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Umpqua Bank parent reports slipping profits

Umpqua Holdings Corp., parent company of Umpqua Bank, saw its profit slide in 2013, reporting net income of $97.6 million, or 87 cents per share, down from $101.2 million, or 90 cents a share, in 2012.

During the fourth-quarter, the largest Oregon-based bank, recorded net income of $25.1 million, or 22 cents a share, down from $27.8 million, or 25 cents a share, a year earlier.

During 2013, Umpqua's loans and leases grew by $422 million, or 6 percent, and total loan commitments increased $528 million. Its mortgage banking revenue was $78.9 million on closed loan volume of $1.9 billion.

Umpqua's acquisition of Sterling Financial Corp., is anticipated to close in the second quarter, subject to shareholder approval.

— Greg Stiles