Q1 operating earnings of $56.4M or $0.26 per share vs. $59.4M and $0.27 in Q4, $23.9M and $0.21 one year ago (prior to the Sterling purchase).
Net interest income lower by $11M from Q4, helped along by a $6.4M decrease related to the Sterling credit discount accretion.
Provisions up $8.5M from Q4, driven by higher net charge offs and stronger loan growth.
Mortgage banking revenue up $11.7M from Q4.
Noninterest expense down $1.7M as synergies kick in.
Tangible book value per share of $8.88 up from $8.79 in Q4. CET1 ratio of 10.8%.
Conference call tomorrow at 1 ET
Previously: Umpqua Holdings misses by $0.02, misses on revenue (April 15)
UMPQ flat after hours.
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