Fourth Quarter 2022 Results
- Net income of $83 million, or
$0.38 per common share
- Operating net income of $99
million, or $0.46 per common
share1
- Loan balances increased $648
million or 2.5%
- Deposit balances increased $249
million or 0.9%
- Net interest margin increased 13 basis points to 4.01%
PORTLAND, Ore., Jan. 23,
2023 /PRNewswire/ --
|
UMPQUA REPORTS
FOURTH QUARTER AND FULL-YEAR 2022 RESULTS
|
|
$0.38
|
|
$83
|
|
13.53 %
|
|
13.7 %
|
|
4Q22 Net earnings per
diluted
common share
|
|
4Q22 Net income ($ in
millions)
|
|
4Q22 Return on avg
tangible
common equity ("ROATCE")1
|
|
Total risk-based
capital ratio
(estimated)
|
|
CEO
Commentary
|
|
"Continued growth,
outstanding credit quality, and net interest margin expansion again
characterize Umpqua's quarterly results and round out what has been
an exceptional year for the bank," said Cort O'Haver, President and
CEO. "As we look forward to our upcoming merger with Columbia
Banking System, which we expect to close on February 28, 2023, I
want to thank our teams for their tireless efforts over the past 15
months. Umpqua associates' support of each other and dedicated
focus on relationship banking with our customers and within our
communities is evidenced by our ability to profitably grow the bank
while simultaneously planning for our transformational combination
with Columbia."
|
– Cort O'Haver, President and
CEO of Umpqua Holdings Corporation
|
4Q22 HIGHLIGHTS
(COMPARED TO 3Q22)
|
|
|
|
Net Interest Income and
NIM
|
•
Net interest income increased by $18
million or 6% on a quarter-to-quarter basis due to the favorable
impact of rising interest rates and higher average earning asset
balances.
|
|
•
Net interest margin was 4.01%, up 13
basis points from the prior quarter. Total deposit costs were 46
basis points for the quarterly average and 66 basis points on
December 31, 2022, compared to 22 basis points on
September 30, 2022.
|
|
|
|
Non-Interest Income and
Expense
|
•
Non-interest income increased by $5.4
million as a smaller loss related to the impact of interest rates
on fair value accounting and hedges was partially offset by lower
residential mortgage gain-on-sale income.
|
|
•
Non-interest expense increased by $17
million due primarily to higher merger-related expenses and a $4.9
million accrual for state and local business taxes captured in
other expenses that is not expect to repeat in future
quarters.
|
|
|
|
Credit
Quality
|
•
Net charge-offs were 0.19% of average
loans and leases (annualized) and centered in the FinPac
portfolio.
|
|
•
Provision expense of $33 million compares
to $28 million for the prior quarter.
|
|
•
Non-performing assets to total assets was
0.18% compared to 0.16% at September 30, 2022.
|
|
|
|
Capital
|
•
Estimated total risk-based capital ratio
of 13.7% and estimated tier 1 risk-based capital ratio of
11.0%.
|
|
•
Declared a quarterly cash dividend of
$0.21 per common share on January 11, 2023, payable February 6,
2023, to holders of record as of January 23, 2023.
|
|
|
|
Notable
items
|
•
Set an expected merger closing date of
February 28, 2023 after the close of business, subject to the
satisfaction of closing conditions.
|
|
•
Structural adjustments within the
mortgage banking segment continued as additional changes were
announced in January, inclusive of further staff
reductions.
|
|
4Q22 KEY FINANCIAL
DATA
|
|
|
|
|
|
|
|
PERFORMANCE
METRICS
|
4Q22
|
|
3Q22
|
|
4Q21
|
|
Return on average
assets
|
1.04 %
|
|
1.09 %
|
|
1.13 %
|
|
Return on average
tangible common equity1
|
13.53 %
|
|
13.02 %
|
|
12.94 %
|
|
Operating return on
average assets1
|
1.24 %
|
|
1.33 %
|
|
1.23 %
|
|
Operating return on
average tangible common equity1
|
16.18 %
|
|
15.90 %
|
|
14.03 %
|
|
Net interest
margin
|
4.01 %
|
|
3.88 %
|
|
3.15 %
|
|
Efficiency
ratio
|
57.24 %
|
|
56.07 %
|
|
63.10 %
|
|
Loan to deposit
ratio
|
96.64 %
|
|
95.12 %
|
|
84.80 %
|
|
|
|
|
|
|
|
INCOME
STATEMENT
($ in 000s, excl. per
share data)
|
4Q22
|
|
3Q22
|
|
4Q21
|
|
Net interest
income
|
$305,479
|
|
$287,604
|
|
$233,379
|
|
Provision (recapture)
for credit losses
|
$32,948
|
|
$27,572
|
|
($736)
|
|
Non-interest
income
|
$34,879
|
|
$29,445
|
|
$82,738
|
|
Non-interest
expense
|
$194,982
|
|
$177,964
|
|
$199,711
|
|
Pre-provision net
revenue1
|
$145,376
|
|
$139,085
|
|
$116,406
|
|
Operating pre-provision
net revenue1
|
$167,094
|
|
$163,793
|
|
$122,633
|
|
Earnings per common
share - diluted
|
$0.38
|
|
$0.39
|
|
$0.41
|
|
Operating earnings per
common share - diluted1
|
$0.46
|
|
$0.47
|
|
$0.44
|
|
Dividends paid per
share
|
$0.21
|
|
$0.21
|
|
$0.21
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
4Q22
|
|
3Q22
|
|
4Q21
|
|
Total assets
|
$31.8B
|
|
$31.5B
|
|
$30.6B
|
|
Loans and
leases
|
$26.2B
|
|
$25.5B
|
|
$22.6B
|
|
Total
deposits
|
$27.1B
|
|
$26.8B
|
|
$26.6B
|
|
Book value per common
share
|
$11.42
|
|
$11.14
|
|
$12.69
|
|
Tangible book value per
share
|
$11.40
|
|
$11.11
|
|
$12.65
|
|
Tangible book value per
share, ex AOCI1
|
$13.37
|
|
$13.18
|
|
$12.64
|
Balance Sheet
Total consolidated assets were $31.8
billion as of December 31, 2022, compared to
$31.5 billion as of
September 30, 2022 and $30.6
billion as of December 31, 2021. Including
secured off-balance sheet lines of credit, total available
liquidity was $12.0 billion as of
December 31, 2022, representing 38% of total assets and 44% of
total deposits.
Gross loans and leases were $26.2
billion as of December 31, 2022, an increase of
$648 million from $25.5 billion as of September 30, 2022. The
majority of loan categories and business lines contributed to the
quarter's net expansion, and new loans added to the portfolio
during the fourth quarter have similar underwriting characteristics
to existing loan categories, as our Q4 2022 Earnings Presentation
details.
Total deposits were $27.1 billion
as of December 31, 2022, an increase of $249 million from $26.8
billion as of September 30, 2022. The rising interest
rate environment and the impact of inflationary pressures on
customer spending contributed to a decline in non-interest bearing
demand balances during the quarter that was offset by higher time
balances. Brokered balances account for approximately 60% of the
quarter's growth in time balances.
Net Interest Income
Net interest income was $305
million for the fourth quarter of 2022, up $18 million from the prior quarter. The increase
reflects the favorable impact of higher interest rates on our asset
sensitive balance sheet and higher average earning asset balances
relative to the prior quarter.
The Company's net interest margin was 4.01% for the fourth
quarter of 2022, up 13 basis points from 3.88% for the third
quarter of 2022. The increase is primarily attributable to higher
earning asset yields that outpaced the rising cost of
interest-bearing liabilities. The cost of interest-bearing deposits
increased to 0.77% for the fourth quarter of 2022 compared to 0.23%
for the third quarter of 2022, and it was 1.07% on December 31, 2022 compared to 0.38% on
September 30, 2022. Please refer to
the Q4 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 $315
million, or 1.21% of loans and leases, as of
December 31, 2022, compared to $295
million, or 1.16% of loans and leases, as of
September 30, 2022. The provision for credit losses of
$33 million for the fourth quarter of
2022 compares to a provision of $28
million for the third quarter of 2022. The current quarter's
provision reflects allowance requirements for changes between the
August 2022 and November 2022 economic forecasts used in credit
models, which contributed to the quarter's expense; loan portfolio
mix changes and performance; and new loan generation. Please refer
to the Q4 2022 Earnings Presentation available on our website for
additional details related to the allowance for credit losses.
Net charge-offs were 0.19% of average loans and leases
(annualized) for the fourth quarter of 2022, compared to 0.11% for
the third quarter of 2022. The FinPac portfolio drove the
linked-quarter increase in charge-offs as activity has begun to
approach normalized levels after several quarters below its
historical average. Excluding FinPac, net charge-offs were 0.01%
for the fourth quarter of 2022. As of December 31, 2022,
non-performing assets were 0.18% of total assets, compared to 0.16%
as of September 30, 2022 and 0.17% as of December 31,
2021.
Non-interest Income
Non-interest income was $35
million for the fourth quarter of 2022, up $5.4 million from the prior quarter. The increase
was driven by a lower adverse impact from interest rate-related
adjustments as a net fair value loss of $8.1
million in the fourth quarter related to cumulative fair
value adjustments and MSR hedging activity compares to a net fair
value loss of $23 million in the
third quarter. The favorable variance was partially offset by lower
income from the origination and sale of mortgages.
As detailed in our segment and non-GAAP disclosures,
non-interest income for the Core Banking segment includes a fair
value gain of $2.1 million for the
fourth quarter of 2022 compared to a $25
million fair value loss in the third quarter of 2022.
Interest rate changes drive fair value adjustments for equity
securities, swap derivatives, and loans carried at fair value. The
modest decline in long-term interest rates experienced during the
fourth quarter compares to the larger increase in the prior
quarter, with the difference in the trajectory and magnitude of the
changes accounting for the $27
million linked-quarter variance in fair value adjustments,
which is captured in other income. Please refer to the Q4 2022
Earnings Presentation for additional details related to other
non-interest income.
Revenue from the origination and sale of residential mortgages
was $4.3 million for the fourth
quarter of 2022 compared to $10.5
million for the prior quarter. The linked-quarter decline
reflects a sequential quarter decrease of $180 million or 45% in for-sale mortgage
origination volume and a decline in the home lending gain on sale
margin to 1.96% for the fourth quarter of 2022 compared to 2.65%
for the prior quarter. Of the current quarter's mortgage
production, 89% related to purchase activity, compared to 92% for
the prior quarter and 54% for the same period in the prior year. In
the fourth quarter of 2022, we recorded a net write down of the MSR
asset of $15 million, which includes
a $10 million fair value loss related
to model inputs. We correspondingly recorded a $0.3 million loss during the quarter related to
the MSR hedges put in place in mid-August
2022. An increase in the expected cost of escrow deposits,
which is not hedged, was the primary driver of the quarter's
decline in the MSR asset value due to model inputs.
Non-interest Expense
Non-interest expense was $195
million for the fourth quarter of 2022, an increase of
$17 million from the prior quarter
level. The current quarter includes $11.6
million in merger-related expenses, $2.0 million in exit and disposal costs related
to store consolidations and back-office lease exits, and a
$4.9 million accrual for state and
local business taxes captured in other expenses that is not expect
to repeat in future quarters. Please refer to the Q4 2022 Earnings
Presentation for quarterly expense change details.
Capital
As of December 31, 2022, the Company's tangible book value
per common share[1] was $11.40, which
compares to $11.11 at
September 30, 2022 and $12.65 at
December 31, 2021. While rising interest rates drove a decline
in the fair value of available-for-sale investment securities and
an increase in the fair value of junior subordinated debt between
year-end 2021 and year-end 2022, a modest decrease in interest
rates during the fourth quarter contributed to a slight reversal of
these trends and the linked-quarter increase in tangible book
value. These fair value change impacts are captured in accumulated
other comprehensive (loss) income ("AOCI"), which was
$(427) million at December 31, 2022, compared to
$(450) million at September 30, 2022 and $1.8 million at December 31, 2021.
Excluding AOCI, tangible book1 of $13.37 at December 31, 2022 compares to
$13.18 and $12.64 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 13.7% and its estimated tier 1 risk-based capital ratio
was 11.0% as of December 31, 2022. The Company remains above
current "well-capitalized" regulatory minimums. The regulatory
capital ratios as of December 31, 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, and private
banking, 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 MSR
asset, the quarterly changes in the MSR hedge, and the specific
expenses that are related to mortgage banking activities including
variable commission expenses. Revenue and associated expenses
related to residential real estate loans held for investment are
included in the Core Banking segment as portfolio loans are
primarily originated through the Bank's retail consumer (store) and
private banking channels. Management periodically updates the
allocation methods and assumptions within the current segment
structure.
Earnings Conference Call Information
The Company will host its fourth quarter 2022 earnings
conference call on January 24, 2023,
at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company
will provide an update on recent activities and discuss its fourth
quarter 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/BIe0ddbff7399e4e01aaf5599b227fe00d
Join the
audiocast: https://edge.media-server.com/mmc/p/tvpg2iae
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
Lake Oswego, 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 18 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 the
closing of our pending merger with Columbia Banking System, Inc.
and strategic and growth initiatives. Risks that could cause
results to differ from forward-looking statements we make are set
forth in our filings with the SEC and include, without limitation:
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
|
TABLE INDEX
|
|
Page
|
|
Consolidated Statements
of Operations
|
7
|
|
Consolidated Balance
Sheets
|
9
|
|
Financial
Highlights
|
10
|
|
Loan & Lease
Portfolio Balances and Mix
|
11
|
|
Deposit Balances, Mix,
and Select Account Details
|
13
|
|
Credit Quality -
Non-performing Assets
|
14
|
|
Credit Quality -
Allowance for Credit Losses
|
15
|
|
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)
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
|
$ 322,350
|
|
$ 278,830
|
|
$ 234,674
|
|
$ 214,404
|
|
$ 221,501
|
|
16 %
|
|
46 %
|
|
Interest and dividends
on investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
18,108
|
|
18,175
|
|
17,256
|
|
18,725
|
|
16,566
|
|
— %
|
|
9 %
|
|
Exempt from federal
income tax
|
|
1,288
|
|
1,322
|
|
1,369
|
|
1,372
|
|
1,456
|
|
(3) %
|
|
(12) %
|
|
Dividends
|
|
182
|
|
86
|
|
84
|
|
86
|
|
102
|
|
112 %
|
|
78 %
|
|
Temporary investments
and interest bearing deposits
|
|
10,319
|
|
5,115
|
|
2,919
|
|
1,353
|
|
1,229
|
|
102 %
|
|
nm
|
|
Total interest
income
|
|
352,247
|
|
303,528
|
|
256,302
|
|
235,940
|
|
240,854
|
|
16 %
|
|
46 %
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
31,174
|
|
9,090
|
|
4,015
|
|
3,916
|
|
4,357
|
|
243 %
|
|
nm
|
|
Securities sold under
agreement to repurchase and federal funds purchased
|
|
323
|
|
545
|
|
66
|
|
63
|
|
48
|
|
(41) %
|
|
nm
|
|
Borrowings
|
|
8,023
|
|
798
|
|
50
|
|
49
|
|
51
|
|
nm
|
|
nm
|
|
Junior subordinated
debentures
|
|
7,248
|
|
5,491
|
|
4,001
|
|
3,149
|
|
3,019
|
|
32 %
|
|
140 %
|
|
Total interest
expense
|
|
46,768
|
|
15,924
|
|
8,132
|
|
7,177
|
|
7,475
|
|
194 %
|
|
nm
|
|
Net interest
income
|
|
305,479
|
|
287,604
|
|
248,170
|
|
228,763
|
|
233,379
|
|
6 %
|
|
31 %
|
|
Provision (recapture)
for credit losses
|
|
32,948
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
19 %
|
|
nm
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits
|
|
12,139
|
|
12,632
|
|
12,011
|
|
11,583
|
|
11,188
|
|
(4) %
|
|
9 %
|
|
Card-based
fees
|
|
9,017
|
|
9,115
|
|
10,530
|
|
8,708
|
|
9,355
|
|
(1) %
|
|
(4) %
|
|
Brokerage
revenue
|
|
25
|
|
27
|
|
27
|
|
11
|
|
31
|
|
(7) %
|
|
(19) %
|
|
Residential mortgage
banking (loss) revenue, net
|
|
(1,812)
|
|
17,341
|
|
30,544
|
|
60,786
|
|
43,185
|
|
(110) %
|
|
(104) %
|
|
Gain on sale of debt
securities, net
|
|
—
|
|
—
|
|
—
|
|
2
|
|
4
|
|
nm
|
|
(100) %
|
|
Gain (loss) on equity
securities, net
|
|
284
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
nm
|
|
nm
|
|
Gain on loan and lease
sales, net
|
|
1,531
|
|
1,525
|
|
1,303
|
|
2,337
|
|
4,816
|
|
— %
|
|
(68) %
|
|
BOLI income
|
|
2,033
|
|
2,023
|
|
2,110
|
|
2,087
|
|
2,101
|
|
— %
|
|
(3) %
|
|
Other income
(loss)
|
|
11,662
|
|
(10,571)
|
|
785
|
|
(2,884)
|
|
12,524
|
|
nm
|
|
(7) %
|
|
Total non-interest
income
|
|
34,879
|
|
29,445
|
|
55,235
|
|
79,969
|
|
82,738
|
|
18 %
|
|
(58) %
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
107,982
|
|
109,164
|
|
110,942
|
|
113,138
|
|
117,477
|
|
(1) %
|
|
(8) %
|
|
Occupancy and
equipment, net
|
|
34,021
|
|
35,042
|
|
34,559
|
|
34,829
|
|
34,310
|
|
(3) %
|
|
(1) %
|
|
Intangible
amortization
|
|
1,019
|
|
1,025
|
|
1,026
|
|
1,025
|
|
1,130
|
|
(1) %
|
|
(10) %
|
|
FDIC
assessments
|
|
3,487
|
|
3,007
|
|
2,954
|
|
4,516
|
|
2,896
|
|
16 %
|
|
20 %
|
|
Merger related
expenses
|
|
11,637
|
|
769
|
|
2,672
|
|
2,278
|
|
15,183
|
|
nm
|
|
(23) %
|
|
Other
expenses
|
|
36,836
|
|
28,957
|
|
27,421
|
|
26,644
|
|
28,715
|
|
27 %
|
|
28 %
|
|
Total non-interest
expense
|
|
194,982
|
|
177,964
|
|
179,574
|
|
182,430
|
|
199,711
|
|
10 %
|
|
(2) %
|
|
Income before provision
for income taxes
|
|
112,428
|
|
111,513
|
|
105,139
|
|
121,498
|
|
117,142
|
|
1 %
|
|
(4) %
|
|
Provision for income
taxes
|
|
29,464
|
|
27,473
|
|
26,548
|
|
30,341
|
|
28,788
|
|
7 %
|
|
2 %
|
|
Net income
|
|
$ 82,964
|
|
$ 84,040
|
|
$ 78,591
|
|
$ 91,157
|
|
$ 88,354
|
|
(1) %
|
|
(6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding
|
|
217,054
|
|
217,051
|
|
217,030
|
|
216,782
|
|
216,624
|
|
— %
|
|
— %
|
|
Weighted average
diluted shares outstanding
|
|
217,566
|
|
217,386
|
|
217,279
|
|
217,392
|
|
217,356
|
|
— %
|
|
— %
|
|
Earnings per common
share – basic
|
|
$
0.38
|
|
$
0.39
|
|
$
0.36
|
|
$
0.42
|
|
$
0.41
|
|
(3) %
|
|
(7) %
|
|
Earnings per common
share – diluted
|
|
$
0.38
|
|
$
0.39
|
|
$
0.36
|
|
$
0.42
|
|
$
0.41
|
|
(3) %
|
|
(7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
|
|
Consolidated
Statements of Operations
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Year
Ended
|
|
%
Change
|
|
(In thousands,
except per share data)
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Interest
income:
|
|
|
|
|
|
|
|
Loans and
leases
|
|
$
1,050,258
|
|
$
890,515
|
|
18 %
|
|
Interest and dividends
on investments:
|
|
|
|
|
|
|
|
Taxable
|
|
72,264
|
|
60,399
|
|
20 %
|
|
Exempt from federal
income tax
|
|
5,351
|
|
5,947
|
|
(10) %
|
|
Dividends
|
|
438
|
|
1,318
|
|
(67) %
|
|
Temporary investments
and interest bearing deposits
|
|
19,706
|
|
3,864
|
|
410 %
|
|
Total interest
income
|
|
1,148,017
|
|
962,043
|
|
19 %
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
|
48,195
|
|
27,151
|
|
78 %
|
|
Securities sold under
agreement to repurchase and federal funds purchased
|
|
997
|
|
280
|
|
256 %
|
|
Borrowings
|
|
8,920
|
|
2,838
|
|
214 %
|
|
Junior subordinated
debentures
|
|
19,889
|
|
12,127
|
|
64 %
|
|
Total interest
expense
|
|
78,001
|
|
42,396
|
|
84 %
|
|
Net interest
income
|
|
1,070,016
|
|
919,647
|
|
16 %
|
|
Provision (recapture)
for credit losses
|
|
84,016
|
|
(42,651)
|
|
nm
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
Service charges on
deposits
|
|
48,365
|
|
42,086
|
|
15 %
|
|
Card-based
fees
|
|
37,370
|
|
36,114
|
|
3 %
|
|
Brokerage
revenue
|
|
90
|
|
5,112
|
|
(98) %
|
|
Residential mortgage
banking revenue, net
|
|
106,859
|
|
186,811
|
|
(43) %
|
|
Gain on sale of debt
securities, net
|
|
2
|
|
8
|
|
(75) %
|
|
Loss on equity
securities, net
|
|
(7,099)
|
|
(1,511)
|
|
370 %
|
|
Gain on loan and lease
sales, net
|
|
6,696
|
|
15,715
|
|
(57) %
|
|
BOLI income
|
|
8,253
|
|
8,302
|
|
(1) %
|
|
Other (loss)
income
|
|
(1,008)
|
|
63,681
|
|
(102) %
|
|
Total non-interest
income
|
|
199,528
|
|
356,318
|
|
(44) %
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
441,226
|
|
480,820
|
|
(8) %
|
|
Occupancy and
equipment, net
|
|
138,451
|
|
137,546
|
|
1 %
|
|
Intangible
amortization
|
|
4,095
|
|
4,520
|
|
(9) %
|
|
FDIC
assessments
|
|
13,964
|
|
9,238
|
|
51 %
|
|
Merger related
expenses
|
|
17,356
|
|
15,183
|
|
14 %
|
|
Other
expenses
|
|
119,858
|
|
113,149
|
|
6 %
|
|
Total non-interest
expense
|
|
734,950
|
|
760,456
|
|
(3) %
|
|
Income before provision
for income taxes
|
|
450,578
|
|
558,160
|
|
(19) %
|
|
Provision for income
taxes
|
|
113,826
|
|
137,860
|
|
(17) %
|
|
Net income
|
|
$
336,752
|
|
$
420,300
|
|
(20) %
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding
|
|
216,980
|
|
219,032
|
|
(1) %
|
|
Weighted average
diluted shares outstanding
|
|
217,403
|
|
219,581
|
|
(1) %
|
|
Earnings per common
share – basic
|
|
$
1.55
|
|
$
1.92
|
|
(19) %
|
|
Earnings per common
share – diluted
|
|
$
1.55
|
|
$
1.91
|
|
(19) %
|
|
|
|
|
|
|
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
Consolidated Balance
Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
(In thousands,
except per share data)
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 327,313
|
|
$ 321,447
|
|
$ 315,348
|
|
$ 307,144
|
|
$
222,015
|
|
2 %
|
|
47 %
|
|
Interest bearing cash
and temporary investments
|
967,330
|
|
1,232,412
|
|
687,233
|
|
2,358,292
|
|
2,539,606
|
|
(22) %
|
|
(62) %
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and other, at
fair value
|
72,959
|
|
72,277
|
|
75,347
|
|
78,966
|
|
81,214
|
|
1 %
|
|
(10) %
|
|
Available for sale, at
fair value
|
3,196,166
|
|
3,136,391
|
|
3,416,707
|
|
3,638,080
|
|
3,870,435
|
|
2 %
|
|
(17) %
|
|
Held to maturity, at
amortized cost
|
2,476
|
|
2,547
|
|
2,637
|
|
2,700
|
|
2,744
|
|
(3) %
|
|
(10) %
|
|
Loans held for
sale
|
71,647
|
|
148,275
|
|
228,889
|
|
309,946
|
|
353,105
|
|
(52) %
|
|
(80) %
|
|
Loans and
leases
|
26,155,981
|
|
25,507,951
|
|
24,432,678
|
|
22,975,761
|
|
22,553,180
|
|
3 %
|
|
16 %
|
|
Allowance for credit
losses on loans and leases
|
(301,135)
|
|
(283,065)
|
|
(261,111)
|
|
(248,564)
|
|
(248,412)
|
|
6 %
|
|
21 %
|
|
Net loans and
leases
|
25,854,846
|
|
25,224,886
|
|
24,171,567
|
|
22,727,197
|
|
22,304,768
|
|
2 %
|
|
16 %
|
|
Restricted equity
securities
|
47,144
|
|
40,993
|
|
10,867
|
|
10,889
|
|
10,916
|
|
15 %
|
|
332 %
|
|
Premises and
equipment, net
|
176,016
|
|
165,305
|
|
165,196
|
|
167,369
|
|
171,125
|
|
6 %
|
|
3 %
|
|
Operating lease
right-of-use assets
|
78,598
|
|
81,729
|
|
87,249
|
|
87,333
|
|
82,366
|
|
(4) %
|
|
(5) %
|
|
Other intangible
assets, net
|
4,745
|
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
(18) %
|
|
(46) %
|
|
Residential mortgage
servicing rights, at fair value
|
185,017
|
|
196,177
|
|
179,558
|
|
165,807
|
|
123,615
|
|
(6) %
|
|
50 %
|
|
Bank owned life
insurance
|
331,759
|
|
329,699
|
|
328,764
|
|
328,040
|
|
327,745
|
|
1 %
|
|
1 %
|
|
Deferred tax asset,
net
|
132,823
|
|
128,120
|
|
70,134
|
|
39,051
|
|
—
|
|
4 %
|
|
nm
|
|
Other
assets
|
399,800
|
|
385,938
|
|
389,409
|
|
408,497
|
|
542,442
|
|
4 %
|
|
(26) %
|
|
Total assets
|
$
31,848,639
|
|
$
31,471,960
|
|
$
30,135,694
|
|
$
30,637,126
|
|
$
30,640,936
|
|
1 %
|
|
4 %
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
27,065,612
|
|
$
26,817,107
|
|
$
26,132,423
|
|
$
26,699,587
|
|
$
26,594,685
|
|
1 %
|
|
2 %
|
|
Securities sold under
agreements to repurchase
|
308,769
|
|
383,569
|
|
527,961
|
|
499,539
|
|
492,247
|
|
(20) %
|
|
(37) %
|
|
Borrowings
|
906,175
|
|
756,214
|
|
6,252
|
|
6,290
|
|
6,329
|
|
20 %
|
|
nm
|
|
Junior subordinated
debentures, at fair value
|
323,639
|
|
325,744
|
|
321,268
|
|
305,719
|
|
293,081
|
|
(1) %
|
|
10 %
|
|
Junior subordinated
debentures, at amortized cost
|
87,813
|
|
87,870
|
|
87,927
|
|
87,984
|
|
88,041
|
|
— %
|
|
— %
|
|
Operating lease
liabilities
|
91,694
|
|
95,512
|
|
101,352
|
|
101,732
|
|
95,427
|
|
(4) %
|
|
(4) %
|
|
Deferred tax
liability, net
|
—
|
|
—
|
|
—
|
|
—
|
|
4,353
|
|
nm
|
|
(100) %
|
|
Other
liabilities
|
585,111
|
|
588,430
|
|
440,235
|
|
328,677
|
|
317,503
|
|
(1) %
|
|
84 %
|
|
Total
liabilities
|
29,368,813
|
|
29,054,446
|
|
27,617,418
|
|
28,029,528
|
|
27,891,666
|
|
1 %
|
|
5 %
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
3,450,493
|
|
3,448,007
|
|
3,445,531
|
|
3,443,266
|
|
3,444,849
|
|
— %
|
|
— %
|
|
Accumulated
deficit
|
(543,803)
|
|
(580,933)
|
|
(619,108)
|
|
(651,912)
|
|
(697,338)
|
|
(6) %
|
|
(22) %
|
|
Accumulated other
comprehensive (loss) income
|
(426,864)
|
|
(449,560)
|
|
(308,147)
|
|
(183,756)
|
|
1,759
|
|
(5) %
|
|
nm
|
|
Total shareholders'
equity
|
2,479,826
|
|
2,417,514
|
|
2,518,276
|
|
2,607,598
|
|
2,749,270
|
|
3 %
|
|
(10) %
|
|
Total liabilities and
shareholders' equity
|
$
31,848,639
|
|
$
31,471,960
|
|
$
30,135,694
|
|
$
30,637,126
|
|
$
30,640,936
|
|
1 %
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at period end
|
217,054
|
|
217,053
|
|
217,049
|
|
216,967
|
|
216,626
|
|
— %
|
|
— %
|
|
Book value per common
share
|
$
11.42
|
|
$
11.14
|
|
$
11.60
|
|
$
12.02
|
|
$
12.69
|
|
3 %
|
|
(10) %
|
|
Tangible book value per
common share (1)
|
$
11.40
|
|
$
11.11
|
|
$
11.57
|
|
$
11.98
|
|
$
12.65
|
|
3 %
|
|
(10) %
|
|
Tangible equity -
common (1)
|
$
2,475,081
|
|
$
2,411,750
|
|
$
2,511,487
|
|
$
2,599,783
|
|
$ 2,740,430
|
|
3 %
|
|
(10) %
|
|
Tangible common equity
to tangible assets (1)
|
7.77 %
|
|
7.66 %
|
|
8.34 %
|
|
8.49 %
|
|
8.95 %
|
|
0.11
|
|
(1.18)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
GAAP to Non-GAAP Reconciliation.
|
|
Umpqua Holdings
Corporation
|
|
Financial
Highlights
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
%
Change
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
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
|
|
$
11.42
|
|
$
11.14
|
|
$
11.60
|
|
$
12.02
|
|
$
12.69
|
|
3 %
|
|
(10) %
|
|
Tangible book value
(1)
|
|
$
11.40
|
|
$
11.11
|
|
$
11.57
|
|
$
11.98
|
|
$
12.65
|
|
3 %
|
|
(10) %
|
|
Tangible book value,
ex accumulated other comprehensive income (1)
|
|
$
13.37
|
|
$
13.18
|
|
$
12.99
|
|
$
12.83
|
|
$
12.64
|
|
1 %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
57.24 %
|
|
56.07 %
|
|
59.12 %
|
|
59.02 %
|
|
63.10 %
|
|
1.17
|
|
(5.86)
|
|
Pre-provision net
revenue (PPNR) ROAA (1)
|
|
1.82 %
|
|
1.80 %
|
|
1.64 %
|
|
1.67 %
|
|
1.50 %
|
|
0.02
|
|
0.32
|
|
Return on average
assets (ROAA)
|
|
1.04 %
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.13 %
|
|
(0.05)
|
|
(0.09)
|
|
Return on average
common equity
|
|
13.50 %
|
|
12.99 %
|
|
12.20 %
|
|
13.62 %
|
|
12.90 %
|
|
0.51
|
|
0.60
|
|
Return on average
tangible common equity (1)
|
|
13.53 %
|
|
13.02 %
|
|
12.23 %
|
|
13.66 %
|
|
12.94 %
|
|
0.51
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios -
Operating: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio (1)
|
|
52.01 %
|
|
51.72 %
|
|
58.27 %
|
|
62.02 %
|
|
59.61 %
|
|
0.29
|
|
(7.60)
|
|
Operating PPNR return
on average assets (1)
|
|
2.10 %
|
|
2.12 %
|
|
1.66 %
|
|
1.43 %
|
|
1.58 %
|
|
(0.02)
|
|
0.52
|
|
Operating return on
average assets (1)
|
|
1.24 %
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
(0.09)
|
|
0.01
|
|
Operating return on
average common equity (1)
|
|
16.14 %
|
|
15.86 %
|
|
12.46 %
|
|
11.58 %
|
|
13.98 %
|
|
0.28
|
|
2.16
|
|
Operating return on
average tangible common equity (1)
|
|
16.18 %
|
|
15.90 %
|
|
12.49 %
|
|
11.62 %
|
|
14.03 %
|
|
0.28
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet Yields, Rates, & Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans and
leases
|
|
4.92 %
|
|
4.41 %
|
|
3.94 %
|
|
3.79 %
|
|
3.94 %
|
|
0.51
|
|
0.98
|
|
Yield on earning
assets (2)
|
|
4.62 %
|
|
4.10 %
|
|
3.53 %
|
|
3.24 %
|
|
3.25 %
|
|
0.52
|
|
1.37
|
|
Cost of interest
bearing deposits
|
|
0.77 %
|
|
0.23 %
|
|
0.11 %
|
|
0.10 %
|
|
0.11 %
|
|
0.54
|
|
0.66
|
|
Cost of interest
bearing liabilities
|
|
1.05 %
|
|
0.39 %
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.66
|
|
0.87
|
|
Cost of total
deposits
|
|
0.46 %
|
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
|
0.06 %
|
|
0.32
|
|
0.40
|
|
Cost of total funding
(3)
|
|
0.65 %
|
|
0.23 %
|
|
0.12 %
|
|
0.11 %
|
|
0.11 %
|
|
0.42
|
|
0.54
|
|
Net interest margin
(2)
|
|
4.01 %
|
|
3.88 %
|
|
3.41 %
|
|
3.14 %
|
|
3.15 %
|
|
0.13
|
|
0.86
|
|
Average interest
bearing cash / Average interest earning assets
|
|
3.62 %
|
|
3.04 %
|
|
5.71 %
|
|
8.92 %
|
|
10.78 %
|
|
0.58
|
|
(7.16)
|
|
Average loans and
leases / Average interest earning assets
|
|
85.32 %
|
|
84.54 %
|
|
80.91 %
|
|
76.85 %
|
|
74.70 %
|
|
0.78
|
|
10.62
|
|
Average loans and
leases / Average total deposits
|
|
95.85 %
|
|
93.55 %
|
|
89.23 %
|
|
84.77 %
|
|
82.12 %
|
|
2.30
|
|
13.73
|
|
Average non-interest
bearing deposits / Average total deposits
|
|
40.30 %
|
|
42.29 %
|
|
42.00 %
|
|
41.35 %
|
|
41.69 %
|
|
(1.99)
|
|
(1.39)
|
|
Average total deposits
/ Average total funding (3)
|
|
94.52 %
|
|
96.34 %
|
|
96.66 %
|
|
96.82 %
|
|
96.84 %
|
|
(1.82)
|
|
(2.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Credit &
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
and leases to total loans and leases
|
|
0.22 %
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.23 %
|
|
0.02
|
|
(0.01)
|
|
Non-performing assets
to total assets
|
|
0.18 %
|
|
0.16 %
|
|
0.15 %
|
|
0.14 %
|
|
0.17 %
|
|
0.02
|
|
0.01
|
|
Allowance for credit
losses to loans and leases
|
|
1.21 %
|
|
1.16 %
|
|
1.12 %
|
|
1.14 %
|
|
1.16 %
|
|
0.05
|
|
0.05
|
|
Total risk-based
capital ratio (4)
|
|
13.7 %
|
|
13.2 %
|
|
13.5 %
|
|
14.0 %
|
|
14.3 %
|
|
0.50
|
|
(0.60)
|
|
Common equity tier 1
risk-based capital ratio (4)
|
|
11.0 %
|
|
10.7 %
|
|
11.0 %
|
|
11.4 %
|
|
11.6 %
|
|
0.30
|
|
(0.60)
|
|
|
(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)
|
|
|
Year
Ended
|
|
%
Change
|
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
Dividends
|
|
$
0.84
|
|
$
0.84
|
|
— %
|
|
|
|
|
|
|
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
57.83 %
|
|
59.53 %
|
|
(1.70)
|
|
Pre-provision net
revenue (PPNR) ROAA (1)
|
|
1.73 %
|
|
1.70 %
|
|
0.03
|
|
Return on average
assets (ROAA)
|
|
1.09 %
|
|
1.39 %
|
|
(0.30)
|
|
Return on average
common equity
|
|
13.07 %
|
|
15.56 %
|
|
(2.49)
|
|
Return on average
tangible common equity (1)
|
|
13.11 %
|
|
15.63 %
|
|
(2.52)
|
|
|
|
|
|
|
|
|
Performance Ratios -
Operating: (1)
|
|
|
|
|
|
|
|
Operating efficiency
ratio (1)
|
|
55.66 %
|
|
58.30 %
|
|
(2.64)
|
|
Operating PPNR return
on average assets (1)
|
|
1.83 %
|
|
1.73 %
|
|
0.10
|
|
Operating return on
average assets (1)
|
|
1.17 %
|
|
1.41 %
|
|
(0.24)
|
|
Operating return on
average common equity (1)
|
|
13.97 %
|
|
15.86 %
|
|
(1.89)
|
|
Operating return on
average tangible common equity (1)
|
|
14.00 %
|
|
15.93 %
|
|
(1.93)
|
|
|
|
|
|
|
|
|
Average Balance
Sheet Yields, Rates, & Ratios:
|
|
|
|
|
|
|
|
Yield on loans and
leases
|
|
4.29 %
|
|
3.99 %
|
|
0.30
|
|
Yield on earning
assets (2)
|
|
3.88 %
|
|
3.33 %
|
|
0.55
|
|
Cost of interest
bearing deposits
|
|
0.31 %
|
|
0.18 %
|
|
0.13
|
|
Cost of interest
bearing liabilities
|
|
0.47 %
|
|
0.26 %
|
|
0.21
|
|
Cost of total
deposits
|
|
0.18 %
|
|
0.10 %
|
|
0.08
|
|
Cost of total funding
(3)
|
|
0.28 %
|
|
0.16 %
|
|
0.12
|
|
Net interest margin
(2)
|
|
3.62 %
|
|
3.18 %
|
|
0.44
|
|
Average interest
bearing cash / Average interest earning assets
|
|
5.28 %
|
|
10.15 %
|
|
(4.87)
|
|
Average loans and
leases / Average interest earning assets
|
|
81.96 %
|
|
75.78 %
|
|
6.18
|
|
Average loans and
leases / Average total deposits
|
|
90.91 %
|
|
83.77 %
|
|
7.14
|
|
Average non-interest
bearing deposits / Average total deposits
|
|
41.48 %
|
|
40.76 %
|
|
0.72
|
|
Average total deposits
/ Average total funding (3)
|
|
96.06 %
|
|
96.25 %
|
|
(0.19)
|
|
|
(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
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
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
|
|
$ 3,894,840
|
|
$ 3,846,426
|
|
$ 3,798,242
|
|
$ 3,884,784
|
|
$ 3,786,887
|
|
1 %
|
|
3 %
|
|
Owner occupied term,
net
|
|
2,567,761
|
|
2,549,761
|
|
2,497,553
|
|
2,327,899
|
|
2,332,422
|
|
1 %
|
|
10 %
|
|
Multifamily,
net
|
|
5,285,791
|
|
5,090,661
|
|
4,768,273
|
|
4,323,633
|
|
4,051,202
|
|
4 %
|
|
30 %
|
|
Construction &
development, net
|
|
1,077,346
|
|
1,036,931
|
|
1,017,297
|
|
940,286
|
|
890,338
|
|
4 %
|
|
21 %
|
|
Residential
development, net
|
|
200,838
|
|
205,935
|
|
194,909
|
|
195,308
|
|
206,990
|
|
(2) %
|
|
(3) %
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term, net
(1)
|
|
3,029,547
|
|
3,003,424
|
|
2,904,861
|
|
2,772,206
|
|
3,008,473
|
|
1 %
|
|
1 %
|
|
Lines of credit &
other, net
|
|
960,054
|
|
914,507
|
|
920,604
|
|
871,483
|
|
910,733
|
|
5 %
|
|
5 %
|
|
Leases & equipment
finance, net
|
|
1,706,172
|
|
1,669,817
|
|
1,576,144
|
|
1,484,252
|
|
1,467,676
|
|
2 %
|
|
16 %
|
|
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage,
net
|
|
5,647,035
|
|
5,470,624
|
|
5,168,457
|
|
4,748,266
|
|
4,517,266
|
|
3 %
|
|
25 %
|
|
Home equity loans
& lines, net
|
|
1,631,965
|
|
1,565,094
|
|
1,415,722
|
|
1,250,702
|
|
1,197,170
|
|
4 %
|
|
36 %
|
|
Consumer
& other, net
|
|
154,632
|
|
154,771
|
|
170,616
|
|
176,942
|
|
184,023
|
|
— %
|
|
(16) %
|
|
Total loans and
leases, net of deferred fees and costs
|
|
$
26,155,981
|
|
$
25,507,951
|
|
$
24,432,678
|
|
$
22,975,761
|
|
$
22,553,180
|
|
3 %
|
|
16 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The Bank participated in the Paycheck
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
|
|
$
24,420
|
|
$ 37,949
|
|
$
101,554
|
|
$
172,790
|
|
$
380,440
|
|
(36) %
|
|
(94) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and leases
mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner
occupied term, net
|
|
15 %
|
|
15 %
|
|
15 %
|
|
17 %
|
|
17 %
|
|
|
|
|
|
Owner
occupied term, net
|
|
10 %
|
|
10 %
|
|
10 %
|
|
10 %
|
|
10 %
|
|
|
|
|
|
Multifamily, net
|
|
20 %
|
|
20 %
|
|
20 %
|
|
19 %
|
|
18 %
|
|
|
|
|
|
Construction &
development, net
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
|
|
|
|
Residential
development, net
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term, net
|
|
12 %
|
|
12 %
|
|
12 %
|
|
12 %
|
|
13 %
|
|
|
|
|
|
Lines of credit &
other, net
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
4 %
|
|
|
|
|
|
Leases & equipment
finance, net
|
|
6 %
|
|
6 %
|
|
6 %
|
|
6 %
|
|
7 %
|
|
|
|
|
|
Residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage,
net
|
|
21 %
|
|
21 %
|
|
21 %
|
|
21 %
|
|
20 %
|
|
|
|
|
|
Home equity loans
& lines, net
|
|
6 %
|
|
6 %
|
|
6 %
|
|
5 %
|
|
5 %
|
|
|
|
|
|
Consumer
& other, net
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
|
|
|
|
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
Umpqua Holdings
Corporation
|
|
Deposits by
Type/Core Deposits
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
|
$
10,288,849
|
|
$
11,246,358
|
|
$
11,129,209
|
|
$
11,058,251
|
|
$
11,023,724
|
|
(9) %
|
|
(7) %
|
|
Demand, interest
bearing
|
|
4,080,469
|
|
3,903,746
|
|
3,723,650
|
|
3,955,329
|
|
3,774,937
|
|
5 %
|
|
8 %
|
|
Money
market
|
|
7,721,011
|
|
7,601,506
|
|
7,284,641
|
|
7,572,581
|
|
7,611,718
|
|
2 %
|
|
1 %
|
|
Savings
|
|
2,265,052
|
|
2,455,917
|
|
2,446,876
|
|
2,429,073
|
|
2,375,723
|
|
(8) %
|
|
(5) %
|
|
Time
|
|
2,710,231
|
|
1,609,580
|
|
1,548,047
|
|
1,684,353
|
|
1,808,583
|
|
68 %
|
|
50 %
|
|
Total
|
|
$
27,065,612
|
|
$
26,817,107
|
|
$
26,132,423
|
|
$
26,699,587
|
|
$
26,594,685
|
|
1 %
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core deposits
(1)
|
|
$
25,616,010
|
|
$
26,292,548
|
|
$
25,619,500
|
|
$
26,140,993
|
|
$
25,964,358
|
|
(3) %
|
|
(1) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
|
38 %
|
|
42 %
|
|
43 %
|
|
42 %
|
|
41 %
|
|
|
|
|
|
Demand, interest
bearing
|
|
15 %
|
|
15 %
|
|
14 %
|
|
15 %
|
|
14 %
|
|
|
|
|
|
Money
market
|
|
29 %
|
|
28 %
|
|
28 %
|
|
28 %
|
|
29 %
|
|
|
|
|
|
Savings
|
|
8 %
|
|
9 %
|
|
9 %
|
|
9 %
|
|
9 %
|
|
|
|
|
|
Time
|
|
10 %
|
|
6 %
|
|
6 %
|
|
6 %
|
|
7 %
|
|
|
|
|
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of open
accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
|
430,568
|
|
434,347
|
|
434,436
|
|
428,915
|
|
428,181
|
|
|
|
|
|
Demand, interest
bearing
|
|
57,391
|
|
56,698
|
|
57,145
|
|
63,800
|
|
66,010
|
|
|
|
|
|
Money
market
|
|
55,222
|
|
55,712
|
|
56,430
|
|
56,783
|
|
57,222
|
|
|
|
|
|
Savings
|
|
157,216
|
|
159,008
|
|
159,709
|
|
160,267
|
|
160,449
|
|
|
|
|
|
Time
|
|
37,424
|
|
32,202
|
|
32,103
|
|
34,127
|
|
35,665
|
|
|
|
|
|
Total
|
|
737,821
|
|
737,967
|
|
739,823
|
|
743,892
|
|
747,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance per
account:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, non-interest
bearing
|
|
$
23.9
|
|
$
25.9
|
|
$
25.6
|
|
$
25.8
|
|
$
25.7
|
|
|
|
|
|
Demand, interest
bearing
|
|
71.1
|
|
68.9
|
|
65.2
|
|
62.0
|
|
57.2
|
|
|
|
|
|
Money
market
|
|
139.8
|
|
136.4
|
|
129.1
|
|
133.4
|
|
133.0
|
|
|
|
|
|
Savings
|
|
14.4
|
|
15.4
|
|
15.3
|
|
15.2
|
|
14.8
|
|
|
|
|
|
Time
|
|
72.4
|
|
50.0
|
|
48.2
|
|
49.4
|
|
50.7
|
|
|
|
|
|
Total
|
|
$
36.7
|
|
$
36.3
|
|
$
35.3
|
|
$
35.9
|
|
$
35.6
|
|
|
|
|
|
(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)
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases on
non-accrual status
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
$ 5,011
|
|
$ 5,403
|
|
$ 5,514
|
|
$ 5,950
|
|
$ 5,767
|
|
(7) %
|
|
(13) %
|
|
Commercial,
net
|
25,691
|
|
18,652
|
|
12,645
|
|
12,415
|
|
13,098
|
|
38 %
|
|
96 %
|
|
Residential,
net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Consumer & other,
net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Total loans and leases
on non-accrual status
|
30,702
|
|
24,055
|
|
18,159
|
|
18,365
|
|
18,865
|
|
28 %
|
|
63 %
|
|
Loans and leases past
due 90+ days and accruing (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate,
net
|
1
|
|
1
|
|
23
|
|
1
|
|
1
|
|
— %
|
|
— %
|
|
Commercial,
net
|
7,909
|
|
5,143
|
|
3,311
|
|
8
|
|
4,160
|
|
54 %
|
|
90 %
|
|
Residential, net
(1)
|
19,894
|
|
21,411
|
|
22,340
|
|
23,162
|
|
27,981
|
|
(7) %
|
|
(29) %
|
|
Consumer & other,
net
|
134
|
|
152
|
|
196
|
|
111
|
|
194
|
|
(12) %
|
|
(31) %
|
|
Total loans and leases
past due 90+ days and accruing (1)
|
27,938
|
|
26,707
|
|
25,870
|
|
23,282
|
|
32,336
|
|
5 %
|
|
(14) %
|
|
Total non-performing
loans and leases
|
58,640
|
|
50,762
|
|
44,029
|
|
41,647
|
|
51,201
|
|
16 %
|
|
15 %
|
|
Other real estate
owned
|
203
|
|
—
|
|
1,868
|
|
1,868
|
|
1,868
|
|
nm
|
|
(89) %
|
|
Total non-performing
assets
|
$
58,843
|
|
$
50,762
|
|
$
45,897
|
|
$
43,515
|
|
$
53,069
|
|
16 %
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing restructured
loans and leases
|
$ 6,767
|
|
$ 7,076
|
|
$ 7,631
|
|
$ 8,405
|
|
$ 6,694
|
|
(4) %
|
|
1 %
|
|
Loans and leases past
due 31-89 days
|
$
64,893
|
|
$
53,538
|
|
$
34,659
|
|
$
42,409
|
|
$
31,680
|
|
21 %
|
|
105 %
|
|
Loans and leases past
due 31-89 days to total loans and leases
|
0.25 %
|
|
0.21 %
|
|
0.14 %
|
|
0.18 %
|
|
0.14 %
|
|
0.04
|
|
0.11
|
|
Non-performing loans
and leases to total loans and leases (1)
|
0.22 %
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.23 %
|
|
0.02
|
|
(0.01)
|
|
Non-performing assets
to total assets (1)
|
0.18 %
|
|
0.16 %
|
|
0.15 %
|
|
0.14 %
|
|
0.17 %
|
|
0.02
|
|
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 $6.6 million, $1.0 million, and $356,000 at
December 31, 2022, September 30, 2022, and
June 30, 2022, respectively.
|
|
Umpqua Holdings
Corporation
|
|
Credit Quality –
Allowance for Credit Losses
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Allowance for credit
losses on loans and leases (ACLLL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$ 283,065
|
|
$ 261,111
|
|
$ 248,564
|
|
$ 248,412
|
|
$ 257,560
|
|
8 %
|
|
10 %
|
|
Provision (recapture)
for credit losses on loans and leases
|
|
30,580
|
|
28,542
|
|
18,787
|
|
5,696
|
|
(1,751)
|
|
7 %
|
|
nm
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate,
net
|
|
(128)
|
|
—
|
|
(8)
|
|
—
|
|
(58)
|
|
nm
|
|
121 %
|
|
Commercial,
net
|
|
(14,721)
|
|
(9,459)
|
|
(9,035)
|
|
(7,858)
|
|
(10,197)
|
|
56 %
|
|
44 %
|
|
Residential,
net
|
|
(53)
|
|
(4)
|
|
—
|
|
(167)
|
|
—
|
|
nm
|
|
nm
|
|
Consumer & other,
net
|
|
(906)
|
|
(929)
|
|
(836)
|
|
(885)
|
|
(675)
|
|
(2) %
|
|
34 %
|
|
Total
charge-offs
|
|
(15,808)
|
|
(10,392)
|
|
(9,879)
|
|
(8,910)
|
|
(10,930)
|
|
52 %
|
|
45 %
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate,
net
|
|
163
|
|
123
|
|
73
|
|
25
|
|
56
|
|
33 %
|
|
191 %
|
|
Commercial,
net
|
|
2,708
|
|
2,842
|
|
2,934
|
|
2,545
|
|
2,585
|
|
(5) %
|
|
5 %
|
|
Residential,
net
|
|
24
|
|
249
|
|
216
|
|
173
|
|
326
|
|
(90) %
|
|
(93) %
|
|
Consumer & other,
net
|
|
403
|
|
590
|
|
416
|
|
623
|
|
566
|
|
(32) %
|
|
(29) %
|
|
Total
recoveries
|
|
3,298
|
|
3,804
|
|
3,639
|
|
3,366
|
|
3,533
|
|
(13) %
|
|
(7) %
|
|
Net (charge-offs)
recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
35
|
|
123
|
|
65
|
|
25
|
|
(2)
|
|
(72) %
|
|
nm
|
|
Commercial,
net
|
|
(12,013)
|
|
(6,617)
|
|
(6,101)
|
|
(5,313)
|
|
(7,612)
|
|
82 %
|
|
58 %
|
|
Residential,
net
|
|
(29)
|
|
245
|
|
216
|
|
6
|
|
326
|
|
(112) %
|
|
(109) %
|
|
Consumer & other,
net
|
|
(503)
|
|
(339)
|
|
(420)
|
|
(262)
|
|
(109)
|
|
48 %
|
|
361 %
|
|
Total
charge-offs
|
|
(12,510)
|
|
(6,588)
|
|
(6,240)
|
|
(5,544)
|
|
(7,397)
|
|
90 %
|
|
69 %
|
|
Balance, end of
period
|
|
$ 301,135
|
|
$ 283,065
|
|
$ 261,111
|
|
$ 248,564
|
|
$ 248,412
|
|
6 %
|
|
21 %
|
|
Reserve for unfunded
commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
11,853
|
|
$
12,823
|
|
$
12,918
|
|
$
12,767
|
|
$
11,752
|
|
(8) %
|
|
1 %
|
|
Provision (recapture)
for credit losses on unfunded commitments
|
|
2,368
|
|
(970)
|
|
(95)
|
|
151
|
|
1,015
|
|
nm
|
|
133 %
|
|
Balance, end of
period
|
|
14,221
|
|
11,853
|
|
12,823
|
|
12,918
|
|
12,767
|
|
20 %
|
|
11 %
|
|
Total Allowance for
credit losses (ACL)
|
|
$ 315,356
|
|
$ 294,918
|
|
$ 273,934
|
|
$ 261,482
|
|
$ 261,179
|
|
7 %
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
|
0.19 %
|
|
0.11 %
|
|
0.11 %
|
|
0.10 %
|
|
0.13 %
|
|
0.08
|
|
0.06
|
|
Recoveries to gross
charge-offs
|
|
20.86 %
|
|
36.61 %
|
|
36.84 %
|
|
37.78 %
|
|
32.32 %
|
|
(15.75)
|
|
(11.46)
|
|
ACLLL to loans and
leases
|
|
1.15 %
|
|
1.11 %
|
|
1.07 %
|
|
1.08 %
|
|
1.10 %
|
|
0.04
|
|
0.05
|
|
ACL to loans and
leases
|
|
1.21 %
|
|
1.16 %
|
|
1.12 %
|
|
1.14 %
|
|
1.16 %
|
|
0.05
|
|
0.05
|
|
Umpqua Holdings
Corporation
|
|
Credit Quality –
Allowance for Credit Losses
|
|
(Unaudited)
|
|
|
|
Year
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
Dec 31,
2022
|
|
Dec 31,
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
|
|
83,605
|
|
(35,132)
|
|
nm
|
|
Charge-offs
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
(136)
|
|
(1,144)
|
|
(88) %
|
|
Commercial,
net
|
|
(41,073)
|
|
(54,425)
|
|
(25) %
|
|
Residential,
net
|
|
(224)
|
|
(70)
|
|
220 %
|
|
Consumer & other,
net
|
|
(3,556)
|
|
(3,658)
|
|
(3) %
|
|
Total
charge-offs
|
|
(44,989)
|
|
(59,297)
|
|
(24) %
|
|
Recoveries
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
384
|
|
645
|
|
(40) %
|
|
Commercial,
net
|
|
11,029
|
|
10,703
|
|
3 %
|
|
Residential,
net
|
|
662
|
|
924
|
|
(28) %
|
|
Consumer & other,
net
|
|
2,032
|
|
2,168
|
|
(6) %
|
|
Total
recoveries
|
|
14,107
|
|
14,440
|
|
(2) %
|
|
Net (charge-offs)
recoveries
|
|
|
|
|
|
|
|
Commercial real
estate, net
|
|
248
|
|
(499)
|
|
nm
|
|
Commercial,
net
|
|
(30,044)
|
|
(43,722)
|
|
(31) %
|
|
Residential,
net
|
|
438
|
|
854
|
|
(49) %
|
|
Consumer & other,
net
|
|
(1,524)
|
|
(1,490)
|
|
2 %
|
|
Total
charge-offs
|
|
(30,882)
|
|
(44,857)
|
|
(31) %
|
|
Balance, end of
period
|
|
$
301,135
|
|
$
248,412
|
|
21 %
|
|
Reserve for unfunded
commitments
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
12,767
|
|
$
20,286
|
|
(37) %
|
|
Provision (recapture)
for credit losses on unfunded commitments
|
|
1,454
|
|
(7,519)
|
|
nm
|
|
Balance, end of
period
|
|
14,221
|
|
12,767
|
|
11 %
|
|
Total Allowance for
credit losses (ACL)
|
|
$
315,356
|
|
$
261,179
|
|
21 %
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans and leases
|
|
0.13 %
|
|
0.20 %
|
|
(0.07)
|
|
Recoveries to gross
charge-offs
|
|
31.36 %
|
|
24.35 %
|
|
7.01
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
Average Rates and Balances
|
|
(Unaudited)
|
|
Quarter
Ended
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
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
|
$ 110,850
|
|
$
1,603
|
|
5.79 %
|
|
$ 173,397
|
|
$
2,205
|
|
5.09 %
|
|
$ 366,043
|
|
$
2,907
|
|
3.18 %
|
|
Loans and leases
(1)
|
25,855,556
|
|
320,747
|
|
4.92 %
|
|
24,886,203
|
|
276,625
|
|
4.41 %
|
|
22,098,818
|
|
218,594
|
|
3.94 %
|
|
Taxable
securities
|
3,042,044
|
|
18,290
|
|
2.40 %
|
|
3,271,185
|
|
18,261
|
|
2.23 %
|
|
3,681,650
|
|
16,668
|
|
1.81 %
|
|
Non-taxable securities
(2)
|
200,825
|
|
1,571
|
|
3.13 %
|
|
212,847
|
|
1,651
|
|
3.10 %
|
|
247,183
|
|
1,831
|
|
2.96 %
|
|
Temporary investments
and interest-bearing cash
|
1,095,854
|
|
10,319
|
|
3.74 %
|
|
893,471
|
|
5,115
|
|
2.27 %
|
|
3,190,380
|
|
1,229
|
|
0.15 %
|
|
Total interest-earning
assets
|
30,305,129
|
|
$
352,530
|
|
4.62 %
|
|
29,437,103
|
|
$
303,857
|
|
4.10 %
|
|
29,584,074
|
|
$
241,229
|
|
3.25 %
|
|
Other assets
|
1,332,361
|
|
|
|
|
|
1,231,074
|
|
|
|
|
|
1,302,304
|
|
|
|
|
|
Total
assets
|
$
31,637,490
|
|
|
|
|
|
$
30,668,177
|
|
|
|
|
|
$
30,886,378
|
|
|
|
|
|
INTEREST-BEARING
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
4,005,643
|
|
$
5,372
|
|
0.53 %
|
|
$
3,829,688
|
|
$
1,705
|
|
0.18 %
|
|
$
3,765,212
|
|
$ 524
|
|
0.06 %
|
|
Money market
deposits
|
7,651,974
|
|
17,473
|
|
0.91 %
|
|
7,550,791
|
|
5,817
|
|
0.31 %
|
|
7,717,844
|
|
1,448
|
|
0.07 %
|
|
Savings
deposits
|
2,345,564
|
|
226
|
|
0.04 %
|
|
2,468,187
|
|
250
|
|
0.04 %
|
|
2,342,865
|
|
206
|
|
0.03 %
|
|
Time
deposits
|
2,100,803
|
|
8,103
|
|
1.53 %
|
|
1,501,724
|
|
1,318
|
|
0.35 %
|
|
1,864,949
|
|
2,179
|
|
0.46 %
|
|
Total interest-bearing
deposits
|
16,103,984
|
|
31,174
|
|
0.77 %
|
|
15,350,390
|
|
9,090
|
|
0.23 %
|
|
15,690,870
|
|
4,357
|
|
0.11 %
|
|
Repurchase agreements
and federal funds purchased
|
354,624
|
|
323
|
|
0.36 %
|
|
509,559
|
|
545
|
|
0.42 %
|
|
484,891
|
|
48
|
|
0.04 %
|
|
Borrowings
|
796,414
|
|
8,023
|
|
4.00 %
|
|
90,475
|
|
798
|
|
3.50 %
|
|
6,353
|
|
51
|
|
3.19 %
|
|
Junior subordinated
debentures
|
413,708
|
|
7,248
|
|
6.95 %
|
|
409,151
|
|
5,491
|
|
5.33 %
|
|
387,471
|
|
3,019
|
|
3.09 %
|
|
Total interest-bearing
liabilities
|
17,668,730
|
|
$
46,768
|
|
1.05 %
|
|
16,359,575
|
|
$
15,924
|
|
0.39 %
|
|
16,569,585
|
|
$
7,475
|
|
0.18 %
|
|
Non-interest-bearing
deposits
|
10,870,842
|
|
|
|
|
|
11,250,764
|
|
|
|
|
|
11,219,766
|
|
|
|
|
|
Other
liabilities
|
659,279
|
|
|
|
|
|
490,572
|
|
|
|
|
|
379,274
|
|
|
|
|
|
Total
liabilities
|
29,198,851
|
|
|
|
|
|
28,100,911
|
|
|
|
|
|
28,168,625
|
|
|
|
|
|
Common
equity
|
2,438,639
|
|
|
|
|
|
2,567,266
|
|
|
|
|
|
2,717,753
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
31,637,490
|
|
|
|
|
|
$
30,668,177
|
|
|
|
|
|
$
30,886,378
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
$
305,762
|
|
|
|
|
|
$
287,933
|
|
|
|
|
|
$
233,754
|
|
|
|
NET INTEREST
SPREAD
|
|
|
|
|
3.57 %
|
|
|
|
|
|
3.71 %
|
|
|
|
|
|
3.07 %
|
|
NET INTEREST INCOME
TO EARNING ASSETS OR NET INTEREST MARGIN (1),
(2)
|
|
|
|
|
4.01 %
|
|
|
|
|
|
3.88 %
|
|
|
|
|
|
3.15 %
|
|
|
(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 $283,000 for the three months ended
December 31, 2022 as compared to $329,000 for the three months
ended September 30, 2022 and $375,000 for the
three months ended December 31, 2021.
|
|
Umpqua Holdings Corporation
Average Rates and Balances
|
|
(Unaudited)
|
|
Year Ended
|
|
December 31, 2022
|
|
December 31, 2021
|
|
(Dollars in thousands)
|
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
|
$
208,141
|
|
$
8,812
|
|
4.23 %
|
|
$
500,070
|
|
$ 15,149
|
|
3.03 %
|
|
Loans and leases
(1)
|
24,225,518
|
|
1,041,446
|
|
4.29 %
|
|
21,925,108
|
|
875,366
|
|
3.99 %
|
|
Taxable
securities
|
3,343,721
|
|
72,702
|
|
2.17 %
|
|
3,321,142
|
|
61,717
|
|
1.86 %
|
|
Non-taxable securities
(2)
|
216,943
|
|
6,669
|
|
3.07 %
|
|
248,256
|
|
7,458
|
|
3.00 %
|
|
Temporary investments
and interest-bearing cash
|
1,561,808
|
|
19,706
|
|
1.26 %
|
|
2,936,273
|
|
3,864
|
|
0.13 %
|
|
Total interest-earning
assets
|
29,556,131
|
|
$ 1,149,335
|
|
3.88 %
|
|
28,930,849
|
|
$
963,554
|
|
3.33 %
|
|
Other assets
|
1,261,265
|
|
|
|
|
|
1,336,523
|
|
|
|
|
|
Total
assets
|
$
30,817,396
|
|
|
|
|
|
$
30,267,372
|
|
|
|
|
|
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$ 3,886,390
|
|
$
8,185
|
|
0.21 %
|
|
$ 3,462,035
|
|
$
1,865
|
|
0.05 %
|
|
Money market
deposits
|
7,552,666
|
|
26,415
|
|
0.35 %
|
|
7,624,707
|
|
5,964
|
|
0.08 %
|
|
Savings
deposits
|
2,411,448
|
|
880
|
|
0.04 %
|
|
2,200,608
|
|
729
|
|
0.03 %
|
|
Time
deposits
|
1,743,988
|
|
12,715
|
|
0.73 %
|
|
2,217,464
|
|
18,593
|
|
0.84 %
|
|
Total interest-bearing
deposits
|
15,594,492
|
|
48,195
|
|
0.31 %
|
|
15,504,814
|
|
27,151
|
|
0.18 %
|
|
Repurchase agreements
and federal funds purchased
|
465,600
|
|
997
|
|
0.21 %
|
|
454,994
|
|
280
|
|
0.06 %
|
|
Borrowings
|
226,665
|
|
8,920
|
|
3.94 %
|
|
195,985
|
|
2,838
|
|
1.45 %
|
|
Junior subordinated
debentures
|
399,568
|
|
19,889
|
|
4.98 %
|
|
369,259
|
|
12,127
|
|
3.28 %
|
|
Total interest-bearing
liabilities
|
16,686,325
|
|
$ 78,001
|
|
0.47 %
|
|
16,525,052
|
|
$ 42,396
|
|
0.26 %
|
|
Non-interest-bearing
deposits
|
11,053,921
|
|
|
|
|
|
10,669,531
|
|
|
|
|
|
Other
liabilities
|
501,573
|
|
|
|
|
|
372,078
|
|
|
|
|
|
Total
liabilities
|
28,241,819
|
|
|
|
|
|
27,566,661
|
|
|
|
|
|
Common
equity
|
2,575,577
|
|
|
|
|
|
2,700,711
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
30,817,396
|
|
|
|
|
|
$
30,267,372
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
$ 1,071,334
|
|
|
|
|
|
$
921,158
|
|
|
|
NET INTEREST SPREAD
|
|
|
|
|
3.41 %
|
|
|
|
|
|
3.07 %
|
|
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST
MARGIN (1), (2)
|
|
|
|
|
3.62 %
|
|
|
|
|
|
3.18 %
|
|
Umpqua Holdings
Corporation
Segments
|
|
(Unaudited)
|
|
Core
Banking
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Net interest
income
|
$ 305,030
|
|
$ 286,532
|
|
$ 247,009
|
|
$ 227,087
|
|
$ 231,250
|
|
6 %
|
|
32 %
|
|
Provision (recapture)
for credit losses
|
32,948
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
19 %
|
|
nm
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
—
|
|
—
|
|
—
|
|
2
|
|
4
|
|
nm
|
|
(100) %
|
|
Gain (loss) on equity
securities, net
|
284
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
nm
|
|
nm
|
|
(Loss) gain on swap
derivatives, net
|
(2,329)
|
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
(156) %
|
|
nm
|
|
Change in fair value of
certain loans held for investment
|
4,192
|
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
nm
|
|
nm
|
|
Non-interest income
(excluding above items)
|
34,362
|
|
36,769
|
|
34,461
|
|
35,650
|
|
42,812
|
|
(7) %
|
|
(20) %
|
|
Total non-interest
income
|
36,509
|
|
11,919
|
|
24,513
|
|
18,989
|
|
39,375
|
|
206 %
|
|
(7) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
11,637
|
|
769
|
|
2,672
|
|
2,278
|
|
15,183
|
|
nm
|
|
(23) %
|
|
Exit and disposal
costs
|
1,966
|
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
44 %
|
|
(35) %
|
|
Non-interest expense
(excluding above items)
|
167,267
|
|
154,320
|
|
148,946
|
|
148,423
|
|
150,587
|
|
8 %
|
|
11 %
|
|
Allocated expenses,
net (1)
|
(1,905)
|
|
(39)
|
|
3,702
|
|
3,735
|
|
4,314
|
|
nm
|
|
(144) %
|
|
Total non-interest
expense
|
178,965
|
|
156,414
|
|
155,762
|
|
157,469
|
|
173,106
|
|
14 %
|
|
3 %
|
|
Income before income
taxes
|
129,626
|
|
114,465
|
|
97,068
|
|
83,803
|
|
98,255
|
|
13 %
|
|
32 %
|
|
Provision for income
taxes
|
33,763
|
|
28,212
|
|
24,530
|
|
20,917
|
|
24,067
|
|
20 %
|
|
40 %
|
|
Net income
|
$
95,863
|
|
$
86,253
|
|
$
72,538
|
|
$
62,886
|
|
$
74,188
|
|
11 %
|
|
29 %
|
|
Effective Tax
Rate
|
26 %
|
|
25 %
|
|
25 %
|
|
25 %
|
|
24 %
|
|
|
|
|
|
Efficiency
Ratio
|
52 %
|
|
52 %
|
|
57 %
|
|
64 %
|
|
64 %
|
|
|
|
|
|
Total assets
|
$
31,577,603
|
|
$
31,100,700
|
|
$
29,721,590
|
|
$
30,153,079
|
|
$
30,155,058
|
|
2 %
|
|
5 %
|
|
Total loans and
leases
|
$
26,155,981
|
|
$
25,507,951
|
|
$
24,432,678
|
|
$
22,975,761
|
|
$
22,553,180
|
|
3 %
|
|
16 %
|
|
Total
deposits
|
$
26,937,431
|
|
$
26,588,217
|
|
$
25,925,294
|
|
$
26,479,078
|
|
$
26,370,568
|
|
1 %
|
|
2 %
|
|
Key Rates, end of
period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 year CMT
|
3.88 %
|
|
3.83 %
|
|
2.98 %
|
|
2.32 %
|
|
1.52 %
|
|
0.05
|
|
2.36
|
|
FHLMC 30 year
fixed
|
6.42 %
|
|
6.70 %
|
|
5.70 %
|
|
4.67 %
|
|
3.11 %
|
|
(0.28)
|
|
3.31
|
|
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)
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Net interest
income
|
$
449
|
|
$
1,072
|
|
$
1,161
|
|
$
1,676
|
|
$
2,129
|
|
(58) %
|
|
(79) %
|
|
Provision for credit
losses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
banking revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and
sale
|
4,252
|
|
10,515
|
|
15,101
|
|
16,844
|
|
23,624
|
|
(60) %
|
|
(82) %
|
|
Servicing
|
9,184
|
|
9,529
|
|
9,505
|
|
9,140
|
|
9,457
|
|
(4) %
|
|
(3) %
|
|
Change in fair value of
MSR asset:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes due to
collection/realization of expected cash flows over time
|
(4,986)
|
|
(4,978)
|
|
(4,961)
|
|
(5,347)
|
|
(5,311)
|
|
— %
|
|
(6) %
|
|
Changes due to
valuation inputs or assumptions
|
(9,914)
|
|
16,403
|
|
10,899
|
|
40,149
|
|
15,415
|
|
(160) %
|
|
(164) %
|
|
MSR hedge
loss
|
(348)
|
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
(98) %
|
|
nm
|
|
Non-interest income
(excluding above items)
|
182
|
|
185
|
|
178
|
|
194
|
|
178
|
|
(2) %
|
|
2 %
|
|
Total non-interest
income
|
(1,630)
|
|
17,526
|
|
30,722
|
|
60,980
|
|
43,363
|
|
(109) %
|
|
(104) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
14,112
|
|
21,511
|
|
27,514
|
|
28,696
|
|
30,919
|
|
(34) %
|
|
(54) %
|
|
Allocated expenses,
net(1)
|
1,905
|
|
39
|
|
(3,702)
|
|
(3,735)
|
|
(4,314)
|
|
nm
|
|
nm
|
|
Total non-interest
expense
|
16,017
|
|
21,550
|
|
23,812
|
|
24,961
|
|
26,605
|
|
(26) %
|
|
(40) %
|
|
Income before income
taxes
|
(17,198)
|
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
483 %
|
|
(191) %
|
|
Provision for income
taxes
|
(4,299)
|
|
(739)
|
|
2,018
|
|
9,424
|
|
4,721
|
|
482 %
|
|
(191) %
|
|
Net income
|
$ (12,899)
|
|
$
(2,213)
|
|
$
6,053
|
|
$
28,271
|
|
$
14,166
|
|
483 %
|
|
(191) %
|
|
Effective Tax
Rate
|
25 %
|
|
25 %
|
|
25 %
|
|
25 %
|
|
25 %
|
|
|
|
|
|
Efficiency
Ratio
|
nm
|
|
116 %
|
|
75 %
|
|
40 %
|
|
58 %
|
|
|
|
|
|
Total assets
|
$ 271,036
|
|
$ 371,260
|
|
$ 414,104
|
|
$ 484,047
|
|
$ 485,878
|
|
(27) %
|
|
(44) %
|
|
Loans held for
sale
|
$
71,647
|
|
$ 148,275
|
|
$ 228,889
|
|
$ 309,946
|
|
$ 353,105
|
|
(52) %
|
|
(80) %
|
|
Total
deposits
|
$ 128,181
|
|
$ 228,890
|
|
$ 207,129
|
|
$ 220,509
|
|
$ 224,117
|
|
(44) %
|
|
(43) %
|
|
LHFS Production
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed loan volume
for-sale
|
$ 216,833
|
|
$ 396,979
|
|
$ 576,532
|
|
$ 649,122
|
|
$ 871,268
|
|
(45) %
|
|
(75) %
|
|
Gain on sale
margin
|
1.96 %
|
|
2.65 %
|
|
2.62 %
|
|
2.59 %
|
|
2.71 %
|
|
|
|
|
|
Direct LHFS
expense
|
$
7,292
|
|
$
10,465
|
|
$
13,197
|
|
$
14,296
|
|
$
18,150
|
|
(30) %
|
|
(60) %
|
|
Direct LHFS expenses as
% of volume
|
3.36 %
|
|
2.64 %
|
|
2.29 %
|
|
2.20 %
|
|
2.08 %
|
|
|
|
|
|
MSR
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans serviced for others
|
$
13,020,189
|
|
$
12,997,911
|
|
$
12,932,747
|
|
$
12,810,574
|
|
$
12,755,671
|
|
— %
|
|
2 %
|
|
MSR, net
|
$ 185,017
|
|
$ 196,177
|
|
$ 179,558
|
|
$ 165,807
|
|
$ 123,615
|
|
(6) %
|
|
50 %
|
|
MSR as % of serviced
portfolio
|
1.42 %
|
|
1.51 %
|
|
1.39 %
|
|
1.29 %
|
|
0.97 %
|
|
(0.09)
|
|
0.45
|
|
Key Rates, end of
period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 year CMT
|
3.88 %
|
|
3.83 %
|
|
2.98 %
|
|
2.32 %
|
|
1.52 %
|
|
0.05
|
|
2.36
|
|
FHLMC 30 year
fixed
|
6.42 %
|
|
6.70 %
|
|
5.70 %
|
|
4.67 %
|
|
3.11 %
|
|
(0.28)
|
|
3.31
|
|
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)
|
|
Core
Banking
|
|
Mortgage
Banking
|
|
|
Year
Ended
|
|
%
Change
|
|
Year
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Net interest
income
|
$
1,065,658
|
|
$ 908,087
|
|
17 %
|
|
$
4,358
|
|
$
11,560
|
|
(62) %
|
|
Provision (recapture)
for credit losses
|
84,016
|
|
(42,651)
|
|
nm
|
|
—
|
|
—
|
|
nm
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
banking revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and
sale
|
—
|
|
—
|
|
nm
|
|
46,712
|
|
157,789
|
|
(70) %
|
|
Servicing
|
—
|
|
—
|
|
nm
|
|
37,358
|
|
36,836
|
|
1 %
|
|
Change in fair value of
MSR asset:
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes due to
collection/realization of expected cash flows over time
|
—
|
|
—
|
|
nm
|
|
(20,272)
|
|
(18,903)
|
|
7 %
|
|
Changes due to
valuation inputs or assumptions
|
—
|
|
—
|
|
nm
|
|
57,537
|
|
11,089
|
|
419 %
|
|
MSR hedge
loss
|
—
|
|
—
|
|
nm
|
|
(14,476)
|
|
—
|
|
nm
|
|
Gain on sale of debt
securities, net
|
2
|
|
8
|
|
(75) %
|
|
—
|
|
—
|
|
nm
|
|
Loss on equity
securities, net
|
(7,099)
|
|
(1,511)
|
|
370 %
|
|
—
|
|
—
|
|
nm
|
|
Gain on swap
derivatives, net
|
16,249
|
|
8,395
|
|
94 %
|
|
—
|
|
—
|
|
nm
|
|
Change in fair value of
certain loans held for investment
|
(58,464)
|
|
3,032
|
|
nm
|
|
—
|
|
—
|
|
nm
|
|
Non-interest income
(excluding above items)
|
141,242
|
|
158,725
|
|
(11) %
|
|
739
|
|
858
|
|
(14) %
|
|
Total non-interest
income
|
91,930
|
|
168,649
|
|
(45) %
|
|
107,598
|
|
187,669
|
|
(43) %
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
17,356
|
|
15,183
|
|
14 %
|
|
—
|
|
—
|
|
nm
|
|
Exit and disposal
costs
|
6,805
|
|
12,763
|
|
(47) %
|
|
—
|
|
—
|
|
nm
|
|
Non-interest expense
(excluding above items)
|
618,956
|
|
589,556
|
|
5 %
|
|
91,833
|
|
142,954
|
|
(36) %
|
|
Allocated expenses, net
(1)
|
5,493
|
|
8,174
|
|
(33) %
|
|
(5,493)
|
|
(8,174)
|
|
(33) %
|
|
Total non-interest
expense
|
648,610
|
|
625,676
|
|
4 %
|
|
86,340
|
|
134,780
|
|
(36) %
|
|
Income before income
taxes
|
424,962
|
|
493,711
|
|
(14) %
|
|
25,616
|
|
64,449
|
|
(60) %
|
|
Provision for income
taxes
|
107,422
|
|
121,748
|
|
(12) %
|
|
6,404
|
|
16,112
|
|
(60) %
|
|
Net income
|
$ 317,540
|
|
$ 371,963
|
|
(15) %
|
|
$
19,212
|
|
$
48,337
|
|
(60) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
25 %
|
|
25 %
|
|
—
|
|
25 %
|
|
25 %
|
|
—
|
|
Efficiency
Ratio
|
56 %
|
|
58 %
|
|
(2.00)
|
|
77 %
|
|
68 %
|
|
9.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS Production
Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed loan volume
for-sale
|
|
|
|
|
|
|
$
1,839,466
|
|
$
4,747,104
|
|
(61) %
|
|
Gain on sale
margin
|
|
|
|
|
|
|
2.54 %
|
|
3.32 %
|
|
(0.78)
|
|
Direct LHFS
expense
|
|
|
|
|
|
|
$
45,250
|
|
$
94,718
|
|
(52) %
|
|
Direct LHFS expenses as
% of volume
|
|
|
|
|
|
|
2.46 %
|
|
2.00 %
|
|
0.46
|
|
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)
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Total shareholders'
equity
|
a
|
|
$
2,479,826
|
|
$
2,417,514
|
|
$
2,518,276
|
|
$
2,607,598
|
|
$
2,749,270
|
|
3 %
|
|
(10) %
|
|
Less: Other intangible
assets, net
|
|
|
4,745
|
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
(18) %
|
|
(46) %
|
|
Tangible common
shareholders' equity
|
b
|
|
$
2,475,081
|
|
$
2,411,750
|
|
$
2,511,487
|
|
$
2,599,783
|
|
$
2,740,430
|
|
3 %
|
|
(10) %
|
|
Less: Accumulated
other comprehensive income (AOCI)
|
|
|
$
(426,864)
|
|
(449,560)
|
|
(308,147)
|
|
(183,756)
|
|
1,759
|
|
(5) %
|
|
nm
|
|
Tangible common
shareholders' equity, ex AOCI
|
c
|
|
$
2,901,945
|
|
$
2,861,310
|
|
$
2,819,634
|
|
$
2,783,539
|
|
$
2,738,671
|
|
1 %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
d
|
|
$
31,848,639
|
|
$
31,471,960
|
|
$
30,135,694
|
|
$
30,637,126
|
|
$
30,640,936
|
|
1 %
|
|
4 %
|
|
Less: Other intangible
assets, net
|
|
|
4,745
|
|
5,764
|
|
6,789
|
|
7,815
|
|
8,840
|
|
(18) %
|
|
(46) %
|
|
Tangible
assets
|
e
|
|
$
31,843,894
|
|
$
31,466,196
|
|
$
30,128,905
|
|
$
30,629,311
|
|
$
30,632,096
|
|
1 %
|
|
4 %
|
|
Common shares
outstanding at period end
|
f
|
|
217,054
|
|
217,053
|
|
217,049
|
|
216,967
|
|
216,626
|
|
— %
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets ratio
|
a / d
|
|
7.79 %
|
|
7.68 %
|
|
8.36 %
|
|
8.51 %
|
|
8.97 %
|
|
0.11
|
|
(1.18)
|
|
Tangible common equity
ratio
|
b / e
|
|
7.77 %
|
|
7.66 %
|
|
8.34 %
|
|
8.49 %
|
|
8.95 %
|
|
0.11
|
|
(1.18)
|
|
Tangible common equity
ratio, ex AOCI
|
c / e
|
|
9.11 %
|
|
9.09 %
|
|
9.36 %
|
|
9.09 %
|
|
8.94 %
|
|
0.02
|
|
0.17
|
|
Book value per common
share
|
a / f
|
|
$ 11.42
|
|
$ 11.14
|
|
$ 11.60
|
|
$ 12.02
|
|
$ 12.69
|
|
3 %
|
|
(10) %
|
|
Tangible book value per
common share
|
b / f
|
|
$ 11.40
|
|
$ 11.11
|
|
$ 11.57
|
|
$ 11.98
|
|
$ 12.65
|
|
3 %
|
|
(10) %
|
|
Tangible book value per
common share, ex AOCI
|
c / f
|
|
$ 13.37
|
|
$ 13.18
|
|
$ 12.99
|
|
$ 12.83
|
|
$ 12.64
|
|
1 %
|
|
6 %
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Consolidated
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2
|
|
$
4
|
|
nm
|
|
(100) %
|
|
Gain (loss) on equity
securities, net
|
|
|
284
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
nm
|
|
nm
|
|
(Loss) gain on swap
derivatives
|
|
|
(2,329)
|
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
(156) %
|
|
nm
|
|
Change in fair value
of certain loans held for investment
|
|
|
4,192
|
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
nm
|
|
nm
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
(9,914)
|
|
16,403
|
|
10,899
|
|
40,149
|
|
15,415
|
|
(160) %
|
|
(164) %
|
|
MSR hedge
loss
|
|
|
(348)
|
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
(98) %
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(8,115)
|
|
$
(22,575)
|
|
$
951
|
|
$ 23,488
|
|
$ 11,978
|
|
(64) %
|
|
(168) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$ 11,637
|
|
$
769
|
|
$
2,672
|
|
$
2,278
|
|
$ 15,183
|
|
nm
|
|
(23) %
|
|
Exit and disposal
costs
|
|
|
1,966
|
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
44 %
|
|
(35) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$ 13,603
|
|
$
2,133
|
|
$
3,114
|
|
$
5,311
|
|
$ 18,205
|
|
nm
|
|
(25) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
305,762
|
|
$
287,933
|
|
$
248,522
|
|
$
229,117
|
|
$
233,754
|
|
6 %
|
|
31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$ 34,879
|
|
$ 29,445
|
|
$ 55,235
|
|
$ 79,969
|
|
$ 82,738
|
|
18 %
|
|
(58) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
8,115
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(64) %
|
|
nm
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$ 42,994
|
|
$ 52,020
|
|
$ 54,284
|
|
$ 56,481
|
|
$ 70,760
|
|
(17) %
|
|
(39) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
340,641
|
|
$
317,378
|
|
$
303,757
|
|
$
309,086
|
|
$
316,492
|
|
7 %
|
|
8 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
348,756
|
|
$
339,953
|
|
$
302,806
|
|
$
285,598
|
|
$
304,514
|
|
3 %
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
h
|
|
$
194,982
|
|
$
177,964
|
|
$
179,574
|
|
$
182,430
|
|
$
199,711
|
|
10 %
|
|
(2) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(13,603)
|
|
(2,133)
|
|
(3,114)
|
|
(5,311)
|
|
(18,205)
|
|
nm
|
|
(25) %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
181,379
|
|
$
175,831
|
|
$
176,460
|
|
$
177,119
|
|
$
181,506
|
|
3 %
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 82,964
|
|
$ 84,040
|
|
$ 78,591
|
|
$ 91,157
|
|
$ 88,354
|
|
(1) %
|
|
(6) %
|
|
Provision for income
taxes
|
|
|
29,464
|
|
27,473
|
|
26,548
|
|
30,341
|
|
28,788
|
|
7 %
|
|
2 %
|
|
Income before provision
for income taxes
|
|
|
112,428
|
|
111,513
|
|
105,139
|
|
121,498
|
|
117,142
|
|
1 %
|
|
(4) %
|
|
Provision (recapture)
for credit losses
|
|
|
32,948
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
19 %
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
145,376
|
|
139,085
|
|
123,831
|
|
126,302
|
|
116,406
|
|
5 %
|
|
25 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
8,115
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(64) %
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
13,603
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
nm
|
|
(25) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
167,094
|
|
$
163,793
|
|
$
125,994
|
|
$
108,125
|
|
$
122,633
|
|
2 %
|
|
36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 82,964
|
|
$ 84,040
|
|
$ 78,591
|
|
$ 91,157
|
|
$ 88,354
|
|
(1) %
|
|
(6) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
8,115
|
|
22,575
|
|
(951)
|
|
(23,488)
|
|
(11,978)
|
|
(64) %
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
13,603
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
nm
|
|
(25) %
|
|
Tax effect of
adjustments
|
|
|
(5,459)
|
|
(6,116)
|
|
(480)
|
|
4,576
|
|
1,190
|
|
(11) %
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$ 99,223
|
|
$
102,632
|
|
$ 80,274
|
|
$ 77,556
|
|
$ 95,771
|
|
(3) %
|
|
4 %
|
|
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)
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Average
assets
|
n
|
|
$
31,637,490
|
|
$
30,668,177
|
|
$
30,356,903
|
|
$
30,597,413
|
|
$
30,886,378
|
|
3 %
|
|
2 %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
5,298
|
|
6,343
|
|
7,379
|
|
8,407
|
|
9,491
|
|
(16) %
|
|
(44) %
|
|
Average tangible
assets
|
o
|
|
$
31,632,192
|
|
$
30,661,834
|
|
$
30,349,524
|
|
$
30,589,006
|
|
$
30,876,887
|
|
3 %
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
shareholders' equity
|
p
|
|
$
2,438,639
|
|
$
2,567,266
|
|
$
2,584,836
|
|
$
2,715,059
|
|
$
2,717,753
|
|
(5) %
|
|
(10) %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
5,298
|
|
6,343
|
|
7,379
|
|
8,407
|
|
9,491
|
|
(16) %
|
|
(44) %
|
|
Average tangible
common equity
|
q
|
|
$
2,433,341
|
|
$
2,560,923
|
|
$
2,577,457
|
|
$
2,706,652
|
|
$
2,708,262
|
|
(5) %
|
|
(10) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
r
|
|
217,054
|
|
217,051
|
|
217,030
|
|
216,782
|
|
216,624
|
|
— %
|
|
— %
|
|
Weighted average
diluted shares outstanding
|
s
|
|
217,566
|
|
217,386
|
|
217,279
|
|
217,392
|
|
217,356
|
|
— %
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings-per-share -
basic
|
j / r
|
|
$ 0.38
|
|
$ 0.39
|
|
$ 0.36
|
|
$ 0.42
|
|
$ 0.41
|
|
(3) %
|
|
(7) %
|
|
Earnings-per-share -
diluted
|
j / s
|
|
$ 0.38
|
|
$ 0.39
|
|
$ 0.36
|
|
$ 0.42
|
|
$ 0.41
|
|
(3) %
|
|
(7) %
|
|
Efficiency
ratio
|
h / f
|
|
57.24 %
|
|
56.07 %
|
|
59.12 %
|
|
59.02 %
|
|
63.10 %
|
|
1.17
|
|
(5.86)
|
|
PPNR return on average
assets
|
k / n
|
|
1.82 %
|
|
1.80 %
|
|
1.64 %
|
|
1.67 %
|
|
1.50 %
|
|
0.02
|
|
0.32
|
|
Return on average
assets
|
j / n
|
|
1.04 %
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.13 %
|
|
(0.05)
|
|
(0.09)
|
|
Return on average
tangible assets
|
j / o
|
|
1.04 %
|
|
1.09 %
|
|
1.04 %
|
|
1.21 %
|
|
1.14 %
|
|
(0.05)
|
|
(0.10)
|
|
Return on average
common equity
|
j / p
|
|
13.50 %
|
|
12.99 %
|
|
12.20 %
|
|
13.62 %
|
|
12.90 %
|
|
0.51
|
|
0.60
|
|
Return on average
tangible common equity
|
j / q
|
|
13.53 %
|
|
13.02 %
|
|
12.23 %
|
|
13.66 %
|
|
12.94 %
|
|
0.51
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings-per-share - basic
|
m / r
|
|
$ 0.46
|
|
$ 0.47
|
|
$ 0.37
|
|
$ 0.36
|
|
$ 0.44
|
|
(2) %
|
|
5 %
|
|
Operating
earnings-per-share - diluted
|
m / s
|
|
$ 0.46
|
|
$ 0.47
|
|
$ 0.37
|
|
$ 0.36
|
|
$ 0.44
|
|
(2) %
|
|
5 %
|
|
Operating efficiency
ratio
|
i / g
|
|
52.01 %
|
|
51.72 %
|
|
58.27 %
|
|
62.02 %
|
|
59.61 %
|
|
0.29
|
|
(7.60)
|
|
Operating PPNR return
on average assets
|
l / n
|
|
2.10 %
|
|
2.12 %
|
|
1.66 %
|
|
1.43 %
|
|
1.58 %
|
|
(0.02)
|
|
0.52
|
|
Operating return on
average assets
|
m / n
|
|
1.24 %
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
(0.09)
|
|
0.01
|
|
Operating return on
average tangible assets
|
m / o
|
|
1.24 %
|
|
1.33 %
|
|
1.06 %
|
|
1.03 %
|
|
1.23 %
|
|
(0.09)
|
|
0.01
|
|
Operating return on
average common equity
|
m / p
|
|
16.14 %
|
|
15.86 %
|
|
12.46 %
|
|
11.58 %
|
|
13.98 %
|
|
0.28
|
|
2.16
|
|
Operating return on
average tangible common equity
|
m / q
|
|
16.18 %
|
|
15.90 %
|
|
12.49 %
|
|
11.62 %
|
|
14.03 %
|
|
0.28
|
|
2.15
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Core
Banking
|
|
|
Quarter
Ended
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$ —
|
|
$ —
|
|
$ —
|
|
$
2
|
|
$
4
|
|
nm
|
|
(100) %
|
|
Gain (loss) on equity
securities, net
|
|
|
284
|
|
(2,647)
|
|
(2,075)
|
|
(2,661)
|
|
(466)
|
|
nm
|
|
nm
|
|
(Loss) gain on swap
derivatives
|
|
|
(2,329)
|
|
4,194
|
|
7,337
|
|
7,047
|
|
(303)
|
|
(156) %
|
|
nm
|
|
Change in fair value
of certain loans held for investment
|
|
|
4,192
|
|
(26,397)
|
|
(15,210)
|
|
(21,049)
|
|
(2,672)
|
|
nm
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
2,147
|
|
$
(24,850)
|
|
$
(9,948)
|
|
$
(16,661)
|
|
$
(3,437)
|
|
nm
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$ 11,637
|
|
$ 769
|
|
$
2,672
|
|
$
2,278
|
|
$
15,183
|
|
nm
|
|
(23) %
|
|
Exit and disposal
costs
|
|
|
1,966
|
|
1,364
|
|
442
|
|
3,033
|
|
3,022
|
|
44 %
|
|
(35) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
13,603
|
|
$
2,133
|
|
$
3,114
|
|
$
5,311
|
|
$
18,205
|
|
nm
|
|
(25) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
305,313
|
|
$
286,861
|
|
$
247,361
|
|
$
227,441
|
|
$
231,625
|
|
6 %
|
|
32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
36,509
|
|
$
11,919
|
|
$
24,513
|
|
$
18,989
|
|
$
39,375
|
|
206 %
|
|
(7) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,147)
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(109) %
|
|
(162) %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
34,362
|
|
$
36,769
|
|
$
34,461
|
|
$
35,650
|
|
$
42,812
|
|
(7) %
|
|
(20) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
341,822
|
|
$
298,780
|
|
$
271,874
|
|
$
246,430
|
|
$
271,000
|
|
14 %
|
|
26 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
339,675
|
|
$
323,630
|
|
$
281,822
|
|
$
263,091
|
|
$
274,437
|
|
5 %
|
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (2)
|
h
|
|
$
178,965
|
|
$
156,414
|
|
$
155,762
|
|
$
157,469
|
|
$
173,106
|
|
14 %
|
|
3 %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(13,603)
|
|
(2,133)
|
|
(3,114)
|
|
(5,311)
|
|
(18,205)
|
|
nm
|
|
(25) %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
165,362
|
|
$
154,281
|
|
$
152,648
|
|
$
152,158
|
|
$
154,901
|
|
7 %
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ 95,863
|
|
$ 86,253
|
|
$ 72,538
|
|
$
62,886
|
|
$
74,188
|
|
11 %
|
|
29 %
|
|
Provision for income
taxes
|
|
|
33,763
|
|
28,212
|
|
24,530
|
|
20,917
|
|
24,067
|
|
20 %
|
|
40 %
|
|
Income before provision
for income taxes
|
|
|
129,626
|
|
114,465
|
|
97,068
|
|
83,803
|
|
98,255
|
|
13 %
|
|
32 %
|
|
Provision (recapture)
for credit losses
|
|
|
32,948
|
|
27,572
|
|
18,692
|
|
4,804
|
|
(736)
|
|
19 %
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
162,574
|
|
142,037
|
|
115,760
|
|
88,607
|
|
97,519
|
|
14 %
|
|
67 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,147)
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(109) %
|
|
(162) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
13,603
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
nm
|
|
(25) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
174,030
|
|
$
169,020
|
|
$
128,822
|
|
$
110,579
|
|
$
119,161
|
|
3 %
|
|
46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
95,863
|
|
$
86,253
|
|
$
72,538
|
|
$
62,886
|
|
$
74,188
|
|
11 %
|
|
29 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(2,147)
|
|
24,850
|
|
9,948
|
|
16,661
|
|
3,437
|
|
(109) %
|
|
(162) %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
13,603
|
|
2,133
|
|
3,114
|
|
5,311
|
|
18,205
|
|
nm
|
|
(25) %
|
|
Tax effect of
adjustments
|
|
|
(2,893)
|
|
(6,685)
|
|
(3,205)
|
|
(5,461)
|
|
(2,664)
|
|
(57) %
|
|
9 %
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
104,426
|
|
$
106,551
|
|
$
82,395
|
|
$
79,397
|
|
$
93,166
|
|
(2) %
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
52.36 %
|
|
52.35 %
|
|
57.29 %
|
|
63.90 %
|
|
63.88 %
|
|
0.01
|
|
(11.52)
|
|
Operating efficiency
ratio
|
i / g
|
|
48.68 %
|
|
47.67 %
|
|
54.16 %
|
|
57.83 %
|
|
56.44 %
|
|
1.01
|
|
(7.76)
|
|
Core Banking net
income / Consolidated net income
|
|
|
115.55 %
|
|
102.63 %
|
|
92.30 %
|
|
68.99 %
|
|
83.97 %
|
|
12.92
|
|
31.58
|
|
Core Banking
operating net income / Consolidated operating net
income
|
|
|
105.24 %
|
|
103.82 %
|
|
102.64 %
|
|
102.37 %
|
|
97.28 %
|
|
1.42
|
|
7.96
|
|
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)
|
|
|
Dec 31,
2022
|
|
Sep 30,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Seq.
Quarter
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
$ (9,914)
|
|
$ 16,403
|
|
$ 10,899
|
|
$ 40,149
|
|
$ 15,415
|
|
(160) %
|
|
(164) %
|
|
MSR hedge
loss
|
|
|
(348)
|
|
(14,128)
|
|
—
|
|
—
|
|
—
|
|
(98) %
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(10,262)
|
|
$
2,275
|
|
$
10,899
|
|
$
40,149
|
|
$
15,415
|
|
nm
|
|
(167) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
b
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
nm
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
c
|
|
$ 449
|
|
$
1,072
|
|
$
1,161
|
|
$
1,676
|
|
$
2,129
|
|
(58) %
|
|
(79) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
(1,630)
|
|
$
17,526
|
|
$
30,722
|
|
$
60,980
|
|
$
43,363
|
|
(109) %
|
|
(104) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
10,262
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
nm
|
|
nm
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
8,632
|
|
$
15,251
|
|
$
19,823
|
|
$
20,831
|
|
$
27,948
|
|
(43) %
|
|
(69) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
f=c+d
|
|
$
(1,181)
|
|
$
18,598
|
|
$
31,883
|
|
$
62,656
|
|
$
45,492
|
|
(106) %
|
|
(103) %
|
|
Operating revenue
(non-GAAP)
|
g=c+e
|
|
$
9,081
|
|
$
16,323
|
|
$
20,984
|
|
$
22,507
|
|
$
30,077
|
|
(44) %
|
|
(70) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (1)
|
h
|
|
$
16,017
|
|
$
21,550
|
|
$
23,812
|
|
$
24,961
|
|
$
26,605
|
|
(26) %
|
|
(40) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
16,017
|
|
$
21,550
|
|
$
23,812
|
|
$
24,961
|
|
$
26,605
|
|
(26) %
|
|
(40) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$ (12,899)
|
|
$ (2,213)
|
|
$
6,053
|
|
$ 28,271
|
|
$ 14,166
|
|
483 %
|
|
(191) %
|
|
Provision for income
taxes
|
|
|
(4,299)
|
|
(739)
|
|
2,018
|
|
9,424
|
|
4,721
|
|
482 %
|
|
(191) %
|
|
Income before provision
for income taxes
|
|
|
(17,198)
|
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
483 %
|
|
(191) %
|
|
Provision for credit
losses
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
(17,198)
|
|
(2,952)
|
|
8,071
|
|
37,695
|
|
18,887
|
|
483 %
|
|
(191) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
10,262
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
nm
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
(6,936)
|
|
$
(5,227)
|
|
$
(2,828)
|
|
$
(2,454)
|
|
$
3,472
|
|
33 %
|
|
(300) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
(12,899)
|
|
$
(2,213)
|
|
$
6,053
|
|
$
28,271
|
|
$
14,166
|
|
483 %
|
|
(191) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
10,262
|
|
(2,275)
|
|
(10,899)
|
|
(40,149)
|
|
(15,415)
|
|
nm
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
nm
|
|
nm
|
|
Tax effect of
adjustments
|
|
|
(2,566)
|
|
569
|
|
2,725
|
|
10,037
|
|
3,854
|
|
nm
|
|
(167) %
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
(5,203)
|
|
$
(3,919)
|
|
$
(2,121)
|
|
$
(1,841)
|
|
$
2,605
|
|
33 %
|
|
(300) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
nm
|
|
115.87 %
|
|
74.69 %
|
|
39.84 %
|
|
58.48 %
|
|
nm
|
|
nm
|
|
Operating efficiency
ratio
|
i / g
|
|
176.38 %
|
|
132.02 %
|
|
113.48 %
|
|
110.90 %
|
|
88.46 %
|
|
34 %
|
|
99 %
|
|
Mortgage Banking net
income / Consolidated net income
|
|
|
(15.55) %
|
|
(2.63) %
|
|
7.70 %
|
|
31.01 %
|
|
16.03 %
|
|
(12.92)
|
|
(31.58)
|
|
Mortgage Banking
operating net income / Consolidated operating net
income
|
|
|
(5.24) %
|
|
(3.82) %
|
|
(2.64) %
|
|
(2.37) %
|
|
2.72 %
|
|
(1.42)
|
|
(7.96)
|
|
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)
|
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
2
|
|
$
8
|
|
(75) %
|
|
Loss on equity
securities, net
|
|
|
(7,099)
|
|
(1,511)
|
|
370 %
|
|
Gain on swap
derivatives
|
|
|
16,249
|
|
8,395
|
|
94 %
|
|
Change in fair value
of certain loans held for investment
|
|
|
(58,464)
|
|
3,032
|
|
nm
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
57,537
|
|
11,089
|
|
419 %
|
|
MSR hedge
loss
|
|
|
(14,476)
|
|
—
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(6,251)
|
|
$
21,013
|
|
(130) %
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$
17,356
|
|
$
15,183
|
|
14 %
|
|
Exit and disposal
costs
|
|
|
6,805
|
|
12,763
|
|
(47) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
24,161
|
|
$
27,946
|
|
(14) %
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
1,071,334
|
|
$
921,158
|
|
16 %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
199,528
|
|
$
356,318
|
|
(44) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
6,251
|
|
(21,013)
|
|
nm
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
205,779
|
|
$
335,305
|
|
(39) %
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
1,270,862
|
|
$
1,277,476
|
|
(1) %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
1,277,113
|
|
$
1,256,463
|
|
2 %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
h
|
|
$
734,950
|
|
$
760,456
|
|
(3) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(24,161)
|
|
(27,946)
|
|
(14) %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
710,789
|
|
$
732,510
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
336,752
|
|
$
420,300
|
|
(20) %
|
|
Provision for income
taxes
|
|
|
113,826
|
|
137,860
|
|
(17) %
|
|
Income before provision
for income taxes
|
|
|
450,578
|
|
558,160
|
|
(19) %
|
|
Provision (recapture)
for credit losses
|
|
|
84,016
|
|
(42,651)
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
534,594
|
|
515,509
|
|
4 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
6,251
|
|
(21,013)
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
24,161
|
|
27,946
|
|
(14) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
565,006
|
|
$
522,442
|
|
8 %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
336,752
|
|
$
420,300
|
|
(20) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
6,251
|
|
(21,013)
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
24,161
|
|
27,946
|
|
(14) %
|
|
Tax effect of
adjustments
|
|
|
(7,479)
|
|
1,014
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
359,685
|
|
$
428,247
|
|
(16) %
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Average
assets
|
n
|
|
$
30,817,396
|
|
$
30,267,372
|
|
2 %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
$
6,847
|
|
$
12,057
|
|
(43) %
|
|
Average tangible
assets
|
o
|
|
$
30,810,549
|
|
$
30,255,315
|
|
2 %
|
|
|
|
|
|
|
|
|
|
Average common
shareholders' equity
|
p
|
|
$
2,575,577
|
|
$
2,700,711
|
|
(5) %
|
|
Less: Average goodwill
and other intangible assets, net
|
|
|
$
6,847
|
|
$
12,057
|
|
(43) %
|
|
Average tangible
common equity
|
q
|
|
$
2,568,730
|
|
$
2,688,654
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
r
|
|
216,980
|
|
219,032
|
|
(1) %
|
|
Weighted average
diluted shares outstanding
|
s
|
|
217,403
|
|
219,581
|
|
(1) %
|
|
|
|
|
|
|
|
|
|
Select Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
Earnings-per-share -
basic
|
j / r
|
|
$
1.55
|
|
$
1.92
|
|
(19) %
|
|
Earnings-per-share -
diluted
|
j / s
|
|
$
1.55
|
|
$
1.91
|
|
(19) %
|
|
Efficiency
ratio
|
h / f
|
|
57.83 %
|
|
59.53 %
|
|
(1.70)
|
|
PPNR return on average
assets
|
k / n
|
|
1.73 %
|
|
1.70 %
|
|
0.03
|
|
Return on average
assets
|
j / n
|
|
1.09 %
|
|
1.39 %
|
|
(0.30)
|
|
Return on average
tangible assets
|
j / o
|
|
1.09 %
|
|
1.39 %
|
|
(0.30)
|
|
Return on average
common equity
|
j / p
|
|
13.07 %
|
|
15.56 %
|
|
(2.49)
|
|
Return on average
tangible common equity
|
j / q
|
|
13.11 %
|
|
15.63 %
|
|
(2.52)
|
|
|
|
|
|
|
|
|
|
Operating Per-Share
& Performance Metrics
|
|
|
|
|
|
|
|
|
Operating
earnings-per-share - basic
|
m / r
|
|
$
1.66
|
|
$
1.96
|
|
(15) %
|
|
Operating
earnings-per-share - diluted
|
m / s
|
|
$
1.65
|
|
$
1.95
|
|
(15) %
|
|
Operating efficiency
ratio
|
i / g
|
|
55.66 %
|
|
58.30 %
|
|
(2.64)
|
|
Operating PPNR return
on average assets
|
l / n
|
|
1.83 %
|
|
1.73 %
|
|
0.10
|
|
Operating return on
average assets
|
m / n
|
|
1.17 %
|
|
1.41 %
|
|
(0.24)
|
|
Operating return on
average tangible assets
|
m / o
|
|
1.17 %
|
|
1.42 %
|
|
(0.25)
|
|
Operating return on
average common equity
|
m / p
|
|
13.97 %
|
|
15.86 %
|
|
(1.89)
|
|
Operating return on
average tangible common equity
|
m / q
|
|
14.00 %
|
|
15.93 %
|
|
(1.93)
|
|
(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)
|
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Gain on sale of debt
securities, net
|
|
|
$
2
|
|
$
8
|
|
(75) %
|
|
Loss on equity
securities, net
|
|
|
(7,099)
|
|
(1,511)
|
|
370 %
|
|
Gain on swap
derivatives
|
|
|
16,249
|
|
8,395
|
|
94 %
|
|
Change in fair value
of certain loans held for investment
|
|
|
(58,464)
|
|
3,032
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
(49,312)
|
|
$
9,924
|
|
nm
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
Adjustments
|
|
|
|
|
|
|
|
|
Merger related
expenses
|
|
|
$
17,356
|
|
$
15,183
|
|
14 %
|
|
Exit and disposal
costs
|
|
|
6,805
|
|
12,763
|
|
(47) %
|
|
Total non-interest
expense adjustments
|
b
|
|
$
24,161
|
|
$
27,946
|
|
(14) %
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
c
|
|
$
1,066,976
|
|
$
909,598
|
|
17 %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
91,930
|
|
$
168,649
|
|
(45) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
49,312
|
|
(9,924)
|
|
nm
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
141,242
|
|
$
158,725
|
|
(11) %
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)
(1)
|
f=c+d
|
|
$
1,158,906
|
|
$
1,078,247
|
|
7 %
|
|
Operating revenue
(non-GAAP) (1)
|
g=c+e
|
|
$
1,208,218
|
|
$
1,068,323
|
|
13 %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (2)
|
h
|
|
$
648,610
|
|
$
625,676
|
|
4 %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
(24,161)
|
|
(27,946)
|
|
(14) %
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
624,449
|
|
$
597,730
|
|
4 %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
317,540
|
|
$
371,963
|
|
(15) %
|
|
Provision for income
taxes
|
|
|
107,422
|
|
121,748
|
|
(12) %
|
|
Income before provision
for income taxes
|
|
|
424,962
|
|
493,711
|
|
(14) %
|
|
Provision (recapture)
for credit losses
|
|
|
84,016
|
|
(42,651)
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
508,978
|
|
451,060
|
|
13 %
|
|
Less: Non-interest
income adjustments
|
a
|
|
49,312
|
|
(9,924)
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
24,161
|
|
27,946
|
|
(14) %
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
582,451
|
|
$
469,082
|
|
24 %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
317,540
|
|
$
371,963
|
|
(15) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
49,312
|
|
(9,924)
|
|
nm
|
|
Add: Non-interest
expense adjustments
|
b
|
|
24,161
|
|
27,946
|
|
(14) %
|
|
Tax effect of
adjustments
|
|
|
(18,244)
|
|
(1,758)
|
|
nm
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
372,769
|
|
$
388,227
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
55.97 %
|
|
58.03 %
|
|
(2.06)
|
|
Operating efficiency
ratio
|
i / g
|
|
51.68 %
|
|
55.95 %
|
|
(4.27)
|
|
Core Banking net
income / Consolidated net income
|
|
|
94.29 %
|
|
88.50 %
|
|
5.79
|
|
Core Banking
operating net income / Consolidated operating net
income
|
|
|
103.64 %
|
|
90.65 %
|
|
12.99
|
|
nm = not
meaningful
|
|
|
|
|
|
|
|
Umpqua Holdings
Corporation
GAAP to Non-GAAP
Reconciliation - Continued
|
|
(Unaudited)
|
|
Mortgage
Banking
|
|
|
Year to
Date
|
|
%
Change
|
|
(Dollars in
thousands)
|
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Year over
Year
|
|
Non-Interest Income
Adjustments
|
|
|
|
|
|
|
|
|
Change in fair value
of MSR due to valuation inputs or assumptions
|
|
|
$
57,537
|
|
$
11,089
|
|
419 %
|
|
MSR hedge
loss
|
|
|
(14,476)
|
|
—
|
|
nm
|
|
Total non-interest
income adjustments
|
a
|
|
$
43,061
|
|
$
11,089
|
|
288 %
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
b
|
|
$
—
|
|
$
—
|
|
nm
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
c
|
|
$
4,358
|
|
$
11,560
|
|
(62) %
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
d
|
|
$
107,598
|
|
$
187,669
|
|
(43) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(43,061)
|
|
(11,089)
|
|
288 %
|
|
Operating
non-interest income (non-GAAP)
|
e
|
|
$
64,537
|
|
$
176,580
|
|
(63) %
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
f=c+d
|
|
$
111,956
|
|
$
199,229
|
|
(44) %
|
|
Operating revenue
(non-GAAP)
|
g=c+e
|
|
$
68,895
|
|
$
188,140
|
|
(63) %
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP) (1)
|
h
|
|
$
86,340
|
|
$
134,780
|
|
(36) %
|
|
Less: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Operating
non-interest expense (non-GAAP)
|
i
|
|
$
86,340
|
|
$
134,780
|
|
(36) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
19,212
|
|
$
48,337
|
|
(60) %
|
|
Provision for income
taxes
|
|
|
6,404
|
|
16,112
|
|
(60) %
|
|
Income before provision
for income taxes
|
|
|
25,616
|
|
64,449
|
|
(60) %
|
|
Provision for credit
losses
|
|
|
—
|
|
—
|
|
nm
|
|
Pre-provision net
revenue (PPNR) (non-GAAP)
|
k
|
|
25,616
|
|
64,449
|
|
(60) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(43,061)
|
|
(11,089)
|
|
288 %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Operating PPNR
(non-GAAP)
|
l
|
|
$
(17,445)
|
|
$
53,360
|
|
(133) %
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
j
|
|
$
19,212
|
|
$
48,337
|
|
(60) %
|
|
Less: Non-interest
income adjustments
|
a
|
|
(43,061)
|
|
(11,089)
|
|
288 %
|
|
Add: Non-interest
expense adjustments
|
b
|
|
—
|
|
—
|
|
nm
|
|
Tax effect of
adjustments
|
|
|
10,765
|
|
2,772
|
|
288 %
|
|
Operating net income
(non-GAAP)
|
m
|
|
$
(13,084)
|
|
$
40,020
|
|
(133) %
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
h / f
|
|
77.12 %
|
|
67.65 %
|
|
9.47
|
|
Operating efficiency
ratio
|
i / g
|
|
125.32 %
|
|
71.64 %
|
|
53.68
|
|
Mortgage Banking net
income / Consolidated net income
|
|
|
5.71 %
|
|
11.50 %
|
|
(5.79)
|
|
Mortgage Banking
operating net income / Consolidated operating net
income
|
|
|
(3.64) %
|
|
9.35 %
|
|
(12.99)
|
|
nm = not
meaningful
|
|
|
|
|
|
|
1 "Non-GAAP" financial measure. A reconciliation to
the comparable GAAP measurement is provided on page 4
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SOURCE Umpqua Holdings Corporation
