Umpqua Profit Rises

(RTTNews) - Banking and brokerage company Umpqua Holdings Corp (UMPQ) on Wednesday reported first-quarter net earnings of $47 million or $0.21 per share compared with $18.5 million or $0.16 per share last year.

Excluding items, operating earnings for the quarter were $0.26 per share compared with $0.21 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter was higher at $217 million compared with $107.8 million in the prior year. Non interest income climbed to $63.6 million from $23.2 million last year.

Analysts estimated revenues of $283.4 million for the quarter.

Provision for loan and lease losses for the quarter increased to $13.7 million from $6 million a year ago.