Third Quarter 2022 Results
- Net income of $84 million, or
$0.39 per common share
- Operating net income of $103
million, or $0.47 per common
share1
- Loan balances increased $1.1
billion or 4.4%
- Deposit balances increased $685
million or 2.6%
- Net interest margin increased 47 basis points to 3.88%
PORTLAND, Ore., Oct. 19,
2022 /PRNewswire/ --
|
UMPQUA REPORTS
THIRD QUARTER 2022 RESULTS
|
|
$0.39
|
|
$84
|
|
13.02 %
|
|
13.2 %
|
|
Net earnings per
diluted
common share
|
|
Net income ($ in
millions)
|
|
Return on average
tangible
common equity ("ROATCE")1
|
|
Total risk-based
capital ratio
(estimated)
|
|
CEO
Commentary
|
|
"Strong loan growth,
exceptional credit quality, and net interest margin expansion again
characterize Umpqua's quarterly results," said Cort O'Haver,
President and CEO. "New loan generation reflects existing,
conservative portfolio trends, and our efforts to thoughtfully
execute loan and deposit pricing changes in the rising rate
environment contributed to a 16% sequential-quarter increase in net
interest income. Although the net increase in loans outpaced our
deposit expansion, we are pleased with the more balanced growth
levels compared to the prior quarter. Our teams remain focused on
relationship banking with our customers and within our communities
as we await the realization of items necessary to complete our
proposed combination with Columbia Banking System."
|
|
– Cort
O'Haver, President and CEO of Umpqua Holdings Corporation
|
|
3Q22 HIGHLIGHTS
(COMPARED TO 2Q22)
|
|
|
|
Net Interest
Income and
NIM
|
•
Net interest income increased by $39
million or 16% on a quarter-to-quarter basis due to the favorable
impact of rising interest rates and the higher mix of loans as a
percentage of earning assets.
|
|
•
Net interest margin was 3.88%, up 47
basis points from the prior quarter. Total deposit costs were 14
basis points for the quarterly average and 22 basis points at
September 30, 2022, compared to 6 basis points at June 30,
2022.
|
|
|
|
Non-Interest
Income and
Expense
|
•
Non-interest income decreased by $26
million due primarily to the impact of rising interest rates on
fair value accounting and hedges and lower residential mortgage
gain-on-sale income.
|
|
•
Non-interest expense decreased by $1.6
million due to lower salaries and employee benefits expense and
lower merger-related expenses, partially offset by a net increase
in other miscellaneous expenses.
|
|
|
|
Credit
Quality
|
•
Net charge-offs remained low at 0.11% of
average loans and leases (annualized).
|
|
•
Provision expense of $28 million compares
to $19 million for the prior quarter. Net portfolio growth and
economic forecast changes are the primary drivers of the
increase.
|
|
•
Non-performing assets to total assets was
0.16%, up 1 basis point from June 30, 2022.
|
|
|
|
Capital
|
•
Estimated total risk-based capital ratio
of 13.2% and estimated tier 1 risk-based capital ratio of
10.7%.
|
|
•
Declared a quarterly cash dividend of
$0.21 per common share on October 3, 2022, payable October 28,
2022, to holders of record as of October 14, 2022.
|
|
|
|
Notable
items
|
•
MSR hedge put in place in mid-August as
additional actions taken to reduce mortgage segment
volatility.
|
|
•
$0.8 million in merger-related expenses
and $1.4 million in exit and disposal costs.
|
|
3Q22 KEY FINANCIAL
DATA
|
|
|
|
|
|
|
|
PERFORMANCE
METRICS
|
3Q22
|
|
2Q22
|
|
3Q21
|
|
Return on average
assets
|
1.09 %
|
|
1.04 %
|
|
1.40 %
|
|
Return on average
tangible
common equity1
|
13.02 %
|
|
12.23 %
|
|
15.88 %
|
|
Operating return on
average
assets1
|
1.33 %
|
|
1.06 %
|
|
1.40 %
|
|
Operating return on
average
tangible common equity1
|
15.90 %
|
|
12.49 %
|
|
15.88 %
|
|
Net interest
margin
|
3.88 %
|
|
3.41 %
|
|
3.21 %
|
|
Efficiency ratio -
consolidated
|
56.07 %
|
|
59.12 %
|
|
59.44 %
|
|
Loan to deposit
ratio
|
95.12 %
|
|
93.50 %
|
|
81.65 %
|
|
|
|
|
|
|
|
INCOME
STATEMENT
($ in 000s, excl. per
share data)
|
3Q22
|
|
2Q22
|
|
3Q21
|
|
Net interest
income
|
$287,604
|
|
$248,170
|
|
$235,074
|
|
Provision (recapture)
for
credit losses
|
$27,572
|
|
$18,692
|
|
($18,919)
|
|
Non-interest
income
|
$29,445
|
|
$55,235
|
|
$73,705
|
|
Non-interest
expense
|
$177,964
|
|
$179,574
|
|
$183,753
|
|
Pre-provision net
revenue1
|
$139,085
|
|
$123,831
|
|
$125,026
|
|
Operating pre-provision
net
revenue1
|
$163,793
|
|
$125,994
|
|
$124,955
|
|
Earnings per common
share -
diluted
|
$0.39
|
|
$0.36
|
|
$0.49
|
|
Operating earnings
per
common share - diluted1
|
$0.47
|
|
$0.37
|
|
$0.49
|
|
Dividends paid per
share
|
$0.21
|
|
$0.21
|
|
$0.21
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
3Q22
|
|
2Q22
|
|
3Q21
|
|
Total assets
|
$31.5B
|
|
$30.1B
|
|
$30.9B
|
|
Loans and
leases
|
$25.5B
|
|
$24.4B
|
|
$22.0B
|
|
Total
deposits
|
$26.8B
|
|
$26.1B
|
|
$26.9B
|
|
Book value per common
share
|
$11.14
|
|
$11.60
|
|
$12.57
|
|
Tangible book value
per
share1
|
$11.11
|
|
$11.57
|
|
$12.52
|
|
Tangible book value
per
share, ex AOCI1
|
$13.18
|
|
$12.99
|
|
$12.43
|
Balance Sheet
Total consolidated assets were $31.5
billion as of September 30, 2022, compared to
$30.1 billion as of June 30,
2022 and $30.9 billion as of
September 30, 2021. Including secured off-balance sheet
lines of credit, total available liquidity was $14.4 billion as of September 30, 2022,
representing 46% of total assets and 54% of total deposits.
Gross loans and leases were $25.5
billion as of September 30, 2022, an increase of
$1.1 billion relative to
June 30, 2022. Growth remained balanced across portfolios as
it was diversified further by business lines and geographies. New
loans added to the portfolio during the third quarter have similar
underwriting characteristics to existing loan categories, as our Q3
2022 Earnings Presentation details.
Total deposits were $26.8 billion
as of September 30, 2022, an increase of $685 million or 2.6% from $26.1 billion as of June 30, 2022.
Interest-bearing demand and money market balances accounted for the
largest expansion by dollars, though all categories increased
during the quarter.
Net Interest Income
Net interest income was $288
million for the third quarter of 2022, up $39 million from the prior quarter. The increase
reflects the favorable impact of higher interest rates on our asset
sensitive balance sheet and the full quarter effect of the
significant deployment of cash into loans that occurred in the
second quarter of 2022.
The Company's net interest margin was 3.88% for the third
quarter of 2022, up 47 basis points from 3.41% for the second
quarter of 2022. The increase is attributable to the higher mix of
loans as a percentage of earning assets as well as an increase in
individual category earning asset yields given upward interest rate
movements. The cost of interest-bearing deposits increased twelve
basis points to 0.23% for the third quarter of 2022 compared to the
second quarter of 2022, and it was 0.38% on September 30, 2022 compared to 0.10% on
June 30, 2022. Please refer to the Q3
2022 Earnings Presentation available on our website for additional
net interest margin change details and interest rate sensitivity
information.
Credit Quality
The allowance for credit losses was $295
million, or 1.16% of loans and leases, as of
September 30, 2022, compared to $274
million, or 1.12% of loans and leases, as of June 30,
2022. The provision for credit losses of $28 million for the third quarter of 2022
compares to a provision of $19
million for the second quarter of 2022. The current
quarter's provision reflects allowance requirements for new loan
generation; changes between the May
2022 and August 2022 economic
forecasts used in credit models, which contributed to the quarter's
net expense; and loan mix changes. Please refer to the Q3 2022
Earnings Presentation available on our website for additional
details related to the allowance for credit losses.
Net charge-offs were 0.11% of average loans and leases
(annualized) for the third quarter of 2022, compared to 0.11% for
the second quarter of 2022. Net charge-off activity within the
FinPac portfolio continued to remain below its historical average.
As of September 30, 2022, non-performing assets were 0.16% of
total assets, compared to 0.15% as of June 30, 2022 and 0.17%
as of September 30, 2021.
Non-interest Income
Non-interest income was $29
million for the third quarter of 2022, down $26 million from the prior quarter. The decline
was primarily driven by a net fair value loss of $23 million in the third quarter related to
cumulative fair value adjustments and MSR hedging activity, which
compares to a net fair value gain of $1.0
million in the second quarter. Lower mortgage gain-on-sale
revenue also contributed to the quarter's decline.
As detailed in our segment and non-GAAP disclosures,
non-interest income for the Core Banking segment includes a fair
value loss of $25 million for the
third quarter of 2022, driven by an increase in long-term interest
rates and their effect on fair value adjustments related to
investment securities, swap derivatives, and loans carried at fair
value. This compares to a fair value loss of $10 million in the second quarter of 2022, and
the $15 million adverse movement in
fair value change between periods is primarily captured in other
income. Please refer to the Q3 2022 Earnings presentation available
on our website for additional details related to other non-interest
income.
Revenue from the origination and sale of residential mortgages
was $11 million for the third quarter
of 2022, a decrease of $4.6 million
from the prior quarter. This decline reflects a sequential-quarter
decrease of $180 million or 31% in
for-sale mortgage origination volume given the impact of rising
long-term interest rates. Of the current quarter's mortgage
production, 92% related to purchase activity, compared to 83% for
the prior quarter and 61% for the same period of the prior year.
While the mortgage banking gain-on-sale margin increased three
basis points from the prior quarter to 2.65% for the third quarter
of 2022, it continued to reflect the negative impact from rising
rates on the pipeline.
In mid-August, we put hedges in place to reduce the volatility
of MSR fair value impacts on a net basis. In the third quarter of
2022, we recorded a net write-up of the MSR asset of $11 million, which includes a $16 million fair value gain related to model
inputs. We correspondingly recorded a $14
million MSR hedge loss during the quarter. Results for the
month of September indicate the MSR hedges are working as planned
to reduce net income volatility as the $11
million fair value gain related to model inputs was nearly
offset by the MSR hedge loss of $10
million during the month. We continue to execute structural
changes within our Mortgage Banking segment to manage expenses and
efficiently deploy capital, and as part of the process, we reduced
headcount during the third quarter.
Non-interest Expense
Non-interest expense was $178
million for the third quarter of 2022, down $1.6 million from the prior quarter level. The
decrease is primarily due to lower salaries and employee benefits
and lower merger-related expenses, partially offset by a net
increase in other miscellaneous expenses. The third quarter of 2022
included $0.8 million in
merger-related expenses. Please refer to the Q3 2022 Earnings
Presentation available on our website for additional quarterly
expense change details.
Capital
As of September 30, 2022, the
Company's tangible book value per common share2
decreased to $11.11, compared to
$11.57 in the prior quarter and
$12.52 in the same period of the
prior year. Rising interest rates drove a decline in the fair value
of available-for-sale investment securities and an increase in
junior subordinated debt accounted for at fair value during the
quarter. The impact of these items is reflected by a decline in
accumulated other comprehensive (loss) income ("AOCI") to
$(450) million, compared to
$(308) million at the prior
quarter-end and $20 million at
September 30, 2021. Excluding AOCI,
tangible book2 increased to $13.18 at September 30, 2022, compared to
$12.99 and $12.43 for the linked-quarter and year-ago
periods, respectively.
AOCI has no effect on our regulatory capital ratios as the
company opted to exclude it from our common equity tier 1 capital
calculations. The Company's estimated total risk-based capital
ratio was 13.2% and its estimated tier 1 risk-based capital ratio
was 10.7% as of September 30, 2022. The Company remains above
current "well-capitalized" regulatory minimums. The
regulatory capital ratios as of September 30, 2022 are
estimates, pending completion and filing of the Company's
regulatory reports.
Segment Disclosures
Segment disclosures on pages 18-20 of this press release provide
additional detail on the Company's two operating segments: Core
Banking and Mortgage Banking.
The Core Banking segment includes all lines of business, except
Mortgage Banking, including commercial, retail, wealth management,
as well as the operations, technology, and administrative functions
of the Bank and Holding Company. The Mortgage Banking segment
includes the revenue earned from the production and sale of
residential real estate loans, the servicing income from our
serviced loan portfolio, the quarterly changes to the mortgage
servicing rights (MSR) asset, and the specific expenses that are
related to mortgage banking activities including variable
commission expenses. Revenue and related expenses for
residential real estate loans held for investment are included in
the Core Banking segment as portfolio loans are an anchor product
for our consumer and wealth channels and are originated through a
variety of channels throughout the Company.
Earnings Conference Call
Information
The Company will host its third quarter 2022 earnings conference
call on October 20, 2022, 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 third
quarter 2022 financial results. Participants may register for the
call using the below link to receive dial-in details and their own
unique PINs or join the audiocast. It is recommended you join 10
minutes prior to the start time.
Register for the call:
https://register.vevent.com/register/BI1c52bb4dbf56448d85316177a95883a3
Join the
audiocast: https://edge.media-server.com/mmc/p/2ovipyh4
Access the replay through the Company's investor relations page:
https://www.umpquabank.com/investor-relations/
About Umpqua Holdings
Corporation
Umpqua Holdings Corporation (NASDAQ: UMPQ), headquartered
in Portland, Oregon, is the parent
company of Umpqua Bank, an Oregon-based regional bank that operates in
Oregon, Washington, California, Idaho, Nevada, Arizona, and Colorado. Umpqua Bank has been recognized for
its innovative customer experience and banking strategy by national
publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and
CNBC. The company was named #1 in Customer Satisfaction for the
Northwest Region in the J.D. Power 2021 U.S. Retail Banking
Satisfaction StudySM, and Forbes consistently ranks
Umpqua as one of America's Best
Banks. The Portland Business Journal has also recognized
Umpqua as the Most Admired
Financial Services Company in Oregon for seventeen consecutive years. In
addition to its retail and commercial banking presence, Umpqua Bank
owns Financial Pacific Leasing, Inc., a nationally recognized
commercial finance company that provides equipment leases to
businesses. For more information, visit 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. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects,"
"target," "projects," "outlook," "forecast," "will," "may,"
"could," "should," "can" and similar references to future periods.
In this press release we make forward-looking statements about
strategic and growth initiatives and the result of such activity.
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: current and future economic and market
conditions, including the effects of declines in housing and
commercial real estate prices, high unemployment rates, inflation
and any slowdown in economic growth particularly in the western
United States; the effect of the
COVID-19 pandemic, including on our credit quality and business
operations, as well as its impact on general economic and financial
market conditions; economic forecast variables that are either
materially worse or better than end of quarter projections and
deterioration in the economy that exceeds current consensus
estimates; our ability to effectively manage problem credits; our
ability to successfully implement efficiency and operational
excellence initiatives; our ability to successfully develop and
market new products and technology; changes in laws or regulations;
the ability to complete, or any delays in completing, the proposed
transaction between us and Columbia Banking System, Inc.; any
failure to realize the anticipated benefits of the transaction when
expected or at all; certain restrictions during the pendency of the
proposed transaction that may impact our ability to pursue certain
business opportunities or strategic transactions; the possibility
that the transaction may be more expensive to complete than
anticipated, including as a result of unexpected factors or events,
diversion of management's attention from ongoing business
operations and opportunities; and potential adverse reactions or
changes to business or employee relationships, including those
resulting from the completion of the transaction and integration of
the companies. We also caution that the amount and timing of any
future common stock dividends or repurchases will depend on the
earnings, cash requirements and financial condition of the Company,
market conditions, capital requirements, applicable law and
regulations (including federal securities laws and federal banking
regulations), and other factors deemed relevant by the Company's
Board of Directors, and may be subject to regulatory approval or
conditions.
|
____________________
|
|
1 "Non-GAAP"
financial measure. See GAAP to Non-GAAP Reconciliation for
the comparable GAAP measurement.
|
|
2 "Non-GAAP"
financial measure. See GAAP to Non-GAAP Reconciliation for the
comparable GAAP measurement.
|
|
TABLE INDEX
|
|
Page
|
|
Consolidated Statements
of Operations
|
7
|
|
Consolidated Balance
Sheets
|
9
|
|
Financial
Highlights
|
10
|
|
Loan & Lease
Portfolio Balances and Mix
|
12
|
|
Deposit Balances, Mix,
and Select Account Details
|
13
|
|
Credit Quality -
Non-performing Assets
|
14
|
|
Credit Quality -
Allowance for Credit Losses
|
14
|
|
Consolidated Average
Balance Sheets, Net Interest Income, and Yields/Rates
|
17
|
|
Segments
|
19
|
|
GAAP to Non-GAAP
Reconciliation
|
22
|
|
Umpqua Holdings
Corporation
|
|
Consolidated
Statements of Operations
|
|
(Unaudited)
|
|
Quarter
Ended
|
|
%
Change
|
|
(In thousands,
except per share data)
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 278,830
|
|
$ 234,674
|
|
$ 214,404
|
|
$ 221,501
|
|
$ 224,403
|
|
19 %
|
|
24 %
|
|
Interest and dividends
on investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
18,175
|
|
17,256
|
|
18,725
|
|
16,566
|
|
16,102
|
|
5 %
|
|
13 %
|
|
Exempt from federal
income tax
|
1,322
|
|
1,369
|
|
1,372
|
|
1,456
|
|
1,470
|
|
(3) %
|
|
(10) %
|
|
Dividends
|
86
|
|
84
|
|
86
|
|
102
|
|
213
|
|
2 %
|
|
(60) %
|
|
Temporary investments
and interest bearing
deposits
|
5,115
|
|
2,919
|
|
1,353
|
|
1,229
|
|
1,237
|
|
75 %
|
|
314 %
|
|
Total interest
income
|
303,528
|
|
256,302
|
|
235,940
|
|
240,854
|
|
243,425
|
|
18 %
|
|
25 %
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
9,090
|
|
4,015
|
|
3,916
|
|
4,357
|
|
5,100
|
|
126 %
|
|
78 %
|
|
Securities sold under
agreement to
repurchase and federal funds purchased
|
545
|
|
66
|
|
63
|
|
48
|
|
88
|
|
nm
|
|
nm
|
|
Borrowings
|
798
|
|
50
|
|
49
|
|
51
|
|
149
|
|
nm
|
|
436 %
|
|
Junior subordinated
debentures
|
5,491
|
|
4,001
|
|
3,149
|
|
3,019
|
|
3,014
|
|
37 %
|
|
82 %
|
|
Total interest
expense
|
15,924
|
|
8,132
|
|
7,177
|
|
7,475
|
|
8,351
|
|
96 %
|
|
91 %
|
|
Net interest
income
|
287,604
|
|
248,170
|
|
228,763
|
|
233,379
|
|
235,074
|
|
16 %
|
|
22 %
|
|
Provision (recapture)
for credit losses
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
(18,919)
|
|
48 %
|
|
(246) %
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits
|
12,632
|
|
12,011
|
|
11,583
|
|
11,188
|
|
10,941
|
|
5 %
|
|
15 %
|
|
Card-based
fees
|
9,115
|
|
10,530
|
|
8,708
|
|
9,355
|
|
9,111
|
|
(13) %
|
|
0 %
|
|
Brokerage
revenue
|
27
|
|
27
|
|
11
|
|
31
|
|
31
|
|
0 %
|
|
(13) %
|
|
Residential mortgage
banking revenue, net
|
17,341
|
|
30,544
|
|
60,786
|
|
43,185
|
|
34,150
|
|
(43) %
|
|
(49) %
|
|
Gain on sale of debt
securities, net
|
—
|
|
—
|
|
2
|
|
4
|
|
—
|
|
nm
|
|
nm
|
|
Loss on equity
securities, net
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
(343)
|
|
28 %
|
|
672 %
|
|
Gain on loan and lease
sales, net
|
1,525
|
|
1,303
|
|
2,337
|
|
4,816
|
|
4,208
|
|
17 %
|
|
(64) %
|
|
BOLI income
|
2,023
|
|
2,110
|
|
2,087
|
|
2,101
|
|
2,038
|
|
(4) %
|
|
(1) %
|
|
Other (loss)
income
|
(10,571)
|
|
785
|
|
(2,884)
|
|
12,524
|
|
13,569
|
|
nm
|
|
(178) %
|
|
Total non-interest
income
|
29,445
|
|
55,235
|
|
79,969
|
|
82,738
|
|
73,705
|
|
(47) %
|
|
(60) %
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
109,164
|
|
110,942
|
|
113,138
|
|
117,477
|
|
117,636
|
|
(2) %
|
|
(7) %
|
|
Occupancy and
equipment, net
|
35,042
|
|
34,559
|
|
34,829
|
|
34,310
|
|
33,944
|
|
1 %
|
|
3 %
|
|
Intangible
amortization
|
1,025
|
|
1,026
|
|
1,025
|
|
1,130
|
|
1,130
|
|
0 %
|
|
(9) %
|
|
FDIC
assessments
|
3,007
|
|
2,954
|
|
4,516
|
|
2,896
|
|
2,136
|
|
2 %
|
|
41 %
|
|
Merger related
expenses
|
769
|
|
2,672
|
|
2,278
|
|
15,183
|
|
—
|
|
(71) %
|
|
nm
|
|
Other
expenses
|
28,957
|
|
27,421
|
|
26,644
|
|
28,715
|
|
28,907
|
|
6 %
|
|
0 %
|
|
Total non-interest
expense
|
177,964
|
|
179,574
|
|
182,430
|
|
199,711
|
|
183,753
|
|
(1) %
|
|
(3) %
|
|
Income before provision
for income taxes
|
111,513
|
|
105,139
|
|
121,498
|
|
117,142
|
|
143,945
|
|
6 %
|
|
(23) %
|
|
Provision for income
taxes
|
27,473
|
|
26,548
|
|
30,341
|
|
28,788
|
|
35,879
|
|
3 %
|
|
(23) %
|
|
Net income
|
$
84,040
|
|
$
78,591
|
|
$
91,157
|
|
$
88,354
|
|
$ 108,066
|
|
7 %
|
|
(22) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding
|
217,051
|
|
217,030
|
|
216,782
|
|
216,624
|
|
218,416
|
|
0 %
|
|
(1) %
|
|
Weighted average
diluted shares outstanding
|
217,386
|
|
217,279
|
|
217,392
|
|
217,356
|
|
218,978
|
|
0 %
|
|
(1) %
|
|
Earnings per common
share – basic
|
$
0.39
|
|
$
0.36
|
|
$
0.42
|
|
$
0.41
|
|
$
0.49
|
|
8 %
|
|
(20) %
|
|
Earnings per common
share – diluted
|
$
0.39
|
|
$
0.36
|
|
$
0.42
|
|
$
0.41
|
|
$
0.49
|
|
8 %
|
|
(20) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
|
|
Consolidated
Statements of Operations
|
|
(Unaudited)
|
|
|
Nine Months
Ended
|
|
%
Change
|
|
(In thousands,
except per share data)
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Interest
income:
|
|
|
|
|
|
|
|
Loans and
leases
|
|
$
727,908
|
|
$
669,014
|
|
9 %
|
|
Interest and dividends
on investments:
|
|
|
|
|
|
|
|
Taxable
|
|
54,156
|
|
43,833
|
|
24 %
|
|
Exempt from federal
income tax
|
|
4,063
|
|
4,491
|
|
(10) %
|
|
Dividends
|
|
256
|
|
1,216
|
|
(79) %
|
|
Temporary investments
and interest bearing deposits
|
|
9,387
|
|
2,635
|
|
256 %
|
|
Total interest
income
|
|
795,770
|
|
721,189
|
|
10 %
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
|
17,021
|
|
22,794
|
|
(25) %
|
|
Securities sold under
agreement to repurchase and federal funds purchased
|
|
674
|
|
232
|
|
191 %
|
|
Borrowings
|
|
897
|
|
2,787
|
|
(68) %
|
|
Junior subordinated
debentures
|
|
12,641
|
|
9,108
|
|
39 %
|
|
Total interest
expense
|
|
31,233
|
|
34,921
|
|
(11) %
|
|
Net interest
income
|
|
764,537
|
|
686,268
|
|
11 %
|
|
Provision (recapture)
for credit losses
|
|
51,068
|
|
(41,915)
|
|
(222) %
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
Service charges on
deposits
|
|
36,226
|
|
30,898
|
|
17 %
|
|
Card-based
fees
|
|
28,353
|
|
26,759
|
|
6 %
|
|
Brokerage
revenue
|
|
65
|
|
5,081
|
|
(99) %
|
|
Residential mortgage
banking revenue, net
|
|
108,671
|
|
143,626
|
|
(24) %
|
|
Gain on sale of debt
securities, net
|
|
2
|
|
4
|
|
(50) %
|
|
Loss on equity
securities, net
|
|
(7,383)
|
|
(1,045)
|
|
nm
|
|
Gain on loan and lease
sales, net
|
|
5,165
|
|
10,899
|
|
(53) %
|
|
BOLI income
|
|
6,220
|
|
6,201
|
|
0 %
|
|
Other (loss)
income
|
|
(12,670)
|
|
51,157
|
|
(125) %
|
|
Total non-interest
income
|
|
164,649
|
|
273,580
|
|
(40) %
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
333,244
|
|
363,343
|
|
(8) %
|
|
Occupancy and
equipment, net
|
|
104,430
|
|
103,236
|
|
1 %
|
|
Intangible
amortization
|
|
3,076
|
|
3,390
|
|
(9) %
|
|
FDIC
assessments
|
|
10,477
|
|
6,342
|
|
65 %
|
|
Merger related
expenses
|
|
5,719
|
|
—
|
|
nm
|
|
Other
expenses
|
|
83,022
|
|
84,434
|
|
(2) %
|
|
Total non-interest
expense
|
|
539,968
|
|
560,745
|
|
(4) %
|
|
Income before provision
for income taxes
|
|
338,150
|
|
441,018
|
|
(23) %
|
|
Provision for income
taxes
|
|
84,362
|
|
109,072
|
|
(23) %
|
|
Net income
|
|
$
253,788
|
|
$
331,946
|
|
(24) %
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding
|
|
216,955
|
|
219,791
|
|
(1) %
|
|
Weighted average
diluted shares outstanding
|
|
217,353
|
|
220,278
|
|
(1) %
|
|
Earnings per common
share – basic
|
|
$
1.17
|
|
$
1.51
|
|
(23) %
|
|
Earnings per common
share – diluted
|
|
$
1.17
|
|
$
1.51
|
|
(23) %
|
|
|
|
|
|
|
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
Consolidated Balance
Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
(In thousands,
except per share
data)
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 321,447
|
|
$ 315,348
|
|
$ 307,144
|
|
$ 222,015
|
|
$ 395,555
|
|
2 %
|
|
(19) %
|
|
Interest bearing cash
and temporary
investments
|
1,232,412
|
|
687,233
|
|
2,358,292
|
|
2,539,606
|
|
3,349,034
|
|
79 %
|
|
(63) %
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and other, at
fair value
|
72,277
|
|
75,347
|
|
78,966
|
|
81,214
|
|
81,575
|
|
(4) %
|
|
(11) %
|
|
Available for sale, at
fair value
|
3,136,391
|
|
3,416,707
|
|
3,638,080
|
|
3,870,435
|
|
3,723,171
|
|
(8) %
|
|
(16) %
|
|
Held to maturity, at
amortized cost
|
2,547
|
|
2,637
|
|
2,700
|
|
2,744
|
|
2,795
|
|
(3) %
|
|
(9) %
|
|
Loans held for
sale
|
148,275
|
|
228,889
|
|
309,946
|
|
353,105
|
|
352,466
|
|
(35) %
|
|
(58) %
|
|
Loans and
leases
|
25,507,951
|
|
24,432,678
|
|
22,975,761
|
|
22,553,180
|
|
21,969,940
|
|
4 %
|
|
16 %
|
|
Allowance for credit
losses on loans
and leases
|
(283,065)
|
|
(261,111)
|
|
(248,564)
|
|
(248,412)
|
|
(257,560)
|
|
8 %
|
|
10 %
|
|
Net loans and
leases
|
25,224,886
|
|
24,171,567
|
|
22,727,197
|
|
22,304,768
|
|
21,712,380
|
|
4 %
|
|
16 %
|
|
Restricted equity
securities
|
40,993
|
|
10,867
|
|
10,889
|
|
10,916
|
|
10,946
|
|
277 %
|
|
275 %
|
|
Premises and
equipment, net
|
165,305
|
|
165,196
|
|
167,369
|
|
171,125
|
|
172,624
|
|
0 %
|
|
(4) %
|
|
Operating lease
right-of-use assets
|
81,729
|
|
87,249
|
|
87,333
|
|
82,366
|
|
88,379
|
|
(6) %
|
|
(8) %
|
|
Other intangible
assets, net
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
9,970
|
|
(15) %
|
|
(42) %
|
|
Residential mortgage
servicing
rights, at fair value
|
196,177
|
|
179,558
|
|
165,807
|
|
123,615
|
|
105,834
|
|
9 %
|
|
85 %
|
|
Bank owned life
insurance
|
329,699
|
|
328,764
|
|
328,040
|
|
327,745
|
|
325,646
|
|
0 %
|
|
1 %
|
|
Deferred tax asset,
net
|
128,120
|
|
70,134
|
|
39,051
|
|
—
|
|
8,402
|
|
83 %
|
|
nm
|
|
Other
assets
|
385,938
|
|
389,409
|
|
408,497
|
|
542,442
|
|
552,702
|
|
(1) %
|
|
(30) %
|
|
Total assets
|
$
31,471,960
|
|
$
30,135,694
|
|
$
30,637,126
|
|
$
30,640,936
|
|
$
30,891,479
|
|
4 %
|
|
2 %
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
26,817,107
|
|
$
26,132,423
|
|
$
26,699,587
|
|
$
26,594,685
|
|
$
26,908,397
|
|
3 %
|
|
0 %
|
|
Securities sold under
agreements to
repurchase
|
383,569
|
|
527,961
|
|
499,539
|
|
492,247
|
|
467,760
|
|
(27) %
|
|
(18) %
|
|
Borrowings
|
756,214
|
|
6,252
|
|
6,290
|
|
6,329
|
|
6,367
|
|
nm
|
|
nm
|
|
Junior subordinated
debentures, at
fair value
|
325,744
|
|
321,268
|
|
305,719
|
|
293,081
|
|
299,508
|
|
1 %
|
|
9 %
|
|
Junior subordinated
debentures, at
amortized cost
|
87,870
|
|
87,927
|
|
87,984
|
|
88,041
|
|
88,098
|
|
0 %
|
|
0 %
|
|
Operating lease
liabilities
|
95,512
|
|
101,352
|
|
101,732
|
|
95,427
|
|
100,557
|
|
(6) %
|
|
(5) %
|
|
Deferred tax
liability, net
|
—
|
|
—
|
|
—
|
|
4,353
|
|
—
|
|
nm
|
|
nm
|
|
Other
liabilities
|
588,430
|
|
440,235
|
|
328,677
|
|
317,503
|
|
298,413
|
|
34 %
|
|
97 %
|
|
Total
liabilities
|
29,054,446
|
|
27,617,418
|
|
28,029,528
|
|
27,891,666
|
|
28,169,100
|
|
5 %
|
|
3 %
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
3,448,007
|
|
3,445,531
|
|
3,443,266
|
|
3,444,849
|
|
3,442,085
|
|
0 %
|
|
0 %
|
|
Accumulated
deficit
|
(580,933)
|
|
(619,108)
|
|
(651,912)
|
|
(697,338)
|
|
(739,915)
|
|
(6) %
|
|
(21) %
|
|
Accumulated other
comprehensive
(loss) income
|
(449,560)
|
|
(308,147)
|
|
(183,756)
|
|
1,759
|
|
20,209
|
|
46 %
|
|
nm
|
|
Total shareholders'
equity
|
2,417,514
|
|
2,518,276
|
|
2,607,598
|
|
2,749,270
|
|
2,722,379
|
|
(4) %
|
|
(11) %
|
|
Total liabilities and
shareholders' equity
|
$
31,471,960
|
|
$
30,135,694
|
|
$
30,637,126
|
|
$
30,640,936
|
|
$
30,891,479
|
|
4 %
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at period
end
|
217,053
|
|
217,049
|
|
216,967
|
|
216,626
|
|
216,622
|
|
0 %
|
|
0 %
|
|
Book value per common
share
|
$
11.14
|
|
$
11.60
|
|
$
12.02
|
|
$
12.69
|
|
$
12.57
|
|
(4) %
|
|
(11) %
|
|
Tangible book value per
common
share (1)
|
$
11.11
|
|
$
11.57
|
|
$
11.98
|
|
$
12.65
|
|
$
12.52
|
|
(4) %
|
|
(11) %
|
|
Tangible equity -
common (1)
|
$
2,411,750
|
|
$
2,511,487
|
|
$
2,599,783
|
|
$
2,740,430
|
|
$
2,712,409
|
|
(4) %
|
|
(11) %
|
|
Tangible common equity
to tangible
assets (1)
|
7.66 %
|
|
8.34 %
|
|
8.49 %
|
|
8.95 %
|
|
8.78 %
|
|
(0.68)
|
|
(1.12)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
GAAP to Non-GAAP Reconciliation.
|
|
Umpqua Holdings
Corporation
|
|
Financial
Highlights
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
%
Change
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
$
0.21
|
|
$
0.21
|
|
$
0.21
|
|
$
0.21
|
|
$
0.21
|
|
0 %
|
|
0 %
|
|
Book value
|
|
$
11.14
|
|
$
11.60
|
|
$
12.02
|
|
$
12.69
|
|
$
12.57
|
|
(4) %
|
|
(11) %
|
|
Tangible book value
(1)
|
|
$
11.11
|
|
$
11.57
|
|
$
11.98
|
|
$
12.65
|
|
$
12.52
|
|
(4) %
|
|
(11) %
|
|
Tangible book value,
ex accumulated other
comprehensive income (1)
|
|
$
13.18
|
|
$
12.99
|
|
$
12.83
|
|
$
12.64
|
|
$
12.43
|
|
1 %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
56.07 %
|
|
59.12 %
|
|
59.02 %
|
|
63.10 %
|
|
59.44 %
|
|
(3.05)
|
|
(3.37)
|
|
Pre-provision net
revenue (PPNR) ROAA (1)
|
|
1.80 %
|
|
1.64 %
|
|
1.67 %
|
|
1.50 %
|
|
1.62 %
|
|
0.16
|
|
0.18
|
|
Return on average
assets (ROAA)
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.13 %
|
|
1.40 %
|
|
0.05
|
|
(0.31)
|
|
Return on average
common equity
|
|
12.99 %
|
|
12.20 %
|
|
13.62 %
|
|
12.90 %
|
|
15.82 %
|
|
0.79
|
|
(2.83)
|
|
Return on average
tangible common equity (1)
|
|
13.02 %
|
|
12.23 %
|
|
13.66 %
|
|
12.94 %
|
|
15.88 %
|
|
0.79
|
|
(2.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios -
Operating: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio (1)
|
|
51.72 %
|
|
58.27 %
|
|
62.02 %
|
|
59.61 %
|
|
58.94 %
|
|
(6.55)
|
|
(7.22)
|
|
Operating PPNR return
on average assets (1)
|
|
2.12 %
|
|
1.66 %
|
|
1.43 %
|
|
1.58 %
|
|
1.62 %
|
|
0.46
|
|
0.50
|
|
Operating return on
average assets (1)
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
1.40 %
|
|
0.27
|
|
(0.07)
|
|
Operating return on
average common equity (1)
|
|
15.86 %
|
|
12.46 %
|
|
11.58 %
|
|
13.98 %
|
|
15.82 %
|
|
3.40
|
|
0.04
|
|
Operating return on
average tangible common equity (1)
|
|
15.90 %
|
|
12.49 %
|
|
11.62 %
|
|
14.03 %
|
|
15.88 %
|
|
3.41
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet Yields, Rates, & Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans and
leases
|
|
4.41 %
|
|
3.94 %
|
|
3.79 %
|
|
3.94 %
|
|
4.02 %
|
|
0.47
|
|
0.39
|
|
Yield on earning
assets (2)
|
|
4.10 %
|
|
3.53 %
|
|
3.24 %
|
|
3.25 %
|
|
3.32 %
|
|
0.57
|
|
0.78
|
|
Cost of interest
bearing deposits
|
|
0.23 %
|
|
0.11 %
|
|
0.10 %
|
|
0.11 %
|
|
0.13 %
|
|
0.12
|
|
0.10
|
|
Cost of interest
bearing liabilities
|
|
0.39 %
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.20 %
|
|
0.19
|
|
0.19
|
|
Cost of total
deposits
|
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
|
0.06 %
|
|
0.08 %
|
|
0.08
|
|
0.06
|
|
Cost of total funding
(3)
|
|
0.23 %
|
|
0.12 %
|
|
0.11 %
|
|
0.11 %
|
|
0.12 %
|
|
0.11
|
|
0.11
|
|
Net interest margin
(2)
|
|
3.88 %
|
|
3.41 %
|
|
3.14 %
|
|
3.15 %
|
|
3.21 %
|
|
0.47
|
|
0.67
|
|
Average interest
bearing cash / Average interest
earning assets
|
|
3.04 %
|
|
5.71 %
|
|
8.92 %
|
|
10.78 %
|
|
11.03 %
|
|
(2.67)
|
|
(7.99)
|
|
Average loans and
leases / Average interest earning
assets
|
|
84.54 %
|
|
80.91 %
|
|
76.85 %
|
|
74.70 %
|
|
74.78 %
|
|
3.63
|
|
9.76
|
|
Average loans and
leases / Average total deposits
|
|
93.55 %
|
|
89.23 %
|
|
84.77 %
|
|
82.12 %
|
|
82.07 %
|
|
4.32
|
|
11.48
|
|
Average non-interest
bearing deposits / Average total
deposits
|
|
42.29 %
|
|
42.00 %
|
|
41.35 %
|
|
41.69 %
|
|
41.14 %
|
|
0.29
|
|
1.15
|
|
Average total deposits
/ Average total funding (3)
|
|
96.34 %
|
|
96.66 %
|
|
96.82 %
|
|
96.84 %
|
|
96.72 %
|
|
(0.32)
|
|
(0.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Credit &
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
and leases to total loans and
leases
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.23 %
|
|
0.24 %
|
|
0.02
|
|
(0.04)
|
|
Non-performing assets
to total assets
|
|
0.16 %
|
|
0.15 %
|
|
0.14 %
|
|
0.17 %
|
|
0.17 %
|
|
0.01
|
|
(0.01)
|
|
Allowance for credit
losses to loans and leases
|
|
1.16 %
|
|
1.12 %
|
|
1.14 %
|
|
1.16 %
|
|
1.23 %
|
|
0.04
|
|
(0.07)
|
|
Total risk-based
capital ratio (4)
|
|
13.2 %
|
|
13.5 %
|
|
14.0 %
|
|
14.3 %
|
|
14.9 %
|
|
(0.30)
|
|
(1.70)
|
|
Common equity tier 1
risk-based capital ratio (4)
|
|
10.7 %
|
|
11.0 %
|
|
11.4 %
|
|
11.6 %
|
|
12.0 %
|
|
(0.30)
|
|
(1.30)
|
|
|
|
(1) See
GAAP to Non-GAAP Reconciliation.
|
|
(2) Tax
exempt interest has been adjusted to a taxable equivalent basis
using a 21% tax rate.
|
|
(3) Total funding = Total deposits +
Total borrowings.
|
|
(4)
Estimated holding company ratios.
|
|
Umpqua Holding
Corporation
|
|
Financial
Highlights
|
|
(Unaudited)
|
|
|
Nine Months
Ended
|
|
%
Change
|
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
Dividends
|
|
$
0.63
|
|
$
0.63
|
|
— %
|
|
|
|
|
|
|
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
58.05 %
|
|
58.35 %
|
|
(0.30)
|
|
Pre-provision net
revenue (PPNR) ROAA (1)
|
|
1.70 %
|
|
1.78 %
|
|
(0.08)
|
|
Return on average
assets (ROAA)
|
|
1.11 %
|
|
1.48 %
|
|
(0.37)
|
|
Return on average
common equity
|
|
12.94 %
|
|
16.47 %
|
|
(3.53)
|
|
Return on average
tangible common equity (1)
|
|
12.98 %
|
|
16.55 %
|
|
(3.57)
|
|
|
|
|
|
|
|
|
Performance Ratios -
Operating: (1)
|
|
|
|
|
|
|
|
Operating efficiency
ratio (1)
|
|
57.03 %
|
|
57.88 %
|
|
(0.85)
|
|
Operating PPNR return
on average assets (1)
|
|
1.74 %
|
|
1.78 %
|
|
(0.04)
|
|
Operating return on
average assets (1)
|
|
1.14 %
|
|
1.48 %
|
|
(0.34)
|
|
Operating return on
average common equity (1)
|
|
13.28 %
|
|
16.49 %
|
|
(3.21)
|
|
Operating return on
average tangible common equity (1)
|
|
13.32 %
|
|
16.57 %
|
|
(3.25)
|
|
|
|
|
|
|
|
|
Average Balance
Sheet Yields, Rates, & Ratios:
|
|
|
|
|
|
|
|
Yield on loans and
leases
|
|
4.06 %
|
|
4.01 %
|
|
0.05
|
|
Yield on earning
assets (2)
|
|
3.62 %
|
|
3.36 %
|
|
0.26
|
|
Cost of interest
bearing deposits
|
|
0.15 %
|
|
0.20 %
|
|
(0.05)
|
|
Cost of interest
bearing liabilities
|
|
0.26 %
|
|
0.28 %
|
|
(0.02)
|
|
Cost of total
deposits
|
|
0.09 %
|
|
0.12 %
|
|
(0.03)
|
|
Cost of total funding
(3)
|
|
0.15 %
|
|
0.17 %
|
|
(0.02)
|
|
Net interest margin
(2)
|
|
3.48 %
|
|
3.20 %
|
|
0.28
|
|
Average interest
bearing cash / Average interest earning assets
|
|
5.87 %
|
|
9.93 %
|
|
(4.06)
|
|
Average loans and
leases / Average interest earning assets
|
|
80.80 %
|
|
76.16 %
|
|
4.64
|
|
Average loans and
leases / Average total deposits
|
|
89.21 %
|
|
84.34 %
|
|
4.87
|
|
Average non-interest
bearing deposits / Average total deposits
|
|
41.89 %
|
|
40.44 %
|
|
1.45
|
|
Average total deposits
/ Average total funding (3)
|
|
96.61 %
|
|
96.04 %
|
|
0.57
|
|
|
(1) See
GAAP to Non-GAAP Reconciliation.
|
|
(2) Tax
exempt interest has been adjusted to a taxable equivalent basis
using a 21% tax rate.
|
|
(3) Total funding = Total deposits +
Total borrowings.
|
|
Umpqua Holdings
Corporation
|
|
Loan & Lease
Portfolio Balances and Mix
|
|
(Unaudited)
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
%
Change
|
|
(Dollars in
thousands)
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied
term, net
|
$
3,846,426
|
|
$
3,798,242
|
|
$
3,884,784
|
|
$
3,786,887
|
|
$
3,561,764
|
|
1 %
|
|
8 %
|
|
Owner occupied term,
net
|
2,549,761
|
|
2,497,553
|
|
2,327,899
|
|
2,332,422
|
|
2,330,338
|
|
2 %
|
|
9 %
|
|
Multifamily,
net
|
5,090,661
|
|
4,768,273
|
|
4,323,633
|
|
4,051,202
|
|
3,813,024
|
|
7 %
|
|
34 %
|
|
Construction &
development, net
|
1,036,931
|
|
1,017,297
|
|
940,286
|
|
890,338
|
|
882,778
|
|
2 %
|
|
17 %
|
|
Residential
development, net
|
205,935
|
|
194,909
|
|
195,308
|
|
206,990
|
|
177,148
|
|
6 %
|
|
16 %
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term, net
(1)
|
3,003,424
|
|
2,904,861
|
|
2,772,206
|
|
3,008,473
|
|
3,159,466
|
|
3 %
|
|
(5) %
|
|
Lines of credit &
other, net
|
914,507
|
|
920,604
|
|
871,483
|
|
910,733
|
|
930,350
|
|
(1) %
|
|
(2) %
|
|
Leases & equipment
finance, net
|
1,669,817
|
|
1,576,144
|
|
1,484,252
|
|
1,467,676
|
|
1,457,248
|
|
6 %
|
|
15 %
|
|
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage,
net
|
5,470,624
|
|
5,168,457
|
|
4,748,266
|
|
4,517,266
|
|
4,330,860
|
|
6 %
|
|
26 %
|
|
Home equity loans
& lines, net
|
1,565,094
|
|
1,415,722
|
|
1,250,702
|
|
1,197,170
|
|
1,133,823
|
|
11 %
|
|
38 %
|
|
Consumer
& other, net
|
154,771
|
|
170,616
|
|
176,942
|
|
184,023
|
|
193,141
|
|
(9) %
|
|
(20) %
|
|
Total loans and
leases, net of
deferred fees and costs
|
$
25,507,951
|
|
$
24,432,678
|
|
$
22,975,761
|
|
$
22,553,180
|
|
$
21,969,940
|
|
4 %
|
|
16 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The Bank participated in the Payroll
Protection Program to originate SBA loans designated to help
businesses maintain their workforce and cover other working capital
needs during the COVID-19 pandemic. The Commercial Term loans in
the table above include the following net PPP loan
balances:
|
|
Net PPP loan
balance
|
$
37,949
|
|
$ 101,554
|
|
$ 172,790
|
|
$ 380,440
|
|
$ 726,737
|
|
(63) %
|
|
(95) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and leases
mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner
occupied term, net
|
15 %
|
|
15 %
|
|
17 %
|
|
17 %
|
|
16 %
|
|
|
|
|
|
Owner
occupied term, net
|
10 %
|
|
10 %
|
|
10 %
|
|
10 %
|
|
11 %
|
|
|
|
|
|
Multifamily, net
|
20 %
|
|
20 %
|
|
19 %
|
|
18 %
|
|
17 %
|
|
|
|
|
|
Construction &
development, net
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
|
|
|
|
Residential
development, net
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term, net
|
12 %
|
|
12 %
|
|
12 %
|
|
13 %
|
|
14 %
|
|
|
|
|
|
Lines of credit &
other, net
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
|
|
|
|
Leases & equipment
finance, net
|
6 %
|
|
6 %
|
|
6 %
|
|
7 %
|
|
7 %
|
|
|
|
|
|
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage,
net
|
21 %
|
|
21 %
|
|
21 %
|
|
20 %
|
|
20 %
|
|
|
|
|
|
Home equity loans
& lines, net
|
6 %
|
|
6 %
|
|
5 %
|
|
5 %
|
|
5 %
|
|
|
|
|
|
Consumer
& other, net
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
|
|
|
|
Total
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
Umpqua Holdings
Corporation
|
|
Deposit Balances,
Mix, and Select Account Details
|
|
(Unaudited)
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
%
Change
|
|
(Dollars in
thousands)
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
$
11,246,358
|
|
$
11,129,209
|
|
$
11,058,251
|
|
$
11,023,724
|
|
$
11,121,127
|
|
1 %
|
|
1 %
|
|
Demand, interest
bearing
|
3,903,746
|
|
3,723,650
|
|
3,955,329
|
|
3,774,937
|
|
3,758,019
|
|
5 %
|
|
4 %
|
|
Money
market
|
7,601,506
|
|
7,284,641
|
|
7,572,581
|
|
7,611,718
|
|
7,780,442
|
|
4 %
|
|
(2) %
|
|
Savings
|
2,455,917
|
|
2,446,876
|
|
2,429,073
|
|
2,375,723
|
|
2,325,929
|
|
0 %
|
|
6 %
|
|
Time
|
1,609,580
|
|
1,548,047
|
|
1,684,353
|
|
1,808,583
|
|
1,922,880
|
|
4 %
|
|
(16) %
|
|
Total
|
$
26,817,107
|
|
$
26,132,423
|
|
$
26,699,587
|
|
$
26,594,685
|
|
$
26,908,397
|
|
3 %
|
|
0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core deposits
(1)
|
$
26,292,548
|
|
$
25,619,500
|
|
$
26,140,993
|
|
$
25,964,358
|
|
$
26,029,814
|
|
3 %
|
|
1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
42 %
|
|
43 %
|
|
42 %
|
|
41 %
|
|
41 %
|
|
|
|
|
|
Demand, interest
bearing
|
15 %
|
|
14 %
|
|
15 %
|
|
14 %
|
|
14 %
|
|
|
|
|
|
Money
market
|
28 %
|
|
28 %
|
|
28 %
|
|
29 %
|
|
29 %
|
|
|
|
|
|
Savings
|
9 %
|
|
9 %
|
|
9 %
|
|
9 %
|
|
9 %
|
|
|
|
|
|
Time
|
6 %
|
|
6 %
|
|
6 %
|
|
7 %
|
|
7 %
|
|
|
|
|
|
Total
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of open
accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
434,347
|
|
434,436
|
|
428,915
|
|
428,181
|
|
425,337
|
|
|
|
|
|
Demand, interest
bearing
|
56,698
|
|
57,145
|
|
63,800
|
|
66,010
|
|
70,749
|
|
|
|
|
|
Money
market
|
55,712
|
|
56,430
|
|
56,783
|
|
57,222
|
|
57,794
|
|
|
|
|
|
Savings
|
159,008
|
|
159,709
|
|
160,267
|
|
160,449
|
|
161,698
|
|
|
|
|
|
Time
|
32,202
|
|
32,103
|
|
34,127
|
|
35,665
|
|
37,172
|
|
|
|
|
|
Total
|
737,967
|
|
739,823
|
|
743,892
|
|
747,527
|
|
752,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance per
account:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
$
25.9
|
|
$
25.6
|
|
$
25.8
|
|
$
25.7
|
|
$
26.1
|
|
|
|
|
|
Demand, interest
bearing
|
68.9
|
|
65.2
|
|
62.0
|
|
57.2
|
|
53.1
|
|
|
|
|
|
Money
market
|
136.4
|
|
129.1
|
|
133.4
|
|
133.0
|
|
134.6
|
|
|
|
|
|
Savings
|
15.4
|
|
15.3
|
|
15.2
|
|
14.8
|
|
14.4
|
|
|
|
|
|
Time
|
50.0
|
|
48.2
|
|
49.4
|
|
50.7
|
|
51.7
|
|
|
|
|
|
Total
|
$
36.3
|
|
$
35.3
|
|
$
35.9
|
|
$
35.6
|
|
$
35.7
|
|
|
|
|
|
|
(1) Core
deposits are defined as total deposits less time deposits greater
than $250,000 and all brokered deposits.
|
|
Umpqua Holdings
Corporation
|
|
Credit Quality –
Non-performing Assets
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases on
non-accrual status:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
$ 5,403
|
|
$ 5,514
|
|
$ 5,950
|
|
$ 5,767
|
|
$ 5,952
|
|
(2) %
|
|
(9) %
|
|
Commercial,
net
|
|
18,652
|
|
12,645
|
|
12,415
|
|
13,098
|
|
18,200
|
|
48 %
|
|
2 %
|
|
Residential,
net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Consumer & other,
net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Total loans and leases
on non-accrual
status
|
|
24,055
|
|
18,159
|
|
18,365
|
|
18,865
|
|
24,152
|
|
32 %
|
|
0 %
|
|
Loans and leases past
due 90+ days and
accruing (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
1
|
|
23
|
|
1
|
|
1
|
|
1
|
|
(96) %
|
|
0 %
|
|
Commercial,
net
|
|
5,143
|
|
3,311
|
|
8
|
|
4,160
|
|
2,454
|
|
55 %
|
|
110 %
|
|
Residential, net
(1)
|
|
21,411
|
|
22,340
|
|
23,162
|
|
27,981
|
|
24,919
|
|
(4) %
|
|
(14) %
|
|
Consumer & other,
net
|
|
152
|
|
196
|
|
111
|
|
194
|
|
116
|
|
(22) %
|
|
31 %
|
|
Total loans and leases
past due 90+
days and accruing (1)
|
|
26,707
|
|
25,870
|
|
23,282
|
|
32,336
|
|
27,490
|
|
3 %
|
|
(3) %
|
|
Total non-performing
loans and leases
|
|
50,762
|
|
44,029
|
|
41,647
|
|
51,201
|
|
51,642
|
|
15 %
|
|
(2) %
|
|
Other real estate
owned
|
|
—
|
|
1,868
|
|
1,868
|
|
1,868
|
|
1,868
|
|
(100) %
|
|
(100) %
|
|
Total non-performing
assets
|
|
$
50,762
|
|
$
45,897
|
|
$
43,515
|
|
$
53,069
|
|
$
53,510
|
|
11 %
|
|
(5) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing restructured
loans and leases
|
|
$ 7,076
|
|
$ 7,631
|
|
$ 8,405
|
|
$ 6,694
|
|
$ 9,849
|
|
(7) %
|
|
(28) %
|
|
Loans and leases past
due 31-89 days
|
|
$
53,538
|
|
$
34,659
|
|
$
42,409
|
|
$
31,680
|
|
$
41,326
|
|
54 %
|
|
30 %
|
|
Loans and leases past
due 31-89 days to
total loans and leases
|
|
0.21 %
|
|
0.14 %
|
|
0.18 %
|
|
0.14 %
|
|
0.19 %
|
|
0.07
|
|
0.02
|
|
Non-performing loans
and leases to total
loans and leases (1)
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.23 %
|
|
0.24 %
|
|
0.02
|
|
(0.04)
|
|
Non-performing assets
to total assets (1)
|
|
0.16 %
|
|
0.15 %
|
|
0.14 %
|
|
0.17 %
|
|
0.17 %
|
|
0.01
|
|
(0.01)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Excludes certain mortgage loans guaranteed by Ginnie Mae, which
Umpqua has the unilateral right to repurchase but has not done so,
totaling $1.0 million and $356,000 at September 30, 2022 and June
30, 2022, respectively.
|
|
Umpqua Holdings
Corporation
|
|
Credit Quality –
Allowance for Credit Losses
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Allowance for credit
losses on loans and
leases (ACLLL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$ 261,111
|
|
$ 248,564
|
|
$ 248,412
|
|
$ 257,560
|
|
$ 279,887
|
|
5 %
|
|
(7) %
|
|
Provision (recapture)
for credit losses on
loans and leases
|
|
28,542
|
|
18,787
|
|
5,696
|
|
(1,751)
|
|
(16,132)
|
|
52 %
|
|
(277) %
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
—
|
|
(8)
|
|
—
|
|
(58)
|
|
(916)
|
|
(100) %
|
|
(100) %
|
|
Commercial,
net
|
|
(9,459)
|
|
(9,035)
|
|
(7,858)
|
|
(10,197)
|
|
(8,521)
|
|
5 %
|
|
11 %
|
|
Residential,
net
|
|
(4)
|
|
—
|
|
(167)
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Consumer & other,
net
|
|
(929)
|
|
(836)
|
|
(885)
|
|
(675)
|
|
(936)
|
|
11 %
|
|
(1) %
|
|
Total
charge-offs
|
|
(10,392)
|
|
(9,879)
|
|
(8,910)
|
|
(10,930)
|
|
(10,373)
|
|
5 %
|
|
0 %
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
123
|
|
73
|
|
25
|
|
56
|
|
120
|
|
68 %
|
|
2 %
|
|
Commercial,
net
|
|
2,842
|
|
2,934
|
|
2,545
|
|
2,585
|
|
3,346
|
|
(3) %
|
|
(15) %
|
|
Residential,
net
|
|
249
|
|
216
|
|
173
|
|
326
|
|
281
|
|
15 %
|
|
(11) %
|
|
Consumer & other,
net
|
|
590
|
|
416
|
|
623
|
|
566
|
|
431
|
|
42 %
|
|
37 %
|
|
Total
recoveries
|
|
3,804
|
|
3,639
|
|
3,366
|
|
3,533
|
|
4,178
|
|
5 %
|
|
(9) %
|
|
Net (charge-offs)
recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
123
|
|
65
|
|
25
|
|
(2)
|
|
(796)
|
|
89 %
|
|
(115) %
|
|
Commercial,
net
|
|
(6,617)
|
|
(6,101)
|
|
(5,313)
|
|
(7,612)
|
|
(5,175)
|
|
8 %
|
|
28 %
|
|
Residential,
net
|
|
245
|
|
216
|
|
6
|
|
326
|
|
281
|
|
13 %
|
|
(13) %
|
|
Consumer & other,
net
|
|
(339)
|
|
(420)
|
|
(262)
|
|
(109)
|
|
(505)
|
|
(19) %
|
|
(33) %
|
|
Total net
charge-offs
|
|
(6,588)
|
|
(6,240)
|
|
(5,544)
|
|
(7,397)
|
|
(6,195)
|
|
6 %
|
|
6 %
|
|
Balance, end of
period
|
|
$ 283,065
|
|
$ 261,111
|
|
$ 248,564
|
|
$ 248,412
|
|
$ 257,560
|
|
8 %
|
|
10 %
|
|
Reserve for unfunded
commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
12,823
|
|
$
12,918
|
|
$
12,767
|
|
$
11,752
|
|
$
14,539
|
|
(1) %
|
|
(12) %
|
|
(Recapture) provision
for credit losses on
unfunded commitments
|
|
(970)
|
|
(95)
|
|
151
|
|
1,015
|
|
(2,787)
|
|
921 %
|
|
(65) %
|
|
Balance, end of
period
|
|
11,853
|
|
12,823
|
|
12,918
|
|
12,767
|
|
11,752
|
|
(8) %
|
|
1 %
|
|
Total Allowance for
credit losses (ACL)
|
|
$ 294,918
|
|
$ 273,934
|
|
$ 261,482
|
|
$ 261,179
|
|
$ 269,312
|
|
8 %
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans and leases
(annualized)
|
|
0.11 %
|
|
0.11 %
|
|
0.10 %
|
|
0.13 %
|
|
0.11 %
|
|
—
|
|
—
|
|
Recoveries to gross
charge-offs
|
|
36.61 %
|
|
36.84 %
|
|
37.78 %
|
|
32.32 %
|
|
40.28 %
|
|
(0.23)
|
|
(3.67)
|
|
ACLLL to loans and
leases
|
|
1.11 %
|
|
1.07 %
|
|
1.08 %
|
|
1.10 %
|
|
1.17 %
|
|
0.04
|
|
(0.06)
|
|
ACL to loans and
leases
|
|
1.16 %
|
|
1.12 %
|
|
1.14 %
|
|
1.16 %
|
|
1.23 %
|
|
0.04
|
|
(0.07)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
|
|
Credit Quality –
Allowance for Credit Losses
|
|
(Unaudited)
|
|
|
Nine Months
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Allowance for credit
losses on loans and leases (ACLLL)
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
248,412
|
|
$
328,401
|
|
(24) %
|
|
Provision (recapture)
for credit losses on loans and leases
|
|
53,025
|
|
(33,381)
|
|
(259) %
|
|
Charge-offs
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
(8)
|
|
(1,086)
|
|
(99) %
|
|
Commercial,
net
|
|
(26,352)
|
|
(44,228)
|
|
(40) %
|
|
Residential,
net
|
|
(171)
|
|
(70)
|
|
144 %
|
|
Consumer & other,
net
|
|
(2,650)
|
|
(2,983)
|
|
(11) %
|
|
Total
charge-offs
|
|
(29,181)
|
|
(48,367)
|
|
(40) %
|
|
Recoveries
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
221
|
|
589
|
|
(62) %
|
|
Commercial,
net
|
|
8,321
|
|
8,118
|
|
3 %
|
|
Residential,
net
|
|
638
|
|
598
|
|
7 %
|
|
Consumer & other,
net
|
|
1,629
|
|
1,602
|
|
2 %
|
|
Total
recoveries
|
|
10,809
|
|
10,907
|
|
(1) %
|
|
Net (charge-offs)
recoveries
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
213
|
|
(497)
|
|
(143) %
|
|
Commercial,
net
|
|
(18,031)
|
|
(36,110)
|
|
(50) %
|
|
Residential,
net
|
|
467
|
|
528
|
|
(12) %
|
|
Consumer & other,
net
|
|
(1,021)
|
|
(1,381)
|
|
(26) %
|
|
Total net
charge-offs
|
|
(18,372)
|
|
(37,460)
|
|
(51) %
|
|
Balance, end of
period
|
|
$
283,065
|
|
$
257,560
|
|
10 %
|
|
Reserve for unfunded
commitments
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
12,767
|
|
$
20,286
|
|
(37) %
|
|
(Recapture) provision
for credit losses on unfunded commitments
|
|
(914)
|
|
(8,534)
|
|
(89) %
|
|
Balance, end of
period
|
|
11,853
|
|
11,752
|
|
1 %
|
|
Total Allowance for
credit losses (ACL)
|
|
$
294,918
|
|
$
269,312
|
|
10 %
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
|
0.10 %
|
|
0.23 %
|
|
(0.13)
|
|
Recoveries to gross
charge-offs
|
|
37.04 %
|
|
22.55 %
|
|
14.49
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
Consolidated Average Balance Sheets, Net Interest Income, and
Yields/Rates
|
|
(Unaudited)
|
|
Quarter
Ended
|
|
September 30,
2022
|
|
June 30,
2022
|
|
September 30,
2021
|
|
(Dollars in
thousands)
|
Average
Balance
|
|
Interest
Income
or
Expense
|
|
Average
Yields
or Rates
|
|
Average
Balance
|
|
Interest
Income
or
Expense
|
|
Average
Yields
or Rates
|
|
Average
Balance
|
|
Interest
Income
or
Expense
|
|
Average
Yields
or Rates
|
|
INTEREST-EARNING
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
$ 173,397
|
|
$
2,205
|
|
5.09 %
|
|
$ 264,320
|
|
$
2,742
|
|
4.15 %
|
|
$ 465,805
|
|
$
3,672
|
|
3.15 %
|
|
Loans and leases
(1)
|
24,886,203
|
|
276,625
|
|
4.41 %
|
|
23,550,796
|
|
231,932
|
|
3.94 %
|
|
21,864,387
|
|
220,731
|
|
4.02 %
|
|
Taxable
securities
|
3,271,185
|
|
18,261
|
|
2.23 %
|
|
3,410,091
|
|
17,340
|
|
2.03 %
|
|
3,436,895
|
|
16,315
|
|
1.90 %
|
|
Non-taxable securities
(2)
|
212,847
|
|
1,651
|
|
3.10 %
|
|
220,327
|
|
1,721
|
|
3.13 %
|
|
245,904
|
|
1,848
|
|
3.01 %
|
|
Temporary
investments
and interest-bearing cash
|
893,471
|
|
5,115
|
|
2.27 %
|
|
1,663,454
|
|
2,919
|
|
0.70 %
|
|
3,224,846
|
|
1,237
|
|
0.15 %
|
|
Total
interest-earning
assets
|
29,437,103
|
|
$
303,857
|
|
4.10 %
|
|
29,108,988
|
|
$
256,654
|
|
3.53 %
|
|
29,237,837
|
|
$
243,803
|
|
3.32 %
|
|
Other assets
|
1,231,074
|
|
|
|
|
|
1,247,915
|
|
|
|
|
|
1,376,537
|
|
|
|
|
|
Total assets
|
$
30,668,177
|
|
|
|
|
|
$
30,356,903
|
|
|
|
|
|
$
30,614,374
|
|
|
|
|
|
INTEREST-BEARING
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
deposits
|
$
3,829,688
|
|
$
1,705
|
|
0.18 %
|
|
$
3,896,553
|
|
$ 610
|
|
0.06 %
|
|
$
3,564,040
|
|
$ 468
|
|
0.05 %
|
|
Money market
deposits
|
7,550,791
|
|
5,817
|
|
0.31 %
|
|
7,366,987
|
|
1,717
|
|
0.09 %
|
|
7,800,144
|
|
1,492
|
|
0.08 %
|
|
Savings
deposits
|
2,468,187
|
|
250
|
|
0.04 %
|
|
2,426,124
|
|
199
|
|
0.03 %
|
|
2,284,077
|
|
206
|
|
0.04 %
|
|
Time
deposits
|
1,501,724
|
|
1,318
|
|
0.35 %
|
|
1,618,394
|
|
1,489
|
|
0.37 %
|
|
2,031,494
|
|
2,934
|
|
0.57 %
|
|
Total
interest-bearing
deposits
|
15,350,390
|
|
9,090
|
|
0.23 %
|
|
15,308,058
|
|
4,015
|
|
0.11 %
|
|
15,679,755
|
|
5,100
|
|
0.13 %
|
|
Repurchase
agreements
and federal funds
purchased
|
509,559
|
|
545
|
|
0.42 %
|
|
512,641
|
|
66
|
|
0.05 %
|
|
496,822
|
|
88
|
|
0.07 %
|
|
Borrowings
|
90,475
|
|
798
|
|
3.50 %
|
|
6,273
|
|
50
|
|
3.21 %
|
|
31,500
|
|
149
|
|
1.88 %
|
|
Junior subordinated
debentures
|
409,151
|
|
5,491
|
|
5.33 %
|
|
393,964
|
|
4,001
|
|
4.07 %
|
|
375,726
|
|
3,014
|
|
3.18 %
|
|
Total
interest-bearing
liabilities
|
16,359,575
|
|
$
15,924
|
|
0.39 %
|
|
16,220,936
|
|
$
8,132
|
|
0.20 %
|
|
16,583,803
|
|
$
8,351
|
|
0.20 %
|
|
Non-interest-bearing
deposits
|
11,250,764
|
|
|
|
|
|
11,086,376
|
|
|
|
|
|
10,960,686
|
|
|
|
|
|
Other
liabilities
|
490,572
|
|
|
|
|
|
464,755
|
|
|
|
|
|
360,244
|
|
|
|
|
|
Total
liabilities
|
28,100,911
|
|
|
|
|
|
27,772,067
|
|
|
|
|
|
27,904,733
|
|
|
|
|
|
Common
equity
|
2,567,266
|
|
|
|
|
|
2,584,836
|
|
|
|
|
|
2,709,641
|
|
|
|
|
|
Total liabilities
and
shareholders' equity
|
$
30,668,177
|
|
|
|
|
|
$
30,356,903
|
|
|
|
|
|
$
30,614,374
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
$
287,933
|
|
|
|
|
|
$
248,522
|
|
|
|
|
|
$
235,452
|
|
|
|
NET INTEREST
SPREAD
|
|
|
|
|
3.71 %
|
|
|
|
|
|
3.33 %
|
|
|
|
|
|
3.12 %
|
|
NET INTEREST
INCOME
TO EARNING ASSETS OR
NET INTEREST MARGIN
(1), (2)
|
|
|
|
|
3.88 %
|
|
|
|
|
|
3.41 %
|
|
|
|
|
|
3.21 %
|
|
|
(1)
Non-accrual loans and leases are included in the average
balance.
|
|
(2)
Tax-exempt income has been adjusted to a tax equivalent basis at a
21% tax rate. The amount of such adjustment was an addition to
recorded income of approximately $329,000 for the three months
ended September 30, 2022, as compared to $352,000 for
June 30, 2022 and $377,000 for September 30,
2021.
|
|
Umpqua Holdings
Corporation
Average Rates and Balances
|
|
(Unaudited)
|
|
(dollars in
thousands)
|
Nine Months
Ended
|
|
September 30,
2022
|
|
September 30,
2021
|
|
Average
Balance
|
|
Interest
Income or
Expense
|
|
Average
Yields or
Rates
|
|
Average
Balance
|
|
Interest
Income or
Expense
|
|
Average
Yields or
Rates
|
|
INTEREST-EARNING
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
$
240,928
|
|
$
7,209
|
|
3.99 %
|
|
$
545,237
|
|
$ 12,242
|
|
2.99 %
|
|
Loans and leases
(1)
|
23,676,201
|
|
720,699
|
|
4.06 %
|
|
21,866,569
|
|
656,772
|
|
4.01 %
|
|
Taxable
securities
|
3,445,386
|
|
54,412
|
|
2.11 %
|
|
3,199,653
|
|
45,049
|
|
1.88 %
|
|
Non-taxable securities
(2)
|
222,375
|
|
5,098
|
|
3.06 %
|
|
248,617
|
|
5,627
|
|
3.02 %
|
|
Temporary investments
and interest-bearing cash
|
1,718,832
|
|
9,387
|
|
0.73 %
|
|
2,850,639
|
|
2,635
|
|
0.12 %
|
|
Total interest-earning
assets
|
29,303,722
|
|
$
796,805
|
|
3.62 %
|
|
28,710,715
|
|
$
722,325
|
|
3.36 %
|
|
Other assets
|
1,237,305
|
|
|
|
|
|
1,348,054
|
|
|
|
|
|
Total
assets
|
$
30,541,027
|
|
|
|
|
|
$
30,058,769
|
|
|
|
|
|
INTEREST-BEARING
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$ 3,846,202
|
|
$
2,813
|
|
0.10 %
|
|
$ 3,359,865
|
|
$
1,341
|
|
0.05 %
|
|
Money market
deposits
|
7,519,200
|
|
8,942
|
|
0.16 %
|
|
7,593,320
|
|
4,516
|
|
0.08 %
|
|
Savings
deposits
|
2,433,651
|
|
654
|
|
0.04 %
|
|
2,152,667
|
|
523
|
|
0.03 %
|
|
Time
deposits
|
1,623,742
|
|
4,612
|
|
0.38 %
|
|
2,336,261
|
|
16,414
|
|
0.94 %
|
|
Total interest-bearing
deposits
|
15,422,795
|
|
17,021
|
|
0.15 %
|
|
15,442,113
|
|
22,794
|
|
0.20 %
|
|
Repurchase agreements
and federal funds
purchased
|
502,998
|
|
674
|
|
0.18 %
|
|
444,919
|
|
232
|
|
0.07 %
|
|
Borrowings
|
34,662
|
|
897
|
|
3.46 %
|
|
259,890
|
|
2,787
|
|
1.43 %
|
|
Junior subordinated
debentures
|
394,803
|
|
12,641
|
|
4.28 %
|
|
363,122
|
|
9,108
|
|
3.35 %
|
|
Total interest-bearing
liabilities
|
16,355,258
|
|
$ 31,233
|
|
0.26 %
|
|
16,510,044
|
|
$ 34,921
|
|
0.28 %
|
|
Non-interest-bearing
deposits
|
11,115,618
|
|
|
|
|
|
10,484,104
|
|
|
|
|
|
Other
liabilities
|
448,426
|
|
|
|
|
|
369,653
|
|
|
|
|
|
Total
liabilities
|
27,919,302
|
|
|
|
|
|
27,363,801
|
|
|
|
|
|
Common
equity
|
2,621,725
|
|
|
|
|
|
2,694,968
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
30,541,027
|
|
|
|
|
|
$
30,058,769
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
$
765,572
|
|
|
|
|
|
$
687,404
|
|
|
|
NET INTEREST
SPREAD
|
|
|
|
|
3.36 %
|
|
|
|
|
|
3.08 %
|
|
NET INTEREST INCOME
TO EARNING ASSETS
OR NET INTEREST MARGIN (1), (2)
|
|
|
|
|
3.48 %
|
|
|
|
|
|
3.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Non-accrual loans and leases are included in the average
balance.
|
|
(2)
Tax-exempt income has been adjusted to a tax equivalent basis at a
21% tax rate. The amount of such adjustment was an addition to
recorded income of approximately $1.0 million for the nine months
ended September 30, 2022, as compared to $1.1 million for the same
period in 2021.
|
|
Umpqua Holdings
Corporation
Segments
|
|
(Unaudited)
|
|
Core
Banking
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Net interest
income
|
$ 286,532
|
|
$ 247,009
|
|
$ 227,087
|
|
$ 231,250
|
|
$ 232,348
|
|
16 %
|
|
23 %
|
|
Provision (recapture)
for credit
losses
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
(18,919)
|
|
48 %
|
|
(246) %
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities,
net
|
—
|
|
—
|
|
2
|
|
4
|
|
—
|
|
nm
|
|
nm
|
|
Loss on equity
securities, net
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
(343)
|
|
28 %
|
|
672 %
|
|
Gain (loss) on swap
derivatives,
net
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
1,429
|
|
(43) %
|
|
193 %
|
|
Change in fair value of
certain
loans held for investment
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
3,432
|
|
74 %
|
|
(869) %
|
|
Non-interest income
(excluding
above items)
|
36,769
|
|
34,461
|
|
35,650
|
|
42,812
|
|
34,849
|
|
7 %
|
|
6 %
|
|
Total non-interest
income
|
11,919
|
|
24,513
|
|
18,989
|
|
39,375
|
|
39,367
|
|
(51) %
|
|
(70) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
769
|
|
2,672
|
|
2,278
|
|
15,183
|
|
—
|
|
(71) %
|
|
nm
|
|
Exit and disposal
costs
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
3,813
|
|
209 %
|
|
(64) %
|
|
Non-interest expense
(excluding
above items)
|
154,320
|
|
148,946
|
|
148,423
|
|
150,587
|
|
146,931
|
|
4 %
|
|
5 %
|
|
Allocated expenses,
net (1)
|
(39)
|
|
3,702
|
|
3,735
|
|
4,314
|
|
3,680
|
|
(101) %
|
|
(101) %
|
|
Total non-interest
expense
|
156,414
|
|
155,762
|
|
157,469
|
|
173,106
|
|
154,424
|
|
0 %
|
|
1 %
|
|
Income before income
taxes
|
114,465
|
|
97,068
|
|
83,803
|
|
98,255
|
|
136,210
|
|
18 %
|
|
(16) %
|
|
Provision for income
taxes
|
28,212
|
|
24,530
|
|
20,917
|
|
24,067
|
|
33,945
|
|
15 %
|
|
(17) %
|
|
Net income
|
$
86,253
|
|
$
72,538
|
|
$
62,886
|
|
$
74,188
|
|
$ 102,265
|
|
19 %
|
|
(16) %
|
|
Effective Tax
Rate
|
25 %
|
|
25 %
|
|
25 %
|
|
24 %
|
|
25 %
|
|
|
|
|
|
Efficiency
Ratio
|
52 %
|
|
57 %
|
|
64 %
|
|
64 %
|
|
57 %
|
|
|
|
|
|
Total assets
|
$
31,100,700
|
|
$
29,721,590
|
|
$
30,153,079
|
|
$
30,155,058
|
|
$
30,419,108
|
|
5 %
|
|
2 %
|
|
Total loans and
leases
|
$
25,507,951
|
|
$
24,432,678
|
|
$
22,975,761
|
|
$
22,553,180
|
|
$
21,969,940
|
|
4 %
|
|
16 %
|
|
Total
deposits
|
$
26,588,217
|
|
$
25,925,294
|
|
$
26,479,078
|
|
$
26,370,568
|
|
$
26,510,938
|
|
3 %
|
|
0 %
|
|
Key Rates, end of
period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 year CMT
|
3.83 %
|
|
2.98 %
|
|
2.32 %
|
|
1.52 %
|
|
1.52 %
|
|
0.85
|
|
2.31
|
|
FHLMC 30 year
fixed
|
6.70 %
|
|
5.70 %
|
|
4.67 %
|
|
3.11 %
|
|
3.01 %
|
|
1.00
|
|
3.69
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents the internal charges for centrally provided support
services and other corporate overhead to the Mortgage Banking
segment, partially offset by allocations from the Mortgage Banking
segment to Core Banking for new portfolio loan originations and
portfolio servicing costs.
|
|
Umpqua Holdings
Corporation
Segments -
Continued
|
|
(Unaudited)
|
|
Mortgage
Banking
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Net interest
income
|
$
1,072
|
|
$
1,161
|
|
$
1,676
|
|
$
2,129
|
|
$
2,726
|
|
(8) %
|
|
(61) %
|
|
Provision for credit
losses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
banking
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and
sale
|
10,515
|
|
15,101
|
|
16,844
|
|
23,624
|
|
30,293
|
|
(30) %
|
|
(65) %
|
|
Servicing
|
9,529
|
|
9,505
|
|
9,140
|
|
9,457
|
|
9,172
|
|
0 %
|
|
4 %
|
|
Change in fair value of
MSR
asset:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes due to
collection/realization of expected
cash flows over time
|
(4,978)
|
|
(4,961)
|
|
(5,347)
|
|
(5,311)
|
|
(4,681)
|
|
0 %
|
|
6 %
|
|
Changes due to
valuation inputs
or assumptions
|
16,403
|
|
10,899
|
|
40,149
|
|
15,415
|
|
(634)
|
|
51 %
|
|
(2,687) %
|
|
MSR hedge
loss
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Non-interest income
(excluding
above items)
|
185
|
|
178
|
|
194
|
|
178
|
|
188
|
|
4 %
|
|
(2) %
|
|
Total non-interest
income
|
17,526
|
|
30,722
|
|
60,980
|
|
43,363
|
|
34,338
|
|
(43) %
|
|
(49) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
21,511
|
|
27,514
|
|
28,696
|
|
30,919
|
|
33,009
|
|
(22) %
|
|
(35) %
|
|
Allocated expenses,
net (1)
|
39
|
|
(3,702)
|
|
(3,735)
|
|
(4,314)
|
|
(3,680)
|
|
(101) %
|
|
(101) %
|
|
Total non-interest
expense
|
21,550
|
|
23,812
|
|
24,961
|
|
26,605
|
|
29,329
|
|
(9) %
|
|
(27) %
|
|
Income before income
taxes
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
7,735
|
|
(137) %
|
|
(138) %
|
|
Provision for income
taxes
|
(739)
|
|
2,018
|
|
9,424
|
|
4,721
|
|
1,934
|
|
(137) %
|
|
(138) %
|
|
Net income
|
$
(2,213)
|
|
$
6,053
|
|
$
28,271
|
|
$
14,166
|
|
$
5,801
|
|
(137) %
|
|
(138) %
|
|
Effective Tax
Rate
|
25 %
|
|
25 %
|
|
25 %
|
|
25 %
|
|
25 %
|
|
|
|
|
|
Efficiency
Ratio
|
116 %
|
|
75 %
|
|
40 %
|
|
58 %
|
|
79 %
|
|
|
|
|
|
Total assets
|
$ 371,260
|
|
$ 414,104
|
|
$ 484,047
|
|
$ 485,878
|
|
$ 472,371
|
|
(10) %
|
|
(21) %
|
|
Loans held for
sale
|
$ 148,275
|
|
$ 228,889
|
|
$ 309,946
|
|
$ 353,105
|
|
$ 352,466
|
|
(35) %
|
|
(58) %
|
|
Total
deposits
|
$ 228,890
|
|
$ 207,129
|
|
$ 220,509
|
|
$ 224,117
|
|
$ 397,459
|
|
11 %
|
|
(42) %
|
|
LHFS Production
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed loan volume
for-sale
|
$ 396,979
|
|
$ 576,532
|
|
$ 649,122
|
|
$ 871,268
|
|
$ 987,281
|
|
(31) %
|
|
(60) %
|
|
Gain on sale
margin
|
2.65 %
|
|
2.62 %
|
|
2.59 %
|
|
2.71 %
|
|
3.07 %
|
|
|
|
|
|
Direct LHFS
expense
|
$ 10,465
|
|
$
13,197
|
|
$
14,296
|
|
$
18,150
|
|
$
19,958
|
|
(21) %
|
|
(48) %
|
|
Direct LHFS expenses as
% of
volume
|
2.64 %
|
|
2.29 %
|
|
2.20 %
|
|
2.08 %
|
|
2.02 %
|
|
|
|
|
|
MSR
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans serviced
for others
|
$
12,997,911
|
|
$
12,932,747
|
|
$
12,810,574
|
|
$
12,755,671
|
|
$
12,853,291
|
|
1 %
|
|
1 %
|
|
MSR, net
|
$ 196,177
|
|
$ 179,558
|
|
$ 165,807
|
|
$ 123,615
|
|
$ 105,834
|
|
9 %
|
|
85 %
|
|
MSR as % of serviced
portfolio
|
1.51 %
|
|
1.39 %
|
|
1.29 %
|
|
0.97 %
|
|
0.82 %
|
|
0.12
|
|
0.69
|
|
Key Rates, end of
period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 year CMT
|
3.83 %
|
|
2.98 %
|
|
2.32 %
|
|
1.52 %
|
|
1.52 %
|
|
0.85
|
|
2.31
|
|
FHLMC 30 year
fixed
|
6.70 %
|
|
5.70 %
|
|
4.67 %
|
|
3.11 %
|
|
3.01 %
|
|
1.00
|
|
3.69
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents the internal charges for centrally provided support
services and other corporate overhead to the Mortgage Banking
segment, partially offset by allocations from the Mortgage Banking
segment to Core Banking for new portfolio loan originations and
portfolio servicing costs.
|
|
Umpqua Holdings
Corporation
Segments
|
|
(Unaudited)
|
|
(in
thousands)
|
Core
Banking
|
|
Mortgage
Banking
|
|
|
Nine Months
Ended
|
|
%
Change
|
|
Nine Months
Ended
|
|
%
Change
|
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Net interest
income
|
$ 760,628
|
|
$ 676,837
|
|
12 %
|
|
$
3,909
|
|
$
9,431
|
|
(59) %
|
|
Provision (recapture)
for credit
losses
|
51,068
|
|
(41,915)
|
|
(222) %
|
|
—
|
|
—
|
|
nm
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
banking
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and
sale
|
—
|
|
—
|
|
nm
|
|
42,460
|
|
134,165
|
|
(68) %
|
|
Servicing
|
—
|
|
—
|
|
nm
|
|
28,174
|
|
27,379
|
|
3 %
|
|
Change in fair value of
MSR
asset:
|
|
|
|
|
nm
|
|
|
|
|
|
|
|
Changes due to
collection/realization of
expected cash flows over time
|
—
|
|
—
|
|
nm
|
|
(15,286)
|
|
(13,592)
|
|
12 %
|
|
Changes due to
valuation inputs
or assumptions
|
—
|
|
—
|
|
nm
|
|
67,451
|
|
(4,326)
|
|
(1659) %
|
|
MSR hedge
loss
|
—
|
|
—
|
|
nm
|
|
(14,128)
|
|
—
|
|
nm
|
|
Gain on sale of debt
securities, net
|
2
|
|
4
|
|
(50) %
|
|
—
|
|
—
|
|
nm
|
|
Loss on equity
securities, net
|
(7,383)
|
|
(1,045)
|
|
607 %
|
|
—
|
|
—
|
|
nm
|
|
Gain on swap
derivatives, net
|
18,578
|
|
8,698
|
|
114 %
|
|
—
|
|
—
|
|
nm
|
|
Change in fair value of
certain
loans held for investment
|
(62,656)
|
|
5,704
|
|
(1198) %
|
|
—
|
|
—
|
|
nm
|
|
Non-interest income
(excluding
above items)
|
106,880
|
|
115,913
|
|
(8) %
|
|
557
|
|
680
|
|
(18) %
|
|
Total non-interest
income
|
55,421
|
|
129,274
|
|
(57) %
|
|
109,228
|
|
144,306
|
|
(24) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
5,719
|
|
—
|
|
nm
|
|
—
|
|
—
|
|
nm
|
|
Exit and disposal
costs
|
4,839
|
|
9,741
|
|
(50) %
|
|
—
|
|
—
|
|
nm
|
|
Non-interest expense
(excluding
above items)
|
451,689
|
|
438,969
|
|
3 %
|
|
77,721
|
|
112,035
|
|
(31) %
|
|
Allocated expenses, net
(1)
|
7,398
|
|
3,860
|
|
92 %
|
|
(7,398)
|
|
(3,860)
|
|
92 %
|
|
Total non-interest
expense
|
469,645
|
|
452,570
|
|
4 %
|
|
70,323
|
|
108,175
|
|
(35) %
|
|
Income before income
taxes
|
295,336
|
|
395,456
|
|
(25) %
|
|
42,814
|
|
45,562
|
|
(6) %
|
|
Provision for income
taxes
|
73,659
|
|
97,681
|
|
(25) %
|
|
10,703
|
|
11,391
|
|
(6) %
|
|
Net income
|
$ 221,677
|
|
$ 297,775
|
|
(26) %
|
|
$
32,111
|
|
$
34,171
|
|
(6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
25 %
|
|
25 %
|
|
—
|
|
25 %
|
|
25 %
|
|
—
|
|
Efficiency
Ratio
|
57 %
|
|
56 %
|
|
1.00
|
|
62 %
|
|
70 %
|
|
(8.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS Production
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed loan volume
for-sale
|
|
|
|
|
|
|
$
1,622,633
|
|
$
3,875,836
|
|
(58) %
|
|
Gain on sale
margin
|
|
|
|
|
|
|
2.62 %
|
|
3.46 %
|
|
(0.84)
|
|
Direct LHFS
expense
|
|
|
|
|
|
|
$
37,958
|
|
$
76,568
|
|
(50) %
|
|
Direct LHFS expenses as
% of
volume
|
|
|
|
|
|
|
2.34 %
|
|
1.98 %
|
|
0.36
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the internal charge of
centrally provided support services and other corporate overhead to
the Mortgage Banking segment, partially offset by allocations from
the Mortgage Banking segment to Core Banking for new portfolio loan
originations and portfolio servicing costs.
|
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
presenting certain non-GAAP financial measures provides investors
with information useful in understanding our financial performance,
our performance trends, and our financial position. We utilize
these measures for internal planning and forecasting purposes. We,
as well as securities analysts, investors, and other interested
parties, also use these measures to compare peer company operating
performance. We believe that our presentation and discussion,
together with the accompanying reconciliations, provides a complete
understanding of factors and trends affecting our business and
allows investors to view performance in a manner similar to
management. These non-GAAP measures should not be considered a
substitution for GAAP basis measures and results, and we strongly
encourage investors to review our consolidated financial statements
in their entirety and not to rely on any single financial measure.
Because non-GAAP financial measures are not standardized, it may
not be possible to compare these financial measures with other
companies' non-GAAP financial measures having the same or similar
names.
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands, except per share
data)
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Total shareholders'
equity
|
a
|
|
$2,417,514
|
|
$2,518,276
|
|
$2,607,598
|
|
$2,749,270
|
|
$2,722,379
|
|
(4) %
|
|
(11) %
|
|
Less: Other intangible
assets, net
|
|
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
9,970
|
|
(15) %
|
|
(42) %
|
|
Tangible common
shareholders' equity
|
b
|
|
$2,411,750
|
|
$2,511,487
|
|
$2,599,783
|
|
$2,740,430
|
|
$2,712,409
|
|
(4) %
|
|
(11) %
|
|
Less: Accumulated
other comprehensive
income (AOCI)
|
|
|
$ (449,560)
|
|
(308,147)
|
|
(183,756)
|
|
1,759
|
|
20,209
|
|
46 %
|
|
nm
|
|
Tangible common
shareholders' equity,
ex AOCI
|
c
|
|
$2,861,310
|
|
$2,819,634
|
|
$2,783,539
|
|
$2,738,671
|
|
$2,692,200
|
|
1 %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
d
|
|
$31,471,960
|
|
$30,135,694
|
|
$30,637,126
|
|
$30,640,936
|
|
$30,891,479
|
|
4 %
|
|
2 %
|
|
Less: Other intangible
assets, net
|
|
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
9,970
|
|
(15) %
|
|
(42) %
|
|
Tangible
assets
|
e
|
|
$31,466,196
|
|
$30,128,905
|
|
$30,629,311
|
|
$30,632,096
|
|
$30,881,509
|
|
4 %
|
|
2 %
|
|
Common shares
outstanding at period
end
|
f
|
|
217,053
|
|
217,049
|
|
216,967
|
|
216,626
|
|
216,622
|
|
0 %
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets ratio
|
a / d
|
|
7.68 %
|
|
8.36 %
|
|
8.51 %
|
|
8.97 %
|
|
8.81 %
|
|
(0.68)
|
|
(1.13)
|
|
Tangible common equity
ratio
|
b / e
|
|
7.66 %
|
|
8.34 %
|
|
8.49 %
|
|
8.95 %
|
|
8.78 %
|
|
(0.68)
|
|
(1.12)
|
|
Tangible common equity
ratio, ex AOCI
|
c / e
|
|
9.09 %
|
|
9.36 %
|
|
9.09 %
|
|
8.94 %
|
|
8.72 %
|
|
(0.27)
|
|
0.37
|
|
Book value per common
share
|
a / f
|
|
$ 11.14
|
|
$ 11.60
|
|
$ 12.02
|
|
$ 12.69
|
|
$ 12.57
|
|
(4) %
|
|
(11) %
|
|
Tangible book value per
common share
|
b / f
|
|
$ 11.11
|
|
$ 11.57
|
|
$ 11.98
|
|
$ 12.65
|
|
$ 12.52
|
|
(4) %
|
|
(11) %
|
|
Tangible book value per
common share, ex
AOCI
|
c / f
|
|
$ 13.18
|
|
$ 12.99
|
|
$ 12.83
|
|
$ 12.64
|
|
$ 12.43
|
|
1 %
|
|
6 %
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Consolidated
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
—
|
|
$
—
|
|
$
2
|
|
$
4
|
|
$
—
|
|
nm
|
|
nm
|
|
(Loss) gain on equity
securities, net
|
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
(343)
|
|
28 %
|
|
672 %
|
|
Gain (loss) on swap
derivatives
|
|
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
1,429
|
|
(43) %
|
|
193 %
|
|
Change in fair value
of certain loans held
for investment
|
|
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
3,432
|
|
74 %
|
|
nm
|
|
Change in fair value
of MSR due to
valuation inputs or assumptions
|
|
|
16,403
|
|
10,899
|
|
40,149
|
|
15,415
|
|
(634)
|
|
51 %
|
|
nm
|
|
MSR hedge
loss
|
|
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(22,575)
|
|
$
951
|
|
$ 23,488
|
|
$ 11,978
|
|
$
3,884
|
|
nm
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$
769
|
|
$
2,672
|
|
$
2,278
|
|
$ 15,183
|
|
$
—
|
|
(71) %
|
|
nm
|
|
Exit and disposal
costs
|
|
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
3,813
|
|
209 %
|
|
(64) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
2,133
|
|
$
3,114
|
|
$
5,311
|
|
$ 18,205
|
|
$
3,813
|
|
(32) %
|
|
(44) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
287,933
|
|
$
248,522
|
|
$
229,117
|
|
$
233,754
|
|
$
235,452
|
|
16 %
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$ 29,445
|
|
$ 55,235
|
|
$ 79,969
|
|
$ 82,738
|
|
$ 73,705
|
|
(47) %
|
|
(60) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(3,884)
|
|
nm
|
|
nm
|
|
Operating
non-interest income (non-
GAAP)
|
e
|
|
$ 52,020
|
|
$ 54,284
|
|
$ 56,481
|
|
$ 70,760
|
|
$ 69,821
|
|
(4) %
|
|
(25) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
317,378
|
|
$
303,757
|
|
$
309,086
|
|
$
316,492
|
|
$
309,157
|
|
4 %
|
|
3 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
339,953
|
|
$
302,806
|
|
$
285,598
|
|
$
304,514
|
|
$
305,273
|
|
12 %
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
h
|
|
$
177,964
|
|
$
179,574
|
|
$
182,430
|
|
$
199,711
|
|
$
183,753
|
|
(1) %
|
|
(3) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(2,133)
|
|
(3,114)
|
|
(5,311)
|
|
(18,205)
|
|
(3,813)
|
|
(32) %
|
|
(44) %
|
|
Operating
non-interest expense (non-
GAAP)
|
i
|
|
$
175,831
|
|
$
176,460
|
|
$
177,119
|
|
$
181,506
|
|
$
179,940
|
|
— %
|
|
(2) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 84,040
|
|
$ 78,591
|
|
$ 91,157
|
|
$ 88,354
|
|
$
108,066
|
|
7 %
|
|
(22) %
|
|
Provision for income
taxes
|
|
|
27,473
|
|
26,548
|
|
30,341
|
|
28,788
|
|
35,879
|
|
3 %
|
|
(23) %
|
|
Income before provision
for income taxes
|
|
|
111,513
|
|
105,139
|
|
121,498
|
|
117,142
|
|
143,945
|
|
6 %
|
|
(23) %
|
|
Provision (recapture)
for credit losses
|
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
(18,919)
|
|
48 %
|
|
(246) %
|
|
Pre-provision net
revenue (PPNR) (non-
GAAP)
|
k
|
|
139,085
|
|
123,831
|
|
126,302
|
|
116,406
|
|
125,026
|
|
12 %
|
|
11 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(3,884)
|
|
nm
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
3,813
|
|
(32) %
|
|
(44) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
163,793
|
|
$
125,994
|
|
$
108,125
|
|
$
122,633
|
|
$
124,955
|
|
30 %
|
|
31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 84,040
|
|
$ 78,591
|
|
$ 91,157
|
|
$ 88,354
|
|
$
108,066
|
|
7 %
|
|
(22) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(3,884)
|
|
nm
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
3,813
|
|
(32) %
|
|
(44) %
|
|
Tax effect of
adjustments
|
|
|
(6,116)
|
|
(480)
|
|
4,576
|
|
1,190
|
|
18
|
|
nm
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
102,632
|
|
$ 80,274
|
|
$ 77,556
|
|
$ 95,771
|
|
$
108,013
|
|
28 %
|
|
(5) %
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax
exempt interest has been adjusted to a taxable equivalent basis
using a 21% tax rate.
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Consolidated
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands, except per share
data)
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Average
assets
|
n
|
|
$30,668,177
|
|
$30,356,903
|
|
$30,597,413
|
|
$30,886,378
|
|
$30,614,374
|
|
1 %
|
|
— %
|
|
Less: Average goodwill
and other intangible
assets, net
|
|
|
6,343
|
|
7,379
|
|
8,407
|
|
9,491
|
|
10,609
|
|
(14) %
|
|
(40) %
|
|
Average tangible
assets
|
o
|
|
$30,661,834
|
|
$30,349,524
|
|
$30,589,006
|
|
$30,876,887
|
|
$30,603,765
|
|
1 %
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
shareholders' equity
|
p
|
|
$2,567,266
|
|
$2,584,836
|
|
$2,715,059
|
|
$2,717,753
|
|
$2,709,641
|
|
(1) %
|
|
(5) %
|
|
Less: Average goodwill
and other intangible
assets, net
|
|
|
6,343
|
|
7,379
|
|
8,407
|
|
9,491
|
|
10,609
|
|
(14) %
|
|
(40) %
|
|
Average tangible
common equity
|
q
|
|
$2,560,923
|
|
$2,577,457
|
|
$2,706,652
|
|
$2,708,262
|
|
$2,699,032
|
|
(1) %
|
|
(5) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
r
|
|
217,051
|
|
217,030
|
|
216,782
|
|
216,624
|
|
218,416
|
|
0 %
|
|
(1) %
|
|
Weighted average
diluted shares
outstanding
|
s
|
|
217,386
|
|
217,279
|
|
217,392
|
|
217,356
|
|
218,978
|
|
0 %
|
|
(1) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings-per-share -
basic
|
j / r
|
|
$ 0.39
|
|
$ 0.36
|
|
$ 0.42
|
|
$ 0.41
|
|
$ 0.49
|
|
8 %
|
|
(20) %
|
|
Earnings-per-share -
diluted
|
j / s
|
|
$ 0.39
|
|
$ 0.36
|
|
$ 0.42
|
|
$ 0.41
|
|
$ 0.49
|
|
8 %
|
|
(20) %
|
|
Efficiency
ratio
|
h / f
|
|
56.07 %
|
|
59.12 %
|
|
59.02 %
|
|
63.10 %
|
|
59.44 %
|
|
(3.05)
|
|
(3.37)
|
|
PPNR return on average
assets
|
k / n
|
|
1.80 %
|
|
1.64 %
|
|
1.67 %
|
|
1.50 %
|
|
1.62 %
|
|
0.16
|
|
0.18
|
|
Return on average
assets
|
j / n
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.13 %
|
|
1.40 %
|
|
0.05
|
|
(0.31)
|
|
Return on average
tangible assets
|
j / o
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.14 %
|
|
1.40 %
|
|
0.05
|
|
(0.31)
|
|
Return on average
common equity
|
j / p
|
|
12.99 %
|
|
12.20 %
|
|
13.62 %
|
|
12.90 %
|
|
15.82 %
|
|
0.79
|
|
(2.83)
|
|
Return on average
tangible common equity
|
j / q
|
|
13.02 %
|
|
12.23 %
|
|
13.66 %
|
|
12.94 %
|
|
15.88 %
|
|
0.79
|
|
(2.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings-per-share - basic
|
m / r
|
|
$ 0.47
|
|
$ 0.37
|
|
$ 0.36
|
|
$ 0.44
|
|
$ 0.49
|
|
27 %
|
|
(4) %
|
|
Operating
earnings-per-share - diluted
|
m / s
|
|
$ 0.47
|
|
$ 0.37
|
|
$ 0.36
|
|
$ 0.44
|
|
$ 0.49
|
|
27 %
|
|
(4) %
|
|
Operating efficiency
ratio
|
i / g
|
|
51.72 %
|
|
58.27 %
|
|
62.02 %
|
|
59.61 %
|
|
58.94 %
|
|
(6.55)
|
|
(7.22)
|
|
Operating PPNR return
on average assets
|
l / n
|
|
2.12 %
|
|
1.66 %
|
|
1.43 %
|
|
1.58 %
|
|
1.62 %
|
|
0.46
|
|
0.50
|
|
Operating return on
average assets
|
m / n
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
1.40 %
|
|
0.27
|
|
(0.07)
|
|
Operating return on
average tangible assets
|
m / o
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
1.40 %
|
|
0.27
|
|
(0.07)
|
|
Operating return on
average common equity
|
m / p
|
|
15.86 %
|
|
12.46 %
|
|
11.58 %
|
|
13.98 %
|
|
15.82 %
|
|
3.40
|
|
0.04
|
|
Operating return on
average tangible common
equity
|
m / q
|
|
15.90 %
|
|
12.49 %
|
|
11.62 %
|
|
14.03 %
|
|
15.88 %
|
|
3.41
|
|
0.02
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Core
Banking
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year
over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$ —
|
|
$ —
|
|
$
2
|
|
$
4
|
|
$
—
|
|
nm
|
|
nm
|
|
(Loss) gain on equity
securities, net
|
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
(343)
|
|
28 %
|
|
672 %
|
|
Gain (loss) on swap
derivatives
|
|
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
1,429
|
|
(43) %
|
|
193 %
|
|
Change in fair value
of certain loans held for
investment
|
|
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
3,432
|
|
74 %
|
|
(869) %
|
|
Total non-interest
income adjustments
|
a
|
|
$
(24,850)
|
|
$
(9,948)
|
|
$
(16,661)
|
|
$
(3,437)
|
|
$
4,518
|
|
150 %
|
|
(650) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$ 769
|
|
$
2,672
|
|
$
2,278
|
|
$
15,183
|
|
$
—
|
|
(71) %
|
|
nm
|
|
Exit and disposal
costs
|
|
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
3,813
|
|
209 %
|
|
(64) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
2,133
|
|
$
3,114
|
|
$
5,311
|
|
$
18,205
|
|
$
3,813
|
|
(32) %
|
|
(44) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
286,861
|
|
$
247,361
|
|
$
227,441
|
|
$
231,625
|
|
$
232,726
|
|
16 %
|
|
23 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
11,919
|
|
$
24,513
|
|
$
18,989
|
|
$
39,375
|
|
$
39,367
|
|
(51) %
|
|
(70) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(4,518)
|
|
150 %
|
|
(650) %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
36,769
|
|
$
34,461
|
|
$
35,650
|
|
$
42,812
|
|
$
34,849
|
|
7 %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
298,780
|
|
$
271,874
|
|
$
246,430
|
|
$
271,000
|
|
$
272,093
|
|
10 %
|
|
10 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
323,630
|
|
$
281,822
|
|
$
263,091
|
|
$
274,437
|
|
$
267,575
|
|
15 %
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (2)
|
h
|
|
$
156,414
|
|
$
155,762
|
|
$
157,469
|
|
$
173,106
|
|
$
154,424
|
|
— %
|
|
1 %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(2,133)
|
|
(3,114)
|
|
(5,311)
|
|
(18,205)
|
|
(3,813)
|
|
(32) %
|
|
(44) %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
154,281
|
|
$
152,648
|
|
$
152,158
|
|
$
154,901
|
|
$
150,611
|
|
1 %
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 86,253
|
|
$ 72,538
|
|
$ 62,886
|
|
$
74,188
|
|
$ 102,265
|
|
19 %
|
|
(16) %
|
|
Provision for income
taxes
|
|
|
28,212
|
|
24,530
|
|
20,917
|
|
24,067
|
|
33,945
|
|
15 %
|
|
(17) %
|
|
Income before provision
for income taxes
|
|
|
114,465
|
|
97,068
|
|
83,803
|
|
98,255
|
|
136,210
|
|
18 %
|
|
(16) %
|
|
Provision (recapture)
for credit losses
|
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
(18,919)
|
|
48 %
|
|
(246) %
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
142,037
|
|
115,760
|
|
88,607
|
|
97,519
|
|
117,291
|
|
23 %
|
|
21 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(4,518)
|
|
150 %
|
|
(650) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
3,813
|
|
(32) %
|
|
(44) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
169,020
|
|
$
128,822
|
|
$
110,579
|
|
$
119,161
|
|
$
116,586
|
|
31 %
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
86,253
|
|
$
72,538
|
|
$
62,886
|
|
$
74,188
|
|
$
102,265
|
|
19 %
|
|
(16) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(4,518)
|
|
150 %
|
|
(650) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
3,813
|
|
(32) %
|
|
(44) %
|
|
Tax effect of
adjustments
|
|
|
(6,685)
|
|
(3,205)
|
|
(5,461)
|
|
(2,664)
|
|
177
|
|
109 %
|
|
(3,877) %
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
106,551
|
|
$
82,395
|
|
$
79,397
|
|
$
93,166
|
|
$
101,737
|
|
29 %
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
52.35 %
|
|
57.29 %
|
|
63.90 %
|
|
63.88 %
|
|
56.75 %
|
|
(4.94)
|
|
(4.40)
|
|
Operating efficiency
ratio
|
i / g
|
|
47.67 %
|
|
54.16 %
|
|
57.83 %
|
|
56.44 %
|
|
56.29 %
|
|
(6.49)
|
|
(8.62)
|
|
Core Banking net
income / Consolidated net
income
|
|
|
102.63 %
|
|
92.30 %
|
|
68.99 %
|
|
83.97 %
|
|
94.63 %
|
|
10.33
|
|
8.00
|
|
Core Banking
operating net income /
Consolidated operating net income
|
|
|
103.82 %
|
|
102.64 %
|
|
102.37 %
|
|
97.28 %
|
|
94.19 %
|
|
1.18
|
|
9.63
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax
exempt interest has been adjusted to a taxable equivalent basis
using a 21% tax rate.
|
|
(2) Includes
adjustments related to allocated expenses between the Core Banking
and Mortgage Banking segments.
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Mortgage
Banking
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Sep 30,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of MSR due to valuation
inputs or assumptions
|
|
|
$ 16,403
|
|
$ 10,899
|
|
$ 40,149
|
|
$ 15,415
|
|
$
(634)
|
|
51 %
|
|
nm
|
|
MSR hedge
loss
|
|
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
2,275
|
|
$
10,899
|
|
$
40,149
|
|
$
15,415
|
|
$
(634)
|
|
(79) %
|
|
(459) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
b
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
nm
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
c
|
|
$
1,072
|
|
$
1,161
|
|
$
1,676
|
|
$
2,129
|
|
$
2,726
|
|
(8) %
|
|
(61) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
17,526
|
|
$
30,722
|
|
$
60,980
|
|
$
43,363
|
|
$
34,338
|
|
(43) %
|
|
(49) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
634
|
|
(79) %
|
|
(459) %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
15,251
|
|
$
19,823
|
|
$
20,831
|
|
$
27,948
|
|
$
34,972
|
|
(23) %
|
|
(56) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
f=c+d
|
|
$
18,598
|
|
$
31,883
|
|
$
62,656
|
|
$
45,492
|
|
$
37,064
|
|
(42) %
|
|
(50) %
|
|
Operating revenue
(non-GAAP)
|
g=c+e
|
|
16,323
|
|
20,984
|
|
22,507
|
|
30,077
|
|
37,698
|
|
(22) %
|
|
(57) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (1)
|
h
|
|
21,550
|
|
23,812
|
|
24,961
|
|
26,605
|
|
29,329
|
|
(9) %
|
|
(27) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
21,550
|
|
$
23,812
|
|
$
24,961
|
|
$
26,605
|
|
$
29,329
|
|
(9) %
|
|
(27) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ (2,213)
|
|
$
6,053
|
|
$ 28,271
|
|
$ 14,166
|
|
$
5,801
|
|
(137) %
|
|
(138) %
|
|
Provision for income
taxes
|
|
|
(739)
|
|
2,018
|
|
9,424
|
|
4,721
|
|
1,934
|
|
(137) %
|
|
(138) %
|
|
Income before provision
for income taxes
|
|
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
7,735
|
|
(137) %
|
|
(138) %
|
|
Provision for credit
losses
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-
GAAP)
|
k
|
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
7,735
|
|
(137) %
|
|
(138) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
634
|
|
(79) %
|
|
(459) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
(5,227)
|
|
$
(2,828)
|
|
$
(2,454)
|
|
$
3,472
|
|
$
8,369
|
|
85 %
|
|
(162) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
(2,213)
|
|
$
6,053
|
|
$
28,271
|
|
$
14,166
|
|
$
5,801
|
|
(137) %
|
|
(138) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
634
|
|
(79) %
|
|
(459) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Tax effect of
adjustments
|
|
|
569
|
|
2,725
|
|
10,037
|
|
3,854
|
|
(159)
|
|
(79) %
|
|
(458) %
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
(3,919)
|
|
$
(2,121)
|
|
$
(1,841)
|
|
$
2,605
|
|
$
6,276
|
|
85 %
|
|
(162) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
115.87 %
|
|
74.69 %
|
|
39.84 %
|
|
58.48 %
|
|
79.13 %
|
|
41.18
|
|
36.74
|
|
Operating efficiency
ratio
|
i / g
|
|
132.02 %
|
|
113.48 %
|
|
110.90 %
|
|
88.46 %
|
|
77.80 %
|
|
18.54
|
|
54.22
|
|
Mortgage Banking net
income / Consolidated
net income
|
|
|
(2.63) %
|
|
7.70 %
|
|
31.01 %
|
|
16.03 %
|
|
5.37 %
|
|
(10.33)
|
|
(8.00)
|
|
Mortgage Banking
operating net income /
Consolidated operating net income
|
|
|
(3.82) %
|
|
(2.64) %
|
|
(2.37) %
|
|
2.72 %
|
|
5.81 %
|
|
(1.18)
|
|
(9.63)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes adjustments related to allocated expenses between the Core
Banking and Mortgage Banking segments.
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Consolidated
|
|
|
Year to
Date
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
2
|
|
$
4
|
|
(50) %
|
|
Loss on equity
securities, net
|
|
|
(7,383)
|
|
(1,045)
|
|
nm
|
|
Gain on swap
derivatives
|
|
|
18,578
|
|
8,698
|
|
114 %
|
|
Change in fair value
of certain loans held for investment
|
|
|
(62,656)
|
|
5,704
|
|
nm
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
67,451
|
|
(4,326)
|
|
nm
|
|
MSR hedge
loss
|
|
|
(14,128)
|
|
—
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
1,864
|
|
$
9,035
|
|
(79) %
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$
5,719
|
|
$
—
|
|
nm
|
|
Exit and disposal
costs
|
|
|
4,839
|
|
9,741
|
|
(50) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
10,558
|
|
$
9,741
|
|
8 %
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
765,572
|
|
$
687,404
|
|
11 %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
164,649
|
|
$
273,580
|
|
(40) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(1,864)
|
|
(9,035)
|
|
(79) %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
162,785
|
|
$
264,545
|
|
(38) %
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
930,221
|
|
$
960,984
|
|
(3) %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
928,357
|
|
$
951,949
|
|
(2) %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
h
|
|
$
539,968
|
|
$
560,745
|
|
(4) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(10,558)
|
|
(9,741)
|
|
8 %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
529,410
|
|
$
551,004
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
253,788
|
|
$
331,946
|
|
(24) %
|
|
Provision for income
taxes
|
|
|
84,362
|
|
109,072
|
|
(23) %
|
|
Income before provision
for income taxes
|
|
|
338,150
|
|
441,018
|
|
(23) %
|
|
Provision (recapture)
for credit losses
|
|
|
51,068
|
|
(41,915)
|
|
(222) %
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
389,218
|
|
399,103
|
|
(2) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(1,864)
|
|
(9,035)
|
|
(79) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
10,558
|
|
9,741
|
|
8 %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
397,912
|
|
$
399,809
|
|
— %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
253,788
|
|
$
331,946
|
|
(24) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(1,864)
|
|
(9,035)
|
|
(79) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
10,558
|
|
9,741
|
|
8 %
|
|
Tax effect of
adjustments
|
|
|
(2,020)
|
|
(177)
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
260,462
|
|
$
332,475
|
|
(22) %
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Average
assets
|
n
|
|
$
30,541,027
|
|
$
30,058,769
|
|
2 %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
$
7,369
|
|
$
12,922
|
|
(43) %
|
|
Average tangible
assets
|
o
|
|
$
30,533,658
|
|
$
30,045,847
|
|
2 %
|
|
|
|
|
|
|
|
|
|
Average common
shareholders' equity
|
p
|
|
$
2,621,725
|
|
$
2,694,968
|
|
(3) %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
$
7,369
|
|
$
12,922
|
|
(43) %
|
|
Average tangible
common equity
|
q
|
|
$
2,614,356
|
|
$
2,682,046
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
r
|
|
216,955
|
|
219,791
|
|
(1) %
|
|
Weighted average
diluted shares outstanding
|
s
|
|
217,353
|
|
220,278
|
|
(1) %
|
|
|
|
|
|
|
|
|
|
Select Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
Earnings-per-share -
basic
|
j / r
|
|
$
1.17
|
|
$
1.51
|
|
(23) %
|
|
Earnings-per-share -
diluted
|
j / s
|
|
$
1.17
|
|
$
1.51
|
|
(23) %
|
|
Efficiency
ratio
|
h / f
|
|
58.05 %
|
|
58.35 %
|
|
(0.30)
|
|
PPNR return on average
assets
|
k / n
|
|
1.70 %
|
|
1.78 %
|
|
(0.08)
|
|
Return on average
assets
|
j / n
|
|
1.11 %
|
|
1.48 %
|
|
(0.37)
|
|
Return on average
tangible assets
|
j / o
|
|
1.11 %
|
|
1.48 %
|
|
(0.37)
|
|
Return on average
common equity
|
j / p
|
|
12.94 %
|
|
16.47 %
|
|
(3.53)
|
|
Return on average
tangible common equity
|
j / q
|
|
12.98 %
|
|
16.55 %
|
|
(3.57)
|
|
|
|
|
|
|
|
|
|
Operating Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
Operating
earnings-per-share - basic
|
m / r
|
|
$
1.20
|
|
$
1.51
|
|
(21) %
|
|
Operating
earnings-per-share - diluted
|
m / s
|
|
$
1.20
|
|
$
1.51
|
|
(21) %
|
|
Operating efficiency
ratio
|
i / g
|
|
57.03 %
|
|
57.88 %
|
|
(0.85)
|
|
Operating PPNR return
on average assets
|
l / n
|
|
1.74 %
|
|
1.78 %
|
|
(0.04)
|
|
Operating return on
average assets
|
m / n
|
|
1.14 %
|
|
1.48 %
|
|
(0.34)
|
|
Operating return on
average tangible assets
|
m / o
|
|
1.14 %
|
|
1.48 %
|
|
(0.34)
|
|
Operating return on
average common equity
|
m / p
|
|
13.28 %
|
|
16.49 %
|
|
(3.21)
|
|
Operating return on
average tangible common equity
|
m / q
|
|
13.32 %
|
|
16.57 %
|
|
(3.25)
|
|
|
(1) Tax
exempt interest has been adjusted to a taxable equivalent basis
using a 21% tax rate.
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Core
Banking
|
|
|
Year to
Date
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
2
|
|
$
4
|
|
(50) %
|
|
Loss on equity
securities, net
|
|
|
(7,383)
|
|
(1,045)
|
|
607 %
|
|
Gain on swap
derivatives
|
|
|
18,578
|
|
8,698
|
|
114 %
|
|
Change in fair value
of certain loans held for investment
|
|
|
(62,656)
|
|
5,704
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(51,459)
|
|
$
13,361
|
|
(485) %
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$
5,719
|
|
$
—
|
|
nm
|
|
Exit and disposal
costs
|
|
|
4,839
|
|
9,741
|
|
(50) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
10,558
|
|
$
9,741
|
|
8 %
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
761,663
|
|
$
677,973
|
|
12 %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
55,421
|
|
$
129,274
|
|
(57) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
51,459
|
|
(13,361)
|
|
(485) %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
106,880
|
|
$
115,913
|
|
(8) %
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
817,084
|
|
$
807,247
|
|
1 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
868,543
|
|
$
793,886
|
|
9 %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (2)
|
h
|
|
$
469,645
|
|
$
452,570
|
|
4 %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(10,558)
|
|
(9,741)
|
|
8 %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
459,087
|
|
$
442,829
|
|
4 %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
221,677
|
|
$
297,775
|
|
(26) %
|
|
Provision for income
taxes
|
|
|
73,659
|
|
97,681
|
|
(25) %
|
|
Income before provision
for income taxes
|
|
|
295,336
|
|
395,456
|
|
(25) %
|
|
Provision (recapture)
for credit losses
|
|
|
51,068
|
|
(41,915)
|
|
(222) %
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
346,404
|
|
353,541
|
|
(2) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
51,459
|
|
(13,361)
|
|
(485) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
10,558
|
|
9,741
|
|
8 %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
408,421
|
|
$
349,921
|
|
17 %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
221,677
|
|
$
297,775
|
|
(26) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
51,459
|
|
(13,361)
|
|
(485) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
10,558
|
|
9,741
|
|
8 %
|
|
Tax effect of
adjustments
|
|
|
(15,351)
|
|
905
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
268,343
|
|
$
295,060
|
|
(9) %
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
57.48 %
|
|
56.06 %
|
|
1.42
|
|
Operating efficiency
ratio
|
i / g
|
|
52.86 %
|
|
55.78 %
|
|
(2.92)
|
|
Core Banking net
income / Consolidated net income
|
|
|
87.35 %
|
|
89.71 %
|
|
(2.36)
|
|
Core Banking
operating net income / Consolidated operating net
income
|
|
|
103.03 %
|
|
88.75 %
|
|
14.28
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Mortgage
Banking
|
|
|
Year to
Date
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Sep 30,
2022
|
|
Sep 30,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
$
67,451
|
|
$
(4,326)
|
|
nm
|
|
MSR hedge
loss
|
|
|
(14,128)
|
|
—
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
53,323
|
|
$
(4,326)
|
|
nm
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
b
|
|
$
—
|
|
$
—
|
|
nm
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
c
|
|
$
3,909
|
|
$
9,431
|
|
(59) %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
109,228
|
|
$
144,306
|
|
(24) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(53,323)
|
|
4,326
|
|
nm
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
55,905
|
|
$
148,632
|
|
(62) %
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
f=c+d
|
|
$
113,137
|
|
$
153,737
|
|
(26) %
|
|
Operating revenue
(non-GAAP)
|
g=c+e
|
|
$
59,814
|
|
$
158,063
|
|
(62) %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (1)
|
h
|
|
$
70,323
|
|
$
108,175
|
|
(35) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
70,323
|
|
$
108,175
|
|
(35) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
32,111
|
|
$
34,171
|
|
(6) %
|
|
Provision for income
taxes
|
|
|
10,703
|
|
11,391
|
|
(6) %
|
|
Income before provision
for income taxes
|
|
|
42,814
|
|
45,562
|
|
(6) %
|
|
Provision for credit
losses
|
|
|
—
|
|
—
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
42,814
|
|
45,562
|
|
(6) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(53,323)
|
|
4,326
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
(10,509)
|
|
$
49,888
|
|
(121) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
32,111
|
|
$
34,171
|
|
(6) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(53,323)
|
|
4,326
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Tax effect of
adjustments
|
|
|
13,331
|
|
(1,082)
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
(7,881)
|
|
$
37,415
|
|
(121) %
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
62.16 %
|
|
70.36 %
|
|
(8.20)
|
|
Operating efficiency
ratio
|
i / g
|
|
117.57 %
|
|
68.44 %
|
|
49.13
|
|
Mortgage Banking net
income / Consolidated net income
|
|
|
12.65 %
|
|
10.29 %
|
|
2.36
|
|
Mortgage Banking
operating net income / Consolidated operating
net income
|
|
|
(3.03) %
|
|
11.25 %
|
|
(14.28)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
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SOURCE Umpqua Holdings Corporation