Umpqua (UMPQ) Misses Q1 EPS by 5c

Umpqua (NASDAQ: UMPQ) reported Q1 EPS of $0.21, $0.05 worse than the analyst estimate of $0.26.

First Quarter 2017 Highlights (compared to prior quarter):

• Net interest income decreased by $1.1 million, driven by lower accretion of the credit discount recorded on acquired loans and two fewer days in the quarter, partially offset by growth in interest-earning assets and a 2 basis point increase in net interest margin;
• Provision for loan and lease losses decreased by $1.5 million to $11.7 million, while net charge-offs decreased by $3.5 million to $9.4 million, or 22 basis points of average loans and leases (annualized);
• Non-interest income decreased by $38.4 million, of which $29.5 million was related to the change in gains or losses associated with the fair value of the mortgage servicing rights ("MSR") asset and debt capital markets swap derivatives. The remainder of the decline was driven primarily by lower revenues from the origination and sale of mortgages;
• Non-interest expense decreased by $0.8 million, driven primarily by lower mortgage banking and merger-related expenses, partially offset by higher seasonal payroll taxes;
• Gross loan and lease growth of $321.0 million, or 7% annualized, to $17.8 billion;
• Deposit growth of $146.3 million, or 3% annualized, to $19.2 billion;
• Non-performing assets to total assets decreased to 0.24%;
• Estimated total risk-based capital ratio of 14.4% and estimated Tier 1 common to risk weighted assets ratio of 11.3%; and
• Declared quarterly cash dividend of $0.16 per common share.

For earnings history and earnings-related data on Umpqua (UMPQ) click here.

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