KBW Maintains Market Perform on Umpqua Holdings

KBW is out with its report today on Umpqua Holdings UMPQ, maintaining Market Perform. In a note to clients, KBW writes, "We are placing operating EPS at $0.13 which excludes securities gains partly offset by a nominal amount of charges. Results reflected core margin expansion (+17 bps to 4.08%), the restoration of non-covered loan growth (+7.3% ann.) and a decline in non-covered NPAs including TDRs (-18 bps to 4.13%). We believe a robust pipeline should allow the loan & margin momentum to continue." At the time of posting, shares of UMPQ were trading at $11.85, down 1.13% from Thursday's close.