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Umpqua beats 3Q profit forecasts

PORTLAND, Ore. (AP) _ Umpqua Holdings Corp. (UMPQ) on Wednesday reported third-quarter profit of $61.3 million.

The Portland, Oregon-based bank said it had earnings of 28 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 30 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The regional bank posted revenue of $316.1 million in the period. Its adjusted revenue was $295.9 million, missing Street forecasts. Six analysts surveyed by Zacks expected $297.5 million.

Umpqua shares have risen 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.95, an increase of 29 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UMPQ at https://www.zacks.com/ap/UMPQ