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Umpqua Holdings (UMPQ) in Portland, Ore., posted lower quarterly earnings after mortgage-related fees fell.
October 16 -
Umpqua Holdings (UMPQ) in Portland, Ore., has agreed to buy Sterling Financial (STSA) in Spokane, Wash.
September 12 -
Umpqua Holdings in Portland, Ore., has agreed to buy Financial Pacific Holding in Federal Way, Wash.
June 4 -
Four months after the Portland, Ore., company lost a deal in the state to a higher bidder, Umpqua has agreed to buy Circle Bancorp in Novato, Calif., for about $25million.
August 30
Tumbling mortgage banking revenue reduced Umpqua Holdings' (UMPQ) fourth-quarter profit.
The Portland, Ore., company earned $25.1 million, or 22 cents per share, in the fourth quarter a 10% decrease from the same period in 2012.
The decline was largely attributable to the company's reduced mortgage banking income. It plunged to $16 million, down 49% from the same period a year ago. Umpqua said that higher mortgage rates had reduced refinancing activity. The company's total noninterest income fell to $26.8 million, a 43% decrease from the fourth quarter of 2012.
Net interest income grew 8%, to $110 million. A 16% climb in noncovered loans and leases and lower expenses on deposits and repurchase agreements were responsible for the increase. Umpqua's net interest margin rose 34 basis points, to 4.29%.
Noninterest expense climbed 3%, to $95.4 million. Umpqua took $1.6 million of merger-related expenses in the fourth quarter related to its
The $11.6 billion-asset company cut its loan-loss provision by 22%, to $3.8 million. Net chargeoffs totaled $3.2 million, a 22% decrease.
