Umpqua Holdings Q2 Profit Rises

(RTTNews) - Umpqua Holdings Corp. (UMPQ) reported net earnings for the second quarter of $54.7 million or $0.25 per share, compared to $17.5 million or $0.09 per share for the year-ago quarter.

Operating earnings, which represent earnings available to common shareholders before gains or losses on junior subordinated debentures carried at fair value, and merger related expenses, were $68.7 million or $0.31 per share for the second quarter, compared to $54.2 million or $0.27 per share in the prior year quarter.

Net interest income for the second quarter rose to $218.15 million from $212.26 million a year ago. Provision for loan and lease losses for the quarter fell to $11.3 million from $14.7 million last year.

Non-interest income for the second quarter rose to $80.4 million from $45.5 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.30 per share on revenue of $289.11 million for the second quarter. Analysts' estimates typically exclude special items.