Umpqua Holdings Corp. in Portland, Ore., on Thursday reported a first-quarter profit after recording its lowest loan-loss provision since mid-2007.
The $11.55 billion-asset company said its earnings rose 65% from the fourth quarter, to $13.4 million. Umpqua reported a loss of $3.7 million a year earlier.
Umpqua's provision for uncovered loans fell 14% from the fourth quarter and 64% from a year earlier, to $15 million. Nonperforming assets fell slightly from the fourth quarter and 15.6% from a year earlier, to $177 million.