Umpqua Bank parent’s profits down slightly from previous-year totals

Published: Wednesday, Jan. 22, 2014 - 1:57 pm

Portland, Ore.-based Umpqua Holdings Corp., which oversees more than 20 Umpqua Bank branches in the Sacramento region, reported net income of $97.6 million, or 87 cents per share, for 2013.

That was down from $101.2 million, or 90 cents a share, in 2012.

In the fourth quarter of 2013, the bank reported net income of $25.1 million, or 22 cents a share, down from $27.8 million, or 25 cents a share, in the year-ago period.

The Oregon banking company cited several significant 2013 milestones, including the September announcement that Spokane, Wash.-based Sterling Financial Corp. was merging into Umpqua, creating the West Coast’s largest community bank, with 394 offices in California, Nevada, Oregon, Washington and Idaho.

Upon completion of the merger, expected to occur in the first half of the year, Sterling will operate under the Umpqua Bank name and brand.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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