Umpqua Statistical Supplement

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2004

 

Umpqua Holdings Corporation
(Exact Name of Registrant as Specified in Its Charter)

OREGON
(State or Other Jurisdiction of Incorporation or Organization)

000-25597
 (Commission File Number)

93-1261319
(I.R.S. Employer Identification Number)

200 SW Market Street, Suite 1900
Portland, Oregon 97201
(address of Principal Executive Offices)(Zip Code)

(503) 546-2499
(Registrant's Telephone Number, Including Area Code)

(Former name or former address, if changed since last report)

 

Item 7. Financial Statements and Exhibits
 

(c)

Exhibits.
     
 

The following exhibits are being filed herewith and this list shall constitute the exhibit index:
     
 

Exhibit
     
 

(99)

Statistical Supplement

Item 9.  Regulation FD Disclosure

Attached as Exhibit 99 is a Statistical Supplement for the three years ended December 31, 2003 which is being provided to shareholders and others who have requested additional financial and statistical information from the Company that is not included in the Company's earnings release. This information is being furnished to satisfy Regulation FD, but is not deemed filed under the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

UMPQUA HOLDINGS CORPORATION
(Registrant)

 

Dated: January 21, 2004

By:/s/ Kenneth E. Roberts
     Kenneth E. Roberts
     Assistant Secretary

 

UMPQUA HOLDINGS CORPORATION
Statistical Supplement
(in thousands, except share data and ratios: unaudited)
 
  4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr Years Ended December 31,
  2003 2003 2003 2003 2002 2002 2002 2002 2001 2001 2001 2001 2003 2002 2001
Income Statement Data                              
     Interest income $ 36,608 $ 35,927 $ 34,281 $ 35,317 $ 30,058 $ 24,052 $ 23,149 $ 23,065 $ 21,724 $ 22,568 $ 21,924 $ 21,821 $ 142,132 $ 100,325 $ 88,037
     Interest expense 6,804 6,839 7,480 7,738 6,935 5,739 5,428 5,695 6,487 8,314 8,574 9,032 28,860 23,797 32,407
     Net interest income 29,804 29,088 26,801 27,579 23,123 18,313 17,721 17,370 15,237 14,254 13,350 12,789 113,272 76,528 55,630
     Provision for credit losses 1,075 1,050 950 1,475 1,384 900 600 1,004 1,750 617 496 327 4,550 3,888 3,190
     Net interest income after provision for           credit losses 28,729 28,038 25,851 26,104 21,739 17,413 17,121 16,366 13,487 13,637 12,854 12,462 108,722 72,640 52,440
     Service fees 3,188 3,256 3,198 2,914 2,541 2,138 1,877 2,084 2,066 1,871 2,011 1,820 12,556 8,640 7,768
     Brokerage fees & commissions 2,554 2,635 2,370 1,939 2,208 2,299 2,331 2,174 2,125 2,221 2,033 1,930 9,498 9,012 8,309
     Mortgage banking revenue, net 1,200 3,160 2,834 4,279 3,989 1,190 2,216 1,679 2,195 861 1,375 675 11,473 9,073 5,106
     Gain (loss) on sale of securities 2 10 2,136 7 6 396 (901) 2 8 26 20 156 2,155 (497) 210
     Other income 760 455 1,100 1,045 412 682 478 541 732 334 562 377 3,361 2,113 2,005
     Total noninterest income 7,704 9,516 11,638 10,184 9,156 6,705 6,001 6,480 7,126 5,313 6,001 4,958 39,043 28,341 23,398
     Salaries and employee benefits 13,583 13,438 13,171 12,899 10,877 8,963 8,568 8,709 7,997 7,660 7,546 7,017 53,090 37,117 30,220
     Premises and equipment 3,770 3,534 3,947 3,582 2,936 2,348 2,213 2,099 2,169 2,139 2,061 1,914 14,834 9,596 8,283
     Other non interest expense 6,077 6,332 6,760 6,093 5,221 3,810 4,108 4,109 4,385 3,927 4,032 3,424 25,263 17,249 15,768
     Total noninterest expense 23,430 23,304 23,878 22,574 19,034 15,121 14,889 14,917 14,551 13,726 13,639 12,355 93,187 63,962 54,271
     Operating income before income tax &           merger expense 13,003 14,250 13,611 13,714 11,861 8,997 8,233 7,929 6,062 5,224 5,216 5,065 54,578 37,020 21,567
     Provision for income taxes 4,412 4,983 4,807 4,925 4,398 2,987 2,951 2,995 2,412 1,947 1,832 1,990 19,127 13,332 8,181
     Net income before merger expenses $ 8,591 $ 9,267 $ 8,804 $ 8,789 $ 7,463 $ 6,010 $ 5,282 $ 4,934 $ 3,650 $ 3,277 $ 3,384 $ 3,075 $ 35,451 $ 23,689 $ 13,387
     Merger expenses net of tax benefit - 251 672 409 748 - - 973 4,241 - 110 486 1,332 1,721 4,837
     Net income $ 8,591 $ 9,016 $ 8,132 $ 8,380 $ 6,715 $ 6,010 $ 5,282 $ 3,961 $ (591) $ 3,277 $ 3,274 $ 2,589 $ 34,119 $ 21,968 $ 8,550
Share Data(1)                              
Before Merger Expenses:                              
     Basic earnings per common share $ 0.30 $ 0.33 $ 0.31 $ 0.31 $ 0.31 $ 0.30 $ 0.26 $ 0.25 $ 0.19 $ 0.17 $ 0.18 $ 0.16 $ 1.25 $ 1.13 $ 0.71
     Diluted earnings per common share $ 0.30 $ 0.32 $ 0.31 $ 0.31 $ 0.31 $ 0.29 $ 0.26 $ 0.24 $ 0.19 $ 0.17 $ 0.18 $ 0.16 $ 1.24 $ 1.11 $ 0.70
After Merger Expenses:                              
     Basic earnings per common share $ 0.30 $ 0.32 $ 0.29 $ 0.30 $ 0.28 $ 0.30 $ 0.26 $ 0.20 $ (0.03) $ 0.17 $ 0.17 $ 0.14 $ 1.21 $ 1.04 $ 0.46
     Diluted earnings per common share $ 0.30 $ 0.31 $ 0.28 $ 0.29 $ 0.28 $ 0.29 $ 0.26 $ 0.20 $ (0.03) $ 0.17 $ 0.17 $ 0.14 $ 1.19 $ 1.03 $ 0.45
     Tangible book value per common share $ 5.61 $ 5.36 $ 5.10 $ 4.86 $ 4.55 $ 6.21 $ 5.93 $ 5.60 $ 5.49 $ 5.83 $ 5.70 $ 5.54 $ 5.61 $ 4.55 $ 5.49
     Book value per common share $ 11.23 $ 11.00 $ 10.77 $ 10.57 $ 10.30 $ 7.51 $ 7.23 $ 6.91 $ 6.78 $ 6.49 $ 6.28 $ 6.14 $ 11.23 $ 10.30 $ 6.78
     Cash dividends per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.03 $ 0.03 $ 0.03 $ 0.16 $ 0.16 $ 0.13
     Ratio of dividends declared to net income 13.23% 12.59% 13.92% 13.50% 16.68% 13.39% 15.22% 20.32% -133.90% 17.69% 17.64% 22.27% 13.29% 16.09% 29.53%
     Shares outstanding 28,411,816 28,365,814 28,331,279 28,234,620 27,980,591 20,137,343 20,108,342 19,970,763 19,952,965 18,831,406 18,769,937 18,739,897 28,411,816 27,980,591 19,952,965
     Basic weighted average shares of common           stock outstanding 28,389,064 28,343,696 28,283,843 28,157,475 24,054,398 20,125,583 20,041,973 19,960,668 18,837,665 18,791,249 18,759,099 18,736,884 28,294,291 21,054,351 18,781,813
     Common stock equivalents 413,101 359,195 384,083 412,669 309,762 273,213 276,731 243,474 270,288 274,579 218,513 196,459 371,779 251,686 224,536
     Fully diluted weighted average shares of           common stock outstanding 28,802,165 28,702,891 28,667,926 28,570,144 24,364,160 20,398,796 20,318,704 20,204,142 19,107,953 19,065,828 18,977,612 18,933,343 28,666,070 21,306,037 19,006,349
Balance Sheet Data (at period end)                              
     Investment securities $ 517,781 $ 422,973 $ 370,878 $ 374,000 $ 349,615 $ 272,007 $ 197,320 $ 191,189 $ 212,722 $ 210,829 $ 186,672 $ 213,472 $ 517,781 $ 349,615 $ 212,722
     Loans & leases, gross (excl held-for-sale) 2,003,587 1,935,482 1,877,238 1,823,311 1,778,315 1,076,521 1,051,008 1,041,553 1,016,142 869,397 840,381 774,032 2,003,587 1,778,315 1,016,142
     Less: Allowance for credit losses 25,352 25,312 25,316 24,538 24,731 15,038 14,698 14,271 13,221 10,831 10,467 10,093 25,352 24,731 13,221
     Loans & leases, net (excl held-for-sale) 1,978,235 1,910,170 1,851,922 1,798,773 1,753,584 1,061,483 1,036,310 1,027,282 1,002,921 858,566 829,914 763,939 1,978,235 1,753,584 1,002,921
     Intangible assets 159,585 160,012 160,547 161,181 160,967 26,105 26,117 26,169 25,841 12,463 10,964 11,208 159,585 160,967 25,841
     Total assets 2,963,815 2,811,195 2,747,057 2,645,915 2,555,964 1,586,955 1,489,711 1,437,172 1,428,711 1,298,936 1,230,348 1,186,549 2,963,815 2,555,964 1,428,711
     Total deposits 2,378,192 2,263,211 2,282,909 2,178,769 2,103,790 1,347,494 1,278,086 1,207,513 1,204,893 1,108,964 1,048,175 1,010,308 2,378,192 2,103,790 1,204,893
     Total shareholders' equity 318,969 311,987 305,104 298,469 288,159 151,214 145,377 137,913 135,301 122,214 117,949 115,069 318,969 288,159 135,301
Balance Sheet Data (averages)                              
     Gross loans and leases (w/o loans held for           sale) $ 1,945,568 $ 1,900,862 $ 1,827,360 $ 1,796,875 $ 1,410,341 $ 1,063,939 $ 1,041,251 $ 1,020,288 $ 901,767 $ 860,076 $ 825,013 $ 766,537 $ 1,868,165 $ 1,134,832 $ 838,348
     Earning assets 2,499,933 2,412,628 2,296,639 2,223,745 1,829,405 1,406,057 1,286,561 1,269,298 1,160,424 1,153,474 1,081,933 1,051,934 2,359,142 1,449,250 1,111,941
     Total assets 2,863,045 2,759,590 2,636,203 2,579,051 2,071,194 1,539,335 1,431,889 1,410,246 1,277,199 1,269,272 1,189,620 1,158,780 2,710,388 1,614,775 1,223,718
     Total shareholders' equity 314,184 305,751 301,314 292,767 215,557 149,350 143,008 138,473 123,205 120,381 116,564 113,494 303,569 161,774 118,411
Other Financial Data                              
     Total loan charge-offs $ 1,591 $ 2,045 $ 466 $ 1,975 $ 1,760 $ 669 $ 234 $ 129 $ 1,346 $ 487 $ 164 $ 149 $ 6,077 $ 2,792 $ 2,146
     Total loan recoveries 556 991 294 307 212 109 61 176 121 235 41 76 2,148 558 474
     Net loan charge-offs (recoveries) 1,035 1,054 172 1,668 1,548 560 173 (47) 1,225 251 123 72 3,929 2,234 1,672
     Loans 90 days past due and still accruing 927 533 1,112 963 3,243 520 2,559 2,166 311 398 304 296 927 3,243 311
     Non-accrual loans 10,498 12,861 20,767 16,853 15,152 4,803 4,140 2,527 3,055 745 1,665 701 10,498 15,152 3,055
     Total nonperforming loans 11,425 13,394 21,879 17,816 18,395 5,323 6,699 4,693 3,366 1,143 1,969 997 11,425 18,395 3,366
     Other real estate owned 2,529 2,452 2,504 3,430 2,209 756 1,384 1,430 1,061 108 - - 2,529 2,209 1,061
     Nonperforming assets 13,954 15,846 24,383 21,246 20,604 6,079 8,083 6,123 4,427 1,251 1,969 997 13,954 20,604 4,427
Selected Ratios                              
Before Merger Expenses:                              
     Return on average total assets           (annualized) 1.19% 1.33% 1.34% 1.38% 1.43% 1.55% 1.48% 1.42% 1.13% 1.02% 1.14% 1.08% 1.31% 1.47% 1.09%
     Return on average total shareholders'           equity (annualized) 10.85% 12.02% 11.72% 12.17% 13.74% 15.97% 14.82% 14.45% 11.75% 10.80% 11.64% 10.99% 11.68% 14.64% 11.30%
     Return on average tangible shareholders'           equity (annualized) 22.10% 25.31% 25.19% 27.04% 23.76% 19.35% 18.14% 17.79% 13.92% 11.96% 12.87% 12.19% 24.80% 19.76% 12.59%
     Efficiency ratio (3) - Umpqua Bank only 56.89% 55.94% 57.51% 54.98% 52.88% 55.08% 57.22% 58.35% 60.19% 60.78% 59.80% 60.29% 56.32% 55.58% 58.23%
     Efficiency ratio (3) 62.10% 59.98% 61.55% 59.16% 58.23% 59.58% 61.83% 61.64% 64.16% 68.87% 69.30% 68.30% 60.70% 60.15% 67.52%
     Non interest revenue to Total revenue (TE) 20.42% 24.49% 30.00% 26.69% 28.01% 26.42% 24.92% 26.78% 31.42% 26.66% 30.49% 27.41% 25.43% 26.65% 29.11%
     Effective tax rate 33.93% 34.97% 35.32% 35.91% 37.08% 33.20% 35.84% 37.77% 39.79% 37.27% 35.12% 39.29% 35.05% 36.01% 37.93%
After Merger Expenses:                              
     Return on average total assets           (annualized) 1.19% 1.30% 1.24% 1.32% 1.29% 1.55% 1.48% 1.14% -0.18% 1.02% 1.10% 0.91% 1.26% 1.36% 0.70%
     Return on average total shareholders'           equity (annualized) 10.85% 11.70% 10.83% 11.61% 12.36% 15.97% 14.82% 11.60% -1.90% 10.80% 11.27% 9.25% 11.24% 13.58% 7.22%
     Return on average tangible shareholders'           equity (annualized) 22.10% 24.63% 23.27% 25.78% 21.38% 19.35% 18.14% 14.28% -2.25% 11.96% 12.45% 10.26% 23.87% 18.33% 8.04%
     Average yield on earning assets (2)           (annualized) 5.85% 5.95% 6.05% 6.51% 6.61% 6.89% 7.33% 7.48% 7.54% 7.89% 8.25% 8.54% 6.08% 7.02% 8.04%
     Interest expense to interest bearing           liabilities(2)(annualized) 1.39% 1.47% 1.69% 1.78% 1.92% 2.12% 2.19% 2.32% 2.86% 3.67% 4.08% 4.45% 1.58% 2.12% 3.74%
     Net interest spread (2) 4.45% 4.48% 4.36% 4.73% 4.69% 4.77% 5.14% 5.16% 4.67% 4.22% 4.17% 4.09% 4.50% 4.91% 4.30%
     Interest expense to earning assets           (annualized) 1.08% 1.12% 1.31% 1.41% 1.50% 1.62% 1.69% 1.82% 2.22% 2.86% 3.18% 3.48% 1.22% 1.64% 2.91%
     Net interest margin (2) (annualized) 4.77% 4.82% 4.74% 5.10% 5.10% 5.27% 5.63% 5.66% 5.32% 5.03% 5.07% 5.06% 4.85% 5.38% 5.13%
     Net interest margin (2) (annualized) -           Umpqua Bank only 4.91% 4.98% 4.90% 5.27% 5.28% 5.27% 5.63% 5.66% 5.32% 5.03% 5.07% 5.06% 5.01% 5.44% 5.13%
Asset Quality Ratios                              
     Allowance for possible loan and lease           losses to ending total loans and leases 1.27% 1.31% 1.35% 1.35% 1.39% 1.40% 1.40% 1.37% 1.30% 1.25% 1.25% 1.30% 1.27% 1.39% 1.30%
     Nonperforming loans to ending total loans           and leases 0.57% 0.69% 1.17% 0.98% 1.03% 0.49% 0.64% 0.45% 0.33% 0.13% 0.23% 0.13% 0.57% 0.49% 0.33%
     Nonperforming assets to ending total           assets 0.47% 0.56% 0.89% 0.80% 0.81% 0.38% 0.54% 0.43% 0.31% 0.10% 0.16% 0.08% 0.47% 0.81% 0.31%
     Net loan charge-offs (recoveries) to avg           loans and leases (annualized) 0.21% 0.22% 0.04% 0.38% 0.44% 0.21% 0.07% -0.02% 0.54% 0.12% 0.06% 0.04% 0.21% 0.20% 0.20%
Capital Ratio                              
     Average shareholders' equity to average           assets 10.97% 11.08% 11.43% 11.35% 10.41% 9.70% 9.99% 9.82% 9.65% 9.48% 9.80% 9.79% 11.20% 10.02% 9.68%
Year to Date Growth                              
     Loans 12.67% 8.84% 5.56% 2.53% 75.01% 5.94% 3.43% 2.50% 35.12% 15.61% 11.75% 2.93% 12.67% 75.01% 35.12%
     Deposits 13.04% 7.58% 8.51% 3.56% 74.60% 11.84% 6.07% 0.22% 21.27% 11.61% 5.50% 1.68% 13.04% 74.60% 21.27%
     Total assets 15.96% 9.99% 7.48% 3.52% 78.90% 11.08% 4.27% 0.59% 23.26% 12.06% 6.14% 2.36% 15.96% 78.90% 23.26%
Mortgage Banking Revenue                              
     Gain (loss) on origination and sale 1,208 2,424 4,867 4,985 4,904 2,377 1,892 1,662 2,053 1,639 1,643 937 13,484 10,834 6,272
     Servicing income before accelerated           amortization 299 318 323 253 227 207 193 177 132 113 102 110 1,193 804 457
     Accelerated servicing right amortization (527) (1,222) (1,056) (709) (670) (343) (169) (160) (225) (117) (168) (117) (3,514) (1,342) (627)
     Sub total before mortgage servicing right           (MSR) valuation change 980 1,520 4,134 4,529 4,461 2,241 1,916 1,679 1,960 1,635 1,577 930 11,163 10,296 6,102
     MSR valuation change 220 1,640 (1,700) (250) (471) (1,050) 300 - 235 (774) (202) (255) (90) (1,221) (996)
     Total Mortgage Banking Revenue 1,200 3,160 2,434 4,279 3,990 1,191 2,216 1,679 2,195 861 1,375 675 11,073 9,075 5,106
Mortrgage Servicing Right Asset                              
     Gross Mortgage Servicing Right Asset 12,515 12,859 13,041 12,646 11,533 8,789 7,764 6,987 5,872 4,705 3,999 3,292 12,515 11,533 5,872
          less: valuation reserve (1,907) (2,127) (3,767) (2,467) (2,217) (1,746) (696) (996) (996) (1,231) (457) (255) (1,907) (2,217) (996)
     Net Mortgage Servicing Right Asset 10,608 10,732 9,274 10,179 9,316 7,043 7,068 5,991 4,876 3,474 3,542 3,037 10,608 9,316 4,876
     Net Mortgage Servicing Right Asset as %           of serviced loan portfolio 0.91% 0.91% 0.77% 0.90% 0.91% 0.87% 0.98% 0.94% 0.91% 0.79% 0.92% 0.90% 0.91% 0.91% 0.91%
                               
                               
(1) Per share data has been adjusted for subsequent stock dividends and stock splits.                  
(2) Tax exempt interest income has been adjusted to a tax equivalent basis at a 35% effective tax rate beginning in 2001. Prior years at 34%.           
(3) Efficiency ratio is noninterest expense divided by the sum of net interest income (tax equivalent basis) plus noninterest income.