Umpqua Holdings Corp (UMPQ) 10-K Annual Report Thu Feb 21 2019



Ron Farnsworth	Bradley Howes
EVP/Chief Financial Officer	SVP/Director of Investor Relations
Umpqua Holdings Corporation	Umpqua Holdings Corporation
503-727-4108	503-727-4226
ronfarnsworth@umpquabank.com	bradhowes@umpquabank.com

UMPQUA REPORTS QUARTERLY AND ANNUAL RESULTS

Fourth quarter 2018 net earnings of $80.3 million, or $0.36 per diluted common share

Full-year 2018 net earnings of $316.2 million, or $1.43 per diluted common share

30% increase in year-over-year earnings per share reflecting success of Umpqua Next Gen initiatives

Annual loan and lease growth of 7% and deposit growth of 6%

PORTLAND, Ore. – January 23, 2019 – Umpqua Holdings Corporation (NASDAQ: UMPQ) (the “Company”) reported net earnings available to common shareholders of $80.3 million for the fourth quarter of 2018, compared to $91.0 million for the third quarter of 2018 and $75.2 million for the fourth quarter of 2017. Earnings per diluted common share were $0.36 for the fourth quarter of 2018, compared to $0.41 for the third quarter of 2018 and $0.34 for the fourth quarter of 2017.

For the twelve months ended December 31, 2018, the Company reported net earnings available to common shareholders of $316.2 million, or $1.43 per diluted common share, up from $242.3 million, or $1.10 per diluted common share, for the twelve months ended December 31, 2017.

“We finished 2018 on a strong note, delivering another quarter of solid financial performance to cap a year in which we made terrific progress implementing the priorities laid out in our Next Gen strategy,” said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. “The significant improvement in Umpqua’s 2018 financial performance reflects our success implementing key Next Gen initiatives, which included generating strong loan and deposit growth and higher fee income to offset the decrease in mortgage banking revenues while reducing expenses. Building on that momentum, we’re focused on achieving the remaining cost savings and continuing to advance our human digital strategy, which we’re confident will continue to drive sustained profitability and long-term shareholder value.”

Notable items that impacted the fourth quarter 2018 financial results included:


•	$5.8 million net gain related to the previously announced sale of substantially all of the assets of Pivotus, Inc.


•	$4.0 million in professional fees related to operational excellence initiatives, compared to $3.5 million in the prior quarter.

The following information was filed by Umpqua Holdings Corp (UMPQ) on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Umpqua Holdings Corp's 10-K Annual Report:

Financial - Dividend Highlight
The following table presents cash dividends declared and dividend payout ratios (dividends declared per common share divided by basic earnings per common share) for the years ended December 31, 2018, 2017 and 2016: The Company's share repurchase plan, which was first approved by the Board and announced in August 2003, provided authority to repurchase up to 15 million shares of our common stock.

Legal - Other Highlight
The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, and our capital plan.
Financial - Dividend Highlight
There is no assurance that future cash dividends on common shares will be declared or increased.
Financial - Income Highlight
The increase in net interest income in 2018 compared to 2017 was driven by growth in interest-earning assets, specifically the loan and lease portfolio, reflecting strong growth during the year, along with higher average yields on loans and leases, taxable investments and an increase in yields on loans held for sale related to higher mortgage rates during the period.
Financial - Expense Highlight
Exit and disposal costs increased by $1.3 million due to continuing retail store consolidation efforts, charitable contributions increased by $1.5 million, and net non-performing loan expenses increased by $1.1 million.
Other - Other
These factors include the quality...Read more
Financial - Expense
The cost of time deposits...Read more
Financial - Expense
The increase from 2016 to...Read more
Financial - Expense
Net occupancy and equipment expense...Read more
Financial - Expense
Communication costs decreased by $2.3...Read more
Financial - Shares
Our CET1 capital primarily includes...Read more
Financial - Expense
The decrease of $2.0 million...Read more
Other - Other
Although a minimum leverage ratio...Read more
Financial - Expense
The total cost of interest-bearing...Read more
Financial - Expense
Years Ended December 31, Other...Read more
Financial - Expense
Additionally, salaries and employee benefit...Read more
Financial - Earnings
The net interest margin (net...Read more
Financial - Expense
Years Ended December 31, Salaries...Read more
Financial - Dividend
These dividends were made pursuant...Read more
Financial - Expense
The Retail segment expense is...Read more
Revenue - Product
The increase was partially offset...Read more
Other - Other
Effective on January 1, 2018,...Read more
Other - Other
Each risk rating is assessed...Read more
Financial - Expense
Communications costs decreased by $1.7...Read more
Financial - Dividend
We expect that the dividend...Read more
Financial - Income
The increase in net interest...Read more
Financial - Expense
Other non-interest expenses increased in...Read more
Other - Other
The Bank's risk rating methodology...Read more
Financial - Expense
In these cases, we use...Read more
Financial - Income
The increase in net interest...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Umpqua Holdings Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.3B: Second Amendment To Employment Agreement With Ron Farnsworth

Exhibit 10.4B: Second Amendment To Employment Agreement With Tory Nixon

Exhibit 10.5A: Third Amendment To Employment Agreement With David Shotwell

Exhibit 10.8: Form Of Performance Share Award Agreement Under 2013 Incentive Plan (Tsr)

Exhibit 10.9: Form Of Performance Share Award Under 2013 Incentive Plan (Roatce Performance)

Exhibit 10.11A: First Amendment To Employment Agreement With Andrew Ognall

Exhibit 10.12B: Second Amendment To Employment Agreement With Neal Mclaughlin

Exhibit 10.14: Employment Agreement Between The Company And Frank Namdar

Exhibit 21.1: Subsidiaries Of The Registrant

Exhibit 23.1: Consent Of Independent Registered Public Accounting Firm - Deloitte &Amp; Touche Llp

Exhibit 23.2: Consent Of Independent Registered Public Accounting Firm - Moss Adams Llp

Exhibit 31.1: Certification Of Chief Executive Officer Under Section 302

Exhibit 31.2: Certification Of Chief Financial Officer Under Section 302

Exhibit 31.3: Certification Of Principal Accounting Officer Under Section 302

Exhibit 32: Certification Of Ceo, Cfo, And Pao Pursuant To Section 906

Ticker: UMPQ
CIK: 1077771
Form Type: 10-K Annual Report
Accession Number: 0001077771-19-000011
Submitted to the SEC: Thu Feb 21 2019 12:02:13 PM EST
Accepted by the SEC: Thu Feb 21 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered