[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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for the fiscal year ended: December 31, 2014
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[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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for the transition period from
to
.
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OREGON
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93-1261319
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(State or Other Jurisdiction
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(I.R.S. Employer Identification Number)
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of Incorporation or Organization)
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Title of each class
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Name of each exchange on which registered
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NONE
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Securities registered pursuant to Section 12(g) of the Act: Common Stock
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•
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our ability to attract new deposits and loans and leases;
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•
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demand for financial services in our market areas;
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•
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competitive market pricing factors;
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•
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deterioration in economic conditions that could result in increased loan and lease losses;
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•
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risks associated with concentrations in real estate related loans;
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•
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market interest rate volatility;
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•
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compression of our net interest margin;
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•
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stability of funding sources and continued availability of borrowings;
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•
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changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
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•
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our ability to recruit and retain key management and staff;
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•
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availability of, and competition for acquisition opportunities;
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•
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risks associated with merger and acquisition integration;
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•
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significant decline in the market value of the Company that could result in an impairment of goodwill;
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•
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our ability to raise capital or incur debt on reasonable terms;
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•
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regulatory limits on the Bank's ability to pay dividends to the Company;
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•
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the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") on the Company's business operations, including the impact of provisions and regulations related to executive compensation;
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•
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FDIC deposit insurance
assessments, and interchange fees, which may affect our regulatory compliance costs, interest expense and ability to recruit executives; and
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•
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the impact of the new "Basel III" capital rules issued by federal banking regulators in July 2013 ("Basel III Rules") including on the fair value, of our trust preferred securities.
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•
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benefits from the Merger may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which we operate;
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•
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Merger integration may take longer to accomplish than expected;
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•
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the anticipated growth opportunities and cost savings from the Merger may not be fully realized or may take longer to realize than expected;
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•
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operating costs, customer losses and business disruption following the Merger and during integration activities, including adverse developments in relationships with employees, may be greater than expected; and
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•
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management time and effort will be diverted to the resolution of Merger-related issues.
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Oregon
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Washington
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||||||||||||
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Market
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Market
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Number
|
|
|
Market
|
Market
|
Number
|
||||||
County
|
Share
|
Rank
|
of Stores
|
|
County
|
Share
|
Rank
|
of Stores
|
||||||
Baker
|
31.9
|
%
|
1
|
|
1
|
|
|
Adams
|
20.86
|
%
|
3
|
|
2
|
|
Benton
|
7.4
|
%
|
7
|
|
2
|
|
|
Asotin
|
17.23
|
%
|
2
|
|
2
|
|
Clackamas
|
2.3
|
%
|
9
|
|
6
|
|
|
Benton
|
4.78
|
%
|
8
|
|
2
|
|
Columbia
|
15.8
|
%
|
3
|
|
1
|
|
|
Clallam
|
3.64
|
%
|
10
|
|
2
|
|
Coos
|
37.8
|
%
|
1
|
|
5
|
|
|
Clark
|
17.66
|
%
|
2
|
|
13
|
|
Curry
|
47.2
|
%
|
1
|
|
4
|
|
|
Columbia
|
27.65
|
%
|
2
|
|
1
|
|
Deschutes
|
7.7
|
%
|
6
|
|
8
|
|
|
Douglas
|
12.62
|
%
|
3
|
|
1
|
|
Douglas
|
64.2
|
%
|
1
|
|
9
|
|
|
Franklin
|
4.87
|
%
|
9
|
|
1
|
|
Grant
|
21.4
|
%
|
3
|
|
1
|
|
|
Garfield
|
58.08
|
%
|
1
|
|
1
|
|
Harney
|
23.2
|
%
|
3
|
|
1
|
|
|
Grant
|
7.81
|
%
|
7
|
|
2
|
|
Jackson
|
18.3
|
%
|
1
|
|
11
|
|
|
Grays Harbor
|
9.51
|
%
|
4
|
|
3
|
|
Josephine
|
21.2
|
%
|
1
|
|
5
|
|
|
King
|
2.6
|
%
|
8
|
|
26
|
|
Klamath
|
27.0
|
%
|
2
|
|
5
|
|
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Kitsap
|
0.81
|
%
|
14
|
|
1
|
|
Lake
|
27.8
|
%
|
3
|
|
1
|
|
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Kittitas
|
12.06
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%
|
4
|
|
2
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Lane
|
16.1
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%
|
2
|
|
10
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|
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Klickitat
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34.22
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%
|
1
|
|
2
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Lincoln
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7.1
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%
|
7
|
|
2
|
|
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Lewis
|
15.83
|
%
|
2
|
|
4
|
|
Linn
|
12.1
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%
|
5
|
|
3
|
|
|
Okanogan
|
22.92
|
%
|
2
|
|
2
|
|
Malheur
|
23.3
|
%
|
2
|
|
3
|
|
|
Pierce
|
4.19
|
%
|
8
|
|
12
|
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Marion
|
8.6
|
%
|
5
|
|
4
|
|
|
Skamania
|
61.72
|
%
|
1
|
|
1
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Multnomah
|
4.6
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%
|
6
|
|
20
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|
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Snohomish
|
1.58
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%
|
13
|
|
2
|
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Polk
|
6.2
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%
|
7
|
|
1
|
|
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Spokane
|
11.8
|
%
|
4
|
|
9
|
|
Tillamook
|
32.0
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%
|
2
|
|
2
|
|
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Thurston
|
3.73
|
%
|
11
|
|
4
|
|
Umatilla
|
5.2
|
%
|
7
|
|
2
|
|
|
Walla Walla
|
4.01
|
%
|
5
|
|
2
|
|
Union
|
24.5
|
%
|
1
|
|
3
|
|
|
Whatcom
|
2.43
|
%
|
12
|
|
4
|
|
Wallowa
|
24.1
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%
|
2
|
|
1
|
|
|
Whitman
|
5.46
|
%
|
7
|
|
3
|
|
Washington
|
6.8
|
%
|
6
|
|
8
|
|
|
|
|
|
|
|||
Yamhill
|
2.4
|
%
|
9
|
|
1
|
|
|
|
|
|
|
California
|
|
Idaho
|
||||||||||||
|
Market
|
Market
|
Number
|
|
|
Market
|
Market
|
Number
|
||||||
County
|
Share
|
Rank
|
of Stores
|
|
County
|
Share
|
Rank
|
of Stores
|
||||||
Amador
|
4.4
|
%
|
7
|
|
1
|
|
|
Ada
|
0.6
|
%
|
17
|
|
2
|
|
Butte
|
2.7
|
%
|
10
|
|
2
|
|
|
Adams
|
34.7
|
%
|
2
|
|
1
|
|
Calaveras
|
26.4
|
%
|
2
|
|
4
|
|
|
Benewah
|
17.1
|
%
|
4
|
|
1
|
|
Colusa
|
38.7
|
%
|
1
|
|
2
|
|
|
Idaho
|
47.9
|
%
|
1
|
|
3
|
|
Contra Costa
|
0.6
|
%
|
16
|
|
3
|
|
|
Kootenai
|
2.9
|
%
|
10
|
|
3
|
|
El Dorado
|
6.3
|
%
|
5
|
|
5
|
|
|
Latah
|
25.7
|
%
|
2
|
|
3
|
|
Glenn
|
29.0
|
%
|
2
|
|
2
|
|
|
Nez Perce
|
15.8
|
%
|
3
|
|
2
|
|
Humboldt
|
23.0
|
%
|
1
|
|
7
|
|
|
Valley
|
23.2
|
%
|
3
|
|
2
|
|
Lake
|
17.9
|
%
|
2
|
|
2
|
|
|
|
|
|
|
|||
Los Angeles
|
0.0
|
%
|
86
|
|
2
|
|
|
Nevada
|
||||||
Marin
|
2.0
|
%
|
12
|
|
2
|
|
|
Washoe
|
0.2
|
%
|
8
|
|
4
|
|
Mendocino
|
3.0
|
%
|
7
|
|
1
|
|
|
|
|
|
|
|||
Napa
|
9.0
|
%
|
4
|
|
6
|
|
|
|
|
|
|
|||
Orange
|
0.2
|
%
|
39
|
|
1
|
|
|
|
|
|
|
|||
Placer
|
4.7
|
%
|
6
|
|
9
|
|
|
|
|
|
|
|||
Sacramento
|
0.7
|
%
|
19
|
|
6
|
|
|
|
|
|
|
|||
San Diego
|
0.1
|
%
|
35
|
|
3
|
|
|
|
|
|
|
|||
San Francisco
|
0.0
|
%
|
41
|
|
2
|
|
|
|
|
|
|
|||
San Joaquin
|
0.5
|
%
|
18
|
|
1
|
|
|
|
|
|
|
|||
San Luis Obispo
|
0.2
|
%
|
12
|
|
1
|
|
|
|
|
|
|
|||
Santa Clara
|
0.0
|
%
|
43
|
|
1
|
|
|
|
|
|
|
|||
Shasta
|
1.7
|
%
|
9
|
|
1
|
|
|
|
|
|
|
|||
Solano
|
3.2
|
%
|
8
|
|
4
|
|
|
|
|
|
|
|||
Sonoma
|
5.4
|
%
|
7
|
|
10
|
|
|
|
|
|
|
|||
Stanislaus
|
0.7
|
%
|
16
|
|
2
|
|
|
|
|
|
|
|||
Sutter
|
12.7
|
%
|
2
|
|
2
|
|
|
|
|
|
|
|||
Tehama
|
17.2
|
%
|
1
|
|
2
|
|
|
|
|
|
|
|||
Trinity
|
27.2
|
%
|
2
|
|
1
|
|
|
|
|
|
|
|||
Tuolumne
|
14.9
|
%
|
3
|
|
5
|
|
|
|
|
|
|
|||
Ventura
|
0.0
|
%
|
25
|
|
1
|
|
|
|
|
|
|
|||
Yolo
|
2.3
|
%
|
12
|
|
1
|
|
|
|
|
|
|
|||
Yuba
|
27.2
|
%
|
2
|
|
2
|
|
|
|
|
|
|
•
|
prohibits banks from providing correspondent accounts directly to foreign shell banks;
|
•
|
imposes due diligence requirements on banks opening or holding accounts for foreign financial institutions or wealthy foreign individuals;
|
•
|
requires financial institutions to establish an anti-money-laundering ("AML") compliance program; and
|
•
|
generally eliminates civil liability for persons who file suspicious activity reports.
|
•
|
prohibition on personal loans by Umpqua to its directors and executive officers except loans made by the Bank in accordance with federal banking regulations;
|
•
|
independence requirements for Board audit committee members and our auditors;
|
•
|
certification of reports under the Securities Exchange Act of 1934 ("Exchange Act") by the chief executive officer, chief financial officer and principal accounting officer;
|
•
|
disclosure of off-balance sheet transactions;
|
•
|
expedited reporting of stock transactions by insiders; and
|
•
|
increased criminal penalties for violations of securities laws.
|
•
|
management to establish, maintain, and evaluate disclosure controls and procedures;
|
•
|
management to report on its annual assessment of the effectiveness of internal controls over financial reporting;
|
•
|
our external auditor to attest to the effectiveness of internal controls over financial reporting.
|
•
|
Created a systemic-risk council of top regulators, the Financial Stability Oversight Council (FSOC), whose purpose is to identify risks and respond to emerging threats to the financial stability of the U.S. arising from large, interconnected bank holding companies or nonbank financial companies;
|
•
|
Gave the FDIC authority to unwind large failing financial firms. Treasury would supply funds to cover the up-front costs of winding down the failed firm, but the government would have to put a "repayment plan" in place. Regulators will recoup any losses incurred from the wind-down afterwards by assessing fees on financial firms with more than $50 billion in assets;
|
•
|
Directed the FDIC to base deposit-insurance assessments on assets minus tangible capital instead of on domestic deposits and requires the FDIC to increase premium rates to raise the Deposit Insurance Fund's ("DIF") minimum reserve ratio from 1.15% to 1.35% by September 30, 2020. Banks, like Umpqua, with consolidated assets greater than $10 billion would pay the increased premiums;
|
•
|
Permanently increased FDIC deposit-insurance coverage to $250,000, retroactive to January 1, 2008. The act also eliminated the 1.5% cap on the DIF reserve ratio and automatic dividends when the ratio exceeds 1.35%. The FDIC also has discretion on whether to provide dividends to DIF members;
|
•
|
Authorized banks to pay interest on business checking accounts;
|
•
|
Created the CFPB, housed under the Federal Reserve and led by a director appointed by the President and confirmed by the Senate. All existing consumer laws and regulations will be transferred to this agency and each existing regulatory agency will contribute their respective consumer regulatory and exam staffs to the CFPB;
|
•
|
Gave the CFPB the authority to write consumer protection rules for banks and nonbank financial firms offering consumer financial services or products and to ensure that consumers are protected from "unfair, deceptive, or abusive" acts or practices. The CFPB also now has authority to examine and enforce regulations for banks with greater than $10 billion in assets;
|
•
|
Authorized the CFPB to require banks to compile and provide reports relating to its consumer lending, marketing and other consumer business activities and to make that information available to the public if doing so "in the public interest";
|
•
|
Directed the Federal Reserve to set interchange fees for debit card transactions charged by banks with more than $10 billion in assets. The Federal Reserve must establish what it determines are reasonable fees by factoring in their transaction costs compared to those for checks;
|
•
|
Requires loan originators to retain 5% of any loan sold and securitized, unless it is a "qualified residential mortgage", which includes standard 30 and 15 year fixed rate loans. It also specifically exempts from risk retention FHA, VA, Farmer Mac and Rural Housing Service loans;
|
•
|
Adopted additional various mortgage lending and predatory lending provisions;
|
•
|
Required federal regulators jointly to prescribe regulations mandating that financial institutions with more than $1 billion in assets to disclose to their regulators their incentive compensation plans to permit the regulators to determine whether the plans provide executive officers, employees, directors or principal shareholders with excessive compensation, fees or benefits, or could lead to material financial loss to the institution;
|
•
|
Imposed a number of requirements related to executive compensation that apply to all public companies, such as prohibition of broker discretionary voting in connection with a shareholder vote on executive compensation; mandatory shareholder "say on pay" (every one to three years) and "say on golden parachutes"; and clawback of incentive compensation from current or former executive officers following any accounting restatement;
|
•
|
Established a modified version of the "Volcker Rule" and generally prohibits banks from engaging in proprietary trading or holding or obtaining an interest in a hedge fund or private equity fund, to the extent that it would exceed 3% of the bank's Tier 1 capital. A bank's interest in any single hedge fund or private equity fund may not exceed 3% of the assets of that fund.
|
•
|
Provide employees incentives that appropriately balance risk and reward.
|
•
|
Be compatible with effective controls and risk- management; and
|
•
|
Be supported by strong corporate governance, including active and effective oversight by the board;
|
•
|
Increased regulation of our industry, including the continued implementation of regulations under the Dodd-Frank Act. Compliance with such regulation will increase our costs, reduce existing sources of revenue and may limit our ability to pursue business opportunities.
|
•
|
Our ability to assess the creditworthiness of our customers may be impaired if the models and approaches we use to select, manage, and underwrite our customers become less predictive of future performance.
|
•
|
The process we use to estimate losses inherent in our loan portfolio requires difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of our borrowers to repay their loans, which process may no longer be capable of accurate estimation and may, in turn, impact its reliability.
|
•
|
There may be downward pressure on our stock price.
|
•
|
We may face increased competition due to intensified consolidation of the financial services industry.
|
Quarter Ended
|
High
|
|
|
Low
|
|
|
Cash Dividend Per Share
|
|
|||
December 31, 2014
|
$
|
17.98
|
|
|
$
|
14.94
|
|
|
$
|
0.15
|
|
September 30, 2014
|
$
|
18.39
|
|
|
$
|
16.22
|
|
|
$
|
0.15
|
|
June 30, 2014
|
$
|
19.36
|
|
|
$
|
19.00
|
|
|
$
|
0.15
|
|
March 31, 2014
|
$
|
19.60
|
|
|
$
|
16.50
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
||||||
December 31, 2013
|
$
|
19.65
|
|
|
$
|
16.09
|
|
|
$
|
0.15
|
|
September 30, 2013
|
$
|
17.48
|
|
|
$
|
15.08
|
|
|
$
|
0.15
|
|
June 30, 2013
|
$
|
15.29
|
|
|
$
|
11.45
|
|
|
$
|
0.20
|
|
March 31, 2013
|
$
|
13.54
|
|
|
$
|
12.00
|
|
|
$
|
0.10
|
|
(shares in thousands)
|
|
|
|
|
|
|||||
|
|
Equity Compensation Plan Information
|
||||||||
|
|
(A)
|
|
(B)
|
|
(C)
|
||||
|
|
Number of securities
|
|
|
|
Number of securities
|
||||
|
|
to be issued
|
|
Weighted average
|
|
remaining available for future
|
||||
|
|
upon exercise of
|
|
exercise price of
|
|
issuance under equity
|
||||
|
|
outstanding options
|
|
outstanding options,
|
|
compensation plans excluding
|
||||
Plan category
|
|
warrants and rights
|
|
warrants and rights (4)
|
|
securities reflected in column (A)
|
||||
Equity compensation plans
|
|
|
|
|
|
|
||||
approved by security holders
|
|
|
|
|
|
|
||||
2013 Stock Incentive Plan (1)
|
|
—
|
|
|
$
|
—
|
|
|
3,000
|
|
2003 Stock Incentive Plan (1)
|
|
708
|
|
|
$
|
17.64
|
|
|
—
|
|
2007 Long Term Incentive Plan (1),(2)
|
|
25
|
|
|
$
|
—
|
|
|
—
|
|
Other (3)
|
|
787
|
|
|
$
|
12.71
|
|
|
—
|
|
Total
|
|
1,520
|
|
|
$
|
16.80
|
|
|
3,000
|
|
|
|
|
|
|
|
|
||||
Equity compensation plans
|
|
|
|
|
|
|
||||
not approved by security holders
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
||||
Total
|
|
1,520
|
|
|
$
|
16.80
|
|
|
3,000
|
|
(1)
|
At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the "2013 Plan"), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the Company's common stock for issuance under the plan. With the adoption of the 2013 Plan, no additional awards will be issued from the 2003 Stock Incentive Plan or the 2007 Long Term Incentive Plan. Under the terms of the 2013 Plan, options and awards generally vest ratably over a period of three to five years, the exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years.
|
(2)
|
As of
December 31, 2014
,
25,000
restricted stock units are expected to vest as the performance-based targets were satisfied and there are
no
securities available for future issuance.
|
(3)
|
Includes other Umpqua stock plans and stock plans assumed through previous mergers.
|
(4)
|
Weighted average exercise price is based solely on securities with an exercise price.
|
(c)
|
The Company's share repurchase plan, which was first approved by the Board 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 was extended in April 2013 to run through June 2015. As of
December 31, 2014
, a total of
12.0 million
shares remained available for repurchase. The Company did not repurchase any shares under the repurchase plan during
2014
, repurchased
98,027
shares in
2013
, and
512,280
shares under the repurchase plan in
2012
. The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, and our capital plan.
|
|
Period Ending
|
|||||
12/31/2009
|
12/31/2010
|
12/31/2011
|
12/31/2012
|
12/31/2013
|
12/31/2014
|
|
Umpqua Holdings Corporation
|
$100.00
|
$92.32
|
$96.12
|
$93.93
|
$158.45
|
$145.76
|
Nasdaq Bank Stocks
|
$100.00
|
$114.16
|
$102.17
|
$121.26
|
$171.86
|
$180.31
|
Nasdaq U.S.
|
$100.00
|
$118.15
|
$117.22
|
$138.02
|
$193.47
|
$222.16
|
S&P 500
|
$100.00
|
$115.06
|
$117.49
|
$136.30
|
$180.44
|
$205.14
|
(in thousands, except per share data)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Interest income
|
$
|
822,521
|
|
$
|
442,846
|
|
$
|
456,085
|
|
$
|
501,753
|
|
$
|
488,596
|
|
Interest expense
|
48,693
|
|
37,881
|
|
48,849
|
|
73,301
|
|
93,812
|
|
|||||
Net interest income
|
773,828
|
|
404,965
|
|
407,236
|
|
428,452
|
|
394,784
|
|
|||||
Provision for loan and lease losses
|
40,241
|
|
10,716
|
|
29,201
|
|
62,361
|
|
118,819
|
|
|||||
Non-interest income
|
179,292
|
|
121,441
|
|
136,829
|
|
84,118
|
|
75,904
|
|
|||||
Non-interest expense
|
601,746
|
|
355,825
|
|
357,314
|
|
338,611
|
|
311,063
|
|
|||||
Merger related expenses
|
82,317
|
|
8,836
|
|
2,338
|
|
360
|
|
6,675
|
|
|||||
Income before provision for income taxes
|
228,816
|
|
151,029
|
|
155,212
|
|
111,238
|
|
34,131
|
|
|||||
Provision for income taxes
|
81,296
|
|
52,668
|
|
53,321
|
|
36,742
|
|
5,805
|
|
|||||
Net income
|
147,520
|
|
98,361
|
|
101,891
|
|
74,496
|
|
28,326
|
|
|||||
Preferred stock dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
12,192
|
|
|||||
Dividends and undistributed earnings allocated to participating securities
|
484
|
|
788
|
|
682
|
|
356
|
|
67
|
|
|||||
Net earnings available to common shareholders
|
$
|
147,036
|
|
$
|
97,573
|
|
$
|
101,209
|
|
$
|
74,140
|
|
$
|
16,067
|
|
|
|
|
|
|
|
||||||||||
YEAR END
|
|
|
|
|
|
||||||||||
Assets
|
$
|
22,613,274
|
|
$
|
11,636,112
|
|
$
|
11,795,443
|
|
$
|
11,562,858
|
|
$
|
11,668,710
|
|
Earning assets
|
19,370,349
|
|
10,267,981
|
|
10,465,505
|
|
10,263,923
|
|
10,374,131
|
|
|||||
Loans and leases
(1)
|
15,327,732
|
|
7,728,166
|
|
7,176,433
|
|
6,524,869
|
|
6,447,606
|
|
|||||
Deposits
|
16,892,099
|
|
9,117,660
|
|
9,379,275
|
|
9,236,690
|
|
9,433,805
|
|
|||||
Term debt
|
1,006,395
|
|
251,494
|
|
253,605
|
|
255,676
|
|
262,760
|
|
|||||
Junior subordinated debentures, at fair value
|
249,294
|
|
87,274
|
|
85,081
|
|
82,905
|
|
80,688
|
|
|||||
Junior subordinated debentures, at amortized cost
|
101,576
|
|
101,899
|
|
110,985
|
|
102,544
|
|
102,866
|
|
|||||
Common shareholders' equity
|
3,780,997
|
|
1,727,426
|
|
1,724,039
|
|
1,672,413
|
|
1,642,574
|
|
|||||
Total shareholders' equity
|
3,780,997
|
|
1,727,426
|
|
1,724,039
|
|
1,672,413
|
|
1,642,574
|
|
|||||
Common shares outstanding
|
220,161
|
|
111,973
|
|
111,890
|
|
112,165
|
|
114,537
|
|
|||||
|
|
|
|
|
|
||||||||||
AVERAGE
|
|
|
|
|
|
||||||||||
Assets
|
$
|
19,169,098
|
|
$
|
11,507,688
|
|
$
|
11,499,499
|
|
$
|
11,600,435
|
|
$
|
10,830,486
|
|
Earning assets
|
16,484,664
|
|
10,224,606
|
|
10,252,167
|
|
10,332,242
|
|
9,567,341
|
|
|||||
Loans and leases
(1)
|
13,003,762
|
|
7,367,602
|
|
6,707,194
|
|
6,430,797
|
|
6,465,021
|
|
|||||
Deposits
|
14,407,331
|
|
9,057,673
|
|
9,124,619
|
|
9,301,978
|
|
8,607,980
|
|
|||||
Term debt
|
815,017
|
|
252,546
|
|
254,601
|
|
257,496
|
|
261,170
|
|
|||||
Junior subordinated debentures
|
301,525
|
|
189,237
|
|
187,139
|
|
184,115
|
|
184,134
|
|
|||||
Common shareholders' equity
|
3,137,858
|
|
1,729,083
|
|
1,701,403
|
|
1,671,893
|
|
1,589,393
|
|
|||||
Total shareholders' equity
|
3,137,858
|
|
1,729,083
|
|
1,701,403
|
|
1,671,893
|
|
1,657,544
|
|
|||||
Basic common shares outstanding
|
186,550
|
|
111,938
|
|
111,935
|
|
114,220
|
|
107,922
|
|
|||||
Diluted common shares outstanding
|
187,544
|
|
112,176
|
|
112,151
|
|
114,409
|
|
108,153
|
|
|||||
|
|
|
|
|
|
||||||||||
PER COMMON SHARE DATA
|
|
|
|
|
|
||||||||||
Basic earnings
|
$
|
0.79
|
|
$
|
0.87
|
|
$
|
0.90
|
|
$
|
0.65
|
|
$
|
0.15
|
|
Diluted earnings
|
0.78
|
|
0.87
|
|
0.90
|
|
0.65
|
|
0.15
|
|
|||||
Book value
|
17.17
|
|
15.43
|
|
15.41
|
|
14.91
|
|
14.34
|
|
|||||
Tangible book value
(2)
|
8.80
|
|
8.49
|
|
9.28
|
|
8.87
|
|
8.39
|
|
|||||
Cash dividends declared
|
0.60
|
|
0.60
|
|
0.34
|
|
0.24
|
|
0.20
|
|
|||||
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
||||||||||
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
PERFORMANCE RATIOS
|
|
|
|
|
|
||||||||||
Return on average assets
(3)
|
0.77
|
%
|
0.85
|
%
|
0.88
|
%
|
0.64
|
%
|
0.15
|
%
|
|||||
Return on average common shareholders' equity
(4)
|
4.69
|
%
|
5.64
|
%
|
5.95
|
%
|
4.43
|
%
|
1.01
|
%
|
|||||
Return on average tangible common shareholders' equity
(5)
|
9.16
|
%
|
9.78
|
%
|
9.87
|
%
|
7.47
|
%
|
1.76
|
%
|
|||||
Efficiency ratio
(6)
|
71.37
|
%
|
68.68
|
%
|
65.54
|
%
|
65.58
|
%
|
66.90
|
%
|
|||||
Average common shareholders' equity to average assets
|
16.37
|
%
|
15.03
|
%
|
14.80
|
%
|
14.41
|
%
|
14.68
|
%
|
|||||
Leverage ratio
(7)
|
10.99
|
%
|
10.90
|
%
|
11.44
|
%
|
10.91
|
%
|
10.56
|
%
|
|||||
Net interest margin (fully tax equivalent)
(8)
|
4.73
|
%
|
4.01
|
%
|
4.02
|
%
|
4.19
|
%
|
4.17
|
%
|
|||||
Non-interest income to total net revenue
(9)
|
18.81
|
%
|
23.07
|
%
|
25.15
|
%
|
16.41
|
%
|
16.13
|
%
|
|||||
Dividend payout ratio
(10)
|
75.95
|
%
|
68.97
|
%
|
37.78
|
%
|
36.92
|
%
|
133.33
|
%
|
|||||
|
|
|
|
|
|
||||||||||
ASSET QUALITY
|
|
|
|
|
|
||||||||||
Non-performing loans and leases
|
$
|
59,553
|
|
$
|
35,321
|
|
$
|
70,968
|
|
$
|
91,383
|
|
$
|
145,248
|
|
Non-performing assets
|
97,495
|
|
59,256
|
|
98,480
|
|
145,049
|
|
207,902
|
|
|||||
Allowance for loan and lease losses
|
116,167
|
|
95,085
|
|
103,666
|
|
107,288
|
|
104,642
|
|
|||||
Net charge-offs
|
19,159
|
|
19,297
|
|
32,823
|
|
59,715
|
|
121,834
|
|
|||||
Non-performing loans and leases to loans and leases
|
0.39
|
%
|
0.46
|
%
|
0.99
|
%
|
1.40
|
%
|
2.25
|
%
|
|||||
Non-performing assets to total assets
|
0.43
|
%
|
0.51
|
%
|
0.83
|
%
|
1.25
|
%
|
1.78
|
%
|
|||||
Allowance for loan and lease
|
|
|
|
|
|
||||||||||
losses to total loans and leases
|
0.76
|
%
|
1.23
|
%
|
1.44
|
%
|
1.64
|
%
|
1.62
|
%
|
|||||
Allowance for credit losses to loans and leases
|
0.78
|
%
|
1.25
|
%
|
1.46
|
%
|
1.66
|
%
|
1.64
|
%
|
|||||
Net charge-offs to average loans and leases
|
0.15
|
%
|
0.26
|
%
|
0.49
|
%
|
0.93
|
%
|
1.88
|
%
|
(1)
|
Excludes loans held for sale
|
(2)
|
Average common shareholders' equity less average intangible assets (excluding MSR) divided by shares outstanding at the end of the year. See Management's Discussion and Analysis of Financial Condition and Results of Operation"-"Results of Operations - Overview" for the reconciliation of non-GAAP financial measures, in Item 7 of this report.
|
(3)
|
Net earnings available to common shareholders divided by average assets.
|
(4)
|
Net earnings available to common shareholders divided by average common shareholders' equity.
|
(5)
|
Net earnings available to common shareholders divided by average common shareholders' equity less average intangible assets. See Management's Discussion and Analysis of Financial Condition and Results of Operations-"Results of Operations - Overview" for the reconciliation of non-GAAP financial measures, in Item 7 of this report.
|
(6)
|
Non-interest expense divided by the sum of net interest income (fully tax equivalent) and non-interest income.
|
(7)
|
Tier 1 capital divided by leverage assets. Leverage assets are defined as quarterly average total assets, net of goodwill, intangibles and certain other items as required by the Federal Reserve.
|
(8)
|
Net interest margin (fully tax equivalent) is calculated by dividing net interest income (fully tax equivalent) by average interest earnings assets.
|
(9)
|
Non-interest income divided by the sum of non-interest revenue and net interest income.
|
(10)
|
Dividends declared per common share divided by basic earnings per common share.
|
•
|
Net earnings available to common shareholders per diluted common share were
$0.78
for the year ended
December 31, 2014
, as compared to
$0.87
for the year ended
December 31, 2013
. Operating earnings per diluted common share, defined as earnings available to common shareholders before net gains or losses on junior subordinated debentures carried at fair value, net of tax and merger related expenses, net of tax, divided by the same diluted share total used in determining diluted earnings per common share, were
$1.08
for the year ended
December 31, 2014
, as compared to operating income per diluted common share of
$0.94
for the year ended
December 31, 2013
. Operating income per diluted share is considered a "non-GAAP" financial measure. More information regarding this measurement and reconciliation to the comparable GAAP measurement is provided under the heading
Results of Operations - Overview
below.
|
•
|
Net interest margin, on a tax equivalent basis, was
4.73%
for the year ended
December 31, 2014
, compared to
4.01%
for the year ended
December 31, 2013
. The increase in net interest margin is primarily attributable to a higher yield on interest-earning assets due to the acquisitions of Sterling and of FinPac, as well as a lower cost of funds.
|
•
|
Residential mortgage banking revenue was
$77.3 million
for
2014
, compared to
$78.9 million
for
2013
. The decrease was the result of lower gain on sale margins, and a larger loss from the change in the fair value of the MSR asset, consistent with the decline in mortgage interest rates, partially offset by higher mortgage originations and servicing fees.
|
•
|
Total gross loans and leases were
$15.3 billion
as of
December 31, 2014
, an increase of
$7.6 billion
, or
98.3%
, as compared to
December 31, 2013
. This increase is primarily the result of the merger with Sterling which added
$7.1 billion
of loans at acquisition.
|
•
|
Total deposits were
$16.9 billion
as of
December 31, 2014
, an increase of
$7.8 billion
, or
85.3%
, as compared to
December 31, 2013
. The increase resulted primarily from the merger with Sterling which added
$7.1 billion
of deposits at acquisition.
|
•
|
Total consolidated assets were
$22.6 billion
as of
December 31, 2014
, as compared to
$11.6 billion
at
December 31, 2013
.
|
•
|
Non-performing assets increased to
$97.5 million
, or
0.43%
of total assets, as of
December 31, 2014
, as compared to
$59.3 million
, or
0.51%
of total assets, as of
December 31, 2013
. Non-performing loans and leases increased to
$59.6 million
, or
0.39%
of total loans and leases, as of
December 31, 2014
, as compared to
$35.3 million
, or
0.46%
of total loans and leases as of
December 31, 2013
.
|
•
|
Net charge-offs on loans were
$19.2 million
for the year ended
December 31, 2014
, or
0.15%
of average loans and leases, as compared to net charge-offs of
$19.3 million
, or
0.26%
of average loans and leases, for the year ended
December 31, 2013
.
|
•
|
The provision for loan and lease losses was
$40.2 million
for
2014
, as compared to
$10.7 million
recognized for
2013
. The increase is due to new production of loans and leases during 2014, requiring a higher allowance for loan and lease losses.
|
•
|
Total risk based capital increased to
15.2%
as of
December 31, 2014
, compared to
14.7%
as of
December 31, 2013
, primarily due to the effects of the Sterling merger.
|
•
|
Declared cash dividends of
$0.60
per common share for
2014
and
2013
.
|
•
|
Completed the Sterling merger in April 2014.
|
(in thousands, except per share data)
|
2014
|
|
2013
|
|
2012
|
||||||
Net earnings available to common shareholders
|
$
|
147,036
|
|
|
$
|
97,573
|
|
|
$
|
101,209
|
|
Adjustments:
|
|
|
|
|
|
||||||
Net loss on junior subordinated debentures carried at fair value, net of tax (1)
|
3,054
|
|
|
1,318
|
|
|
1,322
|
|
|||
Merger-related expenses, net of tax (1)
|
52,311
|
|
|
6,820
|
|
|
1,403
|
|
|||
Operating earnings
|
$
|
202,401
|
|
|
$
|
105,711
|
|
|
$
|
103,934
|
|
Per diluted share:
|
|
|
|
|
|
||||||
Net earnings available to common shareholders
|
$
|
0.78
|
|
|
$
|
0.87
|
|
|
$
|
0.90
|
|
Adjustments:
|
|
|
|
|
|
||||||
Net loss on junior subordinated debentures carried at fair value, net of tax (1)
|
0.02
|
|
|
0.01
|
|
|
0.01
|
|
|||
Merger-related expenses, net of tax (1)
|
0.28
|
|
|
0.06
|
|
|
0.02
|
|
|||
Operating earnings
|
$
|
1.08
|
|
|
$
|
0.94
|
|
|
$
|
0.93
|
|
(dollars in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Returns on average assets:
|
|
|
|
|
|
||||||
Net earnings available to common shareholders
|
0.77
|
%
|
|
0.85
|
%
|
|
0.88
|
%
|
|||
Operating earnings
|
1.06
|
%
|
|
0.92
|
%
|
|
0.90
|
%
|
|||
Returns on average common shareholders' equity:
|
|
|
|
|
|
||||||
Net earnings available to common shareholders
|
4.69
|
%
|
|
5.64
|
%
|
|
5.95
|
%
|
|||
Operating earnings
|
6.45
|
%
|
|
6.11
|
%
|
|
6.11
|
%
|
|||
Returns on average tangible common shareholders' equity:
|
|
|
|
|
|
||||||
Net earnings available to common shareholders
|
9.16
|
%
|
|
9.78
|
%
|
|
9.87
|
%
|
|||
Operating earnings
|
12.62
|
%
|
|
10.60
|
%
|
|
10.14
|
%
|
|||
Calculation of average common tangible shareholders' equity:
|
|
|
|
|
|
||||||
Average common shareholders' equity
|
$
|
3,137,858
|
|
|
$
|
1,729,083
|
|
|
$
|
1,701,403
|
|
Less: average goodwill and other intangible assets, net
|
(1,533,403
|
)
|
|
(731,525
|
)
|
|
(676,354
|
)
|
|||
Average tangible common shareholders' equity
|
$
|
1,604,455
|
|
|
$
|
997,558
|
|
|
$
|
1,025,049
|
|
(dollars in thousands)
|
December 31,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
Total shareholders' equity
|
$
|
3,780,997
|
|
|
$
|
1,727,426
|
|
Subtract:
|
|
|
|
||||
Goodwill and other intangible assets, net
|
1,842,958
|
|
|
776,683
|
|
||
Tangible common shareholders' equity
|
$
|
1,938,039
|
|
|
$
|
950,743
|
|
Total assets
|
$
|
22,613,274
|
|
|
$
|
11,636,112
|
|
Subtract:
|
|
|
|
||||
Goodwill and other intangible assets, net
|
1,842,958
|
|
|
776,683
|
|
||
Tangible assets
|
$
|
20,770,316
|
|
|
$
|
10,859,429
|
|
Tangible common equity ratio
|
9.33
|
%
|
|
8.75
|
%
|
(dollars in thousands)
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||||||
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|||||||||||||||
|
Average
|
|
Income or
|
|
Yields or
|
|
Average
|
|
Income or
|
|
Yields or
|
|
Average
|
|
Income or
|
|
Yields or
|
|||||||||||||||
|
Balance
|
|
Expense
|
|
Rates
|
|
Balance
|
|
Expense
|
|
Rates
|
|
Balance
|
|
Expense
|
|
Rates
|
|||||||||||||||
INTEREST-EARNING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans held for sale
|
$
|
205,580
|
|
|
$
|
8,337
|
|
|
4.06
|
%
|
|
$
|
138,383
|
|
|
$
|
4,835
|
|
|
3.49
|
%
|
|
$
|
178,403
|
|
|
$
|
6,634
|
|
|
3.72
|
%
|
Loans and leases (1)
|
13,003,762
|
|
|
755,466
|
|
|
5.81
|
%
|
|
7,367,602
|
|
|
393,379
|
|
|
5.34
|
%
|
|
6,707,194
|
|
|
380,178
|
|
|
5.67
|
%
|
||||||
Taxable securities
|
2,072,936
|
|
|
46,109
|
|
|
2.22
|
%
|
|
1,952,611
|
|
|
34,398
|
|
|
1.76
|
%
|
|
2,743,672
|
|
|
59,161
|
|
|
2.16
|
%
|
||||||
Non-taxable securities (2)
|
301,535
|
|
|
15,692
|
|
|
5.20
|
%
|
|
247,010
|
|
|
13,477
|
|
|
5.46
|
%
|
|
258,816
|
|
|
13,834
|
|
|
5.34
|
%
|
||||||
Temporary investments and interest-bearing deposits
|
900,851
|
|
|
2,264
|
|
|
0.25
|
%
|
|
519,000
|
|
|
1,336
|
|
|
0.26
|
%
|
|
364,082
|
|
|
928
|
|
|
0.25
|
%
|
||||||
Total interest earning assets
|
16,484,664
|
|
|
827,868
|
|
|
5.02
|
%
|
|
10,224,606
|
|
|
447,425
|
|
|
4.38
|
%
|
|
10,252,167
|
|
|
460,735
|
|
|
4.49
|
%
|
||||||
Allowance for loan and lease losses
|
(96,513
|
)
|
|
|
|
|
|
(86,227
|
)
|
|
|
|
|
|
(86,656
|
)
|
|
|
|
|
||||||||||||
Other assets
|
2,780,947
|
|
|
|
|
|
|
1,369,309
|
|
|
|
|
|
|
1,333,988
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
19,169,098
|
|
|
|
|
|
|
$
|
11,507,688
|
|
|
|
|
|
|
$
|
11,499,499
|
|
|
|
|
|
|||||||||
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking
|
$
|
1,721,452
|
|
|
$
|
950
|
|
|
0.06
|
%
|
|
$
|
1,176,841
|
|
|
$
|
978
|
|
|
0.08
|
%
|
|
$
|
1,112,394
|
|
|
$
|
1,980
|
|
|
0.18
|
%
|
Money market deposits
|
5,255,622
|
|
|
6,991
|
|
|
0.13
|
%
|
|
3,277,780
|
|
|
3,485
|
|
|
0.11
|
%
|
|
3,447,806
|
|
|
7,193
|
|
|
0.21
|
%
|
||||||
Savings deposits
|
829,737
|
|
|
426
|
|
|
0.05
|
%
|
|
521,387
|
|
|
321
|
|
|
0.06
|
%
|
|
427,673
|
|
|
291
|
|
|
0.07
|
%
|
||||||
Time deposits
|
2,649,091
|
|
|
15,448
|
|
|
0.58
|
%
|
|
1,796,669
|
|
|
15,971
|
|
|
0.89
|
%
|
|
2,102,711
|
|
|
21,669
|
|
|
1.03
|
%
|
||||||
Federal funds purchased and repurchase agreements
|
303,358
|
|
|
346
|
|
|
0.11
|
%
|
|
177,888
|
|
|
141
|
|
|
0.08
|
%
|
|
142,363
|
|
|
288
|
|
|
0.20
|
%
|
||||||
Term debt
|
815,017
|
|
|
12,793
|
|
|
1.57
|
%
|
|
252,546
|
|
|
9,248
|
|
|
3.66
|
%
|
|
254,601
|
|
|
9,279
|
|
|
3.64
|
%
|
||||||
Junior subordinated debentures
|
301,525
|
|
|
11,739
|
|
|
3.89
|
%
|
|
189,237
|
|
|
7,737
|
|
|
4.09
|
%
|
|
187,139
|
|
|
8,149
|
|
|
4.35
|
%
|
||||||
Total interest-bearing liabilities
|
11,875,802
|
|
|
48,693
|
|
|
0.41
|
%
|
|
7,392,348
|
|
|
37,881
|
|
|
0.51
|
%
|
|
7,674,687
|
|
|
48,849
|
|
|
0.64
|
%
|
||||||
Non-interest-bearing deposits
|
3,951,429
|
|
|
|
|
|
|
2,284,996
|
|
|
|
|
|
|
2,034,035
|
|
|
|
|
|
||||||||||||
Other liabilities
|
204,009
|
|
|
|
|
|
|
101,261
|
|
|
|
|
|
|
89,374
|
|
|
|
|
|
||||||||||||
Total liabilities
|
16,031,240
|
|
|
|
|
|
|
9,778,605
|
|
|
|
|
|
|
9,798,096
|
|
|
|
|
|
||||||||||||
Common equity
|
3,137,858
|
|
|
|
|
|
|
1,729,083
|
|
|
|
|
|
|
1,701,403
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders' equity
|
$
|
19,169,098
|
|
|
|
|
|
|
$
|
11,507,688
|
|
|
|
|
|
|
$
|
11,499,499
|
|
|
|
|
|
|||||||||
NET INTEREST INCOME
|
|
|
$
|
779,175
|
|
|
|
|
|
|
$
|
409,544
|
|
|
|
|
|
|
$
|
411,886
|
|
|
|
|||||||||
NET INTEREST SPREAD
|
|
|
|
|
4.61
|
%
|
|
|
|
|
|
3.87
|
%
|
|
|
|
|
|
|
|
3.85
|
%
|
||||||||||
AVERAGE YIELD ON EARNING ASSETS (1), (2)
|
|
|
|
|
5.02
|
%
|
|
|
|
|
|
4.38
|
%
|
|
|
|
|
|
|
|
4.49
|
%
|
||||||||||
INTEREST EXPENSE TO EARNING ASSETS
|
|
|
|
|
0.30
|
%
|
|
|
|
|
|
0.37
|
%
|
|
|
|
|
|
|
|
0.47
|
%
|
||||||||||
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)
|
|
|
|
|
4.73
|
%
|
|
|
|
|
|
4.01
|
%
|
|
|
|
|
|
|
|
4.02
|
%
|
(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
$5.3 million
, $4.6 million, and $4.7 million for the years ended
2014
,
2013
, and
2012
, respectively.
|
(in thousands)
|
2014 compared to 2013
|
|
2013 compared to 2012
|
||||||||||||||||||||
|
Increase (decrease) in interest income
|
|
Increase (decrease) in interest income
|
||||||||||||||||||||
|
and expense due to changes in
|
|
and expense due to changes in
|
||||||||||||||||||||
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
INTEREST-EARNING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for sale
|
$
|
2,631
|
|
|
$
|
871
|
|
|
$
|
3,502
|
|
|
$
|
(1,417
|
)
|
|
$
|
(382
|
)
|
|
$
|
(1,799
|
)
|
Loans and leases
|
324,701
|
|
|
37,386
|
|
|
362,087
|
|
|
36,066
|
|
|
(22,865
|
)
|
|
13,201
|
|
||||||
Taxable securities
|
2,225
|
|
|
9,486
|
|
|
11,711
|
|
|
(15,148
|
)
|
|
(9,615
|
)
|
|
(24,763
|
)
|
||||||
Non-taxable securities (1)
|
2,862
|
|
|
(647
|
)
|
|
2,215
|
|
|
(640
|
)
|
|
283
|
|
|
(357
|
)
|
||||||
Temporary investments and interest bearing deposits
|
961
|
|
|
(33
|
)
|
|
928
|
|
|
399
|
|
|
9
|
|
|
408
|
|
||||||
Total (1)
|
333,380
|
|
|
47,063
|
|
|
380,443
|
|
|
19,260
|
|
|
(32,570
|
)
|
|
(13,310
|
)
|
||||||
INTEREST-BEARING LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing demand
|
365
|
|
|
(393
|
)
|
|
(28
|
)
|
|
109
|
|
|
(1,112
|
)
|
|
(1,003
|
)
|
||||||
Money market
|
2,476
|
|
|
1,030
|
|
|
3,506
|
|
|
(339
|
)
|
|
(3,368
|
)
|
|
(3,707
|
)
|
||||||
Savings
|
165
|
|
|
(60
|
)
|
|
105
|
|
|
60
|
|
|
(29
|
)
|
|
31
|
|
||||||
Time deposits
|
6,067
|
|
|
(6,590
|
)
|
|
(523
|
)
|
|
(2,931
|
)
|
|
(2,768
|
)
|
|
(5,699
|
)
|
||||||
Repurchase agreements and federal funds
|
126
|
|
|
79
|
|
|
205
|
|
|
59
|
|
|
(206
|
)
|
|
(147
|
)
|
||||||
Term debt
|
11,232
|
|
|
(7,687
|
)
|
|
3,545
|
|
|
(75
|
)
|
|
44
|
|
|
(31
|
)
|
||||||
Junior subordinated debentures
|
4,388
|
|
|
(386
|
)
|
|
4,002
|
|
|
91
|
|
|
(503
|
)
|
|
(412
|
)
|
||||||
Total
|
24,819
|
|
|
(14,007
|
)
|
|
10,812
|
|
|
(3,026
|
)
|
|
(7,942
|
)
|
|
(10,968
|
)
|
||||||
Net increase (decrease) in net interest income (1)
|
$
|
308,561
|
|
|
$
|
61,070
|
|
|
$
|
369,631
|
|
|
$
|
22,286
|
|
|
$
|
(24,628
|
)
|
|
$
|
(2,342
|
)
|
(1)
|
Tax exempt income has been adjusted to a tax equivalent basis at a 35% tax rate.
|
(in thousands)
|
|
2014 compared to 2013
|
|
2013 compared to 2012
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Change
|
|
Change
|
|
|
|
|
|
Change
|
|
Change
|
||||||||||||||
|
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
|
2013
|
|
2012
|
|
Amount
|
|
Percent
|
||||||||||||||
Service charges on deposit accounts
|
|
$
|
54,700
|
|
|
$
|
30,952
|
|
|
$
|
23,748
|
|
|
77
|
%
|
|
$
|
30,952
|
|
|
$
|
28,299
|
|
|
$
|
2,653
|
|
|
9
|
%
|
Brokerage commissions and fees
|
|
18,133
|
|
|
14,736
|
|
|
3,397
|
|
|
23
|
%
|
|
14,736
|
|
|
12,967
|
|
|
1,769
|
|
|
14
|
%
|
||||||
Residential mortgage banking revenue, net
|
|
77,265
|
|
|
78,885
|
|
|
(1,620
|
)
|
|
(2
|
)%
|
|
78,885
|
|
|
84,216
|
|
|
(5,331
|
)
|
|
(6
|
)%
|
||||||
Gain on investment securities, net
|
|
2,904
|
|
|
209
|
|
|
2,695
|
|
|
nm
|
|
|
209
|
|
|
3,868
|
|
|
(3,659
|
)
|
|
(95
|
)%
|
||||||
Gain on sale of loans
|
|
15,113
|
|
|
2,744
|
|
|
12,369
|
|
|
18
|
%
|
|
2,744
|
|
|
—
|
|
|
2,744
|
|
|
nm
|
|
||||||
Loss on junior subordinated debentures carried at fair value
|
|
(5,090
|
)
|
|
(2,197
|
)
|
|
(2,893
|
)
|
|
132
|
%
|
|
(2,197
|
)
|
|
(2,203
|
)
|
|
6
|
|
|
0
|
%
|
||||||
Change in FDIC indemnification asset
|
|
(15,151
|
)
|
|
(25,549
|
)
|
|
10,398
|
|
|
(41
|
)%
|
|
(25,549
|
)
|
|
(15,234
|
)
|
|
(10,315
|
)
|
|
68
|
%
|
||||||
BOLI income
|
|
6,835
|
|
|
3,035
|
|
|
3,800
|
|
|
125
|
%
|
|
3,035
|
|
|
2,708
|
|
|
327
|
|
|
12
|
%
|
||||||
Other income
|
|
24,583
|
|
|
18,626
|
|
|
5,957
|
|
|
86
|
%
|
|
18,626
|
|
|
22,208
|
|
|
(3,582
|
)
|
|
(4
|
)%
|
||||||
Total
|
|
$
|
179,292
|
|
|
$
|
121,441
|
|
|
$
|
57,851
|
|
|
48
|
%
|
|
$
|
121,441
|
|
|
$
|
136,829
|
|
|
$
|
(15,388
|
)
|
|
(11
|
)%
|
(in thousands)
|
2014 compared to 2013
|
|
2013 compared to 2012
|
||||||||||||||||||||||||||
|
|
|
|
|
Change
|
|
Change
|
|
|
|
|
|
Change
|
|
Change
|
||||||||||||||
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
|
2013
|
|
2012
|
|
Amount
|
|
Percent
|
||||||||||||||
Salaries and employee benefits
|
$
|
355,379
|
|
|
$
|
209,991
|
|
|
$
|
145,388
|
|
|
69
|
%
|
|
$
|
209,991
|
|
|
$
|
200,946
|
|
|
$
|
9,045
|
|
|
5
|
%
|
Net occupancy and equipment
|
111,263
|
|
|
62,067
|
|
|
49,196
|
|
|
79
|
%
|
|
62,067
|
|
|
55,081
|
|
|
6,986
|
|
|
13
|
%
|
||||||
Communications
|
14,728
|
|
|
11,974
|
|
|
2,754
|
|
|
23
|
%
|
|
11,974
|
|
|
11,573
|
|
|
401
|
|
|
3
|
%
|
||||||
Marketing
|
9,504
|
|
|
6,062
|
|
|
3,442
|
|
|
57
|
%
|
|
6,062
|
|
|
5,064
|
|
|
998
|
|
|
20
|
%
|
||||||
Services
|
49,086
|
|
|
25,483
|
|
|
23,603
|
|
|
93
|
%
|
|
25,483
|
|
|
25,823
|
|
|
(340
|
)
|
|
(1
|
)%
|
||||||
FDIC assessments
|
10,998
|
|
|
6,954
|
|
|
4,044
|
|
|
58
|
%
|
|
6,954
|
|
|
7,308
|
|
|
(354
|
)
|
|
(5
|
)%
|
||||||
Net loss on other real estate owned
|
4,116
|
|
|
1,248
|
|
|
2,868
|
|
|
230
|
%
|
|
1,248
|
|
|
12,655
|
|
|
(11,407
|
)
|
|
(90
|
)%
|
||||||
Intangible amortization
|
10,207
|
|
|
4,781
|
|
|
5,426
|
|
|
113
|
%
|
|
4,781
|
|
|
4,816
|
|
|
(35
|
)
|
|
(1
|
)%
|
||||||
Merger related expenses
|
82,317
|
|
|
8,836
|
|
|
73,481
|
|
|
832
|
%
|
|
8,836
|
|
|
2,338
|
|
|
6,498
|
|
|
278
|
%
|
||||||
Other expenses
|
36,465
|
|
|
27,265
|
|
|
9,200
|
|
|
34
|
%
|
|
27,265
|
|
|
34,048
|
|
|
(6,783
|
)
|
|
(20
|
)%
|
||||||
Total
|
$
|
684,063
|
|
|
$
|
364,661
|
|
|
$
|
319,402
|
|
|
88
|
%
|
|
$
|
364,661
|
|
|
$
|
359,652
|
|
|
$
|
5,009
|
|
|
1
|
%
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Personnel
|
|
$
|
18,837
|
|
|
$
|
225
|
|
|
$
|
889
|
|
Legal and professional
|
|
22,276
|
|
|
5,648
|
|
|
551
|
|
|||
Charitable contributions
|
|
10,000
|
|
|
28
|
|
|
—
|
|
|||
Investment banking fees
|
|
9,573
|
|
|
2,042
|
|
|
—
|
|
|||
Contract termination
|
|
10,378
|
|
|
66
|
|
|
593
|
|
|||
Communication
|
|
2,522
|
|
|
49
|
|
|
64
|
|
|||
Other
|
|
8,731
|
|
|
778
|
|
|
241
|
|
|||
Total merger-related expense
|
|
$
|
82,317
|
|
|
$
|
8,836
|
|
|
$
|
2,338
|
|
(dollars in thousands)
|
December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
AVAILABLE FOR SALE
|
|
|
|
|
|
||||||
U.S. Treasury and agencies
|
$
|
229
|
|
|
$
|
268
|
|
|
$
|
45,820
|
|
Obligations of states and political subdivisions
|
338,404
|
|
|
235,205
|
|
|
263,725
|
|
|||
Residential mortgage-backed securities and collateralized mortgage obligations
|
1,957,852
|
|
|
1,553,541
|
|
|
2,313,376
|
|
|||
Other debt securities
|
—
|
|
|
—
|
|
|
222
|
|
|||
Investments in mutual funds and other equity securities
|
2,070
|
|
|
1,964
|
|
|
2,086
|
|
|||
|
$
|
2,298,555
|
|
|
$
|
1,790,978
|
|
|
$
|
2,625,229
|
|
HELD TO MATURITY
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
595
|
|
Residential mortgage-backed securities and collateralized mortgage obligations
|
5,088
|
|
|
5,563
|
|
|
3,946
|
|
|||
Other investment securities
|
123
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
5,211
|
|
|
$
|
5,563
|
|
|
$
|
4,541
|
|
(dollars in thousands)
|
Amortized
|
|
Fair
|
|
Average
|
|||||
|
Cost
|
|
Value
|
|
Yield
|
|||||
U.S. TREASURY AND AGENCIES
|
|
|
|
|
|
|||||
One year or less
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
One to five years
|
213
|
|
|
229
|
|
|
3.68
|
%
|
||
|
213
|
|
|
229
|
|
|
3.68
|
%
|
||
|
|
|
|
|
|
|||||
OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS
|
|
|
|
|
|
|||||
One year or less
|
27,855
|
|
|
28,203
|
|
|
5.80
|
%
|
||
One to five years
|
215,987
|
|
|
225,923
|
|
|
5.65
|
%
|
||
Five to ten years
|
65,818
|
|
|
68,051
|
|
|
4.60
|
%
|
||
Over ten years
|
15,529
|
|
|
16,227
|
|
|
5.45
|
%
|
||
|
325,189
|
|
|
338,404
|
|
|
5.44
|
%
|
||
|
|
|
|
|
|
|||||
OTHER DEBT SECURITIES
|
|
|
|
|
|
|||||
Serial maturities
|
1,956,602
|
|
|
1,963,283
|
|
|
2.23
|
%
|
||
|
|
|
|
|
|
|||||
Other investment securities
|
2,139
|
|
|
2,193
|
|
|
2.21
|
%
|
||
Total securities
|
$
|
2,284,143
|
|
|
$
|
2,304,109
|
|
|
2.70
|
%
|
(dollars in thousands)
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|||||||||||||||
Commercial real estate, net
|
$
|
8,903,660
|
|
|
58.1
|
%
|
|
$
|
4,630,155
|
|
|
59.9
|
%
|
|
$
|
4,582,768
|
|
|
63.9
|
%
|
|
$
|
4,308,889
|
|
|
66.0
|
%
|
|
$
|
4,487,644
|
|
|
69.6
|
%
|
Commercial, net
|
2,948,823
|
|
|
19.2
|
%
|
|
2,142,213
|
|
|
27.7
|
%
|
|
1,757,660
|
|
|
24.5
|
%
|
|
1,513,905
|
|
|
23.2
|
%
|
|
1,333,145
|
|
|
20.7
|
%
|
|||||
Residential, net
|
3,086,213
|
|
|
20.2
|
%
|
|
903,423
|
|
|
11.7
|
%
|
|
792,367
|
|
|
11.0
|
%
|
|
655,055
|
|
|
10.1
|
%
|
|
582,674
|
|
|
9.0
|
%
|
|||||
Consumer & other, net
|
389,036
|
|
|
2.5
|
%
|
|
52,375
|
|
|
0.7
|
%
|
|
43,638
|
|
|
0.6
|
%
|
|
47,020
|
|
|
0.7
|
%
|
|
44,143
|
|
|
0.7
|
%
|
|||||
Total loans and leases, net
|
$
|
15,327,732
|
|
|
100.0
|
%
|
|
$
|
7,728,166
|
|
|
100.0
|
%
|
|
$
|
7,176,433
|
|
|
100.0
|
%
|
|
$
|
6,524,869
|
|
|
100.0
|
%
|
|
$
|
6,447,606
|
|
|
100.0
|
%
|
(dollars in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||
Non-owner occupied term, net
|
$
|
3,290,610
|
|
|
21.5
|
%
|
|
$
|
2,535,162
|
|
|
32.8
|
%
|
Owner occupied term, net
|
2,633,864
|
|
|
17.2
|
%
|
|
1,309,400
|
|
|
16.9
|
%
|
||
Multifamily, net
|
2,638,618
|
|
|
17.2
|
%
|
|
441,208
|
|
|
5.7
|
%
|
||
Construction & development, net
|
258,722
|
|
|
1.7
|
%
|
|
248,686
|
|
|
3.2
|
%
|
||
Residential development, net
|
81,846
|
|
|
0.5
|
%
|
|
95,699
|
|
|
1.2
|
%
|
||
Commercial
|
|
|
|
|
|
|
|
||||||
Term, net
|
1,102,987
|
|
|
7.2
|
%
|
|
786,564
|
|
|
10.2
|
%
|
||
LOC & other, net
|
1,322,722
|
|
|
8.6
|
%
|
|
994,058
|
|
|
12.9
|
%
|
||
Leases and equipment finance, net
|
523,114
|
|
|
3.4
|
%
|
|
361,591
|
|
|
4.7
|
%
|
||
Residential
|
|
|
|
|
|
|
|
||||||
Mortgage, net
|
2,233,735
|
|
|
14.6
|
%
|
|
619,517
|
|
|
8.0
|
%
|
||
Home equity loans & lines, net
|
852,478
|
|
|
5.6
|
%
|
|
283,906
|
|
|
3.7
|
%
|
||
Consumer & other, net
|
389,036
|
|
|
2.5
|
%
|
|
52,375
|
|
|
0.7
|
%
|
||
Total, net of deferred fees and costs
|
$
|
15,327,732
|
|
|
100.0
|
%
|
|
$
|
7,728,166
|
|
|
100.0
|
%
|
(in thousands)
|
|
|
|
|
|
|
|
Loans Over One Year
|
|||||||||||||||
|
By Maturity
|
|
by Rate Sensitivity
|
||||||||||||||||||||
|
One Year
|
|
One Through
|
|
Over Five
|
|
|
|
Fixed
|
|
Floating
|
||||||||||||
|
or Less
|
|
Five Years
|
|
Years
|
|
Total
|
|
Rate
|
|
Rate
|
||||||||||||
Commercial real estate
|
$
|
683,514
|
|
|
$
|
2,428,605
|
|
|
$
|
5,791,541
|
|
|
$
|
8,903,660
|
|
|
$
|
1,766,813
|
|
|
$
|
6,453,333
|
|
Commercial (1)
|
$
|
1,135,218
|
|
|
$
|
744,491
|
|
|
$
|
546,000
|
|
|
$
|
2,425,709
|
|
|
$
|
589,902
|
|
|
$
|
700,589
|
|
(1)
|
Excludes the lease and equipment finance portfolio.
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Loans and leases on non-accrual status
|
$
|
52,041
|
|
|
$
|
31,891
|
|
|
$
|
66,736
|
|
|
$
|
80,562
|
|
|
$
|
138,177
|
|
Loans and leases past due 90 days or more and accruing
|
7,512
|
|
|
3,430
|
|
|
4,232
|
|
|
10,821
|
|
|
7,071
|
|
|||||
Total non-performing loans and leases
|
59,553
|
|
|
35,321
|
|
|
70,968
|
|
|
91,383
|
|
|
145,248
|
|
|||||
Other real estate owned
|
37,942
|
|
|
23,935
|
|
|
27,512
|
|
|
53,666
|
|
|
62,654
|
|
|||||
Total non-performing assets
|
$
|
97,495
|
|
|
$
|
59,256
|
|
|
$
|
98,480
|
|
|
$
|
145,049
|
|
|
$
|
207,902
|
|
Restructured loans
(1)
|
$
|
54,836
|
|
|
$
|
68,791
|
|
|
$
|
70,602
|
|
|
$
|
80,563
|
|
|
$
|
84,441
|
|
Allowance for loan and lease losses
|
$
|
116,167
|
|
|
$
|
95,085
|
|
|
$
|
103,666
|
|
|
$
|
107,288
|
|
|
$
|
104,642
|
|
Reserve for unfunded commitments
|
3,539
|
|
|
1,436
|
|
|
1,223
|
|
|
940
|
|
|
818
|
|
|||||
Allowance for credit losses
|
$
|
119,706
|
|
|
$
|
96,521
|
|
|
$
|
104,889
|
|
|
$
|
108,228
|
|
|
$
|
105,460
|
|
Asset quality ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing assets to total assets
|
0.43
|
%
|
|
0.51
|
%
|
|
0.83
|
%
|
|
1.25
|
%
|
|
1.78
|
%
|
|||||
Non-performing loans and leases to total loans and leases
|
0.39
|
%
|
|
0.46
|
%
|
|
0.99
|
%
|
|
1.40
|
%
|
|
2.25
|
%
|
|||||
Allowance for loan and lease losses to total loans and leases
|
0.76
|
%
|
|
1.23
|
%
|
|
1.44
|
%
|
|
1.64
|
%
|
|
1.62
|
%
|
|||||
Allowance for credit losses to total loans and leases
|
0.78
|
%
|
|
1.25
|
%
|
|
1.46
|
%
|
|
1.66
|
%
|
|
1.64
|
%
|
|||||
Allowance for credit losses to total non-performing loans and leases
|
201
|
%
|
|
273
|
%
|
|
148
|
%
|
|
118
|
%
|
|
73
|
%
|
(1)
|
Represents accruing restructured loans performing according to their restructured terms.
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Balance, beginning of period
|
$
|
95,085
|
|
|
$
|
103,666
|
|
|
$
|
107,288
|
|
|
$
|
104,642
|
|
|
$
|
107,657
|
|
Loans charged-off:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate, net
|
(8,030
|
)
|
|
(9,748
|
)
|
|
(25,270
|
)
|
|
(39,188
|
)
|
|
(73,469
|
)
|
|||||
Commercial, net
|
(16,824
|
)
|
|
(20,810
|
)
|
|
(13,822
|
)
|
|
(21,731
|
)
|
|
(50,508
|
)
|
|||||
Residential, net
|
(1,855
|
)
|
|
(3,655
|
)
|
|
(5,878
|
)
|
|
(7,990
|
)
|
|
(5,168
|
)
|
|||||
Consumer & other, net
|
(3,469
|
)
|
|
(1,285
|
)
|
|
(2,158
|
)
|
|
(2,828
|
)
|
|
(2,061
|
)
|
|||||
Total loans charged-off
|
(30,178
|
)
|
|
(35,498
|
)
|
|
(47,128
|
)
|
|
(71,737
|
)
|
|
(131,206
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate, net
|
2,539
|
|
|
4,436
|
|
|
6,673
|
|
|
7,254
|
|
|
6,991
|
|
|||||
Commercial, net
|
6,744
|
|
|
10,445
|
|
|
6,089
|
|
|
3,860
|
|
|
1,581
|
|
|||||
Residential, net
|
462
|
|
|
569
|
|
|
999
|
|
|
381
|
|
|
334
|
|
|||||
Consumer & other, net
|
1,274
|
|
|
751
|
|
|
544
|
|
|
527
|
|
|
466
|
|
|||||
Total recoveries
|
11,019
|
|
|
16,201
|
|
|
14,305
|
|
|
12,022
|
|
|
9,372
|
|
|||||
Net charge-offs
|
(19,159
|
)
|
|
(19,297
|
)
|
|
(32,823
|
)
|
|
(59,715
|
)
|
|
(121,834
|
)
|
|||||
Provision charged to operations
|
40,241
|
|
|
10,716
|
|
|
29,201
|
|
|
62,361
|
|
|
118,819
|
|
|||||
Balance, end of period
|
$
|
116,167
|
|
|
$
|
95,085
|
|
|
$
|
103,666
|
|
|
$
|
107,288
|
|
|
$
|
104,642
|
|
As a percentage of average loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs
|
0.15
|
%
|
|
0.26
|
%
|
|
0.49
|
%
|
|
0.93
|
%
|
|
1.88
|
%
|
|||||
Provision for loan and lease losses
|
0.31
|
%
|
|
0.15
|
%
|
|
0.44
|
%
|
|
0.97
|
%
|
|
1.84
|
%
|
|||||
Recoveries as a percentage of charge-offs
|
36.51
|
%
|
|
45.64
|
%
|
|
30.35
|
%
|
|
16.76
|
%
|
|
7.14
|
%
|
(dollars in thousands)
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||||||||||||
Commercial real estate, net
|
$
|
55,184
|
|
|
58.1
|
%
|
|
$
|
59,538
|
|
|
59.9
|
%
|
|
$
|
67,038
|
|
|
63.9
|
%
|
|
$
|
68,513
|
|
|
66.1
|
%
|
|
$
|
66,870
|
|
|
69.6
|
%
|
Commercial, net
|
41,216
|
|
|
19.2
|
%
|
|
27,028
|
|
|
27.7
|
%
|
|
27,905
|
|
|
24.5
|
%
|
|
24,449
|
|
|
23.2
|
%
|
|
22,322
|
|
|
20.7
|
%
|
|||||
Residential, net
|
15,922
|
|
|
20.2
|
%
|
|
7,487
|
|
|
11.7
|
%
|
|
7,729
|
|
|
11.0
|
%
|
|
8,616
|
|
|
10.0
|
%
|
|
5,982
|
|
|
9.0
|
%
|
|||||
Consumer & other, net
|
3,845
|
|
|
2.5
|
%
|
|
1,032
|
|
|
0.7
|
%
|
|
994
|
|
|
0.6
|
%
|
|
1,293
|
|
|
0.7
|
%
|
|
827
|
|
|
0.7
|
%
|
|||||
Unallocated
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
4,417
|
|
|
|
|
|
8,641
|
|
|
|
|
|||||||
Allowance for loan and lease losses
|
$
|
116,167
|
|
|
|
|
$
|
95,085
|
|
|
|
|
$
|
103,666
|
|
|
|
|
|
$
|
107,288
|
|
|
|
|
|
$
|
104,642
|
|
|
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Balance, beginning of period
|
$
|
1,436
|
|
|
$
|
1,223
|
|
|
$
|
940
|
|
Net change to other expense
|
(1,863
|
)
|
|
213
|
|
|
283
|
|
|||
Acquired reserve
|
3,966
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of period
|
$
|
3,539
|
|
|
$
|
1,436
|
|
|
$
|
1,223
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Balance, beginning of period
|
$
|
47,765
|
|
|
$
|
27,428
|
|
|
$
|
18,184
|
|
Acquired/purchased MSR
|
62,770
|
|
|
—
|
|
|
—
|
|
|||
Additions for new MSR capitalized
|
23,311
|
|
|
17,963
|
|
|
17,710
|
|
|||
Changes in fair value:
|
|
|
|
|
|
||||||
Due to changes in model inputs or assumptions(1)
|
(5,757
|
)
|
|
5,688
|
|
|
(4,651
|
)
|
|||
Other(2)
|
(10,830
|
)
|
|
(3,314
|
)
|
|
(3,815
|
)
|
|||
Balance, end of period
|
$
|
117,259
|
|
|
$
|
47,765
|
|
|
$
|
27,428
|
|
(dollars in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||
Balance of loans serviced for others
|
$
|
11,590,310
|
|
|
$
|
4,362,499
|
|
|
$
|
3,162,080
|
|
MSR as a percentage of serviced loans
|
1.01
|
%
|
|
1.09
|
%
|
|
0.87
|
%
|
(dollars in thousands)
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
||||||
Non-interest bearing
|
|
$
|
4,744,804
|
|
|
28
|
%
|
|
$
|
2,436,477
|
|
|
26
|
%
|
Interest bearing demand
|
|
2,054,994
|
|
|
12
|
%
|
|
1,233,070
|
|
|
14
|
%
|
||
Money market
|
|
6,113,138
|
|
|
36
|
%
|
|
3,349,946
|
|
|
37
|
%
|
||
Savings
|
|
971,185
|
|
|
6
|
%
|
|
560,699
|
|
|
6
|
%
|
||
Time, $100,000 or greater
|
|
1,765,721
|
|
|
10
|
%
|
|
1,065,380
|
|
|
12
|
%
|
||
Time, less than $100,000
|
|
1,242,257
|
|
|
8
|
%
|
|
472,088
|
|
|
5
|
%
|
||
Total
|
|
$
|
16,892,099
|
|
|
100
|
%
|
|
$
|
9,117,660
|
|
|
100
|
%
|
(in thousands)
|
Amount
|
||
Three months or less
|
$
|
384,868
|
|
Over three months through six months
|
331,049
|
|
|
Over six months through twelve months
|
376,671
|
|
|
Over twelve months
|
673,133
|
|
|
Time, $100,000 and over
|
$
|
1,765,721
|
|
(in thousands)
|
|
Less than 1 Year
|
|
1 to 3 Years
|
|
3 to 5 Years
|
|
More than 5 Years
|
|
Total
|
||||||||||
Deposits (1)
|
|
$
|
15,700,465
|
|
|
$
|
938,537
|
|
|
$
|
211,675
|
|
|
$
|
41,422
|
|
|
$
|
16,892,099
|
|
Term debt
|
|
265,000
|
|
|
680,016
|
|
|
50,000
|
|
|
5,646
|
|
|
1,000,662
|
|
|||||
Junior subordinated debentures (2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
475,427
|
|
|
475,427
|
|
|||||
Operating leases
|
|
33,344
|
|
|
53,585
|
|
|
39,454
|
|
|
57,720
|
|
|
184,103
|
|
|||||
Other long-term liabilities (3)
|
|
3,631
|
|
|
7,398
|
|
|
8,124
|
|
|
57,910
|
|
|
77,063
|
|
|||||
Total contractual obligations
|
|
$
|
16,002,440
|
|
|
$
|
1,679,536
|
|
|
$
|
309,253
|
|
|
$
|
638,125
|
|
|
$
|
18,629,354
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Dividend declared per common share
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.34
|
|
Dividend payout ratio
|
76
|
%
|
|
69
|
%
|
|
38
|
%
|
(in thousands)
|
By Estimated Cash Flow or Repricing Interval
|
|
|
|
|||||||||||||||
|
0-3
|
4-12
|
1-5
|
Over 5
|
Non-Rate-
|
|
|
||||||||||||
|
Months
|
Months
|
Years
|
Years
|
Sensitive
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing deposits
|
$
|
1,322,214
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,322,214
|
|
Temporary investments
|
502
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
502
|
|
||||||
Trading account assets
|
9,999
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
9,999
|
|
||||||
Securities held to maturity
|
2,155
|
|
174
|
|
214
|
|
5,655
|
|
(2,987
|
)
|
|
5,211
|
|
||||||
Securities available for sale
|
162,564
|
|
404,324
|
|
1,156,329
|
|
478,838
|
|
96,500
|
|
|
2,298,555
|
|
||||||
Loans held for sale
|
274,176
|
|
69
|
|
—
|
|
—
|
|
12,557
|
|
|
286,802
|
|
||||||
Loans and leases
|
4,538,582
|
|
2,077,013
|
|
7,219,512
|
|
1,569,155
|
|
(76,530
|
)
|
|
15,327,732
|
|
||||||
Non-interest earning assets
|
—
|
|
—
|
|
—
|
|
—
|
|
3,362,259
|
|
|
3,362,259
|
|
||||||
Total assets
|
6,310,192
|
|
2,481,580
|
|
8,376,055
|
|
2,053,648
|
|
3,391,799
|
|
|
$
|
22,613,274
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||||||||||||||
Interest bearing demand deposits
|
$
|
2,054,994
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2,054,994
|
|
Money market deposits
|
6,113,138
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
6,113,138
|
|
||||||
Savings deposits
|
971,185
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
971,185
|
|
||||||
Time deposits
|
631,332
|
|
1,215,403
|
|
1,127,410
|
|
33,833
|
|
—
|
|
|
3,007,978
|
|
||||||
Securities sold under agreements to repurchase
|
313,321
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
313,321
|
|
||||||
Term debt
|
40,009
|
|
225,029
|
|
730,171
|
|
5,453
|
|
5,733
|
|
|
1,006,395
|
|
||||||
Junior subordinated debentures, at fair value
|
379,390
|
|
|
|
|
(130,096
|
)
|
|
249,294
|
|
|||||||||
Junior subordinated debentures, at amortized cost
|
85,572
|
|
—
|
|
—
|
|
10,465
|
|
5,539
|
|
|
101,576
|
|
||||||
Non-interest bearing liabilities and shareholders' equity
|
—
|
|
—
|
|
—
|
|
—
|
|
8,795,393
|
|
|
8,795,393
|
|
||||||
Total liabilities and shareholders' equity
|
10,588,941
|
|
1,440,432
|
|
1,857,581
|
|
49,751
|
|
8,676,569
|
|
|
22,613,274
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Interest rate sensitivity gap
|
(4,278,749
|
)
|
1,041,148
|
|
6,518,474
|
|
2,003,897
|
|
(5,284,770
|
)
|
|
|
|||||||
Cumulative interest rate sensitivity gap
|
$
|
(4,278,749
|
)
|
$
|
(3,237,601
|
)
|
$
|
3,280,873
|
|
$
|
5,284,770
|
|
$
|
—
|
|
|
|
||
Cumulative gap as a % of earning assets
|
(22
|
)%
|
(17
|
)%
|
17
|
%
|
27
|
%
|
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|||
Up 300 basis points
|
|
0.3
|
%
|
|
0.8
|
%
|
|
3.0
|
%
|
Up 200 basis points
|
|
0.5
|
%
|
|
0.8
|
%
|
|
3.1
|
%
|
Up 100 basis points
|
|
0.5
|
%
|
|
0.6
|
%
|
|
2.1
|
%
|
Down 100 basis points
|
|
(2.4
|
)%
|
|
(2.9
|
)%
|
|
(3.2
|
)%
|
Down 200 basis points
|
|
(5.2
|
)%
|
|
(6.8
|
)%
|
|
(5.6
|
)%
|
Down 300 basis points
|
|
(7.3
|
)%
|
|
(10.1
|
)%
|
|
(7.9
|
)%
|
|
|
Year 1
|
|
Year 2
|
||
Up 300 basis points
|
|
0.3
|
%
|
|
1.4
|
%
|
Up 200 basis points
|
|
0.5
|
%
|
|
1.5
|
%
|
Up 100 basis points
|
|
0.5
|
%
|
|
1.1
|
%
|
Down 100 basis points
|
|
(2.4
|
)%
|
|
(7.0
|
)%
|
Down 200 basis points
|
|
(5.2
|
)%
|
|
(15.5
|
)%
|
Down 300 basis points
|
|
(7.3
|
)%
|
|
(20.6
|
)%
|
|
|
2014
|
|
2013
|
||
Up 300 basis points
|
|
(4.8
|
)%
|
|
1.3
|
%
|
Up 200 basis points
|
|
(2.2
|
)%
|
|
1.1
|
%
|
Up 100 basis points
|
|
(0.4
|
)%
|
|
0.6
|
%
|
Down 100 basis points
|
|
7.8
|
%
|
|
0.4
|
%
|
Down 200 basis points
|
|
7.1
|
%
|
|
1.8
|
%
|
Down 300 basis points
|
|
6.6
|
%
|
|
3.5
|
%
|
(in thousands, except per share amounts)
|
|
|
|
|
||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
INTEREST INCOME
|
|
|
|
|
|
|
||||||
Interest and fees on loans and leases
|
|
$
|
763,803
|
|
|
$
|
398,214
|
|
|
$
|
386,812
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
||||||
Taxable
|
|
45,784
|
|
|
34,146
|
|
|
59,078
|
|
|||
Exempt from federal income tax
|
|
10,345
|
|
|
8,898
|
|
|
9,184
|
|
|||
Dividends
|
|
325
|
|
|
252
|
|
|
83
|
|
|||
Interest on temporary investments and interest bearing deposits
|
|
2,264
|
|
|
1,336
|
|
|
928
|
|
|||
Total interest income
|
|
822,521
|
|
|
442,846
|
|
|
456,085
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Interest on deposits
|
|
23,815
|
|
|
20,755
|
|
|
31,133
|
|
|||
Interest on securities sold under agreement to repurchase and federal funds purchased
|
|
346
|
|
|
141
|
|
|
288
|
|
|||
Interest on term debt
|
|
12,793
|
|
|
9,248
|
|
|
9,279
|
|
|||
Interest on junior subordinated debentures
|
|
11,739
|
|
|
7,737
|
|
|
8,149
|
|
|||
Total interest expense
|
|
48,693
|
|
|
37,881
|
|
|
48,849
|
|
|||
Net interest income
|
|
773,828
|
|
|
404,965
|
|
|
407,236
|
|
|||
PROVISION FOR LOAN AND LEASE LOSSES
|
|
40,241
|
|
|
10,716
|
|
|
29,201
|
|
|||
Net interest income after provision for loan and lease losses
|
|
733,587
|
|
|
394,249
|
|
|
378,035
|
|
|||
NON-INTEREST INCOME
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
|
54,700
|
|
|
30,952
|
|
|
28,299
|
|
|||
Brokerage commissions and fees
|
|
18,133
|
|
|
14,736
|
|
|
12,967
|
|
|||
Residential mortgage banking revenue, net
|
|
77,265
|
|
|
78,885
|
|
|
84,216
|
|
|||
Gain on investment securities, net
|
|
2,904
|
|
|
209
|
|
|
3,868
|
|
|||
Gain on loan sales
|
|
15,113
|
|
|
2,744
|
|
|
—
|
|
|||
Loss on junior subordinated debentures carried at fair value
|
|
(5,090
|
)
|
|
(2,197
|
)
|
|
(2,203
|
)
|
|||
Change in FDIC indemnification asset
|
|
(15,151
|
)
|
|
(25,549
|
)
|
|
(15,234
|
)
|
|||
BOLI income
|
|
6,835
|
|
|
3,035
|
|
|
2,708
|
|
|||
Other income
|
|
24,583
|
|
|
18,626
|
|
|
22,208
|
|
|||
Total non-interest income
|
|
179,292
|
|
|
121,441
|
|
|
136,829
|
|
|||
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
355,379
|
|
|
209,991
|
|
|
200,946
|
|
|||
Net occupancy and equipment
|
|
111,263
|
|
|
62,067
|
|
|
55,081
|
|
|||
Communications
|
|
14,728
|
|
|
11,974
|
|
|
11,573
|
|
|||
Marketing
|
|
9,504
|
|
|
6,062
|
|
|
5,064
|
|
|||
Services
|
|
49,086
|
|
|
25,483
|
|
|
25,823
|
|
|||
FDIC assessments
|
|
10,998
|
|
|
6,954
|
|
|
7,308
|
|
|||
Net loss on other real estate owned
|
|
4,116
|
|
|
1,248
|
|
|
12,655
|
|
|||
Intangible amortization
|
|
10,207
|
|
|
4,781
|
|
|
4,816
|
|
|||
Merger related expenses
|
|
82,317
|
|
|
8,836
|
|
|
2,338
|
|
|||
Other expenses
|
|
36,465
|
|
|
27,265
|
|
|
34,048
|
|
|||
Total non-interest expense
|
|
684,063
|
|
|
364,661
|
|
|
359,652
|
|
|||
Income before provision for income taxes
|
|
228,816
|
|
|
151,029
|
|
|
155,212
|
|
|||
Provision for income taxes
|
|
81,296
|
|
|
52,668
|
|
|
53,321
|
|
|||
Net income
|
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
Dividends and undistributed earnings allocated to participating securities
|
484
|
|
|
788
|
|
|
682
|
|
|||
Net earnings available to common shareholders
|
$
|
147,036
|
|
|
$
|
97,573
|
|
|
$
|
101,209
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$0.79
|
|
$0.87
|
|
$0.90
|
||||||
Diluted
|
$0.78
|
|
$0.87
|
|
$0.90
|
||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
186,550
|
|
|
111,938
|
|
|
111,935
|
|
|||
Diluted
|
187,544
|
|
|
112,176
|
|
|
112,151
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
Available for sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
31,215
|
|
|
(48,755
|
)
|
|
(12,004
|
)
|
|||
Reclassification adjustment for net gains realized in earnings (net of tax expense $1,162, $84, and $1,609 in 2014, 2013, and 2012, respectively)
|
(1,742
|
)
|
|
(125
|
)
|
|
(2,414
|
)
|
|||
Income tax (expense) benefit related to unrealized gains (losses)
|
(12,486
|
)
|
|
19,502
|
|
|
4,802
|
|
|||
Net change in unrealized gains (losses)
|
16,987
|
|
|
(29,378
|
)
|
|
(9,616
|
)
|
|||
Held to maturity securities:
|
|
|
|
|
|
||||||
Reclassification adjustment for impairments realized in net income (net of tax benefit of $42 in 2012)
|
—
|
|
|
—
|
|
|
62
|
|
|||
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity (net of tax benefit of $37, $37, and $84 in 2014, 2013, and 2012, respectively)
|
57
|
|
|
56
|
|
|
126
|
|
|||
Net change in unrealized losses related to factors other than credit
|
57
|
|
|
56
|
|
|
188
|
|
|||
Other comprehensive income (loss), net of tax
|
17,044
|
|
|
(29,322
|
)
|
|
(9,428
|
)
|
|||
Comprehensive income
|
$
|
164,564
|
|
|
$
|
69,039
|
|
|
$
|
92,463
|
|
(in thousands, except shares)
|
|
|
|
|
|
|
Accumulated
|
|
|
|||||||||
|
|
|
|
|
Other
|
|
|
|||||||||||
|
Common Stock
|
|
Retained
|
|
Comprehensive
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Total
|
|||||||||
BALANCE AT JANUARY 1, 2012
|
112,164,891
|
|
|
$
|
1,514,913
|
|
|
$
|
123,726
|
|
|
$
|
33,774
|
|
|
$
|
1,672,413
|
|
Net income
|
|
|
|
|
101,891
|
|
|
|
|
101,891
|
|
|||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(9,428
|
)
|
|
(9,428
|
)
|
|||||||
Stock-based compensation
|
|
|
4,041
|
|
|
|
|
|
|
4,041
|
|
|||||||
Stock repurchased and retired
|
(596,000
|
)
|
|
(7,436
|
)
|
|
|
|
|
|
(7,436
|
)
|
||||||
Issuances of common stock under stock plans
|
|
|
|
|
|
|
|
|
|
|||||||||
and related net tax deficiencies
|
321,068
|
|
|
882
|
|
|
|
|
|
|
882
|
|
||||||
Cash dividends on common stock ($0.34 per share)
|
|
|
|
|
(38,324
|
)
|
|
|
|
(38,324
|
)
|
|||||||
Balance at December 31, 2012
|
111,889,959
|
|
|
$
|
1,512,400
|
|
|
$
|
187,293
|
|
|
$
|
24,346
|
|
|
$
|
1,724,039
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BALANCE AT JANUARY 1, 2013
|
111,889,959
|
|
|
$
|
1,512,400
|
|
|
$
|
187,293
|
|
|
$
|
24,346
|
|
|
$
|
1,724,039
|
|
Net income
|
|
|
|
|
98,361
|
|
|
|
|
98,361
|
|
|||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(29,322
|
)
|
|
(29,322
|
)
|
|||||||
Stock-based compensation
|
|
|
5,017
|
|
|
|
|
|
|
5,017
|
|
|||||||
Stock repurchased and retired
|
(584,677
|
)
|
|
(9,360
|
)
|
|
|
|
|
|
(9,360
|
)
|
||||||
Issuances of common stock under stock plans
|
|
|
|
|
|
|
|
|
|
|||||||||
and related net tax benefit
|
667,921
|
|
|
6,428
|
|
|
|
|
|
|
6,428
|
|
||||||
Cash dividends on common stock ($0.60 per share)
|
|
|
|
|
(67,737
|
)
|
|
|
|
(67,737
|
)
|
|||||||
Balance at December 31, 2013
|
111,973,203
|
|
|
$
|
1,514,485
|
|
|
$
|
217,917
|
|
|
$
|
(4,976
|
)
|
|
$
|
1,727,426
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BALANCE AT JANUARY 1, 2014
|
111,973,203
|
|
|
$
|
1,514,485
|
|
|
$
|
217,917
|
|
|
$
|
(4,976
|
)
|
|
$
|
1,727,426
|
|
Net income
|
|
|
|
|
147,520
|
|
|
|
|
147,520
|
|
|||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
17,044
|
|
|
17,044
|
|
|||||||
Stock issued in connection with merger
(1)
|
104,385,087
|
|
|
1,989,030
|
|
|
|
|
|
|
1,989,030
|
|
||||||
Stock-based compensation
|
|
|
15,292
|
|
|
|
|
|
|
15,292
|
|
|||||||
Stock repurchased and retired
|
(403,828
|
)
|
|
(7,183
|
)
|
|
|
|
|
|
(7,183
|
)
|
||||||
Issuances of common stock under stock plans
|
|
|
|
|
|
|
|
|
|
|||||||||
and related net tax benefit
(2)
|
4,206,658
|
|
|
7,692
|
|
|
|
|
|
|
7,692
|
|
||||||
Cash dividends on common stock ($0.60 per share)
|
|
|
|
|
(115,824
|
)
|
|
|
|
(115,824
|
)
|
|||||||
Balance at December 31, 2014
|
220,161,120
|
|
|
$
|
3,519,316
|
|
|
$
|
249,613
|
|
|
$
|
12,068
|
|
|
$
|
3,780,997
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Deferred income tax expense
|
80,126
|
|
|
7,748
|
|
|
6,421
|
|
|||
Amortization of investment premiums, net
|
20,822
|
|
|
32,663
|
|
|
45,082
|
|
|||
Gain on sale of investment securities, net
|
(2,904
|
)
|
|
(209
|
)
|
|
(4,023
|
)
|
|||
Other-than-temporary impairment on investment securities held to maturity
|
—
|
|
|
—
|
|
|
155
|
|
|||
(Gain) loss on sale of other real estate owned
|
(127
|
)
|
|
(912
|
)
|
|
1,113
|
|
|||
Valuation adjustment on other real estate owned
|
3,728
|
|
|
2,160
|
|
|
11,542
|
|
|||
Provision for loan and lease losses
|
40,241
|
|
|
10,716
|
|
|
29,201
|
|
|||
Change in cash surrender value of bank owned life insurance
|
(9,713
|
)
|
|
(4,280
|
)
|
|
(3,145
|
)
|
|||
Change in FDIC indemnification asset
|
15,151
|
|
|
25,549
|
|
|
15,234
|
|
|||
Depreciation, amortization and accretion
|
33,873
|
|
|
18,267
|
|
|
16,040
|
|
|||
Increase in residential mortgage servicing rights
|
(23,311
|
)
|
|
(17,963
|
)
|
|
(17,710
|
)
|
|||
Change in residential mortgage servicing rights carried at fair value
|
16,587
|
|
|
(2,374
|
)
|
|
8,466
|
|
|||
Change in junior subordinated debentures carried at fair value
|
5,849
|
|
|
2,193
|
|
|
2,175
|
|
|||
Stock-based compensation
|
15,292
|
|
|
5,017
|
|
|
4,041
|
|
|||
Net decrease (increase) in trading account assets
|
452
|
|
|
(2,211
|
)
|
|
(1,438
|
)
|
|||
Gain on sale of loans
|
(93,294
|
)
|
|
(65,644
|
)
|
|
(91,945
|
)
|
|||
Change in loans held for sale carried at fair value
|
(9,688
|
)
|
|
14,503
|
|
|
(13,965
|
)
|
|||
Origination of loans held for sale
|
(2,146,829
|
)
|
|
(1,599,683
|
)
|
|
(1,987,262
|
)
|
|||
Proceeds from sales of loans held for sale
|
2,267,471
|
|
|
1,863,548
|
|
|
1,875,138
|
|
|||
Excess tax benefits from the exercise of stock options
|
(1,626
|
)
|
|
(65
|
)
|
|
(52
|
)
|
|||
Change in other assets and liabilities:
|
|
|
|
|
|
||||||
Net (increase) decrease in other assets
|
(45,874
|
)
|
|
32,129
|
|
|
5,401
|
|
|||
Net increase (decrease) in other liabilities
|
38,632
|
|
|
(7,589
|
)
|
|
22,255
|
|
|||
Net cash provided by operating activities
|
352,378
|
|
|
411,924
|
|
|
24,615
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of investment securities available for sale
|
(363,064
|
)
|
|
(51,191
|
)
|
|
(994,574
|
)
|
|||
Purchases of investment securities held to maturity
|
—
|
|
|
(2,126
|
)
|
|
(931
|
)
|
|||
Proceeds from investment securities available for sale
|
1,238,676
|
|
|
803,866
|
|
|
1,481,600
|
|
|||
Proceeds from investment securities held to maturity
|
741
|
|
|
1,353
|
|
|
1,304
|
|
|||
Redemption of restricted equity securities
|
5,615
|
|
|
2,758
|
|
|
1,629
|
|
|||
Net loan and lease originations
|
(937,739
|
)
|
|
(383,072
|
)
|
|
(472,581
|
)
|
|||
Proceeds from sales of loans
|
356,464
|
|
|
60,298
|
|
|
14,242
|
|
|||
Proceeds from insurance settlement on loss of property
|
—
|
|
|
575
|
|
|
1,425
|
|
|||
Proceeds from fee on termination of merger transaction
|
—
|
|
|
—
|
|
|
1,600
|
|
|||
Proceeds from disposals of furniture and equipment
|
4,135
|
|
|
410
|
|
|
2,029
|
|
|||
Proceeds from bank owned life insurance
|
3,723
|
|
|
1,173
|
|
|
1,870
|
|
|||
Purchases of premises and equipment
|
(62,167
|
)
|
|
(33,995
|
)
|
|
(22,817
|
)
|
|||
Net change in proceeds from FDIC indemnification asset
|
(2,667
|
)
|
|
5,332
|
|
|
29,478
|
|
|||
Proceeds from sales of other real estate owned
|
15,931
|
|
|
26,522
|
|
|
39,787
|
|
|||
Net cash paid in divestiture
|
(127,557
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash acquired (paid) in acquisition, net of consideration paid
|
116,867
|
|
|
(149,658
|
)
|
|
39,328
|
|
|||
Net cash provided by investing activities
|
248,958
|
|
|
282,245
|
|
|
123,389
|
|
|||
|
|
|
|
|
|
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW (Continued)
For the Years Ended December 31, 2014, 2013 and 2012
(in thousands)
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
2014
|
|
2013
|
|
2012
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in deposit liabilities
|
905,396
|
|
|
(261,184
|
)
|
|
(107,445
|
)
|
|||
Net (decrease) increase in securities sold under agreements to repurchase
|
(496,307
|
)
|
|
87,807
|
|
|
12,470
|
|
|||
Repayment of term debt
|
(97,003
|
)
|
|
(211,727
|
)
|
|
(55,404
|
)
|
|||
Repayment of junior subordinated debentures
|
—
|
|
|
(8,764
|
)
|
|
—
|
|
|||
Dividends paid on common stock
|
(99,233
|
)
|
|
(50,768
|
)
|
|
(46,201
|
)
|
|||
Excess tax benefits from stock based compensation
|
1,626
|
|
|
65
|
|
|
52
|
|
|||
Proceeds from stock options exercised
|
6,116
|
|
|
6,398
|
|
|
981
|
|
|||
Repurchases and retirement of common stock
|
(7,183
|
)
|
|
(9,360
|
)
|
|
(7,436
|
)
|
|||
Net cash provided (used) by financing activities
|
213,412
|
|
|
(447,533
|
)
|
|
(202,983
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
814,748
|
|
|
246,636
|
|
|
(54,979
|
)
|
|||
Cash and cash equivalents, beginning of period
|
790,423
|
|
|
543,787
|
|
|
598,766
|
|
|||
Cash and cash equivalents, end of period
|
$
|
1,605,171
|
|
|
$
|
790,423
|
|
|
$
|
543,787
|
|
|
|
|
|
|
|
||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|||
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|||
Interest
|
$
|
55,235
|
|
|
$
|
40,826
|
|
|
$
|
52,198
|
|
Income taxes
|
$
|
7,098
|
|
|
$
|
41,993
|
|
|
$
|
44,350
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Change in unrealized losses on investment securities available for sale, net of taxes
|
$
|
16,987
|
|
|
$
|
(29,378
|
)
|
|
$
|
(9,616
|
)
|
Change in unrealized losses on investment securities held to maturity
|
|
|
|
|
|
|
|
||||
related to factors other than credit, net of taxes
|
$
|
57
|
|
|
$
|
56
|
|
|
$
|
188
|
|
Cash dividend declared on common stock and payable after period-end
|
$
|
33,109
|
|
|
$
|
16,936
|
|
|
$
|
—
|
|
Transfer of loans to other real estate owned
|
$
|
24,873
|
|
|
$
|
24,193
|
|
|
$
|
24,686
|
|
Transfer from FDIC indemnification asset to due from FDIC and other
|
$
|
3,606
|
|
|
$
|
4,075
|
|
|
$
|
23,057
|
|
Acquisitions:
|
|
|
|
|
|
||||||
Assets acquired
|
$
|
9,877,572
|
|
|
$
|
376,071
|
|
|
$
|
317,751
|
|
Liabilities assumed
|
$
|
8,767,025
|
|
|
$
|
219,961
|
|
|
$
|
317,751
|
|
•
|
Sterling merged with and into the Company (the "Merger" or the "Sterling Merger") with the Company as the surviving corporation in the Merger;
|
•
|
Immediately following the Merger, Sterling's wholly owned banking subsidiary, Sterling Savings Bank merged with and into the Bank (the "Bank Merger"), with the Bank as the surviving bank in the Bank Merger;
|
•
|
Holders of shares of common stock of Sterling had the right to receive
1.671
shares of the Company's common stock
and
$2.18
in cash for each share of Sterling common stock.
|
•
|
Each outstanding warrant issued by Sterling converted into a warrant exercisable for
1.671
shares of the Company's common stock
and
$2.18
in cash for each warrant when exercised;
|
•
|
Each outstanding option to purchase a share of Sterling common stock converted into an option to purchase
1.7896
shares of Company's common stock, subject to vesting conditions; and
|
•
|
Each outstanding restricted stock unit in respect of Sterling common stock converted into a restricted stock unit in respect of
1.7896
shares the Company common stock, subject to vesting conditions.
|
(in thousands)
|
|
Purchased impaired
|
||
Contractually required principal and interest payments
|
|
$
|
604,136
|
|
Nonaccretable difference
|
|
(95,614
|
)
|
|
Cash flows expected to be collected
|
|
508,522
|
|
|
Accretable yield
|
|
(110,757
|
)
|
|
Fair value of purchased impaired loans
|
|
$
|
397,765
|
|
(in thousands)
|
|
Year ended
|
||
|
|
December 31, 2014
|
||
Personnel
|
|
$
|
18,837
|
|
Legal and professional
|
|
22,276
|
|
|
Charitable contributions
|
|
10,000
|
|
|
Investment banking fees
|
|
9,573
|
|
|
Contract termination
|
|
10,378
|
|
|
Communication
|
|
2,522
|
|
|
Other
|
|
8,731
|
|
|
Total Merger related expense
|
|
$
|
82,317
|
|
(in thousands, except per share data)
|
|
Pro Forma
|
|
||||||
|
|
Year Ended
|
|
||||||
|
|
December 31,
|
|
||||||
|
|
2014
|
|
2013
|
|
||||
Net interest income
|
|
$
|
910,715
|
|
|
$
|
873,972
|
|
(1),(2),(3)
|
Provision for loan and lease losses
|
|
40,241
|
|
|
10,716
|
|
|
||
Non-interest income
|
|
205,557
|
|
|
242,609
|
|
(4),(5),(6)
|
||
Non-interest expense
|
|
704,488
|
|
|
802,371
|
|
(7), (8)
|
||
Income before provision for income taxes
|
|
371,543
|
|
|
303,494
|
|
|
||
Provision for income taxes
|
|
136,228
|
|
|
98,603
|
|
|
||
Net income
|
|
235,315
|
|
|
204,891
|
|
|
||
Dividends and undistributed earnings allocated to participating securities
|
|
484
|
|
|
788
|
|
|
||
Net earnings available to common shareholders
|
|
$
|
234,831
|
|
|
$
|
204,103
|
|
|
Earnings per share:
|
|
|
|
|
|
||||
Basic
|
|
$
|
1.03
|
|
|
$
|
0.94
|
|
|
Diluted
|
|
$
|
1.02
|
|
|
$
|
0.93
|
|
|
Average shares outstanding:
|
|
|
|
|
|
||||
Basic
|
|
227,807
|
|
|
216,025
|
|
|
||
Diluted
|
|
229,690
|
|
|
218,508
|
|
|
•
|
The Bank acquired all of the outstanding stock of FPHC, a shell holding company, which was the sole shareholder of FinPac Leasing, the primary operating subsidiary of FinPac that engages in equipment leasing and financing activities. FinPac Leasing was also the sole shareholder of FPF, FPF II and FPF III, which are bankruptcy-remote entities that formerly served as lien holder for certain leases. FPF, FPF II and FPF III had no assets and have been dissolved. With the dissolution of FPHC, the Bank holds all of the outstanding stock of FinPac Leasing.
|
•
|
The Company acquired all of the outstanding stock of FPC, a Canadian leasing subsidiary, and FPR, a corporation organized in the Turks & Caicos Islands that reinsures a portion of the liability risk of each insurance policy that is issued by a third party insurance company on leased equipment when the lessee fails to meet its contractual obligations under the lease or financing agreement to obtain insurance on the leased equipment.
|
(in thousands)
|
FinPac
|
||||||
|
July 1, 2013
|
||||||
Fair value of consideration:
|
|
|
|
||||
Cash
|
|
|
$
|
156,110
|
|
||
Fair value of assets acquired:
|
|
|
|
||||
Cash and equivalents
|
$
|
6,452
|
|
|
|
||
Loans and leases, net
|
264,336
|
|
|
|
|||
Premises and equipment
|
491
|
|
|
|
|||
Other assets
|
8,015
|
|
|
|
|||
Total assets acquired
|
$
|
279,294
|
|
|
|
||
Fair value of liabilities assumed:
|
|
|
|
||||
Term debt
|
211,204
|
|
|
|
|||
Other liabilities
|
8,757
|
|
|
|
|||
Total liabilities assumed
|
$
|
219,961
|
|
|
|
||
Net assets acquired
|
|
|
59,333
|
|
|||
Goodwill
|
|
|
$
|
96,777
|
|
(in thousands)
|
FinPac
|
||
|
July 1, 2013
|
||
Contractually required payments
|
$
|
350,403
|
|
Purchase adjustment for credit
|
$
|
(20,520
|
)
|
Balance of loans and leases, net
|
$
|
264,336
|
|
(in thousands, except per share data)
|
Pro Forma
|
||
|
Year ended
|
||
|
December 31, 2013
|
||
Net interest income
|
$
|
423,600
|
|
Provision for loan and lease losses
|
13,988
|
|
|
Non-interest income
|
122,753
|
|
|
Non-interest expense
|
373,181
|
|
|
Income before provision for income taxes
|
159,184
|
|
|
Provision for income taxes
|
55,879
|
|
|
Net income
|
103,305
|
|
|
Dividends and undistributed earnings allocated to participating securities
|
829
|
|
|
Net earnings available to common shareholders
|
$
|
102,476
|
|
Earnings per share:
|
|
||
Basic
|
$
|
0.92
|
|
Diluted
|
$
|
0.91
|
|
Average shares outstanding:
|
|
||
Basic
|
111,938
|
|
|
Diluted
|
112,176
|
|
(in thousands)
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agencies
|
$
|
213
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
229
|
|
Obligations of states and political subdivisions
|
325,189
|
|
|
14,056
|
|
|
(841
|
)
|
|
338,404
|
|
||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
1,951,514
|
|
|
17,398
|
|
|
(11,060
|
)
|
|
1,957,852
|
|
||||
Investments in mutual funds and
|
|
|
|
|
|
|
|
||||||||
other equity securities
|
2,016
|
|
|
54
|
|
|
—
|
|
|
2,070
|
|
||||
|
$
|
2,278,932
|
|
|
$
|
31,524
|
|
|
$
|
(11,901
|
)
|
|
$
|
2,298,555
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
$
|
5,088
|
|
|
$
|
358
|
|
|
$
|
(15
|
)
|
|
$
|
5,431
|
|
Other investment securities
|
123
|
|
|
—
|
|
|
—
|
|
|
123
|
|
||||
|
$
|
5,211
|
|
|
$
|
358
|
|
|
$
|
(15
|
)
|
|
$
|
5,554
|
|
(in thousands)
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
AVAILABLE FOR SALE:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agencies
|
$
|
249
|
|
|
$
|
20
|
|
|
$
|
(1
|
)
|
|
$
|
268
|
|
Obligations of states and political subdivisions
|
229,969
|
|
|
7,811
|
|
|
(2,575
|
)
|
|
235,205
|
|
||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
1,567,001
|
|
|
15,359
|
|
|
(28,819
|
)
|
|
1,553,541
|
|
||||
Investments in mutual funds and
|
|
|
|
|
|
|
|
||||||||
other equity securities
|
1,959
|
|
|
5
|
|
|
—
|
|
|
1,964
|
|
||||
|
$
|
1,799,178
|
|
|
$
|
23,195
|
|
|
$
|
(31,395
|
)
|
|
$
|
1,790,978
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
$
|
5,563
|
|
|
$
|
330
|
|
|
$
|
(19
|
)
|
|
$
|
5,874
|
|
|
$
|
5,563
|
|
|
$
|
330
|
|
|
$
|
(19
|
)
|
|
$
|
5,874
|
|
(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
|
$
|
11,100
|
|
|
$
|
547
|
|
|
$
|
8,550
|
|
|
$
|
294
|
|
|
$
|
19,650
|
|
|
$
|
841
|
|
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
collateralized mortgage obligations
|
220,577
|
|
|
815
|
|
|
495,096
|
|
|
10,245
|
|
|
715,673
|
|
|
11,060
|
|
||||||
Total temporarily impaired securities
|
$
|
231,677
|
|
|
$
|
1,362
|
|
|
$
|
503,646
|
|
|
$
|
10,539
|
|
|
$
|
735,323
|
|
|
$
|
11,901
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
collateralized mortgage obligations
|
$
|
224
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
224
|
|
|
$
|
15
|
|
Total temporarily impaired securities
|
$
|
224
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
224
|
|
|
$
|
15
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
1
|
|
|
$
|
32
|
|
|
$
|
1
|
|
Obligations of states and political subdivisions
|
48,342
|
|
|
2,575
|
|
|
—
|
|
|
—
|
|
|
48,342
|
|
|
2,575
|
|
||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
collateralized mortgage obligations
|
475,982
|
|
|
15,951
|
|
|
249,695
|
|
|
12,868
|
|
|
725,677
|
|
|
28,819
|
|
||||||
Total temporarily impaired securities
|
$
|
524,324
|
|
|
$
|
18,526
|
|
|
$
|
249,727
|
|
|
$
|
12,869
|
|
|
$
|
774,051
|
|
|
$
|
31,395
|
|
HELD TO MATURITY:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
collateralized mortgage obligations
|
$
|
156
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
156
|
|
|
$
|
19
|
|
Total temporarily impaired securities
|
$
|
156
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
156
|
|
|
$
|
19
|
|
(in thousands)
|
Available For Sale
|
|
Held To Maturity
|
||||||||||||
|
Amortized
|
|
Fair
|
|
Amortized
|
|
Fair
|
||||||||
|
Cost
|
|
Value
|
|
Cost
|
|
Value
|
||||||||
AMOUNTS MATURING IN:
|
|
|
|
|
|
|
|
||||||||
Three months or less
|
$
|
8,077
|
|
|
$
|
8,118
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Over three months through twelve months
|
63,008
|
|
|
63,755
|
|
|
138
|
|
|
200
|
|
||||
After one year through five years
|
1,620,464
|
|
|
1,639,949
|
|
|
427
|
|
|
655
|
|
||||
After five years through ten years
|
514,770
|
|
|
511,260
|
|
|
271
|
|
|
298
|
|
||||
After ten years
|
70,597
|
|
|
73,403
|
|
|
4,252
|
|
|
4,278
|
|
||||
Other investment securities
|
2,016
|
|
|
2,070
|
|
|
123
|
|
|
123
|
|
||||
|
$
|
2,278,932
|
|
|
$
|
2,298,555
|
|
|
$
|
5,211
|
|
|
$
|
5,554
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
Gains
|
|
Losses
|
|
Gains
|
|
Losses
|
|
Gains
|
|
Losses
|
||||||||||||
U.S. Treasury and agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
371
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
3
|
|
|
1
|
|
|
10
|
|
|
1
|
|
|
10
|
|
|
1
|
|
||||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
collateralized mortgage obligations
|
2,902
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,578
|
|
|
953
|
|
||||||
Other debt securities
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||||
|
$
|
2,905
|
|
|
$
|
1
|
|
|
$
|
210
|
|
|
$
|
1
|
|
|
$
|
4,977
|
|
|
$
|
954
|
|
(in thousands)
|
Amortized
|
|
Fair
|
||||
|
Cost
|
|
Value
|
||||
To Federal Home Loan Bank to secure borrowings
|
$
|
2,109
|
|
|
$
|
2,183
|
|
To state and local governments to secure public deposits
|
1,693,153
|
|
|
1,706,717
|
|
||
Other securities pledged principally to secure repurchase agreements
|
474,380
|
|
|
475,430
|
|
||
Total pledged securities
|
$
|
2,169,642
|
|
|
$
|
2,184,330
|
|
(in thousands)
|
December 31,
|
|
December 31,
|
||||
Non-Covered Loans
|
2014
|
|
2013
|
||||
Commercial real estate
|
|
|
|
||||
Non-owner occupied term, net
|
$
|
3,154,853
|
|
|
$
|
2,328,260
|
|
Owner occupied term, net
|
2,588,090
|
|
|
1,259,583
|
|
||
Multifamily, net
|
2,611,308
|
|
|
403,537
|
|
||
Construction & development, net
|
255,852
|
|
|
245,231
|
|
||
Residential development, net
|
80,008
|
|
|
88,413
|
|
||
Commercial
|
|
|
|
||||
Term, net
|
1,094,407
|
|
|
770,845
|
|
||
LOC & other, net
|
1,316,980
|
|
|
987,360
|
|
||
Leases and equipment finance, net
|
523,114
|
|
|
361,591
|
|
||
Residential
|
|
|
|
||||
Mortgage, net
|
2,217,105
|
|
|
597,201
|
|
||
Home equity loans & lines, net
|
835,981
|
|
|
264,269
|
|
||
Consumer & other, net
|
385,523
|
|
|
48,113
|
|
||
Non-covered loans and leases, net of deferred fees and costs
|
$
|
15,063,221
|
|
|
$
|
7,354,403
|
|
|
|
|
|
||||
Covered Loans
|
|
|
|
||||
Commercial real estate
|
|
|
|
||||
Non-owner occupied term, net
|
$
|
135,757
|
|
|
$
|
206,902
|
|
Owner occupied term, net
|
45,774
|
|
|
49,817
|
|
||
Multifamily, net
|
27,310
|
|
|
37,671
|
|
||
Construction & development, net
|
2,870
|
|
|
3,455
|
|
||
Residential development, net
|
1,838
|
|
|
7,286
|
|
||
Commercial
|
|
|
|
|
|||
Term, net
|
8,580
|
|
|
15,719
|
|
||
LOC & other, net
|
5,742
|
|
|
6,698
|
|
||
Leases and equipment finance, net
|
—
|
|
|
—
|
|
||
Residential
|
|
|
|
|
|||
Mortgage, net
|
16,630
|
|
|
22,316
|
|
||
Home equity loans & lines, net
|
16,497
|
|
|
19,637
|
|
||
Consumer & other, net
|
3,513
|
|
|
4,262
|
|
||
Covered loans, net of deferred fees and costs
|
264,511
|
|
|
373,763
|
|
||
Total loans, net of deferred fees and costs
|
$
|
15,327,732
|
|
|
$
|
7,728,166
|
|
(in thousands)
|
Year ended
|
||||||||||||||||||||||
|
December 31, 2014
|
||||||||||||||||||||||
|
Evergreen
|
|
Rainer
|
|
Nevada Security
|
|
Circle
|
|
Sterling
|
|
Total
|
||||||||||||
Balance, beginning of period
|
$
|
20,063
|
|
|
$
|
71,789
|
|
|
$
|
34,632
|
|
|
$
|
1,140
|
|
|
$
|
—
|
|
|
$
|
127,624
|
|
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,757
|
|
|
110,757
|
|
||||||
Accretion to interest income
|
(11,340
|
)
|
|
(18,264
|
)
|
|
(13,791
|
)
|
|
(344
|
)
|
|
(18,408
|
)
|
|
(62,147
|
)
|
||||||
Disposals
|
(5,457
|
)
|
|
(11,217
|
)
|
|
(5,841
|
)
|
|
—
|
|
|
(9,951
|
)
|
|
(32,466
|
)
|
||||||
Reclassifications from nonaccretable difference
|
6,200
|
|
|
7,681
|
|
|
8,666
|
|
|
—
|
|
|
35,384
|
|
|
57,931
|
|
||||||
Balance, end of period
|
$
|
9,466
|
|
|
$
|
49,989
|
|
|
$
|
23,666
|
|
|
$
|
796
|
|
|
$
|
117,782
|
|
|
$
|
201,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Year ended
|
|
|
||||||||||||||||||||
|
December 31, 2013
|
|
|
||||||||||||||||||||
|
Evergreen
|
|
Rainer
|
|
Nevada Security
|
|
Circle
|
|
Total
|
|
|
||||||||||||
Balance, beginning of period
|
$
|
34,567
|
|
|
$
|
102,468
|
|
|
$
|
46,353
|
|
|
$
|
770
|
|
|
$
|
184,158
|
|
|
|
||
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Accretion to interest income
|
(12,695
|
)
|
|
(23,511
|
)
|
|
(15,292
|
)
|
|
(292
|
)
|
|
(51,790
|
)
|
|
|
|||||||
Disposals
|
(3,221
|
)
|
|
(12,362
|
)
|
|
(3,703
|
)
|
|
(672
|
)
|
|
(19,958
|
)
|
|
|
|||||||
Reclassifications from nonaccretable difference
|
1,412
|
|
|
5,194
|
|
|
7,274
|
|
|
1,334
|
|
|
15,214
|
|
|
|
|||||||
Balance, end of period
|
$
|
20,063
|
|
|
$
|
71,789
|
|
|
$
|
34,632
|
|
|
$
|
1,140
|
|
|
$
|
127,624
|
|
|
|
(in thousands)
|
|
|
|
|||||
|
|
2014
|
|
2013
|
||||
Balance, beginning of period
|
|
$
|
23,174
|
|
|
$
|
52,798
|
|
Change in FDIC indemnification asset
|
|
(15,151
|
)
|
|
(25,549
|
)
|
||
Transfers to due from FDIC and other
|
|
(3,606
|
)
|
|
(4,075
|
)
|
||
Balance, end of period
|
|
$
|
4,417
|
|
|
$
|
23,174
|
|
(in thousands)
|
December 31,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
Minimum lease payments receivable
|
$
|
283,942
|
|
|
$
|
242,220
|
|
Estimated guaranteed and unguaranteed residual value
|
9,158
|
|
|
8,455
|
|
||
Initial direct costs - net of accumulated amortization
|
9,140
|
|
|
3,824
|
|
||
Unearned income
|
(55,868
|
)
|
|
(55,110
|
)
|
||
Equipment finance loans, including unamortized deferred fees and costs
|
275,639
|
|
|
151,721
|
|
||
Interim lease receivables
|
—
|
|
|
6,752
|
|
||
Accretable yield/purchase accounting adjustments
|
1,103
|
|
|
3,729
|
|
||
Net investment in direct financing leases and loans
|
$
|
523,114
|
|
|
$
|
361,591
|
|
|
|
|
|
||||
Allowance for credit losses
|
(14,369
|
)
|
|
(3,775
|
)
|
||
|
|
|
|
||||
Net investment in direct financing leases and loans - net
|
$
|
508,745
|
|
|
$
|
357,816
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
59,538
|
|
|
$
|
27,028
|
|
|
$
|
7,487
|
|
|
$
|
1,032
|
|
|
$
|
95,085
|
|
Charge-offs
|
(8,030
|
)
|
|
(16,824
|
)
|
|
(1,855
|
)
|
|
(3,469
|
)
|
|
(30,178
|
)
|
|||||
Recoveries
|
2,539
|
|
|
6,744
|
|
|
462
|
|
|
1,274
|
|
|
11,019
|
|
|||||
Provision
|
1,137
|
|
|
24,268
|
|
|
9,828
|
|
|
5,008
|
|
|
40,241
|
|
|||||
Balance, end of period
|
$
|
55,184
|
|
|
$
|
41,216
|
|
|
$
|
15,922
|
|
|
$
|
3,845
|
|
|
$
|
116,167
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2013
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Balance, beginning of period
|
$
|
67,038
|
|
|
$
|
27,905
|
|
|
$
|
7,729
|
|
|
$
|
994
|
|
|
$
|
103,666
|
|
Charge-offs
|
(9,748
|
)
|
|
(20,810
|
)
|
|
(3,655
|
)
|
|
(1,285
|
)
|
|
(35,498
|
)
|
|||||
Recoveries
|
4,436
|
|
|
10,445
|
|
|
569
|
|
|
751
|
|
|
16,201
|
|
|||||
Provision (recapture)
|
(2,188
|
)
|
|
9,488
|
|
|
2,844
|
|
|
572
|
|
|
10,716
|
|
|||||
Balance, end of period
|
$
|
59,538
|
|
|
$
|
27,028
|
|
|
$
|
7,487
|
|
|
$
|
1,032
|
|
|
$
|
95,085
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Allowance for loans and leases:
|
|||||||||||||||||||
Collectively evaluated for impairment
|
$
|
49,243
|
|
|
$
|
38,201
|
|
|
$
|
15,858
|
|
|
$
|
3,118
|
|
|
$
|
106,420
|
|
Individually evaluated for impairment
|
1,088
|
|
|
320
|
|
|
—
|
|
|
—
|
|
|
1,408
|
|
|||||
Loans acquired with deteriorated credit quality
|
4,853
|
|
|
2,695
|
|
|
64
|
|
|
727
|
|
|
8,339
|
|
|||||
Total
|
$
|
55,184
|
|
|
$
|
41,216
|
|
|
$
|
15,922
|
|
|
$
|
3,845
|
|
|
$
|
116,167
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Collectively evaluated for impairment
|
$
|
8,374,716
|
|
|
$
|
2,884,388
|
|
|
$
|
3,084,633
|
|
|
$
|
318,572
|
|
|
$
|
14,662,309
|
|
Individually evaluated for impairment
|
69,636
|
|
|
32,936
|
|
|
—
|
|
|
—
|
|
|
102,572
|
|
|||||
Loans acquired with deteriorated credit quality
|
459,308
|
|
|
31,499
|
|
|
1,580
|
|
|
70,464
|
|
|
562,851
|
|
|||||
Total
|
$
|
8,903,660
|
|
|
$
|
2,948,823
|
|
|
$
|
3,086,213
|
|
|
$
|
389,036
|
|
|
$
|
15,327,732
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||||||
|
Commercial
|
|
|
|
|
|
Consumer
|
|
|
||||||||||
|
Real Estate
|
|
Commercial
|
|
Residential
|
|
& Other
|
|
Total
|
||||||||||
Allowance for loans and leases:
|
|||||||||||||||||||
Collectively evaluated for impairment
|
$
|
51,758
|
|
|
$
|
24,303
|
|
|
$
|
6,878
|
|
|
$
|
914
|
|
|
$
|
83,853
|
|
Individually evaluated for impairment
|
1,785
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
1,797
|
|
|||||
Loans acquired with deteriorated credit quality
|
5,995
|
|
|
2,713
|
|
|
609
|
|
|
118
|
|
|
9,435
|
|
|||||
Total
|
$
|
59,538
|
|
|
$
|
27,028
|
|
|
$
|
7,487
|
|
|
$
|
1,032
|
|
|
$
|
95,085
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|||||||||||
Collectively evaluated for impairment
|
$
|
4,236,643
|
|
|
$
|
2,114,929
|
|
|
$
|
866,463
|
|
|
$
|
50,636
|
|
|
$
|
7,268,671
|
|
Individually evaluated for impairment
|
89,280
|
|
|
11,503
|
|
|
—
|
|
|
—
|
|
|
100,783
|
|
|||||
Loans acquired with deteriorated credit quality
|
304,232
|
|
|
15,781
|
|
|
36,960
|
|
|
1,739
|
|
|
358,712
|
|
|||||
Total
|
$
|
4,630,155
|
|
|
$
|
2,142,213
|
|
|
$
|
903,423
|
|
|
$
|
52,375
|
|
|
$
|
7,728,166
|
|
(in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
||||
Balance, beginning of period
|
$
|
1,436
|
|
|
$
|
1,223
|
|
Net change to other expense
|
(1,863
|
)
|
|
213
|
|
||
Acquired reserve
|
3,966
|
|
|
—
|
|
||
Balance, end of period
|
$
|
3,539
|
|
|
$
|
1,436
|
|
(in thousands)
|
|
|
||
|
|
Total
|
||
Unfunded loan and lease commitments:
|
|
|
||
December 31, 2014
|
|
$
|
3,000,505
|
|
December 31, 2013
|
|
$
|
1,638,446
|
|
(in thousands)
|
2014
|
|
2013
|
||||
Commercial real estate
|
|
|
|
||||
Non-owner occupied term
|
$
|
15,500
|
|
|
$
|
4,039
|
|
Owner occupied term
|
87,385
|
|
|
3,738
|
|
||
Multifamily
|
60,508
|
|
|
—
|
|
||
Construction & development
|
566
|
|
|
3,515
|
|
||
Residential development
|
800
|
|
|
363
|
|
||
Commercial
|
|
|
|
||||
Term
|
30,497
|
|
|
47,635
|
|
||
LOC & other
|
6,061
|
|
|
—
|
|
||
Residential
|
|
|
|
||||
Mortgage
|
108,246
|
|
|
1,008
|
|
||
Home equity loans & lines
|
24,445
|
|
|
—
|
|
||
Consumer & other
|
7,344
|
|
|
—
|
|
||
Total
|
$
|
341,352
|
|
|
$
|
60,298
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||||||||||||||
|
Greater Than
|
|
60 to 89
|
|
Greater Than
|
|
|
|
|
|
|
|
Total
|
||||||||||||||
|
30 to 59 Days
|
|
Days
|
|
90 Days and
|
|
Total
|
|
Non-
|
|
Current &
|
|
Loans
|
||||||||||||||
|
Past Due
|
|
Past Due
|
|
Accruing
|
|
Past Due
|
|
accrual
|
|
Other
(1)
|
|
and Leases
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-owner occupied term, net
|
$
|
452
|
|
|
$
|
—
|
|
|
$
|
283
|
|
|
$
|
735
|
|
|
$
|
8,957
|
|
|
$
|
3,280,918
|
|
|
$
|
3,290,610
|
|
Owner occupied term, net
|
2,304
|
|
|
347
|
|
|
—
|
|
|
2,651
|
|
|
8,292
|
|
|
2,622,921
|
|
|
2,633,864
|
|
|||||||
Multifamily, net
|
—
|
|
|
512
|
|
|
—
|
|
|
512
|
|
|
300
|
|
|
2,637,806
|
|
|
2,638,618
|
|
|||||||
Construction & development, net
|
1,091
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
—
|
|
|
257,631
|
|
|
258,722
|
|
|||||||
Residential development, net
|
6,155
|
|
|
—
|
|
|
—
|
|
|
6,155
|
|
|
—
|
|
|
75,691
|
|
|
81,846
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term, net
|
1,098
|
|
|
242
|
|
|
3
|
|
|
1,343
|
|
|
19,097
|
|
|
1,082,547
|
|
|
1,102,987
|
|
|||||||
LOC & other, net
|
1,637
|
|
|
1,155
|
|
|
1,223
|
|
|
4,015
|
|
|
8,825
|
|
|
1,309,882
|
|
|
1,322,722
|
|
|||||||
Leases and equipment finance, net
|
1,482
|
|
|
1,695
|
|
|
695
|
|
|
3,872
|
|
|
5,084
|
|
|
514,158
|
|
|
523,114
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net
|
8
|
|
|
1,224
|
|
|
4,289
|
|
|
5,521
|
|
|
655
|
|
|
2,227,559
|
|
|
2,233,735
|
|
|||||||
Home equity loans & lines, net
|
1,924
|
|
|
702
|
|
|
749
|
|
|
3,375
|
|
|
615
|
|
|
848,488
|
|
|
852,478
|
|
|||||||
Consumer & other, net
|
2,133
|
|
|
498
|
|
|
270
|
|
|
2,901
|
|
|
216
|
|
|
385,919
|
|
|
389,036
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
18,284
|
|
|
$
|
6,375
|
|
|
$
|
7,512
|
|
|
$
|
32,171
|
|
|
$
|
52,041
|
|
|
$
|
15,243,520
|
|
|
$
|
15,327,732
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||||||||||||||
|
Greater Than
|
|
60 to 89
|
|
Greater Than
|
|
|
|
|
|
|
|
Total
|
||||||||||||||
|
30 to 59 Days
|
|
Days
|
|
90 Days and
|
|
Total
|
|
Non-
|
|
Current &
|
|
Loans
|
||||||||||||||
|
Past Due
|
|
Past Due
|
|
Accruing
|
|
Past Due
|
|
accrual
|
|
Other (1)
|
|
and Leases
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-owner occupied term, net
|
$
|
3,618
|
|
|
$
|
352
|
|
|
$
|
—
|
|
|
$
|
3,970
|
|
|
$
|
9,193
|
|
|
$
|
2,521,999
|
|
|
$
|
2,535,162
|
|
Owner occupied term, net
|
1,320
|
|
|
340
|
|
|
610
|
|
|
2,270
|
|
|
6,204
|
|
|
1,300,926
|
|
|
1,309,400
|
|
|||||||
Multifamily, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
935
|
|
|
440,273
|
|
|
441,208
|
|
|||||||
Construction & development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,686
|
|
|
248,686
|
|
|||||||
Residential development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,801
|
|
|
92,898
|
|
|
95,699
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Term, net
|
901
|
|
|
1,436
|
|
|
—
|
|
|
2,337
|
|
|
8,723
|
|
|
775,504
|
|
|
786,564
|
|
|||||||
LOC & other, net
|
619
|
|
|
224
|
|
|
—
|
|
|
843
|
|
|
1,222
|
|
|
991,993
|
|
|
994,058
|
|
|||||||
Leases and equipment finance, net
|
2,202
|
|
|
1,706
|
|
|
517
|
|
|
4,425
|
|
|
2,813
|
|
|
354,353
|
|
|
361,591
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net
|
1,050
|
|
|
342
|
|
|
2,070
|
|
|
3,462
|
|
|
—
|
|
|
616,055
|
|
|
619,517
|
|
|||||||
Home equity loans & lines, net
|
473
|
|
|
563
|
|
|
160
|
|
|
1,196
|
|
|
—
|
|
|
282,710
|
|
|
283,906
|
|
|||||||
Consumer & other, net
|
69
|
|
|
75
|
|
|
73
|
|
|
217
|
|
|
—
|
|
|
52,158
|
|
|
52,375
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
10,252
|
|
|
$
|
5,038
|
|
|
$
|
3,430
|
|
|
$
|
18,720
|
|
|
$
|
31,891
|
|
|
$
|
7,677,555
|
|
|
$
|
7,728,166
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||
|
Unpaid
|
|
Recorded Investment
|
|
|
||||||||||
|
Principal
|
|
Without
|
|
With
|
|
Related
|
||||||||
|
Balance
|
|
Allowance
|
|
Allowance
|
|
Allowance
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
42,793
|
|
|
$
|
16,916
|
|
|
$
|
22,190
|
|
|
$
|
502
|
|
Owner occupied term, net
|
16,339
|
|
|
8,290
|
|
|
7,655
|
|
|
364
|
|
||||
Multifamily, net
|
4,040
|
|
|
300
|
|
|
3,519
|
|
|
49
|
|
||||
Construction & development, net
|
2,655
|
|
|
—
|
|
|
1,091
|
|
|
7
|
|
||||
Residential development, net
|
9,670
|
|
|
—
|
|
|
9,675
|
|
|
166
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
31,733
|
|
|
18,701
|
|
|
256
|
|
|
12
|
|
||||
LOC & other, net
|
18,761
|
|
|
8,575
|
|
|
5,404
|
|
|
308
|
|
||||
Residential
|
|
|
|
|
|
|
|
||||||||
Mortgage, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity loans & lines, net
|
626
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer & other, net
|
152
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
126,769
|
|
|
$
|
52,782
|
|
|
$
|
49,790
|
|
|
$
|
1,408
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||
|
Unpaid
|
|
Recorded Investment
|
|
|
||||||||||
|
Principal
|
|
Without
|
|
With
|
|
Related
|
||||||||
|
Balance
|
|
Allowance
|
|
Allowance
|
|
Allowance
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
50,602
|
|
|
$
|
18,285
|
|
|
$
|
31,362
|
|
|
$
|
928
|
|
Owner occupied term, net
|
11,876
|
|
|
6,204
|
|
|
5,202
|
|
|
198
|
|
||||
Multifamily, net
|
1,416
|
|
|
935
|
|
|
—
|
|
|
—
|
|
||||
Construction & development, net
|
10,609
|
|
|
8,498
|
|
|
1,091
|
|
|
11
|
|
||||
Residential development, net
|
22,513
|
|
|
5,776
|
|
|
11,927
|
|
|
648
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
22,750
|
|
|
8,723
|
|
|
300
|
|
|
8
|
|
||||
LOC & other, net
|
7,144
|
|
|
1,222
|
|
|
1,258
|
|
|
4
|
|
||||
Residential
|
|
|
|
|
|
|
|
||||||||
Mortgage, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity loans & lines, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer & other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
126,910
|
|
|
$
|
49,643
|
|
|
$
|
51,140
|
|
|
$
|
1,797
|
|
(in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Interest
|
||||||||
|
Recorded
|
|
Income
|
|
Recorded
|
|
Income
|
||||||||
|
Investment
|
|
Recognized
|
|
Investment
|
|
Recognized
|
||||||||
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied term, net
|
$
|
50,589
|
|
|
$
|
1,619
|
|
|
$
|
63,274
|
|
|
$
|
1,512
|
|
Owner occupied term, net
|
12,781
|
|
|
282
|
|
|
7,462
|
|
|
205
|
|
||||
Multifamily, net
|
2,954
|
|
|
145
|
|
|
765
|
|
|
—
|
|
||||
Construction & development, net
|
6,156
|
|
|
44
|
|
|
13,919
|
|
|
484
|
|
||||
Residential development, net
|
13,237
|
|
|
463
|
|
|
22,351
|
|
|
644
|
|
||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Term, net
|
15,401
|
|
|
15
|
|
|
11,955
|
|
|
17
|
|
||||
LOC & other, net
|
5,138
|
|
|
—
|
|
|
4,008
|
|
|
51
|
|
||||
Residential
|
|
|
|
|
|
|
|
||||||||
Mortgage, net
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
||||
Home equity loans & lines, net
|
—
|
|
|
—
|
|
|
95
|
|
|
—
|
|
||||
Consumer & other, net
|
26
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Total, net of deferred fees and costs
|
$
|
106,282
|
|
|
$
|
2,568
|
|
|
$
|
123,983
|
|
|
$
|
2,913
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||||||||||||||
|
Pass/Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
(1)
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-owner occupied term, net
|
$
|
3,027,777
|
|
|
$
|
99,556
|
|
|
$
|
123,350
|
|
|
$
|
821
|
|
|
$
|
—
|
|
|
$
|
39,106
|
|
|
$
|
3,290,610
|
|
Owner occupied term, net
|
2,475,944
|
|
|
58,425
|
|
|
81,567
|
|
|
309
|
|
|
1,674
|
|
|
15,945
|
|
|
2,633,864
|
|
|||||||
Multifamily, net
|
2,610,039
|
|
|
9,583
|
|
|
15,177
|
|
|
—
|
|
|
—
|
|
|
3,819
|
|
|
2,638,618
|
|
|||||||
Construction & development, net
|
248,547
|
|
|
4,081
|
|
|
5,003
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
258,722
|
|
|||||||
Residential development, net
|
68,789
|
|
|
963
|
|
|
2,419
|
|
|
—
|
|
|
—
|
|
|
9,675
|
|
|
81,846
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term, net
|
1,055,728
|
|
|
12,661
|
|
|
15,219
|
|
|
198
|
|
|
224
|
|
|
18,957
|
|
|
1,102,987
|
|
|||||||
LOC & other, net
|
1,281,628
|
|
|
17,665
|
|
|
9,082
|
|
|
280
|
|
|
88
|
|
|
13,979
|
|
|
1,322,722
|
|
|||||||
Leases and equipment finance, net
|
513,104
|
|
|
2,554
|
|
|
3,809
|
|
|
3,255
|
|
|
392
|
|
|
—
|
|
|
523,114
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage, net
|
2,215,956
|
|
|
2,330
|
|
|
4,497
|
|
|
—
|
|
|
10,952
|
|
|
—
|
|
|
2,233,735
|
|
|||||||
Home equity loans & lines, net
|
846,277
|
|
|
3,271
|
|
|
1,079
|
|
|
—
|
|
|
1,851
|
|
|
—
|
|
|
852,478
|
|
|||||||
Consumer & other, net
|
385,754
|
|
|
2,717
|
|
|
198
|
|
|
—
|
|
|
367
|
|
|
—
|
|
|
389,036
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
14,729,543
|
|
|
$
|
213,806
|
|
|
$
|
261,400
|
|
|
$
|
4,863
|
|
|
$
|
15,548
|
|
|
$
|
102,572
|
|
|
$
|
15,327,732
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||||||||||||||
|
Pass/Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
(1)
|
|
Total
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-owner occupied term, net
|
$
|
2,207,603
|
|
|
$
|
135,005
|
|
|
$
|
142,907
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,647
|
|
|
$
|
2,535,162
|
|
Owner occupied term, net
|
1,213,321
|
|
|
31,071
|
|
|
53,181
|
|
|
421
|
|
|
—
|
|
|
11,406
|
|
|
1,309,400
|
|
|||||||
Multifamily, net
|
409,626
|
|
|
8,213
|
|
|
22,434
|
|
|
—
|
|
|
—
|
|
|
935
|
|
|
441,208
|
|
|||||||
Construction & development, net
|
231,380
|
|
|
2,054
|
|
|
5,663
|
|
|
—
|
|
|
—
|
|
|
9,589
|
|
|
248,686
|
|
|||||||
Residential development, net
|
67,513
|
|
|
2,060
|
|
|
8,329
|
|
|
94
|
|
|
—
|
|
|
17,703
|
|
|
95,699
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Term, net
|
722,723
|
|
|
26,548
|
|
|
27,983
|
|
|
287
|
|
|
—
|
|
|
9,023
|
|
|
786,564
|
|
|||||||
LOC & other, net
|
955,826
|
|
|
25,222
|
|
|
10,530
|
|
|
—
|
|
|
—
|
|
|
2,480
|
|
|
994,058
|
|
|||||||
Leases and equipment finance, net
|
351,971
|
|
|
4,585
|
|
|
1,706
|
|
|
2,996
|
|
|
333
|
|
|
—
|
|
|
361,591
|
|
|||||||
Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Mortgage, net
|
616,039
|
|
|
1,405
|
|
|
743
|
|
|
—
|
|
|
1,330
|
|
|
—
|
|
|
619,517
|
|
|||||||
Home equity loans & lines, net
|
282,490
|
|
|
1,038
|
|
|
242
|
|
|
—
|
|
|
136
|
|
|
—
|
|
|
283,906
|
|
|||||||
Consumer & other, net
|
52,157
|
|
|
144
|
|
|
33
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
52,375
|
|
|||||||
Total, net of deferred fees and costs
|
$
|
7,110,649
|
|
|
$
|
237,345
|
|
|
$
|
273,751
|
|
|
$
|
3,798
|
|
|
$
|
1,840
|
|
|
$
|
100,783
|
|
|
$
|
7,728,166
|
|
(in thousands)
|
December 31, 2014
|
||||||||||
|
Accrual
|
|
Non-Accrual
|
|
Total
|
||||||
|
Status
|
|
Status
|
|
Modifications
|
||||||
Commercial real estate, net
|
$
|
48,817
|
|
|
$
|
2,319
|
|
|
$
|
51,136
|
|
Commercial, net
|
5,404
|
|
|
9,541
|
|
|
14,945
|
|
|||
Residential, net
|
615
|
|
|
—
|
|
|
615
|
|
|||
Total, net of deferred fees and costs
|
$
|
54,836
|
|
|
$
|
11,860
|
|
|
$
|
66,696
|
|
(in thousands)
|
December 31, 2013
|
||||||||||
|
Accrual
|
|
Non-Accrual
|
|
Total
|
||||||
|
Status
|
|
Status
|
|
Modifications
|
||||||
Commercial real estate, net
|
$
|
67,060
|
|
|
$
|
2,196
|
|
|
$
|
69,256
|
|
Commercial, net
|
1,258
|
|
|
2,603
|
|
|
3,861
|
|
|||
Residential, net
|
473
|
|
|
—
|
|
|
473
|
|
|||
Total, net of deferred fees and costs
|
$
|
68,791
|
|
|
$
|
4,799
|
|
|
$
|
73,590
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
Total
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
||||||||||||
Commercial real estate, net
|
$
|
—
|
|
|
$
|
2,332
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,519
|
|
|
$
|
5,851
|
|
Commercial, net
|
—
|
|
|
8,359
|
|
|
—
|
|
|
—
|
|
|
5,410
|
|
|
13,769
|
|
||||||
Residential, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138
|
|
|
138
|
|
||||||
Consumer & other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
10,691
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,067
|
|
|
$
|
19,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2013
|
||||||||||||||||||||||
|
Rate
|
|
Term
|
|
Interest Only
|
|
Payment
|
|
Combination
|
|
|
||||||||||||
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Modifications
|
|
Total
|
||||||||||||
Commercial real estate, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,291
|
|
Commercial, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,040
|
|
|
4,040
|
|
||||||
Residential, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|
478
|
|
||||||
Consumer & other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total, net of deferred fees and costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,291
|
|
|
$
|
—
|
|
|
$
|
4,518
|
|
|
$
|
8,809
|
|
(in thousands)
|
|
|
|
|
Estimated useful life
|
||||
|
2014
|
|
2013
|
|
|||||
Land
|
$
|
46,415
|
|
|
$
|
26,438
|
|
|
|
Buildings and improvements
|
218,326
|
|
|
153,771
|
|
|
7-39 years
|
||
Furniture, fixtures and equipment
|
173,034
|
|
|
131,691
|
|
|
4-20 years
|
||
Construction in progress
|
32,313
|
|
|
13,172
|
|
|
|
||
Total premises and equipment
|
470,088
|
|
|
325,072
|
|
|
|
||
Less: Accumulated depreciation and amortization
|
(152,254
|
)
|
|
(147,392
|
)
|
|
|
||
Premises and equipment, net
|
$
|
317,834
|
|
|
$
|
177,680
|
|
|
|
(in thousands)
|
Goodwill
|
||||||||||
|
Community Banking
|
||||||||||
|
|
|
Accumulated
|
|
|
||||||
|
Gross
|
|
Impairment
|
|
Total
|
||||||
Balance, December 31, 2011
|
$
|
769,013
|
|
|
$
|
(112,934
|
)
|
|
$
|
656,079
|
|
Net additions
|
12,545
|
|
|
—
|
|
|
12,545
|
|
|||
Reductions
|
(452
|
)
|
|
—
|
|
|
(452
|
)
|
|||
Balance, December 31, 2012
|
781,106
|
|
|
(112,934
|
)
|
|
668,172
|
|
|||
Net additions
|
96,777
|
|
|
—
|
|
|
96,777
|
|
|||
Reductions
|
(644
|
)
|
|
—
|
|
|
(644
|
)
|
|||
Balance, December 31, 2013
|
877,239
|
|
|
(112,934
|
)
|
|
764,305
|
|
|||
Net additions
|
1,021,920
|
|
|
—
|
|
|
1,021,920
|
|
|||
Reductions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance, December 31, 2014
|
$
|
1,899,159
|
|
|
$
|
(112,934
|
)
|
|
$
|
1,786,225
|
|
|
|
|
|
|
|
||||||
|
Other Intangible Assets
|
||||||||||
|
|
|
Accumulated
|
|
|
||||||
|
Gross
|
|
Amortization
|
|
Net
|
||||||
Balance, December 31, 2011
|
$
|
58,079
|
|
|
$
|
(36,934
|
)
|
|
$
|
21,145
|
|
Net additions
|
830
|
|
|
—
|
|
|
830
|
|
|||
Amortization
|
—
|
|
|
(4,816
|
)
|
|
(4,816
|
)
|
|||
Balance, December 31, 2012
|
58,909
|
|
|
(41,750
|
)
|
|
17,159
|
|
|||
Net additions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization
|
—
|
|
|
(4,781
|
)
|
|
(4,781
|
)
|
|||
Balance, December 31, 2013
|
58,909
|
|
|
(46,531
|
)
|
|
12,378
|
|
|||
Net additions
|
54,562
|
|
|
—
|
|
|
54,562
|
|
|||
Amortization
|
—
|
|
|
(10,207
|
)
|
|
(10,207
|
)
|
|||
Balance, December 31, 2014
|
$
|
113,471
|
|
|
$
|
(56,738
|
)
|
|
$
|
56,733
|
|
(in thousands)
|
Expected
|
|
|
Year
|
Amortization
|
|
|
2015
|
$
|
11,225
|
|
2016
|
8,622
|
|
|
2017
|
6,756
|
|
|
2018
|
6,166
|
|
|
2019
|
5,618
|
|
|
Thereafter
|
18,346
|
|
|
|
$
|
56,733
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Balance, beginning of period
|
$
|
47,765
|
|
|
$
|
27,428
|
|
|
$
|
18,184
|
|
Acquired/purchased MSR
|
62,770
|
|
|
—
|
|
|
—
|
|
|||
Additions for new MSR capitalized
|
23,311
|
|
|
17,963
|
|
|
17,710
|
|
|||
Changes in fair value:
|
|
|
|
|
|
||||||
Due to changes in model inputs or assumptions
(1)
|
(5,757
|
)
|
|
5,688
|
|
|
(4,651
|
)
|
|||
Other
(2)
|
(10,830
|
)
|
|
(3,314
|
)
|
|
(3,815
|
)
|
|||
Balance, end of period
|
$
|
117,259
|
|
|
$
|
47,765
|
|
|
$
|
27,428
|
|
(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)
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||
Balance of loans serviced for others
|
$
|
11,590,310
|
|
|
$
|
4,362,499
|
|
|
$
|
3,162,080
|
|
MSR as a percentage of serviced loans
|
1.01
|
%
|
|
1.09
|
%
|
|
0.87
|
%
|
|
2014
|
|
2013
|
|
2012
|
|||
Constant prepayment rate
|
12.39
|
%
|
|
12.74
|
%
|
|
21.39
|
%
|
Discount rate
|
9.17
|
%
|
|
8.69
|
%
|
|
8.65
|
%
|
Weighted average life (years)
|
6.4
|
|
|
6.0
|
|
|
4.7
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||
Constant prepayment rate
|
|
|
|
||||
Effect on fair value of a 10% adverse change
|
$
|
(4,965
|
)
|
|
$
|
(2,255
|
)
|
Effect on fair value of a 20% adverse change
|
$
|
(9,547
|
)
|
|
$
|
(4,323
|
)
|
|
|
|
|
||||
Discount rate
|
|
|
|
||||
Effect on fair value of a 100 basis point adverse change
|
$
|
(4,539
|
)
|
|
$
|
(1,832
|
)
|
Effect on fair value of a 200 basis point adverse change
|
$
|
(8,771
|
)
|
|
$
|
(3,534
|
)
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Balance, beginning of period
|
$
|
23,935
|
|
|
$
|
27,512
|
|
|
$
|
53,666
|
|
Additions to OREO due to acquisition
|
8,666
|
|
|
—
|
|
|
1,602
|
|
|||
Additions to OREO
|
24,873
|
|
|
24,193
|
|
|
24,686
|
|
|||
Dispositions of OREO
|
(15,804
|
)
|
|
(25,610
|
)
|
|
(40,900
|
)
|
|||
Valuation adjustments in the period
|
(3,728
|
)
|
|
(2,160
|
)
|
|
(11,542
|
)
|
|||
Balance, end of period
|
$
|
37,942
|
|
|
$
|
23,935
|
|
|
$
|
27,512
|
|
(in thousands)
|
2014
|
|
2013
|
||||
Accrued interest receivable
|
$
|
48,343
|
|
|
$
|
23,720
|
|
Prepaid expenses
|
44,031
|
|
|
8,301
|
|
||
Derivative assets
|
29,210
|
|
|
17,921
|
|
||
Income taxes receivable
|
18,663
|
|
|
15,665
|
|
||
Equity method investments
|
16,604
|
|
|
13,783
|
|
||
Investment in unconsolidated Trusts
|
14,296
|
|
|
6,933
|
|
||
Commercial servicing asset
|
9,329
|
|
|
575
|
|
||
Other
|
51,935
|
|
|
25,060
|
|
||
Total
|
$
|
232,411
|
|
|
$
|
111,958
|
|
(in thousands)
|
Current
|
|
Deferred
|
|
Total
|
||||||
YEAR ENDED DECEMBER 31, 2014:
|
|
|
|
|
|
||||||
Federal
|
$
|
125
|
|
|
$
|
70,673
|
|
|
$
|
70,798
|
|
State
|
1,045
|
|
|
9,453
|
|
|
10,498
|
|
|||
|
$
|
1,170
|
|
|
$
|
80,126
|
|
|
$
|
81,296
|
|
YEAR ENDED DECEMBER 31, 2013:
|
|
|
|
|
|
||||||
Federal
|
$
|
36,733
|
|
|
$
|
7,459
|
|
|
$
|
44,192
|
|
State
|
8,187
|
|
|
289
|
|
|
8,476
|
|
|||
|
$
|
44,920
|
|
|
$
|
7,748
|
|
|
$
|
52,668
|
|
YEAR ENDED DECEMBER 31, 2012:
|
|
|
|
|
|
||||||
Federal
|
$
|
44,268
|
|
|
$
|
(426
|
)
|
|
$
|
43,842
|
|
State
|
2,632
|
|
|
6,847
|
|
|
9,479
|
|
|||
|
$
|
46,900
|
|
|
$
|
6,421
|
|
|
$
|
53,321
|
|
|
2014
|
|
2013
|
|
2012
|
|||
Statutory Federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State tax, net of Federal income tax
|
3.5
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
Tax-exempt income
|
(2.5
|
)%
|
|
(3.2
|
)%
|
|
(3.0
|
)%
|
Tax credits
|
(0.8
|
)%
|
|
(1.8
|
)%
|
|
(1.1
|
)%
|
Nondeductible merger expenses
|
1.2
|
%
|
|
1.0
|
%
|
|
0.1
|
%
|
BOLI
|
(1.6
|
)%
|
|
(0.8
|
)%
|
|
(0.9
|
)%
|
Other
|
0.7
|
%
|
|
0.3
|
%
|
|
(0.1
|
)%
|
Effective income tax rate
|
35.5
|
%
|
|
34.9
|
%
|
|
34.4
|
%
|
(in thousands)
|
2014
|
|
2013
|
||||
DEFERRED TAX ASSETS:
|
|
|
|
||||
Net operating loss carryforwards
|
$
|
197,227
|
|
|
$
|
37
|
|
Loan discount
|
78,508
|
|
|
1,802
|
|
||
Allowance for loan and lease losses
|
41,133
|
|
|
33,665
|
|
||
Accrued severance and deferred compensation
|
28,216
|
|
|
13,442
|
|
||
Tax credits
|
21,966
|
|
|
5,716
|
|
||
Non-accrual loans
|
13,225
|
|
|
5,760
|
|
||
Covered loans
|
10,949
|
|
|
16,788
|
|
||
Unrealized loss on investment securities
|
—
|
|
|
3,304
|
|
||
Accrued bonuses
|
7,222
|
|
|
4,337
|
|
||
Other
|
24,876
|
|
|
13,547
|
|
||
Total gross deferred tax assets
|
423,322
|
|
|
98,398
|
|
||
|
|
|
|
||||
DEFERRED TAX LIABILITIES:
|
|
|
|
||||
Fair market value adjustment on preferred securities
|
50,549
|
|
|
18,649
|
|
||
Residential mortgage servicing rights
|
48,496
|
|
|
18,855
|
|
||
FHLB Dividends
|
16,452
|
|
|
1,233
|
|
||
Intangibles
|
15,074
|
|
|
5,633
|
|
||
Prepaid expenses
|
14,911
|
|
|
2,683
|
|
||
Unrealized gain on investment securities
|
13,546
|
|
|
—
|
|
||
Deferred loan fees
|
12,091
|
|
|
7,525
|
|
||
Premises and equipment depreciation
|
8,180
|
|
|
7,447
|
|
||
Other
|
11,137
|
|
|
19,695
|
|
||
Total gross deferred tax liabilities
|
190,436
|
|
|
81,720
|
|
||
|
|
|
|
||||
Valuation allowance
|
(3,366
|
)
|
|
(51
|
)
|
||
|
|
|
|
||||
Net deferred tax assets
|
$
|
229,520
|
|
|
$
|
16,627
|
|
(in thousands)
|
2014
|
|
2013
|
||||
Balance, beginning of period
|
$
|
602
|
|
|
$
|
598
|
|
Effectively settled positions
|
(86
|
)
|
|
4
|
|
||
Changes for tax positions of current year
|
146
|
|
|
—
|
|
||
Changes for tax positions of prior years/assumed in merger
|
2,009
|
|
|
—
|
|
||
Balance, end of period
|
$
|
2,671
|
|
|
$
|
602
|
|
(in thousands)
|
2014
|
|
2013
|
||||
Interest bearing demand
|
$
|
2,054,994
|
|
|
$
|
1,233,070
|
|
Money market
|
6,113,138
|
|
|
3,349,946
|
|
||
Savings
|
971,185
|
|
|
560,699
|
|
||
Time, $100,000 and over
|
1,765,721
|
|
|
1,065,380
|
|
||
Time less than $100,000
|
1,242,257
|
|
|
472,088
|
|
||
Total interest bearing deposits
|
$
|
12,147,295
|
|
|
$
|
6,681,183
|
|
(in thousands)
|
Amount
|
||
Three months or less
|
$
|
384,868
|
|
Over three months through six months
|
331,049
|
|
|
Over six months through twelve months
|
376,671
|
|
|
Over twelve months
|
673,133
|
|
|
Time, $100,000 and over
|
$
|
1,765,721
|
|
(dollars in thousands)
|
|
|
Weighted
|
|
Carrying
|
|
Market
|
|||||||
|
|
|
Average
|
|
Value of
|
|
Value of
|
|||||||
|
Repurchase
|
|
Interest
|
|
Underlying
|
|
Underlying
|
|||||||
|
Amount
|
|
Rate
|
|
Assets
|
|
Assets
|
|||||||
December 31, 2014
|
$
|
313,321
|
|
|
0.04
|
%
|
|
$
|
411,569
|
|
|
$
|
411,569
|
|
December 31, 2013
|
$
|
224,882
|
|
|
0.07
|
%
|
|
$
|
229,439
|
|
|
$
|
229,439
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trust Name
|
|
Issue Date
|
|
Issued Amount
|
|
Carrying Value (1)
|
|
Rate (2)
|
|
Effective Rate (3)
|
|
Maturity Date
|
||||
AT FAIR VALUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Umpqua Statutory Trust II
|
|
October 2002
|
|
$
|
20,619
|
|
|
$
|
15,108
|
|
|
Floating rate, LIBOR plus 3.35%, adjusted quarterly
|
|
4.89%
|
|
October 2032
|
Umpqua Statutory Trust III
|
|
October 2002
|
|
30,928
|
|
|
22,852
|
|
|
Floating rate, LIBOR plus 3.45%, adjusted quarterly
|
|
4.98%
|
|
November 2032
|
||
Umpqua Statutory Trust IV
|
|
December 2003
|
|
10,310
|
|
|
7,147
|
|
|
Floating rate, LIBOR plus 2.85%, adjusted quarterly
|
|
4.44%
|
|
January 2034
|
||
Umpqua Statutory Trust V
|
|
December 2003
|
|
10,310
|
|
|
7,124
|
|
|
Floating rate, LIBOR plus 2.85%, adjusted quarterly
|
|
4.48%
|
|
March 2034
|
||
Umpqua Master Trust I
|
|
August 2007
|
|
41,238
|
|
|
23,480
|
|
|
Floating rate, LIBOR plus 1.35%, adjusted quarterly
|
|
2.79%
|
|
September 2037
|
||
Umpqua Master Trust IB
|
|
September 2007
|
|
20,619
|
|
|
13,761
|
|
|
Floating rate, LIBOR plus 2.75%, adjusted quarterly
|
|
4.48%
|
|
December 2037
|
||
Sterling Capital Trust III
|
|
April 2003
|
|
14,433
|
|
|
11,121
|
|
|
Floating rate, LIBOR plus 3.25%, adjusted quarterly
|
|
4.53%
|
|
April 2033
|
||
Sterling Capital Trust IV
|
|
May 2003
|
|
10,310
|
|
|
7,858
|
|
|
Floating rate, LIBOR plus 3.15%, adjusted quarterly
|
|
4.44%
|
|
May 2033
|
||
Sterling Capital Statutory Trust V
|
|
May 2003
|
|
20,619
|
|
|
15,776
|
|
|
Floating rate, LIBOR plus 3.25%, adjusted quarterly
|
|
4.55%
|
|
June 2033
|
||
Sterling Capital Trust VI
|
|
June 2003
|
|
10,310
|
|
|
7,836
|
|
|
Floating rate, LIBOR plus 3.20%, adjusted quarterly
|
|
4.52%
|
|
September 2033
|
||
Sterling Capital Trust VII
|
|
June 2006
|
|
56,702
|
|
|
33,447
|
|
|
Floating rate, LIBOR plus 1.53%, adjusted quarterly
|
|
2.98%
|
|
June 2036
|
||
Sterling Capital Trust VIII
|
|
September 2006
|
|
51,547
|
|
|
30,754
|
|
|
Floating rate, LIBOR plus 1.63%, adjusted quarterly
|
|
3.12%
|
|
December 2036
|
||
Sterling Capital Trust IX
|
|
July 2007
|
|
46,392
|
|
|
26,555
|
|
|
Floating rate, LIBOR plus 1.40%, adjusted quarterly
|
|
2.86%
|
|
October 2037
|
||
Lynnwood Financial Statutory Trust I
|
|
March 2003
|
|
9,279
|
|
|
7,019
|
|
|
Floating rate, LIBOR plus 3.15%, adjusted quarterly
|
|
4.48%
|
|
March 2033
|
||
Lynnwood Financial Statutory Trust II
|
|
June 2005
|
|
10,310
|
|
|
6,407
|
|
|
Floating rate, LIBOR plus 1.80%, adjusted quarterly
|
|
3.27%
|
|
June 2035
|
||
Klamath First Capital Trust I
|
|
July 2001
|
|
15,464
|
|
|
13,049
|
|
|
Floating rate, LIBOR plus 3.75%, adjusted semiannually
|
|
4.84%
|
|
July 2031
|
||
|
|
|
|
379,390
|
|
|
249,294
|
|
|
|
|
|
|
|
||
AT AMORTIZED COST:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
HB Capital Trust I
|
|
March 2000
|
|
5,310
|
|
|
6,161
|
|
|
10.875%
|
|
8.46%
|
|
March 2030
|
||
Humboldt Bancorp Statutory Trust I
|
|
February 2001
|
|
5,155
|
|
|
5,780
|
|
|
10.200%
|
|
8.42%
|
|
February 2031
|
||
Humboldt Bancorp Statutory Trust II
|
|
December 2001
|
|
10,310
|
|
|
11,217
|
|
|
Floating rate, LIBOR plus 3.60%, adjusted quarterly
|
|
3.05%
|
|
December 2031
|
||
Humboldt Bancorp Statutory Trust III
|
|
September 2003
|
|
27,836
|
|
|
30,214
|
|
|
Floating rate, LIBOR plus 2.95%, adjusted quarterly
|
|
2.51%
|
|
September 2033
|
||
CIB Capital Trust
|
|
November 2002
|
|
10,310
|
|
|
11,088
|
|
|
Floating rate, LIBOR plus 3.45%, adjusted quarterly
|
|
3.03%
|
|
November 2032
|
||
Western Sierra Statutory Trust I
|
|
July 2001
|
|
6,186
|
|
|
6,186
|
|
|
Floating rate, LIBOR plus 3.58%, adjusted quarterly
|
|
3.82%
|
|
July 2031
|
||
Western Sierra Statutory Trust II
|
|
December 2001
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 3.60%, adjusted quarterly
|
|
3.84%
|
|
December 2031
|
||
Western Sierra Statutory Trust III
|
|
September 2003
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 2.90%, adjusted quarterly
|
|
3.13%
|
|
September 2033
|
||
Western Sierra Statutory Trust IV
|
|
September 2003
|
|
10,310
|
|
|
10,310
|
|
|
Floating rate, LIBOR plus 2.90%, adjusted quarterly
|
|
3.13%
|
|
September 2033
|
||
|
|
|
|
96,037
|
|
|
101,576
|
|
|
|
|
|
|
|
||
|
|
Total
|
|
$
|
475,427
|
|
|
$
|
350,870
|
|
|
|
|
|
|
|
(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
December 31, 2014
.
|
(in thousands)
|
Lease
|
|
Sublease
|
||||
|
Payments
|
|
Income
|
||||
2015
|
$
|
33,344
|
|
|
$
|
647
|
|
2016
|
28,876
|
|
|
455
|
|
||
2017
|
24,709
|
|
|
254
|
|
||
2018
|
21,170
|
|
|
80
|
|
||
2019
|
18,284
|
|
|
13
|
|
||
Thereafter
|
57,720
|
|
|
3
|
|
||
Total
|
$
|
184,103
|
|
|
$
|
1,452
|
|
(in thousands)
|
As of December 31, 2014
|
||
Commitments to extend credit
|
$
|
2,942,042
|
|
Commitments to extend overdrafts
|
$
|
944,855
|
|
Forward sales commitments
|
$
|
400,988
|
|
Commitments to originate loans held for sale
|
$
|
213,051
|
|
Standby letters of credit
|
$
|
58,463
|
|
(in thousands)
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
Derivatives not designated
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
as hedging instrument
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Interest rate lock commitments
|
|
$
|
2,867
|
|
|
$
|
706
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate forward sales commitments
|
|
16
|
|
|
1,250
|
|
|
2,627
|
|
|
6
|
|
||||
Interest rate swaps
|
|
26,327
|
|
|
15,965
|
|
|
28,158
|
|
|
14,556
|
|
||||
Total
|
|
$
|
29,210
|
|
|
$
|
17,921
|
|
|
$
|
30,785
|
|
|
$
|
14,562
|
|
(in thousands)
|
|
|
|
|
||||||||
Derivatives not designated
|
|
December 31,
|
||||||||||
as hedging instrument
|
|
2014
|
|
2013
|
|
2012
|
||||||
Interest rate lock commitments
|
|
$
|
2,000
|
|
|
$
|
(772
|
)
|
|
$
|
(271
|
)
|
Interest rate forward sales commitments
|
|
(23,463
|
)
|
|
13,225
|
|
|
(21,281
|
)
|
|||
Interest rate swaps
|
|
(3,232
|
)
|
|
1,243
|
|
|
336
|
|
|||
Total
|
|
$
|
(24,695
|
)
|
|
$
|
13,696
|
|
|
$
|
(21,216
|
)
|
(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
|
||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
26,327
|
|
|
$
|
—
|
|
|
$
|
26,327
|
|
|
$
|
(131
|
)
|
|
$
|
—
|
|
|
$
|
26,196
|
|
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
28,158
|
|
|
$
|
—
|
|
|
$
|
28,158
|
|
|
$
|
(131
|
)
|
|
$
|
(28,027
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
15,965
|
|
|
$
|
—
|
|
|
$
|
15,965
|
|
|
$
|
(4,852
|
)
|
|
$
|
(2,207
|
)
|
|
$
|
8,906
|
|
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
14,556
|
|
|
$
|
—
|
|
|
$
|
14,556
|
|
|
$
|
(4,852
|
)
|
|
$
|
(9,704
|
)
|
|
$
|
—
|
|
(shares in thousands)
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Options
|
|
Weighted-Avg
|
|
Options
|
|
Weighted-Avg
|
|
Options
|
|
Weighted-Avg
|
|||||||||
|
Outstanding
|
|
Exercise Price
|
|
Outstanding
|
|
Exercise Price
|
|
Outstanding
|
|
Exercise Price
|
|||||||||
Balance, beginning of period
|
981
|
|
|
$
|
16.17
|
|
|
1,850
|
|
|
$
|
15.37
|
|
|
2,151
|
|
|
$
|
14.48
|
|
Granted/assumed
|
440
|
|
|
$
|
12.12
|
|
|
—
|
|
|
$
|
—
|
|
|
20
|
|
|
$
|
11.98
|
|
Exercised
|
(572
|
)
|
|
$
|
11.93
|
|
|
(515
|
)
|
|
$
|
12.42
|
|
|
(174
|
)
|
|
$
|
5.63
|
|
Forfeited/expired
|
(42
|
)
|
|
$
|
19.28
|
|
|
(354
|
)
|
|
$
|
17.46
|
|
|
(147
|
)
|
|
$
|
13.45
|
|
Balance, end of period
|
807
|
|
|
$
|
16.80
|
|
|
981
|
|
|
$
|
16.17
|
|
|
1,850
|
|
|
$
|
15.37
|
|
Options exercisable, end of period
|
676
|
|
|
$
|
17.71
|
|
|
627
|
|
|
$
|
18.86
|
|
|
1,263
|
|
|
$
|
17.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(shares in thousands)
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
|
|
|
Weighted Avg.
|
|
|
|
|
|
|
||||||
|
|
|
Remaining
|
|
|
|
|
|
|
||||||
Range of
|
Options
|
|
Contractual Life
|
|
Weighted Avg.
|
|
Options
|
|
Weighted Avg.
|
||||||
Exercise Prices
|
Outstanding
|
|
(Years)
|
|
Exercise Price
|
|
Exercisable
|
|
Exercise Price
|
||||||
$4.58 to $11.89
|
258
|
|
|
5.08
|
|
$
|
10.96
|
|
|
223
|
|
|
$
|
10.81
|
|
$11.98 to $15.50
|
240
|
|
|
6.34
|
|
$
|
13.23
|
|
|
144
|
|
|
$
|
13.90
|
|
$21.22 to $24.71
|
234
|
|
|
0.09
|
|
$
|
23.67
|
|
|
234
|
|
|
$
|
23.67
|
|
$26.12 to $28.43
|
75
|
|
|
1.83
|
|
$
|
26.89
|
|
|
75
|
|
|
$
|
26.89
|
|
|
807
|
|
|
3.67
|
|
$
|
16.80
|
|
|
676
|
|
|
$
|
17.71
|
|
|
2014
|
|
2013
|
|
2012
|
||||
Dividend yield
|
3.25
|
%
|
|
n/a
|
|
3.90
|
%
|
||
Expected life (years)
|
6.8
|
|
|
n/a
|
|
7.4
|
|
||
Expected volatility
|
31
|
%
|
|
n/a
|
|
53
|
%
|
||
Risk-free rate
|
0.91
|
%
|
|
n/a
|
|
1.27
|
%
|
||
Weighted average fair value of options on date of grant
|
$
|
3.22
|
|
|
n/a
|
|
$
|
4.39
|
|
(shares in thousands)
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|||||||||
|
Restricted
|
|
Average Grant
|
|
Restricted
|
|
Average Grant
|
|
Restricted
|
|
Average Grant
|
|||||||||
|
Shares Outstanding
|
|
Date Fair Value
|
|
Shares Outstanding
|
|
Date Fair Value
|
|
Shares Outstanding
|
|
Date Fair Value
|
|||||||||
Balance, beginning of period
|
992
|
|
|
$
|
12.79
|
|
|
763
|
|
|
$
|
12.39
|
|
|
585
|
|
|
$
|
12.98
|
|
Granted
|
839
|
|
|
$
|
17.33
|
|
|
467
|
|
|
$
|
13.04
|
|
|
369
|
|
|
$
|
11.80
|
|
Vested/released
|
(399
|
)
|
|
$
|
12.42
|
|
|
(153
|
)
|
|
$
|
12.17
|
|
|
(147
|
)
|
|
$
|
13.50
|
|
Forfeited/expired
|
(46
|
)
|
|
$
|
12.99
|
|
|
(85
|
)
|
|
$
|
11.74
|
|
|
(44
|
)
|
|
$
|
11.52
|
|
Balance, end of period
|
1,386
|
|
|
$
|
15.39
|
|
|
992
|
|
|
$
|
12.79
|
|
|
763
|
|
|
$
|
12.39
|
|
(shares in thousands)
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|||||||||
|
Restricted
|
|
Average
|
|
Restricted
|
|
Average
|
|
Restricted
|
|
Average
|
|||||||||
|
Stock Units
|
|
Grant Date
|
|
Stock Units
|
|
Grant Date
|
|
Stock Units
|
|
Grant Date
|
|||||||||
|
Outstanding
|
|
Fair Value
|
|
Outstanding
|
|
Fair Value
|
|
Outstanding
|
|
Fair Value
|
|||||||||
Balance, beginning of period
|
95
|
|
|
$
|
10.41
|
|
|
130
|
|
|
$
|
10.41
|
|
|
219
|
|
|
$
|
9.17
|
|
Assumed
|
994
|
|
|
$
|
18.58
|
|
|
—
|
|
|
$
|
—
|
|
|
25
|
|
|
$
|
10.39
|
|
Released
|
(342
|
)
|
|
$
|
16.91
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Forfeited/expired
|
(72
|
)
|
|
$
|
18.58
|
|
|
(35
|
)
|
|
$
|
10.42
|
|
|
(114
|
)
|
|
$
|
8.01
|
|
Balance, end of period
|
675
|
|
|
$
|
18.03
|
|
|
95
|
|
|
$
|
10.41
|
|
|
130
|
|
|
$
|
10.41
|
|
(dollars in thousands)
|
|
|
|
|
For Capital
|
|
To be Well
|
|||||||||||||
|
Actual
|
|
Adequacy purposes
|
|
Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,391,267
|
|
|
15.20
|
%
|
|
$
|
1,258,198
|
|
|
8.00
|
%
|
|
$
|
1,572,747
|
|
|
10.00
|
%
|
Umpqua Bank
|
$
|
2,181,776
|
|
|
13.90
|
%
|
|
$
|
1,255,819
|
|
|
8.00
|
%
|
|
$
|
1,569,774
|
|
|
10.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,271,563
|
|
|
14.44
|
%
|
|
$
|
629,099
|
|
|
4.00
|
%
|
|
$
|
943,648
|
|
|
6.00
|
%
|
Umpqua Bank
|
$
|
2,062,151
|
|
|
13.14
|
%
|
|
$
|
627,910
|
|
|
4.00
|
%
|
|
$
|
941,864
|
|
|
6.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
2,271,563
|
|
|
10.99
|
%
|
|
$
|
827,128
|
|
|
4.00
|
%
|
|
$
|
1,033,910
|
|
|
5.00
|
%
|
Umpqua Bank
|
$
|
2,062,151
|
|
|
9.96
|
%
|
|
$
|
828,061
|
|
|
4.00
|
%
|
|
$
|
1,035,076
|
|
|
5.00
|
%
|
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
1,279,586
|
|
|
14.66
|
%
|
|
$
|
698,273
|
|
|
8.00
|
%
|
|
$
|
872,842
|
|
|
10.00
|
%
|
Umpqua Bank
|
$
|
1,177,782
|
|
|
13.51
|
%
|
|
$
|
697,428
|
|
|
8.00
|
%
|
|
$
|
871,785
|
|
|
10.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Risk Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
1,183,061
|
|
|
13.56
|
%
|
|
$
|
348,986
|
|
|
4.00
|
%
|
|
$
|
523,478
|
|
|
6.00
|
%
|
Umpqua Bank
|
$
|
1,081,282
|
|
|
12.40
|
%
|
|
$
|
348,801
|
|
|
4.00
|
%
|
|
$
|
523,201
|
|
|
6.00
|
%
|
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
1,183,061
|
|
|
10.90
|
%
|
|
$
|
434,151
|
|
|
4.00
|
%
|
|
$
|
542,689
|
|
|
5.00
|
%
|
Umpqua Bank
|
$
|
1,081,282
|
|
|
9.97
|
%
|
|
$
|
433,814
|
|
|
4.00
|
%
|
|
$
|
542,268
|
|
|
5.00
|
%
|
(in thousands)
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||
|
Level
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||
FINANCIAL ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
1
|
|
$
|
1,605,171
|
|
|
$
|
1,605,171
|
|
|
$
|
790,423
|
|
|
$
|
790,423
|
|
Trading securities
|
1,2
|
|
9,999
|
|
|
9,999
|
|
|
5,958
|
|
|
5,958
|
|
||||
Investment securities available for sale
|
2
|
|
2,298,555
|
|
|
2,298,555
|
|
|
1,790,978
|
|
|
1,790,978
|
|
||||
Investment securities held to maturity
|
3
|
|
5,211
|
|
|
5,554
|
|
|
5,563
|
|
|
5,874
|
|
||||
Loans held for sale, at fair value
|
2
|
|
286,802
|
|
|
286,802
|
|
|
104,664
|
|
|
104,664
|
|
||||
Loans and leases, net
|
3
|
|
15,211,565
|
|
|
15,252,083
|
|
|
7,633,081
|
|
|
7,660,151
|
|
||||
Restricted equity securities
|
1
|
|
119,334
|
|
|
119,334
|
|
|
30,685
|
|
|
30,685
|
|
||||
Residential mortgage servicing rights
|
3
|
|
117,259
|
|
|
117,259
|
|
|
47,765
|
|
|
47,765
|
|
||||
Bank owned life insurance assets
|
1
|
|
294,296
|
|
|
294,296
|
|
|
96,938
|
|
|
96,938
|
|
||||
FDIC indemnification asset
|
3
|
|
4,417
|
|
|
2,058
|
|
|
23,174
|
|
|
6,001
|
|
||||
Derivatives
|
2,3
|
|
29,210
|
|
|
29,210
|
|
|
17,921
|
|
|
17,921
|
|
||||
Visa Class B common stock
|
3
|
|
—
|
|
|
49,663
|
|
|
—
|
|
|
41,700
|
|
||||
FINANCIAL LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
1,2
|
|
$
|
16,892,099
|
|
|
$
|
16,893,890
|
|
|
$
|
9,117,660
|
|
|
$
|
9,125,832
|
|
Securities sold under agreements to repurchase
|
2
|
|
313,321
|
|
|
313,321
|
|
|
224,882
|
|
|
224,882
|
|
||||
Term debt
|
2
|
|
1,006,395
|
|
|
1,018,948
|
|
|
251,494
|
|
|
270,004
|
|
||||
Junior subordinated debentures, at fair value
|
3
|
|
249,294
|
|
|
249,294
|
|
|
87,274
|
|
|
87,274
|
|
||||
Junior subordinated debentures, at amortized cost
|
3
|
|
101,576
|
|
|
73,840
|
|
|
101,899
|
|
|
72,009
|
|
||||
Derivatives
|
2
|
|
30,785
|
|
|
30,785
|
|
|
14,562
|
|
|
14,562
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Trading securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
124
|
|
|
$
|
—
|
|
|
$
|
124
|
|
|
$
|
—
|
|
Equity securities
|
5,283
|
|
|
5,283
|
|
|
—
|
|
|
—
|
|
||||
Other investments securities
(1)
|
4,592
|
|
|
—
|
|
|
4,592
|
|
|
—
|
|
||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agencies
|
229
|
|
|
—
|
|
|
229
|
|
|
—
|
|
||||
Obligations of states and political subdivisions
|
338,404
|
|
|
—
|
|
|
338,404
|
|
|
—
|
|
||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
1,957,852
|
|
|
—
|
|
|
1,957,852
|
|
|
—
|
|
||||
Investments in mutual funds and other equity securities
|
2,070
|
|
|
—
|
|
|
2,070
|
|
|
—
|
|
||||
Loans held for sale, at fair value
|
286,802
|
|
|
|
|
286,802
|
|
|
|
||||||
Residential mortgage servicing rights, at fair value
|
117,259
|
|
|
—
|
|
|
—
|
|
|
117,259
|
|
||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
2,867
|
|
|
—
|
|
|
—
|
|
|
2,867
|
|
||||
Interest rate forward sales commitments
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Interest rate swaps
|
26,327
|
|
|
—
|
|
|
26,327
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
2,741,825
|
|
|
$
|
5,283
|
|
|
$
|
2,616,416
|
|
|
$
|
120,126
|
|
Junior subordinated debentures, at fair value
|
$
|
249,294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
249,294
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate forward sales commitments
|
2,627
|
|
|
—
|
|
|
2,627
|
|
|
—
|
|
||||
Interest rate swaps
|
28,158
|
|
|
—
|
|
|
28,158
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
280,079
|
|
|
$
|
—
|
|
|
$
|
30,785
|
|
|
$
|
249,294
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Trading securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
2,366
|
|
|
$
|
—
|
|
|
$
|
2,366
|
|
|
$
|
—
|
|
Equity securities
|
3,498
|
|
|
3,498
|
|
|
—
|
|
|
—
|
|
||||
Other investments securities
(1)
|
94
|
|
|
—
|
|
|
94
|
|
|
—
|
|
||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agencies
|
268
|
|
|
—
|
|
|
268
|
|
|
—
|
|
||||
Obligations of states and political subdivisions
|
235,205
|
|
|
—
|
|
|
235,205
|
|
|
—
|
|
||||
Residential mortgage-backed securities and
|
|
|
|
|
|
|
|
||||||||
collateralized mortgage obligations
|
1,553,541
|
|
|
—
|
|
|
1,553,541
|
|
|
—
|
|
||||
Investments in mutual funds and other equity securities
|
1,964
|
|
|
—
|
|
|
1,964
|
|
|
—
|
|
||||
Loans held for sale, at fair value
|
104,664
|
|
|
|
|
104,664
|
|
|
|
||||||
Residential mortgage servicing rights, at fair value
|
47,765
|
|
|
—
|
|
|
—
|
|
|
47,765
|
|
||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
706
|
|
|
—
|
|
|
—
|
|
|
706
|
|
||||
Interest rate forward sales commitments
|
1,250
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
||||
Interest rate swaps
|
15,965
|
|
|
—
|
|
|
15,965
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
1,967,286
|
|
|
$
|
3,498
|
|
|
$
|
1,915,317
|
|
|
$
|
48,471
|
|
Junior subordinated debentures, at fair value
|
$
|
87,274
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87,274
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate forward sales commitments
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Interest rate swaps
|
14,556
|
|
|
—
|
|
|
14,556
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
101,836
|
|
|
$
|
—
|
|
|
$
|
14,562
|
|
|
$
|
87,274
|
|
(1)
|
Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies.
|
Financial Instrument
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Weighted Average (Range)
|
Residential mortgage servicing rights
|
|
Discounted cash flow
|
|
|
|
|
|
|
|
|
Constant Prepayment Rate
|
|
12.39%
|
|
|
|
|
Discount Rate
|
|
9.17%
|
Interest rate lock commitment
|
|
Internal Pricing Model
|
|
|
|
|
|
|
|
|
Pull-through rate
|
|
83.9%
|
Junior subordinated debentures
|
|
Discounted cash flow
|
|
|
|
|
|
|
|
|
Credit Spread
|
|
6.18%
|
(in thousands)
|
|
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 |
||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage servicing rights, at fair value
|
|
$
|
47,765
|
|
|
$
|
(16,587
|
)
|
|
$
|
86,081
|
|
|
$
|
—
|
|
|
$
|
117,259
|
|
|
$
|
(13,430
|
)
|
Interest rate lock commitment
|
|
706
|
|
|
(3,716
|
)
|
|
28,350
|
|
|
(22,473
|
)
|
|
2,867
|
|
|
2,867
|
|
||||||
Junior subordinated debentures, at fair value
|
|
87,274
|
|
|
12,303
|
|
|
156,840
|
|
|
(7,123
|
)
|
|
249,294
|
|
|
12,303
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage servicing rights, at fair value
|
|
$
|
27,428
|
|
|
$
|
2,374
|
|
|
$
|
17,963
|
|
|
$
|
—
|
|
|
$
|
47,765
|
|
|
$
|
(2,376
|
)
|
Interest rate lock commitment
|
|
1,478
|
|
|
(1,478
|
)
|
|
62,560
|
|
|
(61,854
|
)
|
|
706
|
|
|
706
|
|
||||||
Junior subordinated debentures, at fair value
|
|
85,081
|
|
|
6,090
|
|
|
—
|
|
|
(3,897
|
)
|
|
87,274
|
|
|
6,090
|
|
(in thousands)
|
December 31, 2014
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Loans and leases
|
$
|
14,720
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,720
|
|
Other real estate owned
|
12,741
|
|
|
—
|
|
|
—
|
|
|
12,741
|
|
||||
|
$
|
27,461
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,461
|
|
(in thousands)
|
December 31, 2013
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Loans and leases
|
$
|
20,421
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,421
|
|
Other real estate owned
|
4,756
|
|
|
—
|
|
|
—
|
|
|
4,756
|
|
||||
|
$
|
25,177
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,177
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Investment securities, held to maturity
|
|
|
|
|
|
||||||
Residential mortgage-backed securities
|
|
|
|
|
|
||||||
and collateralized mortgage obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
155
|
|
Loans and leases
|
10,265
|
|
|
27,171
|
|
|
37,897
|
|
|||
Other real estate owned
|
3,728
|
|
|
2,160
|
|
|
11,542
|
|
|||
Total loss from nonrecurring measurements
|
$
|
13,993
|
|
|
$
|
29,331
|
|
|
$
|
49,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||
|
|
|
|
|
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
|
$
|
286,802
|
|
|
$
|
274,245
|
|
|
$
|
12,557
|
|
|
$
|
104,664
|
|
|
$
|
101,795
|
|
|
$
|
2,869
|
|
(in thousands, except per share data)
|
2014
|
|
2013
|
|
2012
|
||||||
NUMERATORS:
|
|
|
|
|
|
||||||
Net income
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
Less:
|
|
|
|
|
|
||||||
Dividends and undistributed earnings allocated to participating securities
(1)
|
484
|
|
|
788
|
|
|
682
|
|
|||
Net earnings available to common shareholders
|
$
|
147,036
|
|
|
$
|
97,573
|
|
|
$
|
101,209
|
|
DENOMINATORS:
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding - basic
|
186,550
|
|
|
111,938
|
|
|
111,935
|
|
|||
Effect of potentially dilutive common shares
(2)
|
994
|
|
|
238
|
|
|
216
|
|
|||
Weighted average number of common shares outstanding - diluted
|
187,544
|
|
|
112,176
|
|
|
112,151
|
|
|||
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.79
|
|
|
$
|
0.87
|
|
|
$
|
0.90
|
|
Diluted
|
$
|
0.78
|
|
|
$
|
0.87
|
|
|
$
|
0.90
|
|
(1)
|
Represents dividends paid and undistributed earnings allocated to 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)
|
2014
|
|
2013
|
|
2012
|
|||
Stock options
|
443
|
|
|
669
|
|
|
1,306
|
|
Year Ended December 31, 2014
|
|
|
|
|
|
||||||
(in thousands)
|
Community
|
|
Home
|
|
|
||||||
|
Banking
|
|
Lending
|
|
Consolidated
|
||||||
Interest income
|
$
|
755,374
|
|
|
$
|
67,147
|
|
|
$
|
822,521
|
|
Interest expense
|
43,077
|
|
|
5,616
|
|
|
48,693
|
|
|||
Net interest income
|
712,297
|
|
|
61,531
|
|
|
773,828
|
|
|||
Provision for loan and lease losses
|
40,241
|
|
|
—
|
|
|
40,241
|
|
|||
Non-interest income
|
91,295
|
|
|
87,997
|
|
|
179,292
|
|
|||
Non-interest expense
|
615,275
|
|
|
68,788
|
|
|
684,063
|
|
|||
Income before income taxes
|
148,076
|
|
|
80,740
|
|
|
228,816
|
|
|||
Provision for income taxes
|
52,683
|
|
|
28,613
|
|
|
81,296
|
|
|||
Net income
|
95,393
|
|
|
52,127
|
|
|
147,520
|
|
|||
Dividends and undistributed earnings allocated
|
|
|
|
|
|
||||||
to participating securities
|
484
|
|
|
—
|
|
|
484
|
|
|||
Net earnings available to common shareholders
|
$
|
94,909
|
|
|
$
|
52,127
|
|
|
$
|
147,036
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
20,098,560
|
|
|
$
|
2,514,714
|
|
|
$
|
22,613,274
|
|
Total loans and leases
|
$
|
13,181,463
|
|
|
$
|
2,146,269
|
|
|
$
|
15,327,732
|
|
Total deposits
|
$
|
16,850,682
|
|
|
$
|
41,417
|
|
|
$
|
16,892,099
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
||||||
(in thousands)
|
Community
|
|
Home
|
|
|
||||||
|
Banking
|
|
Lending
|
|
Consolidated
|
||||||
Interest income
|
$
|
420,854
|
|
|
$
|
21,992
|
|
|
$
|
442,846
|
|
Interest expense
|
35,367
|
|
|
2,514
|
|
|
37,881
|
|
|||
Net interest income
|
385,487
|
|
|
19,478
|
|
|
404,965
|
|
|||
Provision for loan and lease losses
|
10,716
|
|
|
—
|
|
|
10,716
|
|
|||
Non-interest income
|
42,102
|
|
|
79,339
|
|
|
121,441
|
|
|||
Non-interest expense
|
325,743
|
|
|
38,918
|
|
|
364,661
|
|
|||
Income before income taxes
|
91,130
|
|
|
59,899
|
|
|
151,029
|
|
|||
Provision for income taxes
|
28,708
|
|
|
23,960
|
|
|
52,668
|
|
|||
Net income
|
62,422
|
|
|
35,939
|
|
|
98,361
|
|
|||
Dividends and undistributed earnings allocated
|
|
|
|
|
|
||||||
to participating securities
|
788
|
|
|
—
|
|
|
788
|
|
|||
Net earnings available to common shareholders
|
$
|
61,634
|
|
|
$
|
35,939
|
|
|
$
|
97,573
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
10,949,050
|
|
|
$
|
687,062
|
|
|
$
|
11,636,112
|
|
Total loans and leases
|
$
|
7,196,137
|
|
|
$
|
532,029
|
|
|
$
|
7,728,166
|
|
Total deposits
|
$
|
9,090,959
|
|
|
$
|
26,701
|
|
|
$
|
9,117,660
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
||||||
(in thousands)
|
Community
|
|
Home
|
|
|
||||||
|
Banking
|
|
Lending
|
|
Consolidated
|
||||||
Interest income
|
$
|
435,814
|
|
|
$
|
20,271
|
|
|
$
|
456,085
|
|
Interest expense
|
46,105
|
|
|
2,744
|
|
|
48,849
|
|
|||
Net interest income
|
389,709
|
|
|
17,527
|
|
|
407,236
|
|
|||
Provision for loan and lease losses
|
29,201
|
|
|
—
|
|
|
29,201
|
|
|||
Non-interest income
|
52,031
|
|
|
84,798
|
|
|
136,829
|
|
|||
Non-interest expense
|
322,197
|
|
|
37,455
|
|
|
359,652
|
|
|||
Income before income taxes
|
90,342
|
|
|
64,870
|
|
|
155,212
|
|
|||
Provision for income taxes
|
27,373
|
|
|
25,948
|
|
|
53,321
|
|
|||
Net income
|
62,969
|
|
|
38,922
|
|
|
101,891
|
|
|||
Dividends and undistributed earnings allocated
|
|
|
|
|
|
||||||
to participating securities
|
682
|
|
|
—
|
|
|
682
|
|
|||
Net earnings available to common shareholders
|
$
|
62,287
|
|
|
$
|
38,922
|
|
|
$
|
101,209
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
11,075,366
|
|
|
$
|
720,077
|
|
|
$
|
11,795,443
|
|
Total loans and leases
|
$
|
6,806,199
|
|
|
$
|
370,234
|
|
|
$
|
7,176,433
|
|
Total deposits
|
$
|
9,350,900
|
|
|
$
|
28,375
|
|
|
$
|
9,379,275
|
|
(in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Loans outstanding at beginning of year
|
|
$
|
13,307
|
|
|
$
|
12,272
|
|
|
$
|
12,245
|
|
New loans and advances
|
|
11,392
|
|
|
3,584
|
|
|
2,697
|
|
|||
Less loan repayments
|
|
(2,490
|
)
|
|
(2,213
|
)
|
|
(2,113
|
)
|
|||
Reclassification
(1)
|
|
(2,491
|
)
|
|
(336
|
)
|
|
(557
|
)
|
|||
Loans outstanding at end of year
|
|
$
|
19,718
|
|
|
$
|
13,307
|
|
|
$
|
12,272
|
|
(in thousands)
|
2014
|
|
2013
|
||||
ASSETS
|
|
|
|
||||
Non-interest bearing deposits with subsidiary banks
|
$
|
102,102
|
|
|
$
|
72,679
|
|
Investments in:
|
|
|
|
||||
Bank subsidiary
|
4,054,288
|
|
|
1,847,168
|
|
||
Nonbank subsidiaries
|
38,776
|
|
|
29,193
|
|
||
Other assets
|
4,079
|
|
|
1,590
|
|
||
Total assets
|
$
|
4,199,245
|
|
|
$
|
1,950,630
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Payable to bank subsidiary
|
$
|
33
|
|
|
$
|
93
|
|
Other liabilities
|
67,345
|
|
|
33,938
|
|
||
Junior subordinated debentures, at fair value
|
249,294
|
|
|
87,274
|
|
||
Junior subordinated debentures, at amortized cost
|
101,576
|
|
|
101,899
|
|
||
Total liabilities
|
418,248
|
|
|
223,204
|
|
||
Shareholders' equity
|
3,780,997
|
|
|
1,727,426
|
|
||
Total liabilities and shareholders' equity
|
$
|
4,199,245
|
|
|
$
|
1,950,630
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
INCOME
|
|
|
|
|
|
||||||
Dividends from subsidiaries
|
$
|
250,848
|
|
|
$
|
62,241
|
|
|
$
|
78,755
|
|
Other income
|
(5,196
|
)
|
|
(2,321
|
)
|
|
(2,174
|
)
|
|||
Total income
|
245,652
|
|
|
59,920
|
|
|
76,581
|
|
|||
|
|
|
|
|
|
||||||
EXPENSES
|
|
|
|
|
|
||||||
Management fees paid to subsidiaries
|
533
|
|
|
501
|
|
|
459
|
|
|||
Other expenses
|
12,966
|
|
|
8,885
|
|
|
9,189
|
|
|||
Total expenses
|
13,499
|
|
|
9,386
|
|
|
9,648
|
|
|||
|
|
|
|
|
|
||||||
Income before income tax benefit and equity in undistributed
|
|
|
|
|
|
||||||
earnings of subsidiaries
|
232,153
|
|
|
50,534
|
|
|
66,933
|
|
|||
Income tax benefit
|
(7,336
|
)
|
|
(4,446
|
)
|
|
(4,904
|
)
|
|||
Net income before equity in undistributed earnings of subsidiaries
|
239,489
|
|
|
54,980
|
|
|
71,837
|
|
|||
Equity in undistributed earnings of subsidiaries
|
(91,969
|
)
|
|
43,381
|
|
|
30,054
|
|
|||
Net income
|
147,520
|
|
|
98,361
|
|
|
101,891
|
|
|||
Dividends and undistributed earnings allocated to participating securities
|
484
|
|
|
788
|
|
|
682
|
|
|||
Net earnings available to common shareholders
|
$
|
147,036
|
|
|
$
|
97,573
|
|
|
$
|
101,209
|
|
(in thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
147,520
|
|
|
$
|
98,361
|
|
|
$
|
101,891
|
|
Adjustment to reconcile net income to net cash
|
|
|
|
|
|
||||||
provided by operating activities:
|
|
|
|
|
|
||||||
Equity in undistributed earnings of subsidiaries
|
91,969
|
|
|
(43,381
|
)
|
|
(30,054
|
)
|
|||
Depreciation, amortization and accretion
|
(322
|
)
|
|
(322
|
)
|
|
(322
|
)
|
|||
Change in fair value of junior subordinated debentures
|
5,849
|
|
|
2,193
|
|
|
2,182
|
|
|||
Net (increase) decrease in other assets
|
(6,020
|
)
|
|
(92
|
)
|
|
4,925
|
|
|||
Net (decrease) increase in other liabilities
|
(8,708
|
)
|
|
(1,361
|
)
|
|
(1,184
|
)
|
|||
Net cash provided by operating activities
|
230,288
|
|
|
55,398
|
|
|
77,438
|
|
|||
|
|
|
|
|
|
||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Investment in subsidiaries
|
6
|
|
|
(2,928
|
)
|
|
(24,970
|
)
|
|||
Acquisitions
|
(102,143
|
)
|
|
—
|
|
|
419
|
|
|||
Net cash used by investing activities
|
(102,137
|
)
|
|
(2,928
|
)
|
|
(24,551
|
)
|
|||
|
|
|
|
|
|
||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Net (decrease) increase in payables to subsidiaries
|
(4
|
)
|
|
(8,448
|
)
|
|
17
|
|
|||
Dividends paid on common stock
|
(99,233
|
)
|
|
(50,767
|
)
|
|
(46,201
|
)
|
|||
Stock repurchased
|
(7,183
|
)
|
|
(9,356
|
)
|
|
(7,433
|
)
|
|||
Proceeds from exercise of stock options
|
7,692
|
|
|
6,397
|
|
|
980
|
|
|||
Net cash used by financing activities
|
(98,728
|
)
|
|
(62,174
|
)
|
|
(52,637
|
)
|
|||
|
|
|
|
|
|
||||||
Change in cash and cash equivalents
|
29,423
|
|
|
(9,704
|
)
|
|
250
|
|
|||
Cash and cash equivalents, beginning of year
|
72,679
|
|
|
82,383
|
|
|
82,133
|
|
|||
Cash and cash equivalents, end of year
|
$
|
102,102
|
|
|
$
|
72,679
|
|
|
$
|
82,383
|
|
(in thousands, except per share information)
|
2014
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Four
|
||||||||||
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
Quarters
|
||||||||||
Interest income
|
$
|
242,151
|
|
|
$
|
239,523
|
|
|
$
|
224,967
|
|
|
$
|
115,880
|
|
|
$
|
822,521
|
|
Interest expense
|
14,136
|
|
|
13,807
|
|
|
12,708
|
|
|
8,042
|
|
|
48,693
|
|
|||||
Net interest income
|
228,015
|
|
|
225,716
|
|
|
212,259
|
|
|
107,838
|
|
|
773,828
|
|
|||||
Provision for loan and lease losses
|
5,241
|
|
|
14,333
|
|
|
14,696
|
|
|
5,971
|
|
|
40,241
|
|
|||||
Non-interest income
|
49,832
|
|
|
61,924
|
|
|
44,529
|
|
|
23,007
|
|
|
179,292
|
|
|||||
Non-interest expense
|
190,856
|
|
|
182,558
|
|
|
214,131
|
|
|
96,518
|
|
|
684,063
|
|
|||||
Income before provision for income taxes
|
81,750
|
|
|
90,749
|
|
|
27,961
|
|
|
28,356
|
|
|
228,816
|
|
|||||
Provision for income taxes
|
29,204
|
|
|
31,760
|
|
|
10,740
|
|
|
9,592
|
|
|
81,296
|
|
|||||
Net income
|
52,546
|
|
|
58,989
|
|
|
17,221
|
|
|
18,764
|
|
|
147,520
|
|
|||||
Dividends and undistributed earnings allocated
|
|
|
|
|
|
|
|
|
|
||||||||||
to participating securities
|
146
|
|
|
142
|
|
|
83
|
|
|
113
|
|
|
484
|
|
|||||
Net earnings available to common shareholders
|
$
|
52,400
|
|
|
$
|
58,847
|
|
|
$
|
17,138
|
|
|
$
|
18,651
|
|
|
$
|
147,036
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
|
||
Diluted earnings per common share
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
|
||
Cash dividends declared per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
|
(in thousands, except per share information)
|
2013
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Four
|
||||||||||
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
Quarters
|
||||||||||
Interest income
|
$
|
118,538
|
|
|
$
|
115,960
|
|
|
$
|
104,015
|
|
|
$
|
104,333
|
|
|
$
|
442,846
|
|
Interest expense
|
8,464
|
|
|
9,151
|
|
|
10,122
|
|
|
10,144
|
|
|
37,881
|
|
|||||
Net interest income
|
110,074
|
|
|
106,809
|
|
|
93,893
|
|
|
94,189
|
|
|
404,965
|
|
|||||
Provision for (recapture of) loan and lease losses
|
2,471
|
|
|
1,104
|
|
|
(79
|
)
|
|
7,220
|
|
|
10,716
|
|
|||||
Non-interest income
|
26,785
|
|
|
26,144
|
|
|
34,497
|
|
|
34,015
|
|
|
121,441
|
|
|||||
Non-interest expense
|
95,364
|
|
|
95,604
|
|
|
87,931
|
|
|
85,762
|
|
|
364,661
|
|
|||||
Income before provision for income taxes
|
39,024
|
|
|
36,245
|
|
|
40,538
|
|
|
35,222
|
|
|
151,029
|
|
|||||
Provision for income taxes
|
13,754
|
|
|
12,768
|
|
|
14,285
|
|
|
11,861
|
|
|
52,668
|
|
|||||
Net income
|
25,270
|
|
|
23,477
|
|
|
26,253
|
|
|
23,361
|
|
|
98,361
|
|
|||||
Dividends and undistributed earnings allocated
|
|
|
|
|
|
|
|
|
|
||||||||||
to participating securities
|
212
|
|
|
196
|
|
|
197
|
|
|
183
|
|
|
788
|
|
|||||
Net earnings available to common shareholders
|
$
|
25,058
|
|
|
$
|
23,281
|
|
|
$
|
26,056
|
|
|
$
|
23,178
|
|
|
$
|
97,573
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
|
|
||
Diluted earnings per common share
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
|
|
||
Cash dividends declared per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.20
|
|
|
$
|
0.10
|
|
|
|
•
|
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company's assets;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with the authorizations of management and directors of the Company; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
|
(1)
|
Financial Statements:
|
(2)
|
Financial Statement Schedules:
|
(3)
|
The exhibits filed as part of this report and exhibits incorporated herein by reference to other documents are listed on the Index of Exhibits to this annual report on Form 10-K.
|
|
/s/ Raymond P. Davis
|
February 23, 2015
|
|
|
Raymond P. Davis, President and Chief Executive Officer
|
|
|
|
|
|
|
|
Signature
|
Title
|
Date
|
|
/s/ Raymond P. Davis
|
President, Chief Executive Officer and Director
|
February 23, 2015
|
|
Raymond P. Davis
|
(Principal Executive Officer)
|
|
|
|
|
|
|
/s/ Ronald L. Farnsworth
|
Executive Vice President, Chief Financial Officer
|
February 23, 2015
|
|
Ronald L. Farnsworth
|
(Principal Financial Officer)
|
|
|
|
|
|
|
/s/ Neal T. McLaughlin
|
Executive Vice President, Treasurer
|
February 23, 2015
|
|
Neal T. McLaughlin
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
/s/ Ellen R.M. Boyer
|
Director
|
February 23, 2015
|
|
Ellen R.M. Boyer
|
|
|
|
|
|
|
|
/s/ Robert C. Donegan
|
Director
|
February 23, 2015
|
|
Robert C. Donegan
|
|
|
|
|
|
|
|
/s/ C. Webb Edwards
|
Director
|
February 23, 2015
|
|
C. Webb Edwards
|
|
|
|
|
|
|
|
/s/ Peggy Y. Fowler
|
Director
|
February 23, 2015
|
|
Peggy Y. Fowler
|
|
|
|
|
|
|
|
/s/ Stephen M. Gambee
|
Director
|
February 23, 2015
|
|
Stephen M. Gambee
|
|
|
|
|
|
|
|
/s/ James S. Greene
|
Director
|
February 23, 2015
|
|
James S. Greene
|
|
|
|
|
|
|
|
/s/ Luis F. Machuca
|
Director
|
February 23, 2015
|
|
Luis F. Machuca
|
|
|
|
|
|
|
|
/s/ Maria M. Pope
|
Director
|
February 23, 2015
|
|
Maria M. Pope
|
|
|
|
|
|
|
|
/s/ Susan F. Stevens
|
Director
|
February 23, 2015
|
|
Susan F. Stevens
|
|
|
|
|
|
|
|
/s/ Hilliard C. Terry, III
|
Director
|
February 23, 2015
|
|
Hilliard C. Terry, III
|
|
|
|
|
|
|
|
/s/ Bryan L. Timm
|
Director
|
February 23, 2015
|
|
Bryan L. Timm
|
|
|
|
|
|
|
Exhibit
#
|
Description
|
Location
|
|
|
|
3.1
|
Restated Articles of Incorporation, as amended
|
Incorporated by reference to Exhibit 3.1 to Form 10-Q filed May 7, 2014
|
|
|
|
3.2
|
Bylaws, as amended
|
Incorporated by reference to Exhibit 3.2 to Form 8-K filed April 22, 2008
|
|
|
|
4.1
|
Specimen Common Stock Certificate
|
Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-8 (No. 333-77259) filed with the SEC on April 28, 1999
|
|
|
|
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.
|
|
|
|
|
10.1**
|
Third Restated Supplemental Executive Retirement Plan effective April 16, 2008 between the Company and Raymond P. Davis
|
Incorporated by reference to Exhibit 99.1 to Form 8-K/A filed April 22, 2008
|
|
|
|
10.2**
|
Employment Agreement dated July 1, 2003, between the Company and Raymond P. Davis
|
Incorporated by reference to Exhibit 10.4 to Form 10-Q filed August 14, 2003
|
|
|
|
10.3**
|
2003 Stock Incentive Plan, as amended, effective March 5, 2007
|
Incorporated by reference to Appendix A to Form DEF 14A filed March 14, 2007
|
|
|
|
10.4**
|
Form of Employment Agreement with executive officers Farnsworth, and McLaughlin
|
Incorporated by reference to Exhibit 99.1 to Form 8-K filed March 7, 2008
|
|
|
|
10.5**
|
Form of Long Term Incentive Restricted Stock Unit Agreement
|
Incorporated by reference to Exhibit 10.4 to Form 10-Q filed August 3, 2007
|
|
|
|
10.6**
|
Split-Dollar Insurance Agreement dated April 16, 2008 between the Company and Raymond P. Davis
|
Incorporated by reference to Exhibit 99.2 to Form 8-K filed April 22, 2008
|
|
|
|
10.7**
|
Form of First Amendment to form of Employment Agreement with executive officers Farnsworth and McLaughlin
|
Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 14, 2013
|
|
|
|
10.8**
|
Employment Agreement dated effective March 21, 2010 between the Company and Cort O'Haver
|
Incorporated by reference to Exhibit 10.1 to Form 10-Q filed November 4, 2010
|
|
|
|
10.9**
|
First Amendment to Employment Agreement with Cort O’Haver dated effective December 1, 2014
|
Filed herewith
|
|
|
|
10.10**
|
Employment Agreement dated effective June 1, 2010 between the Company and Mark Wardlow
|
Incorporated by reference to Exhibit 10.2 to Form 10-Q filed November 4, 2010
|
|
|
|
10.11**
|
Umpqua Holdings Corporation 2013 Incentive Plan, effective December 14, 2012
|
Incorporated by reference to Appendix A to DEF 14A filed February 25, 2013
|
|
|
|
10.12**
|
Form of Restricted Stock Award Agreement under 2013 Incentive Plan (Service Vesting)
|
Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 31, 2014
|
|
|
|
10.13**
|
Form of Restricted Stock Award Agreement under 2013 Incentive Plan (Performance Vesting)
|
Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 31, 2014
|
|
|
|
10.14**
|
Form of Restricted Stock Award Agreement under 2013 Incentive Plan (162(m) Performance Vesting)
|
Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 31, 2014
|
|
|
|
10.15**
|
Employment Agreement, dated September 11, 2013, by and between the Company and J. Gregory Seibly
|
Incorporated by reference to Exhibit 10.3 to Form S-4 filed November 15, 2013 (Registration No. 333-192346)
|
|
|
|
10.16**
|
First Amendment to Employment Agreement with J. Gregory Seibly
|
Incorporated by reference to Exhibit 10.1 to Form 10-Q filed August 5, 2014
|
|
|
|
10.17**
|
Employment Agreement, dated September 11, 2013, by and between the Company and Ezra Eckhardt
|
Filed herewith
|
Exhibit
#
|
Description
|
Location
|
|
|
|
10.18**
|
First Amendment to Employment Agreement with Ezra Eckhardt
|
Incorporated by reference to Exhibit 10.2 to Form 10-Q filed August 5, 2014
|
|
|
|
10.19**
|
Sterling Financial Corporation 2010 Long-Term Incentive Plan
|
Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 of Sterling Financial Corporation filed December 9, 2010
|
|
|
|
12.0
|
Ratio of Earnings to Fixed Charges
|
Filed herewith
|
|
|
|
21.1
|
Subsidiaries of the Registrant
|
Filed herewith
|
|
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm - Moss Adams LLP
|
Filed herewith
|
|
|
|
31.1
|
Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
|
|
31.2
|
Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
|
|
31.3
|
Certification of Principal Accounting Officer under Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
|
|
32
|
Certification of Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
|
|
By:
|
/s/ Raymond P. Davis
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||
Consolidated ratios of earnings to fixed charges
|
|
|
|
|
|
|
||||||
Excluding interest on deposits
|
10.20
|
|
9.82
|
|
9.76
|
|
7.34
|
|
2.94
|
|
(12.60
|
)
|
Including interest on deposits
|
5.70
|
|
4.99
|
|
4.18
|
|
2.52
|
|
1.36
|
|
(0.89
|
)
|
•
|
Registration Statement on Form S-4 (No. 333-192346)
|
•
|
Registration Statement on Form S-3ASR (No. 333-195396)
|
•
|
Registration Statement on Form S-8 (No. 333-192346)
|
•
|
Registration Statement on Form S-8 (No. 333-188291)
|
•
|
Registration Statement on Form S-8 (No. 333-144766)
|
•
|
Registration Statement on Form S-8 (No. 333-143347)
|
•
|
Registration Statement on Form S-8 (No. 333-135071)
|
•
|
Registration Statement on Form S-8 (No. 333-117680)
|
•
|
Registration Statement on Form S-8 (No. 333-117679)
|
•
|
Registration Statement on Form S-8 (No. 333-105637)
|
•
|
Registration Statement on Form S-8 (No. 333-101357)
|
•
|
Registration Statement on Form S-8 (No. 333-58978)
|
•
|
Registration Statement on Form S-8 (No. 333-77259)
|
|
/s/ Raymond P. Davis
|
|
Raymond P. Davis
|
|
President and Chief Executive Officer
|
|
Umpqua Holdings Corporation
|
|
/s/ Ronald L. Farnsworth
|
|
Ronald L. Farnsworth
|
|
Executive Vice President/Chief Financial Officer and
|
|
Principal Financial Officer
|
|
Umpqua Holdings Corporation
|
|
/s/ Neal T. McLaughlin
|
|
Neal T. McLaughlin
|
|
Executive Vice President/Treasurer and
|
|
Principal Accounting Officer
|
|
Umpqua Holdings Corporation
|
|
/s/ Raymond P. Davis
|
|
Raymond P. Davis
|
|
President and Chief Executive Officer
|
|
Umpqua Holdings Corporation
|
|
|
|
/s/ Ronald L. Farnsworth
|
|
Ronald L. Farnsworth
|
|
Executive Vice President/Chief Financial Officer and
|
|
Principal Financial Officer
|
|
Umpqua Holdings Corporation
|
|
|
|
/s/ Neal T. McLaughlin
|
|
Neal T. McLaughlin
|
|
Executive Vice President/Treasurer and
|
|
Principal Accounting Officer
|
|
Umpqua Holdings Corporation
|
|
|
|
February 23. 2015
|