Umpqua Holdings Corp. in Portland, Ore., announced Thursday that it had earned $13.2 million in the third quarter, down 42% from a year earlier.
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The $8.2 billion-asset company cited declining credit quality that forced it to increase its loan-loss provision to $20.4 million, from $2.4 million the year earlier. Nonperforming loans rose to $68.9 million, or 1.13% of total loans, compared to $18 million, or 0.52%, a year before. It said that the spike in problem loans was related primarily to residential development loans in Northern California. Its shares closed at $17.33 Thursday, down nearly 4%.
