First let me welcome all posters on this stock, I am not a know it all and appreciate any and all opinions that validate their position with something other than the words buy or sell. You clearly bring up a good point about the stock buy-back.
In my opinion given UMPQ issued over a million shares of their stock last year to aquire Bay Bank, you are right they used non cash to increase value as stated in the 1st qtr. report. My point should also be taken with what it is worth: Management has a open authorization for the re-purchase of shares and should seriously consider picking up shares of UMPQ at this reduced price should their own stock value exceed any other available investment option. Clearly of course UMPQ could use those same dollars to buy a 3% t-bill; or as you state give you $1 that is worth 70 cents. I just think it show the shareholder and the investment houses that management likes their own stock when they buyback shares.
Only as a matter of discussion, if you look at any Oregon bank equity Buy-back since January 2007, my numbers tell me that no shareholder has benefited through appreciation of his shares, at least so far.
I suggest that $.070 cents directly into my pocket is more beneficial to me as a shareholder than a dollar Buy-back, the value of which will never likely contribute to market price appreciation.
I know you will not be persuaded but, just for fun, if you don't mind, tell me how it's better for me to perhaps, maybe, someday, to have my cake (preferably German Choclate, that will eventually be taxable) rather than a small slice right now.
do you really think they are liquid enough for a buyback? they have less than 200mm cash. and look at their liabilities. i just don't see a buyback happening and would be less surprised if they announced a need to raise capital.
my bet is that they will need to raise capital, too. my fear is that they will simultaneously announce a dividend cut - and for sure, they will cut the dividend (money i rely on) before they cut their own salaries. i'd love to see the ceo cut his salary to $1 for the next year as a good faith jesture before anything else is done.