Umpqua Holdings in Portland, Ore., fell short of Wall Street expectations for the fourth quarter because of a decline in fee-based income.
The $22.6 billion-asset company's earnings fell 11% from the third quarter, to $52.5 million. Earnings of 24 cents a share were 5 cents shy of the average estimate of analysts polled Bloomberg. Earnings comparisons to a year earlier were skewed by Umpqua's purchase of the $10.2 billion-asset Sterling Financial.
Noninterest income tumbled 20% from a quarter earlier, to $49.8 million, mostly from lower mortgage banking revenue.
Net interest income rose 1% from the third quarter, to $228 million. Total loans held steady at $15.3 billion, while the net interest margin compressed by 6 basis points, to 4.69%.
Noninterest expenses rose 5%, to $190.9 million.