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United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
| | | | | | | | |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| for the quarterly period ended: | March 31, 2022 |
| or |
| | | | | | | | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| for the transition period from to . |
Commission File Number: 001-34624
Umpqua Holdings Corporation
(Exact Name of Registrant as Specified in Its Charter) | | | | | |
Oregon | 93-1261319 |
(State or Other Jurisdiction | (I.R.S. Employer Identification Number) |
of Incorporation or Organization) | |
One SW Columbia Street, Suite 1400
Portland, Oregon 97204
(Address of Principal Executive Offices)(Zip Code)
(503) 727-4100
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
TITLE OF EACH CLASS | TRADING SYMBOL | NAME OF EXCHANGE |
Common Stock | UMPQ | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer
☐ Smaller reporting company ☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practical date:
Common stock, no par value: 217,046,408 shares outstanding as of May 2, 2022.
UMPQUA HOLDINGS CORPORATION
FORM 10-Q
Table of Contents
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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GLOSSARY OF DEFINED TERMS |
ACL | | Allowance for credit losses |
ASU | | Accounting Standards Update |
| | |
Bank | | Umpqua Bank |
Bank Merger | | The proposed merger of Columbia State Bank, a Washington state-chartered bank and a wholly owned subsidiary of Columbia, with the Bank, with the Bank as the surviving bank |
Basel III | | Basel capital framework (third accord) |
| | |
| | |
CECL | | Current Expected Credit Losses |
Columbia | | Columbia Banking System, Inc. |
Company | | Umpqua Holdings Corporation and its subsidiaries |
COVID-19 | | Coronavirus Disease 2019 |
CVA | | Credit valuation adjustments |
DCF | | Discounted cash flow |
FASB | | Financial Accounting Standards Board |
FDIC | | Federal Deposit Insurance Corporation |
Federal Reserve | | Board of Governors of the Federal Reserve System |
FHLB | | Federal Home Loan Bank |
FinPac | | Financial Pacific Leasing, Inc. |
| | |
| | |
GAAP | | Generally accepted accounting principles |
GDP | | Gross Domestic Product |
GNMA | | Government National Mortgage Association |
HELOC | | Home equity line of credit |
LGD | | Loss given default |
LIBOR | | London Inter-Bank Offered Rate |
Mergers | | Merger Sub will merge with and into Umpqua, with Umpqua as the surviving entity, and immediately following such merger, Umpqua will merge with and into Columbia, with Columbia as the surviving corporation. |
Merger Agreement | | Agreement dated as of October 11, 2021, by and among Umpqua, Columbia, and Cascade Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Columbia |
Merger Sub | | Cascade Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Columbia |
MSR | | Mortgage servicing rights |
| | |
| | |
PD | | Probability of default |
PPP | | Paycheck Protection Program |
| | |
SBA | | Small Business Administration |
SEC | | Securities and Exchange Commission |
SOFR | | Secured Overnight Financing Rate |
| | |
TDR | | Troubled debt restructuring |
Umpqua | | Umpqua Holdings Corporation and its subsidiaries |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) | | | | | | | | | | | |
(in thousands, except shares) | March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
Cash and due from banks (restricted cash of $9,072 and $3,593) | $ | 307,144 | | | $ | 222,015 | |
Interest bearing cash and temporary investments (restricted cash of $0 and $400) | 2,358,292 | | | 2,539,606 | |
Total cash and cash equivalents | 2,665,436 | | | 2,761,621 | |
Investment securities | | | |
Equity and other, at fair value | 78,966 | | | 81,214 | |
Available for sale, at fair value | 3,638,080 | | | 3,870,435 | |
Held to maturity, at amortized cost | 2,700 | | | 2,744 | |
Loans held for sale, at fair value | 309,946 | | | 353,105 | |
Loans and leases (at fair value: $319,630 and $345,634) | 22,975,761 | | | 22,553,180 | |
Allowance for credit losses on loans and leases | (248,564) | | | (248,412) | |
Net loans and leases | 22,727,197 | | | 22,304,768 | |
Restricted equity securities | 10,889 | | | 10,916 | |
Premises and equipment, net | 167,369 | | | 171,125 | |
Operating lease right-of-use assets | 87,333 | | | 82,366 | |
| | | |
Other intangible assets, net | 7,815 | | | 8,840 | |
Residential mortgage servicing rights, at fair value | 165,807 | | | 123,615 | |
Bank owned life insurance | 328,040 | | | 327,745 | |
Deferred tax asset, net | 39,051 | | | — | |
Other assets | 408,497 | | | 542,442 | |
Total assets | $ | 30,637,126 | | | $ | 30,640,936 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
Deposits | | | |
Non-interest bearing | $ | 11,058,251 | | | $ | 11,023,724 | |
Interest bearing | 15,641,336 | | | 15,570,961 | |
Total deposits | 26,699,587 | | | 26,594,685 | |
Securities sold under agreements to repurchase | 499,539 | | | 492,247 | |
Borrowings | 6,290 | | | 6,329 | |
Junior subordinated debentures, at fair value | 305,719 | | | 293,081 | |
Junior subordinated debentures, at amortized cost | 87,984 | | | 88,041 | |
Operating lease liabilities | 101,732 | | | 95,427 | |
Deferred tax liability, net | — | | | 4,353 | |
Other liabilities | 328,677 | | | 317,503 | |
Total liabilities | 28,029,528 | | | 27,891,666 | |
COMMITMENTS AND CONTINGENCIES (NOTE 6) | | | |
SHAREHOLDERS' EQUITY | | | |
Common stock, no par value, shares authorized: 400,000,000 in 2022 and 2021; issued and outstanding: 216,966,871 in 2022 and 216,625,506 in 2021 | 3,443,266 | | | 3,444,849 | |
Accumulated deficit | (651,912) | | | (697,338) | |
Accumulated other comprehensive (loss) income | (183,756) | | | 1,759 | |
Total shareholders' equity | 2,607,598 | | | 2,749,270 | |
Total liabilities and shareholders' equity | $ | 30,637,126 | | | $ | 30,640,936 | |
See notes to condensed consolidated financial statements
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) | | | | | | | | | | | | | | | |
| | | Three Months Ended |
(in thousands, except per share amounts) | | | | | March 31, 2022 | | March 31, 2021 |
INTEREST INCOME | | | | | | | |
Interest and fees on loans and leases | | | | | $ | 214,404 | | | $ | 221,141 | |
Interest and dividends on investment securities: | | | | | | | |
Taxable | | | | | 18,725 | | | 13,112 | |
Exempt from federal income tax | | | | | 1,372 | | | 1,534 | |
Dividends | | | | | 86 | | | 598 | |
Interest on temporary investments and interest bearing deposits | | | | | 1,353 | | | 624 | |
Total interest income | | | | | 235,940 | | | 237,009 | |
INTEREST EXPENSE | | | | | | | |
Interest on deposits | | | | | 3,916 | | | 10,678 | |
Interest on securities sold under agreement to repurchase and federal funds purchased | | | | | 63 | | | 76 | |
Interest on borrowings | | | | | 49 | | | 1,772 | |
Interest on junior subordinated debentures | | | | | 3,149 | | | 3,052 | |
Total interest expense | | | | | 7,177 | | | 15,578 | |
Net interest income | | | | | 228,763 | | | 221,431 | |
PROVISION FOR CREDIT LOSSES | | | | | 4,804 | | | — | |
Net interest income after provision for credit losses | | | | | 223,959 | | | 221,431 | |
NON-INTEREST INCOME | | | | | | | |
Service charges on deposits | | | | | 11,583 | | | 9,647 | |
Card-based fees | | | | | 8,708 | | | 7,374 | |
Brokerage revenue | | | | | 11 | | | 3,915 | |
Residential mortgage banking revenue, net | | | | | 60,786 | | | 65,033 | |
Gain on sale of debt securities, net | | | | | 2 | | | 4 | |
Loss on equity securities, net | | | | | (2,661) | | | (706) | |
Gain on loan and lease sales, net | | | | | 2,337 | | | 1,373 | |
Bank owned life insurance income | | | | | 2,087 | | | 2,071 | |
Other (losses) income | | | | | (2,884) | | | 20,089 | |
Total non-interest income | | | | | 79,969 | | | 108,800 | |
NON-INTEREST EXPENSE | | | | | | | |
Salaries and employee benefits | | | | | 113,138 | | | 124,134 | |
Occupancy and equipment, net | | | | | 34,829 | | | 34,635 | |
Communications | | | | | 2,754 | | | 2,763 | |
Marketing | | | | | 2,398 | | | 1,372 | |
Services | | | | | 11,337 | | | 10,750 | |
FDIC assessments | | | | | 4,516 | | | 2,599 | |
Intangible amortization | | | | | 1,025 | | | 1,130 | |
Merger related expenses | | | | | 2,278 | | | — | |
| | | | | | | |
Other expenses | | | | | 10,155 | | | 10,209 | |
Total non-interest expense | | | | | 182,430 | | | 187,592 | |
Income before provision for income taxes | | | | | 121,498 | | | 142,639 | |
Provision for income taxes | | | | | 30,341 | | | 34,902 | |
Net income | | | | | $ | 91,157 | | | $ | 107,737 | |
Earnings per common share: | | | | | | | |
Basic | | | | | $0.42 | | | $0.49 | |
Diluted | | | | | $0.42 | | | $0.49 | |
Weighted average number of common shares outstanding: | | | | | | | |
Basic | | | | | 216,782 | | | 220,367 | |
Diluted | | | | | 217,392 | | | 220,891 | |
See notes to condensed consolidated financial statements
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) | | | | | | | | | | | | | | | |
| | | Three Months Ended |
(in thousands) | | | | | March 31, 2022 | | March 31, 2021 |
Net income | | | | | $ | 91,157 | | | $ | 107,737 | |
Available for sale securities: | | | | | | | |
Unrealized losses arising during the period | | | | | (237,046) | | | (87,345) | |
Income tax benefit related to unrealized losses | | | | | 60,968 | | | 22,465 | |
| | | | | | | |
Reclassification adjustment for net realized gains in earnings | | | | | (2) | | | (4) | |
Income tax expense related to realized gains | | | | | 1 | | | 1 | |
Net change in unrealized losses for available for sale securities | | | | | (176,079) | | | (64,883) | |
| | | | | | | |
Junior subordinated debentures, at fair value: | | | | | | | |
Unrealized losses arising during the period | | | | | (12,703) | | | (26,562) | |
Income tax benefit related to unrealized losses | | | | | 3,267 | | | 6,832 | |
Net change in unrealized losses for junior subordinated debentures, at fair value | | | | | (9,436) | | | (19,730) | |
Other comprehensive loss, net of tax | | | | | (185,515) | | | (84,613) | |
Comprehensive (loss) income | | | | | $ | (94,358) | | | $ | 23,124 | |
See notes to condensed consolidated financial statements
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | | |
(in thousands, except shares) | Shares | | Amount | | | | Total |
Balance at January 1, 2021 | 220,226,335 | | | $ | 3,514,599 | | | $ | (932,767) | | | $ | 122,745 | | | $ | 2,704,577 | |
Net income | | | | | 107,737 | | | | | 107,737 | |
Other comprehensive loss, net of tax | | | | | | | (84,613) | | | (84,613) | |
Stock-based compensation | | | 2,964 | | | | | | | 2,964 | |
Stock repurchased and retired | (143,832) | | | (2,315) | | | | | | | (2,315) | |
Issuances of common stock under stock plans | 408,700 | | | — | | | | | | | — | |
Cash dividends on common stock ($0.21 per share) | | | | | (46,481) | | | | | (46,481) | |
| | | | | | | | | |
Balance at March 31, 2021 | 220,491,203 | | | $ | 3,515,248 | | | $ | (871,511) | | | $ | 38,132 | | | $ | 2,681,869 | |
Net income | | | | | 116,143 | | | | | 116,143 | |
Other comprehensive income, net of tax | | | | | | | 12,497 | | | 12,497 | |
Stock-based compensation | | | 2,377 | | | | | | | 2,377 | |
Stock repurchased and retired | (957) | | | (18) | | | | | | | (18) | |
Issuances of common stock under stock plans | 136,206 | | | 34 | | | | | | | 34 | |
Cash dividends on common stock ($0.21 per share) | | | | | (46,586) | | | | | (46,586) | |
Balance at June 30, 2021 | 220,626,452 | | | $ | 3,517,641 | | | $ | (801,954) | | | $ | 50,629 | | | $ | 2,766,316 | |
Net income | | | | | 108,066 | | | | | 108,066 | |
Other comprehensive loss, net of tax | | | | | | | (30,420) | | | (30,420) | |
Stock-based compensation | | | 2,765 | | | | | | | 2,765 | |
Stock repurchased and retired | (4,011,808) | | | (78,321) | | | | | | | (78,321) | |
Issuances of common stock under stock plans | 7,159 | | | — | | | | | | | — | |
Cash dividends on common stock ($0.21 per share) | | | | | (46,027) | | | | | (46,027) | |
Balance at September 30, 2021 | 216,621,803 | | | $ | 3,442,085 | | | $ | (739,915) | | | $ | 20,209 | | | $ | 2,722,379 | |
Net income | | | | | 88,354 | | | | | 88,354 | |
Other comprehensive loss, net of tax | | | | | | | (18,450) | | | (18,450) | |
Stock-based compensation | | | 2,800 | | | | | | | 2,800 | |
Stock repurchased and retired | (1,790) | | | (36) | | | | | | | (36) | |
Issuances of common stock under stock plans | 5,493 | | | — | | | | | | | — | |
Cash dividends on common stock ($0.21 per share) | | | | | (45,777) | | | | | (45,777) | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | |
Balance at December 31, 2021 | 216,625,506 | | | $ | 3,444,849 | | | $ | (697,338) | | | $ | 1,759 | | | $ | 2,749,270 | |
Net income | | | | | 91,157 | | | | | 91,157 | |
Other comprehensive loss, net of tax | | | | | | | (185,515) | | | (185,515) | |
Stock-based compensation | | | 2,454 | | | | | | | 2,454 | |
Stock repurchased and retired | (194,792) | | | (4,037) | | | | | | | (4,037) | |
Issuances of common stock under stock plans | 536,157 | | | — | | | | | | | — | |
Cash dividends on common stock ($0.21 per share) | | | | | (45,731) | | | | | (45,731) | |
Balance at March 31, 2022 | 216,966,871 | | | $ | 3,443,266 | | | $ | (651,912) | | | $ | (183,756) | | | $ | 2,607,598 | |
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See notes to condensed consolidated financial statements
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | | | | | | | | | | |
| Three Months Ended |
(in thousands) | March 31, 2022 | | March 31, 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 91,157 | | | $ | 107,737 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Amortization of investment premiums, net | 1,106 | | | 4,455 | |
Gain on sale of investment securities, net | (2) | | | (4) | |
| | | |
| | | |
| | | |
Provision for credit losses | 4,804 | | | — | |
Change in cash surrender value of bank owned life insurance | (2,122) | | | (2,105) | |
Depreciation, amortization and accretion | 7,613 | | | 7,759 | |
Gain on sale of premises and equipment | (571) | | | (149) | |
| | | |
Additions to residential mortgage servicing rights carried at fair value | (7,390) | | | (14,065) | |
Change in fair value of residential mortgage servicing rights carried at fair value | (34,802) | | | 6,559 | |
| | | |
| | | |
Stock-based compensation | 2,454 | | | 2,964 | |
Net increase in equity and other investments | (413) | | | (400) | |
Loss on equity securities, net | 2,661 | | | 706 | |
Gain on sale of loans and leases, net | (4,458) | | | (50,194) | |
Change in fair value of loans held for sale | 11,055 | | | 24,118 | |
Origination of loans held for sale | (649,122) | | | (1,635,532) | |
Proceeds from sales of loans held for sale | 683,347 | | | 1,837,626 | |
Change in other assets and liabilities: | | | |
Net decrease in other assets | 167,911 | | | 128,221 | |
Net increase (decrease) in other liabilities | 2,097 | | | (25,683) | |
Net cash provided by operating activities | 275,325 | | | 392,013 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Purchases of investment securities available for sale | (131,869) | | | (555,269) | |
| | | |
Proceeds from investment securities available for sale | 126,011 | | | 227,122 | |
| | | |
| | | |
| | | |
Redemption of restricted equity securities | 28 | | | 19,615 | |
Net change in loans and leases | (470,337) | | | (267,940) | |
Proceeds from sales of loans and leases | 44,549 | | | 82,529 | |
Change in premises and equipment | (3,736) | | | (4,007) | |
Proceeds from bank owned life insurance death benefits | 1,111 | | | 2,708 | |
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Other | 104 | | | 129 | |
Net cash used in investing activities | $ | (434,139) | | | $ | (495,113) | |
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UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (UNAUDITED) |
| Three Months Ended |
(in thousands) | March 31, 2022 | | March 31, 2021 |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Net increase in deposit liabilities | $ | 104,906 | | | $ | 1,264,645 | |
Net increase in securities sold under agreements to repurchase | 7,292 | | | 45,018 | |
| | | |
Repayment of borrowings | — | | | (490,000) | |
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Dividends paid on common stock | (45,532) | | | (46,248) | |
| | | |
Repurchase and retirement of common stock | (4,037) | | | (2,315) | |
Net cash provided by financing activities | 62,629 | | | 771,100 | |
Net (decrease) increase in cash and cash equivalents | (96,185) | | | 668,000 | |
Cash and cash equivalents, beginning of period | 2,761,621 | | | 2,573,181 | |
Cash and cash equivalents, end of period | $ | 2,665,436 | | | $ | 3,241,181 | |
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | |
Cash paid during the period for: | | | |
Interest | $ | 7,667 | | | $ | 15,434 | |
Income taxes | $ | 6,051 | | | $ | 36,404 | |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | |
Changes in unrealized gains and losses on investment securities available for sale, net of taxes | $ | (176,079) | | | $ | (64,883) | |
| | | |
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes | $ | (9,436) | | | $ | (19,730) | |
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Transfer of loans held for sale to loans | $ | — | | | $ | 212,353 | |
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See notes to condensed consolidated financial statements
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 – Summary of Significant Accounting Policies
The accounting and financial reporting policies of Umpqua Holdings Corporation conform to accounting principles generally accepted in the United States of America. All references in this report to "Umpqua," "we," "our," or "us" or similar references mean the Company and include our consolidated subsidiaries where the context so requires. References to "Bank" refer to our subsidiary Umpqua Bank, an Oregon state-chartered commercial bank. FinPac is the Bank's wholly-owned subsidiary, a commercial equipment leasing company. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of the Company's accounting policies is included in the 2021 Annual Report filed on Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the 2021 Annual Report filed on Form 10-K.
In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to March 31, 2022, for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period.
Application of new accounting guidance
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU was issued to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Offered Rate or another reference rate expected to be discontinued. The last expedient is a one-time election to sell or transfer debt securities classified as held to maturity. The expedients are in effect from March 12, 2020, through December 31, 2022.
In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this Update are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments clarify certain optional expedients and exceptions in Topic 848 for contract modifications. The amendments are in effect from March 12, 2020, through December 31, 2022. This ASU does not have a material impact on the Company's consolidated financial statements.
The Company has an enterprise-wide LIBOR transition program which includes business strategy, product design and pricing strategy, instrument contract remediation, and systems and processes. The Company continues to use the expedients in this guidance to manage through the LIBOR transition, specifically for our loan portfolio. Umpqua has stopped originating new instruments using LIBOR, and consistent with regulatory guidance, Umpqua has stopped extensions of, or any increase in exposure in, current LIBOR instruments.
Recent accounting pronouncements
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amendments improve comparability by specifying for all acquired revenue contracts regardless of their timing of payment (1) the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination and (2) how to measure those contract assets and contract liabilities. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The amendment will be applied prospectively to business combinations occurring on or after the effective date. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. As the Company has adopted CECL, ASU No. 2022-02 will be effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.
Note 2 – Investment Securities
The following tables present the amortized cost, unrealized gains, unrealized losses and approximate fair values of debt securities at March 31, 2022 and December 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2022 |
(in thousands) | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value |
Available for sale: | | | | | | | |
U.S. Treasury and agencies | $ | 893,811 | | | $ | 330 | | | $ | (31,999) | | | $ | 862,142 | |
Obligations of states and political subdivisions | 317,743 | | | 2,463 | | | (13,342) | | | 306,864 | |
Mortgage-backed securities and collateralized mortgage obligations | 2,657,494 | | | 1,225 | | | (189,645) | | | 2,469,074 | |
| | | | | | | |
Total available for sale securities | $ | 3,869,048 | | | $ | 4,018 | | | $ | (234,986) | | | $ | 3,638,080 | |
Held to maturity: | | | | | | | |
| | | | | | | |
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,700 | | | $ | 759 | | | $ | — | | | $ | 3,459 | |
| | | | | | | |
Total held to maturity securities | $ | 2,700 | | | $ | 759 | | | $ | — | | | $ | 3,459 | |
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| December 31, 2021 |
(in thousands) | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value |
Available for sale: | | | | | | | |
U.S. Treasury and agencies | $ | 894,969 | | | $ | 27,279 | | | $ | (4,195) | | | $ | 918,053 | |
Obligations of states and political subdivisions | 320,338 | | | 11,734 | | | (1,288) | | | 330,784 | |
Mortgage-backed securities and collateralized mortgage obligations | 2,649,048 | |