Full-year 2015 operating
earnings1 of $1.15 per share, up 6% from $1.08 in
2014
Fourth quarter 2015 operating earnings of
$66.6 million, or $0.30 per share
Improved results attributable to strong net
interest margin, double-digit revenue and loan growth
Loan and lease growth of 3% for the quarter,
10% for the year
Umpqua Holdings Corporation (NASDAQ:UMPQ) (the “Company”)
reported net earnings available to common shareholders of $63.4
million for the fourth quarter of 2015, compared to $57.5 million
for the third quarter of 2015 and $52.4 million for the fourth
quarter of 2014. Earnings per diluted common share were $0.29 for
the fourth quarter of 2015, compared to $0.26 for the third quarter
of 2015 and $0.24 for the fourth quarter of 2014.
Operating earnings, which represent earnings available to common
shareholders before gains or losses on junior subordinated
debentures carried at fair value, net of tax, and merger related
expenses, net of tax, were $66.6 million for the fourth quarter of
2015, compared to $62.1 million for the third quarter of 2015 and
$59.4 million for the fourth quarter of 2014. Operating earnings
per diluted common share were $0.30 for the fourth quarter of 2015,
compared to $0.28 for the third quarter of 2015 and $0.27 for the
fourth quarter of 2014.
For the twelve months ended December 31, 2015, the Company
reported net earnings available to common shareholders of $222.7
million, or $1.01 per diluted common share, compared to $147.2
million, or $0.78 per diluted common share, for the twelve months
ended December 31, 2014. For the twelve months ended
December 31, 2015, operating earnings were $253.8 million, or
$1.15 per diluted common share, compared to $202.5 million, or
$1.08 per diluted common share, for the twelve months ended
December 31, 2014.
“Umpqua delivered strong financial performance in 2015, despite
the continued low interest rate environment,” said Ray Davis,
president and CEO of Umpqua Holdings Corporation. “Umpqua’s double
digit loan growth and strong net interest margin led to a six
percent increase in operating earnings per share, and improvements
in our key profitability metrics. In addition, we returned more
capital to our shareholders through increased dividends, and
continued to invest in technology initiatives to position Umpqua
for the future.”
Full-Year 2015 Highlights (compared to
prior year):
- Operating earnings of $253.8 million,
up from $202.5 million:
- Revenue growth of 20%, driven primarily
by higher net interest income from a larger balance sheet and
improvement in asset mix, and an increase in mortgage banking
revenue;
- Efficiency ratio (operating basis)1
improved to 61.90%, from 62.33%;
- Return on average assets (operating
basis)1 of 1.11% and return on average tangible common equity
(operating basis)1 of 12.81%, both increased from prior year;
- Gross loan and lease growth of $1.5
billion, or 10%;
- Non-performing assets to total assets
decreased to 0.29%, from 0.43%;
- Paid dividends of $0.62 per common
share, repurchased 571,000 shares of stock, and grew tangible book
value by 4%, or $0.37 per share;
Fourth Quarter 2015 Highlights
(compared to prior quarter):
- Operating earnings1 increased to $66.6
million:
- Net interest income increased by $0.6
million, driven by strong loan growth;
- Provision for loan and lease losses
decreased by $3.6 million, driven by improved credit performance
and lower net charge-offs;
- Non-interest income increased by $8.0
million, driven by a lower loss related to the change in fair value
of the mortgage servicing rights ("MSR") asset;
- Non-interest expense (excluding
merger-related expense) increased by $4.2 million, driven primarily
by higher marketing, professional services, communications and
depreciation expense;
- Strong loan and deposit growth:
- Gross loan and lease growth of $460.3
million, or 11% annualized;
- Deposits grew by $240.2 million, or 5%
annualized;
- Prudently managed capital:
- Estimated total risk-based capital
ratio of 14.2% and estimated Tier 1 common to risk weighted assets
ratio of 11.2%;
- Paid quarterly dividend of $0.16 per
common share; and
- Repurchased 61,000 shares of common
stock for $1.1 million.
Financial Statement
Presentation
Please note that the financial statement presentation, and the
surrounding narrative, contains certain prior period amounts which
have been reclassified to conform with current year
presentation.
Balance Sheet
Total consolidated assets increased to $23.4 billion as of
December 31, 2015, compared to $23.2 billion as of
September 30, 2015 and $22.6 billion as of December 31, 2014.
Including secured off-balance sheet lines of credit, the Company
had total available liquidity of $7.6 billion as of December 31,
2015, representing 32% of total assets and 43% of total
deposits.
Gross loans and leases were $16.8 billion as of December 31,
2015, an increase of $460.3 million from $16.4 billion as of
September 30, 2015. This increase was driven by strong loan
growth in both the commercial and consumer portfolios.
The Company also sold $27.7 million and $201.1 million of
portfolio residential mortgage loans for the fourth quarter and
full year of 2015, respectively. Excluding the impact of these
sales, gross loan growth for the fourth quarter of 2015 was $488.0
million, or 12% annualized, and gross loan growth for 2015 was $1.7
billion, or 11%.
Total deposits were $17.7 billion as of December 31, 2015, an
increase of $240.2 million, or 5% annualized, from $17.5 billion as
of September 30, 2015. This increase was primarily
attributable to growth in demand, money market and savings
deposits, partially offset by a decrease in time deposits.
Net Interest Income
Net interest income was up $0.6 million from the prior quarter,
driven primarily by strong quarterly loan growth. This growth was
partially offset by a slight decline in core margin and a $1.2
million linked quarter decrease in interest income arising from the
accretion of the credit discount recorded on loans acquired from
Sterling. Over the same period in the prior year, net interest
income decreased by $8.2 million, driven by a lower level of
interest income arising from the accretion of the credit discount
recorded on loans acquired from Sterling.
The Company’s net interest margin was 4.37% for the fourth
quarter of 2015, down from 4.42% for the third quarter of 2015 and
from 4.69% for the fourth quarter of 2014. These decreases reflect
the lower level of accretion of the credit discount recorded on
loans acquired from Sterling, as well as lower average yields on
interest-earning assets.
Credit Quality
Under acquisition accounting, loans (including those considered
non-performing) acquired from Sterling were recorded at their
estimated fair value, and the related allowance for loan losses was
eliminated. As a result, the Company wrote down the value of the
loan and lease portfolio acquired from Sterling as of the
acquisition date. The credit portion of the fair value mark is not
reflected in the reported allowance for loan and lease losses, or
its related allowance coverage ratios, but we believe should be
considered when comparing the current quarter ratios to similar
ratios in periods prior to the acquisition of Sterling.
Loans acquired with significant deteriorated credit quality are
accounted for as purchased credit impaired pools. Accordingly,
loans included in the purchased credit impaired pools are not
reported as non-performing loans based upon their individual
performance status.
During the fourth quarter of 2015, the Company reported $13.1
million of accretion related to the Sterling credit discount in
interest income, as compared to $14.3 million in the prior quarter.
As of December 31, 2015, the purchased non-credit impaired loans
had approximately $72.8 million of remaining credit discount that
will accrete into interest income over the life of the loans, and
the purchased credit impaired loan pools had approximately $44.4
million of remaining total discount.
The allowance for loan and lease losses was $130.3 million, or
0.77% of loans and leases, as of December 31, 2015. To provide
better comparability to prior periods, this pro-forma ratio would
have been approximately 1.5% after grossing up the allowance for
loan and lease losses and the loans and leases by the amount of the
credit discount remaining as of quarter-end. This compares to a
pro-forma ratio of approximately 1.6% as of September 30, 2015.
The provision for loan and lease losses decreased by $3.6
million from the prior quarter, driven primarily by continued
improvement in credit performance within the loan and lease
portfolio and a linked quarter decline in net charge-offs.
Charge-offs, net of recoveries, were $4.4 million for the fourth
quarter of 2015, compared to $5.1 million for the third quarter of
2015.
As of December 31, 2015, non-performing assets represented 0.29%
of total assets, compared to 0.28% as of September 30, 2015
and 0.43% as of December 31, 2014.
Non-interest Income
Total non-interest income was up $8.0 million from the prior
quarter, driven primarily by increased mortgage banking revenue and
increased income related to debt capital market activities,
partially offset by lower brokerage revenue and income from
portfolio loans sales. Over the same period in the prior year,
non-interest income increased by $19.0 million primarily reflecting
stronger mortgage banking revenues.
The largest component of non-interest income is mortgage banking
revenue, which includes revenue from the origination and sale of
residential mortgage loans, revenue from the servicing of
residential mortgage loans and changes to the fair value of the
residential MSR asset. The linked quarter increase in mortgage
banking revenue was driven primarily by a lower loss related to the
change in fair value of the MSR asset, which decreased to a loss of
$0.5 million, from a loss of $10.1 million in the prior quarter.
This change reflected the linked quarter increase in interest rates
and its impact on the prepayment speed assumption for the MSR
asset.
Revenue from the origination and sale of residential mortgages
decreased slightly from the prior quarter, reflecting a 6% linked
quarter decline in for sale mortgage originations. Home lending
gain on sale margin remained flat at 3.19%. Of the current
quarter’s mortgage production, 63% related to purchase activity, as
compared to 70% for the prior quarter and 63% for the same period
in the prior year.
Revenue related to the servicing of residential mortgage loans
increased by 4% from the prior quarter, and has increased by 20%
from the same period in the prior year, consistent with the growth
in residential mortgage loans serviced for others.
Non-interest Expense
Non-interest expense was $185.1 million for the fourth quarter
of 2015, which included $3.7 million of merger-related expenses.
This compares to $183.2 million, including $6.0 million of
merger-related expenses for the third quarter of 2015, and $190.9
million, including $10.2 million of merger-related expenses, for
the fourth quarter of 2014.
Excluding merger-related expenses, non-interest expense
increased by $4.2 million from the prior quarter. This increase
from the prior quarter was driven primarily by higher marketing and
professional service expense, as well as higher costs associated
with communications and depreciation.
Capital
As of December 31, 2015, the Company’s tangible book value per
common share1 increased to $9.16, from $9.08 in the prior quarter
and from $8.79 in the same period of the prior year. During the
fourth quarter of 2015, the Company repurchased 61,000 shares of
common stock for $1.1 million. For 2015, the Company repurchased
571,000 shares for $10.0 million.
The Company’s estimated total risk-based capital ratio was 14.2%
and its estimated Tier 1 common to risk weighted assets ratio was
11.2% as of December 31, 2015, compared to 14.5% and 11.5%,
respectively, as of September 30, 2015. The Company remains above
current “well-capitalized” regulatory minimums. The regulatory
capital ratios as of December 31, 2015 are estimates, pending
completion and filing of the Company’s regulatory reports.
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 certain 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.
The Company recognizes gains or losses on its junior
subordinated debentures carried at fair value resulting from
changes in interest rates and the estimated market credit risk
adjusted spread that do not directly correlate with the Company’s
operating performance. Also, the Company incurs significant
expenses related to the completion and integration of mergers and
acquisitions. Additionally, it 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. Lastly, the
Company may recognize one-time bargain purchase gains on certain
acquisitions that are not reflective of the Company’s on-going
earnings power. Accordingly, management believes that our operating
results are best measured on a comparative basis excluding the
impact of gains or losses on junior subordinated debentures
measured at fair value, net of tax, merger-related expenses, net of
tax, and other charges related to business combinations such as
goodwill impairment charges or bargain purchase gains, net of tax.
The Company defines operating earnings as earnings available to
common shareholders before gains or losses on junior subordinated
debentures carried at fair value, net of tax, bargain purchase
gains on acquisitions, net of tax, merger related expenses, net of
tax, and goodwill impairment, and we calculate operating earnings
per diluted share by dividing operating earnings by the same
diluted share total used in determining diluted earnings per common
share.
The following table provides the reconciliation of earnings
available to common shareholders (GAAP) to operating earnings
(non-GAAP), and earnings per diluted common share (GAAP) to
operating earnings per diluted share (non-GAAP) for the periods
presented:
Quarter Ended % Change (Dollars in
thousands, except per share data) Dec 31, 2015
Sep 30, 2015
Jun 30, 2015
Mar 31, 2015 Dec 31, 2014 Seq.
Quarter Year over Year Net earnings available to
common shareholders $ 63,434 $ 57,523 $ 54,691
$ 47,045 $ 52,436 10 % 21 % Adjustments: Net loss on
junior subordinated debentures carried at fair value, net of tax
(1) 953 954 943 933 953 0 % 0 % Merger related expenses, net of tax
(1) 2,227 3,595 13,078
8,449 6,038 (38 )% (63 )% Operating earnings $
66,614 $ 62,072 $ 68,712
$ 56,427 $ 59,427 7 % 12 %
Earnings per diluted
share:
Earnings available to common shareholders $ 0.29 $ 0.26 $ 0.25 $
0.21 $ 0.24 12 % 21 % Operating earnings $ 0.30 $ 0.28 $ 0.31 $
0.26 $ 0.27 7 % 11 %
Year Ended % Change
Dec 31, 2015 Dec 31, 2014 Year over
Year Net earnings available to common shareholders $
222,693 $ 147,174 51 % Adjustments: Net loss on junior subordinated
debentures carried at fair value, net of tax (1) 3,783 3,054 24 %
Merger related expenses, net of tax (1) 27,349 52,311
(48 )% Operating earnings $ 253,825 $ 202,539
25 %
Earnings per diluted
share:
Earnings available to common shareholders $ 1.01 $ 0.78 29 %
Operating earnings $ 1.15 $ 1.08 6 % (1) Income tax effect
of pro forma operating earnings adjustments at 40% for
tax-deductible items.
Management believes tangible common equity and the tangible
common equity ratio are meaningful 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, 2015 Sep 30, 2015 Jun 30, 2015
Mar 31, 2015 Dec 31, 2014 Total
shareholders' equity $ 3,849,846 $ 3,835,552 $
3,804,179 $ 3,800,970 $ 3,777,626 Subtract: Goodwill
and other intangible assets, net 1,833,301 1,836,954
1,839,760 1,842,567
1,842,958 Tangible common shareholders' equity $ 2,016,545
$ 1,998,598 $ 1,964,419 $
1,958,403 $ 1,934,668 Total assets $
23,387,717 $ 23,162,304 $ 22,793,331 $ 22,953,158 $ 22,609,903
Subtract: Goodwill and other intangible assets, net 1,833,301
1,836,954 1,839,760
1,842,567 1,842,958 Tangible assets $
21,554,416 $ 21,325,350 $ 20,953,571
$ 21,110,591 $ 20,766,945 Common
shares outstanding at period end 220,171 220,217 220,280 220,454
220,161 Tangible common equity ratio 9.36 % 9.37 % 9.38 % 9.28 %
9.32 % Tangible book value per common share $ 9.16 $ 9.08 $ 8.92 $
8.88 $ 8.79
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 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 Private Bank serves high net worth individuals
and nonprofits, providing trust and investment services. Umpqua
Holdings Corporation is headquartered in Portland, Oregon. For more
information, visit www.umpquaholdingscorp.com.
Earnings Conference Call
Information
The Company will host its fourth quarter 2015 earnings
conference call on Thursday, January 28, 2016, 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
2015 financial results. There will be a live question-and-answer
session following the presentation. To join the call, please dial
(877) 718-5095 ten minutes prior to the start time and enter
conference ID: 641424. A re-broadcast will be available
approximately two hours after the call by dialing (888) 203-1112
and entering conference ID 641424. The earnings conference call
will also be available as an audiocast, which can be accessed on
the Company’s investor relations page at www.umpquaholdingscorp.com. A slide presentation
to accompany the call will also be posted on the website before the
call.
Forward-Looking
Statements
This press release and our earnings call and related slide
presentation include 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. We make forward-looking
statements about the integration of the merger with Sterling
Financial Corporation; timing and amount of merger-related
synergies; credit discount accretion related to the merger, and
planned investments and initiatives. Specific risks that could
cause results to differ from these forward looking statements are
Umpqua’s ability to promptly and effectively integrate the
businesses of Sterling and Umpqua and achieve the synergies and
earnings accretion contemplated by the Sterling merger. Additional
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, changes in the discounted cash flow
model used to determine the fair value of subordinated debentures;
prolonged low interest rate environment; unanticipated weakness in
loan demand or loan pricing; deterioration in the economy; material
reductions in revenue or material increases in expenses; lack of
strategic growth opportunities or our failure to execute on those
opportunities; our inability to effectively manage problem credits;
certain loan assets becoming ineligible for loss sharing;
unanticipated increases in the cost of deposits; the consequences
of a phase-out of junior subordinated debentures from Tier 1
capital; the diversion of management time on issues related to
merger integration; changes in laws or regulations; and changes in
general economic conditions.
Umpqua Holdings Corporation Consolidated Statements of
Income (Unaudited)
Quarter Ended % Change (In thousands, except per
share data) Dec 31, 2015 Sep 30, 2015
Jun 30, 2015 Mar 31, 2015 Dec
31, 2014 Seq. Quarter Year over Year
Interest income: Loans and leases $ 219,440 $ 218,975
$ 217,143 $ 213,875 $ 226,853 0 % (3 )% Interest and dividends on
investments: Taxable 12,654 11,882 11,517 11,789 11,629 6 % 9 %
Exempt from federal income tax 2,363 2,393 2,410 2,481 2,746 (1 )%
(14 )% Dividends 326 112 169 101 66 191 % 394 % Temporary
investments & interest bearing deposits 422 440
549 825 857 (4 )%
(51 )% Total interest income 235,205 233,802 231,788 229,071
242,151 1 % (3 )% Interest expense: Deposits 7,905 7,450 7,381
7,103 7,119 6 % 11 % Repurchase agreements 39 43 43 48 48 (9 )% (19
)% Term debt 3,885 3,629 3,492 3,464 3,570 7 % 9 % Junior
subordinated debentures 3,542 3,465
3,406 3,337 3,399 2 % 4 % Total
interest expense 15,371 14,587 14,322 13,952 14,136 5 % 9 % Net
interest income 219,834 219,215 217,466 215,119 228,015 0 % (4 )%
Provision for loan and lease losses 4,545 8,153 11,254 12,637 5,241
(44 )% (13 )% Non-interest income: Service charges on deposits
15,039 15,616 14,811 14,274 15,472 (4 )% (3 )% Brokerage revenue
4,061 5,003 4,648 4,769 4,960 (19 )% (18 )% Residential mortgage
banking revenue, net 32,440 24,041 40,014 28,227 16,489 35 % 97 %
Gain on investment securities, net 2,567 220 19 116 1,026 1,067 %
150 % Gain on loan sales 1,729 5,212 8,711 6,728 5,730 (67 )% (70
)% Loss on junior subordinated debentures carried at fair value
(1,589 ) (1,590 ) (1,572 ) (1,555 ) (1,589 ) 0 % 0 % Change in FDIC
indemnification asset 200 1,432 (1,199 ) (1,286 ) (1,982 ) (86 )%
(110 )% BOLI income 1,841 2,165 2,043 2,302 1,971 (15 )% (7 )%
Other income 13,057 9,273 13,627
10,330 8,228 41 % 59 % Total
non-interest income 69,345 61,372 81,102 63,905 50,305 13 % 38 %
Non-interest expense: Salaries and employee benefits 106,203
106,482 110,807 107,444 104,039 0 % 2 % Occupancy and equipment,
net 38,722 37,235 34,868 32,150 32,987 4 % 17 % Intangible
amortization 2,806 2,806 2,807 2,806 3,102 0 % (10 )% FDIC
assessments 3,742 3,369 3,155 3,214 3,522 11 % 6 % (Gain) loss on
other real estate owned, net (242 ) (158 ) 480 1,814 3,609 53 %
(107 )% Merger related expenses 3,712 5,991 21,797 14,082 10,171
(38 )% (64 )% Other expense 30,134 27,469
28,004 31,109 33,426 10 %
(10 )% Total non-interest expense 185,077 183,194 201,918 192,619
190,856 1 % (3 )% Income before provision for income taxes 99,557
89,240 85,396 73,768 82,223 12 % 21 % Provision for income taxes
36,027 31,633 30,612
26,639 29,641 14 % 22 % Net income 63,530
57,607 54,784 47,129 52,582 10 % 21 % Dividends and undistributed
earnings allocated to participating securities 96 84
93 84 146 14 % (34
)% Net earnings available to common shareholders $ 63,434
$ 57,523 $ 54,691 $ 47,045
$ 52,436 10 % 21 % Weighted average
basic shares outstanding 220,202 220,297 220,463 220,349 218,963 0
% 1 % Weighted average diluted shares outstanding 220,930 220,904
221,150 221,051 219,974 0 % 0 % Earnings per common share – basic $
0.29 $ 0.26 $ 0.25 $ 0.21 $ 0.24 12 % 21 % Earnings per common
share – diluted $ 0.29 $ 0.26 $ 0.25 $ 0.21 $ 0.24 12 % 21 %
Umpqua Holdings Corporation Consolidated Statements of
Income (Unaudited) Year Ended %
Change (In thousands, except per share data) Dec 31,
2015 Dec 31, 2014 Year over Year Interest
income: Loans and leases $ 869,433 $ 763,803 14 % Interest
and dividends on investments: Taxable 47,842 45,784 4 % Exempt from
federal income tax 9,647 10,345 (7 )% Dividends 708 325 118 %
Temporary investments & interest bearing deposits 2,236
2,264 (1 )% Total interest income 929,866 822,521 13
% Interest expense: Deposits 29,839 23,815 25 % Repurchase
agreements 173 346 (50 )% Term debt 14,470 12,793 13 % Junior
subordinated debentures 13,750 11,739 17 %
Total interest expense 58,232 48,693 20 % Net interest income
871,634 773,828 13 % Provision for loan and lease losses 36,589
40,241 (9 )% Non-interest income: Service charges on deposits
59,740 54,700 9 % Brokerage revenue 18,481 18,133 2 % Residential
mortgage banking revenue, net 124,722 77,265 61 % Gain on
investment securities, net 2,922 2,904 1 % Gain on loan sales
22,380 15,113 48 % Loss on junior subordinated debentures carried
at fair value (6,306 ) (5,090 ) 24 % Change in FDIC indemnification
asset (853 ) (15,151 ) (94 )% BOLI income 8,351 6,835 22 % Other
income 46,287 26,465 75 % Total non-interest
income 275,724 181,174 52 % Non-interest expense: Salaries and
employee benefits 430,936 355,379 21 % Occupancy and equipment, net
142,975 111,263 29 % Intangible amortization 11,225 10,207 10 %
FDIC assessments 13,480 10,998 23 % Loss on other real estate
owned, net 1,894 4,116 (54 )% Merger related expenses 45,582 82,317
(45 )% Other expense 116,716 109,783 6 % Total
non-interest expense 762,808 684,063 12 % Income before provision
for income taxes 347,961 230,698 51 % Provision for income taxes
124,911 83,040 50 % Net income 223,050 147,658
51 % Dividends and undistributed earnings allocated to
participating securities 357 484 (26 )% Net
earnings available to common shareholders $ 222,693 $
147,174 51 % Weighted average basic shares
outstanding 220,327 186,550 18 % Weighted average diluted shares
outstanding 221,045 187,544 18 % Earnings per common share – basic
$ 1.01 $ 0.79 28 % Earnings per common share – diluted $ 1.01 $
0.78 29 %
Umpqua Holdings Corporation
Consolidated Balance Sheets
(Unaudited) %
Change (In thousands, except per share data) Dec 31,
2015 Sep 30, 2015 Jun 30, 2015
Mar 31, 2015 Dec 31, 2014 Seq.
Quarter Year over Year Assets:
Noninterest bearing cash $ 277,645 $ 283,773 $ 364,256 $ 292,558 $
282,455 (2 )% (2 )% Interest bearing deposits and temporary
investments 496,080 673,843 515,691 1,088,316 1,322,716 (26 )% (62
)% Investment securities: Trading, at fair value 9,586 9,509 10,005
10,452 9,999 1 % (4 )% Available for sale, at fair value 2,522,539
2,482,478 2,557,245 2,535,121 2,298,555 2 % 10 % Held to maturity,
at amortized cost 4,609 4,699 4,807 4,953 5,211 (2 )% (12 )% Loans
held for sale 363,275 398,015 419,704 406,487 286,802 (9 )% 27 %
Loans and leases 16,848,195 16,387,934 15,974,197 15,548,957
15,327,732 3 % 10 % Allowance for loan and lease losses (130,322 )
(130,133 ) (127,071 ) (120,104 )
(116,167 ) 0 % 12 % Loans and leases, net 16,717,873 16,257,801
15,847,126 15,428,853 15,211,565 3 % 10 % Restricted equity
securities 46,949 46,904 46,917 117,218 119,334 0 % (61 )% Premises
and equipment, net 328,734 330,306 331,208 322,925 317,834 0 % 3 %
Goodwill 1,787,793 1,788,640 1,788,640 1,788,640 1,786,225 0 % 0 %
Other intangible assets, net 45,508 48,314 51,120 53,927 56,733 (6
)% (20 )% Residential mortgage servicing rights, at fair value
131,817 124,814 127,206 116,365 117,259 6 % 12 % Other real estate
owned 22,307 23,892 23,038 32,064 37,942 (7 )% (41 )% FDIC
indemnification asset 855 892 432 1,861 4,417 (4 )% (81 )% Bank
owned life insurance 291,892 297,321 295,551 294,697 294,296 (2 )%
(1 )% Deferred tax assets, net 137,545 149,320 181,245 198,778
230,442 (8 )% (40 )% Other assets 202,710 241,783
229,140 259,943 228,118
(16 )% (11 )% Total assets $ 23,387,717 $
23,162,304 $ 22,793,331 $ 22,953,158
$ 22,609,903 1 % 3 %
Liabilities:
Deposits $ 17,707,189 $ 17,467,024 $ 17,145,046 $ 17,222,566 $
16,892,099 1 % 5 % Securities sold under agreements to repurchase
304,560 323,722 325,711 321,202 313,321 (6 )% (3 )% Term debt
888,769 889,358 889,997 965,675 1,006,395 0 % (12 )% Junior
subordinated debentures, at fair value 255,457 253,665 252,214
250,652 249,294 1 % 2 % Junior subordinated debentures, at
amortized cost 101,254 101,334 101,415 101,496 101,576 0 % 0 %
Other liabilities 280,642 291,649
274,769 290,597 269,592 (4 )% 4
% Total liabilities 19,537,871 19,326,752 18,989,152 19,152,188
18,832,277 1 % 4 %
Shareholders' equity: Common stock
3,520,591 3,517,751 3,517,557 3,521,201 3,519,316 0 % 0 % Retained
earnings 331,813 303,729 281,573 260,128 246,242 9 % 35 %
Accumulated other comprehensive (loss) income (2,558 )
14,072 5,049 19,641
12,068 (118 )% (121 )% Total shareholders' equity 3,849,846
3,835,552 3,804,179
3,800,970 3,777,626 0 % 2 % Total liabilities
and shareholders' equity $ 23,387,717 $ 23,162,304
$ 22,793,331 $ 22,953,158
$ 22,609,903 1 % 3 % Common shares outstanding at
period end 220,171 220,217 220,280 220,454 220,161 0 % 0 % Book
value per common share $ 17.49 $ 17.42 $ 17.27 $ 17.24 $ 17.16 0 %
2 % Tangible book value per common share $ 9.16 $ 9.08 $ 8.92 $
8.88 $ 8.79 1 % 4 % Tangible equity - common $ 2,016,545 $
1,998,598 $ 1,964,419 $ 1,958,403 $ 1,934,668 1 % 4 % Tangible
common equity to tangible assets 9.36 % 9.37 % 9.38 % 9.28 % 9.32 %
(0.01 ) 0.04
Umpqua Holdings Corporation Loan
& Lease Portfolio (Unaudited)
(Dollars in thousands) Dec
31, 2015 Sep 30, 2015 Jun 30, 2015
Mar 31, 2015 Dec 31, 2014 %
Change Amount Amount Amount
Amount Amount Seq. Quarter
Year over Year
Loans &
leases:
Commercial real estate: Non-owner occupied term, net $ 3,141,680 $
3,148,288 $ 3,294,359 $ 3,303,629 $ 3,290,610 0 % (5 )% Owner
occupied term, net 2,691,921 2,655,340 2,636,800 2,577,484
2,633,864 1 % 2 % Multifamily, net 3,074,918 2,961,609 2,859,884
2,764,403 2,638,618 4 % 17 % Commercial construction, net 301,892
287,757 244,354 238,303 258,722 5 % 17 % Residential development,
net 99,459 94,380 76,734 81,160 81,846 5 % 22 % Commercial: Term,
net 1,425,009 1,398,346 1,374,528 1,411,043 1,396,089 2 % 2 % Lines
of credit & other, net 1,043,076 1,014,523 981,897 993,814
1,029,620 3 % 1 % Leases & equipment finance, net 729,161
679,033 630,695 570,492 523,114 7 % 39 % Residential real estate:
Mortgage, net 2,890,223 2,740,228 2,533,042 2,330,325 2,233,735 5 %
29 % Home equity lines & loans, net 923,667 910,287 882,596
863,269 852,478 1 % 8 % Consumer & other, net 527,189
498,143 459,308 415,035
389,036 6 % 36 % Total, net of deferred fees and
costs $ 16,848,195 $ 16,387,934 $
15,974,197 $ 15,548,957 $ 15,327,732
3 % 10 %
Loan & leases
mix:
Commercial real estate: Non-owner occupied term, net 19 % 19 % 20 %
20 % 20 % Owner occupied term, net 16 % 16 % 17 % 17 % 17 %
Multifamily, net 18 % 17 % 17 % 17 % 17 % Commercial construction,
net 2 % 2 % 2 % 2 % 2 % Residential development, net 1 % 1 % — % 1
% 1 % Commercial: Term, net 9 % 9 % 9 % 9 % 9 % Lines of credit
& other, net 6 % 6 % 6 % 6 % 7 % Leases & equipment
finance, net 4 % 4 % 4 % 4 % 3 % Residential real estate: Mortgage,
net 17 % 17 % 16 % 15 % 15 % Home equity lines & loans, net 5 %
6 % 6 % 6 % 6 % Consumer & other, net 3 % 3 % 3 %
3 % 3 % Total 100 % 100 % 100 %
100 % 100 %
Umpqua Holdings Corporation
Deposits by Type/Core Deposits (Unaudited)
(Dollars in
thousands) Dec 31, 2015 Sep 30, 2015
Jun 30, 2015 Mar 31, 2015 Dec
31, 2014 % Change Amount Amount
Amount Amount Amount
Seq. Quarter Year over Year
Deposits:
Demand, non-interest bearing $ 5,318,591 $ 5,207,129 $ 4,927,526 $
4,930,642 $ 4,744,804 2 % 12 % Demand, interest bearing 2,157,376
2,098,223 2,090,595 2,085,368 2,054,994 3 % 5 % Money market
6,599,516 6,514,174 6,374,624 6,287,165 6,113,138 1 % 8 % Savings
1,136,809 1,102,611 1,058,337 1,022,829 971,185 3 % 17 % Time
2,494,897 2,544,887 2,693,964
2,896,562 3,007,978 (2 )% (17 )% Total
$ 17,707,189 $ 17,467,024 $ 17,145,046
$ 17,222,566 $ 16,892,099 1 % 5
% Total core deposits (1) $ 16,102,743 $ 15,940,229 $
15,529,997 $ 15,304,001 $ 15,126,378 1 % 6 %
Deposit
mix:
Demand, non-interest bearing 30 % 30 % 29 % 29 % 28 % Demand,
interest bearing 12 % 12 % 12 % 12 % 12 % Money market 37 % 37 % 37
% 36 % 36 % Savings 6 % 6 % 6 % 6 % 6 % Time 15 % 15 %
16 % 17 % 18 % Total 100 % 100 %
100 % 100 % 100 %
Number of open
accounts:
Demand, non-interest bearing 371,745 370,128 367,086 368,701
367,854 Demand, interest bearing 86,745 88,171 90,021 85,082 86,135
Money market 57,194 57,622 58,156 61,991 63,095 Savings 154,176
153,534 152,404 150,989 150,548 Time 47,672 48,168
49,983 52,179 53,530
Total 717,532 717,623 717,650
718,942 721,162
Average balance
per account:
Demand, non-interest bearing $ 14.3 $ 14.1 $ 13.4 $ 13.4 $ 12.9
Demand, interest bearing 24.9 23.8 23.2 24.5 23.9 Money market
115.4 113.1 109.6 101.4 96.9 Savings 7.4 7.2 6.9 6.8 6.5 Time 52.3
52.8 53.9 55.5 56.2 Total $ 24.7 $ 24.3 $ 23.9 $ 24.0 $ 23.4
(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, 2015 Sep 30,
2015 Jun 30, 2015 Mar 31, 2015
Dec 31, 2014 Seq. Quarter Year over
Year
Non-performing
assets:
Loans and leases on non-accrual status $ 29,215 $ 30,989 $ 33,572 $
40,246 $ 52,041 (6 )% (44 )% Loans and leases past due 90+ days
& accruing 15,169 9,967 13,529
10,416 7,512 52 % 102 % Total
non-performing loans and leases 44,384 40,956 47,101 50,662 59,553
8 % (25 )% Other real estate owned 22,307 23,892
23,038 32,064 37,942
(7 )% (41 )% Total $ 66,691 $ 64,848
$ 70,139 $ 82,726 $ 97,495
3 % (32 )% Performing restructured loans and leases $
31,355 $ 35,706 $ 37,023 $ 60,896 $ 54,836 (12 )% (43 )% Loans and
leases past due 31-89 days $ 28,423 $ 28,919 $ 25,553 $ 20,488 $
24,659 (2 )% 15 % Loans and leases past due 31-89 days to total
loans and leases 0.17 % 0.18 % 0.16 % 0.13 % 0.16 % Non-performing
loans and leases to total loans and leases 0.26 % 0.25 % 0.29 %
0.33 % 0.39 % Non-performing assets to total assets 0.29 % 0.28 %
0.31 % 0.36 % 0.43 %
Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
Quarter Ended % Change (Dollars in thousands)
Dec 31, 2015 Sep 30, 2015 Jun 30,
2015 Mar 31, 2015 Dec 31, 2014
Seq. Quarter Year over Year
Allowance for
loan and lease losses:
Balance beginning of period $ 130,133 $ 127,071 $ 120,104 $ 116,167
$ 115,635 Provision for loan and lease losses 4,545 8,153 11,254
12,637 5,241 (44 )% (13 )% Charge-offs (7,108 ) (8,476 ) (7,442 )
(12,545 ) (9,088 ) (16 )% (22 )% Recoveries 2,752
3,385 3,155 3,845 4,379
(19 )% (37 )% Net charge-offs (4,356 ) (5,091 )
(4,287 ) (8,700 ) (4,709 ) (14 )% (7 )% Total
allowance for loan and lease losses 130,322 130,133 127,071 120,104
116,167 0 % 12 % Reserve for unfunded commitments 3,574
3,081 2,864 3,194
3,539 16 % 1 % Total allowance for credit losses $ 133,896
$ 133,214 $ 129,935 $
123,298 $ 119,706 1 % 12 % Net
charge-offs to average loans and leases (annualized) 0.10 % 0.13 %
0.11 % 0.23 % 0.12 % Recoveries to gross charge-offs 38.72 % 39.94
% 42.39 % 30.65 % 48.18 % Allowance for loan and lease losses to
loans and leases 0.77 % 0.79 % 0.80 % 0.77 % 0.76 % Allowance for
credit losses to loans and leases 0.79 % 0.81 % 0.81 % 0.79 % 0.78
%
Umpqua Holdings Corporation Credit Quality –
Allowance for Loan and Lease Losses (Unaudited)
Year Ended % Change (Dollars in
thousands) Dec 31, 2015 Dec 31, 2014
Year over Year
Allowance for
credit losses:
Balance beginning of period $ 116,167 $ 95,085 Provision for
loan and lease losses 36,589 40,241 (9 )% Charge-offs (35,571 )
(30,178 ) 18 % Recoveries 13,137 11,019 19 %
Net charge-offs (22,434 ) (19,159 ) 17 % Total allowance for
loan and lease losses 130,322 116,167 12 % Reserve for unfunded
commitments 3,574 3,539 1 % Total allowance
for credit losses $ 133,896 $ 119,706 12 %
Net charge-offs to average loans and leases 0.14 % 0.15 %
Recoveries to gross charge-offs 36.93 % 36.51 %
Umpqua
Holdings Corporation Selected Ratios (Unaudited)
Quarter Ended %
Change Dec 31, 2015 Sep 30, 2015
Jun 30, 2015 Mar 31, 2015 Dec 31,
2014 Seq. Quarter Year over Year
Average
Rates:
Yield on loans and leases 5.19 % 5.29 % 5.46 % 5.59 %
5.82 % (0.10 ) (0.63 ) Yield on loans held for sale 3.80 % 4.07 %
3.24 % 3.81 % 4.01 % (0.27 ) (0.21 ) Yield on taxable investments
2.25 % 2.09 % 2.03 % 2.17 % 2.16 % 0.16 0.09 Yield on tax-exempt
investments (1) 4.72 % 4.69 % 4.69 % 4.81 % 5.09 % 0.03 (0.37 )
Yield on temporary investments & interest bearing cash 0.28 %
0.25 % 0.26 % 0.25 % 0.25 % 0.03 0.03 Total yield on earning assets
(1) 4.68 % 4.71 % 4.77 % 4.80 % 4.98 % (0.03 ) (0.30 ) Cost
of interest bearing deposits 0.26 % 0.24 % 0.24 % 0.24 % 0.23 %
0.02 0.03
Cost of securities sold under agreements
to repurchase and fed funds purchased
0.05 % 0.05 % 0.05 % 0.06 % 0.06 % — (0.01 ) Cost of term debt 1.73
% 1.62 % 1.51 % 1.42 % 1.41 % 0.11 0.32 Cost of junior subordinated
debentures 3.96 % 3.89 % 3.88 % 3.86 % 3.86 % 0.07 0.10 Total cost
of interest bearing liabilities 0.44 % 0.42 % 0.41 % 0.41 % 0.41 %
0.02 0.03 Net interest spread (1) 4.24 % 4.29 % 4.36 % 4.39
% 4.57 % (0.05 ) (0.33 ) Net interest margin – Consolidated (1)
4.37 % 4.42 % 4.48 % 4.51 % 4.69 % (0.05 ) (0.32 ) Net interest
margin – Bank (1) 4.44 % 4.49 % 4.55 % 4.57 % 4.75 % (0.05 ) (0.31
)
As reported
(GAAP):
Return on average assets 1.08 % 0.99 % 0.96 % 0.84 % 0.92 % 0.09
0.16 Return on average tangible assets 1.18 % 1.08 % 1.05 % 0.92 %
1.00 % 0.10 0.18 Return on average common equity 6.54 % 5.98 % 5.77
% 5.02 % 5.59 % 0.56 0.95 Return on average tangible common equity
12.51 % 11.52 % 11.18 % 9.76 % 11.08 % 0.99 1.43 Efficiency ratio –
Consolidated 63.73 % 65.00 % 67.35 % 68.71 % 68.23 % (1.27 ) (4.50
) Efficiency ratio – Bank 62.11 % 63.08 % 65.74 % 67.07 % 66.23 %
(0.97 ) (4.12 )
Operating basis
(non-GAAP): (2)
Return on average assets 1.14 % 1.07 % 1.21 % 1.01 % 1.04 % 0.07
0.10 Return on average tangible assets 1.24 % 1.17 % 1.32 % 1.10 %
1.13 % 0.07 0.11 Return on average common equity 6.87 % 6.45 % 7.25
% 6.03 % 6.34 % 0.42 0.53 Return on average tangible common equity
13.14 % 12.43 % 14.05 % 11.71 % 12.56 % 0.71 0.58 Efficiency ratio
– Consolidated 62.11 % 62.52 % 59.76 % 63.34 % 64.23 % (0.41 )
(2.12 ) Efficiency ratio – Bank 60.84 % 61.15 % 58.49 % 62.05 %
62.61 % (0.31 ) (1.77 )
(1) Tax exempt interest has been adjusted to a taxable
equivalent basis using a 35% tax rate.
(2) Operating earnings is calculated as earnings available to
common shareholders excluding gain (loss) on junior subordinated
debentures carried at fair value, net of tax, bargain purchase gain
on acquisitions, net of tax, goodwill impairment, and merger
related expenses, net of tax.
Umpqua Holdings Corporation Selected Ratios
(Unaudited) Year Ended % Change
Dec 31, 2015 Dec 31, 2014 Year over
Year
Average
Rates:
Yield on loans and leases 5.38 % 5.81 % (0.43 ) Yield on
loans held for sale 3.72 % 4.06 % (0.34 ) Yield on taxable
investments 2.13 % 2.22 % (0.09 ) Yield on tax-exempt investments
(1) 4.73 % 5.20 % (0.47 ) Yield on temporary investments &
interest bearing cash 0.26 % 0.25 % 0.01 Total yield on earning
assets (1) 4.74 % 5.02 % (0.28 ) Cost of interest bearing
deposits 0.24 % 0.23 % 0.01
Cost of securities sold under agreements
to repurchase and fed funds purchased
0.05 % 0.11 % (0.06 ) Cost of term debt 1.57 % 1.57 % — Cost of
junior subordinated debentures 3.90 % 3.89 % 0.01 Total cost of
interest bearing liabilities 0.42 % 0.41 % 0.01 Net interest
spread (1) 4.32 % 4.61 % (0.29 ) Net interest margin – Consolidated
(1) 4.44 % 4.73 % (0.29 ) Net interest margin – Bank (1) 4.51 %
4.79 % (0.28 )
As reported
(GAAP):
Return on average assets 0.97 % 0.77 % 0.20 Return on average
tangible assets 1.06 % 0.83 % 0.23 Return on average common equity
5.83 % 4.69 % 1.14 Return on average tangible common equity 11.24 %
9.17 % 2.07 Efficiency ratio – Consolidated 66.19 % 71.23 % (5.04 )
Efficiency ratio – Bank 64.50 % 69.64 % (5.14 )
Operating basis
(non-GAAP): (2)
Return on average assets 1.11 % 1.06 % 0.05 Return on average
tangible assets 1.20 % 1.15 % 0.05 Return on average common equity
6.64 % 6.45 % 0.19 Return on average tangible common equity 12.81 %
12.62 % 0.19 Efficiency ratio – Consolidated 61.90 % 62.33 % (0.43
) Efficiency ratio – Bank 60.60 % 61.07 % (0.47 )
(1) Tax exempt interest has been adjusted to a taxable
equivalent basis using a 35% tax rate.
(2) Operating earnings is calculated as earnings available to
common shareholders excluding gain (loss) on junior subordinated
debentures carried at fair value, net of tax, bargain purchase gain
on acquisitions, net of tax, goodwill impairment, and merger
related expenses, net of tax.
Umpqua Holdings Corporation
Average Balances
(Unaudited) Quarter Ended %
Change (Dollars in thousands) Dec 31, 2015
Sep 30, 2015 Jun 30, 2015 Mar 31,
2015 Dec 31, 2014 Seq. Quarter
Year over Year Temporary investments & interest bearing
cash $ 608,250 $ 693,114 $ 861,775 $ 1,323,671
$ 1,368,726 (12 )% (56 )% Investment securities, taxable
2,293,429 2,272,676 2,300,123 2,222,174 2,169,504 1 % 6 %
Investment securities, tax-exempt 302,443 311,984 317,655 323,852
326,858 (3 )% (7 )% Loans held for sale 334,428 357,905 368,112
262,777 255,830 (7 )% 31 % Loans and leases 16,514,740
16,155,792 15,731,298 15,334,555
15,300,425 2 % 8 % Total interest earning
assets 20,053,290 19,791,471 19,578,963 19,467,029 19,421,343 1 % 3
% Goodwill & other intangible assets, net 1,835,821 1,838,740
1,841,535 1,842,390 1,844,084 0 % 0 % Total assets 23,196,213
22,943,563 22,777,421 22,687,515 22,625,461 1 % 3 %
Non-interest bearing demand deposits 5,285,992 5,109,047 4,852,989
4,808,062 4,836,517 3 % 9 % Interest bearing deposits 12,249,333
12,225,691 12,274,814 12,187,132
12,153,481 0 % 1 % Total deposits 17,535,325
17,334,738 17,127,803 16,995,194 16,989,998 1 % 3 % Interest
bearing liabilities 13,812,644 13,798,350 13,880,474 13,838,515
13,833,126 0 % 0 % Shareholders’ equity - common 3,847,587
3,819,303 3,803,634 3,797,108 3,721,003 1 % 3 % Tangible common
equity (1) 2,011,766 1,980,563 1,962,099 1,954,718 1,876,919 2 % 7
%
Umpqua Holdings Corporation
Average Balances
(Unaudited) Year Ended % Change
(Dollars in thousands) Dec 31, 2015 Dec 31,
2014 Year over Year Temporary investments & interest
bearing cash $ 869,253 $ 900,851 (4 )% Investment securities,
taxable 2,275,512 2,072,936 10 % Investment securities, tax-exempt
310,684 301,535 3 % Loans held for sale 333,461 205,580 62 % Loans
and leases 15,938,120 13,003,762 23 % Total interest
earning assets 19,727,030 16,484,664 20 % Goodwill & other
intangible assets, net 1,839,601 1,533,403 20 % Total assets
22,905,582 19,169,098 19 % Non-interest bearing demand
deposits 5,015,508 3,951,429 27 % Interest bearing deposits
12,235,302 10,455,902 17 % Total deposits 17,250,810
14,407,331 20 % Interest bearing liabilities 13,833,245 11,875,802
16 % Shareholders’ equity - common 3,820,506 3,137,858 22 %
Tangible common equity (1) 1,980,905 1,604,455 23 %
(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
Residential Mortgage Banking
Activity
(unaudited) Quarter Ended %
Change (Dollars in thousands) Dec 31, 2015
Sep 30, 2015 Jun 30, 2015 Mar 31,
2015 Dec 31, 2014 Seq. Quarter
Year over Year
Residential
mortgage servicing rights:
Residential mortgage loans serviced for
others $ 13,047,266 $ 12,693,451 $ 12,302,866 $ 11,874,910 $
11,590,310 3 % 13 % MSR asset, at fair value 131,817 124,814
127,206 116,365 117,259 6 % 12 % MSR as % of serviced portfolio
1.01 % 0.98 % 1.03 % 0.98 % 1.01 %
Residential
mortgage banking revenue:
Origination and sale $ 25,363 $ 26,904 $ 33,667 $ 31,498 $ 18,378
(6 )% 38 % Servicing 7,546 7,240 6,770 6,457 6,306 4 % 20 % Change
in fair value of MSR asset (469 ) (10,103 ) (423 )
(9,728 ) (8,195 ) (95 )% (94 )% Total $ 32,440
$ 24,041 $ 40,014 $ 28,227
$ 16,489 35 % 97 %
Closed loan
volume:
Closed loan volume - portfolio $ 352,465 $ 446,088 $ 446,712 $
311,149 $ 319,779 (21 )% 10 % Closed loan volume - for-sale 794,820
843,720 997,225 862,155 622,133
(6 )% 28 % Closed loan volume - total $ 1,147,285 $
1,289,808 1,443,937 1,173,304 $ 941,912
(11 )% 22 %
Gain on sale
margin:
Based on for-sale volume 3.19 % 3.19 % 3.38 % 3.65 % 2.95 % — 0.24
Year Ended % Change Dec 31, 2015
Dec 31, 2014 Year over Year
Residential
mortgage banking revenue:
Origination and sale $ 117,432 $ 73,038 61 % Servicing 28,013
20,813 35 % Change in fair value of MSR asset (20,723 )
(16,586 ) 25 % Total $ 124,722 $ 77,265 61 %
Closed loan
volume:
Closed loan volume - portfolio $ 1,556,414 $ 971,245 60 % Closed
loan volume - for-sale 3,497,920 2,146,828 63 %
Closed loan volume - total $ 5,054,334 $ 3,118,073 62
%
Gain on sale
margin:
Based on for-sale volume 3.36 % 3.40 % (0.04 )
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160127005418/en/
Umpqua Holdings CorporationEVP/Chief Financial OfficerRon
Farnsworth, 503-727-4108ronfarnsworth@umpquabank.comorUmpqua
Holdings CorporationSVP/Director of Investor RelationsBradley
Howes, 503-727-4226bradhowes@umpquabank.com
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