Umpqua (UMPQ) Misses Q1 EPS by 39c

Umpqua (NASDAQ: UMPQ) reported Q1 EPS of ($0.13), $0.39 worse than the analyst estimate of $0.26.

"The COVID-19 pandemic is an unprecedented global event that has impacted companies of all sizes across every industry. I'm proud that Umpqua responded to protect the health and safety of our customers and associates while minimizing disruption to the essential service of banking. In addition to adapting our operations, we rolled out relief programs to support our associates, customers, and communities, and I'm extremely proud of our significant efforts to promptly ramp up to accept and approve a significant amount of payroll protection loans through the CARES Act," said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. "Small businesses are the lifeblood of the United States economy, and a top priority is helping them navigate this extraordinary disruption. To-date we've approved and received SBA PLP numbers to be able to fund more than 6,700 loans for $1.4 billion in balances under the Payroll Protection Program."

O'Haver continued "Like others, Umpqua's financial performance for the quarter reflects the severity and speed of the COVID-19 crisis and the uncertainty facing all businesses. The company adopted CECL during the quarter and due to the COVID-19 influenced economic forecast, it resulted in a significantly higher provision for the quarter. However, the company's ability to pivot quickly and effectively to processing the influx of Payroll Protection Program applications reflects our operating strength and the value of the technological investments made over the past few years. We're confident that as we continue to manage through this crisis, the resilience of our associates and our strong capital and liquidity positions will continue to be a strategic advantage for Umpqua going forward."

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

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