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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Umpqua Holdings Corporation | NASDAQ:UMPQ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.66 | 18.54 | 18.55 | 0 | 01:00:00 |
[X]
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
for the quarterly period ended: September 30, 2017
|
|
or
|
[ ]
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
for the transition period from
to
.
|
OREGON
|
93-1261319
|
(State or Other Jurisdiction
|
(I.R.S. Employer Identification Number)
|
of Incorporation or Organization)
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
(in thousands, except per share amounts)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans and leases
|
$
|
223,321
|
|
|
$
|
212,037
|
|
|
$
|
642,315
|
|
|
$
|
640,255
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
|
||||||||
Taxable
|
13,979
|
|
|
10,779
|
|
|
43,130
|
|
|
35,797
|
|
||||
Exempt from federal income tax
|
2,125
|
|
|
2,181
|
|
|
6,604
|
|
|
6,599
|
|
||||
Dividends
|
357
|
|
|
332
|
|
|
1,105
|
|
|
1,063
|
|
||||
Interest on temporary investments and interest bearing deposits
|
934
|
|
|
1,090
|
|
|
2,815
|
|
|
2,222
|
|
||||
Total interest income
|
240,716
|
|
|
226,419
|
|
|
695,969
|
|
|
685,936
|
|
||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
12,052
|
|
|
8,999
|
|
|
32,341
|
|
|
25,952
|
|
||||
Interest on securities sold under agreement to repurchase and federal funds purchased
|
81
|
|
|
32
|
|
|
432
|
|
|
100
|
|
||||
Interest on term debt
|
3,491
|
|
|
3,558
|
|
|
10,663
|
|
|
11,592
|
|
||||
Interest on junior subordinated debentures
|
4,628
|
|
|
3,938
|
|
|
13,266
|
|
|
11,500
|
|
||||
Total interest expense
|
20,252
|
|
|
16,527
|
|
|
56,702
|
|
|
49,144
|
|
||||
Net interest income
|
220,464
|
|
|
209,892
|
|
|
639,267
|
|
|
636,792
|
|
||||
PROVISION FOR LOAN AND LEASE LOSSES
|
11,997
|
|
|
13,091
|
|
|
34,326
|
|
|
28,503
|
|
||||
Net interest income after provision for loan and lease losses
|
208,467
|
|
|
196,801
|
|
|
604,941
|
|
|
608,289
|
|
||||
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
||||||||
Service charges on deposits
|
15,849
|
|
|
15,762
|
|
|
46,056
|
|
|
45,945
|
|
||||
Brokerage revenue
|
3,832
|
|
|
4,129
|
|
|
11,857
|
|
|
12,803
|
|
||||
Residential mortgage banking revenue, net
|
33,430
|
|
|
47,206
|
|
|
94,158
|
|
|
99,415
|
|
||||
(Loss) gain on investment securities, net
|
(6
|
)
|
|
—
|
|
|
27
|
|
|
858
|
|
||||
Gain on loan sales, net
|
7,969
|
|
|
1,285
|
|
|
13,033
|
|
|
9,296
|
|
||||
Loss on junior subordinated debentures carried at fair value
|
(1,590
|
)
|
|
(1,590
|
)
|
|
(4,717
|
)
|
|
(4,734
|
)
|
||||
BOLI income
|
2,041
|
|
|
2,116
|
|
|
6,199
|
|
|
6,407
|
|
||||
Other income
|
13,877
|
|
|
11,802
|
|
|
40,133
|
|
|
31,330
|
|
||||
Total non-interest income
|
75,402
|
|
|
80,710
|
|
|
206,746
|
|
|
201,320
|
|
||||
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
108,732
|
|
|
105,341
|
|
|
323,766
|
|
|
319,424
|
|
||||
Occupancy and equipment, net
|
37,648
|
|
|
38,181
|
|
|
113,276
|
|
|
114,326
|
|
||||
Communications
|
4,549
|
|
|
5,107
|
|
|
14,512
|
|
|
15,966
|
|
||||
Marketing
|
1,950
|
|
|
2,124
|
|
|
6,057
|
|
|
7,978
|
|
||||
Services
|
9,578
|
|
|
9,983
|
|
|
32,269
|
|
|
32,183
|
|
||||
FDIC assessments
|
4,405
|
|
|
4,109
|
|
|
12,939
|
|
|
11,523
|
|
||||
Gain on other real estate owned, net
|
(99
|
)
|
|
(14
|
)
|
|
(474
|
)
|
|
(82
|
)
|
||||
Intangible amortization
|
1,689
|
|
|
1,867
|
|
|
5,067
|
|
|
6,755
|
|
||||
Merger related expenses
|
6,664
|
|
|
2,011
|
|
|
9,324
|
|
|
12,095
|
|
||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
142
|
|
||||
Other expenses
|
13,238
|
|
|
12,478
|
|
|
38,353
|
|
|
33,377
|
|
||||
Total non-interest expense
|
188,354
|
|
|
181,187
|
|
|
555,089
|
|
|
553,687
|
|
||||
Income before provision for income taxes
|
95,515
|
|
|
96,324
|
|
|
256,598
|
|
|
255,922
|
|
||||
Provision for income taxes
|
34,182
|
|
|
34,515
|
|
|
92,450
|
|
|
92,257
|
|
||||
Net income
|
$
|
61,333
|
|
|
$
|
61,809
|
|
|
$
|
164,148
|
|
|
$
|
163,665
|
|
(in thousands, except per share amounts)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
61,333
|
|
|
$
|
61,809
|
|
|
$
|
164,148
|
|
|
$
|
163,665
|
|
Dividends and undistributed earnings allocated to participating securities
|
14
|
|
|
31
|
|
|
40
|
|
|
92
|
|
||||
Net earnings available to common shareholders
|
$
|
61,319
|
|
|
$
|
61,778
|
|
|
$
|
164,108
|
|
|
$
|
163,573
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$0.28
|
|
$0.28
|
|
$0.75
|
|
$0.74
|
||||||||
Diluted
|
$0.28
|
|
$0.28
|
|
$0.74
|
|
$0.74
|
||||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
220,215
|
|
|
220,291
|
|
|
220,270
|
|
|
220,313
|
|
||||
Diluted
|
220,755
|
|
|
220,751
|
|
|
220,793
|
|
|
220,936
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
61,333
|
|
|
$
|
61,809
|
|
|
$
|
164,148
|
|
|
$
|
163,665
|
|
Available for sale securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) arising during the period
|
4,118
|
|
|
(9,768
|
)
|
|
22,581
|
|
|
32,228
|
|
||||
Income tax (expense) benefit related to unrealized gains (losses)
|
(1,594
|
)
|
|
3,780
|
|
|
(8,745
|
)
|
|
(12,472
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for net realized (gains) losses in earnings
|
6
|
|
|
—
|
|
|
(27
|
)
|
|
(858
|
)
|
||||
Income tax (benefit) expense related to realized (gains) losses
|
(3
|
)
|
|
—
|
|
|
10
|
|
|
332
|
|
||||
Other comprehensive income (loss), net of tax
|
2,527
|
|
|
(5,988
|
)
|
|
13,819
|
|
|
19,230
|
|
||||
Comprehensive income
|
$
|
63,860
|
|
|
$
|
55,821
|
|
|
$
|
177,967
|
|
|
$
|
182,895
|
|
(in thousands, except shares)
|
|
|
|
|
|
|
Accumulated
|
|
|
|||||||||
|
|
|
|
|
Other
|
|
|
|||||||||||
|
Common Stock
|
|
Retained
|
|
Comprehensive
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Total
|
|||||||||
BALANCE AT JANUARY 1, 2016
|
220,171,091
|
|
|
$
|
3,520,591
|
|
|
$
|
331,301
|
|
|
$
|
(2,558
|
)
|
|
$
|
3,849,334
|
|
Net income
|
|
|
|
|
232,940
|
|
|
|
|
232,940
|
|
|||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(18,785
|
)
|
|
(18,785
|
)
|
|||||||
Stock-based compensation
|
|
|
9,790
|
|
|
|
|
|
|
9,790
|
|
|||||||
Stock repurchased and retired
|
(1,117,061
|
)
|
|
(17,708
|
)
|
|
|
|
|
|
(17,708
|
)
|
||||||
Issuances of common stock under stock plans
|
1,123,000
|
|
|
2,626
|
|
|
|
|
|
|
2,626
|
|
||||||
Cash dividends on common stock ($0.64 per share)
|
|
|
|
|
(141,402
|
)
|
|
|
|
(141,402
|
)
|
|||||||
Balance at December 31, 2016
|
220,177,030
|
|
|
$
|
3,515,299
|
|
|
$
|
422,839
|
|
|
$
|
(21,343
|
)
|
|
$
|
3,916,795
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BALANCE AT JANUARY 1, 2017
|
220,177,030
|
|
|
$
|
3,515,299
|
|
|
$
|
422,839
|
|
|
$
|
(21,343
|
)
|
|
$
|
3,916,795
|
|
Net income
|
|
|
|
|
164,148
|
|
|
|
|
164,148
|
|
|||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
13,819
|
|
|
13,819
|
|
|||||||
Stock-based compensation
|
|
|
6,688
|
|
|
|
|
|
|
6,688
|
|
|||||||
Stock repurchased and retired
|
(340,849
|
)
|
|
(5,977
|
)
|
|
|
|
|
|
(5,977
|
)
|
||||||
Issuances of common stock under stock plans
|
389,225
|
|
|
548
|
|
|
|
|
|
|
548
|
|
||||||
Cash dividends on common stock ($0.50 per share)
|
|
|
|
|
(110,761
|
)
|
|
|
|
(110,761
|
)
|
|||||||
Balance at September 30, 2017
|
220,225,406
|
|
|
$
|
3,516,558
|
|
|
$
|
476,226
|
|
|
$
|
(7,524
|
)
|
|
$
|
3,985,260
|
|
UMPQUA HOLDINGS CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
(in thousands)
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
164,148
|
|
|
$
|
163,665
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Amortization of investment premiums, net
|
22,526
|
|
|
16,401
|
|
||
Gain on sale of investment securities, net
|
(27
|
)
|
|
(858
|
)
|
||
Gain on sale of other real estate owned, net
|
(620
|
)
|
|
(1,683
|
)
|
||
Valuation adjustment on other real estate owned
|
146
|
|
|
1,601
|
|
||
Provision for loan and lease losses
|
34,326
|
|
|
28,503
|
|
||
Change in cash surrender value of bank owned life insurance
|
(6,272
|
)
|
|
(6,483
|
)
|
||
Depreciation, amortization and accretion
|
43,628
|
|
|
44,607
|
|
||
Loss on sale of premises and equipment
|
1,127
|
|
|
5,221
|
|
||
Additions to residential mortgage servicing rights carried at fair value
|
(23,486
|
)
|
|
(25,020
|
)
|
||
Change in fair value of residential mortgage servicing rights carried at fair value
|
25,234
|
|
|
42,391
|
|
||
Change in junior subordinated debentures carried at fair value
|
4,666
|
|
|
4,657
|
|
||
Stock-based compensation
|
6,688
|
|
|
7,523
|
|
||
Net increase in trading account assets
|
(955
|
)
|
|
(1,280
|
)
|
||
Gain on sale of loans, net
|
(103,665
|
)
|
|
(136,949
|
)
|
||
Change in loans held for sale carried at fair value
|
(7,210
|
)
|
|
(13,555
|
)
|
||
Origination of loans held for sale
|
(2,563,978
|
)
|
|
(2,928,951
|
)
|
||
Proceeds from sales of loans held for sale
|
2,631,668
|
|
|
3,133,551
|
|
||
Goodwill impairment
|
—
|
|
|
142
|
|
||
Change in other assets and liabilities:
|
|
|
|
||||
Net decrease in other assets
|
21,390
|
|
|
9,336
|
|
||
Net (decrease) increase in other liabilities
|
(2,282
|
)
|
|
44,314
|
|
||
Net cash provided by operating activities
|
247,052
|
|
|
387,133
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of investment securities available for sale
|
(783,430
|
)
|
|
(443,094
|
)
|
||
Proceeds from investment securities available for sale
|
437,007
|
|
|
461,342
|
|
||
Proceeds from investment securities held to maturity
|
392
|
|
|
389
|
|
||
Purchases of restricted equity securities
|
(243,171
|
)
|
|
(600
|
)
|
||
Redemption of restricted equity securities
|
243,190
|
|
|
12
|
|
||
Net change in loans and leases
|
(1,405,145
|
)
|
|
(1,248,475
|
)
|
||
Proceeds from sales of loans
|
218,944
|
|
|
429,997
|
|
||
Net change in premises and equipment
|
(14,131
|
)
|
|
(22,573
|
)
|
||
Proceeds from bank owned life insurance death benefits
|
373
|
|
|
814
|
|
||
Proceeds from sales of other real estate owned
|
5,825
|
|
|
13,608
|
|
||
Net cash used in investing activities
|
$
|
(1,540,146
|
)
|
|
$
|
(808,580
|
)
|
|
|
|
|
UMPQUA HOLDINGS CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(UNAUDITED)
|
|||||||
(in thousands)
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Net increase in deposit liabilities
|
$
|
831,811
|
|
|
$
|
1,213,354
|
|
Net (decrease) increase in securities sold under agreements to repurchase
|
(31,406
|
)
|
|
4,903
|
|
||
Proceeds from term debt borrowings
|
205,000
|
|
|
490,000
|
|
||
Repayment of term debt borrowings
|
(205,000
|
)
|
|
(475,014
|
)
|
||
Dividends paid on common stock
|
(105,748
|
)
|
|
(105,824
|
)
|
||
Proceeds from stock options exercised
|
548
|
|
|
1,098
|
|
||
Repurchase and retirement of common stock
|
(5,977
|
)
|
|
(14,354
|
)
|
||
Net cash provided by financing activities
|
689,228
|
|
|
1,114,163
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(603,866
|
)
|
|
692,716
|
|
||
Cash and cash equivalents, beginning of period
|
1,449,432
|
|
|
773,725
|
|
||
Cash and cash equivalents, end of period
|
$
|
845,566
|
|
|
$
|
1,466,441
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest
|
$
|
58,191
|
|
|
$
|
53,783
|
|
Income taxes
|
$
|
25,668
|
|
|
$
|
12,921
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
||||
Change in unrealized gains on investment securities available for sale, net of taxes
|
$
|
13,819
|
|
|
$
|
19,230
|
|
Cash dividend declared on common stock and payable after period-end
|
$
|
39,649
|
|
|
$
|
35,250
|
|
Transfer of loans to loans held for sale
|
$
|
—
|
|
|
$
|
265,741
|
|
Change in GNMA mortgage loans recognized due to repurchase option
|
$
|
1,445
|
|
|
$
|
(11,857
|
)
|
Transfer of loans to other real estate owned
|
$
|
2,851
|
|
|
$
|
5,409
|
|
Transfers from other real estate owned to loans due to internal financing
|
$
|
78
|
|
|
$
|
5,881
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury and agencies
|
$
|
40,026
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,026
|
|
Obligations of states and political subdivisions
|
291,908
|
|
|
6,775
|
|
|
(889
|
)
|
|
297,794
|
|
||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
2,725,745
|
|
|
5,499
|
|
|
(23,689
|
)
|
|
2,707,555
|
|
||||
Investments in mutual funds and other equity securities
|
1,959
|
|
|
24
|
|
|
—
|
|
|
1,983
|
|
||||
|
$
|
3,059,638
|
|
|
$
|
12,298
|
|
|
$
|
(24,578
|
)
|
|
$
|
3,047,358
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
$
|
3,905
|
|
|
$
|
1,114
|
|
|
$
|
—
|
|
|
$
|
5,019
|
|
|
$
|
3,905
|
|
|
$
|
1,114
|
|
|
$
|
—
|
|
|
$
|
5,019
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
305,708
|
|
|
$
|
5,526
|
|
|
$
|
(3,537
|
)
|
|
$
|
307,697
|
|
Residential mortgage-backed securities and collateralized mortgage obligations
|
2,428,387
|
|
|
3,664
|
|
|
(40,498
|
)
|
|
2,391,553
|
|
||||
Investments in mutual funds and other equity securities
|
1,959
|
|
|
11
|
|
|
—
|
|
|
1,970
|
|
||||
|
$
|
2,736,054
|
|
|
$
|
9,201
|
|
|
$
|
(44,035
|
)
|
|
$
|
2,701,220
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
$
|
4,216
|
|
|
$
|
1,001
|
|
|
$
|
—
|
|
|
$
|
5,217
|
|
|
$
|
4,216
|
|
|
$
|
1,001
|
|
|
$
|
—
|
|
|
$
|
5,217
|
|
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
13,108
|
|
|
$
|
147
|
|
|
$
|
25,256
|
|
|
$
|
742
|
|
|
$
|
38,364
|
|
|
$
|
889
|
|
Residential mortgage-backed securities and collateralized mortgage obligations
|
1,169,351
|
|
|
10,792
|
|
|
667,296
|
|
|
12,897
|
|
|
1,836,647
|
|
|
23,689
|
|
||||||
Total temporarily impaired securities
|
$
|
1,182,459
|
|
|
$
|
10,939
|
|
|
$
|
692,552
|
|
|
$
|
13,639
|
|
|
$
|
1,875,011
|
|
|
$
|
24,578
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
$
|
71,571
|
|
|
$
|
3,065
|
|
|
$
|
1,828
|
|
|
$
|
472
|
|
|
$
|
73,399
|
|
|
$
|
3,537
|
|
Residential mortgage-backed securities and collateralized mortgage obligations
|
1,855,304
|
|
|
35,981
|
|
|
182,804
|
|
|
4,517
|
|
|
2,038,108
|
|
|
40,498
|
|
||||||
Total temporarily impaired securities
|
$
|
1,926,875
|
|
|
$
|
39,046
|
|
|
$
|
184,632
|
|
|
$
|
4,989
|
|
|
$
|
2,111,507
|
|
|
$
|
44,035
|
|
(in thousands)
|
Available For Sale
|
|
Held To Maturity
|
||||||||||||
|
Amortized
|
|
Fair
|
|
Amortized
|
|
Fair
|
||||||||
|
Cost
|
|
Value
|
|
Cost
|
|
Value
|
||||||||
AMOUNTS MATURING IN:
|
|
|
|
|
|
|
|
||||||||
Due within one year
|
$
|
1,786
|
|
|
$
|
1,791
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
101,898
|
|
|
102,915
|
|
|
—
|
|
|
—
|
|
||||
Due after five years through ten years
|
416,627
|
|
|
419,502
|
|
|
18
|
|
|
19
|
|
||||
Due after ten years
|
2,537,368
|
|
|
2,521,167
|
|
|
3,887
|
|
|
5,000
|
|
||||
Other investment securities
|
1,959
|
|
|
1,983
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
3,059,638
|
|
|
$
|
3,047,358
|
|
|
$
|
3,905
|
|
|
$
|
5,019
|
|
(in thousands)
|
Three Months Ended
|
||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Gains
|
|
Losses
|
|
Gains
|
|
Losses
|
||||||||
Obligations of states and political subdivisions
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Gains
|
|
Losses
|
|
Gains
|
|
Losses
|
||||||||
Obligations of states and political subdivisions
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
971
|
|
|
$
|
—
|
|
Residential mortgage-backed securities and collateralized mortgage obligations
|
135
|
|
|
99
|
|
|
270
|
|
|
383
|
|
||||
|
$
|
135
|
|
|
$
|
108
|
|
|
$
|
1,241
|
|
|
$
|
383
|
|
(in thousands)
|
Amortized
|
|
Fair
|
||||
|
Cost
|
|
Value
|
||||
To the Federal Home Loan Bank to secure borrowings
|
$
|
458
|
|
|
$
|
467
|
|
To state and local governments to secure public deposits
|
926,917
|
|
|
927,182
|
|
||
Other securities pledged principally to secure repurchase agreements
|
426,540
|
|
|
423,854
|
|
||
Total pledged securities
|
$
|
1,353,915
|
|
|
$
|
1,351,503
|
|
(in thousands)
|
September 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Commercial real estate
|
|
|
|
||||
Non-owner occupied term, net
|
$
|
3,475,243
|
|
|
$
|
3,330,442
|
|
Owner occupied term, net
|
2,467,995
|
|
|
2,599,055
|
|
||
Multifamily, net
|
2,993,203
|
|
|
2,858,956
|
|
||
Construction & development, net
|
521,666
|
|
|
463,625
|
|
||
Residential development, net
|
186,400
|
|
|
142,984
|
|
||
Commercial
|
|
|
|
||||
Term, net
|
1,819,664
|
|
|
1,508,780
|
|
||
LOC & other, net
|
1,134,045
|
|
|
1,116,259
|
|
||
Leases and equipment finance, net
|
1,137,732
|
|
|
950,588
|
|
||
Residential
|
|
|
|
||||
Mortgage, net
|
3,094,361
|
|
|
2,887,971
|
|
||
Home equity loans & lines, net
|
1,079,931
|
|
|
1,011,844
|
|
||
Consumer & other, net
|
767,522
|
|
|
638,159
|
|
||
Total loans and leases, net of deferred fees and costs
|
$
|
18,677,762
|
|
|
$
|
17,508,663
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
82,306
|
|
|
$
|
111,379
|
|
|
$
|
95,579
|
|
|
$
|
132,829
|
|
Accretion to interest income
|
(10,774
|
)
|
|
(11,042
|
)
|
|
(28,905
|
)
|
|
(35,217
|
)
|
||||
Disposals
|
(2,721
|
)
|
|
(4,209
|
)
|
|
(10,270
|
)
|
|
(15,470
|
)
|
||||
Reclassifications from non-accretable difference
|
6,189
|
|
|
4,931
|
|
|
18,596
|
|
|
18,917
|
|
||||
Balance, end of period
|
$
|
75,000
|
|
|
$
|
101,059
|
|
|
$
|
75,000
|
|
|
$
|
101,059
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
3,596
|
|
|
$
|
1,340
|
|
|
$
|
7,519
|
|
|
$
|
18,614
|
|
Owner occupied term, net
|
10,936
|
|
|
10,380
|
|
|
38,158
|
|
|
28,283
|
|
||||
Multifamily, net
|
—
|
|
|
49
|
|
|
—
|
|
|
129,879
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
5,932
|
|
|
1,809
|
|
|
12,449
|
|
|
4,729
|
|
||||
LOC & other, net
|
187
|
|
|
—
|
|
|
187
|
|
|
—
|
|
||||
Leases and equipment finance, net
|
19,199
|
|
|
—
|
|
|
46,312
|
|
|
—
|
|
||||
Residential
|
|
|
|
|
|
|
|
||||||||
Mortgage, net
|
72,493
|
|
|
103,465
|
|
|
101,286
|
|
|
239,196
|
|
||||
Total
|
$
|
112,343
|
|
|
$
|
117,043
|
|
|
$
|
205,911
|
|
|
$
|
420,701
|
|
(in thousands)
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
47,414
|
|
|
$
|
60,057
|
|
|
$
|
18,051
|
|
|
$
|
11,345
|
|
|
$
|
136,867
|
|
Charge-offs
|
(503
|
)
|
|
(10,504
|
)
|
|
(128
|
)
|
|
(2,087
|
)
|
|
(13,222
|
)
|
|||||
Recoveries
|
676
|
|
|
2,121
|
|
|
287
|
|
|
777
|
|
|
3,861
|
|
|||||
(Recapture) provision
|
(696
|
)
|
|
9,900
|
|
|
755
|
|
|
2,038
|
|
|
11,997
|
|
|||||
Balance, end of period
|
$
|
46,891
|
|
|
$
|
61,574
|
|
|
$
|
18,965
|
|
|
$
|
12,073
|
|
|
$
|
139,503
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
50,584
|
|
|
$
|
52,355
|
|
|
$
|
20,146
|
|
|
$
|
7,957
|
|
|
$
|
131,042
|
|
Charge-offs
|
(1,071
|
)
|
|
(8,975
|
)
|
|
(915
|
)
|
|
(2,127
|
)
|
|
(13,088
|
)
|
|||||
Recoveries
|
628
|
|
|
1,186
|
|
|
137
|
|
|
696
|
|
|
2,647
|
|
|||||
(Recapture) provision
|
(2,839
|
)
|
|
12,846
|
|
|
626
|
|
|
2,458
|
|
|
13,091
|
|
|||||
Balance, end of period
|
$
|
47,302
|
|
|
$
|
57,412
|
|
|
$
|
19,994
|
|
|
$
|
8,984
|
|
|
$
|
133,692
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
47,795
|
|
|
$
|
58,840
|
|
|
$
|
17,946
|
|
|
$
|
9,403
|
|
|
$
|
133,984
|
|
Charge-offs
|
(1,651
|
)
|
|
(31,304
|
)
|
|
(745
|
)
|
|
(6,468
|
)
|
|
(40,168
|
)
|
|||||
Recoveries
|
2,533
|
|
|
5,662
|
|
|
597
|
|
|
2,569
|
|
|
11,361
|
|
|||||
(Recapture) provision
|
(1,786
|
)
|
|
28,376
|
|
|
1,167
|
|
|
6,569
|
|
|
34,326
|
|
|||||
Balance, end of period
|
$
|
46,891
|
|
|
$
|
61,574
|
|
|
$
|
18,965
|
|
|
$
|
12,073
|
|
|
$
|
139,503
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
54,293
|
|
|
$
|
47,487
|
|
|
$
|
22,017
|
|
|
$
|
6,525
|
|
|
$
|
130,322
|
|
Charge-offs
|
(2,137
|
)
|
|
(23,224
|
)
|
|
(1,546
|
)
|
|
(6,713
|
)
|
|
(33,620
|
)
|
|||||
Recoveries
|
1,348
|
|
|
3,633
|
|
|
661
|
|
|
2,845
|
|
|
8,487
|
|
|||||
(Recapture) provision
|
(6,202
|
)
|
|
29,516
|
|
|
(1,138
|
)
|
|
6,327
|
|
|
28,503
|
|
|||||
Balance, end of period
|
$
|
47,302
|
|
|
$
|
57,412
|
|
|
$
|
19,994
|
|
|
$
|
8,984
|
|
|
$
|
133,692
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Allowance for loans and leases:
|
|||||||||||||||||||
Collectively evaluated for impairment
|
$
|
43,792
|
|
|
$
|
60,809
|
|
|
$
|
18,383
|
|
|
$
|
12,045
|
|
|
$
|
135,029
|
|
Individually evaluated for impairment
|
749
|
|
|
416
|
|
|
—
|
|
|
—
|
|
|
1,165
|
|
|||||
Loans acquired with deteriorated credit quality
|
2,350
|
|
|
349
|
|
|
582
|
|
|
28
|
|
|
3,309
|
|
|||||
Total
|
$
|
46,891
|
|
|
$
|
61,574
|
|
|
$
|
18,965
|
|
|
$
|
12,073
|
|
|
$
|
139,503
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Collectively evaluated for impairment
|
$
|
9,440,129
|
|
|
$
|
4,054,600
|
|
|
$
|
4,136,418
|
|
|
$
|
767,054
|
|
|
$
|
18,398,201
|
|
Individually evaluated for impairment
|
40,832
|
|
|
32,125
|
|
|
—
|
|
|
—
|
|
|
72,957
|
|
|||||
Loans acquired with deteriorated credit quality
|
163,546
|
|
|
4,716
|
|
|
37,874
|
|
|
468
|
|
|
206,604
|
|
|||||
Total
|
$
|
9,644,507
|
|
|
$
|
4,091,441
|
|
|
$
|
4,174,292
|
|
|
$
|
767,522
|
|
|
$
|
18,677,762
|
|
(in thousands)
|
September 30, 2016
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Allowance for loans and leases:
|
|||||||||||||||||||
Collectively evaluated for impairment
|
$
|
43,473
|
|
|
$
|
55,735
|
|
|
$
|
19,225
|
|
|
$
|
8,913
|
|
|
$
|
127,346
|
|
Individually evaluated for impairment
|
1,099
|
|
|
1,327
|
|
|
—
|
|
|
—
|
|
|
2,426
|
|
|||||
Loans acquired with deteriorated credit quality
|
2,730
|
|
|
350
|
|
|
769
|
|
|
71
|
|
|
3,920
|
|
|||||
Total
|
$
|
47,302
|
|
|
$
|
57,412
|
|
|
$
|
19,994
|
|
|
$
|
8,984
|
|
|
$
|
133,692
|
|
Loans and leases:
|
|
|
|
|
|
|
|
||||||||||||
Collectively evaluated for impairment
|
$
|
9,051,925
|
|
|
$
|
3,521,571
|
|
|
$
|
3,830,060
|
|
|
$
|
624,708
|
|
|
$
|
17,028,264
|
|
Individually evaluated for impairment
|
39,737
|
|
|
22,736
|
|
|
—
|
|
|
—
|
|
|
62,473
|
|
|||||
Loans acquired with deteriorated credit quality
|
247,340
|
|
|
6,669
|
|
|
46,496
|
|
|
809
|
|
|
301,314
|
|
|||||
Total
|
$
|
9,339,002
|
|
|
$
|
3,550,976
|
|
|
$
|
3,876,556
|
|
|
$
|
625,517
|
|
|
$
|
17,392,051
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
3,816
|
|
|
$
|
3,531
|
|
|
$
|
3,611
|
|
|
$
|
3,574
|
|
Net charge to other expense
|
116
|
|
|
5
|
|
|
321
|
|
|
(38
|
)
|
||||
Balance, end of period
|
$
|
3,932
|
|
|
$
|
3,536
|
|
|
$
|
3,932
|
|
|
$
|
3,536
|
|
(in thousands)
|
|
||
|
Total
|
||
Unfunded loan and lease commitments:
|
|
||
September 30, 2017
|
$
|
4,839,882
|
|
September 30, 2016
|
$
|
4,118,259
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||||||||||||||
|
Greater than 30 to 59 Days Past Due
|
|
60 to 89 Days Past Due
|
|
Greater than 90 Days and Accruing
|
|
Total Past Due
|
|
Non-Accrual
|
|
Current & Other (1)
|
|
Total Loans and Leases
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-owner occupied term, net
|
$
|
258
|
|
|
$
|
947
|
|
|
$
|
599
|
|
|
$
|
1,804
|
|
|
$
|
3,500
|
|
|
$
|
3,469,939
|
|
|
$
|
3,475,243
|
|
Owner occupied term, net
|
2,087
|
|
|
2,397
|
|
|
1
|
|
|
4,485
|
|
|
6,780
|
|
|
2,456,730
|
|
|
2,467,995
|
|
|||||||
Multifamily, net
|
—
|
|
|
325
|
|
|
—
|
|
|
325
|
|
|
366
|
|
|
2,992,512
|
|
|
2,993,203
|
|
|||||||
Construction & development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
520,575
|
|
|
521,666
|
|
|||||||
Residential development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,153
|
|
|
180,247
|
|
|
186,400
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term, net
|
131
|
|
|
973
|
|
|
—
|
|
|
1,104
|
|
|
13,081
|
|
|
1,805,479
|
|
|
1,819,664
|
|
|||||||
LOC & other, net
|
583
|
|
|
169
|
|
|
505
|
|
|
1,257
|
|
|
3,700
|
|
|
1,129,088
|
|
|
1,134,045
|
|
|||||||
Leases and equipment finance, net
|
5,379
|
|
|
8,072
|
|
|
2,411
|
|
|
15,862
|
|
|
9,902
|
|
|
1,111,968
|
|
|
1,137,732
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net (2)
|
—
|
|
|
5,024
|
|
|
35,532
|
|
|
40,556
|
|
|
—
|
|
|
3,053,805
|
|
|
3,094,361
|
|
|||||||
Home equity loans & lines, net
|
1,235
|
|
|
1,309
|
|
|
2,023
|
|
|
4,567
|
|
|
—
|
|
|
1,075,364
|
|
|
1,079,931
|
|
|||||||
Consumer & other, net
|
2,360
|
|
|
1,002
|
|
|
304
|
|
|
3,666
|
|
|
—
|
|
|
763,856
|
|
|
767,522
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
12,033
|
|
|
$
|
20,218
|
|
|
$
|
41,375
|
|
|
$
|
73,626
|
|
|
$
|
44,573
|
|
|
$
|
18,559,563
|
|
|
$
|
18,677,762
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||||||||||||||
|
Greater than 30 to 59 Days Past Due
|
|
60 to 89 Days Past Due
|
|
Greater than 90 Days and Accruing
|
|
Total Past Due
|
|
Non-Accrual
|
|
Current & Other (1)
|
|
Total Loans and Leases
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-owner occupied term, net
|
$
|
718
|
|
|
$
|
1,027
|
|
|
$
|
1,047
|
|
|
$
|
2,792
|
|
|
$
|
2,100
|
|
|
$
|
3,325,550
|
|
|
$
|
3,330,442
|
|
Owner occupied term, net
|
974
|
|
|
4,539
|
|
|
1
|
|
|
5,514
|
|
|
4,391
|
|
|
2,589,150
|
|
|
2,599,055
|
|
|||||||
Multifamily, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
476
|
|
|
2,858,480
|
|
|
2,858,956
|
|
|||||||
Construction & development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
463,625
|
|
|
463,625
|
|
|||||||
Residential development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142,984
|
|
|
142,984
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Term, net
|
319
|
|
|
233
|
|
|
—
|
|
|
552
|
|
|
6,880
|
|
|
1,501,348
|
|
|
1,508,780
|
|
|||||||
LOC & other, net
|
1,673
|
|
|
27
|
|
|
—
|
|
|
1,700
|
|
|
4,998
|
|
|
1,109,561
|
|
|
1,116,259
|
|
|||||||
Leases and equipment finance, net
|
5,343
|
|
|
6,865
|
|
|
1,808
|
|
|
14,016
|
|
|
8,920
|
|
|
927,652
|
|
|
950,588
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net (2)
|
10
|
|
|
3,114
|
|
|
33,703
|
|
|
36,827
|
|
|
—
|
|
|
2,851,144
|
|
|
2,887,971
|
|
|||||||
Home equity loans & lines, net
|
289
|
|
|
848
|
|
|
2,080
|
|
|
3,217
|
|
|
—
|
|
|
1,008,627
|
|
|
1,011,844
|
|
|||||||
Consumer & other, net
|
3,261
|
|
|
1,185
|
|
|
587
|
|
|
5,033
|
|
|
—
|
|
|
633,126
|
|
|
638,159
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
12,587
|
|
|
$
|
17,838
|
|
|
$
|
39,226
|
|
|
$
|
69,651
|
|
|
$
|
27,765
|
|
|
$
|
17,411,247
|
|
|
$
|
17,508,663
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||
|
Unpaid
|
|
Recorded Investment
|
|
|
||||||||||
|
Principal
|
|
Without
|
|
With
|
|
Related
|
||||||||
|
Balance
|
|
Allowance
|
|
Allowance
|
|
Allowance
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
18,726
|
|
|
$
|
2,143
|
|
|
$
|
16,485
|
|
|
$
|
319
|
|
Owner occupied term, net
|
10,617
|
|
|
4,216
|
|
|
6,039
|
|
|
284
|
|
||||
Multifamily, net
|
3,998
|
|
|
366
|
|
|
3,519
|
|
|
141
|
|
||||
Construction & development, net
|
1,091
|
|
|
1,091
|
|
|
—
|
|
|
—
|
|
||||
Residential development, net
|
6,974
|
|
|
6,153
|
|
|
820
|
|
|
5
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
28,340
|
|
|
16,911
|
|
|
5,044
|
|
|
113
|
|
||||
LOC & other, net
|
11,845
|
|
|
3,518
|
|
|
6,652
|
|
|
303
|
|
||||
Total, net of deferred fees and costs
|
$
|
81,591
|
|
|
$
|
34,398
|
|
|
$
|
38,559
|
|
|
$
|
1,165
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||
|
Unpaid
|
|
Recorded Investment
|
|
|
||||||||||
|
Principal
|
|
Without
|
|
With
|
|
Related
|
||||||||
|
Balance
|
|
Allowance
|
|
Allowance
|
|
Allowance
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
19,797
|
|
|
$
|
278
|
|
|
$
|
19,116
|
|
|
$
|
524
|
|
Owner occupied term, net
|
8,467
|
|
|
1,768
|
|
|
6,445
|
|
|
131
|
|
||||
Multifamily, net
|
4,015
|
|
|
476
|
|
|
3,520
|
|
|
123
|
|
||||
Construction & development, net
|
1,091
|
|
|
—
|
|
|
1,091
|
|
|
9
|
|
||||
Residential development, net
|
7,304
|
|
|
—
|
|
|
7,304
|
|
|
72
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
16,875
|
|
|
5,982
|
|
|
3,239
|
|
|
8
|
|
||||
LOC & other, net
|
8,279
|
|
|
4,755
|
|
|
—
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
65,828
|
|
|
$
|
13,259
|
|
|
$
|
40,715
|
|
|
$
|
867
|
|
(in thousands)
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Interest
|
||||||||
|
Recorded
|
|
Income
|
|
Recorded
|
|
Income
|
||||||||
|
Investment
|
|
Recognized
|
|
Investment
|
|
Recognized
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
18,706
|
|
|
$
|
149
|
|
|
$
|
18,544
|
|
|
$
|
155
|
|
Owner occupied term, net
|
10,159
|
|
|
14
|
|
|
3,682
|
|
|
—
|
|
||||
Multifamily, net
|
3,890
|
|
|
30
|
|
|
4,209
|
|
|
31
|
|
||||
Construction & development, net
|
1,091
|
|
|
—
|
|
|
1,860
|
|
|
21
|
|
||||
Residential development, net
|
7,096
|
|
|
13
|
|
|
7,671
|
|
|
77
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
19,269
|
|
|
88
|
|
|
17,884
|
|
|
67
|
|
||||
LOC & other, net
|
7,560
|
|
|
5
|
|
|
4,536
|
|
|
20
|
|
||||
Leases and equipment finance, net
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
67,908
|
|
|
$
|
299
|
|
|
$
|
58,386
|
|
|
$
|
371
|
|
|
|
|
|
|
|
|
|
||||||||
(in thousands)
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Interest
|
||||||||
|
Recorded
|
|
Income
|
|
Recorded
|
|
Income
|
||||||||
|
Investment
|
|
Recognized
|
|
Investment
|
|
Recognized
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
17,220
|
|
|
$
|
447
|
|
|
$
|
12,634
|
|
|
$
|
350
|
|
Owner occupied term, net
|
9,556
|
|
|
141
|
|
|
7,950
|
|
|
86
|
|
||||
Multifamily, net
|
3,914
|
|
|
91
|
|
|
3,792
|
|
|
91
|
|
||||
Construction & development, net
|
1,201
|
|
|
22
|
|
|
1,412
|
|
|
61
|
|
||||
Residential development, net
|
7,270
|
|
|
163
|
|
|
7,871
|
|
|
238
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
16,048
|
|
|
242
|
|
|
21,223
|
|
|
180
|
|
||||
LOC & other, net
|
6,263
|
|
|
55
|
|
|
3,686
|
|
|
60
|
|
||||
Leases and equipment finance, net
|
185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
61,657
|
|
|
$
|
1,161
|
|
|
$
|
58,568
|
|
|
$
|
1,066
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||||||||||||||
|
Pass/Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired (1)
|
|
Total
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-owner occupied term, net
|
$
|
3,381,062
|
|
|
$
|
40,560
|
|
|
$
|
34,711
|
|
|
$
|
282
|
|
|
$
|
—
|
|
|
$
|
18,628
|
|
|
$
|
3,475,243
|
|
Owner occupied term, net
|
2,374,238
|
|
|
43,483
|
|
|
39,662
|
|
|
—
|
|
|
357
|
|
|
10,255
|
|
|
2,467,995
|
|
|||||||
Multifamily, net
|
2,963,655
|
|
|
16,695
|
|
|
8,968
|
|
|
—
|
|
|
—
|
|
|
3,885
|
|
|
2,993,203
|
|
|||||||
Construction & development, net
|
516,139
|
|
|
1,934
|
|
|
2,502
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
521,666
|
|
|||||||
Residential development, net
|
178,239
|
|
|
—
|
|
|
1,188
|
|
|
—
|
|
|
—
|
|
|
6,973
|
|
|
186,400
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term, net
|
1,773,745
|
|
|
9,176
|
|
|
14,700
|
|
|
85
|
|
|
3
|
|
|
21,955
|
|
|
1,819,664
|
|
|||||||
LOC & other, net
|
1,082,301
|
|
|
10,005
|
|
|
31,293
|
|
|
276
|
|
|
—
|
|
|
10,170
|
|
|
1,134,045
|
|
|||||||
Leases and equipment finance, net
|
1,111,968
|
|
|
5,379
|
|
|
8,072
|
|
|
11,148
|
|
|
1,165
|
|
|
—
|
|
|
1,137,732
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net (2)
|
3,050,451
|
|
|
6,071
|
|
|
35,919
|
|
|
—
|
|
|
1,920
|
|
|
—
|
|
|
3,094,361
|
|
|||||||
Home equity loans & lines, net
|
1,074,788
|
|
|
2,942
|
|
|
2,119
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|
1,079,931
|
|
|||||||
Consumer & other, net
|
763,815
|
|
|
3,367
|
|
|
302
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
767,522
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
18,270,401
|
|
|
$
|
139,612
|
|
|
$
|
179,436
|
|
|
$
|
11,791
|
|
|
$
|
3,565
|
|
|
$
|
72,957
|
|
|
$
|
18,677,762
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||||||||||||||
|
Pass/Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired (1)
|
|
Total
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-owner occupied term, net
|
$
|
3,205,241
|
|
|
$
|
55,194
|
|
|
$
|
48,699
|
|
|
$
|
1,368
|
|
|
$
|
546
|
|
|
$
|
19,394
|
|
|
$
|
3,330,442
|
|
Owner occupied term, net
|
2,466,247
|
|
|
75,189
|
|
|
46,781
|
|
|
972
|
|
|
1,653
|
|
|
8,213
|
|
|
2,599,055
|
|
|||||||
Multifamily, net
|
2,828,370
|
|
|
11,903
|
|
|
14,687
|
|
|
—
|
|
|
—
|
|
|
3,996
|
|
|
2,858,956
|
|
|||||||
Construction & development, net
|
458,328
|
|
|
1,712
|
|
|
2,494
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
463,625
|
|
|||||||
Residential development, net
|
134,491
|
|
|
—
|
|
|
1,189
|
|
|
—
|
|
|
—
|
|
|
7,304
|
|
|
142,984
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term, net
|
1,458,699
|
|
|
15,716
|
|
|
24,678
|
|
|
119
|
|
|
347
|
|
|
9,221
|
|
|
1,508,780
|
|
|||||||
LOC & other, net
|
1,063,305
|
|
|
10,565
|
|
|
37,387
|
|
|
3
|
|
|
244
|
|
|
4,755
|
|
|
1,116,259
|
|
|||||||
Leases and equipment finance, net
|
927,378
|
|
|
5,614
|
|
|
6,866
|
|
|
9,752
|
|
|
978
|
|
|
—
|
|
|
950,588
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net (2)
|
2,830,547
|
|
|
1,803
|
|
|
53,607
|
|
|
—
|
|
|
2,014
|
|
|
—
|
|
|
2,887,971
|
|
|||||||
Home equity loans & lines, net
|
1,006,647
|
|
|
1,490
|
|
|
2,727
|
|
|
—
|
|
|
980
|
|
|
—
|
|
|
1,011,844
|
|
|||||||
Consumer & other, net
|
633,098
|
|
|
4,446
|
|
|
527
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
638,159
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
17,012,351
|
|
|
$
|
183,632
|
|
|
$
|
239,642
|
|
|
$
|
12,214
|
|
|
$
|
6,850
|
|
|
$
|
53,974
|
|
|
$
|
17,508,663
|
|
(in thousands)
|
September 30, 2017
|
||||||||||
|
Accrual
|
|
Non-Accrual
|
|
Total
|
||||||
|
Status
|
|
Status
|
|
Modifications
|
||||||
Commercial real estate, net
|
$
|
22,807
|
|
|
$
|
7,244
|
|
|
$
|
30,051
|
|
Commercial, net
|
16,439
|
|
|
11,654
|
|
|
28,093
|
|
|||
Residential, net
|
6,567
|
|
|
—
|
|
|
6,567
|
|
|||
Total, net of deferred fees and costs
|
$
|
45,813
|
|
|
$
|
18,898
|
|
|
$
|
64,711
|
|
(in thousands)
|
December 31, 2016
|
||||||||||
|
Accrual
|
|
Non-Accrual
|
|
Total
|
||||||
|
Status
|
|
Status
|
|
Modifications
|
||||||
Commercial real estate, net
|
$
|
30,563
|
|
|
$
|
—
|
|
|
$
|
30,563
|
|
Commercial, net
|
3,054
|
|
|
3,345
|
|
|
6,399
|
|
|||
Residential, net
|
7,050
|
|
|
—
|
|
|
7,050
|
|
|||
Total, net of deferred fees and costs
|
$
|
40,667
|
|
|
$
|
3,345
|
|
|
$
|
44,012
|
|
(in thousands)
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
Total
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
||||||||||||
Commercial real estate, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,086
|
|
|
$
|
5,086
|
|
Commercial, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,053
|
|
|
9,053
|
|
||||||
Residential, net
|
—
|
|
|
187
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,139
|
|
|
$
|
14,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
Total
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
||||||||||||
Commercial, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,009
|
|
|
$
|
1,009
|
|
Residential, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,117
|
|
|
2,117
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,126
|
|
|
$
|
3,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
Total
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
||||||||||||
Commercial real estate, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,086
|
|
|
$
|
5,086
|
|
Commercial, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,846
|
|
|
21,846
|
|
||||||
Residential, net
|
—
|
|
|
187
|
|
|
—
|
|
|
—
|
|
|
1,134
|
|
|
1,321
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,066
|
|
|
$
|
28,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
Total
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
||||||||||||
Commercial real estate, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,659
|
|
|
$
|
5,659
|
|
Commercial, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,405
|
|
|
4,405
|
|
||||||
Residential, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,845
|
|
|
2,845
|
|
||||||
Consumer & other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,986
|
|
|
$
|
12,986
|
|
(in thousands)
|
Other Intangible Assets
|
||||||||
|
Gross
|
Accumulated Amortization
|
Net
|
||||||
Balance, December 31, 2015
|
$
|
113,471
|
|
$
|
(67,963
|
)
|
$
|
45,508
|
|
Amortization
|
—
|
|
(8,622
|
)
|
(8,622
|
)
|
|||
Balance, December 31, 2016
|
113,471
|
|
(76,585
|
)
|
36,886
|
|
|||
Amortization
|
—
|
|
(5,067
|
)
|
(5,067
|
)
|
|||
Balance, September 30, 2017
|
$
|
113,471
|
|
$
|
(81,652
|
)
|
$
|
31,819
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
141,832
|
|
|
$
|
112,095
|
|
|
$
|
142,973
|
|
|
$
|
131,817
|
|
Additions for new MSR capitalized
|
8,626
|
|
|
10,177
|
|
|
23,486
|
|
|
25,020
|
|
||||
Changes in fair value:
|
|
|
|
|
|
|
|
||||||||
Due to changes in model inputs or assumptions
(1)
|
(4,861
|
)
|
|
(5,386
|
)
|
|
(13,040
|
)
|
|
(22,473
|
)
|
||||
Other
(2)
|
(4,372
|
)
|
|
(2,440
|
)
|
|
(12,194
|
)
|
|
(19,918
|
)
|
||||
Balance, end of period
|
$
|
141,225
|
|
|
$
|
114,446
|
|
|
$
|
141,225
|
|
|
$
|
114,446
|
|
(1)
|
Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
|
(2)
|
Represents changes due to collection/realization of expected cash flows over time.
|
(dollars in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Balance of loans serviced for others
|
$
|
15,007,942
|
|
|
$
|
14,327,368
|
|
MSR as a percentage of serviced loans
|
0.94
|
%
|
|
1.00
|
%
|
|
September 30, 2017
|
|
December 31, 2016
|
||
Constant prepayment rate
|
13.20
|
%
|
|
11.43
|
%
|
Discount rate
|
9.70
|
%
|
|
9.69
|
%
|
Weighted average life (years)
|
5.9
|
|
|
6.6
|
|
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Constant prepayment rate
|
|
|
|
||||
Effect on fair value of a 10% adverse change
|
$
|
(6,101
|
)
|
|
$
|
(6,075
|
)
|
Effect on fair value of a 20% adverse change
|
$
|
(11,711
|
)
|
|
$
|
(11,720
|
)
|
|
|
|
|
||||
Discount rate
|
|
|
|
||||
Effect on fair value of a 100 basis point adverse change
|
$
|
(5,116
|
)
|
|
$
|
(5,817
|
)
|
Effect on fair value of a 200 basis point adverse change
|
$
|
(9,868
|
)
|
|
$
|
(11,118
|
)
|
(dollars in thousands)
|
|
|
Issued
|
|
Carrying
|
|
|
|
Effective
|
|
|
||||
Trust Name
|
Issue Date
|
|
Amount
|
|
Value (1)
|
|
Rate (2)
|
|
Rate (3)
|
|
Maturity Date
|
||||
AT FAIR VALUE:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Umpqua Statutory Trust II
|
October 2002
|
|
$
|
20,619
|
|
|
$
|
16,015
|
|
|
Floating rate, LIBOR plus 3.35%, adjusted quarterly
|
|
6.00%
|
|
October 2032
|
Umpqua Statutory Trust III
|
October 2002
|
|
30,928
|
|
|
24,172
|
|
|
Floating rate, LIBOR plus 3.45%, adjusted quarterly
|
|
6.10%
|
|
November 2032
|
||
Umpqua Statutory Trust IV
|
December 2003
|
|
10,310
|
|
|
7,641
|
|
|
Floating rate, LIBOR plus 2.85%, adjusted quarterly
|
|
5.60%
|
|
January 2034
|
||
Umpqua Statutory Trust V
|
December 2003
|
|
10,310
|
|
|
7,585
|
|
|
Floating rate, LIBOR plus 2.85%, adjusted quarterly
|
|
5.67%
|
|
March 2034
|
||
Umpqua Master Trust I
|
August 2007
|
|
41,238
|
|
|
25,650
|
|
|
Floating rate, LIBOR plus 1.35%, adjusted quarterly
|
|
4.29%
|
|
September 2037
|
||
Umpqua Master Trust IB
|
September 2007
|
|
20,619
|
|
|
14,593
|
|
|
Floating rate, LIBOR plus 2.75%, adjusted quarterly
|
|
5.75%
|
|
December 2037
|
||
Sterling Capital Trust III
|
April 2003
|
|
14,433
|
|
|
11,664
|
|
|
Floating rate, LIBOR plus 3.25%, adjusted quarterly
|
|
5.64%
|
|
April 2033
|
||
Sterling Capital Trust IV
|
May 2003
|
|
10,310
|
|
|
8,245
|
|
|
Floating rate, LIBOR plus 3.15%, adjusted quarterly
|
|
5.58%
|
|
May 2033
|
||
Sterling Capital Statutory Trust V
|
May 2003
|
|
20,619
|
|
|
16,500
|
|
|
Floating rate, LIBOR plus 3.25%, adjusted quarterly
|
|
5.72%
|
|
June 2033
|
||
Sterling Capital Trust VI
|
June 2003
|
|
10,310
|
|
|
8,208
|
|
|
Floating rate, LIBOR plus 3.20%, adjusted quarterly
|
|
5.68%
|
|
September 2033
|
||
Sterling Capital Trust VII
|
June 2006
|
|
56,702
|
|
|
36,457
|
|
|
Floating rate, LIBOR plus 1.53%, adjusted quarterly
|
|
4.42%
|
|
June 2036
|
||
Sterling Capital Trust VIII
|
September 2006
|
|
51,547
|
|
|
33,384
|
|
|
Floating rate, LIBOR plus 1.63%, adjusted quarterly
|
|
4.55%
|
|
December 2036
|
||
Sterling Capital Trust IX
|
July 2007
|
|
46,392
|
|
|
29,095
|
|
|
Floating rate, LIBOR plus 1.40%, adjusted quarterly
|
|
4.30%
|
|
October 2037
|
||
Lynnwood Financial Statutory Trust I
|
March 2003
|
|
9,279
|
|
|
7,362
|
|
|
Floating rate, LIBOR plus 3.15%, adjusted quarterly
|
|
5.65%
|
|
March 2033
|
||
Lynnwood Financial Statutory Trust II
|
June 2005
|
|
10,310
|
|
|
6,937
|
|
|
Floating rate, LIBOR plus 1.80%, adjusted quarterly
|
|
4.64%
|
|
June 2035
|
||
Klamath First Capital Trust I
|
July 2001
|
|
15,464
|
|
|
13,367
|
|
|
Floating rate, LIBOR plus 3.75%, adjusted semiannually
|
|
6.02%
|
|
July 2031
|
||
|
|
|
$
|
379,390
|
|
|
$
|
266,875
|
|
|
|
|
|
|
|
AT AMORTIZED COST:
|
|
|
|
|
|
|
|
|
|
|
|
||||
HB Capital Trust I
|
March 2000
|
|
$
|
5,310
|
|
|
$
|
6,008
|
|
|
10.875%
|
|
8.68%
|
|
March 2030
|
Humboldt Bancorp Statutory Trust I
|
February 2001
|
|
5,155
|
|
|
5,673
|
|
|
10.200%
|
|
8.58%
|
|
February 2031
|
||
Humboldt Bancorp Statutory Trust II
|
December 2001
|
|
10,310
|
|
|
11,070
|
|
|
Floating rate, LIBOR plus 3.60%, adjusted quarterly
|
|
4.10%
|
|
December 2031
|
||
Humboldt Bancorp Statutory Trust III
|
September 2003
|
|
27,836
|
|
|
29,856
|
|
|
Floating rate, LIBOR plus 2.95%, adjusted quarterly
|
|
3.55%
|
|
September 2033
|
||
CIB Capital Trust
|
November 2002
|
|
10,310
|
|
|
10,967
|
|
|
Floating rate, LIBOR plus 3.45%, adjusted quarterly
|
|
4.08%
|
|
November 2032
|
||
Western Sierra Statutory Trust I
|
July 2001
|
|
6,186
|
|
|
6,186
|
|
|
Floating rate, LIBOR plus 3.58%, adjusted quarterly
|
|
4.89%
|
|
July 2031
|
||
Western Sierra Statutory Trust II
|
December 2001
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 3.60%, adjusted quarterly
|
|
4.92%
|
|
December 2031
|
||
Western Sierra Statutory Trust III
|
September 2003
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 2.90%, adjusted quarterly
|
|
4.20%
|
|
September 2033
|
||
Western Sierra Statutory Trust IV
|
September 2003
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 2.90%, adjusted quarterly
|
|
4.20%
|
|
September 2033
|
||
|
|
|
96,037
|
|
|
100,690
|
|
|
|
|
|
|
|
||
|
Total
|
|
$
|
475,427
|
|
|
$
|
367,565
|
|
|
|
|
|
|
|
(1)
|
Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value.
|
(2)
|
Contractual interest rate of junior subordinated debentures.
|
(3)
|
Effective interest rate based upon the carrying value as of
September 30, 2017
.
|
(in thousands)
|
As of September 30, 2017
|
||
Commitments to extend credit
|
$
|
4,768,577
|
|
Forward sales commitments
|
$
|
625,308
|
|
Commitments to originate residential mortgage loans held for sale
|
$
|
405,786
|
|
Standby letters of credit
|
$
|
71,305
|
|
(in thousands)
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
Derivatives not designated
|
|
September 30,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||||
as hedging instrument
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest rate lock commitments
|
|
$
|
4,781
|
|
|
$
|
4,076
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate forward sales commitments
|
|
964
|
|
|
8,054
|
|
|
807
|
|
|
1,318
|
|
||||
Interest rate swaps
|
|
35,320
|
|
|
34,701
|
|
|
4,394
|
|
|
34,871
|
|
||||
Foreign currency derivatives
|
|
670
|
|
|
670
|
|
|
610
|
|
|
874
|
|
||||
Total
|
|
$
|
41,735
|
|
|
$
|
47,501
|
|
|
$
|
5,811
|
|
|
$
|
37,063
|
|
(in thousands)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Derivatives not designated
|
|
September 30,
|
|
September 30,
|
||||||||||||
as hedging instrument
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest rate lock commitments
|
|
$
|
36
|
|
|
$
|
(451
|
)
|
|
$
|
706
|
|
|
$
|
6,947
|
|
Interest rate forward sales commitments
|
|
(4,337
|
)
|
|
(5,865
|
)
|
|
(10,942
|
)
|
|
(26,885
|
)
|
||||
Interest rate swaps
|
|
(153
|
)
|
|
182
|
|
|
(1,636
|
)
|
|
(3,104
|
)
|
||||
Foreign currency derivatives
|
|
387
|
|
|
307
|
|
|
1,152
|
|
|
900
|
|
||||
Total
|
|
$
|
(4,067
|
)
|
|
$
|
(5,827
|
)
|
|
$
|
(10,720
|
)
|
|
$
|
(22,142
|
)
|
(in thousands)
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the Statement of Financial Position
|
|
|
||||||||||||||
|
|
Gross Amounts of Recognized Assets/Liabilities
|
|
Gross Amounts Offset in the Statement of Financial Position
|
|
Net Amounts of Assets/Liabilities presented in the Statement of Financial Position
|
|
Financial Instruments
|
|
Collateral Posted
|
|
Net Amount
|
||||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
35,320
|
|
|
$
|
—
|
|
|
$
|
35,320
|
|
|
$
|
(4,394
|
)
|
|
$
|
—
|
|
|
$
|
30,926
|
|
Foreign currency derivatives
|
|
670
|
|
|
—
|
|
|
670
|
|
|
—
|
|
|
—
|
|
|
670
|
|
||||||
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
4,394
|
|
|
$
|
—
|
|
|
$
|
4,394
|
|
|
$
|
(4,394
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency derivatives
|
|
610
|
|
|
—
|
|
|
610
|
|
|
—
|
|
|
—
|
|
|
610
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
34,701
|
|
|
$
|
—
|
|
|
$
|
34,701
|
|
|
$
|
(11,225
|
)
|
|
$
|
—
|
|
|
$
|
23,476
|
|
Foreign currency derivatives
|
|
670
|
|
|
—
|
|
|
670
|
|
|
—
|
|
|
—
|
|
|
670
|
|
||||||
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
34,871
|
|
|
$
|
—
|
|
|
$
|
34,871
|
|
|
$
|
(11,225
|
)
|
|
$
|
(23,646
|
)
|
|
$
|
—
|
|
Foreign currency derivatives
|
|
874
|
|
|
—
|
|
|
874
|
|
|
—
|
|
|
—
|
|
|
874
|
|
(in thousands, except per share data)
|
Nine Months Ended September 30, 2017
|
|||||||||||
|
|
|
|
|
Weighted-Avg
|
|
|
|||||
|
Options
|
|
Weighted-Avg
|
|
Remaining Contractual
|
|
Aggregate
|
|||||
|
Outstanding
|
|
Exercise Price
|
|
Term (Years)
|
|
Intrinsic Value
|
|||||
Balance, beginning of period
|
219
|
|
|
$
|
15.74
|
|
|
|
|
|
||
Granted/assumed
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(42
|
)
|
|
$
|
13.20
|
|
|
|
|
|
||
Forfeited/expired
|
(50
|
)
|
|
$
|
26.12
|
|
|
|
|
|
||
Balance, end of period
|
127
|
|
|
$
|
12.48
|
|
|
2.62
|
|
$
|
894
|
|
Options exercisable, end of period
|
123
|
|
|
$
|
12.50
|
|
|
2.54
|
|
$
|
864
|
|
(in thousands, except per share data)
|
Nine Months Ended September 30, 2017
|
|||||
|
Restricted
|
|
Weighted
|
|||
|
Stock Units
|
|
Average Grant
|
|||
|
Outstanding
|
|
Date Fair Value
|
|||
Balance, beginning of period
|
78
|
|
|
$
|
18.58
|
|
Assumed
|
—
|
|
|
$
|
—
|
|
Released
|
(50
|
)
|
|
$
|
18.58
|
|
Forfeited/expired
|
(4
|
)
|
|
$
|
18.58
|
|
Balance, end of period
|
24
|
|
|
$
|
18.58
|
|
(in thousands, except per share data)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NUMERATORS:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
61,333
|
|
|
$
|
61,809
|
|
|
$
|
164,148
|
|
|
$
|
163,665
|
|
Less:
|
|
|
|
|
|
|
|
||||||||
Dividends and undistributed earnings allocated to participating securities
(1)
|
14
|
|
|
31
|
|
|
40
|
|
|
92
|
|
||||
Net earnings available to common shareholders
|
$
|
61,319
|
|
|
$
|
61,778
|
|
|
$
|
164,108
|
|
|
$
|
163,573
|
|
DENOMINATORS:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - basic
|
220,215
|
|
|
220,291
|
|
|
220,270
|
|
|
220,313
|
|
||||
Effect of potentially dilutive common shares
(2)
|
540
|
|
|
460
|
|
|
523
|
|
|
623
|
|
||||
Weighted average number of common shares outstanding - diluted
|
220,755
|
|
|
220,751
|
|
|
220,793
|
|
|
220,936
|
|
||||
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.75
|
|
|
$
|
0.74
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.74
|
|
|
$
|
0.74
|
|
(1)
|
Represents dividends paid and undistributed earnings allocated to certain nonvested restricted stock awards.
|
(2)
|
Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method.
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Stock options
|
—
|
|
|
50
|
|
|
12
|
|
|
104
|
|
(in thousands)
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Net interest income
|
$
|
110,499
|
|
|
$
|
5,609
|
|
|
$
|
72,529
|
|
|
$
|
10,191
|
|
|
$
|
21,636
|
|
|
$
|
220,464
|
|
Provision (recapture) for loan and lease losses
|
9,166
|
|
|
107
|
|
|
1,999
|
|
|
855
|
|
|
(130
|
)
|
|
11,997
|
|
||||||
Non-interest income
|
12,703
|
|
|
4,462
|
|
|
16,038
|
|
|
38,855
|
|
|
3,344
|
|
|
75,402
|
|
||||||
Non-interest expense
|
53,830
|
|
|
8,723
|
|
|
69,159
|
|
|
37,454
|
|
|
19,188
|
|
|
188,354
|
|
||||||
Income before income taxes
|
60,206
|
|
|
1,241
|
|
|
17,409
|
|
|
10,737
|
|
|
5,922
|
|
|
95,515
|
|
||||||
Provision for income taxes
|
22,276
|
|
|
459
|
|
|
6,443
|
|
|
3,973
|
|
|
1,031
|
|
|
34,182
|
|
||||||
Net income
|
$
|
37,930
|
|
|
$
|
782
|
|
|
$
|
10,966
|
|
|
$
|
6,764
|
|
|
$
|
4,891
|
|
|
$
|
61,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Net interest income
|
$
|
320,561
|
|
|
$
|
16,251
|
|
|
$
|
208,482
|
|
|
$
|
29,461
|
|
|
$
|
64,512
|
|
|
$
|
639,267
|
|
Provision (recapture) for loan and lease losses
|
26,059
|
|
|
482
|
|
|
6,667
|
|
|
1,142
|
|
|
(24
|
)
|
|
34,326
|
|
||||||
Non-interest income
|
40,163
|
|
|
13,689
|
|
|
46,539
|
|
|
100,372
|
|
|
5,983
|
|
|
206,746
|
|
||||||
Non-interest expense
|
160,040
|
|
|
25,570
|
|
|
215,534
|
|
|
110,634
|
|
|
43,311
|
|
|
555,089
|
|
||||||
Income before income taxes
|
174,625
|
|
|
3,888
|
|
|
32,820
|
|
|
18,057
|
|
|
27,208
|
|
|
256,598
|
|
||||||
Provision for income taxes
|
64,611
|
|
|
1,438
|
|
|
12,144
|
|
|
6,681
|
|
|
7,576
|
|
|
92,450
|
|
||||||
Net income
|
$
|
110,014
|
|
|
$
|
2,450
|
|
|
$
|
20,676
|
|
|
$
|
11,376
|
|
|
$
|
19,632
|
|
|
$
|
164,148
|
|
(in thousands)
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Net interest income
|
$
|
105,827
|
|
|
$
|
5,442
|
|
|
$
|
63,568
|
|
|
$
|
11,177
|
|
|
$
|
23,878
|
|
|
$
|
209,892
|
|
Provision for loan and lease losses
|
9,054
|
|
|
234
|
|
|
2,732
|
|
|
829
|
|
|
242
|
|
|
13,091
|
|
||||||
Non-interest income
|
9,478
|
|
|
4,800
|
|
|
16,301
|
|
|
48,292
|
|
|
1,839
|
|
|
80,710
|
|
||||||
Non-interest expense
|
50,237
|
|
|
8,760
|
|
|
71,169
|
|
|
40,688
|
|
|
10,333
|
|
|
181,187
|
|
||||||
Income before income taxes
|
56,014
|
|
|
1,248
|
|
|
5,968
|
|
|
17,952
|
|
|
15,142
|
|
|
96,324
|
|
||||||
Provision for income taxes
|
20,725
|
|
|
462
|
|
|
2,208
|
|
|
6,642
|
|
|
4,478
|
|
|
34,515
|
|
||||||
Net income
|
$
|
35,289
|
|
|
$
|
786
|
|
|
$
|
3,760
|
|
|
$
|
11,310
|
|
|
$
|
10,664
|
|
|
$
|
61,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Net interest income
|
$
|
313,832
|
|
|
$
|
16,010
|
|
|
$
|
187,168
|
|
|
$
|
30,369
|
|
|
$
|
89,413
|
|
|
$
|
636,792
|
|
Provision (recapture) for loan and lease losses
|
21,830
|
|
|
602
|
|
|
6,310
|
|
|
(1,669
|
)
|
|
1,430
|
|
|
28,503
|
|
||||||
Non-interest income
|
29,748
|
|
|
14,519
|
|
|
46,932
|
|
|
104,980
|
|
|
5,141
|
|
|
201,320
|
|
||||||
Non-interest expense
|
149,737
|
|
|
27,060
|
|
|
220,804
|
|
|
116,596
|
|
|
39,490
|
|
|
553,687
|
|
||||||
Income before income taxes
|
172,013
|
|
|
2,867
|
|
|
6,986
|
|
|
20,422
|
|
|
53,634
|
|
|
255,922
|
|
||||||
Provision for income taxes
|
63,645
|
|
|
1,061
|
|
|
2,585
|
|
|
7,556
|
|
|
17,410
|
|
|
92,257
|
|
||||||
Net income
|
$
|
108,368
|
|
|
$
|
1,806
|
|
|
$
|
4,401
|
|
|
$
|
12,866
|
|
|
$
|
36,224
|
|
|
$
|
163,665
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Total assets
|
$
|
13,594,329
|
|
|
$
|
456,114
|
|
|
$
|
2,060,076
|
|
|
$
|
3,436,392
|
|
|
$
|
6,148,752
|
|
|
$
|
25,695,663
|
|
Total loans and leases
|
$
|
13,414,523
|
|
|
$
|
441,727
|
|
|
$
|
1,977,641
|
|
|
$
|
2,855,875
|
|
|
$
|
(12,004
|
)
|
|
$
|
18,677,762
|
|
Total deposits
|
$
|
3,737,068
|
|
|
$
|
1,023,661
|
|
|
$
|
12,471,328
|
|
|
$
|
332,686
|
|
|
$
|
2,287,167
|
|
|
$
|
19,851,910
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||||||||||
|
Commercial Bank
|
|
Wealth Management
|
|
Retail Bank
|
|
Home Lending
|
|
Corporate & Other
|
|
Consolidated
|
||||||||||||
Total assets
|
$
|
12,829,249
|
|
|
$
|
437,058
|
|
|
$
|
1,893,433
|
|
|
$
|
3,243,600
|
|
|
$
|
6,409,779
|
|
|
$
|
24,813,119
|
|
Total loans and leases
|
$
|
12,640,383
|
|
|
$
|
415,737
|
|
|
$
|
1,806,554
|
|
|
$
|
2,685,181
|
|
|
$
|
(39,192
|
)
|
|
$
|
17,508,663
|
|
Total deposits
|
$
|
3,288,837
|
|
|
$
|
1,011,454
|
|
|
$
|
12,032,906
|
|
|
$
|
229,358
|
|
|
$
|
2,458,430
|
|
|
$
|
19,020,985
|
|
(in thousands)
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||
|
Level
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||
FINANCIAL ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
1
|
|
$
|
845,566
|
|
|
$
|
845,566
|
|
|
$
|
1,449,432
|
|
|
$
|
1,449,432
|
|
Trading securities
|
1,2
|
|
11,919
|
|
|
11,919
|
|
|
10,964
|
|
|
10,964
|
|
||||
Investment securities available for sale
|
2
|
|
3,047,358
|
|
|
3,047,358
|
|
|
2,701,220
|
|
|
2,701,220
|
|
||||
Investment securities held to maturity
|
3
|
|
3,905
|
|
|
5,019
|
|
|
4,216
|
|
|
5,217
|
|
||||
Loans held for sale
|
2
|
|
417,470
|
|
|
417,470
|
|
|
387,318
|
|
|
387,318
|
|
||||
Loans and leases, net
|
3
|
|
18,538,259
|
|
|
18,492,760
|
|
|
17,374,679
|
|
|
17,385,156
|
|
||||
Restricted equity securities
|
1
|
|
45,509
|
|
|
45,509
|
|
|
45,528
|
|
|
45,528
|
|
||||
Residential mortgage servicing rights
|
3
|
|
141,225
|
|
|
141,225
|
|
|
142,973
|
|
|
142,973
|
|
||||
Bank owned life insurance assets
|
1
|
|
305,572
|
|
|
305,572
|
|
|
299,673
|
|
|
299,673
|
|
||||
Derivatives
|
2,3
|
|
41,735
|
|
|
41,735
|
|
|
47,501
|
|
|
47,501
|
|
||||
Visa Class B common stock
|
3
|
|
—
|
|
|
79,728
|
|
|
—
|
|
|
59,107
|
|
||||
FINANCIAL LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
1,2
|
|
$
|
19,851,910
|
|
|
$
|
19,846,636
|
|
|
$
|
19,020,985
|
|
|
$
|
19,016,330
|
|
Securities sold under agreements to repurchase
|
2
|
|
321,542
|
|
|
321,542
|
|
|
352,948
|
|
|
352,948
|
|
||||
Term debt
|
2
|
|
852,306
|
|
|
846,390
|
|
|
852,397
|
|
|
844,377
|
|
||||
Junior subordinated debentures, at fair value
|
3
|
|
266,875
|
|
|
266,875
|
|
|
262,209
|
|
|
262,209
|
|
||||
Junior subordinated debentures, at amortized cost
|
3
|
|
100,690
|
|
|
79,013
|
|
|
100,931
|
|
|
77,640
|
|
||||
Derivatives
|
2
|
|
5,811
|
|
|
5,811
|
|
|
37,063
|
|
|
37,063
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
FINANCIAL ASSETS:
|
|
|
|
|
|
|
|
||||||||
Trading securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
Equity securities
|
11,651
|
|
|
11,651
|
|
|
—
|
|
|
—
|
|
||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agencies
|
40,026
|
|
|
—
|
|
|
40,026
|
|
|
—
|
|
||||
Obligations of states and political subdivisions
|
297,794
|
|
|
—
|
|
|
297,794
|
|
|
—
|
|
||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
2,707,555
|
|
|
—
|
|
|
2,707,555
|
|
|
—
|
|
||||
Investments in mutual funds and other equity securities
|
1,983
|
|
|
—
|
|
|
1,983
|
|
|
—
|
|
||||
Loans held for sale, at fair value
|
417,470
|
|
|
—
|
|
|
417,470
|
|
|
—
|
|
||||
Residential mortgage servicing rights, at fair value
|
141,225
|
|
|
—
|
|
|
—
|
|
|
141,225
|
|
||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
4,781
|
|
|
—
|
|
|
—
|
|
|
4,781
|
|
||||
Interest rate forward sales commitments
|
964
|
|
|
—
|
|
|
964
|
|
|
—
|
|
||||
Interest rate swaps
|
35,320
|
|
|
—
|
|
|
35,320
|
|
|
—
|
|
||||
Foreign currency derivative
|
670
|
|
|
—
|
|
|
670
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
3,659,707
|
|
|
$
|
11,651
|
|
|
$
|
3,502,050
|
|
|
$
|
146,006
|
|
FINANCIAL LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Junior subordinated debentures, at fair value
|
$
|
266,875
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
266,875
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate forward sales commitments
|
807
|
|
|
—
|
|
|
807
|
|
|
—
|
|
||||
Interest rate swaps
|
4,394
|
|
|
—
|
|
|
4,394
|
|
|
—
|
|
||||
Foreign currency derivative
|
610
|
|
|
—
|
|
|
610
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
272,686
|
|
|
$
|
—
|
|
|
$
|
5,811
|
|
|
$
|
266,875
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
FINANCIAL ASSETS:
|
|
|
|
|
|
|
|
||||||||
Trading securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
662
|
|
|
$
|
—
|
|
|
$
|
662
|
|
|
$
|
—
|
|
Equity securities
|
10,302
|
|
|
10,302
|
|
|
—
|
|
|
—
|
|
||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
307,697
|
|
|
—
|
|
|
307,697
|
|
|
—
|
|
||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
2,391,553
|
|
|
—
|
|
|
2,391,553
|
|
|
—
|
|
||||
Investments in mutual funds and other equity securities
|
1,970
|
|
|
—
|
|
|
1,970
|
|
|
—
|
|
||||
Loans held for sale, at fair value
|
387,318
|
|
|
—
|
|
|
387,318
|
|
|
—
|
|
||||
Residential mortgage servicing rights, at fair value
|
142,973
|
|
|
—
|
|
|
—
|
|
|
142,973
|
|
||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
4,076
|
|
|
—
|
|
|
—
|
|
|
4,076
|
|
||||
Interest rate forward sales commitments
|
8,054
|
|
|
—
|
|
|
8,054
|
|
|
—
|
|
||||
Interest rate swaps
|
34,701
|
|
|
—
|
|
|
34,701
|
|
|
—
|
|
||||
Foreign currency derivative
|
670
|
|
|
—
|
|
|
670
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
3,289,976
|
|
|
$
|
10,302
|
|
|
$
|
3,132,625
|
|
|
$
|
147,049
|
|
FINANCIAL LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Junior subordinated debentures, at fair value
|
$
|
262,209
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
262,209
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate forward sales commitments
|
1,318
|
|
|
—
|
|
|
1,318
|
|
|
—
|
|
||||
Interest rate swaps
|
34,871
|
|
|
—
|
|
|
34,871
|
|
|
—
|
|
||||
Foreign currency derivative
|
874
|
|
|
—
|
|
|
874
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
299,272
|
|
|
$
|
—
|
|
|
$
|
37,063
|
|
|
$
|
262,209
|
|
Financial Instrument
|
Valuation Technique
|
Unobservable Input
|
Weighted Average
|
Residential mortgage servicing rights
|
Discounted cash flow
|
|
|
|
|
Constant Prepayment Rate
|
13.20%
|
|
|
Discount Rate
|
9.70%
|
Interest rate lock commitment
|
Internal Pricing Model
|
|
|
|
|
Pull-through rate
|
86.48%
|
Junior subordinated debentures
|
Discounted cash flow
|
|
|
|
|
Credit Spread
|
5.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended September 30,
|
Beginning
Balance |
|
Change
included in earnings |
|
Purchases and issuances
|
|
Sales and settlements
|
|
Ending
Balance |
|
Net change in
unrealized gains or (losses) relating to items held at end of period |
||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage servicing rights
|
$
|
142,973
|
|
|
$
|
(25,234
|
)
|
|
$
|
23,486
|
|
|
$
|
—
|
|
|
$
|
141,225
|
|
|
$
|
(12,954
|
)
|
Interest rate lock commitment, net
|
4,076
|
|
|
2,261
|
|
|
31,992
|
|
|
(33,548
|
)
|
|
4,781
|
|
|
4,781
|
|
||||||
Junior subordinated debentures, at fair value
|
262,209
|
|
|
14,595
|
|
|
—
|
|
|
(9,929
|
)
|
|
266,875
|
|
|
14,595
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage servicing rights
|
$
|
131,817
|
|
|
$
|
(42,391
|
)
|
|
$
|
25,020
|
|
|
$
|
—
|
|
|
$
|
114,446
|
|
|
$
|
(35,386
|
)
|
Interest rate lock commitment, net
|
3,631
|
|
|
5,306
|
|
|
50,785
|
|
|
(49,145
|
)
|
|
10,577
|
|
|
10,577
|
|
||||||
Junior subordinated debentures, at fair value
|
255,457
|
|
|
13,160
|
|
|
—
|
|
|
(8,503
|
)
|
|
260,114
|
|
|
13,160
|
|
(in thousands)
|
September 30, 2017
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Loans and leases
|
$
|
58,976
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,976
|
|
Other real estate owned
|
68
|
|
|
—
|
|
|
—
|
|
|
68
|
|
||||
|
$
|
59,044
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,044
|
|
(in thousands)
|
December 31, 2016
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Loans and leases
|
$
|
25,753
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,753
|
|
Other real estate owned
|
2,612
|
|
|
—
|
|
|
—
|
|
|
2,612
|
|
||||
|
$
|
28,365
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,365
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Loans and leases
|
$
|
11,138
|
|
|
$
|
6,472
|
|
|
$
|
34,294
|
|
|
$
|
19,642
|
|
Other real estate owned
|
39
|
|
|
139
|
|
|
146
|
|
|
1,601
|
|
||||
Total loss from nonrecurring measurements
|
$
|
11,177
|
|
|
$
|
6,611
|
|
|
$
|
34,440
|
|
|
$
|
21,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
|
|
|
Fair Value
|
|
|
|
|
|
Fair Value
|
||||||||||||
|
|
|
Aggregate
|
|
Less Aggregate
|
|
|
|
Aggregate
|
|
Less Aggregate
|
||||||||||||
|
|
|
Unpaid
|
|
Unpaid
|
|
|
|
Unpaid
|
|
Unpaid
|
||||||||||||
|
Fair
|
|
Principal
|
|
Principal
|
|
Fair
|
|
Principal
|
|
Principal
|
||||||||||||
|
Value
|
|
Balance
|
|
Balance
|
|
Value
|
|
Balance
|
|
Balance
|
||||||||||||
Loans held for sale
|
$
|
417,470
|
|
|
$
|
401,915
|
|
|
$
|
15,555
|
|
|
$
|
387,318
|
|
|
$
|
378,974
|
|
|
$
|
8,344
|
|
•
|
our ability to attract new deposits and loans and leases and to retain deposits during store consolidations;
|
•
|
demand for financial services in our market areas;
|
•
|
competitive market pricing factors;
|
•
|
our ability to effectively develop and implement new technology;
|
•
|
deterioration in economic conditions that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans;
|
•
|
market interest rate volatility;
|
•
|
compression of our net interest margin;
|
•
|
stability of funding sources and continued availability of borrowings;
|
•
|
changes in legal or regulatory requirements or the results of regulatory examinations that could increase expenses or restrict growth;
|
•
|
our ability to recruit and retain key management and staff;
|
•
|
availability of, and competition for, acquisition opportunities;
|
•
|
risks associated with merger and acquisition integration;
|
•
|
significant decline in the market value of the Company that could result in an impairment of goodwill;
|
•
|
our ability to raise capital or incur debt on reasonable terms;
|
•
|
regulatory limits on the Bank's ability to pay dividends to the Company;
|
•
|
financial services reform, including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and implementing regulations on the Company's business operations, including our compliance costs, interest expense, and revenue;
|
•
|
a breach or failure of our operational or security systems, or those of our third-party vendors, including as a result of cyber attacks; and
|
•
|
competition, including from financial technology companies.
|
•
|
Net earnings available to common shareholders per diluted common share were
$0.28
and
$0.74
for the
three and nine
months ended
September 30, 2017
, respectively, compared to
$0.28
and
$0.74
for the
three and nine
months ended
September 30, 2016
, respectively.
|
•
|
Net interest margin, on a tax equivalent basis, was
3.94%
and
3.91%
for the
three and nine
months ended
September 30, 2017
, respectively, as compared to
3.95%
and
4.12%
for the
three and nine
months ended
September 30, 2016
, respectively. The decrease in net interest margin for the
three and nine
months ended
September 30, 2017
, compared to the same periods in the prior year, reflects lower average yields on the loan and lease portfolio, as well as an increase in the cost of interest-bearing liabilities.
|
•
|
Residential mortgage banking revenue was
$33.4 million
and
$94.2 million
for the
three and nine
months ended
September 30, 2017
, respectively, as compared to
$47.2 million
and
$99.4 million
for the
three and nine
months ended
September 30, 2016
, respectively. The decrease for the three month period was primarily driven by a decline in mortgage originations, along with a lower gain on sale margin, which decreased to
3.68%
for the three months ended
September 30, 2017
, compared to
4.08%
in the same period of the prior year. The decrease is also partially due to higher negative fair value adjustment of
$9.2 million
for the three months ended
September 30, 2017
, as compared to the negative fair value adjustment of
$7.8 million
for the three months ended
September 30, 2016
. The decrease for the
nine month
period was primarily driven by a
12%
decrease in origination volume, as well as a decrease in the gain on sale margin to
3.50%
for the
nine months ended
September 30, 2017
, compared to
3.96%
in the same period of the prior year. This was partially offset by a lower negative fair value adjustment of
$25.2 million
on the MSR asset relative to the negative fair value adjustment of
$42.4 million
for the
nine months ended
September 30, 2016
.
|
•
|
Total gross loans and leases were
$18.7 billion
as of
September 30, 2017
, an increase of
$1.2 billion
, as compared to
December 31, 2016
. The increase reflects balanced growth across the Company's commercial term, leases and equipment finance, commercial real-estate, and consumer loan portfolios.
|
•
|
Total deposits were
$19.9 billion
as of
September 30, 2017
, an increase of
$830.9 million
, compared to
December 31, 2016
. This increase was primarily attributable to growth in demand, savings, and time deposits.
|
•
|
Total consolidated assets were
$25.7 billion
as of
September 30, 2017
, compared to
$24.8 billion
at
December 31, 2016
.
|
•
|
Non-performing assets increased to
$77.8 million
, or
0.30%
of total assets, as of
September 30, 2017
, as compared to
$62.9 million
, or
0.25%
of total assets, as of
December 31, 2016
. Non-performing loans were
$73.6 million
, or
0.39%
of total loans, as of
September 30, 2017
, as compared to
$56.1 million
, or
0.32%
of total loans, as of
December 31, 2016
. This increase reflects two larger loans which moved to non-accrual status during the quarter.
|
•
|
The provision for loan and lease losses was
$12.0 million
and
$34.3 million
for the
three and nine
months ended
September 30, 2017
, respectively, as compared to the
$13.1 million
and
$28.5 million
, respectively, recognized for the
three and nine
months ended
September 30, 2016
. The decrease for the three months ended
September 30, 2017
, compared to the same period of the prior year was primarily attributable to a decrease in net charge-off during the quarter, which were
$9.4 million
for the three months ended
September 30, 2017
, or
0.20%
of average loans and leases (annualized), as compared to net charge-offs of
$10.4 million
, or
0.24%
of average loans and leases (annualized), for the three months ended
September 30, 2016
. The increase for the nine months ended
September 30, 2017
, compared to the same period of the prior year was primarily attributable to strong growth in the loan portfolio, as well as an increase in net charge-offs. Net charge-offs were
$28.8 million
for the nine months ended
September 30, 2017
, or
0.21%
of average loans and leases (annualized), as compared to net charge-offs of
$25.1 million
, or
0.20%
of average loans and leases (annualized), for the nine months ended
September 30, 2016
.
|
•
|
The Company's total risk based capital was
14.2%
and its Tier 1 common to risk weighted assets ratio was
11.1%
as of
September 30, 2017
. As of
December 31, 2016
, the Company's total risk based capital ratio was
14.7%
and its Tier 1 common to risk weighted assets ratio was
11.5%
.
|
•
|
Cash dividends declared in the
third quarter
of
2017
were
$0.18
per common share, an increase of
12.5%
from the comparable period of the prior year's cash dividend of
$0.16
per common share.
|
•
|
Umpqua introduced "Next-Gen," an initiative to modernize and evolve the Bank. At the center of Next-Gen is a new strategy we are calling human-digital banking, which uses technology to build on Umpqua's customer-centric brand and culture and to differentiate Umpqua in the marketplace with a new competitive advantage. Through Next-Gen, we will activate our mission, providing personalized banking for all anytime, anywhere.
|
(dollars in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Return on average assets
|
0.96
|
%
|
|
1.01
|
%
|
|
0.88
|
%
|
|
0.91
|
%
|
||||
Return on average common shareholders' equity
|
6.10
|
%
|
|
6.28
|
%
|
|
5.54
|
%
|
|
5.61
|
%
|
||||
Return on average tangible common shareholders' equity
|
11.23
|
%
|
|
11.79
|
%
|
|
10.26
|
%
|
|
10.59
|
%
|
||||
Calculation of average common tangible shareholders' equity:
|
|
|
|
|
|
|
|
||||||||
Average common shareholders' equity
|
$
|
3,986,868
|
|
|
$
|
3,911,323
|
|
|
$
|
3,960,180
|
|
|
$
|
3,893,218
|
|
Less: average goodwill and other intangible assets, net
|
(1,820,394
|
)
|
|
(1,827,405
|
)
|
|
(1,822,063
|
)
|
|
(1,829,611
|
)
|
||||
Average tangible common shareholders' equity
|
$
|
2,166,474
|
|
|
$
|
2,083,918
|
|
|
$
|
2,138,117
|
|
|
$
|
2,063,607
|
|
(dollars in thousands)
|
September 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Total shareholders' equity
|
$
|
3,985,260
|
|
|
$
|
3,916,795
|
|
Subtract:
|
|
|
|
||||
Goodwill
|
1,787,651
|
|
|
1,787,651
|
|
||
Other intangible assets, net
|
31,819
|
|
|
36,886
|
|
||
Tangible common shareholders' equity
|
$
|
2,165,790
|
|
|
$
|
2,092,258
|
|
Total assets
|
$
|
25,695,663
|
|
|
$
|
24,813,119
|
|
Subtract:
|
|
|
|
||||
Goodwill
|
1,787,651
|
|
|
1,787,651
|
|
||
Other intangible assets, net
|
31,819
|
|
|
36,886
|
|
||
Tangible assets
|
$
|
23,876,193
|
|
|
$
|
22,988,582
|
|
Tangible common equity ratio
|
9.07
|
%
|
|
9.10
|
%
|
(dollars in thousands)
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
||||||||||
|
Average
|
|
Income or
|
|
Yields or
|
|
Average
|
|
Income or
|
|
Yields or
|
||||||||||
|
Balance
|
|
Expense
|
|
Rates
|
|
Balance
|
|
Expense
|
|
Rates
|
||||||||||
INTEREST-EARNING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans held for sale
|
$
|
420,282
|
|
|
$
|
4,090
|
|
|
3.89
|
%
|
|
$
|
481,740
|
|
|
$
|
4,567
|
|
|
3.79
|
%
|
Loans and leases (1)
|
18,537,827
|
|
|
219,231
|
|
|
4.70
|
%
|
|
17,400,657
|
|
|
207,470
|
|
|
4.75
|
%
|
||||
Taxable securities
|
2,867,292
|
|
|
14,336
|
|
|
2.00
|
%
|
|
2,265,883
|
|
|
11,111
|
|
|
1.96
|
%
|
||||
Non-taxable securities (2)
|
281,139
|
|
|
3,223
|
|
|
4.59
|
%
|
|
283,818
|
|
|
3,317
|
|
|
4.68
|
%
|
||||
Temporary investments and interest-bearing cash
|
253,015
|
|
|
934
|
|
|
1.47
|
%
|
|
874,410
|
|
|
1,090
|
|
|
0.50
|
%
|
||||
Total interest-earning assets
|
22,359,555
|
|
|
$
|
241,814
|
|
|
4.30
|
%
|
|
21,306,508
|
|
|
$
|
227,555
|
|
|
4.26
|
%
|
||
Allowance for loan and lease losses
|
(138,924
|
)
|
|
|
|
|
|
(131,880
|
)
|
|
|
|
|
||||||||
Other assets
|
3,091,363
|
|
|
|
|
|
|
3,248,358
|
|
|
|
|
|
||||||||
Total assets
|
$
|
25,311,994
|
|
|
|
|
|
|
$
|
24,422,986
|
|
|
|
|
|
||||||
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits
|
$
|
2,358,102
|
|
|
$
|
1,066
|
|
|
0.18
|
%
|
|
$
|
2,201,826
|
|
|
$
|
585
|
|
|
0.11
|
%
|
Money market deposits
|
6,625,514
|
|
|
3,323
|
|
|
0.20
|
%
|
|
6,812,445
|
|
|
2,504
|
|
|
0.15
|
%
|
||||
Savings deposits
|
1,441,931
|
|
|
172
|
|
|
0.05
|
%
|
|
1,280,640
|
|
|
148
|
|
|
0.05
|
%
|
||||
Time deposits
|
2,729,915
|
|
|
7,491
|
|
|
1.09
|
%
|
|
2,542,076
|
|
|
5,762
|
|
|
0.90
|
%
|
||||
Total interest-bearing deposits
|
13,155,462
|
|
|
12,052
|
|
|
0.36
|
%
|
|
12,836,987
|
|
|
8,999
|
|
|
0.28
|
%
|
||||
Repurchase agreements and federal funds purchased
|
332,246
|
|
|
81
|
|
|
0.10
|
%
|
|
347,193
|
|
|
32
|
|
|
0.04
|
%
|
||||
Term debt
|
852,250
|
|
|
3,491
|
|
|
1.63
|
%
|
|
902,847
|
|
|
3,558
|
|
|
1.57
|
%
|
||||
Junior subordinated debentures
|
365,884
|
|
|
4,628
|
|
|
5.02
|
%
|
|
359,660
|
|
|
3,938
|
|
|
4.36
|
%
|
||||
Total interest-bearing liabilities
|
14,705,842
|
|
|
$
|
20,252
|
|
|
0.55
|
%
|
|
14,446,687
|
|
|
$
|
16,527
|
|
|
0.46
|
%
|
||
Non-interest-bearing deposits
|
6,354,591
|
|
|
|
|
|
|
5,766,022
|
|
|
|
|
|
||||||||
Other liabilities
|
264,693
|
|
|
|
|
|
|
298,954
|
|
|
|
|
|
||||||||
Total liabilities
|
21,325,126
|
|
|
|
|
|
|
20,511,663
|
|
|
|
|
|
||||||||
Common equity
|
3,986,868
|
|
|
|
|
|
|
3,911,323
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
$
|
25,311,994
|
|
|
|
|
|
|
$
|
24,422,986
|
|
|
|
|
|
||||||
NET INTEREST INCOME
|
|
|
$
|
221,562
|
|
|
|
|
|
|
$
|
211,028
|
|
|
|
||||||
NET INTEREST SPREAD
|
|
|
|
|
3.75
|
%
|
|
|
|
|
|
3.80
|
%
|
||||||||
AVERAGE YIELD ON EARNING ASSETS (1), (2)
|
|
|
|
|
4.30
|
%
|
|
|
|
|
|
4.26
|
%
|
||||||||
INTEREST EXPENSE TO EARNING ASSETS
|
|
|
|
|
0.36
|
%
|
|
|
|
|
|
0.31
|
%
|
||||||||
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
|
|
|
|
|
3.94
|
%
|
|
|
|
|
|
3.95
|
%
|
(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 35% tax rate. The amount of such adjustment was an addition to recorded income of approximately
$1.1 million
for both the three months ended
September 30, 2017
and
2016
.
|
(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 35% tax rate. The amount of such adjustment was an addition to recorded income of approximately
$3.4 million
for both the
nine months ended
of
September 30, 2017
and
2016
.
|
(in thousands)
|
Three Months Ended September 30,
|
||||||||||
|
2017 compared to 2016
|
||||||||||
|
Increase (decrease) in interest income
|
||||||||||
|
and expense due to changes in
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
INTEREST-EARNING ASSETS:
|
|
|
|
|
|
||||||
Loans held for sale
|
$
|
(597
|
)
|
|
$
|
120
|
|
|
$
|
(477
|
)
|
Loans and leases
|
13,863
|
|
|
(2,102
|
)
|
|
11,761
|
|
|||
Taxable securities
|
3,003
|
|
|
222
|
|
|
3,225
|
|
|||
Non-taxable securities
(1)
|
(31
|
)
|
|
(63
|
)
|
|
(94
|
)
|
|||
Temporary investments and interest bearing cash
|
(1,179
|
)
|
|
1,023
|
|
|
(156
|
)
|
|||
Total
(1)
|
15,059
|
|
|
(800
|
)
|
|
14,259
|
|
|||
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
||||||
Interest bearing demand deposits
|
45
|
|
|
436
|
|
|
481
|
|
|||
Money market deposits
|
(71
|
)
|
|
890
|
|
|
819
|
|
|||
Savings deposits
|
20
|
|
|
4
|
|
|
24
|
|
|||
Time deposits
|
450
|
|
|
1,279
|
|
|
1,729
|
|
|||
Repurchase agreements
|
(1
|
)
|
|
50
|
|
|
49
|
|
|||
Term debt
|
(206
|
)
|
|
139
|
|
|
(67
|
)
|
|||
Junior subordinated debentures
|
70
|
|
|
620
|
|
|
690
|
|
|||
Total
|
307
|
|
|
3,418
|
|
|
3,725
|
|
|||
Net increase in net interest income
(1)
|
$
|
14,752
|
|
|
$
|
(4,218
|
)
|
|
$
|
10,534
|
|
(1)
|
Tax exempt income has been adjusted to a tax equivalent basis at a 35% tax rate.
|
|
|
|
|
|
|
||||||
(in thousands)
|
Nine Months Ended September 30,
|
||||||||||
|
2017 compared to 2016
|
||||||||||
|
Increase (decrease) in interest income
|
||||||||||
|
and expense due to changes in
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
INTEREST-EARNING ASSETS:
|
|
|
|
|
|
||||||
Loans held for sale
|
$
|
(189
|
)
|
|
$
|
(563
|
)
|
|
$
|
(752
|
)
|
Loans and leases
|
30,059
|
|
|
(27,247
|
)
|
|
2,812
|
|
|||
Taxable securities
|
8,884
|
|
|
(1,509
|
)
|
|
7,375
|
|
|||
Non-taxable securities (1)
|
98
|
|
|
(105
|
)
|
|
(7
|
)
|
|||
Temporary investments and interest bearing cash
|
(901
|
)
|
|
1,494
|
|
|
593
|
|
|||
Total (1)
|
37,951
|
|
|
(27,930
|
)
|
|
10,021
|
|
|||
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
||||||
Interest bearing demand deposits
|
120
|
|
|
589
|
|
|
709
|
|
|||
Money market
|
4
|
|
|
1,037
|
|
|
1,041
|
|
|||
Savings
|
59
|
|
|
(50
|
)
|
|
9
|
|
|||
Time deposits
|
1,040
|
|
|
3,590
|
|
|
4,630
|
|
|||
Repurchase agreements
|
6
|
|
|
326
|
|
|
332
|
|
|||
Term debt
|
(607
|
)
|
|
(322
|
)
|
|
(929
|
)
|
|||
Junior subordinated debentures
|
202
|
|
|
1,564
|
|
|
1,766
|
|
|||
Total
|
824
|
|
|
6,734
|
|
|
7,558
|
|
|||
Net increase in net interest income (1)
|
$
|
37,127
|
|
|
$
|
(34,664
|
)
|
|
$
|
2,463
|
|
(1)
|
Tax exempt income has been adjusted to a tax equivalent basis at a 35% tax rate.
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||||||||||
|
|
|
|
|
Change
|
|
Change
|
|
|
|
|
|
Change
|
|
Change
|
||||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
||||||||||||||
Service charges on deposits
|
$
|
15,849
|
|
|
$
|
15,762
|
|
|
$
|
87
|
|
|
1
|
%
|
|
$
|
46,056
|
|
|
$
|
45,945
|
|
|
$
|
111
|
|
|
—
|
%
|
Brokerage revenue
|
3,832
|
|
|
4,129
|
|
|
(297
|
)
|
|
(7
|
)%
|
|
11,857
|
|
|
12,803
|
|
|
(946
|
)
|
|
(7
|
)%
|
||||||
Residential mortgage banking revenue, net
|
33,430
|
|
|
47,206
|
|
|
(13,776
|
)
|
|
(29
|
)%
|
|
94,158
|
|
|
99,415
|
|
|
(5,257
|
)
|
|
(5
|
)%
|
||||||
Gain on investment securities, net
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
nm
|
|
|
27
|
|
|
858
|
|
|
(831
|
)
|
|
(97
|
)%
|
||||||
Gain on loan sales, net
|
7,969
|
|
|
1,285
|
|
|
6,684
|
|
|
520
|
%
|
|
13,033
|
|
|
9,296
|
|
|
3,737
|
|
|
40
|
%
|
||||||
Loss on junior subordinated debentures carried at fair value
|
(1,590
|
)
|
|
(1,590
|
)
|
|
—
|
|
|
—
|
%
|
|
(4,717
|
)
|
|
(4,734
|
)
|
|
17
|
|
|
—
|
%
|
||||||
BOLI income
|
2,041
|
|
|
2,116
|
|
|
(75
|
)
|
|
(4
|
)%
|
|
6,199
|
|
|
6,407
|
|
|
(208
|
)
|
|
(3
|
)%
|
||||||
Other income
|
13,877
|
|
|
11,802
|
|
|
2,075
|
|
|
18
|
%
|
|
40,133
|
|
|
31,330
|
|
|
8,803
|
|
|
28
|
%
|
||||||
Total
|
$
|
75,402
|
|
|
$
|
80,710
|
|
|
$
|
(5,308
|
)
|
|
(7
|
)%
|
|
$
|
206,746
|
|
|
$
|
201,320
|
|
|
$
|
5,426
|
|
|
3
|
%
|
nm = Not Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||||||||||
|
|
|
|
|
Change
|
|
Change
|
|
|
|
|
|
Change
|
|
Change
|
||||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
||||||||||||||
Salaries and employee benefits
|
$
|
108,732
|
|
|
$
|
105,341
|
|
|
$
|
3,391
|
|
|
3
|
%
|
|
$
|
323,766
|
|
|
$
|
319,424
|
|
|
$
|
4,342
|
|
|
1
|
%
|
Occupancy and equipment, net
|
37,648
|
|
|
38,181
|
|
|
(533
|
)
|
|
(1
|
)%
|
|
113,276
|
|
|
114,326
|
|
|
(1,050
|
)
|
|
(1
|
)%
|
||||||
Communications
|
4,549
|
|
|
5,107
|
|
|
(558
|
)
|
|
(11
|
)%
|
|
14,512
|
|
|
15,966
|
|
|
(1,454
|
)
|
|
(9
|
)%
|
||||||
Marketing
|
1,950
|
|
|
2,124
|
|
|
(174
|
)
|
|
(8
|
)%
|
|
6,057
|
|
|
7,978
|
|
|
(1,921
|
)
|
|
(24
|
)%
|
||||||
Services
|
9,578
|
|
|
9,983
|
|
|
(405
|
)
|
|
(4
|
)%
|
|
32,269
|
|
|
32,183
|
|
|
86
|
|
|
—
|
%
|
||||||
FDIC assessments
|
4,405
|
|
|
4,109
|
|
|
296
|
|
|
7
|
%
|
|
12,939
|
|
|
11,523
|
|
|
1,416
|
|
|
12
|
%
|
||||||
Gain on other real estate owned, net
|
(99
|
)
|
|
(14
|
)
|
|
(85
|
)
|
|
607
|
%
|
|
(474
|
)
|
|
(82
|
)
|
|
(392
|
)
|
|
478
|
%
|
||||||
Intangible amortization
|
1,689
|
|
|
1,867
|
|
|
(178
|
)
|
|
(10
|
)%
|
|
5,067
|
|
|
6,755
|
|
|
(1,688
|
)
|
|
(25
|
)%
|
||||||
Merger related expenses
|
6,664
|
|
|
2,011
|
|
|
4,653
|
|
|
231
|
%
|
|
9,324
|
|
|
12,095
|
|
|
(2,771
|
)
|
|
(23
|
)%
|
||||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
142
|
|
|
(142
|
)
|
|
(100
|
)%
|
||||||
Other expenses
|
13,238
|
|
|
12,478
|
|
|
760
|
|
|
6
|
%
|
|
38,353
|
|
|
33,377
|
|
|
4,976
|
|
|
15
|
%
|
||||||
Total
|
$
|
188,354
|
|
|
$
|
181,187
|
|
|
$
|
7,167
|
|
|
4
|
%
|
|
$
|
555,089
|
|
|
$
|
553,687
|
|
|
$
|
1,402
|
|
|
—
|
%
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||
Legal and professional
|
$
|
6,362
|
|
|
$
|
1,566
|
|
|
$
|
7,590
|
|
|
$
|
5,086
|
|
Premises and Equipment
|
106
|
|
|
230
|
|
|
980
|
|
|
4,660
|
|
||||
Personnel
|
198
|
|
|
139
|
|
|
754
|
|
|
1,396
|
|
||||
Communication
|
—
|
|
|
23
|
|
|
—
|
|
|
290
|
|
||||
Other
|
(2
|
)
|
|
53
|
|
|
—
|
|
|
663
|
|
||||
Total merger related expenses
|
$
|
6,664
|
|
|
$
|
2,011
|
|
|
$
|
9,324
|
|
|
$
|
12,095
|
|
(dollars in thousands)
|
Investment Securities Available for Sale
|
||||||||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Fair Value
|
|
%
|
|
Fair Value
|
|
%
|
||||||
U.S. Treasury and agencies
|
$
|
40,026
|
|
|
1
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Obligations of states and political subdivisions
|
297,794
|
|
|
10
|
%
|
|
307,697
|
|
|
11
|
%
|
||
Residential mortgage-backed securities and collateralized mortgage obligations
|
2,707,555
|
|
|
89
|
%
|
|
2,391,553
|
|
|
89
|
%
|
||
Investments in mutual funds and other equity securities
|
1,983
|
|
|
—
|
%
|
|
1,970
|
|
|
—
|
%
|
||
Total
|
$
|
3,047,358
|
|
|
100
|
%
|
|
$
|
2,701,220
|
|
|
100
|
%
|
(dollars in thousands)
|
Investment Securities Held to Maturity
|
||||||||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Amortized
Cost
|
|
%
|
|
Amortized
Cost
|
|
%
|
||||||
Residential mortgage-backed securities and collateralized mortgage obligations
|
$
|
3,905
|
|
|
100
|
%
|
|
$
|
4,216
|
|
|
100
|
%
|
Total
|
$
|
3,905
|
|
|
100
|
%
|
|
$
|
4,216
|
|
|
100
|
%
|
(dollars in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||
Non-owner occupied term, net
|
$
|
3,475,243
|
|
|
18.6
|
%
|
|
$
|
3,330,442
|
|
|
19.0
|
%
|
Owner occupied term, net
|
2,467,995
|
|
|
13.2
|
%
|
|
2,599,055
|
|
|
14.9
|
%
|
||
Multifamily, net
|
2,993,203
|
|
|
16.0
|
%
|
|
2,858,956
|
|
|
16.3
|
%
|
||
Construction & development, net
|
521,666
|
|
|
2.8
|
%
|
|
463,625
|
|
|
2.7
|
%
|
||
Residential development, net
|
186,400
|
|
|
1.0
|
%
|
|
142,984
|
|
|
0.8
|
%
|
||
Commercial
|
|
|
|
|
|
|
|
||||||
Term, net
|
1,819,664
|
|
|
9.7
|
%
|
|
1,508,780
|
|
|
8.6
|
%
|
||
LOC & other, net
|
1,134,045
|
|
|
6.1
|
%
|
|
1,116,259
|
|
|
6.4
|
%
|
||
Leases and equipment finance, net
|
1,137,732
|
|
|
6.1
|
%
|
|
950,588
|
|
|
5.4
|
%
|
||
Residential
|
|
|
|
|
|
|
|
||||||
Mortgage, net
|
3,094,361
|
|
|
16.6
|
%
|
|
2,887,971
|
|
|
16.5
|
%
|
||
Home equity loans & lines, net
|
1,079,931
|
|
|
5.8
|
%
|
|
1,011,844
|
|
|
5.8
|
%
|
||
Consumer & other, net
|
767,522
|
|
|
4.1
|
%
|
|
638,159
|
|
|
3.6
|
%
|
||
Total, net of deferred fees and costs
|
$
|
18,677,762
|
|
|
100.0
|
%
|
|
$
|
17,508,663
|
|
|
100.0
|
%
|
(in thousands)
|
September 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Loans and leases on non-accrual status
|
$
|
44,573
|
|
|
$
|
27,765
|
|
Loans and leases past due 90 days or more and accruing
(1)
|
29,073
|
|
|
28,369
|
|
||
Total non-performing loans and leases
|
73,646
|
|
|
56,134
|
|
||
Other real estate owned
|
4,160
|
|
|
6,738
|
|
||
Total non-performing assets
|
$
|
77,806
|
|
|
$
|
62,872
|
|
Restructured loans
(2)
|
$
|
45,813
|
|
|
$
|
40,667
|
|
Allowance for loan and lease losses
|
$
|
139,503
|
|
|
$
|
133,984
|
|
Reserve for unfunded commitments
|
3,932
|
|
|
3,611
|
|
||
Allowance for credit losses
|
$
|
143,435
|
|
|
$
|
137,595
|
|
Asset quality ratios:
|
|
|
|
||||
Non-performing assets to total assets
|
0.30
|
%
|
|
0.25
|
%
|
||
Non-performing loans and leases to total loans and leases
|
0.39
|
%
|
|
0.32
|
%
|
||
Allowance for loan and leases losses to total loans and leases
|
0.75
|
%
|
|
0.77
|
%
|
||
Allowance for credit losses to total loans and leases
|
0.77
|
%
|
|
0.79
|
%
|
||
Allowance for credit losses to total non-performing loans and leases
|
195
|
%
|
|
245
|
%
|
(1)
|
Excludes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more totaling $
12.3 million
and $
10.9 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Represents accruing restructured loans performing according to their restructured terms.
|
(in thousands)
|
Three months ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
136,867
|
|
|
$
|
131,042
|
|
|
$
|
133,984
|
|
|
$
|
130,322
|
|
Charge-offs
|
(13,222
|
)
|
|
(13,088
|
)
|
|
(40,168
|
)
|
|
(33,620
|
)
|
||||
Recoveries
|
3,861
|
|
|
2,647
|
|
|
11,361
|
|
|
8,487
|
|
||||
Net charge-offs
|
(9,361
|
)
|
|
(10,441
|
)
|
|
(28,807
|
)
|
|
(25,133
|
)
|
||||
Provision for loan and lease losses
|
11,997
|
|
|
13,091
|
|
|
34,326
|
|
|
28,503
|
|
||||
Balance, end of period
|
$
|
139,503
|
|
|
$
|
133,692
|
|
|
$
|
139,503
|
|
|
$
|
133,692
|
|
As a percentage of average loans and leases (annualized):
|
|
|
|
|
|
|
|
||||||||
Net charge-offs
|
0.20
|
%
|
|
0.24
|
%
|
|
0.21
|
%
|
|
0.20
|
%
|
||||
Provision for loan and lease losses
|
0.26
|
%
|
|
0.30
|
%
|
|
0.25
|
%
|
|
0.22
|
%
|
||||
Recoveries as a percentage of charge-offs
|
29.20
|
%
|
|
20.22
|
%
|
|
28.28
|
%
|
|
25.24
|
%
|
(dollars in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Amount
|
|
% Loans to total loans
|
|
Amount
|
|
% Loans to total loans
|
||||||
Commercial real estate
|
$
|
46,891
|
|
|
51.6
|
%
|
|
$
|
47,795
|
|
|
53.7
|
%
|
Commercial
|
61,574
|
|
|
21.9
|
%
|
|
58,840
|
|
|
20.4
|
%
|
||
Residential
|
18,965
|
|
|
22.4
|
%
|
|
17,946
|
|
|
22.3
|
%
|
||
Consumer & other
|
12,073
|
|
|
4.1
|
%
|
|
9,403
|
|
|
3.6
|
%
|
||
Allowance for loan and lease losses
|
$
|
139,503
|
|
|
|
|
$
|
133,984
|
|
|
|
(in thousands)
|
Three months ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
3,816
|
|
|
$
|
3,531
|
|
|
$
|
3,611
|
|
|
$
|
3,574
|
|
Net charge to other expense
|
116
|
|
|
5
|
|
|
321
|
|
|
(38
|
)
|
||||
Balance, end of period
|
$
|
3,932
|
|
|
$
|
3,536
|
|
|
$
|
3,932
|
|
|
$
|
3,536
|
|
(in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance, beginning of period
|
$
|
141,832
|
|
|
$
|
112,095
|
|
|
$
|
142,973
|
|
|
$
|
131,817
|
|
Additions for new MSR capitalized
|
8,626
|
|
|
10,177
|
|
|
23,486
|
|
|
25,020
|
|
||||
Changes in fair value:
|
|
|
|
|
|
|
|
||||||||
Due to changes in model inputs or assumptions
(1)
|
(4,861
|
)
|
|
(5,386
|
)
|
|
(13,040
|
)
|
|
(22,473
|
)
|
||||
Other
(2)
|
(4,372
|
)
|
|
(2,440
|
)
|
|
(12,194
|
)
|
|
(19,918
|
)
|
||||
Balance, end of period
|
$
|
141,225
|
|
|
$
|
114,446
|
|
|
$
|
141,225
|
|
|
$
|
114,446
|
|
(1)
|
Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
|
(2)
|
Represents changes due to collection/realization of expected cash flows over time.
|
(dollars in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Balance of loans serviced for others
|
$
|
15,007,942
|
|
|
$
|
14,327,368
|
|
MSR as a percentage of serviced loans
|
0.94
|
%
|
|
1.00
|
%
|
(dollars in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
||||||
Non-interest bearing demand
|
$
|
6,571,471
|
|
|
33
|
%
|
|
$
|
5,861,469
|
|
|
31
|
%
|
Interest bearing demand
|
2,394,240
|
|
|
12
|
%
|
|
2,296,532
|
|
|
12
|
%
|
||
Money market
|
6,700,261
|
|
|
34
|
%
|
|
6,932,717
|
|
|
36
|
%
|
||
Savings
|
1,444,801
|
|
|
7
|
%
|
|
1,325,757
|
|
|
7
|
%
|
||
Time, $100,000 or greater
|
1,846,180
|
|
|
9
|
%
|
|
1,702,982
|
|
|
9
|
%
|
||
Time, less than $100,000
|
894,957
|
|
|
5
|
%
|
|
901,528
|
|
|
5
|
%
|
||
Total
|
$
|
19,851,910
|
|
|
100
|
%
|
|
$
|
19,020,985
|
|
|
100
|
%
|
(dollars in thousands)
|
|
|
|
|
For Capital
|
|
To be Well
|
|||||||||||||
|
Actual
|
|
Adequacy purposes
|
|
Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,798,206
|
|
|
14.15
|
%
|
|
$
|
1,582,476
|
|
|
8.00
|
%
|
|
$
|
1,978,095
|
|
|
10.00
|
%
|
Umpqua Bank
|
$
|
2,624,455
|
|
|
13.30
|
%
|
|
$
|
1,578,766
|
|
|
8.00
|
%
|
|
$
|
1,973,458
|
|
|
10.00
|
%
|
Tier I Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,193,621
|
|
|
11.09
|
%
|
|
$
|
1,186,857
|
|
|
6.00
|
%
|
|
$
|
1,582,476
|
|
|
8.00
|
%
|
Umpqua Bank
|
$
|
2,481,131
|
|
|
12.57
|
%
|
|
$
|
1,184,075
|
|
|
6.00
|
%
|
|
$
|
1,578,766
|
|
|
8.00
|
%
|
Tier I Common
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,193,621
|
|
|
11.09
|
%
|
|
$
|
890,143
|
|
|
4.50
|
%
|
|
$
|
1,285,762
|
|
|
6.50
|
%
|
Umpqua Bank
|
$
|
2,481,131
|
|
|
12.57
|
%
|
|
$
|
888,056
|
|
|
4.50
|
%
|
|
$
|
1,282,748
|
|
|
6.50
|
%
|
Tier I Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,193,621
|
|
|
9.33
|
%
|
|
$
|
940,481
|
|
|
4.00
|
%
|
|
$
|
1,175,602
|
|
|
5.00
|
%
|
Umpqua Bank
|
$
|
2,481,131
|
|
|
10.57
|
%
|
|
$
|
939,169
|
|
|
4.00
|
%
|
|
$
|
1,173,962
|
|
|
5.00
|
%
|
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,707,693
|
|
|
14.72
|
%
|
|
$
|
1,471,577
|
|
|
8.00
|
%
|
|
$
|
1,839,471
|
|
|
10.00
|
%
|
Umpqua Bank
|
$
|
2,534,927
|
|
|
13.79
|
%
|
|
$
|
1,470,731
|
|
|
8.00
|
%
|
|
$
|
1,838,414
|
|
|
10.00
|
%
|
Tier I Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,108,948
|
|
|
11.47
|
%
|
|
$
|
1,103,682
|
|
|
6.00
|
%
|
|
$
|
1,471,577
|
|
|
8.00
|
%
|
Umpqua Bank
|
$
|
2,397,449
|
|
|
13.04
|
%
|
|
$
|
1,103,048
|
|
|
6.00
|
%
|
|
$
|
1,470,731
|
|
|
8.00
|
%
|
Tier I Common
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,108,948
|
|
|
11.47
|
%
|
|
$
|
827,762
|
|
|
4.50
|
%
|
|
$
|
1,195,656
|
|
|
6.50
|
%
|
Umpqua Bank
|
$
|
2,397,449
|
|
|
13.04
|
%
|
|
$
|
827,286
|
|
|
4.50
|
%
|
|
$
|
1,194,969
|
|
|
6.50
|
%
|
Tier I Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,108,948
|
|
|
9.21
|
%
|
|
$
|
915,917
|
|
|
4.00
|
%
|
|
$
|
1,144,896
|
|
|
5.00
|
%
|
Umpqua Bank
|
$
|
2,397,449
|
|
|
10.47
|
%
|
|
$
|
916,260
|
|
|
4.00
|
%
|
|
$
|
1,145,325
|
|
|
5.00
|
%
|
|
Three months ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Dividend declared per common share
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.50
|
|
|
$
|
0.48
|
|
Dividend payout ratio
|
64
|
%
|
|
57
|
%
|
|
68
|
%
|
|
65
|
%
|
Period
|
|
Total number
of Common Shares
Purchased (1)
|
|
Average Price
Paid per Common Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plan (2)
|
|
Maximum Number of Remaining Shares that May be Purchased at Period End under the Plan
|
||||||
7/1/17-7/31/17
|
|
1,722
|
|
|
$
|
18.56
|
|
|
—
|
|
|
10,582,429
|
|
|
8/1/17-8/31/17
|
|
66
|
|
|
$
|
17.31
|
|
|
—
|
|
|
10,582,429
|
|
|
9/1/17-9/30/17
|
|
49
|
|
|
$
|
19.08
|
|
|
—
|
|
|
10,582,429
|
|
|
Total for quarter
|
|
1,837
|
|
|
$
|
18.53
|
|
|
$
|
—
|
|
|
|
(1)
|
Common shares repurchased by the Company during the quarter consist of cancellation of
222
shares to be issued upon vesting of restricted stock awards and
1,615
shares to be issued upon vesting of restricted stock units to pay withholding
taxes. During the three months ended
September 30, 2017
,
no
shares were repurchased pursuant to the Company's publicly announced corporate stock repurchase plan described in (2) below.
|
(2)
|
The Company's share repurchase plan, which was first approved by its Board of Directors and announced in August 2003, was amended on September 29, 2011 to increase the number of common shares available for repurchase under the plan to
15 million
shares. The repurchase program has been extended multiple times by the board with the current expiration date of July 31, 2019. As of
September 30, 2017
, a total of
10.6 million
shares remained available for repurchase. The timing and amount of future repurchases will depend upon the market price for our common stock, laws and regulations restricting repurchases, asset growth, earnings, and our capital plan.
|
Exhibit #
|
Description
|
3.1
|
|
|
|
3.2
|
|
|
|
4.1
|
|
|
|
4.2
|
The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
31.3
|
|
|
|
32
|
|
|
|
|
|
UMPQUA HOLDINGS CORPORATION
|
|
|
(Registrant)
|
|
|
|
Dated
|
November 3, 2017
|
/s/ Cort L. O'Haver
|
|
|
Cort L. O'Haver
President and Chief Executive Officer
|
|
|
|
Dated
|
November 3, 2017
|
/s/ Ronald L. Farnsworth
|
|
|
Ronald L. Farnsworth
Executive Vice President/ Chief Financial Officer and
Principal Financial Officer
|
|
|
|
Dated
|
November 3, 2017
|
/s/ Neal T. McLaughlin
|
|
|
Neal T. McLaughlin
Executive Vice President/Treasurer and
Principal Accounting Officer
|
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