Umpqua Bank parent posts 3Q profit decline

first_imgUmpqua Holdings Corp. announced in September it will buy Sterling Financial Corp. for about $2 billion. Umpqua, which has five branches in Clark County, assumed the former Bank of Clark County’s deposits in 2009 after bank regulators shut down the Vancouver-based bank. Spokane-based Sterling, which has 11 Clark County branches, completed its acquisition of the former First Independent Bank, which had been based in Vancouver, in 2012.EUGENE, Ore. — Umpqua Holdings, the parent company of Umpqua Bank, reported a third-quarter profit of $23.5 million, down 7 percent from the comparable quarter in 2012. Earnings per share were 21 cents, down 5 percent.Results for the most recent quarter included completion of the acquisition of Financial Pacific Holding Corp. Portland-based Umpqua also announced plans during the quarter to merge Sterling Financial Corp. into Umpqua. If the deal is approved by regulators, Umpqua will become the largest community bank in the western United States.Total assets as of Sept. 30 were $11.6 billion, compared with $11.5 billion a year ago. Total loans and leases were $7.6 billion as of Sept. 30, up from $7.2 billion a year ago. Deposits were $9.1 billion, the same as a year ago.The bank saw a 23 percent decrease in mortgage loan production in the third quarter compared with the second quarter of this year and a 25 percent decrease compared with a year ago, largely because refinancing fell after interest rates rose and home purchases haven’t risen fast enough to offset the decrease in refinancing, bank officials said.last_img

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