Umpqua Holdings Corp. said Thursday that its second-quarter earnings fell 49% from a year earlier, to $10.2 million, or 17 cents a share.
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The earnings fell 3 cents short of the average estimate of analysts, according to Thomson Reuters.
The Portland, Ore., company also said its loan-loss provision increased sevenfold, to $25 million.
Nonperforming assets more than doubled, to $104.4 million, or 1.25% of total assets.
Despite the earnings disappointment, Umpqua's stock rose 16% Thursday, to $13.08, most likely because of the covering of short sales, analysts said.
