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Umpqua Holdings more than doubles net earnings

Umpqua Holdings Corp. more than doubled its third-quarter net earnings to $58.8 million from $23.3 million a year ago.

The parent company of Umpqua Bank said Thursday its per-share earnings rose to 27 cents from 21 cents a year earlier.

President and CEO Ray Davis said loan and deposit growth fueled top-line revenue, producing additional capital liquidity.

He said Umpqua is making progress in integrating Sterling Financial Corp. and its branches into its system.

"We expect to complete the majority of the integration by the end of the first quarter of 2015," Davis said.

Umpqua's consolidated assets grew to $22.5 billion during the quarter, up from $22 billion at the end of June. Total deposits increased to $16.7 billion, compared to $16.3 billion on June 30.