4. Umpqua Holdings Shares of Portland, Oregon-based Umpqua Holdings ( UMPQ)have outperformed in 2011, declining by about 10%. The bank reported third-quarter net income of $21.86 million or 19 cents per share compared to $17.7 million or 15 cents per share in the second quarter of 2011 and $8.2 million or 7 cents per share in the year-ago quarter. Excluding one-off items, operating earnings rose 22% sequentially and 133% year-on-year to $22.12 million or 19 cents per share. Pre-provision net revenue gained 27% to $45.37 million. Non-covered loans and leases grew $93 million, on the strength of commercial & industrial lending. The provision for loan losses for the third quarter of 2011 was $9.1 million, a 41% decrease from the prior quarter, as the bank recorded its lowest net charge off rate since the first quarter of 2008. The stock trades at 14 times 2012 consensus estimates. "While we recognize the company has a very attractive franchise and are encouraged with some of the recent trends, we believe the shares are appropriately pricing in the fact that it could take some time to put this excess capital to work," RBC Capital analyst Joe Morford said in a report reviewing the results. He has a sector perform rating on the stock with a price target of $12. Four out of 10 analysts rate the stock a buy or outperform while 6 analysts have a hold rating on the stock.