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Umpqua Holdings Reports Third Quarter 2012 Results

The allowance for non-covered credit losses increased to 1.40% of non-covered loans and leases at September 30, 2012, as compared to 1.39% of total non-covered loans and leases as of June 30, 2012 and 1.61% of total non-covered loans and leases as of September 30, 2012. The annualized net charge-off rate for the third quarter of 2012 was 0.38%. The allowance for non-covered credit losses includes the allowance for non-covered loan and lease losses and the allowance for non-covered unfunded loan commitments.

Non-covered loans past due 30 to 89 days were $28.5 million, or 0.46% of non-covered loans and leases as of September 30, 2012, as compared to $24.2 million, or 0.40% of non-covered loans and leases as of June 30, 2012, and $49.2 million, or 0.84% of non-covered loans and leases as of September 30, 2011.

Since 2007, the Company has been aggressively resolving problems arising from the current economic downturn. The following table recaps the Company’s credit quality trends since the second quarter of 2007, as it relates to the non-covered loan portfolio:

 

Credit quality trends – Non-covered loans

(Dollars in thousands)
 

Allowance for

   
    non-covered Non-covered Non-covered,
Provision for Non-covered credit losses loans non-performing
non-covered net to non-covered 30-89 days assets to
loan losses     charge-offs   loans %   past due %   total assets %
Q2 2007 $ 3,413

$

31

1.17% 0.56 % 0.59 %
Q3 2007 20,420 865 1.47% 0.99 % 0.96 %
Q4 2007 17,814 21,188 1.42% 0.64 % 1.18 %
Q1 2008 15,132 13,476 1.45% 1.13 % 1.06 %
Q2 2008 25,137 37,976 1.22% 0.31 % 1.25 %
Q3 2008 35,454 15,193 1.54% 1.16 % 1.66 %
Q4 2008 31,955 30,072 1.58% 0.96 % 1.88 %
Q1 2009 59,092 59,871 1.58% 1.47 % 1.82 %
Q2 2009 29,331 26,047 1.63% 0.80 % 1.73 %
Q3 2009 52,108 47,342 1.71% 0.76 % 1.70 %
Q4 2009 68,593 64,072 1.81% 0.69 % 2.38 %
Q1 2010 42,106 38,979 1.91% 0.93 % 1.99 %
Q2 2010 29,767 26,637 2.00% 0.70 % 1.90 %
Q3 2010 24,228 30,044 1.91% 1.41 % 1.59 %
Q4 2010 17,567 23,744 1.82% 0.85 % 1.53 %
Q1 2011 15,030 19,118 1.75% 1.25 % 1.53 %
Q2 2011 15,459 15,497 1.72% 0.76 % 1.37 %
Q3 2011 9,089 13,952 1.61% 0.84 % 1.24 %
Q4 2011 6,642 6,606 1.59% 0.60 % 1.09 %
Q1 2012 3,167 9,465 1.48% 0.35 % 1.05 %
Q2 2012 6,638 9,690 1.39% 0.40 % 1.01 %
Q3 2012   7,078     5,937 1.40% 0.46 % 0.86 %
Total $ 535,220  

$

515,802

 

Non-covered construction loan portfolio

The non-covered residential development loan segment was $64.2 million, or 1% of the total non-covered loan portfolio, as of September 30, 2012. Of this amount, $9.6 million represented non-performing loans and $18.7 million were classified as performing restructured loans. The residential development loan segment has decreased $39.5 million, or 38%, since September 30, 2011.

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