Umpqua Reports Third Quarter 2019 Results

PORTLAND, Ore., Oct. 16, 2019 /PRNewswire/ -- Umpqua Holdings Corporation UMPQ (the "Company") reported net income of $84.5 million for the third quarter of 2019, compared to $111.8 million for the second quarter of 2019 and $91.0 million for the third quarter of 2018. Earnings per diluted common share were $0.38 for the third quarter of 2019, compared to $0.51 for the second quarter of 2019 and $0.41 for the third quarter of 2018.

(PRNewsfoto/Umpqua Holdings Corporation)

"Our balanced growth initiatives continue to produce results as evidenced by our strong deposit growth of 11% annualized, including 21% annualized growth in non-interest bearing balances, and our annualized loan and lease growth of 11%," said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. "I am also pleased to report that we have executed the sale of the first tranche of mortgage servicing rights and will remain diligent on initiatives to reduce volatility specific to that asset. We increased our fee-based revenue during the quarter and are prudently managing our cost of funds to help offset pressure on our net interest margin."

Notable items that impacted the third quarter 2019 financial results included:

  • $4.2 million gain on the fair value change of the MSR asset primarily driven by the $7.8 million fair value gain recorded for the portion of mortgage servicing rights held for sale at the end of the quarter, compared to a $24.7 million loss in the prior quarter and a $0.2 million gain in the same period of the prior year.
  • $0.3 million gain on equity investment securities, compared to the net $75.4 million gain recorded in the prior quarter that included the gain on equity securities of $82.6 million primarily related to the sale of Visa Class B stock and the $7.2 million loss on debt securities.
  • $4.6 million loss related to the fair value of the debt capital market swap derivatives attributable to the decrease in long-term interest rates during the quarter, compared to a loss of $4.0 million in the prior quarter and a gain of $0.2 million in the same period of the prior year.
  • $2.0 million of exit and disposal costs, compared to $1.5 million in the prior quarter and $1.0 million in the same period of the prior year.

Third Quarter 2019 Highlights (compared to prior quarter):

  • Net interest income increased by $1.8 million on a quarter to quarter basis primarily driven by higher average balances of loans and leases along with a lower level of premium amortization for residential mortgage backed securities and collateralized mortgage obligations, partially offset by lower average yields on loans and leases;
  • Provision for loan and lease losses increased by $3.9 million, due to an increase in net charge offs of $4.9 million and growth in the overall loan portfolio;
  • Net charge-offs increased by eight basis points to 0.34% of average loans and leases (annualized);
  • Non-interest income decreased by $33.3 million, driven primarily by the $75.4 million net gain recorded in the prior quarter from the sale of the Visa Class B stock and other debt securities, partially offset by an increase of $37.5 million in net residential mortgage banking revenue;
  • Non-interest expense increased by $3.2 million, driven primarily by higher mortgage banking-related expenses, a $2.2 million year to date reclassification of swap collateral interest to other non-interest income, and higher legal fees, partially offset by seasonally lower payroll taxes and a lower loss on OREO;
  • Non-performing assets to total assets improved to 0.25% from 0.28%;
  • Estimated total risk-based capital ratio of 13.6% and estimated Tier 1 common to risk weighted assets ratio of 10.9%;
  • Declared a quarterly cash dividend of $0.21 per common share.

Balance Sheet

Total consolidated assets were $28.9 billion as of September 30, 2019, compared to $28.0 billion as of June 30, 2019 and $26.6 billion as of September 30, 2018. Including secured off-balance sheet lines of credit, total available liquidity was $10.9 billion as of September 30, 2019, representing 38% of total assets and 49% of total deposits.

Gross loans and leases were $21.5 billion as of September 30, 2019, an increase of $567.4 million relative to June 30, 2019. Strong loan production in commercial real estate as well as seasonally strong residential real estate production contributed to the balance sheet growth.

Total deposits were $22.4 billion as of September 30, 2019, an increase of $615.7 million from $21.8 billion as of June 30, 2019. This increase was attributable to growth in non-interest bearing demand deposits of $352.1 million and certificate of deposit growth of $332.4 million.

Net Interest Income

Net interest income was $229.0 million for the third quarter of 2019, up $1.8 million from the prior quarter. This increase was primarily driven by higher average balances of loans and leases along with a lower level of premium amortization for residential mortgage backed securities and collateralized mortgage obligations, partially offset by lower average yields on loans and leases.

The Company's net interest margin was 3.63% for the third quarter of 2019, down seven basis points from 3.70% for the second quarter of 2019 primarily driven by the decrease in short-term interest rates during the quarter.

Credit Quality

The allowance for loan and lease losses was $156.3 million, or 0.73% of loans and leases, as of September 30, 2019, which was up from $151.1 million, or 0.72% of loans and leases, as of June 30, 2019. The provision for loan and lease losses was $23.2 million for the third quarter of 2019, an increase of $3.9 million from the prior quarter level, driven primarily by an increase in net charge-offs and growth in the loan portfolio.

Net charge-offs as a percentage of average loans and leases increased by eight basis points to 0.34% of average loans and leases (annualized). As of September 30, 2019, non-performing assets were 0.25% of total assets, compared to 0.28% as of June 30, 2019 and 0.37% as of September 30, 2018.

Non-interest Income

Non-interest income was $88.5 million for the third quarter of 2019, down $33.3 million from the prior quarter driven primarily by the $75.4 million net gain recorded in the prior quarter from the sale of the Visa Class B stock and certain debt securities, partially offset by an increase of $37.5 million in net residential mortgage banking revenue.

Revenue from the origination and sale of residential mortgages was $31.4 million for the third quarter of 2019, an increase of $8.3 million from the prior quarter. This increase reflects a sequential quarter increase of 21% in for-sale mortgage origination volume and an increase of 40 basis points in the home lending gain on sale margin to 3.72% for the third quarter of 2019. Of the current quarter's mortgage production, 60% related to purchase activity, compared to 70% for the prior quarter and 82% for the same period of the prior year.

Non-interest Expense

Non-interest expense was $183.6 million for the third quarter of 2019, up $3.2 million from the prior quarter level. This increase was driven primarily by higher mortgage banking-related expenses, a $2.2 million reclassification of swap collateral interest to other non-interest income, and higher legal fees, partially offset by seasonally lower payroll taxes and a lower loss on OREO.

Capital

As of September 30, 2019, the Company's tangible book value per common share1 was $11.27, compared to $10.97 in the prior quarter and $9.95 in the same period of the prior year. During the third quarter of 2019, the Company declared a dividend of $0.21 per common share.

The Company's estimated total risk-based capital ratio was 13.6% and its estimated Tier 1 common to risk weighted assets ratio was 10.9% as of September 30, 2019. The Company remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of September 30, 2019 are estimates, pending completion and filing of the Company's regulatory reports.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. The Company believes that these non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this document are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

Management believes tangible common equity and the tangible common equity ratio are useful measures of capital adequacy because they provide a meaningful base for period-to-period and company-to-company comparisons, which management believes will assist investors in assessing the capital of the Company and the ability to absorb potential losses. Tangible common equity is calculated as total shareholders' equity less goodwill and other intangible assets, net (excluding MSRs). Tangible assets are total assets less goodwill and other intangible assets, net (excluding MSRs). The tangible common equity ratio is calculated as tangible common shareholders' equity divided by tangible assets.

The following table provides reconciliations of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(In thousands, except per share data)



Sep 30, 2019





Jun 30, 2019





Mar 31, 2019





Dec 31, 2018





Sep 30, 2018



Total shareholders' equity



$

4,289,516





$

4,228,507





$

4,112,326





$

4,056,442





$

4,003,893



Subtract:































Goodwill



1,787,651





1,787,651





1,787,651





1,787,651





1,787,651



Other intangible assets, net



19,750





21,155





22,560





23,964





25,506



Tangible common shareholders' equity



$

2,482,115





$

2,419,701





$

2,302,115





$

2,244,827





$

2,190,736



Total assets



$

28,930,855





$

27,986,075





$

27,355,625





$

26,939,781





$

26,615,067



Subtract:































Goodwill



1,787,651





1,787,651





1,787,651





1,787,651





1,787,651



Other intangible assets, net



19,750





21,155





22,560





23,964





25,506



Tangible assets



$

27,123,454





$

26,177,269





$

25,545,414





$

25,128,166





$

24,801,910



Common shares outstanding at period end



220,212





220,499





220,457





220,255





220,238



































Total shareholders' equity to total assets ratio



14.83

%



15.11

%



15.03

%



15.06

%



15.04

%

Tangible common equity ratio



9.15

%



9.24

%



9.01

%



8.93

%



8.83

%

Book value per common share



$

19.48





$

19.18





$

18.65





$

18.42





$

18.18



Tangible book value per common share



$

11.27





$

10.97





$

10.44





$

10.19





$

9.95























































About Umpqua Holdings Corporation

Umpqua Holdings Corporation UMPQ is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. Umpqua Bank has locations across Oregon, Washington, California, Idaho and Nevada. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit umpquabank.com.

Earnings Conference Call Information

The Company will host its third quarter 2019 earnings conference call on October 17, 2019, at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company will provide an update on recent activities and discuss its third quarter 2019 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (888) 378-4398 ten minutes prior to the start time and enter conference ID: 607538. A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 1772015. The earnings conference call will also be available as an audio cast, which can be accessed on the Company's investor relations page at umpquabank.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about strategic investments, fee income initiatives, MSR sales and strategic initiatives. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)





Quarter Ended



% Change

(In thousands, except per share data)



Sep 30,

2019



Jun 30,

2019



Mar 31,

2019



Dec 31,

2018



Sep 30,

2018



Seq.

Quarter



Year

over

Year

Interest income:





























Loans and leases



$

266,111



$

264,110



$

258,747



$

254,093



$

246,410



1

%



8

%

Interest and dividends on investments:





























Taxable



12,546



10,287



19,956



27,381



24,435



22

%



(49)

%

Exempt from federal income tax



1,727



1,921



2,114



2,135



2,048



(10)

%



(16)

%

Dividends



599



574



517



538



549



4

%



9

%

Temporary investments and interest bearing deposits



4,204



4,708



925



2,621



2,800



(11)

%



50

%

Total interest income



285,187



281,600



282,259



286,768



276,242



1

%



3

%

Interest expense:





























Deposits



45,876



43,591



34,094



30,124



25,692



5

%



79

%

Securities sold under agreement to repurchase and federal funds purchased



448



403



810



185



103



11

%



335

%

Borrowings



4,238



4,563



3,683



3,326



3,439



(7)

%



23

%

Junior subordinated debentures



5,652



5,881



5,987



5,743



5,640



(4)

%



0

%

Total interest expense



56,214



54,438



44,574



39,378



34,874



3

%



61

%

Net interest income



228,973



227,162



237,685



247,390



241,368



1

%



(5)

%

Provision for loan and lease losses



23,227



19,352



13,684



17,219



11,711



20

%



98

%

Non-interest income:





























Service charges on deposits



16,627



15,953



15,278



16,035



15,574



4

%



7

%

Brokerage revenue



4,060



3,980



3,810



4,178



3,947



2

%



3

%

Residential mortgage banking revenue, net



47,000



9,529



11,231



15,150



31,484



393

%



49

%

Loss on sale of debt securities, net





(7,186)









(100)

%



0

%

Gain (loss) on equity securities, net



257



82,607



695



410



(462)



(100)

%



(156)

%

Gain on loan and lease sales, net



1,762



3,333



769



2,484



2,772



(47)

%



(36)

%

BOLI income



2,067



2,093



2,168



2,116



2,051



(1)

%



1

%

Other income



16,739



11,514



11,789



16,438



17,022



45

%



(2)

%

Total non-interest income



88,512



121,823



45,740



56,811



72,388



(27)

%



22

%

Non-interest expense:





























Salaries and employee benefits



106,819



104,049



100,658



102,109



103,575



3

%



3

%

Occupancy and equipment, net



35,446



36,032



36,245



35,949



36,530



(2)

%



(3)

%

Intangible amortization



1,405



1,405



1,404



1,542



1,541



0

%



(9)

%

FDIC assessments



2,587



2,837



2,942



2,619



4,303



(9)

%



(40)

%

Loss (gain) on other real estate owned, net



1,188



2,678



(51)



1,125



(128)



(56)

%



nm

Other expenses



36,145



33,414



30,394



35,144



33,471



8

%



8

%

Total non-interest expense



183,590



180,415



171,592



178,488



179,292



2

%



2

%

Income before provision for income taxes



110,668



149,218



98,149



108,494



122,753



(26)

%



(10)

%

Provision for income taxes



26,166



37,408



24,116



28,183



31,772



(30)

%



(18)

%

Net income



$

84,502



$

111,810



$

74,033



$

80,311



$

90,981



(24)

%



(7)

%































Weighted average basic shares outstanding



220,285



220,487



220,366



220,247



220,224



0

%



0

%

Weighted average diluted shares outstanding



220,583



220,719



220,655



220,668



220,620



0

%



0

%

Earnings per common share – basic



$

0.38



$

0.51



$

0.34



$

0.36



$

0.41



(25)

%



(7)

%

Earnings per common share – diluted



$

0.38



$

0.51



$

0.34



$

0.36



$

0.41



(25)

%



(7)

%































nm = not meaningful

 

Umpqua Holdings Corporation

Consolidated Statements of Income

(Unaudited)





Nine Months Ended



% Change

(In thousands, except per share data)



Sep 30, 2019



Sep 30, 2018



Year

over

Year

Interest income:













Loans and leases



$

788,968



$

718,021



10

%

Interest and dividends on investments:













Taxable



42,789



48,633



(12)

%

Exempt from federal income tax



5,762



6,233



(8)

%

Dividends



1,690



1,450



17

%

Temporary investments and interest bearing deposits



9,837



6,044



63

%

Total interest income



849,046



780,381



9

%

Interest expense:













Deposits



123,561



62,561



98

%

Securities sold under agreement to repurchase and federal funds purchased



1,661



321



417

%

Borrowings



12,484



10,278



21

%

Junior subordinated debentures



17,520



15,972



10

%

Total interest expense



155,226



89,132



74

%

Net interest income



693,820



691,249



0

%

Provision for loan and lease losses



56,263



38,686



45

%

Non-interest income:













Service charges on deposits



47,858



46,089



4

%

Brokerage revenue



11,850



12,302



(4)

%

Residential mortgage banking revenue, net



67,760



103,085



(34)

%

(Loss) gain on sale of debt securities, net



(7,186)



14



nm

Gain (loss) on equity securities, net



83,559



(1,894)



nm

Gain on loan and lease sales, net



5,864



5,350



10

%

BOLI income



6,328



6,181



2

%

Other income



40,042



51,479



(22)

%

Total non-interest income



256,075



222,606



15

%

Non-interest expense:













Salaries and employee benefits



311,526



323,466



(4)

%

Occupancy and equipment, net



107,723



112,775



(4)

%

Intangible amortization



4,214



4,624



(9)

%

FDIC assessments



8,366



13,475



(38)

%

Loss (gain) on other real estate owned, net



3,815



(258)



nm

Other expenses



99,953



106,895



(6)

%

Total non-interest expense



535,597



560,977



(5)

%

Income before provision for income taxes



358,035



314,192



14

%

Provision for income taxes



87,690



78,240



12

%

Net income



$

270,345



$

235,952



15

%















Weighted average basic shares outstanding



220,379



220,292



0

%

Weighted average diluted shares outstanding



220,642



220,751



0

%

Earnings per common share – basic



$

1.23



$

1.07



15

%

Earnings per common share – diluted



$

1.23



$

1.07



15

%















nm = not meaningful

 

Umpqua Holdings Corporation

Consolidated Balance Sheets

(Unaudited)























% Change

(In thousands, except per share data)

Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



Seq.

Quarter



Year

over

Year

Assets:



























Cash and due from banks

$

433,620



$

342,508



$

296,967



$

335,419



$

308,938



27

%



40

%

Interest bearing cash and temporary investments

757,824



691,283



605,841



287,218



570,321



10

%



33

%

Investment securities:



























Equity and other, at fair value

64,764



66,358



63,327



61,841



62,454



(2)

%



4

%

Available for sale, at fair value

2,842,076



2,698,398



2,894,778



2,977,108



2,864,394



5

%



(1)

%

Held to maturity, at amortized cost

3,320



3,416



3,478



3,606



3,672



(3)

%



(10)

%

Loans held for sale, at fair value

355,022



356,645



240,302



166,461



289,537



0

%



23

%

Loans and leases

21,520,794



20,953,371



20,405,997



20,422,666



19,854,033



3

%



8

%

Allowance for loan and lease losses

(156,288)



(151,069)



(144,872)



(144,871)



(144,026)



3

%



9

%

Net loans and leases

21,364,506



20,802,302



20,261,125



20,277,795



19,710,007



3

%



8

%

Restricted equity securities

54,463



43,063



47,466



40,268



40,269



26

%



35

%

Premises and equipment, net

203,391



210,285



217,595



227,423



237,456



(3)

%



(14)

%

Operating lease right-of-use assets

108,187



112,752



109,807







(4)

%



nm

Goodwill

1,787,651



1,787,651



1,787,651



1,787,651



1,787,651



0

%



0

%

Other intangible assets, net

19,750



21,155



22,560



23,964



25,506



(7)

%



(23)

%

Residential mortgage servicing rights, at fair value

151,383



139,780



158,946



169,025



175,038



8

%



(14)

%

Other real estate owned

4,026



8,423



10,488



10,958



11,774



(52)

%



(66)

%

Bank owned life insurance

318,533



316,435



314,303



313,626



311,922



1

%



2

%

Other assets

462,339



385,621



320,991



257,418



216,128



20

%



114

%

Total assets

$

28,930,855



$

27,986,075



$

27,355,625



$

26,939,781



$

26,615,067



3

%



9

%

Liabilities:



























Deposits

$

22,434,734



$

21,819,013



$

21,243,894



$

21,137,486



$

20,892,774



3

%



7

%

Securities sold under agreements to repurchase

296,717



308,052



288,944



297,151



286,975



(4)

%



3

%

Borrowings

1,106,674



821,712



932,420



751,788



751,764



35

%



47

%

Junior subordinated debentures, at fair value

267,798



277,028



294,121



300,870



282,846



(3)

%



(5)

%

Junior subordinated debentures, at amortized cost

88,553



88,610



88,667



88,724



88,781



0

%



0

%

Operating lease liabilities

116,924



121,742



118,520







(4)

%



nm

Deferred tax liability, net

67,055



57,757



45,202



25,846



22,413



16

%



199

%

Other liabilities

262,884



263,654



231,531



281,474



285,621



0

%



(8)

%

Total liabilities

24,641,339



23,757,568



23,243,299



22,883,339



22,611,174



4

%



9

%

Shareholders' equity:



























Common stock

3,511,493



3,514,391



3,511,731



3,512,874



3,510,949



0

%



0

%

Retained earnings

733,059



695,003



629,877



602,482



568,619



5

%



29

%

Accumulated other comprehensive income (loss)

44,964



19,113



(29,282)



(58,914)



(75,675)



135

%



(159)

%

Total shareholders' equity

4,289,516



4,228,507



4,112,326



4,056,442



4,003,893



1

%



7

%

Total liabilities and shareholders' equity

$

28,930,855



$

27,986,075



$

27,355,625



$

26,939,781



$

26,615,067



3

%



9

%





























Common shares outstanding at period end

220,212



220,499



220,457



220,255



220,238



0

%



0

%

Book value per common share

$

19.48



$

19.18



$

18.65



$

18.42



$

18.18



2

%



7

%

Tangible book value per common share

$

11.27



$

10.97



$

10.44



$

10.19



$

9.95



3

%



13

%

Tangible equity - common

$

2,482,115



$

2,419,701



$

2,302,115



$

2,244,827



$

2,190,736



3

%



13

%

Tangible common equity to tangible assets

9.15

%



9.24

%



9.01

%



8.93

%



8.83

%



(0.09)



0.32





























nm = not meaningful











 

Umpqua Holdings Corporation

Loan and Lease Portfolio

(Unaudited)

(Dollars in thousands)



Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



% Change





Amount



Amount



Amount



Amount



Amount



Seq. Quarter



Year over Year

Loans and leases:





























Commercial real estate:





























Non-owner occupied term, net



$

3,495,555



$

3,537,084



$

3,476,972



$

3,573,065



$

3,527,357



(1)

%



(1)

%

Owner occupied term, net



2,566,299



2,396,674



2,449,648



2,480,371



2,474,845



7

%



4

%

Multifamily, net



3,479,986



3,341,547



3,302,936



3,304,763



3,225,538



4

%



8

%

Construction & development, net



771,214



732,932



686,107



736,254



646,684



5

%



19

%

Residential development, net



191,500



199,421



205,963



196,890



198,518



(4)

%



(4)

%

Commercial:





























Term, net



2,310,759



2,271,346



2,185,322



2,232,923



2,149,376



2

%



8

%

Lines of credit & other, net



1,254,755



1,280,587



1,229,092



1,169,525



1,133,508



(2)

%



11

%

Leases & equipment finance, net



1,485,753



1,449,579



1,378,686



1,330,155



1,282,128



2

%



16

%

Residential:





























Mortgage, net



4,245,674



3,995,643



3,768,955



3,635,073



3,468,569



6

%



22

%

Home equity loans & lines, net



1,224,578



1,215,215



1,170,252



1,176,477



1,143,351



1

%



7

%

Consumer & other, net



494,721



533,343



552,064



587,170



604,159



(7)

%



(18)

%

Total loans, net of deferred fees and costs



$

21,520,794



$

20,953,371



$

20,405,997



$

20,422,666



$

19,854,033



3

%



8

%































Loan and leases mix:





























Commercial real estate:





























Non-owner occupied term, net



16

%



17

%



17

%



17

%



18

%









Owner occupied term, net



12

%



11

%



12

%



12

%



13

%









Multifamily, net



16

%



16

%



16

%



16

%



16

%









Construction & development, net



4

%



3

%



3

%



4

%



3

%









Residential development, net



1

%



1

%



1

%



1

%



1

%









Commercial:





























Term, net



11

%



11

%



11

%



11

%



11

%









Lines of credit & other, net



6

%



6

%



6

%



6

%



6

%









Leases & equipment finance, net



7

%



7

%



7

%



6

%



6

%









Residential:





























Mortgage, net



20

%



19

%



18

%



18

%



17

%









Home equity loans & lines, net



5

%



6

%



6

%



6

%



6

%









Consumer & other, net



2

%



3

%



3

%



3

%



3

%









Total



100

%



100

%



100

%



100

%



100

%































































 

Umpqua Holdings Corporation

Deposits by Type/Core Deposits

(Unaudited)

(Dollars in thousands)



Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



% Change





Amount



Amount



Amount



Amount



Amount



Seq. Quarter



Year over Year

Deposits:





























Demand, non-interest bearing



$

7,123,180



$

6,771,087



$

6,495,562



$

6,667,467



$

6,859,411



5

%



4

%

Demand, interest bearing



2,406,404



2,355,473



2,341,441



2,340,471



2,320,560



2

%



4

%

Money market



6,646,383



6,789,036



6,469,286



6,645,390



6,325,808



(2)

%



5

%

Savings



1,469,302



1,446,332



1,479,509



1,492,685



1,499,872



2

%



(2)

%

Time



4,789,465



4,457,085



4,458,096



3,991,473



3,887,123



7

%



23

%

Total



$

22,434,734



$

21,819,013



$

21,243,894



$

21,137,486



$

20,892,774



3

%



7

%































Total core deposits (1)



$

18,845,328



$

18,529,797



$

17,903,754



$

18,190,402



$

18,012,992



2

%



5

%































Deposit mix:





























Demand, non-interest bearing



32

%



31

%



31

%



32

%



33

%









Demand, interest bearing



11

%



11

%



11

%



11

%



11

%









Money market



30

%



31

%



30

%



31

%



30

%









Savings



6

%



7

%



7

%



7

%



7

%









Time



21

%



20

%



21

%



19

%



19

%









Total



100

%



100

%



100

%



100

%



100

%







































Number of open accounts:





























Demand, non-interest bearing



413,633



409,235



406,039



406,240



404,913









Demand, interest bearing



76,390



76,686



76,712



77,099



77,546









Money market



58,796



58,158



56,602



56,196



55,895









Savings



160,673



160,708



161,039



161,656



162,387









Time



62,122



60,571



58,210



54,388



52,482









Total



771,614



765,358



758,602



755,579



753,223







































Average balance per account:





























Demand, non-interest bearing



$

17.2



$

16.5



$

16.0



$

16.4



$

16.9









Demand, interest bearing



31.5



30.7



30.5



30.4



29.9









Money market



113.0



116.7



114.3



118.3



113.2









Savings



9.1



9.0



9.2



9.2



9.2









Time



77.1



73.6



76.6



73.4



74.1









Total



$

29.1



$

28.5



$

28.0



$

28.0



$

27.7

































































(1)

Core deposits are defined as total deposits less time deposits greater than $100,000.

 

Umpqua Holdings Corporation

Credit Quality – Non-performing Assets

(Unaudited)





Quarter Ended



% Change

(Dollars in thousands)



Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



Seq. Quarter



Year over Year

Non-performing assets:





























Loans and leases on non-accrual status



$

31,636



$

35,022



$

44,586



$

50,823



$

54,059



(10)

%



(41)

%

Loans and leases past due 90+ days and accruing (1)



35,745



35,700



31,424



36,444



33,812



0

%



6

%

Total non-performing loans and leases



67,381



70,722



76,010



87,267



87,871



(5)

%



(23)

%

Other real estate owned



4,026



8,423



10,488



10,958



11,774



(52)

%



(66)

%

Total non-performing assets



$

71,407



$

79,145



$

86,498



$

98,225



$

99,645



(10)

%



(28)

%































Performing restructured loans and leases



$

14,309



$

15,267



$

15,726



$

13,924



$

14,531



(6)

%



(2)

%

Loans and leases past due 31-89 days



$

44,390



$

40,619



$

53,009



$

37,373



$

33,825



9

%



31

%

Loans and leases past due 31-89 days to total loans and leases



0.21

%



0.19

%



0.26

%



0.18

%



0.17

%









Non-performing loans and leases to total loans and leases (1)



0.31

%



0.34

%



0.37

%



0.43

%



0.44

%









Non-performing assets to total assets(1)



0.25

%



0.28

%



0.32

%



0.36

%



0.37

%































































(1)

Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $5.2 million, $5.4 million, $158,000, $8.9 million, and $8.0 million at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.

 

Umpqua Holdings Corporation

Credit Quality – Allowance for Loan and Lease Losses

(Unaudited)





Quarter Ended



% Change

(Dollars in thousands)



Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



Seq. Quarter



Year over Year

Allowance for loan and lease losses:





























Balance beginning of period



$

151,069



$

144,872



$

144,871



$

144,026



$

144,556









Provision for loan and lease losses



23,227



19,352



13,684



17,219



11,711



20

%



98

%

Charge-offs



(23,112)



(16,707)



(17,152)



(19,527)



(15,896)



38

%



45

%

Recoveries



5,104



3,552



3,469



3,153



3,655



44

%



40

%

Net charge-offs



(18,008)



(13,155)



(13,683)



(16,374)



(12,241)



37

%



47

%

Total allowance for loan and lease losses



156,288



151,069



144,872



144,871



144,026



3

%



9

%

Reserve for unfunded commitments



5,085



4,857



4,654



4,523



4,294



5

%



18

%

Total allowance for credit losses



$

161,373



$

155,926



$

149,526



$

149,394



$

148,320



3

%



9

%































Net charge-offs to average loans and leases (annualized)



0.34

%



0.26

%



0.27

%



0.32

%



0.25

%









Recoveries to gross charge-offs



22.08

%



21.26

%



20.23

%



16.15

%



22.99

%









Allowance for loan and lease losses to loans and leases



0.73

%



0.72

%



0.71

%



0.71

%



0.73

%









Allowance for credit losses to loans and leases



0.75

%



0.74

%



0.73

%



0.73

%



0.75

%































































 

Umpqua Holdings Corporation

Credit Quality – Allowance for Loan and Lease Losses

(Unaudited)





Nine Months Ended



% Change

(Dollars in thousands)



Sep 30, 2019



Sep 30, 2018



Year over Year

Allowance for loan and lease losses:









Balance beginning of period



$

144,871



$

140,608





Provision for loan and lease losses



56,263



38,686



45

%

Charge-offs



(56,971)



(46,523)



22

%

Recoveries



12,125



11,255



8

%

Net charge-offs



(44,846)



(35,268)



27

%

Total allowance for loan and lease losses



156,288



144,026



9

%

Reserve for unfunded commitments



5,085



4,294



18

%

Total allowance for credit losses



$

161,373



$

148,320



9

%















Net charge-offs to average loans and leases (annualized)



0.29

%



0.24

%





Recoveries to gross charge-offs



21.28

%



24.19

%





























  

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)





Quarter Ended



% Change





Sep 30,

2019



Jun 30,

2019



Mar 31,

2019



Dec 31,

2018



Sep 30,

2018



Seq.

Quarter



Year

over

Year

Average Rates:





























Yield on loans held for sale



4.82

%



5.03

%



5.95

%



5.81

%



5.27

%



(0.21)





(0.45)



Yield on loans and leases



4.93

%



5.07

%



5.06

%



4.97

%



4.89

%



(0.14)





0.04



Yield on taxable investments



1.99

%



1.62

%



2.96

%



4.11

%



3.72

%



0.37





(1.73)



Yield on tax-exempt investments (1)



3.30

%



3.42

%



3.59

%



3.70

%



3.61

%



(0.12)





(0.31)



Yield on interest bearing cash and temporary investments



2.20

%



2.41

%



2.44

%



2.25

%



1.99

%



(0.21)





0.21



Total yield on earning assets (1)



4.52

%



4.59

%



4.79

%



4.81

%



4.67

%



(0.07)





(0.15)

































Cost of interest bearing deposits



1.19

%



1.16

%



0.97

%



0.85

%



0.73

%



0.03





0.46



Cost of securities sold under agreements to repurchase and fed funds purchased





























0.57

%



0.55

%



0.88

%



0.26

%



0.15

%



0.02





0.42



Cost of borrowings



1.95

%



2.03

%



1.88

%



1.75

%



1.73

%



(0.08)





0.22



Cost of junior subordinated debentures



6.14

%



6.17

%



6.24

%



6.13

%



6.06

%



(0.03)





0.08



Total cost of interest bearing liabilities



1.33

%



1.31

%



1.14

%



1.00

%



0.90

%



0.02





0.43

































Net interest spread (1)



3.19

%



3.28

%



3.65

%



3.81

%



3.77

%



(0.09)





(0.58)



Net interest margin (1)



3.63

%



3.70

%



4.03

%



4.15

%



4.09

%



(0.07)





(0.46)

































Performance Ratios:





























Return on average assets



1.18

%



1.62

%



1.12

%



1.19

%



1.36

%



(0.44)





(0.18)



Return on average tangible assets



1.26

%



1.73

%



1.20

%



1.28

%



1.46

%



(0.47)





(0.20)



Return on average common equity



7.87

%



10.80

%



7.34

%



7.90

%



9.00

%



(2.93)





(1.13)



Return on average tangible common equity



13.67

%



19.14

%



13.17

%



14.34

%



16.42

%



(5.47)





(2.75)



Efficiency ratio – Consolidated



57.76

%



51.64

%



60.44

%



58.58

%



57.06

%



6.12





0.70



Efficiency ratio – Bank



56.22

%



50.16

%



58.57

%



57.67

%



54.70

%



6.06





1.52





(1)

Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.

 

Umpqua Holdings Corporation

Selected Ratios

(Unaudited)





Nine Months Ended



% Change





Sep 30, 2019



Sep 30, 2018



Year over Year

Average Rates:













Yield on loans held for sale



5.15

%



4.81

%



0.34

Yield on loans and leases



5.02

%



4.87

%



0.15

Yield on taxable investments



2.20

%



2.44

%



(0.24)

Yield on tax-exempt investments (1)



3.45

%



3.65

%



(0.20)

Yield on interest bearing cash and temporary investments



2.32

%



1.83

%



0.49

Total yield on earning assets (1)



4.63

%



4.51

%



0.12















Cost of interest bearing deposits



1.11

%



0.61

%



0.50

Cost of securities sold under agreements to repurchase and fed funds purchased



0.68

%



0.15

%



0.53

Cost of borrowings



1.96

%



1.72

%



0.24

Cost of junior subordinated debentures



6.18

%



5.77

%



0.41

Total cost of interest bearing liabilities



1.26

%



0.79

%



0.47















Net interest spread (1)



3.37

%



3.72

%



(0.35)

Net interest margin (1)



3.78

%



4.00

%



(0.22)















Performance Ratios:













Return on average assets



1.31

%



1.21

%



0.10

Return on average tangible assets



1.40

%



1.30

%



0.10

Return on average common equity



8.67

%



7.90

%



0.77

Return on average tangible common equity



15.32

%



14.49

%



0.83

Efficiency ratio – Consolidated



56.31

%



61.29

%



(4.98)

Efficiency ratio – Bank



54.70

%



58.91

%



(4.21)



(1)

Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.

  

Umpqua Holdings Corporation

Average Balances

(Unaudited)



Quarter Ended



% Change

(Dollars in thousands)

Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



Seq. Quarter



Year over Year

Temporary investments and interest bearing cash

$

759,416



$

783,703



$

153,347



$

462,621



$

558,597



(3)

%



36

%

Investment securities, taxable

2,648,092



2,683,472



2,757,644



2,716,616



2,687,635



(1)

%



(1)

%

Investment securities, tax-exempt

252,765



271,633



287,366



282,998



278,937



(7)

%



(9)

%

Loans held for sale

328,155



264,445



187,656



238,958



320,494



24

%



2

%

Loans and leases

21,170,915



20,605,963



20,388,988



20,051,674



19,709,113



3

%



7

%

Total interest earning assets

25,159,343



24,609,216



23,775,001



23,752,867



23,554,776



2

%



7

%

Goodwill and other intangible assets, net

1,808,191



1,809,583



1,811,007



1,812,487



1,814,000



0

%



0

%

Total assets

28,356,982



27,709,310



26,811,621



26,672,224



26,461,526



2

%



7

%





























Non-interest bearing demand deposits

6,880,093



6,556,090



6,505,615



6,828,730



6,865,676



5

%



0

%

Interest bearing deposits

15,289,464



15,069,198



14,304,325



14,138,852



13,897,141



1

%



10

%

Total deposits

22,169,557



21,625,288



20,809,940



20,967,582



20,762,817



3

%



7

%

Interest bearing liabilities

16,827,917



16,646,949



15,858,561



15,547,250



15,331,529



1

%



10

%





























Shareholders' equity - common

4,260,810



4,153,175



4,091,174



4,035,125



4,011,856



3

%



6

%

Tangible common equity (1)

2,452,619



2,343,592



2,280,167



2,222,638



2,197,856



5

%



12

%











































 

Umpqua Holdings Corporation

Average Balances

(Unaudited)





Nine Months Ended

% Change

(Dollars in thousands)



Sep 30, 2019



Sep 30, 2018



Year over Year

Temporary investments and interest bearing cash



$

567,709



$

441,067



29

%

Investment securities, taxable



2,696,001



2,734,443



(1)

%

Investment securities, tax-exempt



270,461



281,538



(4)

%

Loans held for sale



260,600



304,912



(15)

%

Loans and leases



20,724,820



19,397,476



7

%

Total interest earning assets



24,519,591



23,159,436



6

%

Goodwill and other intangible assets, net



1,809,583



1,815,521



0

%

Total assets



27,631,632



26,055,479



6

%















Non-interest bearing demand deposits



6,648,638



6,655,431



0

%

Interest bearing deposits



14,891,271



13,713,213



9

%

Total deposits



21,539,909



20,368,644



6

%

Interest bearing liabilities



16,448,027



15,169,048



8

%















Shareholders' equity - common



4,169,008



3,991,773



4

%

Tangible common equity (1)



2,359,425



2,176,252



8

%



(1)

Average tangible common equity is a non-GAAP financial measure. Average tangible common equity is calculated as average common shareholders' equity less average goodwill and other intangible assets, net (excluding MSRs).

  

Umpqua Holdings Corporation

Average Rates and Balances

(Unaudited)

(dollars in thousands)

Quarter Ended



September 30, 2019



June 30, 2019



September 30, 2018



Average Balance



Interest Income or Expense



Average Yields or Rates



Average Balance



Interest Income or Expense



Average Yields or Rates



Average Balance



Interest Income or Expense



Average Yields or Rates

INTEREST-EARNING ASSETS:



































Loans held for sale

$

328,155



$

3,953



4.82%





$

264,445



$

3,326



5.03%





$

320,494



$

4,220



5.27%



Loans and leases (1)

21,170,915



262,158



4.93%





20,605,963



260,784



5.07%





19,709,113



242,190



4.89%



Taxable securities

2,648,092



13,145



1.99%





2,683,472



10,861



1.62%





2,687,635



24,984



3.72%



Non-taxable securities (2)

252,765



2,086



3.30%





271,633



2,325



3.42%





278,937



2,519



3.61%



Temporary investments and interest-bearing cash

759,416



4,204



2.20%





783,703



4,708



2.41%





558,597



2,800



1.99%



Total interest-earning assets

25,159,343



$

285,546



4.52%





24,609,216



282,004



4.59%





23,554,776



$

276,713



4.67%



Other assets

3,197,639











3,100,094











2,906,750









Total assets

$

28,356,982











$

27,709,310











$

26,461,526









INTEREST-BEARING LIABILITIES:



































Interest-bearing demand deposits

$

2,363,626



$

3,117



0.52%





$

2,332,535



$

2,798



0.48%





$

2,369,092



$

2,241



0.38%



Money market deposits

6,962,370



16,575



0.94%





6,747,290



15,351



0.91%





6,150,199



6,820



0.44%



Savings deposits

1,462,198



557



0.15%





1,454,908



410



0.11%





1,483,687



452



0.12%



Time deposits

4,501,270



25,627



2.26%





4,534,465



25,032



2.21%





3,894,163



16,179



1.65%



Total interest-bearing deposits

15,289,464



45,876



1.19%





15,069,198



43,591



1.16%





13,897,141



25,692



0.73%



Repurchase agreements and federal funds purchased

313,089



448



0.57%





292,057



403



0.55%





278,131



103



0.15%



Borrowings

860,285



4,238



1.95%





903,164



4,563



2.03%





787,074



3,439



1.73%



Junior subordinated debentures

365,079



5,652



6.14%





382,530



5,881



6.17%





369,183



5,640



6.06%



Total interest-bearing liabilities

16,827,917



$

56,214



1.33%





16,646,949



$

54,438



1.31%





15,331,529



$

34,874



0.90%



Non-interest-bearing deposits

6,880,093











6,556,090











6,865,676









Other liabilities

388,162











353,096











252,465









Total liabilities

24,096,172











23,556,135











22,449,670









Common equity

4,260,810











4,153,175











4,011,856









Total liabilities and shareholders' equity

$

28,356,982











$

27,709,310











$

26,461,526









NET INTEREST INCOME





$

229,332











$

227,566











$

241,839





NET INTEREST SPREAD









3.19%













3.28%













3.77%



NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)









3.63%













3.70%













4.09%





(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 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $359,000 for the three months ended September 30, 2019 as compared to $404,000 for June 30, 2019 and $471,000 for September 30, 2018.

 

Umpqua Holdings Corporation Average Rates and Balances

(Unaudited)

(dollars in thousands)

Nine Months Ended



September 30, 2019



September 30, 2018



Average Balance



Interest Income or Expense



Average Yields or Rates



Average Balance



Interest Income or Expense



Average Yields or Rates

INTEREST-EARNING ASSETS:























Loans held for sale

$

260,600



$

10,069



5.15%





$

304,912



$

11,002



4.81%



Loans and leases (1)

20,724,820



778,899



5.02%





19,397,476



707,019



4.87%



Taxable securities

2,696,001



44,479



2.20%





2,734,443



50,083



2.44%



Non-taxable securities (2)

270,461



6,991



3.45%





281,538



7,697



3.65%



Temporary investments and interest-bearing cash

567,709



9,837



2.32%





441,067



6,044



1.83%



Total interest-earning assets

24,519,591



$

850,275



4.63%





23,159,436



$

781,845



4.51%



Other assets

3,112,041











2,896,043









Total assets

$

27,631,632











$

26,055,479









INTEREST-BEARING LIABILITIES:























Interest-bearing demand deposits

$

2,338,787



$

8,555



0.49%





$

2,338,396



$

5,016



0.29%



Money market deposits

6,702,551



42,943



0.86%





6,460,770



18,429



0.38%



Savings deposits

1,468,449



1,237



0.11%





1,467,866



866



0.08%



Time deposits

4,381,484



70,826



2.16%





3,446,181



38,250



1.48%



Total interest-bearing deposits

14,891,271



123,561



1.11%





13,713,213



62,561



0.61%



Repurchase agreements and federal funds purchased

325,281



1,661



0.68%





288,751



321



0.15%



Borrowings

852,659



12,484



1.96%





796,991



10,278



1.72%



Junior subordinated debentures

378,816



17,520



6.18%





370,093



15,972



5.77%



Total interest-bearing liabilities

16,448,027



$

155,226



1.26%





15,169,048



$

89,132



0.79%



Non-interest-bearing deposits

6,648,638











6,655,431









Other liabilities

365,959











239,227









Total liabilities

23,462,624











22,063,706









Common equity

4,169,008











3,991,773









Total liabilities and shareholders' equity

$

27,631,632











$

26,055,479









NET INTEREST INCOME





$

695,049











$

692,713





NET INTEREST SPREAD









3.37%













3.72%



NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)









3.78%













4.00%





(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 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.2 million for the nine months ended September 30, 2019 as compared to $1.5 million for the same period in 2018.

 

Umpqua Holdings Corporation

Residential Mortgage Banking Activity

(Unaudited)





Quarter Ended



% Change

(Dollars in thousands)



Sep 30, 2019



Jun 30, 2019



Mar 31, 2019



Dec 31, 2018



Sep 30, 2018



Seq. Quarter



Year

over Year

Residential mortgage banking revenue:





























Origination and sale



$

31,432



$

23,151



$

14,373



$

16,665



$

20,983



36

%



50

%

Servicing



11,358



11,036



10,824



11,555



10,302



3

%



10

%

Change in fair value of MSR asset:





























Changes due to collection/realization of expected cash flows over time



(6,835)



(6,905)



(6,431)



(6,425)



(6,007)



(1)

%



14

%

Changes due to valuation inputs or assumptions



11,045



(17,753)



(7,535)



(6,645)



6,206



(162)

%



78

%

Total



$

47,000



$

9,529



$

11,231



$

15,150



$

31,484



393

%



49

%































Closed loan volume:





























Portfolio



$

611,022



$

481,878



$

318,612



$

312,524



$

323,941



27

%



89

%

For-sale



844,442



698,150



487,090



589,355



756,924



21

%



12

%

Total



$

1,455,464



$

1,180,028



$

805,702



$

901,879



$

1,080,865



23

%



35

%































Gain on sale margin:





























Based on for-sale volume



3.72

%



3.32

%



2.95

%



2.83

%



2.77

%



0.40





0.95

































Residential mortgage servicing rights:





























Balance, beginning of period



$

139,780



$

158,946



$

169,025



$

175,038



$

166,217



(12)

%



(16)

%

Additions for new MSR capitalized



7,393



5,492



3,887



7,057



8,622



35

%



(14)

%

Changes in fair value of MSR asset:





























Changes due to collection/realization of expected cash flows over time



(6,835)



(6,905)



(6,431)



(6,425)



(6,007)



(1)

%



14

%

Changes due to valuation inputs or assumptions



11,045



(17,753)



(7,535)



(6,645)



6,206



(162)

%



78

%

Balance, end of period



$

151,383



$

139,780



$

158,946



$

169,025



$

175,038



8

%



(14)

%































Residential mortgage loans serviced for others



$

15,707,519



$

15,796,102



$

15,902,587



$

15,978,885



$

15,810,455



(1)

%



(1)

%

MSR as % of serviced portfolio



0.96

%



0.88

%



1.00

%



1.06

%



1.11

%



0.08





(0.15)























































































 

Umpqua Holdings Corporation

Residential Mortgage Banking Activity

(Unaudited)





Nine Months Ended



% Change

(Dollars in thousands)



Sep 30, 2019



Sep 30, 2018



Year over Year

Residential mortgage banking revenue:













Origination and sale



$

68,956



$

71,979



(4)

%

Servicing



33,218



31,231



6

%

Change in fair value of MSR asset:













Changes due to collection/realization of expected cash flows over time



(20,171)



(18,108)



11

%

Changes due to valuation inputs or assumptions



(14,243)



17,983



(179)

%

Total



$

67,760



$

103,085



(34)

%















Closed loan volume:













Portfolio



$

1,411,512



$

856,305



65

%

For-sale



2,029,682



2,283,639



(11)

%

Total



$

3,441,194



$

3,139,944



10

%















Gain on sale margin:













Based on for-sale volume



3.40

%



3.15

%



0.25

















Residential mortgage servicing rights:













Balance, beginning of period



$

169,025



$

153,151



10

%

Additions for new MSR capitalized



16,772



22,012



(24)

%

Changes in fair value of MSR asset:













Changes due to collection/realization of expected cash flows over time



(20,171)



(18,108)



11

%

Changes due to valuation inputs or assumptions



(14,243)



17,983



(179)

%

Balance, end of period



$

151,383



$

175,038



(14)

%



 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/umpqua-reports-third-quarter-2019-results-300940004.html

SOURCE Umpqua Holdings Corporation

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