Stock Monitor: American River Bankshares Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 24, 2018 / If you want access to our free earnings report on Umpqua Holdings Corp. (NASDAQ: UMPQ), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UMPQ. The Company posted its financial results on July 18, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The bank's net interest income rose 7% y-o-y, whereas its diluted earnings per share (EPS) grew 19% y-o-y. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During the three months ended June 30, 2018, Umpqua Holdings reported a total interest income of $257.59 million, which came in above the $231.14 million recorded in Q2 FY17. The Company's total interest expenses increased to $30.29 million in Q2 FY18 from $19.06 million in Q2 FY17. Moreover, the Company's net interest income grew to $227.30 million in Q2 FY18 from $212.08 million in the prior year's same quarter.
The Portland, Oregon-based bank's total non-interest income stood at $71.65 million in Q2 FY18 compared to $71.12 million in Q2 FY17. The Company's total non-interest expenses increased to $195.57 million in Q2 FY18 from $184.02 million in Q2 FY17, primarily attributed to a restructuring charge.
Umpqua Holdings' net earnings available to common shareholders came in at $67.78 million, or $0.31 per diluted share, in Q2 FY18, up from $56.80 million, or $0.26 per diluted share, in Q2 FY17. However, the Company's net income numbers missed Wall Street's consensus estimates of $0.34 per diluted share in Q2 FY18.
As on June 30, 2018, Umpqua Holdings' loans and leases balance stood at $19.69 billion, which came in above $18.32 billion as on June 30, 2017. The Company's average yield on loans and leases increased to 4.81% in Q2 FY18 compared to 4.67% in Q2 FY17. The Company reported a deposit balance of $20.74 billion as on June 30, 2018, up from $19.46 billion as on June 30, 2017. Furthermore, the Company's average cost of interest bearing deposits increased to 0.62% in the reported quarter from 0.33% in the last year's comparable period.
Umpqua Holdings reported a return on average assets of 1.04% in Q2 FY18 versus 0.92% in the year ago corresponding quarter. The Company's return on average common equity stood at 6.74% in Q2 FY18 compared to 5.76% in Q2 FY17. Additionally, the bank's tangible return on common equity came in at 12.27% in Q2 FY18 compared to 10.67% in Q2 FY17.
As on June 30, 2018, the Company's total risk-based capital ratio stood at 13.7%, with an estimated Tier 1 common to risk weighted assets ratio of 10.8%. The Company's tangible book value per share came in at $10.02 as on June 30, 2018, up from $9.71 as on June 30, 2017. Moreover, the bank's efficiency ratio stood at 62.53% as on June 30, 2018, compared to 62.45% as on June 30, 2017.
For the reported quarter, Umpqua Holdings' non-performing assets totaled $90.08 million versus $58.62 million in the year earlier same quarter. The Company's non-performing assets to total assets ratio also increased to 0.34% in Q2 FY18 compared to 0.23% in Q2 FY17. Furthermore, the Company's total net charge-offs were $10.70 million in Q2 FY18 compared to $10.08 million in Q2 FY17.
Stock Performance Snapshot
July 23, 2018 - At Monday's closing bell, Umpqua's stock advanced 2.34%, ending the trading session at $22.72.
Volume traded for the day: 2.24 million shares, which was above the 3-month average volume of 2.21 million shares.
Stock performance in the previous six-month period - up 1.93%; past twelve-month period - up 20.79%; and year-to-date - up 9.23%
After yesterday's close, Umpqua's market cap was at $5.24 billion.
Price to Earnings (P/E) ratio was at 19.17.
The stock has a dividend yield of 3.52%.
The stock is part of the Financial sector, categorized under the Regional - Pacific Banks industry. This sector was up 0.7% at the end of the session.
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