Umpqua Holdings in Portland, Ore., posted stronger quarterly earnings because of an increase in mortgage banking fees and lower costs.
The $23.4 billion-asset company said in a press release Wednesday that its fourth-quarter profit rose 21% from a year earlier to $63.4 million.
Fee income jumped 38% to $69.3 million, primarily from revenue tied to residential mortgage banking, which nearly doubled to $32.4 million. Securities gains rose by 150% to $2.6 million.
- Oregon
Umpqua Holdings in Portland, Ore., has hired Tory Nixon, who played for the San Francisco 49ers in the 1980s, as head of commercial banking.
January 12 -
Umpqua Holdings wants other banks to join its recently announced innovation lab in Silicon Valley. The company says if smaller banks pool resources they can compete with the deep pockets of the big banks in disruption.
December 9 -
Umpqua Holdings in Portland, Ore., has created a unit dedicated to disrupting the banking industry.
December 3
Net interest income fell 4% to $219.8 million because of lower interest income from the accretion of the credit discount tied to loans Umpqua obtained when it
Total loans increased by 10% to $16.8 billion. Consumer credit climbed 36% to $527.2 million, while residential development loans increased 22% to $99.5 million. Multifamily loans rose 17% to $3.1 billion.
Noninterest expenses fell 3% to $185.1 million; merger-related costs fell 64% to $3.7 million. Salaries and employee benefits increased by 2% to $106.2 million.
