Umpqua Holdings Q3 Profit Down

(RTTNews) - Umpqua Holdings Corp. (UMPQ) Wednesday reported third-quarter net income of $84.5 million or $0.38 per share, down from $91.0 million or $0.41 per share last year.

Analysts polled by Thomson Reuters estimate earnings of $0.37 per share for the quarter.

Net interest income for the quarter were $229.0 million, down 5% from $241.4 million last year. Provision for loan losses rose to $23.2 million from $11.7 million last year.

"Our balanced growth initiatives continue to produce results as evidenced by our strong deposit growth of 11% annualized, including 21% annualized growth in non-interest bearing balances, and our annualized loan and lease growth of 11%," said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. "I am also pleased to report that we have executed the sale of the first tranche of mortgage servicing rights and will remain diligent on initiatives to reduce volatility specific to that asset. We increased our fee-based revenue during the quarter and are prudently managing our cost of funds to help offset pressure on our net interest margin."