Umpqua Q1 Earnings Miss Expectations, Shares Slide

Shares of Umpqua Holdings Corp UMPQ tumbled over 3 percent in after-hours trading after the company reported weaker-than-expected earnings for the first quarter. The Portland, Oregon-based company reported net earnings of $47.0 million, or $0.21 per share, versus $18.5 million, or $0.16 per share, in the year-ago quarter. Operating earnings climbed to $0.26 per share from $0.21 per share. However, analysts were expecting earnings of $0.28 per share. Net interest income climbed $109 million versus the year-ago quarter to $217.0 million. Total non-interest income rose $40.4 million from the year-earlier period to $63.6 million for the first quarter. As of March 31, 2015, total consolidated assets were $23.0 billion, versus $11.8 billion as of March 31, 2014. Non-performing assets slipped to $82.7 million, as of March 31, 2015, versus $97.5 million, as of December 31, 2014. As of March 31, 2015, total deposits were $17.2 billion, versus $16.9 billion as of December 31, 2014. Umpqua shares fell 3.43 percent to $16.90 in the after-hours trading session.