Umpqua Bank parent reports profit increase

Published: Saturday, Jul. 27, 2013 - 12:00 am | Page 6B
Last Modified: Monday, Jul. 29, 2013 - 7:17 am

Portland, Ore.-based Umpqua Holdings Corp., which oversees more than 20 Umpqua Bank branches in the Sacramento region, had net income of $26.1 million, or 23 cents per share, in the second quarter ended June 30.

That was up from profits of $23.2 million, or 21 cents a share, in this year's first quarter and $23.1 million, or 21 cents a share, in the second quarter of 2012.

Ray Davis, Umpqua president and CEO, said earnings were driven by "increasing capital returns to shareholders, continued loan growth and the Financial Pacific Leasing acquisition."

Financial Pacific Leasing became a subsidiary of Umpqua with Umpqua's recent $158 million acquisition of Financial Pacific Holding Corp.

Call The Bee's Mark Glover, (916) 321-1184.

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