Profits at Umpqua Holdings in Portland, Ore., rose in the third quarter, on gains from its recent acquisition of Sterling Financial.
The $22.5 billion-asset Umpqua's net operating earnings increased 145% from last year, to $65 million. Earnings per share of 30 cents beat a Bloomberg consensus estimate by one cent.
Umpqua is "making good progress on our integration of Sterling," Ray Davis, the bank's president and chief executive, said in a news release Wednesday. "We expect to complete the majority of the integration by the end of the first quarter of 2015, and look forward to introducing new creative strategies early next year to enhance Umpqua's organic growth."
Strong performance by the bank's expanded loan portfolio drove profits. Net interest income climbed 110%, to $227 million. Total loans increased 107%, to $15 billion.
Its net interest margin was 4.75%, or 53 basis points higher than last year.
Profits were also boosted by mortgage banking fees and loan sales, as noninterest income jumped 137%, to $62 million.
Noninterest expenses climbed 91%, to $183 million, primarily on merger-related costs.