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Umpqua Reports Quarterly And Annual Results

Fourth quarter 2018 net earnings of $80.3 million, or $0.36 per diluted common share

Full-year 2018 net earnings of $316.2 million, or $1.43 per diluted common share

30% increase in year-over-year earnings per share reflecting success of Umpqua Next Gen initiatives

Annual loan and lease growth of 7% and deposit growth of 6%

PORTLAND, Ore., Jan. 23, 2019 /PRNewswire/ -- Umpqua Holdings Corporation (UMPQ) (the "Company") reported net earnings available to common shareholders of $80.3 million for the fourth quarter of 2018, compared to $91.0 million for the third quarter of 2018 and $75.2 million for the fourth quarter of 2017.  Earnings per diluted common share were $0.36 for the fourth quarter of 2018, compared to $0.41 for the third quarter of 2018 and $0.34 for the fourth quarter of 2017.

For the twelve months ended December 31, 2018, the Company reported net earnings available to common shareholders of $316.2 million, or $1.43 per diluted common share, up from $242.3 million, or $1.10 per diluted common share, for the twelve months ended December 31, 2017.

"We finished 2018 on a strong note, delivering another quarter of solid financial performance to cap a year in which we made terrific progress implementing the priorities laid out in our Next Gen strategy," said Cort O'Haver, president and CEO of Umpqua Holdings Corporation.  "The significant improvement in Umpqua's 2018 financial performance reflects our success implementing key Next Gen initiatives, which included generating strong loan and deposit growth and higher fee income to offset the decrease in mortgage banking revenues while reducing expenses. Building on that momentum, we're focused on achieving the remaining cost savings and continuing to advance our human digital strategy, which we're confident will continue to drive sustained profitability and long-term shareholder value."

Notable items that impacted the fourth quarter 2018 financial results included:

  • $5.8 million net gain related to the previously announced sale of substantially all of the assets of Pivotus, Inc.
  • $4.0 million in professional fees related to operational excellence initiatives, compared to $3.5 million in the prior quarter.
  • $13.1 million loss on the fair value of the MSR asset attributable to the decrease in long-term interest rates during the quarter.  This compares to $0.2 million gain in the prior quarter and $2.0 million gain in the same period of the prior year.
  • $3.0 million loss on the fair value of the debt capital market swap derivatives attributable to the decrease in long-term interest rates during the quarter.  This compares to gains of $0.2 million in both the prior quarter and in the same period of the prior year.
  • $0.8 million of exit or disposal costs, related primarily to planned store consolidations, compared to $1.0 million in the prior quarter and $3.1 million in the same period of the prior year.
  • $0.4 million unrealized holding gain on equity securities, compared to a loss of $0.5 million in the prior quarter and no gain or loss recorded in the same period of the prior year.

Full-Year 2018 Highlights (compared to prior year):

  • Gross loan and lease growth of $1.4 billion, or 7%;
  • Deposit growth of $1.2 billion, or 6%;
  • Net interest income increased by $73.0 million, driven primarily by higher average balances of loans and leases, along with a 10 basis point increase in net interest margin;
  • Provision for loan and lease losses increased by $8.7 million primarily due to loan and lease growth and higher net charge-offs;
  • Non-interest income increased by $0.9 million, reflecting higher levels of other fee income, the gain related to Pivotus, Inc. (see notable items above) and the net loss on junior subordinated debentures carried at fair value no longer being recognized in earnings, partially offset by lower net mortgage banking revenue and lower portfolio loan sale gains;
  • Non-interest expense decreased by $8.4 million, driven primarily by lower salaries and benefits expense and lower merger-related expense, partially offset by higher services expense;
  • Paid dividends of $0.82 per common share (versus $0.68 per share in the prior year) and repurchased 327,000 shares of stock; and
  • Book value increased by 2%, or $0.39 per common share, and tangible book value1 increased by 4%, or $0.42 per common share.

 

1 "Non-GAAP" financial measure. More information regarding this measurement and a reconciliation to the comparable GAAP measurement is provided under the heading Non-GAAP Financial Measures below.

Fourth Quarter 2018 Highlights (compared to prior quarter):

  • Gross loan and lease growth of $568.6 million, or 11% annualized;
  • Deposit growth of $244.7 million, or 5% annualized;
  • Net interest income increased by $6.0 million, attributable to higher average balances of loans and leases, along with an increase in average yields on loans and leases and a lower level of premium amortization on the investment securities portfolio, partially offset by higher funding costs;
  • Provision for loan and lease losses increased by $5.5 million, driven primarily by the strong loan and lease growth during the quarter and a seven basis point increase in net charge-offs to 0.32% of average loans and leases (annualized);
  • Non-interest income decreased by $15.6 million, reflecting the linked quarter declines in the fair value of the MSR asset and debt capital market swap derivatives (see notable items above), partially offset by the gain related to Pivotus, Inc. (see notable items above);
  • Non-interest expense decreased by $0.8 million, driven primarily by lower salaries and benefits and FDIC assessments, partially offset by higher other expense and loss on other real estate owned;
  • Non-performing assets to total assets decreased by one basis point to 0.36%;
  • Estimated total risk-based capital ratio of 13.4% and estimated Tier 1 common to risk weighted assets ratio of 10.7%; and
  • Declared quarterly cash dividend of $0.21 per common share;

Balance Sheet
Total consolidated assets were $26.9 billion as of December 31, 2018, compared to $26.6 billion as of September 30, 2018 and $25.7 billion as of December 31, 2017.  Including secured off-balance sheet lines of credit, total available liquidity was $10.4 billion as of December 31, 2018, representing 39% of total assets and 49% of total deposits.

Gross loans and leases were $20.4 billion as of December 31, 2018, an increase of $568.6 million from $19.9 billion as of September 30, 2018.  This increase reflects balanced growth across the Company's commercial, commercial real estate and residential real estate portfolios.

Total deposits were $21.1 billion as of December 31, 2018, an increase of $244.7 million from $20.9 billion as of September 30, 2018.  This increase was primarily attributable to growth in money market and time accounts, partially offset by a decline in non-interest demand deposits due to the timing of year-end deposit inflows.

Net Interest Income
Net interest income was $247.4 million for the fourth quarter of 2018, up $6.0 million from the prior quarter.  This increase was driven primarily by higher average loans and leases, resulting from the strong growth during the quarter, and a lower level of premium amortization on the investment securities portfolio.  These were partially offset by lower accretion related to acquired loans, which decreased to $4.2 million for the fourth quarter of 2018, compared to $4.9 million in the prior quarter.

The Company's net interest margin was 4.15% for the fourth quarter of 2018, up 6 basis points from 4.09% for the third quarter of 2018.  This increase was driven primarily by the lower level of premium amortization on the investment securities portfolio and an increase in average yields on loans and leases, partially offset by higher funding costs.

Credit Quality
The allowance for loan and lease losses was $144.9 million, or 0.71% of loans and leases, as of December 31, 2018.  The provision for loan and lease losses was $17.2 million for the fourth quarter of 2018, an increase of $5.5 million from the prior quarter level driven primarily by the growth in the loan and lease portfolio and higher net charge-offs.

Net charge-offs increased by 7 basis points from the prior quarter to 0.32% of average loans and leases for the fourth quarter of 2018 (annualized).  As of December 31, 2018, non-performing assets decreased to 0.36% of total assets, from 0.37% as of September 30, 2018 and December 31, 2017.

Non-interest Income
Non-interest income was $56.8 million for the fourth quarter of 2018, down $15.6 million from the prior quarter.  This decrease reflects the decline in fair value for both the MSR asset and the debt capital market swap derivatives (see notable items above), partially offset by the gain related to Pivotus, Inc. (see notable items above).

Net revenue from the origination and sale of residential mortgages was $16.7 million for the fourth quarter of 2018, down $4.3 million from the prior quarter.  For-sale mortgage origination volume decreased by 22% from the prior quarter, while the home lending gain on sale margin increased by 6 basis points to 2.83% for the fourth quarter of 2018.  Of the current quarter's mortgage production, 80% related to purchase activity, compared to 82% for the prior quarter and 67% for the same period in the prior year.

Non-interest Expense
Non-interest expense was $178.5 million for the fourth quarter of 2018, down $0.8 million from the prior quarter level.     This decrease was attributable to lower mortgage banking-related expense, consistent with the decrease in mortgage originations, additional savings associated with the operational excellence initiatives and lower FDIC assessments.  These were partially offset by higher group insurance, annual incentive compensation expenses and loss on other real estate owned.

Capital
As of December 31, 2018, the Company's book value per common share increased to $18.42 from $18.18 in the prior quarter, and its tangible book value per common share1 increased to $10.19 from $9.95 in the prior quarter.  During the fourth quarter of 2018, the Company declared a dividend of $0.21 per share.

The Company's estimated total risk-based capital ratio was 13.4% and its estimated Tier 1 common equity to risk weighted assets ratio was 10.7% as of December 31, 2018.  The Company remains above current "well-capitalized" regulatory minimums.  The regulatory capital ratios as of December 31, 2018 are estimates, pending completion and filing of the Company's regulatory reports.

1 "Non-GAAP" financial measure. More information regarding this measurement and a reconciliation to the comparable GAAP measurement is provided under the heading Non-GAAP Financial Measures below.

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.  The Company believes that these non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this document are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

Management believes tangible common equity and the tangible common equity ratio are useful measures of capital adequacy because they provide a meaningful base for period-to-period and company-to-company comparisons, which management believes will assist investors in assessing the capital of the Company and the ability to absorb potential losses. Tangible common equity is calculated as total shareholders' equity less goodwill and other intangible assets, net (excluding MSRs). 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)


Dec 31, 2018


Sep 30, 2018


Jun 30, 2018


Mar 31, 2018


Dec 31, 2017

Total shareholders' equity


$

4,056,442



$

4,003,893



$

3,981,087



$

3,969,766



$

3,969,367


Subtract:











Goodwill


1,787,651



1,787,651



1,787,651



1,787,651



1,787,651


Other intangible assets, net


23,964



25,506



27,047



28,589



30,130


Tangible common shareholders' equity


$

2,244,827



$

2,190,736



$

2,166,389



$

2,153,526



$

2,151,586


Total assets


$

26,939,781



$

26,615,067



$

26,480,601



$

25,816,401



$

25,680,447


Subtract:











Goodwill


1,787,651



1,787,651



1,787,651



1,787,651



1,787,651


Other intangible assets, net


23,964



25,506



27,047



28,589



30,130


Tangible assets


$

25,128,166



$

24,801,910



$

24,665,903



$

24,000,161



$

23,862,666


Common shares outstanding at period end


220,255



220,238



220,205



220,461



220,149













Total shareholders' equity to total assets ratio


15.06

%


15.04

%


15.03

%


15.38

%


15.46

%

Tangible common equity ratio


8.93

%


8.83

%


8.78

%


8.97

%


9.02

%

Book value per common share


$

18.42



$

18.18



$

18.08



$

18.01



$

18.03


Tangible book value per common share


$

10.19



$

9.95



$

9.84



$

9.77



$

9.77


About Umpqua Holdings Corporation
Umpqua Holdings Corporation (UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. Umpqua Bank has locations across Oregon, Washington, California, Idaho and Nevada.  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 Holdings Corporation is headquartered in Portland, Oregon. For more information, visit umpquabank.com.

Earnings Conference Call Information
The Company will host its fourth quarter 2018 earnings conference call on Thursday, January 24, 2019, at 10:00 a.m. PT (1:00 p.m. ET).  During the call, the Company will provide an update on recent activities and discuss its fourth quarter and full-year 2018 financial results.  There will be a live question-and-answer session following the presentation.  To join the call, please dial (800) 458-4148 ten minutes prior to the start time and enter conference ID: 2359675.  A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 2359675.  The earnings conference call will also be available as an audiocast, which can be accessed on the Company's investor relations page at umpquabank.com.

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 the timing and impact of digital and technology initiatives.  Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)














Quarter Ended


% Change

(In thousands, except per share data)


Dec 31,
2018


Sep 30,
2018


Jun 30,
2018


Mar 31,
2018


Dec 31,
2017


Seq. 
Quarter


Year
over
Year

Interest income:















Loans and leases


$

254,093



$

246,410



$

242,123



$

229,488



$

225,538



3

%


13

%

Interest and dividends on investments:















Taxable


27,381



24,435



8,499



15,699



14,857



12

%


84

%

Exempt from federal income tax


2,135



2,048



2,057



2,128



2,121



4

%


1

%

Dividends


538



549



433



468



386



(2)

%


39

%

Temporary investments and interest bearing deposits


2,621



2,800



2,080



1,164



1,565



(6)

%


67

%

Total interest income


286,768



276,242



255,192



248,947



244,467



4

%


17

%

Interest expense:















Deposits


30,124



25,692



21,259



15,610



13,241



17

%


128

%

Securities sold under agreement to repurchase and federal funds purchased


185



103



155



63



43



80

%


330

%

Term debt


3,326



3,439



3,478



3,361



3,496



(3)

%


(5)

%

Junior subordinated debentures


5,743



5,640



5,400



4,932



4,734



2

%


21

%

Total interest expense


39,378



34,874



30,292



23,966



21,514



13

%


83

%

Net interest income


247,390



241,368



224,900



224,981



222,953



2

%


11

%

Provision for loan and lease losses


17,219



11,711



13,319



13,656



12,928



47

%


33

%

Non-interest income:















Service charges on deposits


16,035



15,574



15,520



14,995



15,413



3

%


4

%

Brokerage revenue


4,178



3,947



4,161



4,194



4,226



6

%


(1)

%

Residential mortgage banking revenue, net


15,150



31,484



33,163



38,438



42,118



(52)

%


(64)

%

Gain on sale of investment securities, net






14







0

%


0

%

Unrealized holding gains (losses) on equity securities


410



(462)



(1,432)







(189)

%


nm

Gain on loan sales, net


2,484



2,772



1,348



1,230



3,688



(10)

%


(33)

%

Loss on junior subordinated debentures carried at fair value










(10,010)



0

%


(100)

%

BOLI income


2,116



2,051



2,060



2,070



2,015



3

%


5

%

Other income


16,438



17,022



16,817



17,640



13,000



(3)

%


26

%

Total non-interest income


56,811



72,388



71,651



78,567



70,450



(22)

%


(19)

%

Non-interest expense:















Salaries and employee benefits


102,109



103,575



113,340



106,551



114,414



(1)

%


(11)

%

Occupancy and equipment, net


35,949



36,530



37,584



38,661



37,269



(2)

%


(4)

%

Intangible amortization


1,542



1,541



1,542



1,541



1,689



0

%


(9)

%

FDIC assessments


2,619



4,303



4,692



4,480



2,075



(39)

%


26

%

Loss (gain) on other real estate owned, net


1,125



(128)



(92)



(38)



(83)



(979)

%


(1,455)

%

Other expenses


35,144



33,471



38,506



34,918



37,422



5

%


(6)

%

Total non-interest expense


178,488



179,292



195,572



186,113



192,786



0

%


(7)

%

Income before provision for income taxes


108,494



122,753



87,660



103,779



87,689



(12)

%


24

%

Provision for income taxes


28,183



31,772



21,661



24,807



12,438



(11)

%


127

%

Net income


80,311



90,981



65,999



78,972



75,251



(12)

%


7

%

Dividends and undistributed earnings allocated to participating securities


1



5



4



6



15



(80)

%


(93)

%

Net earnings available to common shareholders


$

80,310



$

90,976



$

65,995



$

78,966



$

75,236



(12)

%


7

%
















Weighted average basic shares outstanding


220,247



220,224



220,283



220,370



220,194



0

%


0

%

Weighted average diluted shares outstanding


220,668



220,620



220,647



220,825



220,873



0

%


0

%

Earnings per common share – basic


$

0.36



$

0.41



$

0.30



$

0.36



$

0.34



(12)

%


6

%

Earnings per common share – diluted


$

0.36



$

0.41



$

0.30



$

0.36



$

0.34



(12)

%


6

%
















nm = not meaningful














 

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)








Year Ended


% Change

(In thousands, except per share data)


Dec 31, 2018


Dec 31, 2017


Year
over
Year

Interest income:







Loans and leases


$

972,114



$

871,318



12

%

Interest and dividends on investments:







Taxable


76,014



57,987



31

%

Exempt from federal income tax


8,368



8,725



(4)

%

Dividends


1,988



1,491



33

%

Temporary investments and interest bearing deposits


8,665



4,380



98

%

Total interest income


1,067,149



943,901



13

%

Interest expense:







Deposits


92,685



45,582



103

%

Securities sold under agreement to repurchase and federal funds purchased


506



475



7

%

Term debt


13,604



14,159



(4)

%

Junior subordinated debentures


21,715



18,000



21

%

Total interest expense


128,510



78,216



64

%

Net interest income


938,639



865,685



8

%

Provision for loan and lease losses


55,905



47,254



18

%

Non-interest income:







Service charges on deposits


62,124



61,469



1

%

Brokerage revenue


16,480



16,083



2

%

Residential mortgage banking revenue, net


118,235



136,276



(13)

%

Gain on sale of investment securities, net


14



27



(48)

%

Unrealized holding losses on equity securities


(1,484)





nm

Gain on loan sales, net


7,834



18,012



(57)

%

Loss on junior subordinated debentures carried at fair value




(14,727)



(100)

%

BOLI income


8,297



8,214



1

%

Other income


67,917



53,133



28

%

Total non-interest income


279,417



278,487



0

%

Non-interest expense:







Salaries and employee benefits


425,575



438,180



(3)

%

Occupancy and equipment, net


148,724



150,545



(1)

%

Intangible amortization


6,166



6,756



(9)

%

FDIC assessments


16,094



15,014



7

%

Loss (gain) on other real estate owned, net


867



(557)



(256)

%

Merger related expenses




9,324



(100)

%

Other expenses


142,039



128,613



10

%

Total non-interest expense


739,465



747,875



(1)

%

Income before provision for income taxes


422,686



349,043



21

%

Provision for income taxes


106,423



106,730



0

%

Net income


316,263



242,313



31

%

Dividends and undistributed earnings allocated to participating securities


16



55



(71)

%

Net earnings available to common shareholders


$

316,247



$

242,258



31

%








Weighted average basic shares outstanding


220,280



220,251



0

%

Weighted average diluted shares outstanding


220,737



220,836



0

%

Earnings per common share – basic


$

1.44



$

1.10



31

%

Earnings per common share – diluted


$

1.43



$

1.10



30

%








nm = not meaningful








 

Umpqua Holdings Corporation

Consolidated Balance Sheets

(Unaudited)
























% Change

(In thousands, except per share data)

Dec 31, 2018


Sep 30, 2018


Jun 30, 2018


Mar 31, 2018


Dec 31, 2017


Seq. 
Quarter


Year
over
Year

Assets:














Cash and due from banks

$

335,419



$

308,938



$

314,513



$

304,681



$

330,856



9

%


1

%

Interest bearing cash and temporary investments

287,218



570,321



488,499



264,508



303,424



(50)

%


(5)

%

Investment securities:














Equity and other, at fair value

61,841



62,454



64,297



63,295



12,255



(1)

%


405

%

Available for sale, at fair value

2,977,108



2,864,394



2,854,398



2,947,414



3,065,769



4

%


(3)

%

Held to maturity, at amortized cost

3,606



3,672



3,586



3,667



3,803



(2)

%


(5)

%

Loans held for sale, at fair value

166,461



289,537



432,642



299,739



259,518



(43)

%


(36)

%

Loans and leases

20,422,666



19,854,033



19,639,494



19,255,347



19,019,192



3

%


7

%

Allowance for loan and lease losses

(144,871)



(144,026)



(144,556)



(141,933)



(140,608)



1

%


3

%

Net loans and leases

20,277,795



19,710,007



19,494,938



19,113,414



18,878,584



3

%


7

%

Restricted equity securities

40,268



40,269



42,320



43,501



43,508



0

%


(7)

%

Premises and equipment, net

227,423



237,456



245,954



259,354



269,182



(4)

%


(16)

%

Goodwill

1,787,651



1,787,651



1,787,651



1,787,651



1,787,651



0

%


0

%

Other intangible assets, net

23,964



25,506



27,047



28,589



30,130



(6)

%


(20)

%

Residential mortgage servicing rights, at fair value

169,025



175,038



166,217



164,760



153,151



(3)

%


10

%

Other real estate owned

10,958



11,774



12,101



13,055



11,734



(7)

%


(7)

%

Bank owned life insurance

313,626



311,922



309,844



307,745



306,864



1

%


2

%

Other assets

257,418



216,128



236,594



215,028



224,018



19

%


15

%

Total assets

$

26,939,781



$

26,615,067



$

26,480,601



$

25,816,401



$

25,680,447



1

%


5

%

Liabilities:














Deposits

$

21,137,486



$

20,892,774



$

20,744,526



$

20,106,856



$

19,948,300



1

%


6

%

Securities sold under agreements to repurchase

297,151



286,975



273,666



291,984



294,299



4

%


1

%

Term debt

751,788



751,764



801,739



801,868



802,357



0

%


(6)

%

Junior subordinated debentures, at fair value

300,870



282,846



280,669



278,410



277,155



6

%


9

%

Junior subordinated debentures, at amortized cost

88,724



88,781



88,838



88,895



100,609



0

%


(12)

%

Deferred tax liability, net

25,846



22,413



27,255



24,151



21,930



15

%


18

%

Other liabilities

281,474



285,621



282,821



254,471



266,430



(1)

%


6

%

Total liabilities

22,883,339



22,611,174



22,499,514



21,846,635



21,711,080



1

%


5

%

Shareholders' equity:














Common stock

3,512,874



3,510,949



3,509,146



3,515,506



3,517,258



0

%


0

%

Retained earnings

602,482



568,619



524,031



502,214



477,101



6

%


26

%

Accumulated other comprehensive loss

(58,914)



(75,675)



(52,090)



(47,954)



(24,992)



(22)

%


136

%

Total shareholders' equity

4,056,442



4,003,893



3,981,087



3,969,766



3,969,367



1

%


2

%

Total liabilities and shareholders' equity

$

26,939,781



$

26,615,067



$

26,480,601



$

25,816,401



$

25,680,447



1

%


5

%















Common shares outstanding at period end

220,255



220,238



220,205



220,461



220,149



0

%


0

%

Book value per common share

$

18.42



$

18.18



$

18.08



$

18.01



$

18.03



1

%


2

%

Tangible book value per common share

$

10.19



$

9.95



$

9.84



$

9.77



$

9.77



2

%


4

%

Tangible equity - common

$

2,244,827



$

2,190,736



$

2,166,389



$

2,153,526



$

2,151,586



2

%


4

%

Tangible common equity to tangible assets

8.93

%


8.83

%


8.78

%


8.97

%


9.02

%


0.10



(0.09)


 

Umpqua Holdings Corporation

Loan & Lease Portfolio

(Unaudited)
















(Dollars in thousands)


Dec 31, 2018


Sep 30, 2018


Jun 30, 2018


Mar 31, 2018


Dec 31, 2017


% Change



Amount


Amount


Amount


Amount


Amount


Seq.
Quarter


Year
over
Year

Loans and leases:















Commercial real estate:















Non-owner occupied term, net


$

3,573,065



$

3,527,357



$

3,518,982



$

3,519,366



$

3,483,197



1

%


3

%

Owner occupied term, net


2,480,371



2,474,845



2,473,734



2,464,705



2,476,654



0

%


0

%

Multifamily, net


3,304,763



3,225,538



3,185,923



3,103,794



3,060,616



2

%


8

%

Construction & development, net


736,254



646,684



568,562



522,670



540,696



14

%


36

%

Residential development, net


196,890



198,518



183,114



179,954



165,941



(1)

%


19

%

Commercial:















Term, net


2,232,923



2,149,376



2,106,658



2,025,052



1,944,925



4

%


15

%

Lines of credit & other, net


1,169,525



1,133,508



1,152,853



1,147,123



1,166,275



3

%


0

%

Leases & equipment finance, net


1,330,155



1,282,128



1,265,843



1,228,709



1,167,503



4

%


14

%

Residential real estate:















Mortgage, net


3,635,073



3,468,569



3,405,775



3,275,088



3,182,888



5

%


14

%

Home equity loans & lines, net


1,176,477



1,143,351



1,132,329



1,103,048



1,097,877



3

%


7

%

 Consumer & other, net


587,170



604,159



645,721



685,838



732,620



(3)

%


(20)

%

Total, net of deferred fees and costs


$

20,422,666



$

19,854,033



$

19,639,494



$

19,255,347



$

19,019,192



3

%


7

%
















Loan and leases mix:















Commercial real estate:















   Non-owner occupied term, net


17

%


18

%


18

%


18

%


18

%





   Owner occupied term, net


12

%


13

%


13

%


13

%


13

%





   Multifamily, net


16

%


16

%


16

%


16

%


16

%





Construction & development, net


4

%


3

%


3

%


3

%


3

%





Residential development, net


1

%


1

%


1

%


1

%


1

%





Commercial:















Term, net


11

%


11

%


11

%


11

%


10

%





Lines of credit & other, net


6

%


6

%


6

%


6

%


6

%





Leases & equipment finance, net


6

%


6

%


6

%


6

%


6

%





Residential real estate:















Mortgage, net


18

%


17

%


17

%


17

%


17

%





Home equity loans & lines, net


6

%


6

%


6

%


6

%


6

%





   Consumer & other, net


3

%


3

%


3

%


3

%


4

%





    Total


100

%


100

%


100

%


100

%


100

%





 

Umpqua Holdings Corporation

Deposits by Type/Core Deposits

(Unaudited)
















(Dollars in thousands)


Dec 31, 2018


Sep 30, 2018


Jun 30, 2018


Mar 31, 2018


Dec 31, 2017


% Change



Amount


Amount


Amount


Amount


Amount


Seq.
Quarter


Year
over
Year

Deposits:















Demand, non-interest bearing


$

6,667,467



$

6,859,411



$

6,819,325



$

6,699,399



$

6,505,628



(3)

%


2

%

Demand, interest bearing


2,340,471



2,320,560



2,321,691



2,354,873



2,384,133



1

%


(2)

%

Money market


6,645,390



6,325,808



6,161,907



6,546,704



7,037,891



5

%


(6)

%

Savings


1,492,685



1,499,872



1,465,154



1,482,560



1,446,860



0

%


3

%

Time


3,991,473



3,887,123



3,976,449



3,023,320



2,573,788



3

%


55

%

Total


$

21,137,486



$

20,892,774



$

20,744,526



$

20,106,856



$

19,948,300



1

%


6

%
















Total core deposits (1)


$

18,190,402



$

18,012,992



$

17,743,888



$

18,007,169



$

18,263,802



1

%


0

%
















Deposit mix:















Demand, non-interest bearing


32

%


33

%


33

%


33

%


33

%





Demand, interest bearing


11

%


11

%


11

%


12

%


12

%





Money market


31

%


30

%


30

%


33

%


35

%





Savings


7

%


7

%


7

%


7

%


7

%





Time


19

%


19

%


19

%


15

%


13

%





Total


100

%


100

%


100

%


100

%


100

%




















Number of open accounts:















Demand, non-interest bearing


406,240



404,913



402,771



399,721



397,427






Demand, interest bearing


77,099



77,546



77,918



78,181



78,853






Money market


56,196



55,895



55,393



54,752



55,175






Savings


161,656



162,387



162,414



162,841



162,453






Time


54,388



52,482



51,073



48,529



46,861






Total


755,579



753,223



749,569



744,024



740,769





















Average balance per account:















Demand, non-interest bearing


$

16.4



$

16.9



$

16.9



$

16.8



$

16.4






Demand, interest bearing


30.4



29.9



29.8



30.1



30.2






Money market


118.3



113.2



111.2



119.6



127.6






Savings


9.2



9.2



9.0



9.1



8.9






Time


73.4



74.1



77.9



62.3



54.9






Total


$

28.0



$

27.7



$

27.7



$

27.0



$

26.9







(1)

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

 

...

Umpqua Holdings Corporation

Credit Quality – Non-performing Assets

 (Unaudited)


















Quarter Ended


% Change

(Dollars in thousands)


Dec 31,
2018


Sep 30,
2018