The operating income was $9m for the fourth quarter of 2010, compared to an operating loss of $27.7m for the same period in the prior year.
For the full year 2010, the company reported net earnings available to common shareholders of $16.1m, or $0.15 per diluted common share, compared to a net loss of $166.3m, or $2.36 per diluted common share for the prior year.
For the full year 2010, the company reported operating income of $13.2m, compared to an operating loss of $58m per diluted common share, for the 2009.
The provision for non-covered loan losses for the fourth quarter of 2010 was $17.6m, a 27% decrease, and total net charge-offs was $23.7m, a 21% decrease, on a sequential quarter basis.
Umpqua Holdings CEO Ray Davis said as we close out 2010 it is good to see loan quality trends continue to move in the right direction and loan production strengthen.
