Umpqua (UMPQ) Tops Q3 EPS by 22c

Umpqua (NASDAQ: UMPQ) reported Q3 EPS of $0.57, $0.22 better than the analyst estimate of $0.35.

• Third quarter 2020 net income of $124.9 million, or $0.57 per common share
• Mortgage production volume of $2.2 billion and gain on sale of 5.13%
• Loans currently on deferral decreased to 2.3% of total portfolio
• Launched Next Gen 2.0 with focus on growth, technology investments, and operational excellence initiatives

"Umpqua's third quarter results represent a record level of net income driven by another outstanding performance by our home lending division who generated production of $2.2 billion this past quarter and by a continued decline in our cost of interest bearing deposits. In addition, we remain confident in the credit quality of our loan portfolio as our current deferral levels decreased to 2.3%." said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. "We launched Next Gen 2.0 this quarter as a continuation of the great progress we have made these past three years modernizing the bank, advancing technology initiatives and improving operating leverage."

For earnings history and earnings-related data on Umpqua (UMPQ) click here.

You May Also Be Interested In

• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
• Data I/o Corp (DAIO) Misses Q2 EPS by 7c
• The First Of Long Island (FLIC) Misses Q1 EPS by 3c