Umpqua: 2Q Earnings Snapshot
PORTLAND, Ore. (AP) _ Umpqua Holdings Corp. (UMPQ) on Wednesday reported second-quarter profit of $111.8 million.
The bank, based in Portland, Oregon, said it had earnings of 51 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The regional bank posted revenue of $403.4 million in the period. Its revenue net of interest expense was $349 million, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $300.9 million.
Umpqua shares have risen nearly 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.50, a drop of 28% in the last 12 months.