This week, Umpqua Holdings Corporation (NASDAQ: UMPQ) announced its financial results for the second quarter of 2017.
According to the company, earnings for the second quarter increased from $54.25 million, or $0.25 per share in the same period last year to $56.80 million, or $0.26 per share, but missing estimates of $0.27 per share.
In addition, net interest income for the second quarter rose $5.4 million, or 3%, from the prior quarter to $212.1 million. According to the company, the increase in net interest income was mainly due to the strong growth in average interest-earning assets, both in investment securities and loans and leases. Recently, the company disclosed a quarterly dividend, which was paid on July 17th.
“Our performance during the second quarter reflects the success in executing on the key priorities and strategic initiatives we outlined earlier this year,” Cort O'Haver, the president and CEO of Umpqua Holdings Corporation, said in the statement on Wednesday.
“Looking ahead, we’ll continue to focus on initiatives that enhance the customer experience, diversify our revenue and deliver improved financial performance for shareholders,” he said.