Portland, Ore.-based Umpqua Holdings Corp., which oversees more than 20 Umpqua Bank branches in the Sacramento region, had net income of $23.2 million, or 21 cents per share, in the first quarter ended March 31.
Ray Davis, Umpqua president and CEO, noted that the banking firm's "commercial loan pipeline has reached a record high of $1.9 billion."
Umpqua's year-over-year bottom line was affected by a $7 million provision for loan losses in this year's first quarter, compared with $3.2 million in the year-ago period. The bank said the 2013 provision represented resolutions and reductions in nonperforming loans.
Call The Bee's Mark Glover, (916) 321-1184.