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Umpqua Holdings Corporation announced its fourth quarter 2022 results, reporting a net income of $83 million or $0.38 per common share. The operating net income was $99 million, translating to $0.46 per share. Loan balances rose by $648 million (2.5%), while deposits increased by $249 million (0.9%). The net interest margin improved by 13 basis points to 4.01%. Non-interest income grew by $5.4 million, but non-interest expense increased by $17 million primarily due to merger-related costs. The company anticipates closing its merger with Columbia Banking on February 28, 2023.
Umpqua Holdings Corporation (Nasdaq: UMPQ) announced a quarterly cash dividend of $0.21 per common share, payable on February 6, 2023, to shareholders of record by January 23, 2023. Additionally, the company plans to hold its fourth quarter 2022 earnings conference call on January 24, 2023, at 10:00 a.m. PT. Financial results for the fourth quarter are expected to be released after market close on January 23, 2023. This dividend reflects Umpqua's ongoing commitment to returning value to shareholders.
Columbia Banking System (NASDAQ: COLB) and Umpqua Holdings Corporation (NASDAQ: UMPQ) have received final FDIC approval for their merger, marking a significant step in their combination. The merger, expected to complete by the end of February 2023, will create one of the largest banks in the West with over $50 billion in assets and a presence in eight states. All necessary shareholder approvals were secured on January 26, 2022. After the merger, the new entity will operate under Columbia's name while maintaining Umpqua's banking brand.
Columbia Banking System and Umpqua Holdings Corporation have received FDIC approval for their merger, marking a significant milestone. This approval was the last necessary regulatory clearance, paving the way for the merger's completion by the end of February 2023. The combined entity will manage over $50 billion in assets, enhancing its presence across eight western states. Both companies have secured all required shareholder approvals. Columbia will operate under its name, while Umpqua Bank will retain its branding. The merger aims to unlock value for customers and shareholders alike.
Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), has successfully deployed $1 million in microloans to support nearly 200 BIPOC and women entrepreneurs across Oregon, Washington, California, and Idaho through its partnership with Kiva. This initiative, part of the Small Business Empowerment Program, was launched in April and aims to address funding gaps for underserved small business owners. The fund's structure allows it to replenish as loans are repaid, further extending its impact.
Umpqua Holdings Corporation reported strong third-quarter 2022 results, with net income of $84 million ($0.39 per share) and operating net income of $103 million ($0.47 per share). Loan balances rose $1.1 billion (4.4%), and deposit balances increased $685 million (2.6%). The net interest margin improved by 47 basis points to 3.88%. However, non-interest income decreased by $26 million, primarily due to fair value accounting impacts. The company's estimated total risk-based capital ratio stood at 13.2%, remaining above regulatory minimums.
Umpqua Holdings Corporation (NASDAQ: UMPQ) has declared a quarterly cash dividend of $0.21 per common share. This dividend is scheduled to be paid on October 28, 2022, to shareholders on record as of October 14, 2022. This announcement reflects the company's commitment to returning value to its shareholders amidst its ongoing operations across various states including Oregon, Washington, California, Idaho, and Nevada.
Umpqua Holdings Corporation (NASDAQ: UMPQ) announced its third quarter 2022 earnings conference call scheduled for October 20th, 2022, at 10:00 a.m. PT. The company will discuss its financial results, expected to be released after market close on October 19th. Participants can register for the call to receive dial-in details and a unique PIN or listen via audiocast. Umpqua Bank, headquartered in Portland, Oregon, is recognized for its innovative banking solutions and operates in multiple states.
Umpqua Bank has enhanced its Phoenix middle market banking team with the addition of five bankers to better serve mid-size companies in Arizona. This expansion reflects Umpqua's commitment to growing its presence in the Western U.S., complementing its recent entry into Colorado. Led by market director Kevin Gillette, the new hires bring extensive banking experience across various sectors, aimed at strengthening client relationships and enhancing customer success.
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