Umpqua pays back TARP

The largest bank headquartered in Oregon announces a profitable first quarter and a clean slate with the feds.

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Umpqua’s parent company, Portland-based Umpqua Holdings, has announced $9.7 million in profits for the first quarter, full repayment of its TARP money and an improved credit position.

But Umpqua still has some work ahead to recover fully from the downturn, the Oregonian reports.

After paying preferred stock dividends of $12.2 million, the net loss attributable to common shareholders in the period was $2.5 million, or 3 cents a share.

About $10 million of that $12.2 million preferred stock payout was to the U.S. Treasury, interest on the $214 million it had borrowed from the government as part of the TARP program, said Ron Farnsworth, Umpqua’s chief financial officer.

Read more at Oregon Live.

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