OREGON (State or Other Jurisdiction of Incorporation or Organization) | 001-34624 (Commission File Number) | 93-1261319 (I.R.S. Employer Identification Number) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 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 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | EXHIBITS |
99.1 Press Release announcing second quarter 2017 financial results dated July 19, 2017 | |
99.2 Second quarter 2017 Investor Presentation |
UMPQUA HOLDINGS CORPORATION (Registrant) | |
Dated: July 19, 2017 | By:/s/ Andrew H. Ognall Andrew H. Ognall Executive Vice President, General Counsel and Secretary |
Exhibit Number | Description | |
99.1 | Press Release announcing second quarter 2017 financial results dated July 19, 2017 | |
99.2 | Second quarter 2017 Investor Presentation | |
Ron Farnsworth | Bradley Howes |
EVP/Chief Financial Officer | SVP/Director of Investor Relations |
Umpqua Holdings Corporation | Umpqua Holdings Corporation |
503-727-4108 | 503-727-4226 |
ronfarnsworth@umpquabank.com | bradhowes@umpquabank.com |
• | $8.3 million negative adjustment related to the fair value change of the MSR asset, compared to negative adjustments of $7.7 million in the prior quarter and $13.9 million in the same period of the prior year. |
• | $756,000 negative adjustment related to the fair value change of the debt capital market swap derivatives, compared to negative adjustments of $727,000 in the prior quarter and $1.5 million in the same period of the prior year. |
• | $1.6 million in merger-related expenses, compared to $1.0 million in the prior quarter and $6.6 million in the same period of the prior year. |
• | $742,000 of exit or disposal costs, compared to $468,000 in the prior quarter and $1.4 million in the same period of the prior year. |
• | $1.6 million net loss on junior subordinated debentures carried at fair value, consistent with the level in the prior quarter and with the same period of the prior year. |
• | Net interest income increased by $5.4 million, driven by growth in interest-earning assets and a 6 basis point increase in net interest margin; |
• | Provision for loan and lease losses decreased by $1.0 million to $10.7 million, and net charge-offs remained at 0.22% of average loans and leases (annualized); |
• | Non-interest income increased by $10.9 million, driven primarily by higher revenues from the origination and sale of residential mortgages; |
• | Non-interest expense increased by $1.3 million, driven primarily by higher salaries and employee benefits expense, reflecting higher mortgage banking-related compensation, consistent with the increase in mortgage originations, and annual merit increases; |
• | Gross loan and lease growth of $491.5 million, or 11% annualized; |
• | Deposit growth of $292.7 million, or 6% annualized; |
• | Non-performing assets to total assets decreased to 0.23%; |
• | Estimated total risk-based capital ratio of 14.1% and estimated Tier 1 common to risk weighted assets ratio of 11.1%; |
• | Declared quarterly cash dividend of $0.16 per common share; and |
• | Repurchased 225,000 shares of common stock for $3.9 million. |
(In thousands, except per share data) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | |||||||||||||||
Total shareholders' equity | $ | 3,958,845 | $ | 3,931,150 | $ | 3,916,795 | $ | 3,920,208 | $ | 3,902,158 | ||||||||||
Subtract: | ||||||||||||||||||||
Goodwill | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | |||||||||||||||
Other intangible assets, net | 33,508 | 35,197 | 36,886 | 38,753 | 40,620 | |||||||||||||||
Tangible common shareholders' equity | $ | 2,137,686 | $ | 2,108,302 | $ | 2,092,258 | $ | 2,093,804 | $ | 2,073,887 | ||||||||||
Total assets | $ | 25,257,784 | $ | 24,861,458 | $ | 24,813,119 | $ | 24,744,214 | $ | 24,132,507 | ||||||||||
Subtract: | ||||||||||||||||||||
Goodwill | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | |||||||||||||||
Other intangible assets, net | 33,508 | 35,197 | 36,886 | 38,753 | 40,620 | |||||||||||||||
Tangible assets | $ | 23,436,625 | $ | 23,038,610 | $ | 22,988,582 | $ | 22,917,810 | $ | 22,304,236 | ||||||||||
Common shares outstanding at period end | 220,205 | 220,349 | 220,177 | 220,207 | 220,482 | |||||||||||||||
Common equity ratio | 15.67 | % | 15.81 | % | 15.79 | % | 15.84 | % | 16.17 | % | ||||||||||
Tangible common equity ratio | 9.12 | % | 9.15 | % | 9.10 | % | 9.14 | % | 9.30 | % | ||||||||||
Book value per common share | $ | 17.98 | $ | 17.84 | $ | 17.79 | $ | 17.80 | $ | 17.70 | ||||||||||
Tangible book value per common share | $ | 9.71 | $ | 9.57 | $ | 9.50 | $ | 9.51 | $ | 9.41 |
Umpqua Holdings Corporation | ||||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Quarter Ended | % Change | |||||||||||||||||||||||||
(In thousands, except per share data) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Loans and leases | $ | 212,998 | $ | 205,996 | $ | 209,812 | $ | 212,037 | $ | 210,290 | 3 | % | 1 | % | ||||||||||||
Interest and dividends on investments: | ||||||||||||||||||||||||||
Taxable | 15,220 | 13,931 | 10,630 | 10,779 | 11,963 | 9 | % | 27 | % | |||||||||||||||||
Exempt from federal income tax | 2,237 | 2,242 | 2,229 | 2,181 | 2,183 | 0 | % | 2 | % | |||||||||||||||||
Dividends | 360 | 388 | 336 | 332 | 365 | (7 | )% | (1 | )% | |||||||||||||||||
Temporary investments and interest bearing deposits | 324 | 1,557 | 1,696 | 1,090 | 652 | (79 | )% | (50 | )% | |||||||||||||||||
Total interest income | 231,139 | 224,114 | 224,703 | 226,419 | 225,453 | 3 | % | 3 | % | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 10,641 | 9,648 | 9,288 | 8,999 | 8,540 | 10 | % | 25 | % | |||||||||||||||||
Repurchase agreements and federal funds purchased | 321 | 30 | 32 | 32 | 32 | 970 | % | 903 | % | |||||||||||||||||
Term debt | 3,662 | 3,510 | 3,413 | 3,558 | 3,848 | 4 | % | (5 | )% | |||||||||||||||||
Junior subordinated debentures | 4,437 | 4,201 | 4,174 | 3,938 | 3,835 | 6 | % | 16 | % | |||||||||||||||||
Total interest expense | 19,061 | 17,389 | 16,907 | 16,527 | 16,255 | 10 | % | 17 | % | |||||||||||||||||
Net interest income | 212,078 | 206,725 | 207,796 | 209,892 | 209,198 | 3 | % | 1 | % | |||||||||||||||||
Provision for loan and lease losses | 10,657 | 11,672 | 13,171 | 13,091 | 10,589 | (9 | )% | 1 | % | |||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
Service charges on deposits | 15,478 | 14,729 | 15,323 | 15,762 | 15,667 | 5 | % | (1 | )% | |||||||||||||||||
Brokerage revenue | 3,903 | 4,122 | 4,230 | 4,129 | 4,580 | (5 | )% | (15 | )% | |||||||||||||||||
Residential mortgage banking revenue, net | 33,894 | 26,834 | 58,448 | 47,206 | 36,783 | 26 | % | (8 | )% | |||||||||||||||||
Gain (loss) on investment securities, net | 35 | (2 | ) | — | — | 162 | nm | (78 | )% | |||||||||||||||||
Gain on loan sales | 3,310 | 1,754 | 4,060 | 1,285 | 5,640 | 89 | % | (41 | )% | |||||||||||||||||
Loss on junior subordinated debentures carried at fair value | (1,572 | ) | (1,555 | ) | (1,589 | ) | (1,590 | ) | (1,572 | ) | 1 | % | 0 | % | ||||||||||||
BOLI income | 2,089 | 2,069 | 2,107 | 2,116 | 2,152 | 1 | % | (3 | )% | |||||||||||||||||
Other income | 13,982 | 12,274 | 16,041 | 11,802 | 11,247 | 14 | % | 24 | % | |||||||||||||||||
Total non-interest income | 71,119 | 60,225 | 98,620 | 80,710 | 74,659 | 18 | % | (5 | )% | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 108,561 | 106,473 | 105,406 | 105,341 | 107,545 | 2 | % | 1 | % | |||||||||||||||||
Occupancy and equipment, net | 36,955 | 38,673 | 37,618 | 38,181 | 37,850 | (4 | )% | (2 | )% | |||||||||||||||||
Intangible amortization | 1,689 | 1,689 | 1,867 | 1,867 | 2,328 | 0 | % | (27 | )% | |||||||||||||||||
FDIC assessments | 4,447 | 4,087 | 3,985 | 4,109 | 3,693 | 9 | % | 20 | % | |||||||||||||||||
(Gain) loss on other real estate owned, net | (457 | ) | 82 | (197 | ) | (14 | ) | (1,457 | ) | (657 | )% | (69 | )% | |||||||||||||
Merger related expenses | 1,640 | 1,020 | 3,218 | 2,011 | 6,634 | 61 | % | (75 | )% | |||||||||||||||||
Other expense | 31,186 | 30,690 | 31,571 | 29,692 | 31,918 | 2 | % | (2 | )% | |||||||||||||||||
Total non-interest expense | 184,021 | 182,714 | 183,468 | 181,187 | 188,511 | 1 | % | (2 | )% | |||||||||||||||||
Income before provision for income taxes | 88,519 | 72,564 | 109,777 | 96,324 | 84,757 | 22 | % | 4 | % | |||||||||||||||||
Provision for income taxes | 31,707 | 26,561 | 40,502 | 34,515 | 30,470 | 19 | % | 4 | % | |||||||||||||||||
Net income | 56,812 | 46,003 | 69,275 | 61,809 | 54,287 | 23 | % | 5 | % | |||||||||||||||||
Dividends and undistributed earnings allocated to participating securities | 14 | 12 | 33 | 31 | 32 | 17 | % | (56 | )% | |||||||||||||||||
Net earnings available to common shareholders | $ | 56,798 | $ | 45,991 | $ | 69,242 | $ | 61,778 | $ | 54,255 | 23 | % | 5 | % | ||||||||||||
Weighted average basic shares outstanding | 220,310 | 220,287 | 220,190 | 220,291 | 220,421 | 0 | % | 0 | % | |||||||||||||||||
Weighted average diluted shares outstanding | 220,753 | 220,779 | 220,756 | 220,751 | 220,907 | 0 | % | 0 | % | |||||||||||||||||
Earnings per common share – basic | $ | 0.26 | $ | 0.21 | $ | 0.31 | $ | 0.28 | $ | 0.25 | 24 | % | 4 | % | ||||||||||||
Earnings per common share – diluted | $ | 0.26 | $ | 0.21 | $ | 0.31 | $ | 0.28 | $ | 0.25 | 24 | % | 4 | % | ||||||||||||
nm = not meaningful |
Umpqua Holdings Corporation | |||||||||||
Consolidated Statements of Income | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended | % Change | ||||||||||
(In thousands, except per share data) | Jun 30, 2017 | Jun 30, 2016 | Year over Year | ||||||||
Interest income | |||||||||||
Loans and leases | $ | 418,994 | $ | 428,218 | (2 | )% | |||||
Interest and dividends on investments: | |||||||||||
Taxable | 29,151 | 25,018 | 17 | % | |||||||
Exempt from federal income tax | 4,479 | 4,418 | 1 | % | |||||||
Dividends | 748 | 731 | 2 | % | |||||||
Temporary investments and interest bearing deposits | 1,881 | 1,132 | 66 | % | |||||||
Total interest income | 455,253 | 459,517 | (1 | )% | |||||||
Interest expense | |||||||||||
Deposits | 20,289 | 16,953 | 20 | % | |||||||
Repurchase agreements and federal funds purchased | 351 | 68 | 416 | % | |||||||
Term debt | 7,172 | 8,034 | (11 | )% | |||||||
Junior subordinated debentures | 8,638 | 7,562 | 14 | % | |||||||
Total interest expense | 36,450 | 32,617 | 12 | % | |||||||
Net interest income | 418,803 | 426,900 | (2 | )% | |||||||
Provision for loan and lease losses | 22,329 | 15,412 | 45 | % | |||||||
Non-interest income | |||||||||||
Service charges on deposits | 30,207 | 30,183 | 0 | % | |||||||
Brokerage revenue | 8,025 | 8,674 | (7 | )% | |||||||
Residential mortgage banking revenue, net | 60,728 | 52,209 | 16 | % | |||||||
Gain on investment securities, net | 33 | 858 | (96 | )% | |||||||
Gain on loan sales | 5,064 | 8,011 | (37 | )% | |||||||
Loss on junior subordinated debentures carried at fair value | (3,127 | ) | (3,144 | ) | (1 | )% | |||||
BOLI Income | 4,158 | 4,291 | (3 | )% | |||||||
Other income | 26,256 | 19,528 | 34 | % | |||||||
Total non-interest income | 131,344 | 120,610 | 9 | % | |||||||
Non-interest expense | |||||||||||
Salaries and employee benefits | 215,034 | 214,083 | 0 | % | |||||||
Occupancy and equipment, net | 75,628 | 76,145 | (1 | )% | |||||||
Intangible amortization | 3,378 | 4,888 | (31 | )% | |||||||
FDIC assessments | 8,534 | 7,414 | 15 | % | |||||||
Gain on other real estate owned, net | (375 | ) | (68 | ) | 451 | % | |||||
Merger related expenses | 2,660 | 10,084 | (74 | )% | |||||||
Goodwill impairment | — | 142 | nm | ||||||||
Other expense | 61,876 | 59,812 | 3 | % | |||||||
Total non-interest expense | 366,735 | 372,500 | (2 | )% | |||||||
Income before provision for income taxes | 161,083 | 159,598 | 1 | % | |||||||
Provision for income taxes | 58,268 | 57,742 | 1 | % | |||||||
Net income | 102,815 | 101,856 | 1 | % | |||||||
Dividends and undistributed earnings | |||||||||||
allocated to participating securities | 26 | 61 | (57 | )% | |||||||
Net earnings available to common shareholders | $ | 102,789 | $ | 101,795 | 1 | % | |||||
Weighted average basic shares outstanding | 220,298 | 220,324 | 0 | % | |||||||
Weighted average diluted shares outstanding | 220,790 | 221,001 | 0 | % | |||||||
Earnings per common share – basic | $ | 0.47 | $ | 0.46 | 2 | % | |||||
Earnings per common share – diluted | $ | 0.47 | $ | 0.46 | 2 | % | |||||
nm = not meaningful |
Umpqua Holdings Corporation Consolidated Balance Sheets | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||
(In thousands, except per share data) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and due from banks | $ | 320,027 | $ | 262,655 | $ | 331,994 | $ | 364,013 | $ | 369,535 | 22 | % | (13 | )% | ||||||||||||
Interest bearing cash and temporary investments | 295,937 | 421,991 | 1,117,438 | 1,102,428 | 535,828 | (30 | )% | (45 | )% | |||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Trading, at fair value | 11,467 | 11,241 | 10,964 | 10,866 | 10,188 | 2 | % | 13 | % | |||||||||||||||||
Available for sale, at fair value | 3,132,566 | 3,243,408 | 2,701,220 | 2,520,037 | 2,482,072 | (3 | )% | 26 | % | |||||||||||||||||
Held to maturity, at amortized cost | 4,017 | 4,121 | 4,216 | 4,302 | 4,382 | (3 | )% | (8 | )% | |||||||||||||||||
Loans held for sale | 451,350 | 372,073 | 387,318 | 565,624 | 552,681 | 21 | % | (18 | )% | |||||||||||||||||
Loans and leases | 18,321,142 | 17,829,638 | 17,508,663 | 17,392,051 | 17,355,240 | 3 | % | 6 | % | |||||||||||||||||
Allowance for loan and lease losses | (136,867 | ) | (136,292 | ) | (133,984 | ) | (133,692 | ) | (131,042 | ) | 0 | % | 4 | % | ||||||||||||
Loans and leases, net | 18,184,275 | 17,693,346 | 17,374,679 | 17,258,359 | 17,224,198 | 3 | % | 6 | % | |||||||||||||||||
Restricted equity securities | 45,511 | 45,522 | 45,528 | 47,537 | 47,542 | 0 | % | (4 | )% | |||||||||||||||||
Premises and equipment, net | 288,853 | 293,133 | 303,882 | 306,287 | 312,647 | (1 | )% | (8 | )% | |||||||||||||||||
Goodwill | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | 1,787,651 | 0 | % | 0 | % | |||||||||||||||||
Other intangible assets, net | 33,508 | 35,197 | 36,886 | 38,753 | 40,620 | (5 | )% | (18 | )% | |||||||||||||||||
Residential mortgage servicing rights, at fair value | 141,832 | 142,344 | 142,973 | 114,446 | 112,095 | 0 | % | 27 | % | |||||||||||||||||
Other real estate owned | 4,804 | 6,518 | 6,738 | 8,309 | 16,437 | (26 | )% | (71 | )% | |||||||||||||||||
Bank owned life insurance | 303,894 | 301,777 | 299,673 | 297,561 | 295,444 | 1 | % | 3 | % | |||||||||||||||||
Deferred tax assets, net | — | 8,464 | 34,322 | 27,587 | 63,038 | (100 | )% | (100 | )% | |||||||||||||||||
Other assets | 252,092 | 232,017 | 227,637 | 290,454 | 278,149 | 9 | % | (9 | )% | |||||||||||||||||
Total assets | $ | 25,257,784 | $ | 24,861,458 | $ | 24,813,119 | $ | 24,744,214 | $ | 24,132,507 | 2 | % | 5 | % | ||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 19,459,950 | $ | 19,167,293 | $ | 19,020,985 | $ | 18,918,780 | $ | 18,258,474 | 2 | % | 7 | % | ||||||||||||
Securities sold under agreements to repurchase | 330,189 | 304,280 | 352,948 | 309,463 | 360,234 | 9 | % | (8 | )% | |||||||||||||||||
Term debt | 852,219 | 852,308 | 852,397 | 902,678 | 902,999 | 0 | % | (6 | )% | |||||||||||||||||
Junior subordinated debentures, at fair value | 265,423 | 263,605 | 262,209 | 260,114 | 258,660 | 1 | % | 3 | % | |||||||||||||||||
Junior subordinated debentures, at amortized cost | 100,770 | 100,851 | 100,931 | 101,012 | 101,093 | 0 | % | 0 | % | |||||||||||||||||
Deferred tax liability, net | 34,296 | — | — | — | — | 100 | % | 100 | % | |||||||||||||||||
Other liabilities | 256,092 | 241,971 | 306,854 | 331,959 | 348,889 | 6 | % | (27 | )% | |||||||||||||||||
Total liabilities | 21,298,939 | 20,930,308 | 20,896,324 | 20,824,006 | 20,230,349 | 2 | % | 5 | % | |||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||
Common stock | 3,514,094 | 3,516,537 | 3,515,299 | 3,514,858 | 3,517,240 | 0 | % | 0 | % | |||||||||||||||||
Retained earnings | 454,802 | 433,417 | 422,839 | 388,678 | 362,258 | 5 | % | 26 | % | |||||||||||||||||
Accumulated other comprehensive (loss) income | (10,051 | ) | (18,804 | ) | (21,343 | ) | 16,672 | 22,660 | (47 | )% | (144 | )% | ||||||||||||||
Total shareholders' equity | 3,958,845 | 3,931,150 | 3,916,795 | 3,920,208 | 3,902,158 | 1 | % | 1 | % | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 25,257,784 | $ | 24,861,458 | $ | 24,813,119 | $ | 24,744,214 | $ | 24,132,507 | 2 | % | 5 | % | ||||||||||||
Common shares outstanding at period end | 220,205 | 220,349 | 220,177 | 220,207 | 220,482 | 0 | % | 0 | % | |||||||||||||||||
Book value per common share | $ | 17.98 | $ | 17.84 | $ | 17.79 | $ | 17.80 | $ | 17.70 | 1 | % | 2 | % | ||||||||||||
Tangible book value per common share | $ | 9.71 | $ | 9.57 | $ | 9.50 | $ | 9.51 | $ | 9.41 | 1 | % | 3 | % | ||||||||||||
Tangible equity - common | $ | 2,137,686 | $ | 2,108,302 | $ | 2,092,258 | $ | 2,093,804 | $ | 2,073,887 | 1 | % | 3 | % | ||||||||||||
Tangible common equity to tangible assets | 9.12 | % | 9.15 | % | 9.10 | % | 9.14 | % | 9.30 | % | (0.03 | ) | (0.18 | ) |
Umpqua Holdings Corporation | ||||||||||||||||||||||||||
Loan and Lease Portfolio | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | % Change | ||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | Seq. Quarter | Year over Year | ||||||||||||||||||||
Loans and leases: | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,401,679 | $ | 3,410,914 | $ | 3,330,442 | $ | 3,280,660 | $ | 3,377,464 | 0 | % | 1 | % | ||||||||||||
Owner occupied term, net | 2,593,395 | 2,584,183 | 2,599,055 | 2,573,942 | 2,581,786 | 0 | % | 0 | % | |||||||||||||||||
Multifamily, net | 2,964,851 | 2,885,164 | 2,858,956 | 2,968,019 | 3,004,890 | 3 | % | (1 | )% | |||||||||||||||||
Commercial construction, net | 464,690 | 471,007 | 463,625 | 388,934 | 367,879 | (1 | )% | 26 | % | |||||||||||||||||
Residential development, net | 165,956 | 145,479 | 142,984 | 127,447 | 111,941 | 14 | % | 48 | % | |||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Term, net | 1,686,597 | 1,620,311 | 1,508,780 | 1,480,173 | 1,440,704 | 4 | % | 17 | % | |||||||||||||||||
Lines of credit and other, net | 1,153,409 | 1,114,160 | 1,116,259 | 1,142,946 | 1,116,876 | 4 | % | 3 | % | |||||||||||||||||
Leases and equipment finance, net | 1,082,651 | 1,000,376 | 950,588 | 927,857 | 884,506 | 8 | % | 22 | % | |||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Mortgage, net | 3,021,331 | 2,916,924 | 2,887,971 | 2,868,337 | 2,882,076 | 4 | % | 5 | % | |||||||||||||||||
Home equity lines and loans, net | 1,056,848 | 1,015,138 | 1,011,844 | 1,008,219 | 989,814 | 4 | % | 7 | % | |||||||||||||||||
Consumer and other, net | 729,735 | 665,982 | 638,159 | 625,517 | 597,304 | 10 | % | 22 | % | |||||||||||||||||
Total, net of deferred fees and costs | $ | 18,321,142 | $ | 17,829,638 | $ | 17,508,663 | $ | 17,392,051 | $ | 17,355,240 | 3 | % | 6 | % | ||||||||||||
Loan and leases mix: | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Non-owner occupied term, net | 19 | % | 19 | % | 19 | % | 19 | % | 19 | % | ||||||||||||||||
Owner occupied term, net | 14 | % | 14 | % | 15 | % | 15 | % | 15 | % | ||||||||||||||||
Multifamily, net | 16 | % | 16 | % | 16 | % | 17 | % | 17 | % | ||||||||||||||||
Commercial construction, net | 3 | % | 3 | % | 3 | % | 2 | % | 2 | % | ||||||||||||||||
Residential development, net | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Term, net | 9 | % | 9 | % | 9 | % | 8 | % | 8 | % | ||||||||||||||||
Lines of credit and other, net | 6 | % | 6 | % | 6 | % | 7 | % | 6 | % | ||||||||||||||||
Leases and equipment finance, net | 6 | % | 6 | % | 5 | % | 5 | % | 6 | % | ||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Mortgage, net | 16 | % | 16 | % | 16 | % | 16 | % | 17 | % | ||||||||||||||||
Home equity lines and loans, net | 6 | % | 6 | % | 6 | % | 6 | % | 6 | % | ||||||||||||||||
Consumer and other, net | 4 | % | 4 | % | 4 | % | 4 | % | 3 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Umpqua Holdings Corporation | ||||||||||||||||||||||||||
Deposits by Type/Core Deposits | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | % Change | ||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | Seq. Quarter | Year over Year | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||
Demand, non-interest bearing | $ | 6,112,480 | $ | 6,021,585 | $ | 5,861,469 | $ | 5,993,793 | $ | 5,475,986 | 2 | % | 12 | % | ||||||||||||
Demand, interest bearing | 2,371,386 | 2,327,226 | 2,296,532 | 2,218,782 | 2,186,164 | 2 | % | 8 | % | |||||||||||||||||
Money market | 6,755,707 | 6,784,442 | 6,932,717 | 6,841,700 | 6,782,232 | 0 | % | 0 | % | |||||||||||||||||
Savings | 1,427,677 | 1,400,330 | 1,325,757 | 1,303,816 | 1,254,675 | 2 | % | 14 | % | |||||||||||||||||
Time | 2,792,700 | 2,633,710 | 2,604,510 | 2,560,689 | 2,559,417 | 6 | % | 9 | % | |||||||||||||||||
Total | $ | 19,459,950 | $ | 19,167,293 | $ | 19,020,985 | $ | 18,918,780 | $ | 18,258,474 | 2 | % | 7 | % | ||||||||||||
Total core deposits (1) | $ | 17,561,956 | $ | 17,427,832 | $ | 17,318,003 | $ | 17,257,663 | $ | 16,598,065 | 1 | % | 6 | % | ||||||||||||
Deposit mix: | ||||||||||||||||||||||||||
Demand, non-interest bearing | 32 | % | 31 | % | 31 | % | 31 | % | 30 | % | ||||||||||||||||
Demand, interest bearing | 12 | % | 12 | % | 12 | % | 12 | % | 12 | % | ||||||||||||||||
Money market | 35 | % | 36 | % | 36 | % | 36 | % | 37 | % | ||||||||||||||||
Savings | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | ||||||||||||||||
Time | 14 | % | 14 | % | 14 | % | 14 | % | 14 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
Number of open accounts: | ||||||||||||||||||||||||||
Demand, non-interest bearing | 389,767 | 385,859 | 384,040 | 382,687 | 379,996 | |||||||||||||||||||||
Demand, interest bearing | 80,594 | 81,570 | 82,520 | 83,501 | 84,434 | |||||||||||||||||||||
Money market | 55,795 | 55,903 | 56,031 | 56,128 | 56,492 | |||||||||||||||||||||
Savings | 161,369 | 160,323 | 159,080 | 158,760 | 157,849 | |||||||||||||||||||||
Time | 47,339 | 47,365 | 47,705 | 47,689 | 47,850 | |||||||||||||||||||||
Total | 734,864 | 731,020 | 729,376 | 728,765 | 726,621 | |||||||||||||||||||||
Average balance per account: | ||||||||||||||||||||||||||
Demand, non-interest bearing | $ | 15.7 | $ | 15.6 | $ | 15.3 | $ | 15.7 | $ | 14.4 | ||||||||||||||||
Demand, interest bearing | 29.4 | 28.5 | 27.8 | 26.6 | 25.9 | |||||||||||||||||||||
Money market | 121.1 | 121.4 | 123.7 | 121.9 | 120.1 | |||||||||||||||||||||
Savings | 8.8 | 8.7 | 8.3 | 8.2 | 7.9 | |||||||||||||||||||||
Time | 59.0 | 55.6 | 54.6 | 53.7 | 53.5 | |||||||||||||||||||||
Total | $ | 26.5 | $ | 26.2 | $ | 26.1 | $ | 26.0 | $ | 25.1 |
Umpqua Holdings Corporation | ||||||||||||||||||||||||||
Credit Quality – Non-performing Assets | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Quarter Ended | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Non-performing assets: | ||||||||||||||||||||||||||
Loans and leases on non-accrual status | $ | 26,566 | $ | 28,915 | $ | 27,765 | $ | 27,791 | $ | 25,136 | (8 | )% | 6 | % | ||||||||||||
Loans and leases past due 90+ days and accruing (1) | 27,252 | 23,421 | 28,369 | 26,189 | 23,076 | 16 | % | 18 | % | |||||||||||||||||
Total non-performing loans and leases | 53,818 | 52,336 | 56,134 | 53,980 | 48,212 | 3 | % | 12 | % | |||||||||||||||||
Other real estate owned | 4,804 | 6,518 | 6,738 | 8,309 | 16,437 | (26 | )% | (71 | )% | |||||||||||||||||
Total non-performing assets | $ | 58,622 | $ | 58,854 | $ | 62,872 | $ | 62,289 | $ | 64,649 | 0 | % | (9 | )% | ||||||||||||
Performing restructured loans and leases | $ | 52,861 | $ | 43,029 | $ | 40,667 | $ | 36,645 | $ | 40,848 | 23 | % | 29 | % | ||||||||||||
Loans and leases past due 31-89 days | $ | 31,153 | $ | 49,530 | $ | 30,425 | $ | 39,708 | $ | 29,640 | (37 | )% | 5 | % | ||||||||||||
Loans and leases past due 31-89 days to total loans and leases | 0.17 | % | 0.28 | % | 0.17 | % | 0.23 | % | 0.17 | % | ||||||||||||||||
Non-performing loans and leases to total loans and leases (1) | 0.29 | % | 0.29 | % | 0.32 | % | 0.31 | % | 0.28 | % | ||||||||||||||||
Non-performing assets to total assets (1) | 0.23 | % | 0.24 | % | 0.25 | % | 0.25 | % | 0.27 | % |
(1) | Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $16.3 million, $5.3 million, $10.9 million, $7.3 million, and $11.3 million at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively. |
Umpqua Holdings Corporation | ||||||||||||||||||||||||||
Credit Quality – Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Quarter Ended | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||
Balance beginning of period | $ | 136,292 | $ | 133,984 | $ | 133,692 | $ | 131,042 | $ | 130,243 | ||||||||||||||||
Provision for loan and lease losses | 10,657 | 11,672 | 13,171 | 13,091 | 10,589 | (9 | )% | 1 | % | |||||||||||||||||
Charge-offs | (13,944 | ) | (13,002 | ) | (16,303 | ) | (13,088 | ) | (12,682 | ) | 7 | % | 10 | % | ||||||||||||
Recoveries | 3,862 | 3,638 | 3,424 | 2,647 | 2,892 | 6 | % | 34 | % | |||||||||||||||||
Net charge-offs | (10,082 | ) | (9,364 | ) | (12,879 | ) | (10,441 | ) | (9,790 | ) | 8 | % | 3 | % | ||||||||||||
Total allowance for loan and lease losses | 136,867 | 136,292 | 133,984 | 133,692 | 131,042 | 0 | % | 4 | % | |||||||||||||||||
Reserve for unfunded commitments | 3,816 | 3,495 | 3,611 | 3,536 | 3,531 | 9 | % | 8 | % | |||||||||||||||||
Total allowance for credit losses | $ | 140,683 | $ | 139,787 | $ | 137,595 | $ | 137,228 | $ | 134,573 | 1 | % | 5 | % | ||||||||||||
Net charge-offs to average loans and leases (annualized) | 0.22 | % | 0.22 | % | 0.29 | % | 0.24 | % | 0.23 | % | ||||||||||||||||
Recoveries to gross charge-offs | 27.70 | % | 27.98 | % | 21.00 | % | 20.22 | % | 22.80 | % | ||||||||||||||||
Allowance for loan and lease losses to loans and leases | 0.75 | % | 0.76 | % | 0.77 | % | 0.77 | % | 0.76 | % | ||||||||||||||||
Allowance for credit losses to loans and leases | 0.77 | % | 0.78 | % | 0.79 | % | 0.79 | % | 0.78 | % |
Umpqua Holdings Corporation | |||||||||||
Credit Quality – Allowance for Loan and Lease Losses | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended | % Change | ||||||||||
(Dollars in thousands) | Jun 30, 2017 | Jun 30, 2016 | Year over Year | ||||||||
Allowance for loan and lease losses: | |||||||||||
Balance beginning of period | $ | 133,984 | $ | 130,322 | |||||||
Provision for loan and lease losses | 22,329 | 15,412 | 45 | % | |||||||
Charge-offs | (26,946 | ) | (20,532 | ) | 31 | % | |||||
Recoveries | 7,500 | 5,840 | 28 | % | |||||||
Net charge-offs | (19,446 | ) | (14,692 | ) | 32 | % | |||||
Total allowance for loan and lease losses | 136,867 | 131,042 | 4 | % | |||||||
Reserve for unfunded commitments | 3,816 | 3,531 | 8 | % | |||||||
Total allowance for credit losses | $ | 140,683 | $ | 134,573 | 5 | % | |||||
Net charge-offs to average loans and leases (annualized) | 0.22 | % | 0.17 | % | |||||||
Recoveries to gross charge-offs | 27.83 | % | 28.44 | % |
Umpqua Holdings Corporation | |||||||||||||||||||||
Selected Ratios | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Quarter Ended | % Change | ||||||||||||||||||||
Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||
Average Rates: | |||||||||||||||||||||
Yield on loans and leases | 4.67 | % | 4.65 | % | 4.70 | % | 4.75 | % | 4.81 | % | 0.02 | (0.14 | ) | ||||||||
Yield on loans held for sale | 3.26 | % | 3.86 | % | 3.79 | % | 3.79 | % | 3.80 | % | (0.60 | ) | (0.54 | ) | |||||||
Yield on taxable investments | 2.07 | % | 2.10 | % | 1.85 | % | 1.96 | % | 2.14 | % | (0.03 | ) | (0.07 | ) | |||||||
Yield on tax-exempt investments (1) | 4.64 | % | 4.76 | % | 4.72 | % | 4.68 | % | 4.73 | % | (0.12 | ) | (0.09 | ) | |||||||
Yield on interest bearing cash and temporary investments | 1.03 | % | 0.79 | % | 0.56 | % | 0.50 | % | 0.51 | % | 0.24 | 0.52 | |||||||||
Total yield on earning assets (1) | 4.26 | % | 4.18 | % | 4.14 | % | 4.26 | % | 4.39 | % | 0.08 | (0.13 | ) | ||||||||
Cost of interest bearing deposits | 0.33 | % | 0.30 | % | 0.28 | % | 0.28 | % | 0.27 | % | 0.03 | 0.06 | |||||||||
Cost of securities sold under agreements | |||||||||||||||||||||
to repurchase and fed funds purchased | 0.32 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.28 | 0.28 | |||||||||
Cost of term debt | 1.72 | % | 1.67 | % | 1.53 | % | 1.57 | % | 1.72 | % | 0.05 | — | |||||||||
Cost of junior subordinated debentures | 4.88 | % | 4.70 | % | 4.59 | % | 4.36 | % | 4.30 | % | 0.18 | 0.58 | |||||||||
Total cost of interest bearing liabilities | 0.52 | % | 0.48 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.04 | 0.06 | |||||||||
Net interest spread (1) | 3.74 | % | 3.70 | % | 3.68 | % | 3.80 | % | 3.93 | % | 0.04 | (0.19 | ) | ||||||||
Net interest margin (1) | 3.91 | % | 3.85 | % | 3.83 | % | 3.95 | % | 4.07 | % | 0.06 | (0.16 | ) | ||||||||
Performance Ratios: | |||||||||||||||||||||
Return on average assets | 0.92 | % | 0.75 | % | 1.11 | % | 1.01 | % | 0.91 | % | 0.17 | 0.01 | |||||||||
Return on average tangible assets | 0.99 | % | 0.81 | % | 1.20 | % | 1.09 | % | 0.99 | % | 0.18 | — | |||||||||
Return on average common equity | 5.76 | % | 4.74 | % | 7.04 | % | 6.28 | % | 5.61 | % | 1.02 | 0.15 | |||||||||
Return on average tangible common equity | 10.67 | % | 8.83 | % | 13.19 | % | 11.79 | % | 10.59 | % | 1.84 | 0.08 | |||||||||
Efficiency ratio – Consolidated | 64.71 | % | 68.15 | % | 59.65 | % | 62.11 | % | 66.15 | % | (3.44 | ) | (1.44 | ) | |||||||
Efficiency ratio – Bank | 62.45 | % | 65.75 | % | 57.96 | % | 60.45 | % | 64.44 | % | (3.30 | ) | (1.99 | ) |
Umpqua Holdings Corporation | |||||||||
Selected Ratios | |||||||||
(Unaudited) | |||||||||
Six Months Ended | % Change | ||||||||
Jun 30, 2017 | Jun 30, 2016 | Year over Year | |||||||
Average Rates: | |||||||||
Yield on loans and leases | 4.66 | % | 4.94 | % | (0.28 | ) | |||
Yield on loans held for sale | 3.54 | % | 3.91 | % | (0.37 | ) | |||
Yield on taxable investments | 2.09 | % | 2.23 | % | (0.14 | ) | |||
Yield on tax-exempt investments (1) | 4.70 | % | 4.73 | % | (0.03 | ) | |||
Yield on interest bearing cash and temporary investments | 0.82 | % | 0.52 | % | 0.30 | ||||
Total yield on earning assets (1) | 4.23 | % | 4.53 | % | (0.30 | ) | |||
Cost of interest bearing deposits | 0.31 | % | 0.27 | % | 0.04 | ||||
Cost of securities sold under agreements | |||||||||
to repurchase and fed funds purchased | 0.19 | % | 0.04 | % | 0.15 | ||||
Cost of term debt | 1.70 | % | 1.80 | % | (0.10 | ) | |||
Cost of junior subordinated debentures | 4.79 | % | 4.25 | % | 0.54 | ||||
Total cost of interest bearing liabilities | 0.50 | % | 0.46 | % | 0.04 | ||||
Net interest spread (1) | 3.73 | % | 4.07 | % | (0.34 | ) | |||
Net interest margin (1) | 3.89 | % | 4.21 | % | (0.32 | ) | |||
Performance Ratios: | |||||||||
Return on average assets | 0.84 | % | 0.87 | % | (0.03 | ) | |||
Return on average tangible assets | 0.90 | % | 0.94 | % | (0.04 | ) | |||
Return on average common equity | 5.25 | % | 5.27 | % | (0.02 | ) | |||
Return on average tangible common equity | 9.76 | % | 9.97 | % | (0.21 | ) | |||
Efficiency ratio – Consolidated | 66.38 | % | 67.75 | % | (1.37 | ) | |||
Efficiency ratio – Bank | 64.05 | % | 65.81 | % | (1.76 | ) |
Umpqua Holdings Corporation Average Balances | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Quarter Ended | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Temporary investments and interest bearing cash | $ | 125,886 | $ | 804,354 | $ | 1,194,904 | $ | 874,410 | $ | 514,881 | (84 | )% | (76 | )% | ||||||||||||
Investment securities, taxable | 3,008,079 | 2,723,576 | 2,373,652 | 2,265,883 | 2,304,998 | 10 | % | 31 | % | |||||||||||||||||
Investment securities, tax-exempt | 292,553 | 286,444 | 287,359 | 283,818 | 280,841 | 2 | % | 4 | % | |||||||||||||||||
Loans held for sale | 392,183 | 351,570 | 482,028 | 481,740 | 403,964 | 12 | % | (3 | )% | |||||||||||||||||
Loans and leases | 18,024,651 | 17,598,314 | 17,386,385 | 17,400,657 | 17,234,220 | 2 | % | 5 | % | |||||||||||||||||
Total interest earning assets | 21,843,352 | 21,764,258 | 21,724,328 | 21,306,508 | 20,738,904 | 0 | % | 5 | % | |||||||||||||||||
Goodwill and other intangible assets, net | 1,822,032 | 1,823,799 | 1,825,491 | 1,827,405 | 1,829,407 | 0 | % | 0 | % | |||||||||||||||||
Total assets | 24,792,869 | 24,730,285 | 24,740,986 | 24,422,986 | 23,896,315 | 0 | % | 4 | % | |||||||||||||||||
Non-interest bearing demand deposits | 5,951,670 | 5,883,924 | 5,939,223 | 5,766,022 | 5,466,098 | 1 | % | 9 | % | |||||||||||||||||
Interest bearing deposits | 13,037,064 | 13,119,736 | 13,026,614 | 12,836,987 | 12,644,442 | (1 | )% | 3 | % | |||||||||||||||||
Total deposits | 18,988,734 | 19,003,660 | 18,965,837 | 18,603,009 | 18,110,540 | 0 | % | 5 | % | |||||||||||||||||
Interest bearing liabilities | 14,659,650 | 14,661,558 | 14,606,120 | 14,446,687 | 14,249,349 | 0 | % | 3 | % | |||||||||||||||||
Shareholders’ equity - common | 3,956,777 | 3,936,340 | 3,914,624 | 3,911,323 | 3,889,593 | 1 | % | 2 | % | |||||||||||||||||
Tangible common equity (1) | 2,134,745 | 2,112,541 | 2,089,133 | 2,083,918 | 2,060,186 | 1 | % | 4 | % |
Umpqua Holdings Corporation Average Balances | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended | % Change | ||||||||||
(Dollars in thousands) | Jun 30, 2017 | Jun 30, 2016 | Year over Year | ||||||||
Temporary investments and interest bearing cash | $ | 463,245 | $ | 435,777 | 6 | % | |||||
Investment securities, taxable | 2,866,614 | 2,308,294 | 24 | % | |||||||
Investment securities, tax-exempt | 289,515 | 283,963 | 2 | % | |||||||
Loans held for sale | 371,989 | 350,848 | 6 | % | |||||||
Loans and leases | 17,812,660 | 17,121,152 | 4 | % | |||||||
Total interest earning assets | 21,804,023 | 20,500,034 | 6 | % | |||||||
Goodwill and other intangible assets, net | 1,822,910 | 1,830,726 | 0 | % | |||||||
Total assets | 24,761,749 | 23,655,877 | 5 | % | |||||||
Non-interest bearing demand deposits | 5,917,984 | 5,377,954 | 10 | % | |||||||
Interest bearing deposits | 13,078,171 | 12,527,723 | 4 | % | |||||||
Total deposits | 18,996,155 | 17,905,677 | 6 | % | |||||||
Interest bearing liabilities | 14,660,598 | 14,113,013 | 4 | % | |||||||
Shareholders’ equity - common | 3,946,615 | 3,884,067 | 2 | % | |||||||
Tangible common equity (1) | 2,123,705 | 2,053,341 | 3 | % |
Umpqua Holdings Corporation Residential Mortgage Banking Activity | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Quarter Ended | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Seq. Quarter | Year over Year | |||||||||||||||||||
Residential mortgage servicing rights: | ||||||||||||||||||||||||||
Residential mortgage loans serviced for others | $ | 14,797,242 | $ | 14,541,171 | $ | 14,327,368 | $ | 13,880,660 | $ | 13,564,242 | 2 | % | 9 | % | ||||||||||||
MSR asset, at fair value | 141,832 | 142,344 | 142,973 | 114,446 | 112,095 | 0 | % | 27 | % | |||||||||||||||||
MSR as % of serviced portfolio | 0.96 | % | 0.98 | % | 1.00 | % | 0.82 | % | 0.83 | % | ||||||||||||||||
Residential mortgage banking revenue: | ||||||||||||||||||||||||||
Origination and sale | $ | 32,385 | $ | 24,647 | $ | 32,386 | $ | 45,631 | $ | 42,083 | 31 | % | (23 | )% | ||||||||||||
Servicing | 9,839 | 9,858 | 9,597 | 9,401 | 8,640 | 0 | % | 14 | % | |||||||||||||||||
Change in fair value of MSR asset | (8,330 | ) | (7,671 | ) | 16,465 | (7,826 | ) | (13,940 | ) | 9 | % | (40 | )% | |||||||||||||
Total | $ | 33,894 | $ | 26,834 | $ | 58,448 | $ | 47,206 | $ | 36,783 | 26 | % | (8 | )% | ||||||||||||
Closed loan volume: | ||||||||||||||||||||||||||
Closed loan volume - portfolio | $ | 312,022 | $ | 245,334 | $ | 250,000 | $ | 305,648 | $ | 365,926 | 27 | % | (15 | )% | ||||||||||||
Closed loan volume - for-sale | 918,200 | 754,715 | 1,061,327 | 1,118,526 | 1,046,349 | 22 | % | (12 | )% | |||||||||||||||||
Closed loan volume - total | $ | 1,230,222 | $ | 1,000,049 | $ | 1,311,327 | $ | 1,424,174 | $ | 1,412,275 | 23 | % | (13 | )% | ||||||||||||
Gain on sale margin: | ||||||||||||||||||||||||||
Based on for-sale volume | 3.53 | % | 3.27 | % | 3.05 | % | 4.08 | % | 4.02 | % | 0.26 | (0.49 | ) | |||||||||||||
Six Months Ended | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2017 | Jun 30, 2016 | Year over Year | |||||||||||||||||||||||
Residential mortgage banking revenue: | ||||||||||||||||||||||||||
Origination and sale | $ | 57,032 | $ | 70,492 | (19 | )% | ||||||||||||||||||||
Servicing | 19,697 | 16,282 | 21 | % | ||||||||||||||||||||||
Change in fair value of MSR asset | (16,001 | ) | (34,565 | ) | (54 | )% | ||||||||||||||||||||
Total | $ | 60,728 | $ | 52,209 | 16 | % | ||||||||||||||||||||
Closed loan volume: | ||||||||||||||||||||||||||
Closed loan volume - portfolio | $ | 557,356 | $ | 698,844 | (20 | )% | ||||||||||||||||||||
Closed loan volume - for-sale | 1,672,915 | 1,810,425 | (8 | )% | ||||||||||||||||||||||
Closed loan volume - total | $ | 2,230,271 | $ | 2,509,269 | (11 | )% | ||||||||||||||||||||
Gain on sale margin: | ||||||||||||||||||||||||||
Based on for-sale volume | 3.41 | % | 3.89 | % | (0.48 | ) | ||||||||||||||||||||
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