Umpqua Holdings misses 1Q profit and revenue expectations
Umpqua Holdings Corp. on Wednesday reported first-quarter earnings of $47 million.
The Portland, Oregon-based bank said it had earnings of 21 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 26 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The regional bank posted revenue of $280.6 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $284.3 million.
Umpqua shares have climbed nearly 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.50, a drop of almost 7 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UMPQ at http://www.zacks.com/ap/UMPQ
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