- 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%.
Umpqua Holdings Reports First Quarter 2012 Results
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