Umpqua Bank profits increase


Umpqua Holdings Corp. profits more than doubled in the third quarter compared to a year ago.

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Umpqua Holdings Corp. profits more than doubled in the third quarter compared to a year ago.

Umpqua reported a profit of just under $21.9 million, or 19 cents per share, which is three cents higher than analysts’ consensus estimates, for the quarter that ended Sept. 30, according to Thomson Reuters. The third quarter profit was up 167 percent from a year ago, when Umpqua had a profit of just under $8.2 million, or 7 cents a share.

“Eighteen months ago, when we saw the light at the end of the tunnel for us, we started investing in the corporation itself, putting in place the resources to grow this organization,” [CEO Ray] Davis said Wednesday. “Those initiatives we created over the last 18 months really started to pay off quite nicely for us.

“We spent millions of dollars on our technology in the past 18 months,” he said. “We hired new commercial banking teams, we opened 11 new stores this year, we expanded our wealth management division and our international banking division in San Francisco.”

Read more at The Register-Guard.

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