Umpqua Bank is reporting that they’re doing a lot better coming out of the recession, posting second quarter 2010 earnings of $3.4 million or .03 per diluted common share, compared to a net loss to common shareholders of $1.79 last year for the same period when they lost $107.5 million.
Umpqua Bank has been able to acquire additional assets through the failure of a number of banks in the west including Nevada Security Bank based in Reno, NV, with offices at Lake Tahoe. Umpqua now owns it. The acquisitions helped Umpqua better handle its own loan trouble rate that marginally reduced its assets early in the recession. Today’s provision for loan losses of $29.8 million shows a 29% decrease, and a total net charge off of $26.6 million, a 32% increase on a sequential quarter basis.
Non-covered, non-performing assets ended the quarter at less than 2% of total assets. Total deposits increased $352 million (4%) on a sequential quarter basis and 26% over June of ’09.
Umpqua’s list of recent capital infusing acquisitions around the west include banks in Walnut Creek, CA, Santa Rose, CA, and Reno, NV.