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Umpqua Bank has expanded its commercial real estate (CRE) division into Colorado, hiring Todd Grover as senior vice president and market leader. Grover, a prominent figure in Colorado's CRE landscape with over 25 years of experience, is expected to drive growth in the Denver area. His background includes generating over $1 billion in annual loan originations. This strategic move, supported by Umpqua's commitment to enhancing its banking experience across the Mountain West, follows the recent hiring of Shawn Thompson to lead middle market banking in Colorado.
Umpqua Holdings Corporation (NASDAQ: UMPQ) announced a quarterly cash dividend of $0.21 per common share, payable on August 15, 2022, to shareholders of record as of August 1, 2022. The company, headquartered in Portland, Oregon, operates Umpqua Bank and has been recognized for its customer satisfaction and innovative banking strategies. Umpqua has maintained a strong reputation, being acknowledged by national publications and industry studies.
Umpqua Holdings Corporation reported strong second-quarter 2022 results, with net income of $78.6 million ($0.36 per share), driven by a $1.5 billion loan increase (6.3%). Operating net income was $80.3 million ($0.37 per share). However, total deposits fell $567.2 million (2.1%), leading to concerns about deposit contraction. Net interest income rose by $19.4 million due to higher rates, with a net interest margin of 3.41%. The provision for credit losses increased to $18.7 million from $4.8 million. The total risk-based capital ratio was estimated at 13.5%.
Umpqua Holdings Corporation (NASDAQ: UMPQ) plans to host its second quarter 2022 earnings conference call on July 21, 2022, at 10:00 a.m. PT. The earnings report will be released after market close on July 20, 2022. The call will provide insights into recent activities and the company’s financial performance. Participants can register for the call to obtain dial-in details or join via audiocast, with a replay accessible on the investor relations page.
Umpqua Bank has released its 2022 Business Barometer, revealing significant challenges for small and middle-market businesses in the U.S. 73% of small businesses cite inflation as a primary concern, while 90% are affected by rising costs. Additionally, 72% of middle-market companies struggle to find talent. The report indicates a shift toward major operational changes to combat these issues. Notably, 45% of middle-market firms faced cyber-fraud, highlighting cybersecurity needs. Despite diminished economic optimism, the potential for growth remains as businesses adapt to these evolving challenges.
Umpqua Bank has announced the expansion of its middle market banking division into Colorado, appointing Shawn J. Thompson as market director. With over 25 years of experience in the Colorado banking sector, Thompson aims to support mid-size companies in the greater Denver Metro area. This move signifies Umpqua's commitment to enhance its regional presence and is part of a broader strategy to build strong banking teams across the Mountain West. The bank currently manages over $30B in assets across seven Western states, emphasizing its growth potential.
On May 5, 2022, Umpqua Holdings Corporation (NASDAQ: UMPQ) announced a quarterly cash dividend of $0.21 per common share. This dividend is set to be paid on May 27, 2022, to shareholders of record as of May 16, 2022. The announcement reflects the company's ongoing commitment to returning value to its shareholders.
Umpqua Holdings Corporation reported a net income of $91.2 million, or $0.42 per share, for Q1 2022. Non-PPP loan balances saw a substantial rise, increasing by $630.2 million (2.8%). Although total deposits grew by $104.9 million (0.4%), net interest income decreased by $4.6 million due to lower PPP-related income. The net interest margin slightly declined to 3.14%. The provision for credit losses was $4.8 million, maintaining low net charge-offs at 0.10% of average loans. The quarterly cash dividend remained steady at $0.21.
Umpqua Bank has launched a $1 million Managed Loan Fund in partnership with Kiva, offering 0% interest loans up to $15,000 for eligible BIPOC and women entrepreneurs across Oregon, Washington, California, and Idaho. The program features a triple dollar matching incentive for each dollar contributed by community supporters, effectively quadrupling funds raised for small businesses. This initiative aims to enhance access to capital for underserved entrepreneurs, enabling them to secure essential financing for their businesses.
Umpqua Holdings Corporation (NASDAQ: UMPQ) will host its Q1 2022 earnings conference call on April 21, 2022, at 10:00 a.m. PT. The call will address the company's recent activities and financial results expected to be released on April 20, 2022. Investors can join by dialing (866) 440-7407 and entering conference ID 9884055. A re-broadcast will be available later. Umpqua Bank, based in Oregon, aims to deliver innovative banking solutions across several states. More details can be found on the company’s investor relations page.
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