Umpqua Holdings Corp. in Portland, Ore., said late Wednesday that its fourth-quarter profit was nearly triple that of a year earlier, due largely to improved asset quality.
The $11.6 billion-asset company's net income rose 161% from a year earlier, to $21.3 million. At 19 cents a share, the results topped the average analysts' estimate by a penny, according to Thomson Reuters.
Nonperforming assets fell 14.2% from a year earlier, to $125.6 million, or 1.09% of total assets. Umpqua's provision for non-covered loan losses fell 62% from a year earlier, to $6.6 million.
The company also said that its loan portfolio grew, primarily in commercial lending and residential real estate.