,266

   Other

4,222

--

--

--

174

--

4,396

      Total 90 days past due

$4,222

$--

$--

$1,247

$440

$--

$5,909

 

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

   Residential development

$4,090

$2,729

$4,950

$--

$23,391

$10,324

$45,484

   Commercial construction

10,061

987

--

2,700

18,602

4,308

36,658

   Commercial real estate

16,101

4,043

5,029

1,566

20,821

14,819

62,379

   Commercial

31,329

3,591

481

9,963

328

2,905

48,597

   Other

--

--

--

--

--

--

--

      Total non-accrual loans

$61,581

$11,350

$10,460

$14,229

$63,142

$32,356

$193,118

 

 

 

 

 

 

 

 

  Total non-performing loans

$65,803

$11,350

$10,460

$15,476

$63,582

$32,356

$199,027

 

 

 

 

 

 

 

 

Other real estate owned:

 

 

 

 

 

 

 

   Residential development

$2,772

$4,643

$1,064

$4,885

$1,987

$144

$15,495

   Commercial construction

359

392

--

426

3,595

--

4,772

   Commercial real estate

430

--

514

--

--

--

944

   Commercial

303

982

--

--

--

151

1,436

   Other

1,919

--

--

--

--

--

1,919

      Total OREO

$5,783

$6,017

$1,578

$5,311

$5,582

$295

$24,566

 

 

 

 

 

 

 

 

Total non-performing assets

$71,586

$17,367

$12,038

$20,787

$69,164

$32,651

$223,593

% of total

32%

8%

5%

9%

31%

15%

100%

 

 

 

 

 

 

 

 

 

The Company has aggressively charged-down impaired assets to their disposition values.  As of December 31, 2009, the non-performing assets of $223.6 million have been written down by 41%, or $154.8 million, from their original balance of $378.4 million.

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 23 of 28

 

The following is a distribution of loans past due 30-89 days by loan type by region as of December 31, 2009:

 

Table 4 - Loans past due 30-89 days by type and by region

(Dollars in thousands)

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Loans 30-89 days past due:

 

 

 

 

 

 

 

   Residential development

$7,500

$1,041

$--

$--

$283

$126

$8,950

   Commercial construction

442

--

--

683

--

110

1,235

   Commercial real estate

4,160

695

287

3,819

2,629

7,055

18,645

   Commercial

1,553

529

--

--

772

5,531

8,385

   Other

3,171

--

--

--

1,072

--

4,243

     Total 30-89 days past due

$16,826

$2,265

$287

$4,502

$4,756

$12,822

$41,458

 

 

 

 

 

 

 

 

 

Table 5 - Loans past due 30-89 days trends

(Dollars in thousands)

 

 

 

Sequential

Year

 

 

 

 

Quarter

Over Year

 

12/31/09

9/30/09

12/31/08

% Change

% Change

Loans 30-89 days past due:

 

 

 

 

 

   Residential development

$8,950

$8,766

$29,472

2%

(70)%

   Commercial construction

1,235

9,361

629

(87)%

96%

   Commercial real estate

18,645

14,405

16,882

29%

10%

   Commercial

8,385

10,294

8,296

(19)%

1%

   Other

4,243

3,243

3,859

31%

10%

     Total 30-89 days past due

$41,458

$46,069

$59,138

(10)%

30%

 

 

 

 

 

 

 

The following is a distribution of restructured loans by loan type by region as of December 31, 2009:

 

Table 6 - Restructured loans by type and by region

(Dollars in thousands)

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Restructured loans, accrual basis:

 

 

 

 

 

 

 

   Residential development

$26,994

$--

$306

$7,985

$33,103

$--

$68,388

   Commercial construction

--

--

--

--

--

--

--

   Commercial real estate

18,349

--

5,790

--

9,742

7,866

41,747

   Commercial

715

--

--

--

279

18,628

19,622

   Other

4,634

--

--

--

48

--

4,682

     Total restructured loans

$50,692

$--

$6,096

$7,985

$43,172

$26,494

$134,439

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 24 of 28

 

The following is a distribution of the term commercial real estate portfolio by type and by region as of December 31, 2009:

 

Table 7 - Commercial real estate loan portfolio by type and by region

(Dollars in thousands)

 

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

% of total

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Portfolio

Non-owner occupied:

 

 

 

 

 

 

 

 

Commercial building

$110,805

$4,367

$37,924

$15,820

$106,502

$101,516

$376,934

11%

Medical office

80,514

1,104

15,711

4,210

16,473

13,562

131,574

4%

Professional office

176,920

8,649

54,413

26,213

106,395

65,559

438,149

12%

Storage

20,747

352

18,698

--

17,477

39,876

97,150

3%

Multifamily 5+

60,579

249

10,251

1,428

5,630

20,173

98,310

3%

Resort

2,064

--

5,081

--

--

--

7,145

0%

Retail

223,272

3,528

33,101

11,178

165,667

73,723

510,469

15%

Residential

32,030

352

13,002

6,056

10,219

18,677

80,336

2%

Farmland & agriculture

5,976

223

638

--

204

29,000

36,041

1%

Apartments

61,395

--

9,925

--

11,330

22,601

105,251

3%

Assisted living

106,607

--

67,486

--

2,933

8,725

185,751

5%

Hotel/motel

50,782

--

1,023

11,112

18,066

18,653

99,636

3%

Industrial

29,656

3,584

7,751

--

36,983

23,565

101,539

3%

RV park

31,158

675

15,490

--

821

5,963

54,107

2%

Warehouse

11,416

--

237

--

1,198

1,717

14,568

0%

Other

31,851

1,055

3,668

3,522

3,746

5,599

49,441

1%

   Total non-owner occupied

$1,035,772

$24,138

$294,399

$79,539

$503,644

$448,909

$2,386,401

68%

 

 

 

 

 

 

 

 

 

Owner occupied:

 

 

 

 

 

 

 

 

Commercial building

$163,314

$2,639

$31,417

$12,388

$61,729

$108,766

$380,253

11%

Medical office

64,699

3,319

17,553

2,218

1,646

25,977

115,412

3%

Professional office

49,118

2,830

12,479

3,324

21,489

17,174

106,414

3%

Storage

15,061

149

--

663

148

5,087

21,108

1%

Multifamily 5+

869

--

60

--

158

--

1,087

0%

Resort

5,736

--

--

--

3,131

1,067

9,934

0%

Retail

59,651

2,939

12,402

4,055

31,954

57,872

168,873

5%

Residential

6,974

--

2,632

--

1,401

2,814

13,821

0%

Farmland & agriculture

10,906

--

822

--

--

44,904

56,632

2%

Apartments

202

--

741

--

51

--

994

0%

Assisted living

27,656

--

146

--

6,964

15,619

50,385

1%

Hotel/motel

12,226

--

192

716

--

24,330

37,464

1%

Industrial

53,607

1,409

13,958

1,562

9,480

39,030

119,046

3%

RV park

144

--

2,544

--

161

1,239

4,088

0%

Warehouse

10,885

--

410

--

1,145

6,921

19,361

1%

Other

28,417

1,513

--

--

276

1,625

31,831

1%

   Total owner occupied

$509,465

$14,798

$95,356

$24,926

$139,733

$352,425

$1,136,703

32%

 

 

 

 

 

 

 

 

 

Total commercial real estate

$1,545,237

$38,936

$389,755

$104,465

$643,377

$801,334

$3,523,104

100%

% of total

44%

1%

11%

3%

18%

23%

100%

 

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 25 of 28

 

The following is a distribution of the term commercial real estate portfolio by type and by year of maturity as of December 31, 2009:

 

Table 8 - Commercial real estate loan portfolio by type and by year of maturity

 

(Dollars in thousands)

 

 

 

 

 

 

2012-

2014-

2016-

2021 &

 

 

2010

2011

2013

2015

2020

Later

Total

Non-owner occupied:

 

 

 

 

 

 

 

Commercial building

$17,630

$19,250

$61,651

$59,837

$202,742

$15,824

$376,934

Medical office

1,280

955

5,181

34,265

79,066

10,827

131,574

Professional office

32,221

7,338

89,564

101,780

194,867

12,379

438,149

Storage

1,317

2,125

14,182

21,593

54,559

3,374

97,150

Multifamily 5+

4,100

2,144

11,275

22,792

53,327

4,672

98,310

Resort

--

--

692

871

1,193

4,389

7,145

Retail

28,368

21,276

65,163

158,049

232,364

5,249

510,469

Residential

23,840

10,661

8,952

10,548

21,662

4,673

80,336

Farmland & agriculture

10,171

349

2,948

4,843

15,159

2,571

36,041

Apartments

6,033

1,683

5,789

15,872

73,174

2,700

105,251

Assisted living

22,847

24,084

20,919

33,489

82,137

2,275

185,751

Hotel/motel

4,830

6,034

18,065

35,732

30,271

4,704

99,636

Industrial

2,780

3,856

16,434

24,948

47,290

6,231

101,539

RV park

1,308

846

6,712

14,685

28,894

1,662

54,107

Warehouse

420

125

6,862

2,795

4,366

--

14,568

Other

16,114

4,463

9,158

6,942

9,098

3,666

49,441

   Total non-owner occupied

$173,259

$105,189

$343,547

$549,041

$1,130,169

$85,196

$2,386,401

 

 

 

 

 

 

 

 

Owner occupied:

 

 

 

 

 

 

 

Commercial building

$12,932

$4,284

$35,356

$56,324

$224,348

$47,009

$380,253

Medical office

--

78

6,873

10,821

74,471

23,169

115,412

Professional office

2,908

1,000

18,857

24,581

52,664

6,404

106,414

Storage

1,480

149

2,621

1,370

14,794

694

21,108

Multifamily 5+

25

--

638

244

180

--

1,087

Resort

--

--

108

3,955

5,871

--

9,934

Retail

1,545

5,078

19,517

32,809

99,310

10,614

168,873

Residential

2,407

230

2,681

3,169

3,655

1,679

13,821

Farmland & agriculture

1,128

3,677

2,585

11,961

34,678

2,603

56,632

Apartments

--

--

--

51

943

--

994

Assisted living

175

--

4,932

18,576

24,500

2,202

50,385

Hotel/motel

1,744

9

8,657

6,846

11,038

9,170

37,464

Industrial

3,520

3,788

16,441

23,826

52,617

18,854

119,046

RV park

165

--

777

571

2,414

161

4,088

Warehouse

1,149

338

1,618

9,128

7,024

104

19,361

Other

1,768

715

169

762

3,238

25,179

31,831

   Total owner occupied

$30,946

$19,346

$121,830

$204,994

$611,745

$147,842

$1,136,703

 

 

 

 

 

 

 

 

Total commercial real estate

$204,205

$124,535

$465,377

$754,035

$1,741,914

$233,038

$3,523,104

% of total

6%

4%

13%

21%

49%

7%

100%

 

 

 

 


 

Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 26 of 28

 

The following is a distribution of the term commercial real estate portfolio by type and by year of origination as of December 31, 2009:

 

Table 9 - Commercial real estate loan portfolio by type and by year of origination

(Dollars in thousands)

 

Prior to

2000-

2005-

2007-

 

 

 

2000

2004

2006

2008

2009

Total

Non-owner occupied:

 

 

 

 

 

 

Commercial building

$14,211

$90,648

$63,746

$144,016

$64,313

$376,934

Medical office

627

48,475

17,947

47,143

17,382

131,574

Professional office

13,804

168,057

140,227

83,757

32,304

438,149

Storage

1,940

49,505

26,866

18,487

352

97,150

Multifamily 5+

3,709

27,098

19,122

42,829

5,552

98,310

Resort

737

5,715

--

693

--

7,145

Retail

10,439

178,260

158,973

148,617

14,180

510,469

Residential

1,328

10,029

27,581

27,379

14,019

80,336

Farmland & agriculture

856

8,217

12,328

6,899

7,741

36,041

Apartments

838

25,494

23,169

23,176

32,574

105,251

Assisted living

7,356

55,791

92,412

16,164

14,028

185,751

Hotel/motel

12,537

43,180

20,097

22,990

832

99,636

Industrial

3,298

42,813

40,341

14,450

637

101,539

RV park

3,127

17,656

16,553

11,071

5,700

54,107

Warehouse

1,131

8,989

3,828

620

--

14,568

Other

659

10,332

14,962

20,764

2,724

49,441

   Total non-owner occupied

$76,597

$790,259

$678,152

$629,055

$212,338

$2,386,401

 

 

 

 

 

 

 

Owner occupied:

 

 

 

 

 

 

Commercial building

$10,711

$82,631

$91,642

$124,725

$70,544

$380,253

Medical office

2,284

22,428

13,099

27,246

50,355

115,412

Professional office

4,184

34,752

28,700

33,004

5,774

106,414

Storage

547

5,312

5,437

9,164

648

21,108

Multifamily 5+

179

908

--

--

--

1,087

Resort

415

6,412

139

--

2,968

9,934

Retail

6,024

39,775

61,738

56,705

4,631

168,873

Residential

128

5,226

4,331

2,336

1,800

13,821

Farmland & agriculture

1,499

10,066

15,010

19,343

10,714

56,632

Apartments

51

--

--

943

--

994

Assisted living

4,975

7,831

21,212

14,200

2,167

50,385

Hotel/motel

3,927

15,956

5,765

1,592

10,224

37,464

Industrial

2,929

46,104

36,049

13,852

20,112

119,046

RV park

877

1,074

--

1,993

144

4,088

Warehouse

114

9,410

2,666

2,409

4,762

19,361

Other

--

1,877

21,260

7,911

783

31,831

   Total owner occupied

$38,844

$289,762

$307,048

$315,423

$185,626

$1,136,703

 

 

 

 

 

 

 

Total commercial real estate

$115,441

$1,080,021

$985,200

$944,478

$397,964

$3,523,104

% of total

3%

31%

28%

27%

11%

100%

 

 

 

 


Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 27 of 28

 

The following is a distribution of the commercial construction portfolio by type and by region as of December 31, 2009:

 

Table 10 - Commercial construction loan portfolio by type and by region

(Dollars in thousands)

 

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

% of total

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Portfolio

Non-owner occupied:

 

 

 

 

 

 

 

 

Commercial building

$19,726

$--

$3,023

$9,434

$31,565

$2,250

$65,998

18%

Medical office

15,429

--

264

--

--

400

16,093

4%

Professional office

16,472

--

--

--

15,180

3,500

35,152

10%

Storage

6,100

--

--

--

1,711

3,094

10,905

3%

Multifamily 5+

1,339

--

--

--

6,184

--

7,523

2%

Retail

15,801

--

--

--

6,456

1,212

23,469

6%

Residential

29,314

1,778

5,128

4,630

39,188

11,167

91,205

25%

Apartments

13,621

--

--

--

--

--

13,621

4%

Assisted living

16,196

--

--

--

209

--

16,405

5%

Hotel/motel

--

--

--

--

--

4,070

4,070

1%

Industrial

--

--

--

--

1,515

18

1,533

0%

Other

249

--

--

--

--

3,000

3,249

1%

   Total non-owner occupied

$134,247

$1,778

$8,415

$14,064

$102,008

$28,711

$289,223

79%

 

 

 

 

 

 

 

 

 

Owner occupied:

 

 

 

 

 

 

 

 

Commercial building

$14,342

$--

$171

$--

$10,421

$10,498

$35,432

10%

Medical office

14,472

--

403

--

3,511

463

18,849

5%

Professional office

--

--

--

--

--

--

--

0%

Storage

995

--

--

--

--

--

995

0%

Multifamily 5+

--

--

--

--

--

--

--

0%

Retail

--

--

--

--

--

4,041

4,041

1%

Residential

4,981

--

--

--

3,675

619

9,275

3%

Apartments

860

--

--

--

--

--

860

0%

Assisted living

7,472

--

--

--

--

--

7,472

2%

Hotel/motel

--

--

--

--

--

--

--

0%

Industrial

415

--

118

--

--

--

533

0%

Other

--

--

--

--

--

--

--

0%

   Total owner occupied

$43,537

$--

$692

$--

$17,607

$15,621

$77,457

21%

 

 

 

 

 

 

 

 

 

Total commercial construction

$177,784

$1,778

$9,107

$14,064

$119,615

$44,332

$366,680

100%

% of total

48%

1%

2%

4%

33%

12%

100%

 

 

 

 

 


Umpqua Holdings Corporation Announces Fourth Quarter 2009 Results

January 28, 2010

Page 28 of 28

 

The following is a distribution of the commercial loan portfolio by type and by region as of December 31, 2009:

 

Table 11 - Commercial loan portfolio by type and by region

(Dollars in thousands)

 

 

 

 

 

Northwest

Central

Southern

 

Greater

Northern

 

% of total

 

Oregon

Oregon

Oregon

Washington

Sacramento

California

Total

Portfolio

 

 

 

 

 

 

 

 

 

Commercial line of credit

$171,342

$3,050

$30,394

$28,005

$151,609

$80,017

$464,417

34%

Asset based line of credit

82,518

160

580

6,501

3,918

53,697

147,374

11%

Term loan

168,579

4,138

28,647

8,970

42,804

126,295

379,433

28%

Agriculture

29,696

--

786

--

287

53,461

84,230

6%

Municipal

15,680

--

20,778

--

73,640

9,798

119,896

9%

Government guaranteed

--

--

--

--

--

60,936

60,936

5%

Small business

45,560

--

--

4,097

48,526

--

98,183

7%

Total commercial loans

$513,375

$7,348

$81,185

$47,573

$320,784

$384,204

$1,354,469

100%

% of total

38%

1%

6%

3%

24%

28%

100%

 

 

 

 

 

 

 

# # #