Umpqua Holdings reports profit

Umpqua Holdings Corp. swung to a first quarter profit of $13.4 million, or 12 cents per share, compared to a loss of $3.7 million, or 4 cents per share, for the same period in 2010.

Umpqua Holdings, the parent company of Umpqua Bank and Umpqua Investments, reduced non-performing assets to $177 million, or 1.53 percent of total assets compared to $209.6 million, or 1.99 percent of total assets, a year earlier. Of those, $136.1 million represented non-accrual loans in danger of default, while $6.3 million was in loans past due 90 days or more, and $34.5 million was in foreclosed properties.

Umpqua said its $15 million loan loss provision during the first quarter was the lowest since the second quarter of 2007.

"Umpqua has emerged from this difficult economic period and challenging credit cycle with a stronger balance sheet," Umpqua Chief Executive Officer Ray Davis said.

— Greg Stiles

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