8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

Date of Report: April 17, 2019

(Date of earliest event reported)

Umpqua Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

OREGON (State or Other Jurisdiction of Incorporation or Organization) 001-34624 (Commission File Number) 93-1261319 (I.R.S. Employer Identification Number)

One SW Columbia Street, Suite 1200

Portland, Oregon 97258

(address of Principal Executive Offices)(Zip Code)

(503) 727-4100

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition.

On April 17, 2019, Umpqua Holdings Corporation issued a press release announcing first quarter 2019 financial results. The release is attached hereto as Exhibit 99.1. The information included in the press release is considered to be "furnished" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Umpqua Holdings Corporation will include final financial statements and additional analyses for the quarter ended March 31, 2019 as part of its quarterly report on Form 10-Q covering that period.

Item 7.01 Regulation FD Disclosure.

Umpqua Holdings Corporation is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on April 18, 2019. The slides are included as Exhibit 99.2 to this report and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01	Financial Statements and Exhibits.
(d)	EXHIBITS
	99.1 Press Release announcing first quarter 2019 financial results dated April 17, 2019
	99.2 First quarter 2019 Investor Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UMPQUA HOLDINGS CORPORATION (Registrant)
Dated: April 17, 2019	By:/s/ Andrew H. Ognall Andrew H. Ognall Executive Vice President, General Counsel and Secretary

EX-99.1

EXHIBIT 99.1 

Contacts:

Ron Farnsworth	Drew Anderson
EVP/Chief Financial Officer	SVP/Investor Relations Director
Umpqua Holdings Corporation	Umpqua Holdings Corporation
503-727-4108	503-727-4192
ronfarnsworth@umpquabank.com	drewanderson@umpquabank.com

UMPQUA REPORTS FIRST QUARTER 2019 RESULTS

First quarter 2019 net income of $74.0 million, or $0.34 per common share

Non-interest expense decreased 8% from first quarter 2018

Umpqua Next Gen initiatives creating positive operating leverage as shown in reduction of the efficiency ratio

Exploring ways to reduce future income statement fair value volatility of the MSR asset

PORTLAND, Ore. – April 17, 2019 – Umpqua Holdings Corporation (NASDAQ: UMPQ) (the “Company”) reported net income of $74.0 million for the first quarter of 2019, compared to $80.3 million for the fourth quarter of 2018 and $79.0 million for the first quarter of 2018. Earnings per diluted common share were $0.34 for the first quarter of 2019, compared to $0.36 for the fourth quarter of 2018 and $0.36 for the first quarter of 2018.

“Umpqua's financial performance in the first quarter illustrates how our Next Gen strategy is driving enhanced profitability and creating long-term shareholder value.” said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. “Although higher than usual payoffs in our commercial real estate portfolio impacted sequential quarter loan growth, it was otherwise an effective quarter of loan production across all lines of business. And the Company's operational excellence initiative led to total non-interest expense of $171.6 million, which represents a $14.5 million, or 8%, decrease when compared to results from the first quarter of 2018. In addition, we continue to be focused on generating consistent earnings, both by generating increased fee income and by exploring how to reduce future income statement volatility of the MSR asset.”

Notable items that impacted the first quarter2019 financial results included:

• $14.0 million loss on fair value change of the MSR asset, compared to a $13.1 million loss in the prior quarter and a $5.1 million gain in the same period of the prior year.

• $2.5 million loss related to the fair value of the debt capital market swap derivatives, compared to a loss of $3.0 million in the prior quarter and a gain of $1.1 million in the same period of the prior year.

• $1.9 million in restructuring charges related to operational excellence initiatives, all in professional fees. This compares to $4.0 million in the prior quarter and $2.7 million in the same period of the prior year.

• $1.4 million of exit and disposal costs, compared to $0.8 million in the prior quarter and $2.5 million in the same period of the prior year.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 2

First Quarter2019 Highlights (compared to prior quarter):

• Net interest income decreased by $9.7 million on a quarter to quarter basis primarily driven by bond premium amortization as compared to the bond premium recapture recorded in the prior quarter.

• Provision for loan and lease losses decreased by $3.5 million, as net charge-offs decreased by five basis points to 0.27% of average loans and leases (annualized);

• Non-interest income decreased by $11.1 million, driven primary by the nonrecurring $5.8 million gain on sale of Pivotus assets in the fourth quarter of 2018 and lower residential mortgage banking revenue in the current quarter;

• Non-interest expense decreased by $6.9 million, driven primarily by operational excellence initiatives, lower restructuring charges (see notable items above), lower mortgage banking-related expense, lower group insurance charges, and lower loss on OREO, partially offset by a seasonal increase in payroll taxes.

• Non-performing assets to total assets improved to 0.32%;

• Estimated total risk-based capital ratio of 13.5% and estimated Tier 1 common to risk weighted assets ratio of 10.7%;

• Declared a quarterly cash dividend of $0.21 per common share.

Balance Sheet

Total consolidated assets were $27.4 billionas of March 31, 2019, compared to $26.9 billion as of December 31, 2018 and $25.8 billion as of March 31, 2018. Including secured off-balance sheet lines of credit, total available liquidity was $10.9 billion as of March 31, 2019, representing 40% of total assets and 51% of total deposits.

Gross loans and leases were $20.4 billion as of March 31, 2019, a decrease of $16.7 million relative to December 31, 2018. The timing of commercial and corporate loan closings in the prior quarter as well as an increase in payoffs of our commercial real estate portfolio offset new loan production.

Total deposits were $21.2 billion as of March 31, 2019, an increase of $106.4 million from $21.1 billion as of December 31, 2018. This increase was attributable to higher time deposits partially offset with the seasonal run-off of public money market deposits.

Net Interest Income

Net interest income was $237.7 million for the first quarter of 2019, down $9.7 million from the prior quarter driven primarily by the amortization of bond purchase premium in the quarter as compared to the recapture in the prior quarter.

The Company's net interest margin was 4.03% for the first quarter of 2019, down 12 basis points from 4.15% for the fourth quarter of 2018. This decrease was primarily attributable to a quarter over quarter change in bond purchase premium amortization/recapture.

Credit Quality

The allowance for loan and lease losses was $144.9 million, or 0.71% of loans and leases, as of March 31, 2019, which was unchanged from $144.9 million, or 0.71% of loans and leases, as of December 31, 2018. The provision for loan and lease losses was $13.7 million for the first quarter of 2019, a decrease of $3.5 million from the prior quarter level, driven by the reduction of net charge-offs in the quarter. Net charge-offs decreased by five basis points to 0.27% of average loans and leases (annualized). As of March 31, 2019, non-performing assets were 0.32% of total assets, compared to 0.36% as of December 31, 2018 and 0.33% as of March 31, 2018.

Non-interest Income

Non-interest income was $45.7 million for the first quarter of 2019, down $11.1 million from the prior quarter, reflecting the nonrecurring $5.8 million gain on sale of Pivotus assets in the fourth quarter of 2018, and lower net revenue from the origination and sale of residential mortgages.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 3

Net revenue from the origination and sale of residential mortgages was $14.4 million for the first quarter of 2019, down $2.3 million from the prior quarter. This decrease reflects a 17% sequential quarter decrease in for-sale mortgage origination volume, partially offset by a 12 basis point increase in the home lending gain on sale margin to 2.95% for the first quarter of 2019. The increase in the home lending gain on sale margin was primarily related to an increase in the mortgage rate lock pipeline. Of the current quarter's mortgage production, 71% related to purchase activity, compared to 80% for the prior quarter and 68% for the same period of the prior year.

Non-interest Expense

Non-interest expense was $171.6 million for the first quarter of 2019, down $6.9 million from the prior quarter level. This decrease was driven primarily by the Company's operational excellence initiatives, lower restructuring charges (see notable items above), lower mortgage banking-related expense, lower group insurance charges, and lower loss on OREO, partially offset by a seasonal increase in payroll taxes.

Capital

As of March 31, 2019, the Company's tangible book value per common share¹ was $10.44, compared to $10.19 in the prior quarter and $9.77 in the same period of the prior year. During the first quarter of 2019, the Company declared a dividend of $0.21 per common share.

The Company's estimated total risk-based capital ratio was 13.5% and its estimated Tier 1 common to risk weighted

assets ratio was 10.7% as of March 31, 2019. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of March 31, 2019 are estimates, pending completion and filing of the Company's regulatory reports.

Presentation of Prior Period Financials

Certain prior period amounts in the financial statements presented in this earnings release have been re-stated from prior earnings releases, due to prior period adjustments as disclosed in the notes to the financial statements for the December 31, 2018 10-K. Additional explanation will be included in Note 1 to the financial statements for the quarter ended March 31, 2019 as part of the Form 10-Q.

1 "Non-GAAP" financial measure. More information regarding this measurement and a reconciliation to the comparable GAAP measurement is provided

under the heading Non-GAAP Financial Measures below.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 4

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. The Company believes that these non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this document are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

Management believes tangible common equity and the tangible common equity ratio are useful measures of capital adequacy because they provide a meaningful base for period-to-period and company-to-company comparisons, which management believes will assist investors in assessing the capital of the Company and the ability to absorb potential losses. Tangible common equity is calculated as total shareholders' equity less goodwill and other intangible assets, net (excluding MSRs). Tangible assets are total assets less goodwill and other intangible assets, net (excluding MSRs).  The tangible common equity ratio is calculated as tangible common shareholders' equity divided by tangible assets.

The following table provides reconciliations of ending shareholders' equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(In thousands, except per share data)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018
Total shareholders' equity	$	4,112,326		$	4,056,442		$	4,003,893		$	3,981,087		$	3,969,766
Subtract:
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651
Other intangible assets, net	22,560			23,964			25,506			27,047			28,589
Tangible common shareholders' equity	$	2,302,115		$	2,244,827		$	2,190,736		$	2,166,389		$	2,153,526
Total assets	$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601		$	25,816,401
Subtract:
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651
Other intangible assets, net	22,560			23,964			25,506			27,047			28,589
Tangible assets	$	25,545,414		$	25,128,166		$	24,801,910		$	24,665,903		$	24,000,161
Common shares outstanding at period end	220,457			220,255			220,238			220,205			220,461
Total shareholders' equity to total assets ratio	15.03		%	15.06		%	15.04		%	15.03		%	15.38		%
Tangible common equity ratio	9.01		%	8.93		%	8.83		%	8.78		%	8.97		%
Book value per common share	$	18.65		$	18.42		$	18.18		$	18.08		$	18.01
Tangible book value per common share	$	10.44		$	10.19		$	9.95		$	9.84		$	9.77

Umpqua Reports First Quarter 2019 Results

April 17, 2019

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About Umpqua Holdings Corporation

Umpqua Holdings Corporation(NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. Umpqua Bank has locations across Oregon, Washington, California, Idaho and Nevada. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visitumpquabank.com.

Earnings Conference Call Information

The Company will host its first quarter2019 earnings conference call on Thursday, April 18, 2019, at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company will provide an update on recent activities and discuss its first quarter2019 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (888) 394-8218 ten minutes prior to the start time and enter conference ID: 3915258. A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 3915258. The earnings conference call will also be available as an audiocast, which can be accessed on the Company's investor relations page at umpquabank.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about fee income initiatives and MSR fair value volatility. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

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Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
	Quarter Ended														% Change
(In thousands, except per share data)	Mar 31, 2019			Dec 31, 2018		Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	258,747		$	254,093	$	246,410		$	242,123		$	229,488		2	%	13	%
Interest and dividends on investments:
Taxable	19,956			27,381		24,435			8,499			15,699			(27	)%	27	%
Exempt from federal income tax	2,114			2,135		2,048			2,057			2,128			(1	)%	(1	)%
Dividends	517			538		549			433			468			(4	)%	10	%
Temporary investments and interest bearing deposits	925			2,621		2,800			2,080			1,164			(65	)%	(21	)%
Total interest income	282,259			286,768		276,242			255,192			248,947			(2	)%	13	%
Interest expense:
Deposits	34,094			30,124		25,692			21,259			15,610			13	%	118	%
Securities sold under agreement to repurchase and federal funds purchased	810			185		103			155			63			338	%	1,186	%
Term debt	3,683			3,326		3,439			3,478			3,361			11	%	10	%
Junior subordinated debentures	5,987			5,743		5,640			5,400			4,932			4	%	21	%
Total interest expense	44,574			39,378		34,874			30,292			23,966			13	%	86	%
Net interest income	237,685			247,390		241,368			224,900			224,981			(4	)%	6	%
Provision for loan and lease losses	13,684			17,219		11,711			13,319			13,656			(21	)%	0	%
Non-interest income:
Service charges on deposits	15,278			16,035		15,574			15,520			14,995			(5	)%	2	%
Brokerage revenue	3,810			4,178		3,947			4,161			4,194			(9	)%	(9	)%
Residential mortgage banking revenue, net	11,231			15,150		31,484			33,163			38,438			(26	)%	(71	)%
Gain on sale of investment securities, net	—			—		—			14			—			0	%	0	%
Unrealized holding gains (losses) on equity securities	695			410		(462		)	(1,432		)	—			70	%	nm
Gain on loan sales, net	769			2,484		2,772			1,348			1,230			(69	)%	(37	)%
BOLI income	2,168			2,116		2,051			2,060			2,070			2	%	5	%
Other income	11,789			16,438		17,022			16,817			17,640			(28	)%	(33	)%
Total non-interest income	45,740			56,811		72,388			71,651			78,567			(19	)%	(42	)%
Non-interest expense:
Salaries and employee benefits	100,658			102,109		103,575			113,340			106,551			(1	)%	(6	)%
Occupancy and equipment, net	36,245			35,949		36,530			37,584			38,661			1	%	(6	)%
Intangible amortization	1,404			1,542		1,541			1,542			1,541			(9	)%	(9	)%
FDIC assessments	2,942			2,619		4,303			4,692			4,480			12	%	(34	)%
(Gain) loss on other real estate owned, net	(51		)	1,125		(128		)	(92		)	(38		)	(105	)%	34	%
Other expenses	30,394			35,144		33,471			38,506			34,918			(14	)%	(13	)%
Total non-interest expense	171,592			178,488		179,292			195,572			186,113			(4	)%	(8	)%
Income before provision for income taxes	98,149			108,494		122,753			87,660			103,779			(10	)%	(5	)%
Provision for income taxes	24,116			28,183		31,772			21,661			24,807			(14	)%	(3	)%
Net income	$	74,033		$	80,311	$	90,981		$	65,999		$	78,972		(8	)%	(6	)%
Weighted average basic shares outstanding	220,366			220,247		220,224			220,283			220,370			0	%	0	%
Weighted average diluted shares outstanding	220,655			220,668		220,620			220,647			220,825			0	%	0	%
Earnings per common share – basic	$	0.34		$	0.36	$	0.41		$	0.30		$	0.36		(6	)%	(6	)%
Earnings per common share – diluted	$	0.34		$	0.36	$	0.41		$	0.30		$	0.36		(6	)%	(6	)%
nm = not meaningful

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 7

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	296,967		$	335,419		$	308,938		$	314,513		$	304,681		(11	)%	(3	)%
Interest bearing cash and temporary investments	605,841			287,218			570,321			488,499			264,508			111	%	129	%
Investment securities:
Equity and other, at fair value	63,327			61,841			62,454			64,297			63,295			2	%	0	%
Available for sale, at fair value	2,894,778			2,977,108			2,864,394			2,854,398			2,947,414			(3	)%	(2	)%
Held to maturity, at amortized cost	3,478			3,606			3,672			3,586			3,667			(4	)%	(5	)%
Loans held for sale, at fair value	240,302			166,461			289,537			432,642			299,739			44	%	(20	)%
Loans and leases	20,405,997			20,422,666			19,854,033			19,639,494			19,255,347			0	%	6	%
Allowance for loan and lease losses	(144,872		)	(144,871		)	(144,026		)	(144,556		)	(141,933		)	0	%	2	%
Net loans and leases	20,261,125			20,277,795			19,710,007			19,494,938			19,113,414			0	%	6	%
Restricted equity securities	47,466			40,268			40,269			42,320			43,501			18	%	9	%
Premises and equipment, net	217,595			227,423			237,456			245,954			259,354			(4	)%	(16	)%
Operating lease right-of-use assets	109,807			—			—			—			—			nm		nm
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651			0	%	0	%
Other intangible assets, net	22,560			23,964			25,506			27,047			28,589			(6	)%	(21	)%
Residential mortgage servicing rights, at fair value	158,946			169,025			175,038			166,217			164,760			(6	)%	(4	)%
Other real estate owned	10,488			10,958			11,774			12,101			13,055			(4	)%	(20	)%
Bank owned life insurance	314,303			313,626			311,922			309,844			307,745			0	%	2	%
Other assets	320,991			257,418			216,128			236,594			215,028			25	%	49	%
Total assets	$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601		$	25,816,401		2	%	6	%
Liabilities:
Deposits	$	21,243,894		$	21,137,486		$	20,892,774		$	20,744,526		$	20,106,856		1	%	6	%
Securities sold under agreements to repurchase	288,944			297,151			286,975			273,666			291,984			(3	)%	(1	)%
Term debt	932,420			751,788			751,764			801,739			801,868			24	%	16	%
Junior subordinated debentures, at fair value	294,121			300,870			282,846			280,669			278,410			(2	)%	6	%
Junior subordinated debentures, at amortized cost	88,667			88,724			88,781			88,838			88,895			0	%	0	%
Operating lease liabilities	118,520			—			—			—			—			nm		nm
Deferred tax liability, net	45,202			25,846			22,413			27,255			24,151			75	%	87	%
Other liabilities	231,531			281,474			285,621			282,821			254,471			(18	)%	(9	)%
Total liabilities	23,243,299			22,883,339			22,611,174			22,499,514			21,846,635			2	%	6	%
Shareholders' equity:
Common stock	3,511,731			3,512,874			3,510,949			3,509,146			3,515,506			0	%	0	%
Retained earnings	629,877			602,482			568,619			524,031			502,214			5	%	25	%
Accumulated other comprehensive loss	(29,282		)	(58,914		)	(75,675		)	(52,090		)	(47,954		)	(50	)%	(39	)%
Total shareholders' equity	4,112,326			4,056,442			4,003,893			3,981,087			3,969,766			1	%	4	%
Total liabilities and shareholders' equity	$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601		$	25,816,401		2	%	6	%
Common shares outstanding at period end	220,457			220,255			220,238			220,205			220,461			0	%	0	%
Book value per common share	$	18.65		$	18.42		$	18.18		$	18.08		$	18.01		1	%	4	%
Tangible book value per common share	$	10.44		$	10.19		$	9.95		$	9.84		$	9.77		2	%	7	%
Tangible equity - common	$	2,302,115		$	2,244,827		$	2,190,736		$	2,166,389		$	2,153,526		3	%	7	%
Tangible common equity to tangible assets	9.01		%	8.93		%	8.83		%	8.78		%	8.97		%	0.08		0.04

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 8

Umpqua Holdings Corporation
Loan and Lease Portfolio
(Unaudited)
(Dollars in thousands)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	3,476,972		$	3,573,065		$	3,527,357		$	3,518,982		$	3,519,366		(3	)%	(1	)%
Owner occupied term, net	2,449,648			2,480,371			2,474,845			2,473,734			2,464,705			(1	)%	(1	)%
Multifamily, net	3,302,936			3,304,763			3,225,538			3,185,923			3,103,794			0	%	6	%
Construction & development, net	686,107			736,254			646,684			568,562			522,670			(7	)%	31	%
Residential development, net	205,963			196,890			198,518			183,114			179,954			5	%	14	%
Commercial:
Term, net	2,185,322			2,232,923			2,149,376			2,106,658			2,025,052			(2	)%	8	%
Lines of credit & other, net	1,229,092			1,169,525			1,133,508			1,152,853			1,147,123			5	%	7	%
Leases & equipment finance, net	1,378,686			1,330,155			1,282,128			1,265,843			1,228,709			4	%	12	%
Residential:
Mortgage, net	3,768,955			3,635,073			3,468,569			3,405,775			3,275,088			4	%	15	%
Home equity loans & lines, net	1,170,252			1,176,477			1,143,351			1,132,329			1,103,048			(1	)%	6	%
Consumer & other, net	552,064			587,170			604,159			645,721			685,838			(6	)%	(20	)%
Total loans, net of deferred fees and costs	$	20,405,997		$	20,422,666		$	19,854,033		$	19,639,494		$	19,255,347		0	%	6	%
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	18		%	18		%	18		%
Owner occupied term, net	12		%	12		%	13		%	13		%	13		%
Multifamily, net	16		%	16		%	16		%	16		%	16		%
Construction & development, net	3		%	4		%	3		%	3		%	3		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	11		%	11		%	11		%	11		%	11		%
Lines of credit & other, net	6		%	6		%	6		%	6		%	6		%
Leases & equipment finance, net	7		%	6		%	6		%	6		%	6		%
Residential:
Mortgage, net	18		%	18		%	17		%	17		%	17		%
Home equity loans & lines, net	6		%	6		%	6		%	6		%	6		%
Consumer & other, net	3		%	3		%	3		%	3		%	3		%
Total	100		%	100		%	100		%	100		%	100		%

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 9

Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
(Dollars in thousands)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	6,495,562		$	6,667,467		$	6,859,411		$	6,819,325		$	6,699,399		(3	)%	(3	)%
Demand, interest bearing	2,341,441			2,340,471			2,320,560			2,321,691			2,354,873			0	%	(1	)%
Money market	6,469,286			6,645,390			6,325,808			6,161,907			6,546,704			(3	)%	(1	)%
Savings	1,479,509			1,492,685			1,499,872			1,465,154			1,482,560			(1	)%	0	%
Time	4,458,096			3,991,473			3,887,123			3,976,449			3,023,320			12	%	47	%
Total	$	21,243,894		$	21,137,486		$	20,892,774		$	20,744,526		$	20,106,856		1	%	6	%
Total core deposits (1)	$	17,903,754		$	18,190,402		$	18,012,992		$	17,743,888		$	18,007,169		(2	)%	(1	)%
Deposit mix:
Demand, non-interest bearing	31		%	32		%	33		%	33		%	33		%
Demand, interest bearing	11		%	11		%	11		%	11		%	12		%
Money market	30		%	31		%	30		%	30		%	33		%
Savings	7		%	7		%	7		%	7		%	7		%
Time	21		%	19		%	19		%	19		%	15		%
Total	100		%	100		%	100		%	100		%	100		%
Number of open accounts:
Demand, non-interest bearing	406,039			406,240			404,913			402,771			399,721
Demand, interest bearing	76,712			77,099			77,546			77,918			78,181
Money market	56,602			56,196			55,895			55,393			54,752
Savings	161,039			161,656			162,387			162,414			162,841
Time	58,210			54,388			52,482			51,073			48,529
Total	758,602			755,579			753,223			749,569			744,024
Average balance per account:
Demand, non-interest bearing	$	16.0		$	16.4		$	16.9		$	16.9		$	16.8
Demand, interest bearing	30.5			30.4			29.9			29.8			30.1
Money market	114.3			118.3			113.2			111.2			119.6
Savings	9.2			9.2			9.2			9.0			9.1
Time	76.6			73.4			74.1			77.9			62.3
Total	$	28.0		$	28.0		$	27.7		$	27.7		$	27.0

⁽¹⁾ Core deposits are defined as total deposits less time deposits greater than $100,000.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 10

Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status	$	44,586		$	50,823		$	54,059		$	43,392		$	45,702		(12	)%	(2	)%
Loans and leases past due 90+ days and accruing (1)	31,424			36,444			33,812			34,535			25,456			(14	)%	23	%
Total non-performing loans and leases	76,010			87,267			87,871			77,927			71,158			(13	)%	7	%
Other real estate owned	10,488			10,958			11,774			12,101			13,055			(4	)%	(20	)%
Total non-performing assets	$	86,498		$	98,225		$	99,645		$	90,028		$	84,213		(12	)%	3	%
Performing restructured loans and leases	$	15,726		$	13,924		$	14,531		$	27,167		$	31,677		13	%	(50	)%
Loans and leases past due 31-89 days	$	53,009		$	37,373		$	33,825		$	44,734		$	38,569		42	%	37	%
Loans and leases past due 31-89 days to total loans and leases	0.26		%	0.18		%	0.17		%	0.23		%	0.20		%
Non-performing loans and leases to total loans and leases (1)	0.37		%	0.43		%	0.44		%	0.40		%	0.37		%
Non-performing assets to total assets(1)	0.32		%	0.36		%	0.37		%	0.34		%	0.33		%

⁽¹⁾  Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $158,000, $8.9 million, $8.0 million, $9.2 million, and $6.3 million at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 11

Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Seq. Quarter		Year over Year
Allowance for loan and lease losses:
Balance beginning of period	$	144,871		$	144,026		$	144,556		$	141,933		$	140,608
Provision for loan and lease losses	13,684			17,219			11,711			13,319			13,656			(21	)%	0	%
Charge-offs	(17,152		)	(19,527		)	(15,896		)	(14,815		)	(15,812		)	(12	)%	8	%
Recoveries	3,469			3,153			3,655			4,119			3,481			10	%	0	%
Net charge-offs	(13,683		)	(16,374		)	(12,241		)	(10,696		)	(12,331		)	(16	)%	11	%
Total allowance for loan and lease losses	144,872			144,871			144,026			144,556			141,933			0	%	2	%
Reserve for unfunded commitments	4,654			4,523			4,294			4,130			4,129			3	%	13	%
Total allowance for credit losses	$	149,526		$	149,394		$	148,320		$	148,686		$	146,062		0	%	2	%
Net charge-offs to average loans and leases (annualized)	0.27		%	0.32		%	0.25		%	0.22		%	0.26		%
Recoveries to gross charge-offs	20.23		%	16.15		%	22.99		%	27.80		%	22.01		%
Allowance for loan and lease losses to loans and leases	0.71		%	0.71		%	0.73		%	0.74		%	0.74		%
Allowance for credit losses to loans and leases	0.73		%	0.73		%	0.75		%	0.76		%	0.76		%

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 12

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Quarter Ended										% Change
	Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Seq. Quarter		Year over Year
Average Rates:
Yield on loans held for sale	5.95	%	5.81	%	5.27	%	4.86	%	4.21	%	0.14		1.74
Yield on loans and leases	5.06	%	4.97	%	4.89	%	4.91	%	4.80	%	0.09		0.26
Yield on taxable investments	2.96	%	4.11	%	3.72	%	1.31	%	2.31	%	(1.15	)	0.65
Yield on tax-exempt investments (1)	3.59	%	3.70	%	3.61	%	3.64	%	3.68	%	(0.11	)	(0.09	)
Yield on interest bearing cash and temporary investments	2.44	%	2.25	%	1.99	%	1.82	%	1.55	%	0.19		0.89
Total yield on earning assets (1)	4.79	%	4.81	%	4.67	%	4.41	%	4.43	%	(0.02	)	0.36
Cost of interest bearing deposits	0.97	%	0.85	%	0.73	%	0.62	%	0.47	%	0.12		0.50
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.88	%	0.26	%	0.15	%	0.22	%	0.08	%	0.62		0.80
Cost of term debt	1.88	%	1.75	%	1.73	%	1.74	%	1.70	%	0.13		0.18
Cost of junior subordinated debentures	6.24	%	6.13	%	6.06	%	5.89	%	5.36	%	0.11		0.88
Total cost of interest bearing liabilities	1.14	%	1.00	%	0.90	%	0.80	%	0.65	%	0.14		0.49
Net interest spread (1)	3.65	%	3.81	%	3.77	%	3.61	%	3.78	%	(0.16	)	(0.13	)
Net interest margin (1)	4.03	%	4.15	%	4.09	%	3.89	%	4.00	%	(0.12	)	0.03
Performance Ratios:
Return on average assets	1.12	%	1.19	%	1.36	%	1.02	%	1.25	%	(0.07	)	(0.13	)
Return on average tangible assets	1.20	%	1.28	%	1.46	%	1.09	%	1.35	%	(0.08	)	(0.15	)
Return on average common equity	7.34	%	7.90	%	9.00	%	6.64	%	8.06	%	(0.56	)	(0.72	)
Return on average tangible common equity	13.17	%	14.34	%	16.42	%	12.18	%	14.84	%	(1.17	)	(1.67	)
Efficiency ratio – Consolidated	60.44	%	58.58	%	57.06	%	65.84	%	61.21	%	1.86		(0.77	)
Efficiency ratio – Bank	58.57	%	57.67	%	54.70	%	63.04	%	59.24	%	0.90		(0.67	)

⁽¹⁾ Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate.

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 13

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Quarter Ended										% Change
(Dollars in thousands)	Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Seq. Quarter		Year over Year
Temporary investments and interest bearing cash	$	153,347	$	462,621	$	558,597	$	458,133	$	303,670	(67	)%	(50	)%
Investment securities, taxable	2,757,644		2,716,616		2,687,635		2,723,406		2,793,449		2	%	(1	)%
Investment securities, tax-exempt	287,366		282,998		278,937		279,158		286,603		2	%	0	%
Loans held for sale	187,656		238,958		320,494		326,427		267,231		(21	)%	(30	)%
Loans and leases	20,388,988		20,051,674		19,709,113		19,387,537		19,089,713		2	%	7	%
Total interest earning assets	23,775,001		23,752,867		23,554,776		23,174,661		22,740,666		0	%	5	%
Goodwill and other intangible assets, net	1,811,007		1,812,487		1,814,000		1,815,529		1,817,068		0	%	0	%
Total assets	26,811,621		26,672,224		26,461,526		26,076,142		25,625,869		1	%	5	%
Non-interest bearing demand deposits	6,505,615		6,828,730		6,865,676		6,645,689		6,450,364		(5	)%	1	%
Interest bearing deposits	14,304,325		14,138,852		13,897,141		13,745,089		13,492,965		1	%	6	%
Total deposits	20,809,940		20,967,582		20,762,817		20,390,778		19,943,329		(1	)%	4	%
Interest bearing liabilities	15,858,561		15,547,250		15,331,529		15,199,900		14,971,759		2	%	6	%
Shareholders' equity - common	4,091,174		4,035,125		4,011,856		3,988,825		3,974,788		1	%	3	%
Tangible common equity (1)	2,280,167		2,222,638		2,197,856		2,173,296		2,157,720		3	%	6	%

⁽¹⁾ Average tangible common equity is a non-GAAP financial measure. Average tangible common equity is calculated as average common shareholders' equity less average goodwill and other intangible assets, net (excluding MSRs).

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 14

Umpqua Holdings Corporation Average Rates and Balances
(unaudited)
(dollars in thousands)	Quarter Ended
	March 31, 2019						December 31, 2018						March 31, 2018
	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	187,656	$	2,790	5.95	%	$	238,958	$	3,473	5.81	%	$	267,231	$	2,815	4.21	%
Loans and leases (1)	20,388,988		255,957		5.06	%	20,051,674		250,620		4.97	%	19,089,713		226,673		4.80	%
Taxable securities	2,757,644		20,473		2.96	%	2,716,616		27,919		4.11	%	2,793,449		16,167		2.31	%
Non-taxable securities (2)	287,366		2,580		3.59	%	282,998		2,619		3.70	%	286,603		2,640		3.68	%
Temporary investments and interest-bearing cash	153,347		925		2.44	%	462,621		2,621		2.25	%	303,670		1,164		1.55	%
Total interest-earning assets	23,775,001		$	282,725	4.79	%	23,752,867		287,252		4.81	%	22,740,666		$	249,459	4.43	%
Other assets	3,036,620						2,919,357						2,885,203
Total assets	$	26,811,621					$	26,672,224					$	25,625,869
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,319,718	$	2,640	0.46	%	$	2,319,613	$	2,659	0.45	%	$	2,323,232	$	1,210	0.21	%
Money market deposits	6,391,721		11,017		0.70	%	6,371,127		9,170		0.57	%	6,908,067		5,713		0.34	%
Savings deposits	1,488,530		270		0.07	%	1,488,768		490		0.13	%	1,463,058		163		0.05	%
Time deposits	4,104,356		20,167		1.99	%	3,959,344		17,805		1.78	%	2,798,608		8,524		1.24	%
Total interest-bearing deposits	14,304,325		34,094		0.97	%	14,138,852		30,124		0.85	%	13,492,965		15,610		0.47	%
Repurchase agreements and federal funds purchased	371,336		810		0.88	%	284,847		185		0.26	%	303,059		63		0.08	%
Term debt	793,797		3,683		1.88	%	751,773		3,326		1.75	%	802,297		3,361		1.70	%
Junior subordinated debentures	389,103		5,987		6.24	%	371,778		5,743		6.13	%	373,438		4,932		5.36	%
Total interest-bearing liabilities	15,858,561		$	44,574	1.14	%	15,547,250		$	39,378	1.00	%	14,971,759		$	23,966	0.65	%
Non-interest-bearing deposits	6,505,615						6,828,730						6,450,364
Other liabilities	356,271						261,119						228,958
Total liabilities	22,720,447						22,637,099						21,651,081
Common equity	4,091,174						4,035,125						3,974,788
Total liabilities and shareholders' equity	$	26,811,621					$	26,672,224					$	25,625,869
NET INTEREST INCOME			$	238,151					$	247,874					$	225,493
NET INTEREST SPREAD					3.65	%					3.81	%					3.78	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					4.03	%					4.15	%					4.00	%

(1) Non-accrual loans and leases are included in the average balance.   

(2) Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $466,000 for the three months ended March 31, 2019 as compared to $484,000 for December 31, 2018 and $512,000 for March 31, 2018. 

Umpqua Reports First Quarter 2019 Results

April 17, 2019

Page 15

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Seq. Quarter		Year over Year
Residential mortgage servicing rights:
Residential mortgage loans serviced for others	$	15,902,587		$	15,978,885		$	15,810,455		$	15,508,182		$	15,442,915		0	%	3	%
MSR asset, at fair value	158,946			169,025			175,038			166,217			164,760			(6	)%	(4	)%
MSR as % of serviced portfolio	1.00		%	1.06		%	1.11		%	1.07		%	1.07		%	(0.06	)	(0.07	)
Residential mortgage banking revenue:
Origination and sale	$	14,373		$	16,665		$	20,983		$	28,159		$	22,837		(14	)%	(37	)%
Servicing	10,824			11,555			10,302			10,407			10,522			(6	)%	3	%
Change in fair value of MSR asset	(13,966		)	(13,070		)	199			(5,403		)	5,079			7	%	(375	)%
Total	$	11,231		$	15,150		$	31,484		$	33,163		$	38,438		(26	)%	(71	)%
Closed loan volume:
Closed loan volume - portfolio	$	318,612		$	312,524		$	323,941		$	294,581		$	237,783		2	%	34	%
Closed loan volume - for-sale	487,090			589,355			756,924			839,489			687,226			(17	)%	(29	)%
Closed loan volume - total	$	805,702		$	901,879		$	1,080,865		$	1,134,070		$	925,009		(11	)%	(13	)%
Gain on sale margin:
Based on for-sale volume	2.95		%	2.83		%	2.77		%	3.35		%	3.32		%	0.12		(0.37	)

###

EX-99.2

Umpqua Holdings Corporation 1st Quarter 2019 Earnings Conference Call Presentation April 18, 2019

Forward-looking Statements This presentation includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subjectto risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to updateany such statements. In this presentation we make forward-looking statements about fee income initiatives and MSR fair value volatility. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Next Gen: Executing On Our Strategy Balanced Growth Human Digital Operational Excellence • Launched Go To, the • C&I balances increased • Rationalized 15 stores in Q1 2019 industry’s first human digital $60mm, or 5% annualized, • 11 consolidated & 4 sold banking platform. during the quarter. • 5 additional stores to be consolidated in Q2 • Invested and implemented • Continued to add experienced digital solutions to assist bankers to core metro • Completed Phase I of Operational Commercial & Corporate markets focused on growing Excellence customers. middle market relationships. • $22mm of annualized savings • Analytical tool to support in Q1 2019 run rate treasury management • Exploring ways to reduce product identification future income statement fair • Continued with Phase II of • Analytical pricing and value volatility of the MSR Operational Excellence benchmarking asset. • Commercial End to End technology Journey • Integrated & automated • Deposit Origination End to payments solution End Journey 3

Umpqua Next Gen: Measurable Achievements Rate scenario (1) Return on Average Tangible Common Equity 18.00% 17.5% “Moderately Increasing” 16.00% 14.84% 15.0% “Flat Rate” 14.00% 13.17% 12.00% 10.00% 9.03% 8.00% 2020 Goal Q1 2017 Q1 2018 Q1 2019 Net impact of fair value losses and exit or disposal costs (2) (1.33%) 0.52% (2.29%) Efficiency Ratio 70.00% 68.13% 65.00% 61.21% 60.44% 60.00% Mid 50s “Flat Rate” 55.00% Low 50s “Moderately Increasing” 50.00% Q1 2017 Q1 2018 Q1 2019 2020 Goal Net impact of fair value losses and exit or disposal costs (2) 2.97% (0.43%) 3.65% > (1) Financial goals as presented under two different rate scenarios laid out in the 2Q 2018 earnings call slide presentation on July 19, 2018. 4 > (2) Impact from fair value gains or losses and exit or disposal goals were excluded from the calculation of financial goals presented in mid-2017, and subsequently updated in April 2018. See appendix of this presentation for further information.

Q1 2019 Highlights (compared to Q4 2018) • Net income of $74.0 million, or $0.34 per diluted common share • Net interest income decreased by $9.7 million on a quarter over quarter basis primarily driven by bond premium amortization as compared to the bond premium recapture recorded in the in the prior quarter. • Provision for loan and lease losses decreased by $3.5 million, driven primarily as net charge-offs decreased by five basis points to 0.27% of average loans and leases (annualized). • Non-interest income decreased by $11.1 million, driven primary by the nonrecurring $5.8 million gain of Pivotus assets in the fourth quarter of 2018 and lower residential mortgage banking revenue in the current quarter. • Non-interest expense decreased by $6.9 million, driven primarily by operational excellence initiatives, lower restructuring charges, lower mortgage banking-related expense, lower group insurance charges, and lower loss on OREO, partially offset by a seasonal increase in payroll taxes. • Non-performing assets to total assets improved to 0.32% • Estimated total risk-based capital ratio of 13.5% and estimated Tier 1 common to risk weighted assets ratio of 10.7% • Declared a quarterly cash dividend of $0.21 per common share. 5

Selected Ratios For the quarter ended Performance Credit Quality Capital (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. (2) Capital ratio estimated for current quarter, pending completion and filing of regulatory reports. 6

Summary Income Statement (in millions) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Net interest income before provision $237.7 $247.4 $241.4 $224.9 $225.0 Provision for loan and lease losses 13.7 17.2 11.7 13.3 13.7 Net interest income after provision 224.0 230.2 229.7 211.6 211.3 Non-interest income 45.7 56.8 72.4 71.7 78.6 Non-interest expense 171.6 178.5 179.3 195.6 186.1 Income before provision for income taxes 98.1 108.5 122.8 87.7 103.8 Provision for income taxes 24.1 28.2 31.8 21.7 24.8 Net income $74.0 $80.3 $91.0 $66.0 $79.0 Earnings per share - diluted $0.34 $0.36 $0.41 $0.30 $0.36 7

Net Interest Income Base Net Interest Income (in millions) Reported Net Interest Income (in millions) $250 $247.4 $250 $243.2 $245 $245 $241.4 $240 $240 $237.7 $235 $235 $232.5 $229.5 $230 $230 $224.2 $225.0 $224.9 $225 $225 $220 $218.7 $220 $215 $215 $210 $210 $205 $205 $200 $200 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 8 (1) Impact from change in accounting methodology on the interest income method for residential mortgage-backed securities and collateralized mortgage obligations. Refer to notable items in prior earning releases for more information. Note: tables may not foot due to rounding.

Net Interest Margin Base Net Interest Margin Reported Net Interest Margin 4.15% 4.15% 4.15% 4.09% 4.09% 4.05% 4.03% 4.05% 4.00% 3.94% 3.95% 3.95% 3.89% 3.88% 3.88% 3.89% 3.85% 3.85% 3.75% 3.75% 3.65% 3.65% 3.55% 3.55% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 (1) Impact from change in accounting methodology on the interest income method for residential mortgage-backed securities and collateralized mortgage obligations. Refer to notable items in prior earning releases for more information. 9 Note: tables may not foot due to rounding.

Provision For Loan and Lease Losses (in millions) Provision for Loan and Lease Losses $20.0 $18.0 $16.0 $14.0 $12.0 $10.0 $17.2 $8.0 $13.7 $13.3 $13.7 $6.0 $11.7 $4.0 $2.0 $- Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 10

Non-Interest Income (in millions) $90 $80 $70 $15.0 $15.5 $15.6 $60 $4.2 $4.2 $3.9 $50 $16.0 $40 $38.4 $31.5 $4.2 $15.3 $33.2 $30 $15.2 $3.8 $20 $2.1 $2.1 $2.1 $11.2 $1.2 $2.1 $1.3 $2.8 $2.5 $2.2 $0.8 $10 $17.6 $15.4 $16.6 $16.8 $12.5 $0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Other (1) Gain on loan sales BOLI income Residential mortgage banking revenue, net Brokerage revenue Service charges (1) Includes other income, gains or losses on investment securities. 11 Note: tables may not foot due to rounding.

Mortgage Banking (in millions) Closed mortgage volume $1,200 $1,134 $1,081 $1,000 $925 $902 $806 $800 $839 $757 $600 $687 $589 $487 $400 $200 $238 $295 $324 $313 $319 $0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Portfolio For Sale Gain on sale margin 4.50% 4.00% 3.35% 3.50% 3.32% 2.95% 3.00% 2.77% 2.83% 2.50% 2.00% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 12 Note: tables may not foot due to rounding.

Non Interest Expense Non-interest Expense and Efficiency Ratio Non-interest Expense Bridge (in millions) (in millions) $178.5 $205.0 110.0% $2.8 $195.6 $2.4 $195.0 $186.1 $179.3 100.0% $2.1 $(1.4) $171.6 $185.0 $1.0 $(2.7) $178.5 $1.2 Thousands $171.6 90.0% $175.0 $1.0 $165.0 80.0% $155.0 65.8% 70.0% 61.2% 60.4% $145.0 57.1% 58.6% 60.0% $135.0 50.0% $125.0 $115.0 40.0% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Non-interest expense Efficiency ratio 13

Selected Balance Sheet (in millions) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Total assets $27,355.6 $26,939.8 $26,615.1 $26,480.6 $25,816.4 Interest bearing cash and temporary investments 605.8 287.2 570.3 488.5 264.5 Investment securities available for sale, fair value 2,894.8 2,977.1 2,864.4 2,854.4 2,947.4 Loans and leases, gross 20,406.0 20,422.7 19,854.0 19,639.5 19,255.3 Allowance for loan and lease losses (144.9) (144.9) (144.0) (144.6) (141.9) Goodwill and other intangibles, net 1,810.2 1,811.6 1,813.2 1,814.7 1,816.2 Deposits 21,243.9 21,137.5 20,892.8 20,744.5 20,106.9 Securities sold under agreements to repurchase 288.9 297.2 287.0 273.7 292.0 Term debt 932.4 751.8 751.8 801.7 801.9 Total shareholders' equity 4,112.3 4,056.4 4,003.9 3,981.1 3,969.8 Ratios: Loan to deposit ratio 96.1% 96.6% 95.0% 94.7% 95.8% Book value per common share $ 18.65 $ 18.42 $ 18.18 $ 18.08 $ 18.01 Tangible book value per common share (1) $ 10.44 $ 10.19 $ 9.95 $ 9.84 $ 9.77 Tangible common equity to tangible assets (1) 9.0% 8.9% 8.8% 8.8% 9.0% 14 (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation.

Loan and Deposit Growth (in billions) Loans and Leases (Gross) $25.0 As of March 31, 2019 $20.4 $20.4 3% Non-owner occupied term CRE $20.0 $19.0 $17.4 Owner occupied term CRE $16.8 6% $15.3 17% Multifamily $15.0 Commercial construction 18% 12% Residential development $10.0 $7.7 Commercial term $6.5 $7.2 Commercial lines of credit & other 7% $5.0 Leases & equipment finance 6% 16% Mortgage 11% $0.0 Home equity lines & loans 2011 2012 2013 2014 2015 2016 2017 2018 Q1 3% Consumer & other 2019 1% (in billions) Total Deposits $25.0 As of March 31, 2019 $21.1 $21.2 $19.0 $19.9 $20.0 $17.7 $16.9 Demand, non-interest $15.0 21% bearing Demand, interest bearing $9.2 $9.4 $9.1 $10.0 31% 7% Money market $5.0 Savings $0.0 11% 2011 2012 2013 2014 2015 2016 2017 2018 Q1 30% Time 2019 15 (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation.

Loan and Lease Portfolio Repricing Schedule Loan and Lease Portfolio (1) Adjustable Rate Breakout – Q1 2019 (1) 100% 13.4% 90% 30.3% 80% 42.4% 42.1% 42.3% 42.2% 42.4% 24.7% 70% 29.1% 60% 2.5% 50% Libor 6 Month Libor 12 Month 3 Year 5 Year Other 25.6% 25.9% 26.5% 27.4% 27.3% 40% (1) 30% Floating Rate Breakout – Q1 2019 20% 0.4% 32.1% 32.0% 31.2% 30.4% 30.2% 10% 35.4% 0% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 64.2% Fixed Rate Floating Rate (monthly repricing) Adjustable (> 1 month repricing) Prime Libor 1 Month Other  (1) Includes loans available for sale. 16  Note: totals may not foot due to rounding.

Loan and Lease Portfolio Characteristics Mortgage Owner Occupied CRE . Represents 18% of overall portfolio . Represents 12% of overall portfolio . Total delinquencies of 1.02% Geographic Diversification . Total delinquencies of 0.46% . De minimis (0.01%) annualized net . Annualized net charge-off rate of 4 charge-off rate bps . Average loan size of $440,000 . Average loan size of $772,000 . Average FICO of 760 and LTV of . Average LTV of 54% 65% Other Portland / 11% Vancouver WA, Other 12% 5% Multifamily Non-owner Occupied CRE . Represents 17% of overall portfolio Southern CA . Represents 16% of overall portfolio OR, Other 17% . Total delinquencies of 0.09% . Total delinquencies of 0.42% 13% . Annualized net charge-off rate of . Annualized net charge-off rate of 0 0.18% bps . Average loan size of $1.4 million . Average loan size of $1.6 million . Average LTV of 54% and DSC of 1.6 . Average LTV of 53% and DSC of 1.8 Puget Sound Northern CA 16% 13% Lease & Equipment Finance Commercial & Industrial Bay Area 13% . Represents 7% of overall portfolio . Represents 17% of overall portfolio . Total delinquencies of 2.7% . Total delinquencies of 0.46% . Annualized net charge-off rate of . Annualized net charge-off rate of 3.10% 0.02% . ~10% average yield . Average loan size of $414,000 . Average loan size of $34,000 Note: Balances and delinquencies as of March 31, 2019. Annualized net charge-off rate for Q1 2019. LTV, FICO and Debt Service Coverage (DSC) are based on weighted average for portfolio. LTV for the Mortgage portfolio represents 17 average LTV based on most recent appraisal against updated loan balance.

Credit Quality Non-performing assets to total assets Classified Assets 1.60% 15.00% 1.00% 1.40% 14.00% 0.80% 1.20% 13.00% 0.90% 12.00% 1.00% 0.86% 0.83% 0.75% 11.00% 0.60% 0.80% 0.66% 0.37% 10.00% 0.33% 0.34% 0.36% 0.32% 0.60% 0.40% 9.80% 9.70% 9.00% 0.40% 9.20% 8.00% 8.50% RBC / Assets Classified 0.20% 0.20% 7.00% Classified Loans / Total Loans Total / Loans Classified 7.40% 0.00% 6.00% 0.00% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Classified Loans to Total Loans Classified Assets to Risk-Based Capital Allowance for loan and lease losses to loans Net charge-offs to average loans and leases (annualized) and leases 4.00% 3.59% 1.00% 3.23% 3.50% 3.00% 3.10% 0.80% 3.00% 2.73% 2.50% 0.60% 0.74% 0.74% 0.73% 0.71% 0.71% 2.00% 0.40% 1.50% 1.00% 0.32% 0.27% 0.20% 0.50% 0.26% 0.22% 0.25% 0.00% 0.09% 0.01% 0.06% 0.09% 0.06% 0.00% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2018 Umpqua Bank (ex FinPac) FinPac Umpqua Holdings Consolidated 18

Capital Management • All regulatory capital ratios remained in excess of well-capitalized and internal policy limits • Focused on prudently managing capital • Declared quarterly dividend of $0.21 per share, ~5.09% current dividend yield ² • Q1 total payout ratio of 63% Q1 2019 Capital Ratios (1) 13.5% 10.7% 10.7% 9.0% 9.4% Tangible Common Tier 1 Leverage Tier 1 Common Risk Based Tier 1 Risk Based Total Risk Based Equity/Tangible Assets 19 1. Regulatory capital ratios are estimates pending completion and filing of the Company’s regulatory reports. 2. As of closing stock price on 3/29/2019

Appendix – Non GAAP Reconciliation

Non-GAAP Reconciliation – Tangible Book Value (In thousands, except per share data) Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 June 30, 2018 Mar 31, 2018 Total shareholders' equity 4,112,326 4,056,442 4,003,893 3,981,087 3,969,766 Subtract: Goodwill 1,787,651 1,787,651 1,787,651 1,787,651 1,787,651 Other intangible assets, net 22,560 23,964 25,506 27,047 28,589 Tangible equity - common $2,302,115 $2,244,827 $2,190,736 $2,166,389 $2,153,526 Total assets $27,355,625 $26,939,781 $26,615,067 $26,480,601 $25,816,401 Subtract: Goodwill 1,787,651 1,787,651 1,787,651 1,787,651 1,787,651 Other intangible assets, net 22,560 23,964 25,506 27,047 28,589 Tangible assets $25,545,414 $25,128,166 $24,801,910 $24,665,903 $24,000,161 Common shares outstanding at period end 220,457 220,255 220,238 220,205 220,461 Total shareholders' equity to total assets ratio 15.03% 15.06% 15.04% 15.03% 15.38% Tangible common equity ratio 9.01% 8.93% 8.83% 8.78% 8.97% Book value per common share $18.65 $18.42 $18.18 $18.08 $18.01 Tangible book value per common share $10.44 $10.19 $9.95 $9.84 $9.77 21

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