Profits barely budged at Umpqua Holdings in Portland, Ore., even though it recorded strong consumer and other loan growth last quarter.

The $23.9 billion-asset company said Wednesday that its first-quarter net income increased about 1% from a year earlier to $47.5 million.

Net interest income rose 1% to $217.7 million while its net interest margin fell 17 basis points to 4.34%. Loans and leases increased 9% to $16.9 billion, with the consumer portfolio expanding by 34% to $554.7 million and commercial construction loans growing by 44% to $343.5 million.

Noninterest income fell by 28% to $46 million after the company recorded a $20.6 million charge related to negative fair value adjustments to its mortgage servicing rights asset.

Noninterest expenses totaled $184 million, down 4% from a year earlier, as merger-related expenses declined 76% to $3.5 million. Umpqua purchased Sterling Financial in April 2014.

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