Umpqua Reports Third Quarter 2019 Results

Third quarter 2019 net income of $84.5 million, or $0.38 per common share

Deposit growth of $615.7 million, or 11.3% annualized; loan and lease growth of $567.4 million, or 10.8% annualized

Operational excellence initiatives contributing to an efficiency ratio of 57.8%

Company Release - 10/16/2019 4:15 PM ET

PORTLAND, Ore., Oct. 16, 2019 /PRNewswire/ -- Umpqua Holdings Corporation (NASDAQ: UMPQ) (the "Company") reported net income of $84.5 million for the third quarter of 2019, compared to $111.8 million for the second quarter of 2019 and $91.0 million for the third quarter of 2018. Earnings per diluted common share were $0.38 for the third quarter of 2019, compared to $0.51 for the second quarter of 2019 and $0.41 for the third quarter of 2018.

(PRNewsfoto/Umpqua Holdings Corporation)

"Our balanced growth initiatives continue to produce results as evidenced by our strong deposit growth of 11% annualized, including 21% annualized growth in non-interest bearing balances, and our annualized loan and lease growth of 11%," said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. "I am also pleased to report that we have executed the sale of the first tranche of mortgage servicing rights and will remain diligent on initiatives to reduce volatility specific to that asset. We increased our fee-based revenue during the quarter and are prudently managing our cost of funds to help offset pressure on our net interest margin."

Notable items that impacted the third quarter 2019 financial results included:

  • $4.2 million gain on the fair value change of the MSR asset primarily driven by the $7.8 million fair value gain recorded for the portion of mortgage servicing rights held for sale at the end of the quarter, compared to a $24.7 million loss in the prior quarter and a $0.2 million gain in the same period of the prior year.
  • $0.3 million gain on equity investment securities, compared to the net $75.4 million gain recorded in the prior quarter that included the gain on equity securities of $82.6 million primarily related to the sale of Visa Class B stock and the $7.2 million loss on debt securities.
  • $4.6 million loss related to the fair value of the debt capital market swap derivatives attributable to the decrease in long-term interest rates during the quarter, compared to a loss of $4.0 million in the prior quarter and a gain of $0.2 million in the same period of the prior year.
  • $2.0 million of exit and disposal costs, compared to $1.5 million in the prior quarter and $1.0 million in the same period of the prior year.

Third Quarter 2019 Highlights (compared to prior quarter):

  • Net interest income increased by $1.8 million on a quarter to quarter basis primarily driven by higher average balances of loans and leases along with a lower level of premium amortization for residential mortgage backed securities and collateralized mortgage obligations, partially offset by lower average yields on loans and leases;
  • Provision for loan and lease losses increased by $3.9 million, due to an increase in net charge offs of $4.9 million and growth in the overall loan portfolio;
  • Net charge-offs increased by eight basis points to 0.34% of average loans and leases (annualized);
  • Non-interest income decreased by $33.3 million, driven primarily by the $75.4 million net gain recorded in the prior quarter from the sale of the Visa Class B stock and other debt securities, partially offset by an increase of $37.5 million in net residential mortgage banking revenue;
  • Non-interest expense increased by $3.2 million, driven primarily by higher mortgage banking-related expenses, a $2.2 million year to date reclassification of swap collateral interest to other non-interest income, and higher legal fees, partially offset by seasonally lower payroll taxes and a lower loss on OREO;
  • Non-performing assets to total assets improved to 0.25% from 0.28%;
  • Estimated total risk-based capital ratio of 13.6% and estimated Tier 1 common to risk weighted assets ratio of 10.9%;
  • Declared a quarterly cash dividend of $0.21 per common share.

Balance Sheet
Total consolidated assets were $28.9 billion as of September 30, 2019, compared to $28.0 billion as of June 30, 2019 and $26.6 billion as of September 30, 2018. Including secured off-balance sheet lines of credit, total available liquidity was $10.9 billion as of September 30, 2019, representing 38% of total assets and 49% of total deposits.

Gross loans and leases were $21.5 billion as of September 30, 2019, an increase of $567.4 million relative to June 30, 2019. Strong loan production in commercial real estate as well as seasonally strong residential real estate production contributed to the balance sheet growth.

Total deposits were $22.4 billion as of September 30, 2019, an increase of $615.7 million from $21.8 billion as of June 30, 2019. This increase was attributable to growth in non-interest bearing demand deposits of $352.1 million and certificate of deposit growth of $332.4 million.

Net Interest Income
Net interest income was $229.0 million for the third quarter of 2019, up $1.8 million from the prior quarter. This increase was primarily driven by higher average balances of loans and leases along with a lower level of premium amortization for residential mortgage backed securities and collateralized mortgage obligations, partially offset by lower average yields on loans and leases.

The Company's net interest margin was 3.63% for the third quarter of 2019, down seven basis points from 3.70% for the second quarter of 2019 primarily driven by the decrease in short-term interest rates during the quarter.

Credit Quality
The allowance for loan and lease losses was $156.3 million, or 0.73% of loans and leases, as of September 30, 2019, which was up from $151.1 million, or 0.72% of loans and leases, as of June 30, 2019. The provision for loan and lease losses was $23.2 million for the third quarter of 2019, an increase of $3.9 million from the prior quarter level, driven primarily by an increase in net charge-offs and growth in the loan portfolio.

Net charge-offs as a percentage of average loans and leases increased by eight basis points to 0.34% of average loans and leases (annualized). As of September 30, 2019, non-performing assets were 0.25% of total assets, compared to 0.28% as of June 30, 2019 and 0.37% as of September 30, 2018.

Non-interest Income
Non-interest income was $88.5 million for the third quarter of 2019, down $33.3 million from the prior quarter driven primarily by the $75.4 million net gain recorded in the prior quarter from the sale of the Visa Class B stock and certain debt securities, partially offset by an increase of $37.5 million in net residential mortgage banking revenue.

Revenue from the origination and sale of residential mortgages was $31.4 million for the third quarter of 2019, an increase of $8.3 million from the prior quarter. This increase reflects a sequential quarter increase of 21% in for-sale mortgage origination volume and an increase of 40 basis points in the home lending gain on sale margin to 3.72% for the third quarter of 2019. Of the current quarter's mortgage production, 60% related to purchase activity, compared to 70% for the prior quarter and 82% for the same period of the prior year.

Non-interest Expense
Non-interest expense was $183.6 million for the third quarter of 2019, up $3.2 million from the prior quarter level. This increase was driven primarily by higher mortgage banking-related expenses, a $2.2 million reclassification of swap collateral interest to other non-interest income, and higher legal fees, partially offset by seasonally lower payroll taxes and a lower loss on OREO.

Capital
As of September 30, 2019, the Company's tangible book value per common share1 was $11.27, compared to $10.97 in the prior quarter and $9.95 in the same period of the prior year. During the third quarter of 2019, the Company declared a dividend of $0.21 per common share.

The Company's estimated total risk-based capital ratio was 13.6% and its estimated Tier 1 common to risk weighted assets ratio was 10.9% as of September 30, 2019. The Company remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of September 30, 2019 are estimates, pending completion and filing of the Company's regulatory reports.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. The Company believes that these non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this document are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

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

The following table provides reconciliations of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(In thousands, except per share data)


Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018


Total shareholders' equity


$

4,289,516



$

4,228,507



$

4,112,326



$

4,056,442



$

4,003,893


Subtract:
















Goodwill


1,787,651



1,787,651



1,787,651



1,787,651



1,787,651


Other intangible assets, net


19,750



21,155



22,560



23,964



25,506


Tangible common shareholders' equity


$

2,482,115



$

2,419,701



$

2,302,115



$

2,244,827



$

2,190,736


Total assets


$

28,930,855



$

27,986,075



$

27,355,625



$

26,939,781



$

26,615,067


Subtract:
















Goodwill


1,787,651



1,787,651



1,787,651



1,787,651



1,787,651


Other intangible assets, net


19,750



21,155



22,560



23,964



25,506


Tangible assets


$

27,123,454



$

26,177,269



$

25,545,414



$

25,128,166



$

24,801,910


Common shares outstanding at period end


220,212



220,499



220,457



220,255



220,238


















Total shareholders' equity to total assets ratio


14.83

%


15.11

%


15.03

%


15.06

%


15.04

%

Tangible common equity ratio


9.15

%


9.24

%


9.01

%


8.93

%


8.83

%

Book value per common share


$

19.48



$

19.18



$

18.65



$

18.42



$

18.18


Tangible book value per common share


$

11.27



$

10.97



$

10.44



$

10.19



$

9.95




























About Umpqua Holdings Corporation
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. Umpqua Bank has locations across Oregon, Washington, California, Idaho and Nevada. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit umpquabank.com.

Earnings Conference Call Information
The Company will host its third quarter 2019 earnings conference call on October 17, 2019, at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company will provide an update on recent activities and discuss its third quarter 2019 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (888) 378-4398 ten minutes prior to the start time and enter conference ID: 607538. A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 1772015. The earnings conference call will also be available as an audio cast, which can be accessed on the Company's investor relations page at umpquabank.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about strategic investments, fee income initiatives, MSR sales and strategic initiatives. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)



Quarter Ended


% Change

(In thousands, except per share data)


Sep 30,
2019


Jun 30,
2019


Mar 31,
2019


Dec 31,
2018


Sep 30,
2018


Seq.
Quarter


Year
over
Year

Interest income:















Loans and leases


$

266,111


$

264,110


$

258,747


$

254,093


$

246,410


1

%


8

%

Interest and dividends on investments:















Taxable


12,546


10,287


19,956


27,381


24,435


22

%


(49)

%

Exempt from federal income tax


1,727


1,921


2,114


2,135


2,048


(10)

%


(16)

%

Dividends


599


574


517


538


549


4

%


9

%

Temporary investments and interest bearing deposits


4,204


4,708


925


2,621


2,800


(11)

%


50

%

Total interest income


285,187


281,600


282,259


286,768


276,242


1

%


3

%

Interest expense:















Deposits


45,876


43,591


34,094


30,124


25,692


5

%


79

%

Securities sold under agreement to repurchase and federal funds purchased


448


403


810


185


103


11

%


335

%

Borrowings


4,238


4,563


3,683


3,326


3,439


(7)

%


23

%

Junior subordinated debentures


5,652


5,881


5,987


5,743


5,640


(4)

%


0

%

Total interest expense


56,214


54,438


44,574


39,378


34,874


3

%


61

%

Net interest income


228,973


227,162


237,685


247,390


241,368


1

%


(5)

%

Provision for loan and lease losses


23,227


19,352


13,684


17,219


11,711


20

%


98

%

Non-interest income:















Service charges on deposits


16,627


15,953


15,278


16,035


15,574


4

%


7

%

Brokerage revenue


4,060


3,980


3,810


4,178


3,947


2

%


3

%

Residential mortgage banking revenue, net


47,000


9,529


11,231


15,150


31,484


393

%


49

%

Loss on sale of debt securities, net



(7,186)





(100)

%


0

%

Gain (loss) on equity securities, net


257


82,607


695


410


(462)


(100)

%


(156)

%

Gain on loan and lease sales, net


1,762


3,333


769


2,484


2,772


(47)

%


(36)

%

BOLI income


2,067


2,093


2,168


2,116


2,051


(1)

%


1

%

Other income


16,739


11,514


11,789


16,438


17,022


45

%


(2)

%

Total non-interest income


88,512


121,823


45,740


56,811


72,388


(27)

%


22

%

Non-interest expense:















Salaries and employee benefits


106,819


104,049


100,658


102,109


103,575


3

%


3

%

Occupancy and equipment, net


35,446


36,032


36,245


35,949


36,530


(2)

%


(3)

%

Intangible amortization


1,405


1,405


1,404


1,542


1,541


0

%


(9)

%

FDIC assessments


2,587


2,837


2,942


2,619


4,303


(9)

%


(40)

%

Loss (gain) on other real estate owned, net


1,188


2,678


(51)


1,125


(128)


(56)

%


nm

Other expenses


36,145


33,414


30,394


35,144


33,471


8

%


8

%

Total non-interest expense


183,590


180,415


171,592


178,488


179,292


2

%


2

%

Income before provision for income taxes


110,668


149,218


98,149


108,494


122,753


(26)

%


(10)

%

Provision for income taxes


26,166


37,408


24,116


28,183


31,772


(30)

%


(18)

%

Net income


$

84,502


$

111,810


$

74,033


$

80,311


$

90,981


(24)

%


(7)

%
















Weighted average basic shares outstanding


220,285


220,487


220,366


220,247


220,224


0

%


0

%

Weighted average diluted shares outstanding


220,583


220,719


220,655


220,668


220,620


0

%


0

%

Earnings per common share – basic


$

0.38


$

0.51


$

0.34


$

0.36


$

0.41


(25)

%


(7)

%

Earnings per common share – diluted


$

0.38


$

0.51


$

0.34


$

0.36


$

0.41


(25)

%


(7)

%
















nm = not meaningful

 

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)



Nine Months Ended


% Change

(In thousands, except per share data)


Sep 30, 2019


Sep 30, 2018


Year
over
Year

Interest income:







Loans and leases


$

788,968


$

718,021


10

%

Interest and dividends on investments:







Taxable


42,789


48,633


(12)

%

Exempt from federal income tax


5,762


6,233


(8)

%

Dividends


1,690


1,450


17

%

Temporary investments and interest bearing deposits


9,837


6,044


63

%

Total interest income


849,046


780,381


9

%

Interest expense:







Deposits


123,561


62,561


98

%

Securities sold under agreement to repurchase and federal funds purchased


1,661


321


417

%

Borrowings


12,484


10,278


21

%

Junior subordinated debentures


17,520


15,972


10

%

Total interest expense


155,226


89,132


74

%

Net interest income


693,820


691,249


0

%

Provision for loan and lease losses


56,263


38,686


45

%

Non-interest income:







Service charges on deposits


47,858


46,089


4

%

Brokerage revenue


11,850


12,302


(4)

%

Residential mortgage banking revenue, net


67,760


103,085


(34)

%

(Loss) gain on sale of debt securities, net


(7,186)


14


nm

Gain (loss) on equity securities, net


83,559


(1,894)


nm

Gain on loan and lease sales, net


5,864


5,350


10

%

BOLI income


6,328


6,181


2

%

Other income


40,042


51,479


(22)

%

Total non-interest income


256,075


222,606


15

%

Non-interest expense:







Salaries and employee benefits


311,526


323,466


(4)

%

Occupancy and equipment, net


107,723


112,775


(4)

%

Intangible amortization


4,214


4,624


(9)

%

FDIC assessments


8,366


13,475


(38)

%

Loss (gain) on other real estate owned, net


3,815


(258)


nm

Other expenses


99,953


106,895


(6)

%

Total non-interest expense


535,597


560,977


(5)

%

Income before provision for income taxes


358,035


314,192


14

%

Provision for income taxes


87,690


78,240


12

%

Net income


$

270,345


$

235,952


15

%








Weighted average basic shares outstanding


220,379


220,292


0

%

Weighted average diluted shares outstanding


220,642


220,751


0

%

Earnings per common share – basic


$

1.23


$

1.07


15

%

Earnings per common share – diluted


$

1.23


$

1.07


15

%








nm = not meaningful

 

Umpqua Holdings Corporation
Consolidated Balance Sheets

(Unaudited)












% Change

(In thousands, except per share data)

Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


Seq.
Quarter


Year
over
Year

Assets:














Cash and due from banks

$

433,620


$

342,508


$

296,967


$

335,419


$

308,938


27

%


40

%

Interest bearing cash and temporary investments

757,824


691,283


605,841


287,218


570,321


10

%


33

%

Investment securities:














Equity and other, at fair value

64,764


66,358


63,327


61,841


62,454


(2)

%


4

%

Available for sale, at fair value

2,842,076


2,698,398


2,894,778


2,977,108


2,864,394


5

%


(1)

%

Held to maturity, at amortized cost

3,320


3,416


3,478


3,606


3,672


(3)

%


(10)

%

Loans held for sale, at fair value

355,022


356,645


240,302


166,461


289,537


0

%


23

%

Loans and leases

21,520,794


20,953,371


20,405,997


20,422,666


19,854,033


3

%


8

%

Allowance for loan and lease losses

(156,288)


(151,069)


(144,872)


(144,871)


(144,026)


3

%


9

%

Net loans and leases

21,364,506


20,802,302


20,261,125


20,277,795


19,710,007


3

%


8

%

Restricted equity securities

54,463


43,063


47,466


40,268


40,269


26

%


35

%

Premises and equipment, net

203,391


210,285


217,595


227,423


237,456


(3)

%


(14)

%

Operating lease right-of-use assets

108,187


112,752


109,807




(4)

%


nm

Goodwill

1,787,651


1,787,651


1,787,651


1,787,651


1,787,651


0

%


0

%

Other intangible assets, net

19,750


21,155


22,560


23,964


25,506


(7)

%


(23)

%

Residential mortgage servicing rights, at fair value

151,383


139,780


158,946


169,025


175,038


8

%


(14)

%

Other real estate owned

4,026


8,423


10,488


10,958


11,774


(52)

%


(66)

%

Bank owned life insurance

318,533


316,435


314,303


313,626


311,922


1

%


2

%

Other assets

462,339


385,621


320,991


257,418


216,128


20

%


114

%

Total assets

$

28,930,855


$

27,986,075


$

27,355,625


$

26,939,781


$

26,615,067


3

%


9

%

Liabilities:














Deposits

$

22,434,734


$

21,819,013


$

21,243,894


$

21,137,486


$

20,892,774


3

%


7

%

Securities sold under agreements to repurchase

296,717


308,052


288,944


297,151


286,975


(4)

%


3

%

Borrowings

1,106,674


821,712


932,420


751,788


751,764


35

%


47

%

Junior subordinated debentures, at fair value

267,798


277,028


294,121


300,870


282,846


(3)

%


(5)

%

Junior subordinated debentures, at amortized cost

88,553


88,610


88,667


88,724


88,781


0

%


0

%

Operating lease liabilities

116,924


121,742


118,520




(4)

%


nm

Deferred tax liability, net

67,055


57,757


45,202


25,846


22,413


16

%


199

%

Other liabilities

262,884


263,654


231,531


281,474


285,621


0

%


(8)

%

Total liabilities

24,641,339


23,757,568


23,243,299


22,883,339


22,611,174


4

%


9

%

Shareholders' equity:














Common stock

3,511,493


3,514,391


3,511,731


3,512,874


3,510,949


0

%


0

%

Retained earnings

733,059


695,003


629,877


602,482


568,619


5

%


29

%

Accumulated other comprehensive income (loss)

44,964


19,113


(29,282)


(58,914)


(75,675)


135

%


(159)

%

Total shareholders' equity

4,289,516


4,228,507


4,112,326


4,056,442


4,003,893


1

%


7

%

Total liabilities and shareholders' equity

$

28,930,855


$

27,986,075


$

27,355,625


$

26,939,781


$

26,615,067


3

%


9

%















Common shares outstanding at period end

220,212


220,499


220,457


220,255


220,238


0

%


0

%

Book value per common share

$

19.48


$

19.18


$

18.65


$

18.42


$

18.18


2

%


7

%

Tangible book value per common share

$

11.27


$

10.97


$

10.44


$

10.19


$

9.95


3

%


13

%

Tangible equity - common

$

2,482,115


$

2,419,701


$

2,302,115


$

2,244,827


$

2,190,736


3

%


13

%

Tangible common equity to tangible assets

9.15

%


9.24

%


9.01

%


8.93

%


8.83

%


(0.09)


0.32















nm = not meaningful






 

Umpqua Holdings Corporation

Loan and Lease Portfolio

(Unaudited)

(Dollars in thousands)


Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


% Change



Amount


Amount


Amount


Amount


Amount


Seq. Quarter


Year over Year

Loans and leases:















Commercial real estate:















Non-owner occupied term, net


$

3,495,555


$

3,537,084


$

3,476,972


$

3,573,065


$

3,527,357


(1)

%


(1)

%

Owner occupied term, net


2,566,299


2,396,674


2,449,648


2,480,371


2,474,845


7

%


4

%

Multifamily, net


3,479,986


3,341,547


3,302,936


3,304,763


3,225,538


4

%


8

%

Construction & development, net


771,214


732,932


686,107


736,254


646,684


5

%


19

%

Residential development, net


191,500


199,421


205,963


196,890


198,518


(4)

%


(4)

%

Commercial:















Term, net


2,310,759


2,271,346


2,185,322


2,232,923


2,149,376


2

%


8

%

Lines of credit & other, net


1,254,755


1,280,587


1,229,092


1,169,525


1,133,508


(2)

%


11

%

Leases & equipment finance, net


1,485,753


1,449,579


1,378,686


1,330,155


1,282,128


2

%


16

%

Residential:















Mortgage, net


4,245,674


3,995,643


3,768,955


3,635,073


3,468,569


6

%


22

%

Home equity loans & lines, net


1,224,578


1,215,215


1,170,252


1,176,477


1,143,351


1

%


7

%

Consumer & other, net


494,721


533,343


552,064


587,170


604,159


(7)

%


(18)

%

Total loans, net of deferred fees and costs


$

21,520,794


$

20,953,371


$

20,405,997


$

20,422,666


$

19,854,033


3

%


8

%
















Loan and leases mix:















Commercial real estate:















Non-owner occupied term, net


16

%


17

%


17

%


17

%


18

%





Owner occupied term, net


12

%


11

%


12

%


12

%


13

%





Multifamily, net


16

%


16

%


16

%


16

%


16

%





Construction & development, net


4

%


3

%


3

%


4

%


3

%





Residential development, net


1

%


1

%


1

%


1

%


1

%





Commercial:















Term, net


11

%


11

%


11

%


11

%


11

%





Lines of credit & other, net


6

%


6

%


6

%


6

%


6

%





Leases & equipment finance, net


7

%


7

%


7

%


6

%


6

%





Residential:















Mortgage, net


20

%


19

%


18

%


18

%


17

%





Home equity loans & lines, net


5

%


6

%


6

%


6

%


6

%





Consumer & other, net


2

%


3

%


3

%


3

%


3

%





Total


100

%


100

%


100

%


100

%


100

%
































 

Umpqua Holdings Corporation

Deposits by Type/Core Deposits

(Unaudited)

(Dollars in thousands)


Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


% Change



Amount


Amount


Amount


Amount


Amount


Seq. Quarter


Year over Year

Deposits:















Demand, non-interest bearing


$

7,123,180


$

6,771,087


$

6,495,562


$

6,667,467


$

6,859,411


5

%


4

%

Demand, interest bearing


2,406,404


2,355,473


2,341,441


2,340,471


2,320,560


2

%


4

%

Money market


6,646,383


6,789,036


6,469,286


6,645,390


6,325,808


(2)

%


5

%

Savings


1,469,302


1,446,332


1,479,509


1,492,685


1,499,872


2

%


(2)

%

Time


4,789,465


4,457,085


4,458,096


3,991,473


3,887,123


7

%


23

%

Total


$

22,434,734


$

21,819,013


$

21,243,894


$

21,137,486


$

20,892,774


3

%


7

%
















Total core deposits (1)


$

18,845,328


$

18,529,797


$

17,903,754


$

18,190,402


$

18,012,992


2

%


5

%
















Deposit mix:















Demand, non-interest bearing


32

%


31

%


31

%


32

%


33

%





Demand, interest bearing


11

%


11

%


11

%


11

%


11

%





Money market


30

%


31

%


30

%


31

%


30

%





Savings


6

%


7

%


7

%


7

%


7

%





Time


21

%


20

%


21

%


19

%


19

%





Total


100

%


100

%


100

%


100

%


100

%




















Number of open accounts:















Demand, non-interest bearing


413,633


409,235


406,039


406,240


404,913





Demand, interest bearing


76,390


76,686


76,712


77,099


77,546





Money market


58,796


58,158


56,602


56,196


55,895





Savings


160,673


160,708


161,039


161,656


162,387





Time


62,122


60,571


58,210


54,388


52,482





Total


771,614


765,358


758,602


755,579


753,223




















Average balance per account:















Demand, non-interest bearing


$

17.2


$

16.5


$

16.0


$

16.4


$

16.9





Demand, interest bearing


31.5


30.7


30.5


30.4


29.9





Money market


113.0


116.7


114.3


118.3


113.2





Savings


9.1


9.0


9.2


9.2


9.2





Time


77.1


73.6


76.6


73.4


74.1





Total


$

29.1


$

28.5


$

28.0


$

28.0


$

27.7

































(1)

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

 

Umpqua Holdings Corporation

Credit Quality – Non-performing Assets

(Unaudited)



Quarter Ended


% Change

(Dollars in thousands)


Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


Seq. Quarter


Year over Year

Non-performing assets:















Loans and leases on non-accrual status


$

31,636


$

35,022


$

44,586


$

50,823


$

54,059


(10)

%


(41)

%

Loans and leases past due 90+ days and accruing (1)


35,745


35,700


31,424


36,444


33,812


0

%


6

%

Total non-performing loans and leases


67,381


70,722


76,010


87,267


87,871


(5)

%


(23)

%

Other real estate owned


4,026


8,423


10,488


10,958


11,774


(52)

%


(66)

%

Total non-performing assets


$

71,407


$

79,145


$

86,498


$

98,225


$

99,645


(10)

%


(28)

%
















Performing restructured loans and leases


$

14,309


$

15,267


$

15,726


$

13,924


$

14,531


(6)

%


(2)

%

Loans and leases past due 31-89 days


$

44,390


$

40,619


$

53,009


$

37,373


$

33,825


9

%


31

%

Loans and leases past due 31-89 days to total loans and leases


0.21

%


0.19

%


0.26

%


0.18

%


0.17

%





Non-performing loans and leases to total loans and leases (1)


0.31

%


0.34

%


0.37

%


0.43

%


0.44

%





Non-performing assets to total assets(1)


0.25

%


0.28

%


0.32

%


0.36

%


0.37

%
































(1)

Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $5.2 million, $5.4 million, $158,000, $8.9 million, and $8.0 million at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.

 

Umpqua Holdings Corporation

Credit Quality – Allowance for Loan and Lease Losses

(Unaudited)



Quarter Ended


% Change

(Dollars in thousands)


Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


Seq. Quarter


Year over Year

Allowance for loan and lease losses:















Balance beginning of period


$

151,069


$

144,872


$

144,871


$

144,026


$

144,556





Provision for loan and lease losses


23,227


19,352


13,684


17,219


11,711


20

%


98

%

Charge-offs


(23,112)


(16,707)


(17,152)


(19,527)


(15,896)


38

%


45

%

Recoveries


5,104


3,552


3,469


3,153


3,655


44

%


40

%

Net charge-offs


(18,008)


(13,155)


(13,683)


(16,374)


(12,241)


37

%


47

%

Total allowance for loan and lease losses


156,288


151,069


144,872


144,871


144,026


3

%


9

%

Reserve for unfunded commitments


5,085


4,857


4,654


4,523


4,294


5

%


18

%

Total allowance for credit losses


$

161,373


$

155,926


$

149,526


$

149,394


$

148,320


3

%


9

%
















Net charge-offs to average loans and leases (annualized)


0.34

%


0.26

%


0.27

%


0.32

%


0.25

%





Recoveries to gross charge-offs


22.08

%


21.26

%


20.23

%


16.15

%


22.99

%





Allowance for loan and lease losses to loans and leases


0.73

%


0.72

%


0.71

%


0.71

%


0.73

%





Allowance for credit losses to loans and leases


0.75

%


0.74

%


0.73

%


0.73

%


0.75

%
































 

Umpqua Holdings Corporation

Credit Quality – Allowance for Loan and Lease Losses

(Unaudited)



Nine Months Ended


% Change

(Dollars in thousands)


Sep 30, 2019


Sep 30, 2018


Year over Year

Allowance for loan and lease losses:





Balance beginning of period


$

144,871


$

140,608



Provision for loan and lease losses


56,263


38,686


45

%

Charge-offs


(56,971)


(46,523)


22

%

Recoveries


12,125


11,255


8

%

Net charge-offs


(44,846)


(35,268)


27

%

Total allowance for loan and lease losses


156,288


144,026


9

%

Reserve for unfunded commitments


5,085


4,294


18

%

Total allowance for credit losses


$

161,373


$

148,320


9

%








Net charge-offs to average loans and leases (annualized)


0.29

%


0.24

%



Recoveries to gross charge-offs


21.28

%


24.19

%















  

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)



Quarter Ended


% Change



Sep 30,
2019


Jun 30,
2019


Mar 31,
2019


Dec 31,
2018


Sep 30,
2018


Seq.
Quarter


Year
over
Year

Average Rates:















Yield on loans held for sale


4.82

%


5.03

%


5.95

%


5.81

%


5.27

%


(0.21)



(0.45)


Yield on loans and leases


4.93

%


5.07

%


5.06

%


4.97

%


4.89

%


(0.14)



0.04


Yield on taxable investments


1.99

%


1.62

%


2.96

%


4.11

%


3.72

%


0.37



(1.73)


Yield on tax-exempt investments (1)


3.30

%


3.42

%


3.59

%


3.70

%


3.61

%


(0.12)



(0.31)


Yield on interest bearing cash and temporary investments


2.20

%


2.41

%


2.44

%


2.25

%


1.99

%


(0.21)



0.21


Total yield on earning assets (1)


4.52

%


4.59

%


4.79

%


4.81

%


4.67

%


(0.07)



(0.15)

















Cost of interest bearing deposits


1.19

%


1.16

%


0.97

%


0.85

%


0.73

%


0.03



0.46


Cost of securities sold under agreements to repurchase and fed funds purchased















0.57

%


0.55

%


0.88

%


0.26

%


0.15

%


0.02



0.42


Cost of borrowings


1.95

%


2.03

%


1.88

%


1.75

%


1.73

%


(0.08)



0.22


Cost of junior subordinated debentures


6.14

%


6.17

%


6.24

%


6.13

%


6.06

%


(0.03)



0.08


Total cost of interest bearing liabilities


1.33

%


1.31

%


1.14

%


1.00

%


0.90

%


0.02



0.43

















Net interest spread (1)


3.19

%


3.28

%


3.65

%


3.81

%


3.77

%


(0.09)



(0.58)


Net interest margin (1)


3.63

%


3.70

%


4.03

%


4.15

%


4.09

%


(0.07)



(0.46)

















Performance Ratios:















Return on average assets


1.18

%


1.62

%


1.12

%


1.19

%


1.36

%


(0.44)



(0.18)


Return on average tangible assets


1.26

%


1.73

%


1.20

%


1.28

%


1.46

%


(0.47)



(0.20)


Return on average common equity


7.87

%


10.80

%


7.34

%


7.90

%


9.00

%


(2.93)



(1.13)


Return on average tangible common equity


13.67

%


19.14

%


13.17

%


14.34

%


16.42

%


(5.47)



(2.75)


Efficiency ratio – Consolidated


57.76

%


51.64

%


60.44

%


58.58

%


57.06

%


6.12



0.70


Efficiency ratio – Bank


56.22

%


50.16

%


58.57

%


57.67

%


54.70

%


6.06



1.52



(1)

Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.

 

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)



Nine Months Ended


% Change



Sep 30, 2019


Sep 30, 2018


Year over Year

Average Rates:







Yield on loans held for sale


5.15

%


4.81

%


0.34

Yield on loans and leases


5.02

%


4.87

%


0.15

Yield on taxable investments


2.20

%


2.44

%


(0.24)

Yield on tax-exempt investments (1)


3.45

%


3.65

%


(0.20)

Yield on interest bearing cash and temporary investments


2.32

%


1.83

%


0.49

Total yield on earning assets (1)


4.63

%


4.51

%


0.12








Cost of interest bearing deposits


1.11

%


0.61

%


0.50

Cost of securities sold under agreements to repurchase and fed funds purchased


0.68

%


0.15

%


0.53

Cost of borrowings


1.96

%


1.72

%


0.24

Cost of junior subordinated debentures


6.18

%


5.77

%


0.41

Total cost of interest bearing liabilities


1.26

%


0.79

%


0.47








Net interest spread (1)


3.37

%


3.72

%


(0.35)

Net interest margin (1)


3.78

%


4.00

%


(0.22)








Performance Ratios:







Return on average assets


1.31

%


1.21

%


0.10

Return on average tangible assets


1.40

%


1.30

%


0.10

Return on average common equity


8.67

%


7.90

%


0.77

Return on average tangible common equity


15.32

%


14.49

%


0.83

Efficiency ratio – Consolidated


56.31

%


61.29

%


(4.98)

Efficiency ratio – Bank


54.70

%


58.91

%


(4.21)


(1)

Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.

  

Umpqua Holdings Corporation
Average Balances

(Unaudited)


Quarter Ended


% Change

(Dollars in thousands)

Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


Seq. Quarter


Year over Year

Temporary investments and interest bearing cash

$

759,416


$

783,703


$

153,347


$

462,621


$

558,597


(3)

%


36

%

Investment securities, taxable

2,648,092


2,683,472


2,757,644


2,716,616


2,687,635


(1)

%


(1)

%

Investment securities, tax-exempt

252,765


271,633


287,366


282,998


278,937


(7)

%


(9)

%

Loans held for sale

328,155


264,445


187,656


238,958


320,494


24

%


2

%

Loans and leases

21,170,915


20,605,963


20,388,988


20,051,674


19,709,113


3

%


7

%

Total interest earning assets

25,159,343


24,609,216


23,775,001


23,752,867


23,554,776


2

%


7

%

Goodwill and other intangible assets, net

1,808,191


1,809,583


1,811,007


1,812,487


1,814,000


0

%


0

%

Total assets

28,356,982


27,709,310


26,811,621


26,672,224


26,461,526


2

%


7

%















Non-interest bearing demand deposits

6,880,093


6,556,090


6,505,615


6,828,730


6,865,676


5

%


0

%

Interest bearing deposits

15,289,464


15,069,198


14,304,325


14,138,852


13,897,141


1

%


10

%

Total deposits

22,169,557


21,625,288


20,809,940


20,967,582


20,762,817


3

%


7

%

Interest bearing liabilities

16,827,917


16,646,949


15,858,561


15,547,250


15,331,529


1

%


10

%















Shareholders' equity - common

4,260,810


4,153,175


4,091,174


4,035,125


4,011,856


3

%


6

%

Tangible common equity (1)

2,452,619


2,343,592


2,280,167


2,222,638


2,197,856


5

%


12

%






















 

Umpqua Holdings Corporation
Average Balances

(Unaudited)



Nine Months Ended

% Change

(Dollars in thousands)


Sep 30, 2019


Sep 30, 2018


Year over Year

Temporary investments and interest bearing cash


$

567,709


$

441,067


29

%

Investment securities, taxable


2,696,001


2,734,443


(1)

%

Investment securities, tax-exempt


270,461


281,538


(4)

%

Loans held for sale


260,600


304,912


(15)

%

Loans and leases


20,724,820


19,397,476


7

%

Total interest earning assets


24,519,591


23,159,436


6

%

Goodwill and other intangible assets, net


1,809,583


1,815,521


0

%

Total assets


27,631,632


26,055,479


6

%








Non-interest bearing demand deposits


6,648,638


6,655,431


0

%

Interest bearing deposits


14,891,271


13,713,213


9

%

Total deposits


21,539,909


20,368,644


6

%

Interest bearing liabilities


16,448,027


15,169,048


8

%








Shareholders' equity - common


4,169,008


3,991,773


4

%

Tangible common equity (1)


2,359,425


2,176,252


8

%


(1)

Average tangible common equity is a non-GAAP financial measure. Average tangible common equity is calculated as average common shareholders' equity less average goodwill and other intangible assets, net (excluding MSRs).

  

Umpqua Holdings Corporation
Average Rates and Balances

(Unaudited)

(dollars in thousands)

Quarter Ended


September 30, 2019


June 30, 2019


September 30, 2018


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

$

328,155


$

3,953


4.82%



$

264,445


$

3,326


5.03%



$

320,494


$

4,220


5.27%


Loans and leases (1)

21,170,915


262,158


4.93%



20,605,963


260,784


5.07%



19,709,113


242,190


4.89%


Taxable securities

2,648,092


13,145


1.99%



2,683,472


10,861


1.62%



2,687,635


24,984


3.72%


Non-taxable securities (2)

252,765


2,086


3.30%



271,633


2,325


3.42%



278,937


2,519


3.61%


Temporary investments and interest-bearing cash

759,416


4,204


2.20%



783,703


4,708


2.41%



558,597


2,800


1.99%


Total interest-earning assets

25,159,343


$

285,546


4.52%



24,609,216


282,004


4.59%



23,554,776


$

276,713


4.67%


Other assets

3,197,639






3,100,094






2,906,750





Total assets

$

28,356,982






$

27,709,310






$

26,461,526





INTEREST-BEARING LIABILITIES:


















Interest-bearing demand deposits

$

2,363,626


$

3,117


0.52%



$

2,332,535


$

2,798


0.48%



$

2,369,092


$

2,241


0.38%


Money market deposits

6,962,370


16,575


0.94%



6,747,290


15,351


0.91%



6,150,199


6,820


0.44%


Savings deposits

1,462,198


557


0.15%



1,454,908


410


0.11%



1,483,687


452


0.12%


Time deposits

4,501,270


25,627


2.26%



4,534,465


25,032


2.21%



3,894,163


16,179


1.65%


Total interest-bearing deposits

15,289,464


45,876


1.19%



15,069,198


43,591


1.16%



13,897,141


25,692


0.73%


Repurchase agreements and federal funds purchased

313,089


448


0.57%



292,057


403


0.55%



278,131


103


0.15%


Borrowings

860,285


4,238


1.95%



903,164


4,563


2.03%



787,074


3,439


1.73%


Junior subordinated debentures

365,079


5,652


6.14%



382,530


5,881


6.17%



369,183


5,640


6.06%


Total interest-bearing liabilities

16,827,917


$

56,214


1.33%



16,646,949


$

54,438


1.31%



15,331,529


$

34,874


0.90%


Non-interest-bearing deposits

6,880,093






6,556,090






6,865,676





Other liabilities

388,162






353,096






252,465





Total liabilities

24,096,172






23,556,135






22,449,670





Common equity

4,260,810






4,153,175






4,011,856





Total liabilities and shareholders' equity

$

28,356,982






$

27,709,310






$

26,461,526





NET INTEREST INCOME



$

229,332






$

227,566






$

241,839



NET INTEREST SPREAD





3.19%







3.28%







3.77%


NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)





3.63%







3.70%







4.09%



(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 $359,000 for the three months ended September 30, 2019 as compared to $404,000 for June 30, 2019 and $471,000 for September 30, 2018.

 

Umpqua Holdings Corporation Average Rates and Balances

(Unaudited)

(dollars in thousands)

Nine Months Ended


September 30, 2019


September 30, 2018


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

$

260,600


$

10,069


5.15%



$

304,912


$

11,002


4.81%


Loans and leases (1)

20,724,820


778,899


5.02%



19,397,476


707,019


4.87%


Taxable securities

2,696,001


44,479


2.20%



2,734,443


50,083


2.44%


Non-taxable securities (2)

270,461


6,991


3.45%



281,538


7,697


3.65%


Temporary investments and interest-bearing cash

567,709


9,837


2.32%



441,067


6,044


1.83%


Total interest-earning assets

24,519,591


$

850,275


4.63%



23,159,436


$

781,845


4.51%


Other assets

3,112,041






2,896,043





Total assets

$

27,631,632






$

26,055,479





INTEREST-BEARING LIABILITIES:












Interest-bearing demand deposits

$

2,338,787


$

8,555


0.49%



$

2,338,396


$

5,016


0.29%


Money market deposits

6,702,551


42,943


0.86%



6,460,770


18,429


0.38%


Savings deposits

1,468,449


1,237


0.11%



1,467,866


866


0.08%


Time deposits

4,381,484


70,826


2.16%



3,446,181


38,250


1.48%


Total interest-bearing deposits

14,891,271


123,561


1.11%



13,713,213


62,561


0.61%


Repurchase agreements and federal funds purchased

325,281


1,661


0.68%



288,751


321


0.15%


Borrowings

852,659


12,484


1.96%



796,991


10,278


1.72%


Junior subordinated debentures

378,816


17,520


6.18%



370,093


15,972


5.77%


Total interest-bearing liabilities

16,448,027


$

155,226


1.26%



15,169,048


$

89,132


0.79%


Non-interest-bearing deposits

6,648,638






6,655,431





Other liabilities

365,959






239,227





Total liabilities

23,462,624






22,063,706





Common equity

4,169,008






3,991,773





Total liabilities and shareholders' equity

$

27,631,632






$

26,055,479





NET INTEREST INCOME



$

695,049






$

692,713



NET INTEREST SPREAD





3.37%







3.72%


NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)





3.78%







4.00%



(1)

Non-accrual loans and leases are included in the average balance.

(2)

Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.2 million for the nine months ended September 30, 2019 as compared to $1.5 million for the same period in 2018.

 

Umpqua Holdings Corporation
Residential Mortgage Banking Activity

(Unaudited)



Quarter Ended


% Change

(Dollars in thousands)


Sep 30, 2019


Jun 30, 2019


Mar 31, 2019


Dec 31, 2018


Sep 30, 2018


Seq. Quarter


Year
over Year

Residential mortgage banking revenue:















Origination and sale


$

31,432


$

23,151


$

14,373


$

16,665


$

20,983


36

%


50

%

Servicing


11,358


11,036


10,824


11,555


10,302


3

%


10

%

Change in fair value of MSR asset:















Changes due to collection/realization of expected cash flows over time


(6,835)


(6,905)


(6,431)


(6,425)


(6,007)


(1)

%


14

%

Changes due to valuation inputs or assumptions


11,045


(17,753)


(7,535)


(6,645)


6,206


(162)

%


78

%

Total


$

47,000


$

9,529


$

11,231


$

15,150


$

31,484


393

%


49

%
















Closed loan volume:















Portfolio


$

611,022


$

481,878


$

318,612


$

312,524


$

323,941


27

%


89

%

For-sale


844,442


698,150


487,090


589,355


756,924


21

%


12

%

Total


$

1,455,464


$

1,180,028


$

805,702


$

901,879


$

1,080,865


23

%


35

%
















Gain on sale margin:















Based on for-sale volume


3.72

%


3.32

%


2.95

%


2.83

%


2.77

%


0.40



0.95

















Residential mortgage servicing rights:















Balance, beginning of period


$

139,780


$

158,946


$

169,025


$

175,038


$

166,217


(12)

%


(16)

%

Additions for new MSR capitalized


7,393


5,492


3,887


7,057


8,622


35

%


(14)

%

Changes in fair value of MSR asset:















Changes due to collection/realization of expected cash flows over time


(6,835)


(6,905)


(6,431)


(6,425)


(6,007)


(1)

%


14

%

Changes due to valuation inputs or assumptions


11,045


(17,753)


(7,535)


(6,645)


6,206


(162)

%


78

%

Balance, end of period


$

151,383


$

139,780


$

158,946


$

169,025


$

175,038


8

%


(14)

%
















Residential mortgage loans serviced for others


$

15,707,519


$

15,796,102


$

15,902,587


$

15,978,885


$

15,810,455


(1)

%


(1)

%

MSR as % of serviced portfolio


0.96

%


0.88

%


1.00

%


1.06

%


1.11

%


0.08



(0.15)












































 

Umpqua Holdings Corporation
Residential Mortgage Banking Activity

(Unaudited)



Nine Months Ended


% Change

(Dollars in thousands)


Sep 30, 2019


Sep 30, 2018


Year over Year

Residential mortgage banking revenue:







Origination and sale


$

68,956


$

71,979


(4)

%

Servicing


33,218


31,231


6

%

Change in fair value of MSR asset:







Changes due to collection/realization of expected cash flows over time


(20,171)


(18,108)


11

%

Changes due to valuation inputs or assumptions


(14,243)


17,983


(179)

%

Total


$

67,760


$

103,085


(34)

%








Closed loan volume:







Portfolio


$

1,411,512


$

856,305


65

%

For-sale


2,029,682


2,283,639


(11)

%

Total


$

3,441,194


$

3,139,944


10

%








Gain on sale margin:







Based on for-sale volume


3.40

%


3.15

%


0.25









Residential mortgage servicing rights:







Balance, beginning of period


$

169,025


$

153,151


10

%

Additions for new MSR capitalized


16,772


22,012


(24)

%

Changes in fair value of MSR asset:







Changes due to collection/realization of expected cash flows over time


(20,171)


(18,108)


11

%

Changes due to valuation inputs or assumptions


(14,243)


17,983


(179)

%

Balance, end of period


$

151,383


$

175,038


(14)

%


 

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SOURCE Umpqua Holdings Corporation