Umpqua Holdings Corp., the parent company of Umpqua Bank and a Portland-based brokerage firm, said last week it lost $10.6 million in the first quarter of 2009.

Umpqua Holdings Corp., the parent company of Umpqua Bank and a Portland-based brokerage firm, said last week it lost $10.6 million in the first quarter of 2009.

The Portland-based holdings company, whose roots can be traced to Valley of the Rogue Bank in the 1990s, earned $24.7 million in the first quarter of 2008. Its net income in the fourth quarter of 2008 was $3.8 million.

Including preferred stock dividends of $3.2 million, Umpqua said the net loss applicable to common shareholders was $13.8 million, or 23 cents per share.

While the report showed negative returns, Umpqua Chief Executive Officer Ray Davis said the company has taken positive steps.

"By continuing to aggressively reduce exposure within our residential development portfolio, we are beginning to see light at the end of the tunnel," Davis said in a statement.

With liquidity of more than $2.2 billion, Davis said, Umpqua is well positioned for a strong bounce when the economy recovers.

FDIC figures showed Umpqua Bank ranked No. 3 in Jackson County for deposits as of June 30, with a 12.43 percent market share.