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 SECOND QUARTER 2020 RESULTS

Second quarter 2020 net income of $52.9 million, or $0.24 per common share

Deposit growth of $2.1 billion, or 9.4%; loan and lease growth of $1.4 billion, or 6.7%

Generated over 15,000 Paycheck Protection Program (“PPP”) loans for $2.0 billion

COVID-19 impacts on economic forecasts resulted in provision for credit losses of $87.1 million

PORTLAND, Ore. – July 22, 2020 – Umpqua Holdings Corporation (NASDAQ: UMPQ) (the “Company”) reported net earnings of $52.9 million for the second quarter of 2020, compared to net loss of $1.9 billion for the first quarter of 2020 and net income of $111.8 million for the second quarter of 2019. Earnings per diluted common share were $0.24 for the second quarter of 2020, compared to a loss of $8.41 for the first quarter of 2020 and earnings of $0.51 for the second quarter of 2019.

"Umpqua’s second quarter results, particularly in light of the significant disruption due to the COVID-19 pandemic, are a testament to our associates’ extraordinary resilience and commitment to serving our customers and communities. During the quarter, as we ramped up our efforts to support small businesses across our footprint, we rapidly processed and funded more than 15,000 PPP loans with an average loan size of $134,000. In addition, our home lending department had a record-breaking quarter, generating more than $2.1 billion in production.” said Cort O’Haver, president and CEO of Umpqua Holdings Corporation. "We continue working with customers who qualify for payment deferrals as a result of COVID-19 impacts with a 5.7% deferral level that reflects the company's strong credit quality practices. I’m especially pleased with the reduction in our cost of interest bearing deposits and lower non-interest expenses, absent increased home lending commissions due to volume, as we operate in a low interest rate environment."

Ongoing impact of COVID-19 on our business operations:

•Operations have been modified to comply with multiple state-level proclamations and CDC guidance and best practice; we continue to:

◦restrict all travel.

◦maintain a remote work program for associates other than store associates and small groups of other functions that cannot be completed remotely. About 90% of our non-store associates are operating remotely.

◦transitioned store operations to restrict lobby access and instructed customers to bank by appointment only which has allowed over 95% of stores on any given day to remain open throughout the crisis.

◦increased cleaning scope and frequency to our store locations and installed other protective devices for our associates.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 2

•Mobile banking usage trends are up 21% and unique sessions are up 30% year over year in addition to an expected decline in store transactions of over 31%.

•Continue to offer our Umpqua Go-To® application with over 63,000 customers enrolled. Go-To usage increased 48% from the prior quarter levels as customers used the platform as a safe and effective way of conducting banking.

•We enhanced associate benefits, including:

◦supplemental front line associate pay.

◦pandemic pay bank for associates needing additional paid time off due to COVID-19 impacts.

◦flexible work rotations and remote work for higher-risk associates.

•Active participant in PPP, including:

◦over 15,000 PPP loans produced.

◦$2.0 billion in total loans were funded.

◦average loan size was $134,000.

•Addressing other customer needs during pandemic:

◦payment deferrals.

◦waiving deferral associated fees.

◦ATM fee waivers.

•Enhanced community support:

◦announced a total of $3.0 million in combined grants and investments to organizations providing COVID-19 community relief and small business microloans.

◦initiated virtual volunteerism program.

◦activated an associate 3:1 giving match to donations.

Notable items that impacted the second quarter 2020 financial results included:

•$87.1 million provision for credit losses reflecting the continued impacts of the COVID-19 global pandemic on economic forecasts, compared to a $118.1 million provision in the prior quarter, and a $19.4 million provision in the same period of the prior year.

•$6.4 million loss on the fair value change of the MSR asset due to accelerated prepayments as a result of the lower interest rate environment compared to a $25.4 million loss in the prior quarter and a $17.8 million loss in the same period of the prior year.

•$0.8 million loss related to the fair value of the debt capital market swap derivatives, compared to a loss of $14.3 million in the prior quarter and a loss of $4.0 million in the same period of the prior year.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 3

Second Quarter 2020 Highlights (compared to prior quarter):

•Net interest income decreased by $6.0 million on a quarter to quarter basis primarily driven by lower average yields on loans and leases, partially offset by a lower cost of interest bearing deposits;

•Provision for credit losses decreased by $31.0 million, although still elevated from historical levels reflecting the continued influence of the COVID-19 global pandemic on economic forecasts;

•Net charge-offs decreased by twelve basis points to 0.29% of average loans and leases (annualized);

•Non-interest income increased by $74.8 million, driven primarily by an increase in net mortgage banking revenue;

•Non-interest expense decreased by $1.8 billion, driven by the $1.8 billion goodwill impairment that was recorded in the prior period. Absent the goodwill impairment charge, non-interest expense increased by $4.2 million from the prior quarter primarily due to strong mortgage production;

•Non-performing assets to total assets decreased six basis points to 0.26% from 0.32%;

•Estimated total risk-based capital ratio of 14.4% and estimated Tier 1 common to risk weighted assets ratio of 11.1%;

•Filed a Form 8-K on June 17, 2020, announcing the shift in timing of a dividend declaration date from historical intra-quarter announcements to after quarterly earnings are finalized and applicable regulatory approval processes are complete.

Balance Sheet

Total consolidated assets were $29.6 billionas of June 30, 2020, compared to $27.5 billion as of March 31, 2020 and $28.0 billion as of June 30, 2019. Including secured off-balance sheet lines of credit, total available liquidity was $11.7 billion as of June 30, 2020, representing 39% of total assets and 47% of total deposits.

Gross loans and leases were $22.7 billion as of June 30, 2020, an increase of $1.4 billion relative to March 31, 2020. The increase in gross loans and leases is primarily due to the production of the PPP loans totaling $2.0 billion in the quarter. Please refer to the additional loan tables in the Q2 2020 Earnings Presentation for select underwriting characteristics of the loan portfolio and specific industry concentrations impacted by COVID-19.

Total deposits were $24.8 billion as of June 30, 2020, an increase of $2.1 billion from $22.7 billion as of March 31, 2020. This increase was attributable to growth in non-interest bearing demand deposits of $2.0 billion partially offset by a decline in time deposits of $612.0 million.

Net Interest Income

Net interest income was $212.5 million for the second quarter of 2020, down $6.0 million from the prior quarter. The decrease was primarily driven by lower average yields on loans and leases, partially offset by a lower cost of interest bearing deposits.

The Company's net interest margin was 3.09% for the second quarter of 2020, down 32 basis points from 3.41% for the first quarter of 2020 primarily driven by the decrease in short and long term interest rates that occurred in the prior quarter.

Credit Quality

The allowance for credit losses was $383.1 million, or 1.69% of loans and leases, as of June 30, 2020, which was up from $312.3 million, or 1.47% of loans and leases, as of March 31, 2020. The provision for credit losses was $87.1 million for the second quarter of 2020, a decrease of $31.0 million from the prior quarter level, although still elevated from historical levels reflecting the continued influence of the COVID-19 global pandemic on economic forecasts.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 4

Net charge-offs as a percentage of average loans and leases decreased by twelve basis points to 0.29% of average loans and leases (annualized). The decrease in net charge-offs for the quarter was primarily due to the COVID-19 related single charge-off to a regional air transportation lessor that occurred in the prior quarter. As of June 30, 2020, non-performing assets were 0.26% of total assets, compared to 0.32% as of March 31, 2020 and 0.28% as of June 30, 2019.

Current Expected Credit Loss (CECL)

As described in our first quarter 2020 quarterly report on Form 10-Q filed on May 7, 2020 ("Q1 2020 10-Q"), on January 1, 2020, we adopted Accounting Standards Update No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"). In applying CECL, our financial results will be affected as soon as weak or deteriorating economic conditions are forecasted which alters our expectations for credit losses. In addition, due to the expansion of the time horizon over which we are required to estimate future credit losses under CECL, we may experience increased volatility in our future provisions for credit losses. When utilizing economic forecast models that factor in significant, negative COVID-19 impacts to the economy, we recorded significant provisions for credit losses in the first and second quarters of 2020 and may incur significant provisions for credit losses in future periods as well as actual or projected economic conditions deteriorate further.

Non-interest Income

Non-interest income was $115.5 million for the second quarter of 2020, up $74.8 million from the prior quarter driven primarily by the increase in net mortgage banking revenue as described below.

Revenue from the origination and sale of residential mortgages was $86.8 million for the second quarter of 2020, an increase of $47.4 million from the prior quarter. This increase reflects a sequential quarter increase of $677.9 million or 59% in for-sale mortgage origination volume and an increase of 132 basis points in the home lending gain on sale margin to 4.75% for the second quarter of 2020. Of the current quarter's mortgage production, 34% related to purchase activity, compared to 43% for the prior quarter and 70% for the same period of the prior year.

Non-interest Expense

Non-interest expense was $181.9 million for the second quarter of 2020, down $1.8 billion from the prior quarter level. This decrease was driven primarily by the $1.8 billion goodwill impairment that was recorded in the prior period. Due to the aforementioned strong mortgage production, expenses for our Home Lending Division were up $10.4 million compared to the prior quarter.

Goodwill

As described in our Q1 2020 10-Q, the Company completed the analysis of goodwill prior to filing the Q1 2020 10-Q with the Securities and Exchange Commission. The Company updated its goodwill assessment for the Wholesale Bank and Retail Bank reporting units as of March 31, 2020, due to events and circumstances indicating potential impairment. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. A goodwill impairment is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Upon completing the quantitative impairment analysis, the Company recorded a goodwill impairment of $1.8 billion during the first quarter, which represented the entire amount of goodwill allocated to the Wholesale Bank and Retail Bank reporting units. The remaining goodwill of $2.7 million after the impairment relates to the Wealth Management reporting unit. The goodwill impairment was material to reported earnings in the first quarter, but was a non-cash charge and had no effect on the Company’s cash balances, liquidity or tangible equity. In addition, because goodwill and other intangible assets are not included in the calculation of regulatory capital, the Company’s well-capitalized regulatory capital ratios were not impacted by the impairment.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 5

Capital

As of June 30, 2020, the Company's tangible book value per common share¹ was $11.44, compared to $11.30 in the prior quarter and $10.97 in the same period of the prior year.

The Company's estimated total risk-based capital ratio was 14.4% and its estimated Tier 1 common to risk weighted

assets ratio was 11.1% as of June 30, 2020. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of June 30, 2020 are estimates, pending completion and filing of the Company's regulatory reports.

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)	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Total shareholders' equity	$	2,538,339		$	2,507,611		$	4,313,915		$	4,289,516		$	4,228,507
Subtract:
Goodwill	2,715			2,715			1,787,651			1,787,651			1,787,651
Other intangible assets, net	15,853			17,099			18,346			19,750			21,155
Tangible common shareholders' equity	$	2,519,771		$	2,487,797		$	2,507,918		$	2,482,115		$	2,419,701
Total assets	$	29,645,248		$	27,540,382		$	28,846,809		$	28,930,855		$	27,986,075
Subtract:
Goodwill	2,715			2,715			1,787,651			1,787,651			1,787,651
Other intangible assets, net	15,853			17,099			18,346			19,750			21,155
Tangible assets	$	29,626,680		$	27,520,568		$	27,040,812		$	27,123,454		$	26,177,269
Common shares outstanding at period end	220,219			220,175			220,229			220,212			220,499
Total shareholders' equity to total assets ratio	8.56		%	9.11		%	14.95		%	14.83		%	15.11		%
Tangible common equity ratio	8.51		%	9.04		%	9.27		%	9.15		%	9.24		%
Book value per common share	$	11.53		$	11.39		$	19.59		$	19.48		$	19.18
Tangible book value per common share	$	11.44		$	11.30		$	11.39		$	11.27		$	10.97

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.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 6

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 second quarter 2020 earnings conference call on July 23, 2020, 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 second quarter 2020 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (866) 440-7407 ten minutes prior to the start time and enter conference ID: 8066667. A re-broadcast will be available approximately two hours after the call by dialing (855) 859-2056 and entering conference ID 8066667. The earnings conference call will also be available as an audio cast, 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. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In this press release we make forward-looking statements about the projected impact on our business operations of the COVID-19 global pandemic and future credit losses under CECL. 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: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and any slowdown in economic growth particularly in the western United States; the effect of the COVID-19 pandemic, including on our credit quality, deferral programs, and business operations, as well as its impact on general economic and financial market conditions; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; and changes in laws or regulations. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 7

Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Quarter Ended										% Change
(In thousands, except per share data)	Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	235,174	$	245,993	$	262,109	$	266,111	$	264,110	(4)	%	(11)	%
Interest and dividends on investments:
Taxable	9,015		16,605		13,361		12,546		10,287		(46)	%	(12)	%
Exempt from federal income tax	1,520		1,562		1,638		1,727		1,921		(3)	%	(21)	%
Dividends	568		678		579		599		574		(16)	%	(1)	%
Temporary investments and interest bearing deposits	403		3,331		4,343		4,204		4,708		(88)	%	(91)	%
Total interest income	246,680		268,169		282,030		285,187		281,600		(8)	%	(12)	%
Interest expense:
Deposits	26,222		40,290		44,380		45,876		43,591		(35)	%	(40)	%
Securities sold under agreement to repurchase and federal funds purchased	194		395		431		448		403		(51)	%	(52)	%
Borrowings	3,839		4,046		5,080		4,238		4,563		(5)	%	(16)	%
Junior subordinated debentures	3,922		4,903		5,325		5,652		5,881		(20)	%	(33)	%
Total interest expense	34,177		49,634		55,216		56,214		54,438		(31)	%	(37)	%
Net interest income	212,503		218,535		226,814		228,973		227,162		(3)	%	(6)	%
Provision for credit losses	87,085		118,085		16,252		23,227		19,352		(26)	%	350	%
Non-interest income:
Service charges on deposits	11,831		15,638		16,656		16,627		15,953		(24)	%	(26)	%
Brokerage revenue	3,805		4,015		4,027		4,060		3,980		(5)	%	(4)	%
Residential mortgage banking revenue, net	83,877		17,540		34,050		47,000		9,529		378	%	780	%
Gain (loss) on sale of debt securities, net	323		(133)		2		—		(7,186)		(343)	%	(104)	%
Gain (loss) on equity securities, net	240		814		(84)		257		82,607		(71)	%	(100)	%
Gain on loan and lease sales, net	1,074		1,167		4,603		1,762		3,333		(8)	%	(68)	%
BOLI income	2,116		2,129		2,078		2,067		2,093		(1)	%	1	%
Other income (expense)	12,214		(525)		22,417		16,739		11,514		nm		6	%
Total non-interest income	115,480		40,645		83,749		88,512		121,823		184	%	(5)	%
Non-interest expense:
Salaries and employee benefits	116,676		109,774		108,847		106,819		104,049		6	%	12	%
Occupancy and equipment, net	36,171		37,001		36,513		35,446		36,032		(2)	%	0	%
Intangible amortization	1,246		1,247		1,404		1,405		1,405		0	%	(11)	%
FDIC assessments	3,971		2,542		2,867		2,587		2,837		56	%	40	%
Goodwill impairment	—		1,784,936		—		—		—		(100)	%	nm
Other expenses	23,846		27,158		33,812		37,333		36,092		(12)	%	(34)	%
Total non-interest expense	181,910		1,962,658		183,443		183,590		180,415		(91)	%	1	%
Income (loss) before provision for income taxes	58,988		(1,821,563)		110,868		110,668		149,218		(103)	%	(60)	%
Provision for income taxes	6,062		30,384		27,118		26,166		37,408		(80)	%	(84)	%
Net income (loss)	$	52,926	$	(1,851,947)	$	83,750	$	84,502	$	111,810	(103)	%	(53)	%
Weighted average basic shares outstanding	220,210		220,216		220,222		220,285		220,487		0	%	0	%
Weighted average diluted shares outstanding	220,320		220,216		220,671		220,583		220,719		0	%	0	%
Earnings (loss) per common share – basic	$	0.24	$	(8.41)	$	0.38	$	0.38	$	0.51	(103)	%	(53)	%
Earnings (loss) per common share – diluted	$	0.24	$	(8.41)	$	0.38	$	0.38	$	0.51	(103)	%	(53)	%
nm = not meaningful

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 8

Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
	Six Months Ended				% Change
(In thousands, except per share data)	Jun 30, 2020		Jun 30, 2019		Year over Year
Interest income:
Loans and leases	$	481,167	$	522,857	(8)	%
Interest and dividends on investments:
Taxable	25,620		30,243		(15)	%
Exempt from federal income tax	3,082		4,035		(24)	%
Dividends	1,246		1,091		14	%
Temporary investments and interest bearing deposits	3,734		5,633		(34)	%
Total interest income	514,849		563,859		(9)	%
Interest expense:
Deposits	66,512		77,685		(14)	%
Securities sold under agreement to repurchase and federal funds purchased	589		1,213		(51)	%
Borrowings	7,885		8,246		(4)	%
Junior subordinated debentures	8,825		11,868		(26)	%
Total interest expense	83,811		99,012		(15)	%
Net interest income	431,038		464,847		(7)	%
Provision for credit losses	205,170		33,036		521	%
Non-interest income:
Service charges on deposits	27,469		31,231		(12)	%
Brokerage revenue	7,820		7,790		0	%
Residential mortgage banking revenue, net	101,417		20,760		389	%
Gain (loss) on sale of debt securities, net	190		(7,186)		(103)	%
Gain on equity securities, net	1,054		83,302		(99)	%
Gain on loan and lease sales, net	2,241		4,102		(45)	%
BOLI income	4,245		4,261		0	%
Other income	11,689		23,303		(50)	%
Total non-interest income	156,125		167,563		(7)	%
Non-interest expense:
Salaries and employee benefits	226,450		204,707		11	%
Occupancy and equipment, net	73,172		72,277		1	%
Intangible amortization	2,493		2,809		(11)	%
FDIC assessments	6,513		5,779		13	%
Goodwill impairment	1,784,936		—		nm
Other expenses	51,004		66,435		(23)	%
Total non-interest expense	2,144,568		352,007		509	%
(Loss) income before provision for income taxes	(1,762,575)		247,367		(813)	%
Provision for income taxes	36,446		61,524		(41)	%
Net (loss) income	$	(1,799,021)	$	185,843	(1,068)	%
Weighted average basic shares outstanding	220,213		220,427		0	%
Weighted average diluted shares outstanding	220,213		220,692		0	%
(Loss) earnings per common share – basic	$	(8.17)	$	0.84	(1,073)	%
(Loss) earnings per common share – diluted	$	(8.17)	$	0.84	(1,073)	%
nm = not meaningful

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 9

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	410,769		$	406,426		$	382,598		$	433,620		$	342,508		1	%	20	%
Interest bearing cash and temporary investments	1,853,505			1,251,290			980,158			757,824			691,283			48	%	168	%
Investment securities:
Equity and other, at fair value	81,958			80,797			80,165			64,764			66,358			1	%	24	%
Available for sale, at fair value	2,865,690			2,890,475			2,814,682			2,842,076			2,698,398			(1)	%	6	%
Held to maturity, at amortized cost	3,143			3,200			3,260			3,320			3,416			(2)	%	(8)	%
Loans held for sale, at fair value	605,399			481,541			513,431			355,022			356,645			26	%	70	%
Loans and leases	22,671,455			21,251,478			21,195,684			21,520,794			20,953,371			7	%	8	%
Allowance for credit losses on loans and leases	(356,745)			(291,420)			(157,629)			(156,288)			(151,069)			22	%	136	%
Net loans and leases	22,314,710			20,960,058			21,038,055			21,364,506			20,802,302			6	%	7	%
Restricted equity securities	54,062			58,062			46,463			54,463			43,063			(7)	%	26	%
Premises and equipment, net	192,041			195,390			201,460			203,391			210,285			(2)	%	(9)	%
Operating lease right-of-use assets	111,487			115,485			110,718			108,187			112,752			(3)	%	(1)	%
Goodwill	2,715			2,715			1,787,651			1,787,651			1,787,651			0	%	(100)	%
Other intangible assets, net	15,853			17,099			18,346			19,750			21,155			(7)	%	(25)	%
Residential mortgage servicing rights, at fair value	96,356			94,346			115,010			151,383			139,780			2	%	(31)	%
Bank owned life insurance	324,873			322,717			320,611			318,533			316,435			1	%	3	%
Other assets	712,687			660,781			434,201			466,365			394,044			8	%	81	%
Total assets	$	29,645,248		$	27,540,382		$	28,846,809		$	28,930,855		$	27,986,075		8	%	6	%
Liabilities:
Deposits	$	24,844,378		$	22,699,375		$	22,481,504		$	22,434,734		$	21,819,013		9	%	14	%
Securities sold under agreements to repurchase	398,414			346,245			311,308			296,717			308,052			15	%	29	%
Borrowings	1,096,559			1,196,597			906,635			1,106,674			821,712			(8)	%	33	%
Junior subordinated debentures, at fair value	232,936			195,521			274,812			267,798			277,028			19	%	(16)	%
Junior subordinated debentures, at amortized cost	88,382			88,439			88,496			88,553			88,610			0	%	0	%
Operating lease liabilities	119,885			123,962			119,429			116,924			121,742			(3)	%	(2)	%
Deferred tax liability, net	21,439			51,061			52,928			67,055			57,757			(58)	%	(63)	%
Other liabilities	304,916			331,571			297,782			262,884			263,654			(8)	%	16	%
Total liabilities	27,106,909			25,032,771			24,532,894			24,641,339			23,757,568			8	%	14	%
Shareholders' equity:
Common stock	3,510,145			3,507,680			3,514,000			3,511,493			3,514,391			0	%	0	%
(Accumulated deficit) retained earnings	(1,115,414)			(1,168,340)			770,366			733,059			695,003			(5)	%	(260)	%
Accumulated other comprehensive income	143,608			168,271			29,549			44,964			19,113			(15)	%	651	%
Total shareholders' equity	2,538,339			2,507,611			4,313,915			4,289,516			4,228,507			1	%	(40)	%
Total liabilities and shareholders' equity	$	29,645,248		$	27,540,382		$	28,846,809		$	28,930,855		$	27,986,075		8	%	6	%
Common shares outstanding at period end	220,219			220,175			220,229			220,212			220,499			0	%	0	%
Book value per common share	$	11.53		$	11.39		$	19.59		$	19.48		$	19.18		1	%	(40)	%
Tangible book value per common share	$	11.44		$	11.30		$	11.39		$	11.27		$	10.97		1	%	4	%
Tangible equity - common	$	2,519,771		$	2,487,797		$	2,507,918		$	2,482,115		$	2,419,701		1	%	4	%
Tangible common equity to tangible assets	8.51		%	9.04		%	9.27		%	9.15		%	9.24		%	(0.53)		(0.73)

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 10

Umpqua Holdings Corporation
Loan and Lease Portfolio
(Unaudited)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	3,589,484		$	3,613,420		$	3,545,566		$	3,495,555		$	3,537,084		(1)	%	1	%
Owner occupied term, net	2,459,954			2,472,187			2,496,088			2,566,299			2,396,674			0	%	3	%
Multifamily, net	3,466,829			3,464,217			3,514,774			3,479,986			3,341,547			0	%	4	%
Construction & development, net	662,703			667,975			678,740			771,214			732,932			(1)	%	(10)	%
Residential development, net	164,180			187,594			189,010			191,500			199,421			(12)	%	(18)	%
Commercial:
Term, net (1)	4,265,092			2,317,573			2,232,817			2,310,759			2,271,346			84	%	88	%
Lines of credit & other, net	940,443			1,208,051			1,212,393			1,254,755			1,280,587			(22)	%	(27)	%
Leases & equipment finance, net	1,522,369			1,492,762			1,465,489			1,485,753			1,449,579			2	%	5	%
Residential:
Mortgage, net	4,056,588			4,193,908			4,215,424			4,245,674			3,995,643			(3)	%	2	%
Home equity loans & lines, net	1,189,428			1,249,152			1,237,512			1,224,578			1,215,215			(5)	%	(2)	%
Consumer & other, net	354,385			384,639			407,871			494,721			533,343			(8)	%	(34)	%
Total loans, net of deferred fees and costs	$	22,671,455		$	21,251,478		$	21,195,684		$	21,520,794		$	20,953,371		7	%	8	%
(1)The Bank participates in the Payroll Protection Program ("PPP") to originate SBA loans designated to help businesses maintain their workforce and cover other working capital needs during the COVID-19 pandemic. The Commercial Term loans in the table above include 15,000 PPP loans, totaling $1.9 billion, net of deferred fees and costs.
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	16		%	17		%	17		%	16		%	17		%
Owner occupied term, net	11		%	12		%	12		%	12		%	11		%
Multifamily, net	15		%	16		%	16		%	16		%	16		%
Construction & development, net	3		%	3		%	3		%	4		%	3		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	19		%	11		%	10		%	11		%	11		%
Lines of credit & other, net	4		%	5		%	6		%	6		%	6		%
Leases & equipment finance, net	7		%	7		%	7		%	7		%	7		%
Residential:
Mortgage, net	18		%	20		%	20		%	20		%	19		%
Home equity loans & lines, net	5		%	6		%	6		%	5		%	6		%
Consumer & other, net	1		%	2		%	2		%	2		%	3		%
Total	100		%	100		%	100		%	100		%	100		%

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 11

Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	9,172,210		$	7,169,907		$	6,913,375		$	7,123,180		$	6,771,087		28	%	35	%
Demand, interest bearing	2,813,722			2,482,908			2,524,534			2,406,404			2,355,473			13	%	19	%
Money market	7,262,777			7,082,011			6,930,815			6,646,383			6,789,036			3	%	7	%
Savings	1,730,051			1,486,909			1,471,475			1,469,302			1,446,332			16	%	20	%
Time	3,865,618			4,477,640			4,641,305			4,789,465			4,457,085			(14)	%	(13)	%
Total	$	24,844,378		$	22,699,375		$	22,481,504		$	22,434,734		$	21,819,013		9	%	14	%
Total core deposits (1)	$	22,095,314		$	19,434,228		$	19,061,058		$	18,845,328		$	18,529,797		14	%	19	%
Deposit mix:
Demand, non-interest bearing	37		%	32		%	31		%	32		%	31		%
Demand, interest bearing	11		%	11		%	11		%	11		%	11		%
Money market	29		%	31		%	31		%	30		%	31		%
Savings	7		%	7		%	6		%	6		%	7		%
Time	16		%	19		%	21		%	21		%	20		%
Total	100		%	100		%	100		%	100		%	100		%
Number of open accounts:
Demand, non-interest bearing	423,456			416,270			415,254			413,633			409,235
Demand, interest bearing	74,813			75,514			75,900			76,390			76,686
Money market	59,445			59,203			58,888			58,796			58,158
Savings	161,710			159,870			159,948			160,673			160,708
Time	57,501			62,515			62,952			62,122			60,571
Total	776,925			773,372			772,942			771,614			765,358
Average balance per account:
Demand, non-interest bearing	$	21.7		$	17.2		$	16.6		$	17.2		$	16.5
Demand, interest bearing	37.6			32.9			33.3			31.5			30.7
Money market	122.2			119.6			117.7			113.0			116.7
Savings	10.7			9.3			9.2			9.1			9.0
Time	67.2			71.6			73.7			77.1			73.6
Total	$	32.0		$	29.4		$	29.1		$	29.1		$	28.5

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

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 12

Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status	$	32,412		$	39,128		$	26,244		$	31,636		$	35,022		(17)	%	(7)	%
Loans and leases past due 90+ days and accruing (1)	42,273			47,185			37,969			35,745			35,700			(10)	%	18	%
Total non-performing loans and leases	74,685			86,313			64,213			67,381			70,722			(13)	%	6	%
Other real estate owned	2,578			3,020			3,295			4,026			8,423			(15)	%	(69)	%
Total non-performing assets	$	77,263		$	89,333		$	67,508		$	71,407		$	79,145		(14)	%	(2)	%
Performing restructured loans and leases	$	15,032		$	20,541		$	18,576		$	14,309		$	15,267		(27)	%	(2)	%
Loans and leases past due 31-89 days	$	41,683		$	59,962		$	41,882		$	44,390		$	40,619		(30)	%	3	%
Loans and leases past due 31-89 days to total loans and leases	0.18		%	0.28		%	0.20		%	0.21		%	0.19		%
Non-performing loans and leases to total loans and leases (1)	0.33		%	0.41		%	0.30		%	0.31		%	0.34		%
Non-performing assets to total assets(1)	0.26		%	0.32		%	0.23		%	0.25		%	0.28		%

(1)Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $2.6 million, $5.3 million, $4.3 million, $5.2 million, and $5.4 million at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019, respectively.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 13

Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Three Month Ended															% Change
(Dollars in thousands)	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period	$	291,420		$	157,629		$	156,288		$	151,069		$	144,872		85	%	101	%
Impact of adoption of CECL	—			49,999			—			—			—			(100)	%	nm
Adjusted balance, beginning of period	291,420			207,628			156,288			151,069			144,872			40	%	101	%
Provision for credit losses on loans and leases (1)	81,484			105,502			16,252			23,227			19,352			(23)	%	321	%
Charge-offs	(19,453)			(24,455)			(18,734)			(23,112)			(16,707)			(20)	%	16	%
Recoveries	3,294			2,745			3,823			5,104			3,552			20	%	(7)	%
Net charge-offs	(16,159)			(21,710)			(14,911)			(18,008)			(13,155)			(26)	%	23	%
Balance, end of period	$	356,745		$	291,420		$	157,629		$	156,288		$	151,069		22	%	136	%
Reserve for unfunded commitments
Balance, beginning of period	$	20,927		$	5,106		$	5,085		$	4,857		$	4,654		310	%	350	%
Impact of adoption of CECL	—			3,238			—			—			—			(100)	%	nm
Adjusted balance, beginning of period	20,927			8,344			5,085			4,857			4,654			151	%	350	%
Provision for credit losses on unfunded commitments (1)	5,441			12,583			21			228			203			(57)	%	nm
Balance, end of period	$	26,368		$	20,927		$	5,106		$	5,085		$	4,857		26	%	443	%
Total Allowance for credit losses (ACL)	$	383,113		$	312,347		$	162,735		$	161,373		$	155,926		23	%	146	%
Net charge-offs to average loans and leases (annualized)	0.29		%	0.41		%	0.28		%	0.34		%	0.26		%
Recoveries to gross charge-offs	16.93		%	11.22		%	20.41		%	22.08		%	21.26		%
ACLLL to loans and leases	1.57		%	1.37		%	0.74		%	0.73		%	0.72		%
ACL to loans and leases	1.69		%	1.47		%	0.77		%	0.75		%	0.74		%
nm = not meaningful

⁽¹⁾ The total provision for credit losses as disclosed on the income statement includes an additional $160,000 in provision related to accrued interest on loans deferred due to COVID-19, which is not included in the table above.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 14

Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Six Months Ended						% Change
(Dollars in thousands)	Jun 30, 2020			Jun 30, 2019			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period	$	157,629		$	144,871		9	%
Impact of adoption of CECL	49,999			—			nm
Adjusted balance, beginning of period	207,628			144,871			43	%
Provision for credit losses on loans and leases (1)	186,986			33,036			466	%
Charge-offs	(43,908)			(33,859)			30	%
Recoveries	6,039			7,021			(14)	%
Net charge-offs	(37,869)			(26,838)			41	%
Balance, end of period	$	356,745		$	151,069		136	%
Reserve for unfunded commitments
Balance, beginning of period	$	5,106		$	4,523		13	%
Impact of adoption of CECL	3,238			—			nm
Adjusted balance, beginning of period	8,344			4,523			84	%
Provision for credit losses on unfunded commitments (1)	18,024			334			nm
Balance, end of period	$	26,368		$	4,857		443	%
Total Allowance for credit losses (ACL)	$	383,113		$	155,926		146	%
Net charge-offs to average loans and leases (annualized)	0.35		%	0.26		%
Recoveries to gross charge-offs	13.75		%	20.74		%
nm = not meaningful

⁽¹⁾ The total provision for credit losses as disclosed on the income statement includes an additional $160,000 in provision related to accrued interest on loans deferred due to COVID-19, not included in the table above.

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 15

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Quarter Ended										% Change
	Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Seq. Quarter	Year over Year
Average Rates:
Yield on loans held for sale	3.77	%	4.20	%	4.25	%	4.82	%	5.03	%	(0.43)	(1.26)
Yield on loans and leases	4.11	%	4.58	%	4.80	%	4.93	%	5.07	%	(0.47)	(0.96)
Yield on taxable investments	1.38	%	2.50	%	2.05	%	1.99	%	1.62	%	(1.12)	(0.24)
Yield on tax-exempt investments (1)	3.17	%	3.14	%	3.23	%	3.30	%	3.42	%	0.03	(0.25)
Yield on interest bearing cash and temporary investments	0.10	%	1.23	%	1.65	%	2.20	%	2.41	%	(1.13)	(2.31)
Total yield on earning assets (1)	3.59	%	4.19	%	4.36	%	4.52	%	4.59	%	(0.60)	(1.00)
Cost of interest bearing deposits	0.67	%	1.03	%	1.13	%	1.19	%	1.16	%	(0.36)	(0.49)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.21	%	0.47	%	0.56	%	0.57	%	0.55	%	(0.26)	(0.34)
Cost of borrowings	1.33	%	1.79	%	1.96	%	1.95	%	2.03	%	(0.46)	(0.70)
Cost of junior subordinated debentures	5.55	%	5.45	%	5.92	%	6.14	%	6.17	%	0.10	(0.62)
Total cost of interest bearing liabilities	0.78	%	1.15	%	1.27	%	1.33	%	1.31	%	(0.37)	(0.53)
Net interest spread (1)	2.81	%	3.04	%	3.09	%	3.19	%	3.28	%	(0.23)	(0.47)
Net interest margin (1)	3.09	%	3.41	%	3.51	%	3.63	%	3.70	%	(0.32)	(0.61)
Performance Ratios:
Return on average assets	0.73	%	(25.82)	%	1.15	%	1.18	%	1.62	%	26.55	(0.89)
Return on average tangible assets	0.73	%	(27.53)	%	1.22	%	1.26	%	1.73	%	28.26	(1.00)
Return on average common equity	8.46	%	(174.94)	%	7.70	%	7.87	%	10.80	%	183.40	(2.34)
Return on average tangible common equity	8.53	%	(301.30)	%	13.24	%	13.67	%	19.14	%	309.83	(10.61)
Efficiency ratio – Consolidated	55.40	%	756.29	%	59.00	%	57.76	%	51.64	%	(700.89)	3.76
Efficiency ratio – Bank	54.17	%	752.92	%	57.56	%	56.22	%	50.16	%	(698.75)	4.01

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

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 16

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Six Months Ended				% Change
	Jun 30, 2020		Jun 30, 2019		Year over Year
Average Rates:
Yield on loans held for sale	3.94	%	5.41	%	(1.47)
Yield on loans and leases	4.33	%	5.07	%	(0.74)
Yield on taxable investments	1.94	%	2.30	%	(0.36)
Yield on tax-exempt investments (1)	3.15	%	3.51	%	(0.36)
Yield on interest bearing cash and temporary investments	0.56	%	2.42	%	(1.86)
Total yield on earning assets (1)	3.88	%	4.69	%	(0.81)
Cost of interest bearing deposits	0.85	%	1.07	%	(0.22)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.33	%	0.74	%	(0.41)
Cost of borrowings	1.53	%	1.96	%	(0.43)
Cost of junior subordinated debentures	5.49	%	6.20	%	(0.71)
Total cost of interest bearing liabilities	0.96	%	1.23	%	(0.27)
Net interest spread (1)	2.92	%	3.46	%	(0.54)
Net interest margin (1)	3.25	%	3.86	%	(0.61)
Performance Ratios:
Return on average assets	(12.49)	%	1.37	%	(13.86)
Return on average tangible assets	(12.89)	%	1.47	%	(14.36)
Return on average common equity	(106.99)	%	9.09	%	(116.08)
Return on average tangible common equity	(145.65)	%	16.21	%	(161.86)
Efficiency ratio – Consolidated	364.82	%	55.58	%	309.24
Efficiency ratio – Bank	363.13	%	53.94	%	309.19

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

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 17

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Quarter Ended										% Change
(Dollars in thousands)	Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Seq. Quarter		Year over Year
Temporary investments and interest bearing cash	$	1,563,753	$	1,084,854	$	1,045,975	$	759,416	$	783,703	44	%	100	%
Investment securities, taxable	2,777,154		2,760,461		2,719,089		2,648,092		2,683,472		1	%	3	%
Investment securities, tax-exempt	235,934		241,105		244,895		252,765		271,633		(2)	%	(13)	%
Loans held for sale	577,773		406,434		415,169		328,155		264,445		42	%	118	%
Loans and leases	22,428,142		21,196,989		21,379,239		21,170,915		20,605,963		6	%	9	%
Total interest earning assets	27,582,756		25,689,843		25,804,367		25,159,343		24,609,216		7	%	12	%
Goodwill and other intangible assets, net	19,253		1,785,608		1,806,791		1,808,191		1,809,583		(99)	%	(99)	%
Total assets	29,066,775		28,844,773		28,981,387		28,356,982		27,709,310		1	%	5	%
Non-interest bearing demand deposits	8,484,684		6,880,457		7,037,320		6,880,093		6,556,090		23	%	29	%
Interest bearing deposits	15,803,595		15,695,309		15,550,483		15,289,464		15,069,198		1	%	5	%
Total deposits	24,288,279		22,575,766		22,587,803		22,169,557		21,625,288		8	%	12	%
Interest bearing liabilities	17,625,888		17,301,712		17,237,770		16,827,917		16,646,949		2	%	6	%
Shareholders' equity - common	2,514,754		4,257,711		4,317,277		4,260,810		4,153,175		(41)	%	(39)	%
Tangible common equity (1)	2,495,501		2,472,103		2,510,486		2,452,619		2,343,592		1	%	6	%

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Six Months Ended				% Change
(Dollars in thousands)	Jun 30, 2020		Jun 30, 2019		Year over Year
Temporary investments and interest bearing cash	$	1,325,627	$	470,266	182	%
Investment securities, taxable	2,768,853		2,720,353		2	%
Investment securities, tax-exempt	238,505		279,456		(15)	%
Loans held for sale	492,577		226,263		118	%
Loans and leases	21,815,966		20,498,075		6	%
Total interest earning assets	26,641,528		24,194,413		10	%
Goodwill and other intangible assets, net	897,551		1,810,291		(50)	%
Total assets	28,956,388		27,262,945		6	%
Non-interest bearing demand deposits	7,687,002		6,530,992		18	%
Interest bearing deposits	15,749,751		14,688,875		7	%
Total deposits	23,436,753		21,219,867		10	%
Interest bearing liabilities	17,464,696		16,254,933		7	%
Shareholders’ equity - common	3,381,417		4,122,346		(18)	%
Tangible common equity (1)	2,483,866		2,312,055		7	%

⁽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 Second Quarter 2020 Results

July 22, 2020

Page 18

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
	Quarter Ended
	June 30, 2020						March 31, 2020						June 30, 2019
(Dollars in thousands)	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	$	577,773	$	5,443	3.77	%	$	406,434	$	4,264	4.20	%	$	264,445	$	3,326	5.03	%
Loans and leases (1)	22,428,142		229,731		4.11	%	21,196,989		241,729		4.58	%	20,605,963		260,784		5.07	%
Taxable securities	2,777,154		9,583		1.38	%	2,760,461		17,283		2.50	%	2,683,472		10,861		1.62	%
Non-taxable securities (2)	235,934		1,868		3.17	%	241,105		1,894		3.14	%	271,633		2,325		3.42	%
Temporary investments and interest-bearing cash	1,563,753		403		0.10	%	1,084,854		3,331		1.23	%	783,703		4,708		2.41	%
Total interest-earning assets	27,582,756		$	247,028	3.59	%	25,689,843		$	268,501	4.19	%	24,609,216		$	282,004	4.59	%
Other assets	1,484,019						3,154,930						3,100,094
Total assets	$	29,066,775					$	28,844,773					$	27,709,310
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,649,331	$	1,148	0.17	%	$	2,471,556	$	3,543	0.58	%	$	2,332,535	$	2,798	0.48	%
Money market deposits	7,275,041		4,037		0.22	%	7,107,626		11,759		0.66	%	6,747,290		15,351		0.91	%
Savings deposits	1,628,276		198		0.05	%	1,485,171		241		0.07	%	1,454,908		410		0.11	%
Time deposits	4,250,947		20,839		1.97	%	4,630,956		24,747		2.15	%	4,534,465		25,032		2.21	%
Total interest-bearing deposits	15,803,595		26,222		0.67	%	15,695,309		40,290		1.03	%	15,069,198		43,591		1.16	%
Repurchase agreements and federal funds purchased	375,098		194		0.21	%	337,796		395		0.47	%	292,057		403		0.55	%
Borrowings	1,163,065		3,839		1.33	%	906,624		4,046		1.79	%	903,164		4,563		2.03	%
Junior subordinated debentures	284,130		3,922		5.55	%	361,983		4,903		5.45	%	382,530		5,881		6.17	%
Total interest-bearing liabilities	17,625,888		$	34,177	0.78	%	17,301,712		$	49,634	1.15	%	16,646,949		$	54,438	1.31	%
Non-interest-bearing deposits	8,484,684						6,880,457						6,556,090
Other liabilities	441,449						404,893						353,096
Total liabilities	26,552,021						24,587,062						23,556,135
Common equity	2,514,754						4,257,711						4,153,175
Total liabilities and shareholders' equity	$	29,066,775					$	28,844,773					$	27,709,310
NET INTEREST INCOME			$	212,851					$	218,867					$	227,566
NET INTEREST SPREAD					2.81	%					3.04	%					3.28	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.09	%					3.41	%					3.70	%

(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 $348,000 for the three months ended June 30, 2020, as compared to $332,000 for March 31, 2020 and $404,000 for June 30, 2019. 

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 19

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Six Months Ended
	June 30, 2020						June 30, 2019
	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	$	492,577	$	9,707	3.94	%	$	226,263	$	6,116	5.41	%
Loans and leases (1)	21,815,966		471,460		4.33	%	20,498,075		516,741		5.07	%
Taxable securities	2,768,853		26,866		1.94	%	2,720,353		31,334		2.30	%
Non-taxable securities (2)	238,505		3,763		3.15	%	279,456		4,905		3.51	%
Temporary investments and interest-bearing cash	1,325,627		3,734		0.56	%	470,266		5,633		2.42	%
Total interest-earning assets	26,641,528		$	515,530	3.88	%	24,194,413		$	564,729	4.69	%
Other assets	2,314,860						3,068,532
Total assets	$	28,956,388					$	27,262,945
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,560,935	$	4,691	0.37	%	$	2,326,162	$	5,438	0.47	%
Money market deposits	7,191,796		15,796		0.44	%	6,570,488		26,368		0.81	%
Savings deposits	1,557,118		439		0.06	%	1,471,626		680		0.09	%
Time deposits	4,439,902		45,586		2.06	%	4,320,599		45,199		2.11	%
Total interest-bearing deposits	15,749,751		66,512		0.85	%	14,688,875		77,685		1.07	%
Repurchase agreements and federal funds purchased	356,550		589		0.33	%	331,477		1,213		0.74	%
Borrowings	1,035,553		7,885		1.53	%	848,783		8,246		1.96	%
Junior subordinated debentures	322,842		8,825		5.49	%	385,798		11,868		6.20	%
Total interest-bearing liabilities	17,464,696		$	83,811	0.96	%	16,254,933		$	99,012	1.23	%
Non-interest-bearing deposits	7,687,002						6,530,992
Other liabilities	423,273						354,674
Total liabilities	25,574,971						23,140,599
Common equity	3,381,417						4,122,346
Total liabilities and shareholders' equity	$	28,956,388					$	27,262,945
NET INTEREST INCOME			$	431,719					$	465,717
NET INTEREST SPREAD					2.92	%					3.46	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.25	%					3.86	%

(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 $681,000 for the six months ended June 30, 2020 as compared to $870,000 for the same period in 2019. 

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 20

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	86,781		$	39,347		$	35,438		$	31,432		$	23,151		121	%	275	%
Servicing	8,533			8,880			8,981			11,358			11,036			(4)	%	(23)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(5,042)			(5,329)			(5,237)			(6,835)			(6,905)			(5)	%	(27)	%
Changes due to valuation inputs or assumptions	(6,395)			(25,358)			(5,132)			11,045			(17,753)			(75)	%	(64)	%
Total	$	83,877		$	17,540		$	34,050		$	47,000		$	9,529		378	%	780	%
Closed loan volume:
Portfolio	$	276,247		$	252,329		$	335,511		$	611,022		$	481,878		9	%	(43)	%
For-sale	1,826,095			1,148,184			1,060,016			844,442			698,150			59	%	162	%
Total	$	2,102,342		$	1,400,513		$	1,395,527		$	1,455,464		$	1,180,028		50	%	78	%
Gain on sale margin:
Based on for-sale volume	4.75		%	3.43		%	3.34		%	3.72		%	3.32		%	1.32		1.43
Residential mortgage servicing rights:
Balance, beginning of period	$	94,346		$	115,010		$	151,383		$	139,780		$	158,946		(18)	%	(41)	%
Additions for new MSR capitalized	13,447			10,023			8,397			7,393			5,492			34	%	145	%
Sale of MSR assets	—			—			(34,401)			—			—			0	%	0	%
Changes in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(5,042)			(5,329)			(5,237)			(6,835)			(6,905)			(5)	%	(27)	%
Changes due to valuation inputs or assumptions	(6,395)			(25,358)			(5,132)			11,045			(17,753)			(75)	%	(64)	%
Balance, end of period	$	96,356		$	94,346		$	115,010		$	151,383		$	139,780		2	%	(31)	%
Residential mortgage loans serviced for others	$	12,746,125		$	12,533,045		$	12,276,943		$	15,707,519		$	15,796,102		2	%	(19)	%
MSR as % of serviced portfolio	0.76		%	0.75		%	0.94		%	0.96		%	0.88		%	0.01		(0.12)

Umpqua Reports Second Quarter 2020 Results

July 22, 2020

Page 21

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(Unaudited)
	Six Months Ended						% Change
(Dollars in thousands)	Jun 30, 2020			Jun 30, 2019			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	126,128		$	37,524		236	%
Servicing	17,413			21,860			(20)	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(10,371)			(13,336)			(22)	%
Changes due to valuation inputs or assumptions	(31,753)			(25,288)			26	%
Total	$	101,417		$	20,760		389	%
Closed loan volume:
Portfolio	$	528,576		$	800,490		(34)	%
For-sale	2,974,279			1,185,240			151	%
Total	$	3,502,855		$	1,985,730		76	%
Gain on sale margin:
Based on for-sale volume	4.24		%	3.17		%	1.07
Residential mortgage servicing rights:
Balance, beginning of period	$	115,010		$	169,025		(32)	%
Additions for new MSR capitalized	23,470			9,379			150	%
Changes in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(10,371)			(13,336)			(22)	%
Changes due to valuation inputs or assumptions	(31,753)			(25,288)			26	%
Balance, end of period	$	96,356		$	139,780		(31)	%

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