This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Umpqua Holdings Reports First Quarter 2012 Results

Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua Bank and Umpqua Investments Inc., today announced first quarter 2012 net earnings available to common shareholders of $25.3 million, or $0.23 per diluted common share, compared to net earnings available to common shareholders of $21.3 million, or $0.19 per diluted common share for the fourth quarter of 2011, and $13.4 million, or $0.12 per diluted common share, for the same period in the prior year.

Operating earnings (1) , defined as earnings available to common shareholders before gains or losses on junior subordinated debentures carried at fair value, net of tax; bargain purchase gains on acquisitions, net of tax; merger related expenses, net of tax; and goodwill impairment, were $25.7 million, or $0.23 per diluted common share for the first quarter of 2012, compared to operating earnings of $21.6 million, or $0.19 per diluted common share for the fourth quarter of 2011, and $13.8 million, or $0.12 per diluted common share, for the same period in the prior year.

Significant financial statement items for the first quarter of 2012 include:

  • Non-covered loans and leases grew $53 million and total non-covered loan commitments increased $60 million;
  • Record mortgage banking revenue of $13.1 million on closed loan volume of $403 million;
  • Core net interest margin (1) increased 13 basis points to 4.00% in the first quarter primarily due to lower average interest bearing cash balances, increased average non-covered loan balances and lower cost of interest bearing deposit balances;
  • Non-covered, non-performing assets continues to decline, down to 1.05% of total assets;
  • Non-covered loans past due 30-89 days declined 41%;
  • Non-covered classified assets declined 7%;
  • Provision for non-covered loan losses of $3.2 million and non-covered net charge-offs of $9.5 million, with the difference between the two resulting from the charge-off of specific reserves established in the prior quarter and continued improvement in the loan portfolio;
  • The allowance for non-covered credit losses ended the quarter at 1.48% of total non-covered loans and leases;
  • The cost of interest bearing deposits for the first quarter of 2012 was 0.49%, representing a decrease of 9 basis points on a sequential quarter basis;
  • Debt Capital Markets revenue of $3.1 million;
  • Tangible common equity ratio of 9.38%; and
  • Total risk-based capital of 17.04%, and tier 1 common to risk weighted asset ratio of 12.95%.

“This was another strong quarter for Umpqua Holdings led by record revenues from our Home Lending and our Debt Capital Markets divisions,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “Credit quality is performing as expected as our non-performing assets continue to decline while our total loans outstanding continue to grow. We believe that Umpqua has never been better positioned to benefit from both of our growth strategies - organic expansion and potential acquisitions.”

1 of 13

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs