UMPQ » Topics » Yield

This excerpt taken from the UMPQ 10-K filed Mar 31, 2005.
U.S. Treasury and agencies
One year or less
  $ 1,499     $ 1,512       6.62%  
One to five years
    146,359       145,548       3.51%  
Five to ten years
    59,944       59,569       4.35%  
      207,802       206,629       3.77%  
Obligations of states and political subdivisions:
One year or less
    4,243       4,296       6.54%  
One to five years
    14,549       15,013       6.58%  
Five to ten years
    18,764       19,856       7.89%  
Over ten years
    27,255       27,599       7.11%  
      64,811       66,764       7.18%  
Serial Maturities
    366,689       365,468       4.41%  
Other investment securities
    50,492       49,326       3.20%  
Total securities
  $ 689,794     $ 688,187       4.39%  
*Weighted average yields are stated on a federal tax-equivalent basis of 35%, and have been annualized, where appropriate.
The mortgage-related securities in “Serial Maturities” in the table above include both pooled mortgage-backed issues and high-quality CMO structures, with an average duration of five years. These mortgage-related securities provide yield spread to U.S. Treasury or agency securities; however, the cash flows arising from them can be volatile (even in the best structures) due to refinancing of the underlying mortgage loans. The structure of most of the mortgage-related securities provides for minimal extension risk in the event of increased market rates.
Equity securities in “Other Investment Securities” in the table above at December 31, 2004 consisted principally of investments in two mutual funds comprised largely of mortgage-related securities, although the funds may also invest in U.S. government or agency securities, bank certificates of deposit insured by the FDIC or repurchase agreements.
Additional information about the investment securities portfolio is provided in Note 5 of the Notes to Consolidated Financial Statements in Item 8 below.

Table of Contents

Umpqua Holdings Corporation
Total loans outstanding at December 31, 2004 were $3.5 billion, an increase of $1.5 billion, or 73%, from year-end 2003. The growth in loans was principally due to the Humboldt acquisition ($1.1 billion of loans as of the acquisition date) and organic loan growth in both the Oregon/ Southern Washington and Northern California markets.
The Bank provides a wide variety of credit services to its customers, including construction loans, commercial lines of credit, secured and unsecured commercial loans, commercial real estate loans, residential mortgage loans, home equity credit lines, consumer loans and commercial leases. Loans are principally made on a secured basis to customers who reside, own property or operate businesses within the Bank’s principal market area.
The following table presents the composition of the loan portfolio as of December 31, 2004, 2003, 2002, 2001 and 2000:
Loan Portfolio Composition
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