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Umpqua's provisions down slightly YOY despite nonperforming asset jump

Portland, Ore.-based Umpqua Holdings Corp. on Oct. 18 reported third-quarter net earnings available to common shareholders of $61.3 million, or 28 cents per share. In the year-ago quarter, it had reported $61.8 million, or 28 cents per share.

The S&P Capital IQ consensus normalized EPS estimate was 30 cents.

Significant items included $6.7 million in merger-related expenses.

Net interest margin stood at 3.94%, slightly up from the previous quarter's 3.91%, but down from the 3.95% of the third quarter of 2016.

Nonperforming assets stood at $77.8 million as of Sept. 30, up from $58.6 million in the linked quarter and $62.3 million a year ago. Net charge-offs amounted to $9.4 million, down sequentially from $10.1 million and year over year from $10.4 million. Provision for loan and lease losses amounted to $12.0 million, compared with the second quarter's $10.7 million and the year-ago quarter's $13.1 million.