Umpqua quarterly loss reported at $7.1 million: That's down from $104 million in the previous quarter as the firm reduces its residential loans

Fri. October 16, 2009; Posted: 02:31 PM

Oct 16, 2009 (The Register-Guard - McClatchy-Tribune Information Services via COMTEX) -- UMPQ | Quote | Chart | News | PowerRating -- Umpqua Holdings Corp., the parent company of Umpqua Bank and Umpqua Investments, Thursday announced a third-quarter loss of $7.1 million. This compares with a loss of $104 million in the previous quarter, and a profit of $12 million a year ago.

Including preferred stock dividends of $3.2 million, the net loss to shareholders in the most recent quarter was $10.4 million, or 14 cents per share.

Third-quarter results includeda provision for loan losses of $52million -- compared with $35 million a year ago.

The company has continued to shrink its residential development loan portfolio, Umpqua Holdings CEO Ray Davis said. These loans have been problematic for a number of banks as the recession hit the homebuilding industry hard.

"As we wind down our exposure to residential development loans, management will remain as focused and aggressive on resolving troubled loans throughout other areas of our portfolio as they are identified," Davis said. "Until the national economy is on solid footing, we realize we will still have work to accomplish in leading Umpqua through the end of this recession."

Umpqua has whittled down the residential construction loans in its portfolio by $197 million in the past year, to $259 million as of Sept. 30.

Umpqua had total assets of $9.2 billion at the end of the quarter, compared with $8.3 billion a year ago. Gross loans and leases were $6.1 billion, compared with $6.2 billion a year ago. Deposits rose to $7.2 billion, compared with $6.5 billion a year ago.

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For full details on Umpqua Holdings Corp (UMPQ) click here. Umpqua Holdings Corp (UMPQ) has Short Term PowerRatings of 7. Details on Umpqua Holdings Corp (UMPQ) Short Term PowerRatings is available at This Link.

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