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Umpqua Holdings (UMPQ) in Portland, Ore., will close 27 branches by the end of this year as part of its integration of Sterling Financial in Spokane, Wash.
June 23 -
The private-equity firms Warburg Pincus and Thomas H. Lee Partners are selling roughly a third of their combined stake in Umpqua Holdings of Portland, Ore.
August 6 -
Umpqua Holdings' second-quarter profit surpassed Wall Street expectations, which exclude costs tied to the Portland, Ore., companys purchase of Sterling Financial.
July 23
Profits at Umpqua Holdings in Portland, Ore.,
The $22.5 billion-asset Umpqua's net operating earnings increased 145% from last year, to $65 million. Earnings per share of 30 cents beat a Bloomberg consensus estimate by one cent.
Umpqua is "making good progress on our integration of Sterling," Ray Davis, the bank's president and chief executive, said in a news release Wednesday. "We expect to complete the majority of the integration by the end of the first quarter of 2015, and look forward to introducing new creative strategies early next year to enhance Umpqua's organic growth."
Strong performance by the bank's expanded loan portfolio drove profits. Net interest income climbed 110%, to $227 million. Total loans increased 107%, to $15 billion.
Its net interest margin was 4.75%, or 53 basis points higher than last year.
Profits were also boosted by mortgage banking fees and loan sales, as noninterest income jumped 137%, to $62 million.
Noninterest expenses climbed 91%, to $183 million, primarily on merger-related costs.
