EXHIBIT 99.2

                         CONSENT OF HOVDE FINANCIAL LLC

      We hereby consent to the use of our name and to the description of our
opinion letter, dated July 22, 2002, under the caption "BACKGROUND AND REASONS
FOR THE MERGER--Opinion of Centennial's Financial Advisor" in, and to the
inclusion of such opinion letter as Appendix IV to, the Joint Proxy
Statement/Prospectus of Centennial Bancorp and Umpqua Holdings Corporation which
Joint Proxy Statement/Prospectus is part of the Registration Statement on Form
S-4 of Umpqua Holdings Corporation. By giving such consent, we do not thereby
admit that we are experts with respect to any part of such Registration
Statement within the meaning of the term "expert" as used in, or that would come
within the category of persons whose consent is required under, the Securities
Act of 1933, as amended, or the rules and regulations of the Securities and
Exchange Commission promulgated thereunder.

                                          /s/ Hovde Financial LLC
                                          --------------------------------------
                                          HOVDE FINANCIAL LLC



Washington, D. C.
September 6, 2002