Umpqua posts profit in third quarter, beats on adjusted basis

MarketsAssociated Press

Umpqua Holdings Corp. (UMPQ) on Wednesday reported third-quarter profit of $59 million.

The bank, based in Portland, Oregon, said it had earnings of 27 cents per share. It earned 30 cents per share on an adjusted basis, beating Wall Street expectations by a penny. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

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The regional bank posted revenue of $287.6 million in the period, surpassing Street forecasts. Analysts expected $266 million, according to Zacks.

Umpqua shares fell more than 2 percent to close at $15.78 on Wednesday but jumped more than 3 percent to $16.34 in after-hours trading following the report.

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Keywords:Umpqua,Earnings Report