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: July 20, 2022

(Date of earliest event reported)

Umpqua Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

 

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

One SW Columbia Street, Suite 1400

Portland, Oregon 97204

(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))

Securities registered pursuant to Section 12(b) of the Act:

TITLE OF EACH CLASS	TRADING SYMBOL	NAME OF EXCHANGE
Common Stock	UMPQ	The NASDAQ Global Select Market

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 July 20, 2022, Umpqua Holdings Corporation issued a press release announcing second quarter 2022 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 June 30, 2022 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 July 21, 2022. 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 second quarter 2022 financial results dated July 20, 2022
	99.2 Second Quarter 2022 Investor Presentation
	104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: July 20, 2022	By:/s/ Andrew H. Ognall Andrew H. Ognall Executive Vice President, General Counsel and Secretary

EX-99.1

EXHIBIT 99.1

Second quarter 2022 Results •Net income of $78.6 million, or $0.36 per common share •Operating net income of $80.3 million, or $0.37 per common share1 •Loan balances increased $1.5 billion or 6.3% •Deposit balances decreased $567.2 million or 2.1% •Provision for credit losses of $18.7 million

00

UMPQUA REPORTS SECOND QUARTER 2022 RESULTS
$0.36	$79	12.23%	13.5%
Net earnings per diluted common share	Net income ($ in millions)	Return on average tangible common equity ("ROATCE")1	Total risk-based capital ratio (estimated)

0

CEO Commentary

“Strong loan growth, exceptional credit quality, interest bearing deposit outflow, and net interest margin expansion characterize Umpqua’s second quarter results,” said Cort O’Haver, President and CEO. “Healthy demand within our footprint, growing momentum from new teams and geographies, and continued dedication from our associates contributed to record net loan growth of $1.5 billion in the quarter, with new generation reflective of existing, conservative portfolio trends. While customer tax payments contributed to deposit contraction, we are seeing expanded balances in the third quarter to date, in line with a more normalized pattern of deposit flows than we experienced over the past two years.”

–Cort O’Haver, President and CEO of Umpqua Holdings Corporation

2Q22 HIGHLIGHTS (COMPARED TO 1Q22)
Net Interest Income and NIM	•Net interest income increased by $19.4 million on a quarter-to-quarter basis due to the favorable impact of rising interest rates and the deployment of cash into loans.
	•Net interest margin was 3.41%, up 27 basis points from the prior quarter. Total deposit costs were 6 basis points for both the quarterly average and the quarter-end spot rate at June 30, 2022, unchanged from the first quarter.
Non-Interest Income and Expense	•Non-interest income decreased by $24.7 million due almost entirely to a smaller write-up of the mortgage servicing asset compared to the first quarter. Fair value adjustments continued to impact mortgage banking revenue and other income given interest rate changes.
	•Non-interest expense decreased by $2.9 million due to lower salaries and employee benefits expense and lower exit and disposal costs, partially offset by higher consulting fees.
Credit Quality	•Net charge-offs remained low at 0.11% of average loans and leases (annualized).
	•Provision expense of $18.7 million compares to $4.8 million for the prior quarter. Net portfolio growth and economic forecast changes are the primary drivers of the increase.
	•Non-performing assets to total assets was 0.15%, up 1 basis point from March 31, 2022.
Capital	•Estimated total risk-based capital ratio of 13.5% and estimated tier 1 risk-based capital ratio of 10.9%.
	•Declared a quarterly cash dividend of $0.21 per common share on July 20, 2022, payable August 15, 2022, to holders of record as of August 1, 2022.
Notable items	•Continued due diligence related to previously discussed MSR hedges.
	•$2.7 million in merger-related expenses and $0.4 million in exit and disposal costs.

2Q22 KEY FINANCIAL DATA
PERFORMANCE METRICS	2Q22		1Q22		2Q21
Return on average assets	1.04%		1.21%		1.54%
Return on average tangible common equity1	12.23%		13.66%		17.33%
Operating return on average assets1	1.06%		1.03%		1.63%
Operating return on average tangible common equity1	12.49%		11.62%		18.24%
Net interest margin	3.41%		3.14%		3.20%
Efficiency ratio - consolidated	59.12%		59.02%		58.96%
Loan to deposit ratio	93.50%		86.05%		84.67%
INCOME STATEMENT ($ in 000s, excl. per share data)	2Q22		1Q22		2Q21
Net interest income	$248,170		$228,763		$229,763
Provision (recapture) for credit losses	$18,692		$4,804		($22,996)
Non-interest income	$55,235		$79,969		$91,075
Non-interest expense	$179,574		$182,430		$189,400
Pre-provision net revenue1	$123,831		$126,302		$131,438
Operating pre-provision net revenue1	$125,994		$108,125		$139,539
Earnings per common share - diluted	$0.36		$0.42		$0.53
Operating earnings per common share - diluted1	$0.37		$0.36		$0.55
Dividends paid per share	$0.21		$0.21		$0.21
BALANCE SHEET	2Q22		1Q22		2Q21
Total assets	$30.1	B	$30.6	B	$30.3	B
Loans and leases	$24.4	B	$23.0	B	$22.1	B
Total deposits	$26.1	B	$26.7	B	$26.2	B
Book value per common share	$11.60		$12.02		$12.54
Tangible book value per share1	$11.57		$11.98		$12.49
Tangible book value per share, ex AOCI1	$12.99		$12.83		$12.26

Umpqua Holdings Corporation Investor Contact:

Jacquelynne "Jacque" Bohlen, SVP/Investor Relations Director, 503-727-4117, jacquebohlen@umpquabank.com

1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for the comparable GAAP measurement.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 2

Balance Sheet

Total consolidated assets were $30.1 billion as of June 30, 2022, compared to $30.6 billion as of March 31, 2022 and $30.3 billion as of June 30, 2021. Including secured off-balance sheet lines of credit, total available liquidity was $14.3 billion as of June 30, 2022, representing 48% of total assets and 55% of total deposits.

Gross loans and leases were $24.4 billion as of June 30, 2022, an increase of $1.5 billion relative to March 31, 2022. Significant activity across business lines, portfolio classes, and geographies contributed to the quarter's substantial growth. Commercial and home equity lines of credit were also additive to portfolio balances as associated utilization rates were up slightly from the prior quarter's levels despite higher commitment balances. New loans added to the portfolio during the second quarter have similar underwriting characteristics to existing loan categories, as our Q2 2022 Earnings Presentation details.

Total deposits were $26.1 billion as of June 30, 2022, a decrease of $567.2 million or 2.1% from $26.7 billion as of March 31, 2022. A continued decline in time deposits and customer tax payments contributed to balance contraction during the quarter.

Net Interest Income

Net interest income was $248.2 million for the second quarter of 2022, up $19.4 million from the prior quarter. The increase reflects the deployment of cash into loans and the favorable impact of higher interest rates on our asset sensitive balance sheet. Excluding PPP-related income, which contributed only $2.8 million to interest income in the second quarter, net interest income was up $23.4 million from the prior quarter.

The Company's net interest margin was 3.41% for the second quarter of 2022, up 27 basis points from 3.14% for the first quarter of 2022. The increase is attributable to the higher mix of loans as a percentage of earning assets as well as an increase in individual category earning asset yields given upward interest rate movements. The cost of interest-bearing deposits increased one basis point to 0.11% for the second quarter of 2022 compared to the first quarter of 2022, and it was 0.10% on June 30, 2022, as portfolio mix changes during the quarter caused a quarter-end spot rate that was below the second quarter's average rate. Please refer to the Q2 2022 Earnings Presentation available on our website for additional net interest margin change details and interest rate sensitivity information.

Credit Quality

The allowance for credit losses was $273.9 million, or 1.12% of loans and leases, as of June 30, 2022, compared to $261.5 million, or 1.14% of loans and leases, as of March 31, 2022. The provision for credit losses of $18.7 million for the second quarter of 2022 compares to a provision of $4.8 million for the first quarter of 2022. The current quarter's provision reflects allowance requirements for new loan generation, changes between the March 2022 and May 2022 economic forecasts used in credit models, and loan mix changes. Please refer to the Q2 2022 Earnings Presentation available on our website for additional details related to the allowance for credit losses.

Net charge-offs were 0.11% of average loans and leases (annualized) for the second quarter of 2022, compared to 0.10% for the first quarter of 2022. Net charge-off activity within the FinPac portfolio continued to remain below its historical average. As of June 30, 2022, non-performing assets were 0.15% of total assets, compared to 0.14% as of March 31, 2022 and 0.17% as of June 30, 2021.

Non-interest Income

Non-interest income was $55.2 million for the second quarter of 2022, down $24.7 million from the prior quarter. The decline was primarily driven by a net fair value gain of $23.5 million in the first quarter related to cumulative fair value adjustments, which compares to a net fair value gain of $1.0 million in the second quarter. Higher revenue from service charges and card-based fee income offset lower swap and mortgage gain-on-sale revenue.

As detailed in our segment and non-GAAP disclosures, non-interest income for the Core Banking segment includes a fair value loss of $9.9 million for the second quarter of 2022, driven by an increase in long-term interest rates and their effect on fair value adjustments related to investment securities, swap derivatives, and loans carried at fair value. This compares to a fair value loss of $16.7 million in the first quarter of 2022, and the $6.8 million favorable movement in fair value change between periods is primarily captured in other income. Please refer to the Q2 2022 Earnings presentation available on our website for additional details related to other non-interest income.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 3

Revenue from the origination and sale of residential mortgages was $15.1 million for the second quarter of 2022, a decrease of $1.7 million from the prior quarter. This decline reflects a sequential quarter decrease of $72.6 million or 11% in for-sale mortgage origination volume given the impact of rising long-term interest rates. Of the current quarter's mortgage production, 83% related to purchase activity, compared to 58% for the prior quarter and 56% for the same period of the prior year. While the mortgage banking gain on sale margin increased three basis points from the prior quarter to 2.62% for the second quarter of 2022, it continued to reflect the negative impact from rising rates on the pipeline. Interest rate movements favorably impacted valuation of the MSR asset, resulting in a net write-up during the quarter of $5.9 million, which includes a $10.9 million fair value gain related to model inputs. We continue to work toward putting hedges in place to reduce the volatility of MSR fair value impacts on a net basis in future quarters.

Non-interest Expense

Non-interest expense was $179.6 million for the second quarter of 2022, down $2.9 million from the prior quarter level. The decrease is primarily due to a $2.2 million decline in salaries and employee benefits. The second quarter of 2022 included $2.7 million in merger-related expenses. Please refer to the Q2 2022 Earnings Presentation available on our website for additional quarterly expense change details.

Capital

As of June 30, 2022, the Company's tangible book value per common share2 decreased to $11.57, compared to $11.98 in the prior quarter and $12.49 in the same period of the prior year. Rising interest rates drove a decline in the fair value of available-for-sale investment securities and an increase in junior subordinated debt accounted for at fair value during the quarter. The impact of these items is reflected by a decline in accumulated other comprehensive (loss) income ("AOCI") to $(308.1) million, compared to $(183.8) million at the prior quarter-end and $50.6 million at June 30, 2021. Excluding AOCI, tangible book2 increased to $12.99 at June 30, 2022, compared to $12.83 and $12.26 for the linked-quarter and year-ago periods, respectively.

AOCI has no effect on our regulatory capital ratios as the company opted to exclude it from our common equity tier 1 capital calculations. The Company's estimated total risk-based capital ratio was 13.5% and its estimated tier 1 risk-based capital ratio was 10.9% as of June 30, 2022. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of June 30, 2022 are estimates, pending completion and filing of the Company's regulatory reports.

Segment Disclosures

Segment disclosures on pages 18-20 of this press release provide additional detail on the Company's two operating segments: Core Banking and Mortgage Banking.

The Core Banking segment includes all lines of business, except Mortgage Banking, including commercial, retail, wealth management, as well as the operations, technology, and administrative functions of the Bank and Holding Company. The Mortgage Banking segment includes the revenue earned from the production and sale of residential real estate loans, the servicing income from our serviced loan portfolio, the quarterly changes to the mortgage servicing rights (MSR) asset, and the specific expenses that are related to mortgage banking activities including variable commission expenses. Revenue and related expenses for residential real estate loans held for investment are included in the Core Banking segment as portfolio loans are an anchor product for our consumer and wealth channels and are originated through a variety of channels throughout the Company.

Earnings Conference Call Information

The Company will host its second quarter 2022 earnings conference call on July 21, 2022, 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 2022 financial results. Participants may register for the call using the below link to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.

Register for the call: https://register.vevent.com/register/BI6f2cea3381f84083b34527ba1a684e6b

Join the audiocast:https://edge.media-server.com/mmc/p/udwqefhe

Access the replay through the Company's investor relations page: https://www.umpquabank.com/investor-relations/

2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for the comparable GAAP measurement.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 4

About Umpqua Holdings Corporation

Umpqua Holdings Corporation(NASDAQ: UMPQ), headquartered in Portland, Oregon, is the parent company of Umpqua Bank, an Oregon-based regional bank that operates in Oregon, Washington, California, Idaho, Nevada, Arizona, and Colorado. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company was named #1 in Customer Satisfaction for the Northwest Region in the J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM, and Forbes consistently ranks Umpqua as one of America’s Best Banks. The Portland Business Journal has also recognized Umpqua as the Most Admired Financial Services Company in Oregon for seventeen consecutive years. In addition to its retail and commercial banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses. For more information, visit 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 strategic and growth initiatives and potential MSR hedging activity and the result of such activity. 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, inflation and any slowdown in economic growth particularly in the western United States; the effect of the COVID-19 pandemic, including on our credit quality 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; changes in laws or regulations; the ability to complete, or any delays in completing, the proposed transaction between us and Columbia Banking System, Inc.; any failure to realize the anticipated benefits of the transaction when expected or at all; certain restrictions during the pendency of the proposed transaction that may impact our ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities; and potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction and integration of the companies. 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 2022 Results

July 20, 2022

Page 5

TABLE INDEX
	Page
Consolidated Statements of Operations	6
Consolidated Balance Sheets	8
Financial Highlights	9
Loan & Lease Portfolio Balances and Mix	11
Deposit Balances, Mix, and Select Account Details	12
Credit Quality - Non-performing Assets	13
Credit Quality - Allowance for Credit Losses	14
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates	16
Segments	18
GAAP to Non-GAAP Reconciliation	21

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 6

Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Quarter Ended										% Change
(In thousands, except per share data)	Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	234,674	$	214,404	$	221,501	$	224,403	$	223,470	9	%	5	%
Interest and dividends on investments:
Taxable	17,256		18,725		16,566		16,102		14,619		(8)	%	18	%
Exempt from federal income tax	1,369		1,372		1,456		1,470		1,487		0	%	(8)	%
Dividends	84		86		102		213		405		(2)	%	(79)	%
Temporary investments and interest bearing deposits	2,919		1,353		1,229		1,237		774		116	%	277	%
Total interest income	256,302		235,940		240,854		243,425		240,755		9	%	6	%
Interest expense:
Deposits	4,015		3,916		4,357		5,100		7,016		3	%	(43)	%
Securities sold under agreement to repurchase and federal funds purchased	66		63		48		88		68		5	%	(3)	%
Borrowings	50		49		51		149		866		2	%	(94)	%
Junior subordinated debentures	4,001		3,149		3,019		3,014		3,042		27	%	32	%
Total interest expense	8,132		7,177		7,475		8,351		10,992		13	%	(26)	%
Net interest income	248,170		228,763		233,379		235,074		229,763		8	%	8	%
Provision (recapture) for credit losses	18,692		4,804		(736)		(18,919)		(22,996)		289	%	(181)	%
Non-interest income:
Service charges on deposits	12,011		11,583		11,188		10,941		10,310		4	%	16	%
Card-based fees	10,530		8,708		9,355		9,111		10,274		21	%	2	%
Brokerage revenue	27		11		31		31		1,135		145	%	(98)	%
Residential mortgage banking revenue, net	30,544		60,786		43,185		34,150		44,443		(50)	%	(31)	%
Gain on sale of debt securities, net	—		2		4		—		—		(100)	%	nm
(Loss) gain on equity securities, net	(2,075)		(2,661)		(466)		(343)		4		(22)	%	nm
Gain on loan and lease sales, net	1,303		2,337		4,816		4,208		5,318		(44)	%	(75)	%
BOLI income	2,110		2,087		2,101		2,038		2,092		1	%	1	%
Other income (loss)	785		(2,884)		12,524		13,569		17,499		(127)	%	(96)	%
Total non-interest income	55,235		79,969		82,738		73,705		91,075		(31)	%	(39)	%
Non-interest expense:
Salaries and employee benefits	110,942		113,138		117,477		117,636		121,573		(2)	%	(9)	%
Occupancy and equipment, net	34,559		34,829		34,310		33,944		34,657		(1)	%	0	%
Intangible amortization	1,026		1,025		1,130		1,130		1,130		0	%	(9)	%
FDIC assessments	2,954		4,516		2,896		2,136		1,607		(35)	%	84	%
Merger related expenses	2,672		2,278		15,183		—		—		17	%	nm
Other expenses	27,421		26,644		28,715		28,907		30,433		3	%	(10)	%
Total non-interest expense	179,574		182,430		199,711		183,753		189,400		(2)	%	(5)	%
Income before provision for income taxes	105,139		121,498		117,142		143,945		154,434		(13)	%	(32)	%
Provision for income taxes	26,548		30,341		28,788		35,879		38,291		(13)	%	(31)	%
Net income	$	78,591	$	91,157	$	88,354	$	108,066	$	116,143	(14)	%	(32)	%
Weighted average basic shares outstanding	217,030		216,782		216,624		218,416		220,593		0	%	(2)	%
Weighted average diluted shares outstanding	217,279		217,392		217,356		218,978		221,022		0	%	(2)	%
Earnings per common share – basic	$	0.36	$	0.42	$	0.41	$	0.49	$	0.53	(14)	%	(32)	%
Earnings per common share – diluted	$	0.36	$	0.42	$	0.41	$	0.49	$	0.53	(14)	%	(32)	%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 7

Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Six Months Ended				% Change
(In thousands, except per share data)	Jun 30, 2022		Jun 30, 2021		Year over Year
Interest income:
Loans and leases	$	449,078	$	444,611	1	%
Interest and dividends on investments:
Taxable	35,981		27,731		30	%
Exempt from federal income tax	2,741		3,021		(9)	%
Dividends	170		1,003		(83)	%
Temporary investments and interest bearing deposits	4,272		1,398		206	%
Total interest income	492,242		477,764		3	%
Interest expense:
Deposits	7,931		17,694		(55)	%
Securities sold under agreement to repurchase and federal funds purchased	129		144		(10)	%
Borrowings	99		2,638		(96)	%
Junior subordinated debentures	7,150		6,094		17	%
Total interest expense	15,309		26,570		(42)	%
Net interest income	476,933		451,194		6	%
Provision (recapture) for credit losses	23,496		(22,996)		(202)	%
Non-interest income:
Service charges on deposits	23,594		19,957		18	%
Card-based fees	19,238		17,648		9	%
Brokerage revenue	38		5,050		(99)	%
Residential mortgage banking revenue, net	91,330		109,476		(17)	%
Gain on sale of debt securities, net	2		4		(50)	%
Loss on equity securities, net	(4,736)		(702)		nm
Gain on loan and lease sales, net	3,640		6,691		(46)	%
BOLI income	4,197		4,163		1	%
Other (loss) income	(2,099)		37,588		(106)	%
Total non-interest income	135,204		199,875		(32)	%
Non-interest expense:
Salaries and employee benefits	224,080		245,707		(9)	%
Occupancy and equipment, net	69,388		69,292		0	%
Intangible amortization	2,051		2,260		(9)	%
FDIC assessments	7,470		4,206		78	%
Merger related expenses	4,950		—		nm
Other expenses	54,065		55,527		(3)	%
Total non-interest expense	362,004		376,992		(4)	%
Income before provision for income taxes	226,637		297,073		(24)	%
Provision for income taxes	56,889		73,193		(22)	%
Net income	$	169,748	$	223,880	(24)	%
Weighted average basic shares outstanding	216,906		220,481		(2)	%
Weighted average diluted shares outstanding	217,333		220,928		(2)	%
Earnings per common share – basic	$	0.78	$	1.02	(24)	%
Earnings per common share – diluted	$	0.78	$	1.01	(23)	%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 8

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	315,348		$	307,144		$	222,015		$	395,555		$	397,526		3	%	(21)	%
Interest bearing cash and temporary investments	687,233			2,358,292			2,539,606			3,349,034			2,688,285			(71)	%	(74)	%
Investment securities:
Equity and other, at fair value	75,347			78,966			81,214			81,575			82,099			(5)	%	(8)	%
Available for sale, at fair value	3,416,707			3,638,080			3,870,435			3,723,171			3,473,950			(6)	%	(2)	%
Held to maturity, at amortized cost	2,637			2,700			2,744			2,795			2,876			(2)	%	(8)	%
Loans held for sale	228,889			309,946			353,105			352,466			429,052			(26)	%	(47)	%
Loans and leases	24,432,678			22,975,761			22,553,180			21,969,940			22,143,739			6	%	10	%
Allowance for credit losses on loans and leases	(261,111)			(248,564)			(248,412)			(257,560)			(279,887)			5	%	(7)	%
Net loans and leases	24,171,567			22,727,197			22,304,768			21,712,380			21,863,852			6	%	11	%
Restricted equity securities	10,867			10,889			10,916			10,946			15,247			0	%	(29)	%
Premises and equipment, net	165,196			167,369			171,125			172,624			172,546			(1)	%	(4)	%
Operating lease right-of-use assets	87,249			87,333			82,366			88,379			95,030			0	%	(8)	%
Other intangible assets, net	6,789			7,815			8,840			9,970			11,100			(13)	%	(39)	%
Residential mortgage servicing rights, at fair value	179,558			165,807			123,615			105,834			102,699			8	%	75	%
Bank owned life insurance	328,764			328,040			327,745			325,646			324,998			0	%	1	%
Deferred tax asset, net	70,134			39,051			—			8,402			—			80	%	nm
Other assets	389,409			408,497			542,442			552,702			625,705			(5)	%	(38)	%
Total assets	$	30,135,694		$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		(2)	%	0	%
Liabilities:
Deposits	$	26,132,423		$	26,699,587		$	26,594,685		$	26,908,397		$	26,153,553		(2)	%	0	%
Securities sold under agreements to repurchase	527,961			499,539			492,247			467,760			480,302			6	%	10	%
Borrowings	6,252			6,290			6,329			6,367			111,405			(1)	%	(94)	%
Junior subordinated debentures, at fair value	321,268			305,719			293,081			299,508			287,723			5	%	12	%
Junior subordinated debentures, at amortized cost	87,927			87,984			88,041			88,098			88,155			0	%	0	%
Operating lease liabilities	101,352			101,732			95,427			100,557			106,195			0	%	(5)	%
Deferred tax liability, net	—			—			4,353			—			2,497			nm		(100)	%
Other liabilities	440,235			328,677			317,503			298,413			288,819			34	%	52	%
Total liabilities	27,617,418			28,029,528			27,891,666			28,169,100			27,518,649			(1)	%	0	%
Shareholders' equity:
Common stock	3,445,531			3,443,266			3,444,849			3,442,085			3,517,641			0	%	(2)	%
Accumulated deficit	(619,108)			(651,912)			(697,338)			(739,915)			(801,954)			(5)	%	(23)	%
Accumulated other comprehensive (loss) income	(308,147)			(183,756)			1,759			20,209			50,629			68	%	nm
Total shareholders' equity	2,518,276			2,607,598			2,749,270			2,722,379			2,766,316			(3)	%	(9)	%
Total liabilities and shareholders' equity	$	30,135,694		$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		(2)	%	0	%
Common shares outstanding at period end	217,049			216,967			216,626			216,622			220,626			0	%	(2)	%
Book value per common share	$	11.60		$	12.02		$	12.69		$	12.57		$	12.54		(3)	%	(7)	%
Tangible book value per common share (1)	$	11.57		$	11.98		$	12.65		$	12.52		$	12.49		(3)	%	(7)	%
Tangible equity - common (1)	$	2,511,487		$	2,599,783		$	2,740,430		$	2,712,409		$	2,755,216		(3)	%	(9)	%
Tangible common equity to tangible assets (1)	8.34		%	8.49		%	8.95		%	8.78		%	9.10		%	(0.15)		(0.76)
nm = not meaningful

(1) See GAAP to Non-GAAP Reconciliation.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 9

Umpqua Holdings Corporation
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.21		$	0.21		$	0.21		$	0.21		$	0.21		0	%	0	%
Book value	$	11.60		$	12.02		$	12.69		$	12.57		$	12.54		(3)	%	(7)	%
Tangible book value (1)	$	11.57		$	11.98		$	12.65		$	12.52		$	12.49		(3)	%	(7)	%
Tangible book value, ex accumulated other comprehensive income (1)	$	12.99		$	12.83		$	12.64		$	12.43		$	12.26		1	%	6	%
Performance Ratios:
Efficiency ratio	59.12		%	59.02		%	63.10		%	59.44		%	58.96		%	0.10		0.16
Pre-provision net revenue (PPNR) ROAA (1)	1.64		%	1.67		%	1.50		%	1.62		%	1.75		%	(0.03)		(0.11)
Return on average assets (ROAA)	1.04		%	1.21		%	1.13		%	1.40		%	1.54		%	(0.17)		(0.50)
Return on average common equity	12.20		%	13.62		%	12.90		%	15.82		%	17.25		%	(1.42)		(5.05)
Return on average tangible common equity (1)	12.23		%	13.66		%	12.94		%	15.88		%	17.33		%	(1.43)		(5.10)
Performance Ratios - Operating: (1)
Operating efficiency ratio (1)	58.27		%	62.02		%	59.61		%	58.94		%	56.89		%	(3.75)		1.38
Operating PPNR return on average assets (1)	1.66		%	1.43		%	1.58		%	1.62		%	1.86		%	0.23		(0.20)
Operating return on average assets (1)	1.06		%	1.03		%	1.23		%	1.40		%	1.63		%	0.03		(0.57)
Operating return on average common equity (1)	12.46		%	11.58		%	13.98		%	15.82		%	18.16		%	0.88		(5.70)
Operating return on average tangible common equity (1)	12.49		%	11.62		%	14.03		%	15.88		%	18.24		%	0.87		(5.75)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	3.94		%	3.79		%	3.94		%	4.02		%	3.99		%	0.15		(0.05)
Yield on earning assets (2)	3.53		%	3.24		%	3.25		%	3.32		%	3.35		%	0.29		0.18
Cost of interest bearing deposits	0.11		%	0.10		%	0.11		%	0.13		%	0.18		%	0.01		(0.07)
Cost of interest bearing liabilities	0.20		%	0.18		%	0.18		%	0.20		%	0.27		%	0.02		(0.07)
Cost of total deposits	0.06		%	0.06		%	0.06		%	0.08		%	0.11		%	—		(0.05)
Cost of total funding (3)	0.12		%	0.11		%	0.11		%	0.12		%	0.16		%	0.01		(0.04)
Net interest margin (2)	3.41		%	3.14		%	3.15		%	3.21		%	3.20		%	0.27		0.21
Average interest bearing cash / Average interest earning assets	5.71		%	8.92		%	10.78		%	11.03		%	9.84		%	(3.21)		(4.13)
Average loans and leases / Average interest earning assets	80.91		%	76.85		%	74.70		%	74.78		%	76.52		%	4.06		4.39
Average loans and leases / Average total deposits	89.23		%	84.77		%	82.12		%	82.07		%	84.59		%	4.46		4.64
Average non-interest bearing deposits / Average total deposits	42.00		%	41.35		%	41.69		%	41.14		%	40.61		%	0.65		1.39
Average total deposits / Average total funding (3)	96.66		%	96.82		%	96.84		%	96.72		%	96.21		%	(0.16)		0.45
Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.18		%	0.18		%	0.23		%	0.24		%	0.22		%	—		(0.04)
Non-performing assets to total assets	0.15		%	0.14		%	0.17		%	0.17		%	0.17		%	0.01		(0.02)
Allowance for credit losses to loans and leases	1.12		%	1.14		%	1.16		%	1.23		%	1.33		%	(0.02)		(0.21)
Total risk-based capital ratio (4)	13.5		%	14.0		%	14.3		%	14.9		%	15.4		%	(0.50)		(1.90)
Common equity tier 1 risk-based capital ratio (4)	10.9		%	11.4		%	11.6		%	12.0		%	12.4		%	(0.50)		(1.50)

(1) See GAAP to Non-GAAP Reconciliation.

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

(3) Total funding = Total deposits + Total borrowings.

(4) Estimated holding company ratios.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 10

Umpqua Holding Corporation
Financial Highlights
(Unaudited)
	Six Months Ended						% Change
	Jun 30, 2022			Jun 30, 2021			Year over Year
Per Common Share Data:
Dividends	$	0.42		$	0.42		—	%
Performance Ratios:
Efficiency ratio	59.07		%	57.84		%	1.23
Pre-provision net revenue (PPNR) ROAA (1)	1.66		%	1.86		%	(0.20)
Return on average assets (ROAA)	1.12		%	1.52		%	(0.40)
Return on average common equity	12.92		%	16.80		%	(3.88)
Return on average tangible common equity (1)	12.96		%	16.89		%	(3.93)
Performance Ratios - Operating: (1)
Operating efficiency ratio (1)	60.09		%	57.38		%	2.71
Operating PPNR return on average assets (1)	1.55		%	1.86		%	(0.31)
Operating return on average assets (1)	1.04		%	1.52		%	(0.48)
Operating return on average common equity (1)	12.01		%	16.84		%	(4.83)
Operating return on average tangible common equity (1)	12.05		%	16.93		%	(4.88)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	3.86		%	4.01		%	(0.15)
Yield on earning assets (2)	3.38		%	3.38		%	—
Cost of interest bearing deposits	0.10		%	0.23		%	(0.13)
Cost of interest bearing liabilities	0.19		%	0.33		%	(0.14)
Cost of total deposits	0.06		%	0.14		%	(0.08)
Cost of total funding (3)	0.11		%	0.20		%	(0.09)
Net interest margin (2)	3.28		%	3.19		%	0.09
Average interest bearing cash / Average interest earning assets	7.31		%	9.35		%	(2.04)
Average loans and leases / Average interest earning assets	78.88		%	76.88		%	2.00
Average loans and leases / Average total deposits	87.00		%	85.54		%	1.46
Average non-interest bearing deposits / Average total deposits	41.68		%	40.06		%	1.62
Average total deposits / Average total funding (3)	96.74		%	95.69		%	1.05

(1) See GAAP to Non-GAAP Reconciliation.

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

(3) Total funding = Total deposits + Total borrowings.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 11

Umpqua Holdings Corporation
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			% 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	$	3,798,242		$	3,884,784		$	3,786,887		$	3,561,764		$	3,580,386		(2)	%	6	%
Owner occupied term, net	2,497,553			2,327,899			2,332,422			2,330,338			2,398,326			7	%	4	%
Multifamily, net	4,768,273			4,323,633			4,051,202			3,813,024			3,553,704			10	%	34	%
Construction & development, net	1,017,297			940,286			890,338			882,778			857,866			8	%	19	%
Residential development, net	194,909			195,308			206,990			177,148			193,904			0	%	1	%
Commercial:
Term, net (1)	2,904,861			2,772,206			3,008,473			3,159,466			3,748,269			5	%	(23)	%
Lines of credit & other, net	920,604			871,483			910,733			930,350			908,518			6	%	1	%
Leases & equipment finance, net	1,576,144			1,484,252			1,467,676			1,457,248			1,437,372			6	%	10	%
Residential:
Mortgage, net	5,168,457			4,748,266			4,517,266			4,330,860			4,145,432			9	%	25	%
Home equity loans & lines, net	1,415,722			1,250,702			1,197,170			1,133,823			1,118,278			13	%	27	%
Consumer & other, net	170,616			176,942			184,023			193,141			201,684			(4)	%	(15)	%
Total loans and leases, net of deferred fees and costs	$	24,432,678		$	22,975,761		$	22,553,180		$	21,969,940		$	22,143,739		6	%
(1)The Bank participated in the Payroll Protection Program 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 the following net PPP loan balances:
Net PPP loan balance	$101,554			$	172,790		$	380,440		$	726,737		$	1,380,212		(41)	%	(93)	%
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	15		%	17		%	17		%	16		%	16		%
Owner occupied term, net	10		%	10		%	10		%	11		%	11		%
Multifamily, net	20		%	19		%	18		%	17		%	16		%
Construction & development, net	4		%	4		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	12		%	12		%	13		%	14		%	17		%
Lines of credit & other, net	4		%	4		%	4		%	4		%	4		%
Leases & equipment finance, net	6		%	6		%	7		%	7		%	6		%
Residential:
Mortgage, net	21		%	21		%	20		%	20		%	19		%
Home equity loans & lines, net	6		%	5		%	5		%	5		%	5		%
Consumer & other, net	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 12

Umpqua Holdings Corporation
Deposit Balances, Mix, and Select Account Details
(Unaudited)
	Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	11,129,209		$	11,058,251		$	11,023,724		$	11,121,127		$	10,718,921		1	%	4	%
Demand, interest bearing	3,723,650			3,955,329			3,774,937			3,758,019			3,466,251			(6)	%	7	%
Money market	7,284,641			7,572,581			7,611,718			7,780,442			7,559,621			(4)	%	(4)	%
Savings	2,446,876			2,429,073			2,375,723			2,325,929			2,221,524			1	%	10	%
Time	1,548,047			1,684,353			1,808,583			1,922,880			2,187,236			(8)	%	(29)	%
Total	$	26,132,423		$	26,699,587		$	26,594,685		$	26,908,397		$	26,153,553		(2)	%	0	%
Total core deposits (1)	$	25,619,500		$	26,140,993		$	25,964,358		$	26,029,814		$	25,122,851		(2)	%	2	%
Deposit mix:
Demand, non-interest bearing	43		%	42		%	41		%	41		%	41		%
Demand, interest bearing	14		%	15		%	14		%	14		%	13		%
Money market	28		%	28		%	29		%	29		%	29		%
Savings	9		%	9		%	9		%	9		%	9		%
Time	6		%	6		%	7		%	7		%	8		%
Total	100		%	100		%	100		%	100		%	100		%
Number of open accounts:
Demand, non-interest bearing	434,436			428,915			428,181			425,337			424,626
Demand, interest bearing	57,145			63,800			66,010			70,749			71,411
Money market	56,430			56,783			57,222			57,794			58,289
Savings	159,709			160,267			160,449			161,698			161,902
Time	32,103			34,127			35,665			37,172			39,560
Total	739,823			743,892			747,527			752,750			755,788
Average balance per account:
Demand, non-interest bearing	$	25.6		$	25.8		$	25.7		$	26.1		$	25.2
Demand, interest bearing	65.2			62.0			57.2			53.1			48.5
Money market	129.1			133.4			133.0			134.6			129.7
Savings	15.3			15.2			14.8			14.4			13.7
Time	48.2			49.4			50.7			51.7			55.3
Total	$	35.3		$	35.9		$	35.6		$	35.7		$	34.6

(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 13

	Umpqua Holdings Corporation
	Credit Quality – Non-performing Assets
	(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status:
	Commercial real estate, net	$	5,514		$	5,950		$	5,767		$	5,952		$	9,034		(7)	%	(39)	%
	Commercial, net	12,645			12,415			13,098			18,200			11,639			2	%	9	%
	Residential, net	—			—			—			—			—			nm		nm
	Consumer & other, net	—			—			—			—			—			nm		nm
	Total Loans and leases on non-accrual status	18,159			18,365			18,865			24,152			20,673			(1)	%	(12)	%
Loans and leases past due 90+ days and accruing:
	Commercial real estate, net	23			1			1			1			1			nm		nm
	Commercial, net	3,311			8			4,160			2,454			2,255			nm		47	%
	Residential, net	22,340			23,162			27,981			24,919			26,648			(4)	%	(16)	%
	Consumer & other, net	196			111			194			116			240			77	%	(18)	%
	Total Loans and leases past due 90+ days and accruing	25,870			23,282			32,336			27,490			29,144			11	%	(11)	%
Total non-performing loans and leases		44,029			41,647			51,201			51,642			49,817			6	%	(12)	%
Other real estate owned		1,868			1,868			1,868			1,868			181			0	%	nm
Total non-performing assets		$	45,897		$	43,515		$	53,069		$	53,510		$	49,998		5	%	(8)	%
Performing restructured loans and leases		$	7,631		$	8,405		$	6,694		$	9,849		$	13,072		(9)	%	(42)	%
Loans and leases past due 31-89 days		$	34,659		$	42,409		$	31,680		$	41,326		$	30,646		(18)	%	13	%
Loans and leases past due 31-89 days to total loans and leases		0.14		%	0.18		%	0.14		%	0.19		%	0.14		%
Non-performing loans and leases to total loans and leases		0.18		%	0.18		%	0.23		%	0.24		%	0.22		%
Non-performing assets to total assets		0.15		%	0.14		%	0.17		%	0.17		%	0.17		%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 14

	Umpqua Holdings Corporation
	Credit Quality – Allowance for Credit Losses
	(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	248,564		$	248,412		$	257,560		$	279,887		$	311,283		0	%	(20)	%
Provision (recapture) for credit losses on loans and leases		18,787			5,696			(1,751)			(16,132)			(17,775)			230	%	(206)	%
Charge-offs
	Commercial real estate, net	(8)			—			(58)			(916)			(129)			nm		(94)	%
	Commercial, net	(9,035)			(7,858)			(10,197)			(8,521)			(16,093)			15	%	(44)	%
	Residential, net	—			(167)			—			—			—			(100)	%	nm
	Consumer & other, net	(836)			(885)			(675)			(936)			(857)			(6)	%	(2)	%
	Total charge-offs	(9,879)			(8,910)			(10,930)			(10,373)			(17,079)			11	%	(42)	%
Recoveries
	Commercial real estate, net	73			25			56			120			89			192	%	(18)	%
	Commercial, net	2,934			2,545			2,585			3,346			2,681			15	%	9	%
	Residential, net	216			173			326			281			209			25	%	3	%
	Consumer & other, net	416			623			566			431			479			(33)	%	(13)	%
	Total recoveries	3,639			3,366			3,533			4,178			3,458			8	%	5	%
Net (charge-offs) recoveries
	Commercial real estate, net	65			25			(2)			(796)			(40)			160	%	(263)	%
	Commercial, net	(6,101)			(5,313)			(7,612)			(5,175)			(13,412)			15	%	(55)	%
	Residential, net	216			6			326			281			209			nm		3	%
	Consumer & other, net	(420)			(262)			(109)			(505)			(378)			60	%	11	%
	Total net charge-offs	(6,240)			(5,544)			(7,397)			(6,195)			(13,621)			13	%	(54)	%
Balance, end of period		$	261,111		$	248,564		$	248,412		$	257,560		$	279,887		5	%	(7)	%
Reserve for unfunded commitments
Balance, beginning of period		$	12,918		$	12,767		$	11,752		$	14,539		$	19,760		1	%	(35)	%
(Recapture) provision for credit losses on unfunded commitments		(95)			151			1,015			(2,787)			(5,221)			(163)	%	(98)	%
Balance, end of period		12,823			12,918			12,767			11,752			14,539			(1)	%	(12)	%
Total Allowance for credit losses (ACL)		$	273,934		$	261,482		$	261,179		$	269,312		$	294,426		5	%	(7)	%
Net charge-offs to average loans and leases (annualized)		0.11		%	0.10		%	0.13		%	0.11		%	0.25		%
Recoveries to gross charge-offs		36.84		%	37.78		%	32.32		%	40.28		%	20.25		%
ACLLL to loans and leases		1.07		%	1.08		%	1.10		%	1.17		%	1.26		%
ACL to loans and leases		1.12		%	1.14		%	1.16		%	1.23		%	1.33		%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 15

Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Six Months Ended						% Change
(Dollars in thousands)		Jun 30, 2022			Jun 30, 2021			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	248,412		$	328,401		(24)	%
Provision (recapture) for credit losses on loans and leases		24,483			(17,249)			(242)	%
Charge-offs
	Commercial real estate, net	(8)			(170)			(95)	%
	Commercial, net	(16,893)			(35,707)			(53)	%
	Residential, net	(167)			(70)			139	%
	Consumer & other, net	(1,721)			(2,047)			(16)	%
	Total charge-offs	(18,789)			(37,994)			(51)	%
Recoveries
	Commercial real estate, net	98			469			(79)	%
	Commercial, net	5,479			4,772			15	%
	Residential, net	389			317			23	%
	Consumer & other, net	1,039			1,171			(11)	%
	Total recoveries	7,005			6,729			4	%
Net (charge-offs) recoveries
	Commercial real estate, net	90			299			(70)	%
	Commercial, net	(11,414)			(30,935)			(63)	%
	Residential, net	222			247			(10)	%
	Consumer & other, net	(682)			(876)			(22)	%
	Total net charge-offs	(11,784)			(31,265)			(62)	%
Balance, end of period		$	261,111		$	279,887		(7)	%
Reserve for unfunded commitments
Balance, beginning of period		$	12,767		$	20,286		(37)	%
Provision (recapture) for credit losses on unfunded commitments		56			(5,747)			(101)	%
Balance, end of period		12,823			14,539			(12)	%
Total Allowance for credit losses (ACL)		$	273,934		$	294,426		(7)	%
Net charge-offs to average loans and leases (annualized)		0.10		%	0.29		%
Recoveries to gross charge-offs		37.28		%	17.71		%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 16

Umpqua Holdings Corporation Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Quarter Ended
	June 30, 2022						March 31, 2022						June 30, 2021
(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	$	264,320	$	2,742	4.15	%	$	286,307	$	2,262	3.16	%	$	468,960	$	3,725	3.18	%
Loans and leases (1)	23,550,796		231,932		3.94	%	22,566,109		212,142		3.79	%	22,040,794		219,745		3.99	%
Taxable securities	3,410,091		17,340		2.03	%	3,659,145		18,811		2.06	%	3,210,771		15,024		1.87	%
Non-taxable securities (2)	220,327		1,721		3.13	%	234,186		1,726		2.95	%	247,282		1,864		3.02	%
Temporary investments and interest-bearing cash	1,663,454		2,919		0.70	%	2,618,528		1,353		0.21	%	2,835,474		774		0.11	%
Total interest-earning assets	29,108,988		$	256,654	3.53	%	29,364,275		$	236,294	3.24	%	28,803,281		$	241,132	3.35	%
Other assets	1,247,915						1,233,138						1,352,736
Total assets	$	30,356,903					$	30,597,413					$	30,156,017
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,896,553	$	610	0.06	%	$	3,812,173	$	498	0.05	%	$	3,385,336	$	459	0.05	%
Money market deposits	7,366,987		1,717		0.09	%	7,640,810		1,408		0.07	%	7,614,474		1,533		0.08	%
Savings deposits	2,426,124		199		0.03	%	2,405,958		205		0.03	%	2,171,865		154		0.03	%
Time deposits	1,618,394		1,489		0.37	%	1,753,880		1,805		0.42	%	2,303,068		4,870		0.85	%
Total interest-bearing deposits	15,308,058		4,015		0.11	%	15,612,821		3,916		0.10	%	15,474,743		7,016		0.18	%
Repurchase agreements and federal funds purchased	512,641		66		0.05	%	486,542		63		0.05	%	440,881		68		0.06	%
Borrowings	6,273		50		3.21	%	6,313		49		3.16	%	214,670		866		1.62	%
Junior subordinated debentures	393,964		4,001		4.07	%	380,985		3,149		3.35	%	369,812		3,042		3.30	%
Total interest-bearing liabilities	16,220,936		$	8,132	0.20	%	16,486,661		$	7,177	0.18	%	16,500,106		$	10,992	0.27	%
Non-interest-bearing deposits	11,086,376						11,007,034						10,582,197
Other liabilities	464,755						388,659						373,704
Total liabilities	27,772,067						27,882,354						27,456,007
Common equity	2,584,836						2,715,059						2,700,010
Total liabilities and shareholders' equity	$	30,356,903					$	30,597,413					$	30,156,017
NET INTEREST INCOME			$	248,522					$	229,117					$	230,140
NET INTEREST SPREAD					3.33	%					3.06	%					3.08	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.41	%					3.14	%					3.20	%

(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 $352,000 for the three months ended June 30, 2022, as compared to $354,000 for March 31, 2022 and $377,000 for June 30, 2021. 

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 17

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Six Months Ended
	June 30, 2022						June 30, 2021
	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	$	275,253	$	5,004	3.64	%	$	585,611	$	8,570	2.93	%
Loans and leases (1)	23,061,173		444,074		3.86	%	21,867,678		436,041		4.01	%
Taxable securities	3,533,930		36,151		2.05	%	3,079,065		28,734		1.87	%
Non-taxable securities (2)	227,218		3,447		3.03	%	249,996		3,779		3.02	%
Temporary investments and interest-bearing cash	2,138,352		4,272		0.40	%	2,660,435		1,398		0.11	%
Total interest-earning assets	29,235,926		$	492,948	3.38	%	28,442,785		$	478,522	3.38	%
Other assets	1,240,386						1,333,577
Total assets	$	30,476,312					$	29,776,362
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,854,596	$	1,108	0.06	%	$	3,256,085	$	873	0.05	%
Money market deposits	7,503,142		3,125		0.08	%	7,488,195		3,024		0.08	%
Savings deposits	2,416,096		404		0.03	%	2,085,874		317		0.03	%
Time deposits	1,685,763		3,294		0.39	%	2,491,169		13,480		1.09	%
Total interest-bearing deposits	15,459,597		7,931		0.10	%	15,321,323		17,694		0.23	%
Repurchase agreements and federal funds purchased	499,664		129		0.05	%	418,538		144		0.07	%
Borrowings	6,293		99		3.18	%	375,977		2,638		1.41	%
Junior subordinated debentures	387,510		7,150		3.72	%	356,715		6,094		3.44	%
Total interest-bearing liabilities	16,353,064		$	15,309	0.19	%	16,472,553		$	26,570	0.33	%
Non-interest-bearing deposits	11,046,925						10,241,863
Other liabilities	426,917						374,436
Total liabilities	27,826,906						27,088,852
Common equity	2,649,406						2,687,510
Total liabilities and shareholders' equity	$	30,476,312					$	29,776,362
NET INTEREST INCOME			$	477,639					$	451,952
NET INTEREST SPREAD					3.19	%					3.05	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.28	%					3.19	%

(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 $706,000 for the six months ended June 30, 2022, as compared to $758,000 for the same period in 2021. 

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 18

Umpqua Holdings Corporation Segments
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Net interest income		$	247,009		$	227,087		$	231,250		$	232,348		$	226,915		9	%	9	%
Provision (recapture) for credit losses		18,692			4,804			(736)			(18,919)			(22,996)			nm		nm
Non-interest income
	Gain on sale of debt securities, net	—			2			4			—			—			(100)	%	nm
	(Loss) gain on equity securities, net	(2,075)			(2,661)			(466)			(343)			4			(22)	%	nm
	Gain (loss) on swap derivatives, net	7,337			7,047			(303)			1,429			(4,481)			nm		(264)	%
	Change in fair value of certain loans held for investment	(15,210)			(21,049)			(2,672)			3,432			2,782			nm		nm
	Non-interest income (excluding above items)	34,461			35,650			42,812			34,849			48,151			(3)	%	(28)	%
	Total non-interest income	24,513			18,989			39,375			39,367			46,456			29	%	(47)	%
Non-interest expense
	Merger related expenses	2,672			2,278			15,183			—			—			17	%	nm
	Exit and disposal costs	442			3,033			3,022			3,813			4,728			(85)	%	(91)	%
	Non-interest expense (excluding above items)	148,946			148,423			150,587			146,931			146,877			0	%	1	%
	Allocated expenses, net (1)	3,702			3,735			4,314			3,680			970			(1)	%	nm
	Total non-interest expense	155,762			157,469			173,106			154,424			152,575			(1)	%	2	%
Income before income taxes		97,068			83,803			98,255			136,210			143,792			16	%	(32)	%
Provision for income taxes		24,530			20,917			24,067			33,945			35,630			17	%	(31)	%
Net income		$	72,538		$	62,886		$	74,188		$	102,265		$	108,162		15	%	(33)	%
Effective Tax Rate		25		%	25		%	24		%	25		%	25		%
Efficiency Ratio		57		%	64		%	64		%	57		%	56		%
Total assets		$	29,721,590		$	30,153,079		$	30,155,058		$	30,419,108		$	29,720,182		(1)	%	0	%
Total loans and leases		$	24,432,678		$	22,975,761		$	22,553,180		$	21,969,940		$	22,143,739		6	%	10	%
Total deposits		$	25,925,294		$	26,479,078		$	26,370,568		$	26,510,938		$	25,820,776		(2)	%	0	%
Key Rates, end of period:
10 year CMT		2.98		%	2.32		%	1.52		%	1.52		%	1.45		%
FHLMC 30 year fixed		5.70		%	4.67		%	3.11		%	3.01		%	2.98		%
nm = not meaningful
(1) Represents the internal charges for centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 19

Umpqua Holdings Corporation Segments - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Net interest income		$	1,161		$	1,676		$	2,129		$	2,726		$	2,848		(31)	%	(59)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	15,101			16,844			23,624			30,293			41,367			(10)	%	(63)	%
	Servicing	9,505			9,140			9,457			9,172			9,120			4	%	4	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	(4,961)			(5,347)			(5,311)			(4,681)			(4,366)			(7)	%	14	%
	Changes due to valuation inputs or assumptions	10,899			40,149			15,415			(634)			(1,678)			(73)	%	nm
	Non-interest income (excluding above items)	178			194			178			188			176			(8)	%	1	%
	Total non-interest income	30,722			60,980			43,363			34,338			44,619			(50)	%	(31)	%
Non-interest expense
	Non-interest expense	27,514			28,696			30,919			33,009			37,795			(4)	%	(27)	%
	Allocated expenses, net(1)	(3,702)			(3,735)			(4,314)			(3,680)			(970)			(1)	%	nm
	Total non-interest expense	23,812			24,961			26,605			29,329			36,825			(5)	%	(35)	%
Income before income taxes		8,071			37,695			18,887			7,735			10,642			(79)	%	(24)	%
Provision for income taxes		2,018			9,424			4,721			1,934			2,661			(79)	%	(24)	%
Net income		$	6,053		$	28,271		$	14,166		$	5,801		$	7,981		(79)	%	(24)	%
Effective Tax Rate		25		%	25		%	25		%	25		%	25		%
Efficiency Ratio		75		%	40		%	58		%	79		%	78		%
Total assets		$	414,104		$	484,047		$	485,878		$	472,371		$	564,783		(14)	%	(27)	%
Loans held for sale		$	228,889		$	309,946		$	353,105		$	352,466		$	429,052		(26)	%	(47)	%
Total deposits		$	207,129		$	220,509		$	224,117		$	397,459		$	332,777		(6)	%	(38)	%
LHFS Production Statistics:
Closed loan volume for-sale		$	576,532		$	649,122		$	871,268		$	987,281		$	1,253,023		(11)	%	(54)	%
Gain on sale margin		2.62		%	2.59		%	2.71		%	3.07		%	3.30		%
Direct LHFS expense		$	13,197		$	14,296		$	18,150		$	19,958		$	25,459		(8)	%	(48)	%
Direct LHFS expenses as % of volume		2.29		%	2.20		%	2.08		%	2.02		%	2.03		%
MSR Statistics:
Residential mortgage loans serviced for others		$	12,932,747		$	12,810,574		$	12,755,671		$	12,853,291		$	12,897,032		1	%	0	%
MSR, net		$	179,558		$	165,807		$	123,615		$	105,834		$	102,699		8	%	75	%
MSR as % of serviced portfolio		1.39		%	1.29		%	0.97		%	0.82		%	0.80		%
Key Rates, end of period:
10 year CMT		2.98		%	2.32		%	1.52		%	1.52		%	1.45		%
FHLMC 30 year fixed		5.70		%	4.67		%	3.11		%	3.01		%	2.98		%
nm = not meaningful

(1) Represents the internal charges for centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 20

Umpqua Holdings Corporation Segments
(Unaudited)
(in thousands)		Core Banking								Mortgage Banking
		Six Months Ended						% Change		Six Months Ended						% Change
		Jun 30, 2022			Jun 30, 2021			Year over Year		Jun 30, 2022			Jun 30, 2021			Year over Year
Net interest income		$	474,096		$	444,489		7	%	$	2,837		$	6,705		(58)	%
Provision (recapture) for credit losses		23,496			(22,996)			(202)	%	—			—			nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—			—			nm		31,945			103,872			(69)	%
	Servicing	—			—			nm		18,645			18,207			2	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—			—			nm		(10,308)			(8,911)			16	%
	Changes due to valuation inputs or assumptions	—			—			nm		51,048			(3,692)			nm
	Gain on sale of debt securities, net	2			4			(50)	%	—			—			nm
	Loss on equity securities, net	(4,736)			(702)			575	%	—			—			nm
	Gain on swap derivatives, net	14,384			7,269			98	%	—			—			nm
	Change in fair value of certain loans held for investment	(36,259)			2,272			nm		—			—			nm
	Non-interest income (excluding above items)	70,111			81,064			(14)	%	372			492			(24)	%
	Total non-interest income	43,502			89,907			(52)	%	91,702			109,968			(17)	%
Non-interest expense
	Merger related expenses	4,950			—			nm		—			—			nm
	Exit and disposal costs	3,475			5,928			(41)	%	—			—			nm
	Non-interest expense (excluding above items)	297,369			292,038			2	%	56,210			79,026			(29)	%
	Allocated expenses, net (1)	7,437			180			nm		(7,437)			(180)			nm
	Total non-interest expense	313,231			298,146			5	%	48,773			78,846			(38)	%
Income before income taxes		180,871			259,246			(30)	%	45,766			37,827			21	%
Provision for income taxes		45,447			63,736			(29)	%	11,442			9,457			21	%
Net income		$	135,424		$	195,510		(31)	%	$	34,324		$	28,370		21	%
Effective Tax Rate		25		%	25		%			25		%	25		%
Efficiency Ratio		60		%	56		%			52		%	68		%
LHFS Production Statistics:
Closed loan volume for-sale										$	1,225,654		$	2,888,555
Gain on sale margin										2.61		%	3.60		%
Direct LHFS expense										$	27,493		$	56,610
Direct LHFS expenses as % of volume										2.24		%	1.96		%
nm = not meaningful

(1)Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 21

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 presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation
(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands, except per share data)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	2,518,276		$	2,607,598		$	2,749,270		$	2,722,379		$	2,766,316		(3)	%	(9)	%
Less: Other intangible assets, net		6,789			7,815			8,840			9,970			11,100			(13)	%	(39)	%
Tangible common shareholders' equity	b	$	2,511,487		$	2,599,783		$	2,740,430		$	2,712,409		$	2,755,216		(3)	%	(9)	%
Less: Accumulated other comprehensive income (AOCI)		$	(308,147)		(183,756)			1,759			20,209			50,629			68	%	nm
Tangible common shareholders' equity, ex AOCI	c	$	2,819,634		$	2,783,539		$	2,738,671		$	2,692,200		$	2,704,587		1	%	4	%
Total assets	d	$	30,135,694		$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		(2)	%	—	%
Less: Other intangible assets, net		6,789			7,815			8,840			9,970			11,100			(13)	%	(39)	%
Tangible assets	e	$	30,128,905		$	30,629,311		$	30,632,096		$	30,881,509		$	30,273,865		(2)	%	—	%
Common shares outstanding at period end	f	217,049			216,967			216,626			216,622			220,626			0	%	(2)	%
Total shareholders' equity to total assets ratio	a / d	8.36		%	8.51		%	8.97		%	8.81		%	9.13		%	(0.15)		(0.77)
Tangible common equity ratio	b / e	8.34		%	8.49		%	8.95		%	8.78		%	9.10		%	(0.15)		(0.76)
Tangible common equity ratio, ex AOCI	c / e	9.36		%	9.09		%	8.94		%	8.72		%	8.93		%	0.27		0.43
Book value per common share	a / f	$	11.60		$	12.02		$	12.69		$	12.57		$	12.54		(3)	%	(7)	%
Tangible book value per common share	b / f	$	11.57		$	11.98		$	12.65		$	12.52		$	12.49		(3)	%	(7)	%
Tangible book value per common share, ex AOCI	c / f	$	12.99		$	12.83		$	12.64		$	12.43		$	12.26		1	%	6	%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 22

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended										% Change
(Dollars in thousands)		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	—	$	2	$	4	$	—	$	—	(100)	%	nm
(Loss) gain on equity securities, net		(2,075)		(2,661)		(466)		(343)		4		(22)	%	nm
Gain (loss) on swap derivatives		7,337		7,047		(303)		1,429		(4,481)		4	%	(264)	%
Change in fair value of certain loans held for investment		(15,210)		(21,049)		(2,672)		3,432		2,782		(28)	%	nm
Change in fair value of MSR due to valuation inputs or assumptions		10,899		40,149		15,415		(634)		(1,678)		(73)	%	nm
Total non-interest income adjustments	a	$	951	$	23,488	$	11,978	$	3,884	$	(3,373)	(96)	%	(128)	%
Non-Interest Expense Adjustments
Merger related expenses		$	2,672	$	2,278	$	15,183	$	—	$	—	17	%	nm
Exit and disposal costs		442		3,033		3,022		3,813		4,728		(85)	%	(91)	%
Total non-interest expense adjustments	b	$	3,114	$	5,311	$	18,205	$	3,813	$	4,728	(41)	%	(34)	%
Net interest income (1)	c	$	248,522	$	229,117	$	233,754	$	235,452	$	230,140	8	%	8	%
Non-interest income (GAAP)	d	$	55,235	$	79,969	$	82,738	$	73,705	$	91,075	(31)	%	(39)	%
Less: Non-interest income adjustments	a	(951)		(23,488)		(11,978)		(3,884)		3,373		(96)	%	(128)	%
Operating non-interest income (non-GAAP)	e	$	54,284	$	56,481	$	70,760	$	69,821	$	94,448	(4)	%	(43)	%
Revenue (GAAP) (1)	f=c+d	$	303,757	$	309,086	$	316,492	$	309,157	$	321,215	(2)	%	(5)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	302,806	$	285,598	$	304,514	$	305,273	$	324,588	6	%	(7)	%
Non-interest expense (GAAP)	h	$	179,574	$	182,430	$	199,711	$	183,753	$	189,400	(2)	%	(5)	%
Less: Non-interest expense adjustments	b	(3,114)		(5,311)		(18,205)		(3,813)		(4,728)		(41)	%	(34)	%
Operating non-interest expense (non-GAAP)	i	$	176,460	$	177,119	$	181,506	$	179,940	$	184,672	—	%	(4)	%
Net income (GAAP)	j	$	78,591	$	91,157	$	88,354	$	108,066	$	116,143	(14)	%	(32)	%
Provision for income taxes		26,548		30,341		28,788		35,879		38,291		(13)	%	(31)	%
Income before provision for income taxes		105,139		121,498		117,142		143,945		154,434		(13)	%	(32)	%
Provision (recapture) for credit losses		18,692		4,804		(736)		(18,919)		(22,996)		289	%	(181)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	123,831		126,302		116,406		125,026		131,438		(2)	%	(6)	%
Less: Non-interest income adjustments	a	(951)		(23,488)		(11,978)		(3,884)		3,373		(96)	%	(128)	%
Add: Non-interest expense adjustments	b	3,114		5,311		18,205		3,813		4,728		(41)	%	(34)	%
Operating PPNR (non-GAAP)	l	$	125,994	$	108,125	$	122,633	$	124,955	$	139,539	17	%	(10)	%
Net income (GAAP)	j	$	78,591	$	91,157	$	88,354	$	108,066	$	116,143	(14)	%	(32)	%
Less: Non-interest income adjustments	a	(951)		(23,488)		(11,978)		(3,884)		3,373		(96)	%	(128)	%
Add: Non-interest expense adjustments	b	3,114		5,311		18,205		3,813		4,728		(41)	%	(34)	%
Tax effect of adjustments		(480)		4,576		1,190		18		(2,025)		(110)	%	(76)	%
Operating net income (non-GAAP)	m	$	80,274	$	77,556	$	95,771	$	108,013	$	122,219	4	%	(34)	%
nm = not meaningful

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

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 23

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended															% Change
(Dollars in thousands, except per share data)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Average assets	n	$	30,356,903		$	30,597,413		$	30,886,378		$	30,614,374		$	30,156,017		(1)	%	1	%
Less: Average goodwill and other intangible assets, net		7,379			8,407			9,491			10,609			12,615			(12)	%	(42)	%
Average tangible assets	o	$	30,349,524		$	30,589,006		$	30,876,887		$	30,603,765		$	30,143,402		(1)	%	1	%
Average common shareholders' equity	p	$	2,584,836		$	2,715,059		$	2,717,753		$	2,709,641		$	2,700,010		(5)	%	(4)	%
Less: Average goodwill and other intangible assets, net		7,379			8,407			9,491			10,609			12,615			(12)	%	(42)	%
Average tangible common equity	q	$	2,577,457		$	2,706,652		$	2,708,262		$	2,699,032		$	2,687,395		(5)	%	(4)	%
Weighted average basic shares outstanding	r	217,030			216,782			216,624			218,416			220,593			0	%	(2)	%
Weighted average diluted shares outstanding	s	217,279			217,392			217,356			218,978			221,022			0	%	(2)	%
Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.36		$	0.42		$	0.41		$	0.49		$	0.53		(14)	%	(32)	%
Earnings-per-share - diluted	j / s	$	0.36		$	0.42		$	0.41		$	0.49		$	0.53		(14)	%	(32)	%
Efficiency ratio	h / f	59.12		%	59.02		%	63.10		%	59.44		%	58.96		%	0.10		0.16
PPNR return on average assets	k / n	1.64		%	1.67		%	1.50		%	1.62		%	1.75		%	(0.03)		(0.11)
Return on average assets	j / n	1.04		%	1.21		%	1.13		%	1.40		%	1.54		%	(0.17)		(0.50)
Return on average tangible assets	j / o	1.04		%	1.21		%	1.14		%	1.40		%	1.55		%	(0.17)		(0.51)
Return on average common equity	j / p	12.20		%	13.62		%	12.90		%	15.82		%	17.25		%	(1.42)		(5.05)
Return on average tangible common equity	j / q	12.23		%	13.66		%	12.94		%	15.88		%	17.33		%	(1.43)		(5.10)
Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic	m / r	$	0.37		$	0.36		$	0.44		$	0.49		$	0.55		3	%	(33)	%
Operating earnings-per-share - diluted	m / s	$	0.37		$	0.36		$	0.44		$	0.49		$	0.55		3	%	(33)	%
Operating efficiency ratio	i / g	58.27		%	62.02		%	59.61		%	58.94		%	56.89		%	(3.75)		1.38
Operating PPNR return on average assets	l / n	1.66		%	1.43		%	1.58		%	1.62		%	1.86		%	0.23		(0.20)
Operating return on average assets	m / n	1.06		%	1.03		%	1.23		%	1.40		%	1.63		%	0.03		(0.57)
Operating return on average tangible assets	m / o	1.06		%	1.03		%	1.23		%	1.40		%	1.63		%	0.03		(0.57)
Operating return on average common equity	m / p	12.46		%	11.58		%	13.98		%	15.82		%	18.16		%	0.88		(5.70)
Operating return on average tangible common equity	m / q	12.49		%	11.62		%	14.03		%	15.88		%	18.24		%	0.87		(5.75)

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 24

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	—		$	2		$	4		$	—		$	—		(100)	%	nm
(Loss) gain on equity securities, net		(2,075)			(2,661)			(466)			(343)			4			(22)	%	nm
Gain (loss) on swap derivatives		7,337			7,047			(303)			1,429			(4,481)			nm		(264)	%
Change in fair value of certain loans held for investment		(15,210)			(21,049)			(2,672)			3,432			2,782			(28)	%	nm
Total non-interest income adjustments	a	$	(9,948)		$	(16,661)		$	(3,437)		$	4,518		$	(1,695)		(40)	%	487	%
Non-Interest Expense Adjustments
Merger related expenses		$	2,672		$	2,278		$	15,183		$	—		$	—		17	%	nm
Exit and disposal costs		442			3,033			3,022			3,813			4,728			(85)	%	(91)	%
Total non-interest expense adjustments	b	$	3,114		$	5,311		$	18,205		$	3,813		$	4,728		(41)	%	(34)	%
Net interest income (1)	c	$	247,361		$	227,441		$	231,625		$	232,726		$	227,292		9	%	9	%
Non-interest income (GAAP)	d	$	24,513		$	18,989		$	39,375		$	39,367		$	46,456		29	%	(47)	%
Less: Non-interest income adjustments	a	9,948			16,661			3,437			(4,518)			1,695			(40)	%	487	%
Operating non-interest income (non-GAAP)	e	$	34,461		$	35,650		$	42,812		$	34,849		$	48,151		(3)	%	(28)	%
Revenue (GAAP) (1)	f=c+d	$	271,874		$	246,430		$	271,000		$	272,093		$	273,748		10	%	(1)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	281,822		$	263,091		$	274,437		$	267,575		$	275,443		7	%	2	%
Non-interest expense (GAAP) (2)	h	$	155,762		$	157,469		$	173,106		$	154,424		$	152,575		(1)	%	2	%
Less: Non-interest expense adjustments	b	(3,114)			(5,311)			(18,205)			(3,813)			(4,728)			(41)	%	(34)	%
Operating non-interest expense (non-GAAP)	i	$	152,648		$	152,158		$	154,901		$	150,611		$	147,847		—	%	3	%
Net income (GAAP)	j	$	72,538		$	62,886		$	74,188		$	102,265		$	108,162		15	%	(33)	%
Provision for income taxes		24,530			20,917			24,067			33,945			35,630			17	%	(31)	%
Income before provision for income taxes		97,068			83,803			98,255			136,210			143,792			16	%	(32)	%
Provision (recapture) for credit losses		18,692			4,804			(736)			(18,919)			(22,996)			289	%	(181)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	115,760			88,607			97,519			117,291			120,796			31	%	(4)	%
Less: Non-interest income adjustments	a	9,948			16,661			3,437			(4,518)			1,695			(40)	%	487	%
Add: Non-interest expense adjustments	b	3,114			5,311			18,205			3,813			4,728			(41)	%	(34)	%
Operating PPNR (non-GAAP)	l	$	128,822		$	110,579		$	119,161		$	116,586		$	127,219		16	%	1	%
Net income (GAAP)	j	$	72,538		$	62,886		$	74,188		$	102,265		$	108,162		15	%	(33)	%
Less: Non-interest income adjustments	a	9,948			16,661			3,437			(4,518)			1,695			(40)	%	487	%
Add: Non-interest expense adjustments	b	3,114			5,311			18,205			3,813			4,728			(41)	%	(34)	%
Tax effect of adjustments		(3,205)			(5,461)			(2,664)			177			(1,605)			(41)	%	100	%
Operating net income (non-GAAP)	m	$	82,395		$	79,397		$	93,166		$	101,737		$	112,980		4	%	(27)	%
Efficiency ratio	h / f	57.29		%	63.90		%	63.88		%	56.75		%	55.74		%	(6.61)		1.55
Operating efficiency ratio	i / g	54.16		%	57.83		%	56.44		%	56.29		%	53.68		%	(3.67)		0.48
Core Banking net income / Consolidated net income		92.30		%	68.99		%	83.97		%	94.63		%	93.13		%	23.31		(0.83)
Core Banking operating net income / Consolidated operating net income		102.64		%	102.37		%	97.28		%	94.19		%	92.44		%	0.27		10.20
nm = not meaningful

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

(2) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 25

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(Dollars in thousands)		Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Change in fair value of MSR due to valuation inputs or assumptions		$	10,899		$	40,149		$	15,415		$	(634)		$	(1,678)		(73)	%	nm
Total non-interest income adjustments	a	$	10,899		$	40,149		$	15,415		$	(634)		$	(1,678)		(73)	%	nm
Total non-interest expense adjustments	b	$	—		$	—		$	—		$	—		$	—		nm		nm
Net interest income	c	$	1,161		$	1,676		$	2,129		$	2,726		$	2,848		(31)	%	(59)	%
Non-interest income (GAAP)	d	$	30,722		$	60,980		$	43,363		$	34,338		$	44,619		(50)	%	(31)	%
Less: Non-interest income adjustments	a	(10,899)			(40,149)			(15,415)			634			1,678			(73)	%	(750)	%
Operating non-interest income (non-GAAP)	e	$	19,823		$	20,831		$	27,948		$	34,972		$	46,297		(5)	%	(57)	%
Revenue (GAAP)	f=c+d	$	31,883		$	62,656		$	45,492		$	37,064		$	47,467		(49)	%	(33)	%
Operating revenue (non-GAAP)	g=c+e	20,984			22,507			30,077			37,698			49,145			(7)	%	(57)	%
Non-interest expense (GAAP) (1)	h	23,812			24,961			26,605			29,329			36,825			(5)	%	(35)	%
Less: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating non-interest expense (non-GAAP)	i	$	23,812		$	24,961		$	26,605		$	29,329		$	36,825		(5)	%	(35)	%
Net income (GAAP)	j	$	6,053		$	28,271		$	14,166		$	5,801		$	7,981		(79)	%	(24)	%
Provision for income taxes		2,018			9,424			4,721			1,934			2,661			(79)	%	(24)	%
Income before provision for income taxes		8,071			37,695			18,887			7,735			10,642			(79)	%	(24)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	8,071			37,695			18,887			7,735			10,642			(79)	%	(24)	%
Less: Non-interest income adjustments	a	(10,899)			(40,149)			(15,415)			634			1,678			(73)	%	(750)	%
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating PPNR (non-GAAP)	l	$	(2,828)		$	(2,454)		$	3,472		$	8,369		$	12,320		15	%	(123)	%
Net income (GAAP)	j	$	6,053		$	28,271		$	14,166		$	5,801		$	7,981		(79)	%	(24)	%
Less: Non-interest income adjustments	a	(10,899)			(40,149)			(15,415)			634			1,678			(73)	%	(750)	%
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Tax effect of adjustments		2,725			10,037			3,854			(159)			(420)			(73)	%	nm
Operating net income (non-GAAP)	m	$	(2,121)		$	(1,841)		$	2,605		$	6,276		$	9,239		15	%	(123)	%
Efficiency ratio	h / f	74.69		%	39.84		%	58.48		%	79.13		%	77.58		%	34.85		(2.89)
Operating efficiency ratio	i / g	113.48		%	110.90		%	88.46		%	77.80		%	74.93		%	2.58		38.55
Mortgage Banking net income / Consolidated net income		7.70		%	31.01		%	16.03		%	5.37		%	6.87		%	(23.31)		0.83
Mortgage Banking operating net income / Consolidated operating net income		(2.64)		%	(2.37)		%	2.72		%	5.81		%	7.56		%	(0.27)		(10.20)
nm = not meaningful

(1) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments.

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 26

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Year to Date				% Change
(Dollars in thousands)		Jun 30, 2022		Jun 30, 2021		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	2	$	4	(50)	%
Loss on equity securities, net		(4,736)		(702)		575	%
Gain on swap derivatives		14,384		7,269		98	%
Change in fair value of certain loans held for investment		(36,259)		2,272		nm
Change in fair value of MSR due to valuation inputs or assumptions		51,048		(3,692)		nm
Total non-interest income adjustments	a	$	24,439	$	5,151	374	%
Non-Interest Expense Adjustments
Merger related expenses		$	4,950	$	—	nm
Exit and disposal costs		3,475		5,928		(41)	%
Total non-interest expense adjustments	b	$	8,425	$	5,928	42	%
Net interest income (1)	c	$	477,639	$	451,952	6	%
Non-interest income (GAAP)	d	$	135,204	$	199,875	(32)	%
Less: Non-interest income adjustments	a	(24,439)		(5,151)		374	%
Operating non-interest income (non-GAAP)	e	$	110,765	$	194,724	(43)	%
Revenue (GAAP) (1)	f=c+d	$	612,843	$	651,827	(6)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	588,404	$	646,676	(9)	%
Non-interest expense (GAAP)	h	$	362,004	$	376,992	(4)	%
Less: Non-interest expense adjustments	b	(8,425)		(5,928)		42	%
Operating non-interest expense (non-GAAP)	i	$	353,579	$	371,064	(5)	%
Net income (GAAP)	j	$	169,748	$	223,880	(24)	%
Provision for income taxes		56,889		73,193		(22)	%
Income before provision for income taxes		226,637		297,073		(24)	%
Provision (recapture) for credit losses		23,496		(22,996)		(202)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	250,133		274,077		(9)	%
Less: Non-interest income adjustments	a	(24,439)		(5,151)		374	%
Add: Non-interest expense adjustments	b	8,425		5,928		42	%
Operating PPNR (non-GAAP)	l	$	234,119	$	274,854	(15)	%
Net income (GAAP)	j	$	169,748	$	223,880	(24)	%
Less: Non-interest income adjustments	a	(24,439)		(5,151)		374	%
Add: Non-interest expense adjustments	b	8,425		5,928		42	%
Tax effect of adjustments		4,096		(194)		nm
Operating net income (non-GAAP)	m	$	157,830	$	224,463	(30)	%
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 27

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Year to Date						% Change
(Dollars in thousands)		Jun 30, 2022			Jun 30, 2021			Year over Year
Average assets	n	$	30,476,312		$	29,776,362		2	%
Less: Average goodwill and other intangible assets, net		$	7,890		$	14,098		(44)	%
Average tangible assets	o	$	30,468,422		$	29,762,264		2	%
Average common shareholders' equity	p	$	2,649,406		$	2,687,510		(1)	%
Less: Average goodwill and other intangible assets, net		$	7,890		$	14,098		(44)	%
Average tangible common equity	q	$	2,641,516		$	2,673,412		(1)	%
Weighted average basic shares outstanding	r	$	216,906		$	220,481		(2)	%
Weighted average diluted shares outstanding	s	$	217,333		$	220,928		(2)	%
Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.78		$	1.02		(24)	%
Earnings-per-share - diluted	j / s	$	0.78		$	1.01		(23)	%
Efficiency ratio	h / f	59.07		%	57.84		%	1.23
PPNR return on average assets	k / n	1.66		%	1.86		%	(0.20)
Return on average assets	j / n	1.12		%	1.52		%	(0.40)
Return on average tangible assets	j / o	1.12		%	1.52		%	(0.40)
Return on average common equity	j / p	12.92		%	16.80		%	(3.88)
Return on average tangible common equity	j / q	12.96		%	16.89		%	(3.93)
Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic	m / r	$	0.73		$	1.02		(28)	%
Operating earnings-per-share - diluted	m / s	$	0.73		$	1.02		(28)	%
Operating efficiency ratio	i / g	60.09		%	57.38		%	2.71
Operating PPNR return on average assets	l / n	1.55		%	1.86		%	(0.31)
Operating return on average assets	m / n	1.04		%	1.52		%	(0.48)
Operating return on average tangible assets	m / o	1.04		%	1.52		%	(0.48)
Operating return on average common equity	m / p	12.01		%	16.84		%	(4.83)
Operating return on average tangible common equity	m / q	12.05		%	16.93		%	(4.88)

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

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 28

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Core Banking		Year to Date				% Change
(Dollars in thousands)		Jun 30, 2022		Jun 30, 2021		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		2		4		(50)	%
Loss on equity securities, net		(4,736)		(702)		575	%
Gain on swap derivatives		14,384		7,269		98	%
Change in fair value of certain loans held for investment		(36,259)		2,272		nm
Total non-interest income adjustments	a	(26,609)		8,843		(401)	%
Non-Interest Expense Adjustments
Merger related expenses		4,950		—		nm
Exit and disposal costs		3,475		5,928		(41)	%
Total non-interest expense adjustments	b	8,425		5,928		42	%
Net interest income (1)	c	474,802		445,247		7	%
Non-interest income (GAAP)	d	43,502		89,907		(52)	%
Less: Non-interest income adjustments	a	26,609		(8,843)		(401)	%
Operating non-interest income (non-GAAP)	e	70,111		81,064		(14)	%
Revenue (GAAP) (1)	f=c+d	518,304		535,154		(3)	%
Operating revenue (non-GAAP) (1)	g=c+e	544,913		526,311		4	%
Non-interest expense (GAAP) (2)	h	313,231		298,146		5	%
Less: Non-interest expense adjustments	b	(8,425)		(5,928)		42	%
Operating non-interest expense (non-GAAP)	i	304,806		292,218		4	%
Net income (GAAP)	j	135,424		195,510		(31)	%
Provision for income taxes		45,447		63,736		(29)	%
Income before provision for income taxes		180,871		259,246		(30)	%
Provision (recapture) for credit losses		23,496		(22,996)		(202)	%
Pre-provision net revenue (PPNR) (non-GAAP)	k	204,367		236,250		(13)	%
Less: Non-interest income adjustments	a	26,609		(8,843)		(401)	%
Add: Non-interest expense adjustments	b	8,425		5,928		42	%
Operating PPNR (non-GAAP)	l	239,401		233,335		3	%
Net income (GAAP)	j	135,424		195,510		(31)	%
Less: Non-interest income adjustments	a	26,609		(8,843)		(401)	%
Add: Non-interest expense adjustments	b	8,425		5,928		42	%
Tax effect of adjustments		(8,667)		729		nm
Operating net income (non-GAAP)	m	161,791		193,324		(16)	%
Efficiency ratio	h / f	60.43	%	55.71	%	4.72
Operating efficiency ratio	i / g	55.94	%	55.52	%	0.42
Core Banking net income / Consolidated net income		79.78	%	87.33	%	(7.55)
Core Banking operating net income / Consolidated operating net income		102.51	%	86.13	%	16.38
nm = not meaningful

Umpqua Reports Second Quarter 2022 Results

July 20, 2022

Page 29

Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Mortgage Banking		Year to Date				% Change
(Dollars in thousands)		Jun 30, 2022		Jun 30, 2021		Year over Year
Non-Interest Income Adjustments
Change in fair value of MSR due to valuation inputs or assumptions		51,048		(3,692)		nm
Total non-interest income adjustments	a	51,048		(3,692)		nm
Total non-interest expense adjustments	b	—		—		nm
Net interest income	c	2,837		6,705		(58)	%
Non-interest income (GAAP)	d	91,702		109,968		(17)	%
Less: Non-interest income adjustments	a	(51,048)		3,692		nm
Operating non-interest income (non-GAAP)	e	40,654		113,660		(64)	%
Revenue (GAAP)	f=c+d	94,539		116,673		(19)	%
Operating revenue (non-GAAP)	g=c+e	43,491		120,365		(64)	%
Non-interest expense (GAAP) (1)	h	48,773		78,846		(38)	%
Less: Non-interest expense adjustments	b	—		—		nm
Operating non-interest expense (non-GAAP)	i	48,773		78,846		(38)	%
Net income (GAAP)	j	34,324		28,370		21	%
Provision for income taxes		11,442		9,457		21	%
Income before provision for income taxes		45,766		37,827		21	%
Provision for credit losses		—		—		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	45,766		37,827		21	%
Less: Non-interest income adjustments	a	(51,048)		3,692		nm
Add: Non-interest expense adjustments	b	—		—		nm
Operating PPNR (non-GAAP)	l	(5,282)		41,519		(113)	%
Net income (GAAP)	j	34,324		28,370		21	%
Less: Non-interest income adjustments	a	(51,048)		3,692		nm
Add: Non-interest expense adjustments	b	—		—		nm
Tax effect of adjustments		12,762		(923)		nm
Operating net income (non-GAAP)	m	(3,962)		31,139		(113)	%
Efficiency ratio	h / f	51.59	%	67.58	%	(15.99)
Operating efficiency ratio	i / g	112.15	%	65.51	%	46.64
Mortgage Banking net income / Consolidated net income		20.22	%	12.67	%	7.55
Mortgage Banking operating net income / Consolidated operating net income		(2.51)	%	13.87	%	(16.38)
nm = not meaningful

##

EX-99.2

Umpqua Holdings Corporation 2nd Quarter 2022 Earnings Presentation July 20, 2022

2 Disclaimer FORWARD-LOOKING STATEMENTS This communication contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction between Umpqua Holdings Corporation (“Umpqua”) and Columbia Banking System, Inc. (“Columbia”), the plans, objectives, expectations and intentions of Umpqua and Columbia, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. All statements other than statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” “target,” “goal,” or similar expressions, or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and Umpqua’s and Columbia’s respective businesses, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, or any slowdown in economic growth particularly in the western United States; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures, including on product pricing and services; success, impact, and timing of Umpqua’s and Columbia’s respective business strategies, including market acceptance of any new products or services and Umpqua and Columbia’s ability to successfully implement efficiency and operational excellence initiatives; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which Umpqua and Columbia are parties; the outcome of any legal proceedings that may be instituted against Umpqua or Columbia; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to satisfy any of the conditions to the transaction on a timely basis or at all; changes in Umpqua’s or Columbia’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Umpqua and Columbia do business; certain restrictions during the pendency of the proposed transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the ability to complete the transaction and integration of Umpqua and Columbia successfully; the dilution caused by Columbia’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Umpqua and Columbia. Additional factors that could cause results to differ materially from those described above can be found in Umpqua’s Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2022, which are on file with the Securities and Exchange Commission (the “SEC”) and available on Umpqua’s investor relations website, www.umpquabank.com, under the heading “Financial information,” and in other documents Umpqua files with the SEC, and in Columbia’s Registration Statement on Form S-4, its Annual Report on Form 10-K for the year ended December 31, 2021and its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2022, which are on file with the SEC and available on Columbia’s website, www.columbiabank.com, under the heading “Financial Information” and in other documents Columbia files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Umpqua nor Columbia assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

3 Disclaimer (con’t) NON-GAAP FINANCIAL MEASURES In addition to results in accordance with GAAP, this presentation contains certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the Appendix. We believe presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Strategic Updates

5 Synergies anticipated to drive growth in loans, deposits, and fee-based products and services* 2596936-002 Creating a Leading West Coast Franchise Source: S&P Global Market Intelligence; FactSet; Company filings. *Revenue synergies are anticipated but not modeled in EPS accretion guidance. Note: Market data and branch count as of October 9, 2021; Financial data as of quarter ended June 30, 2021; Pro forma financial data shown for 2023 forecasts as of transaction announcement based on underlying forecasts included on slide 14 in the transaction- related slide deck published October 12, 2021 with fully phased-in cost savings for illustrative purposes; Pro forma for Columbia’s completed acquisition of Bank of Commerce. ¹ Core cash EPS excludes standalone intangible amortization, pro forma CDI amortization, amortization of non-PCD fair value mark and amortization of other fair value marks. ² EPS accretion does not assume pro forma excess capital is used for pro forma share repurchases. . . . creating a West Coast regional powerhouse Phoenix Salt Lake City 8 0 5 5 9 0 8 2 8 4 1 5 1 5 1 7 8 5 8 4 5 9 0 5 8 0 5 San Diego Long Beach Los Angeles Sacramento Carson City Boise Portland Tacoma Helena Seattle Tacoma Sacramento Spokane Kennewick Seattle Portland Salem Santa Rosa Redding San Francisco (217) (153) Combined company deepens its foothold in the Northwest and California . . . $50bn assets 15% 2023E ROATCE 44% non-interest bearing deposits 23% / 25% GAAP / core cash1 EPS accretion to Columbia2 80% Commercial loans 8% / 11% GAAP / core cash¹ EPS accretion to Umpqua² Dramatically increases delivery channel for small business lending as Umpqua locations bring upwards of 120 new communities within 19 new MSA’s to Columbia, where small business lending expertise is executed through its branch network The combination increases market density within thriving Idaho markets, moving the pro forma bank to the No. 10 deposit market share position in the state The natural compatibility between specific lending verticals, like leasing from Umpqua and healthcare from Columbia, is expected to provide enhanced opportunity for relationship development and growth Synergies in fee-generating businesses, like Wealth Management and Home Lending, are anticipated to provide additional avenues to grow revenue above expectations Scale and associated talent and technology synergies are expected to increase net-revenue generating opportunities including organic lending expansion into new western markets and deposit- gathering opportunities in existing markets, like southern California ü ü ü ü ü Washington Oregon California $15.3bn deposits $82K median household income ~7.8mm population $16.4bn deposits $70K median household income ~4.3mm population $9.5bn deposits $83K median household income ~39.7mm population

6 Many Integration Milestones Are Independent of Legal Day 1 ◦ Although our closing date is not yet set, we continue to plan for and complete necessary milestones that lead to our scheduled core system conversion date, and many of these projects run independently of legal day 1. Integration planning remains on track to execute a scheduled 1Q 2023 core system conversion. Footnote: Chart highlights select tasks and does not encompass all activity. Some milestones occur over a period of time and not a point in time as represented by the chart.

7 Current Priorities: Integration and Growth ◦ The top priorities at Columbia and Umpqua are to prepare for and execute the seamless integration of our two banks following the closing without disrupting the growth momentum that began in 2H 2020 and that we expect to continue into 2023. ◦ The establishment of the Integration Management Office (IMO) enables our respective front lines to remain focused on what they do best: generating balanced growth in loans, deposits, and fee-based products and services. ◦ We established the IMO to lead our integration, track against key milestones, and ultimately ensure a seamless experience for our teams and clients. ▪ The IMO leadership team includes senior executive leadership from both banks representing operations, technology, finance, legal & regulatory, communications, and project management. ▪ The IMO enables the separation of integration responsibilities from growth initiatives. • Recent progress includes: ◦ Combined company culture framework developed and cross- company events scheduled through Q3 2022. ◦ System integration planning well underway for core, digital channels, accounting, and HR-related systems. • Cost savings realization plans are progressing well, and we remain confident our $135 million original target will be achievable. • We anticipate a 3Q 2022 close date, though the timing will ultimately be determined by the receipt of all regulatory approvals. ◦ Following the pandemic-driven slow-down in non-PPP loan generation, each of Columbia and Umpqua re-established growth momentum in 2H 2020. ◦ Non-PPP loan growth at each bank accelerated in 2021, and held strong through year end. Each of the banks’ pipelines and 2Q 2022 results support our favorable outlook through 2022 and into 2023 at each of our respective banks outside significant economic deterioration, which we have not seen to date. ◦ We expect product synergies and our larger pro forma balance sheet, alongside the proven success of relationship-driven operation models at Columbia and Umpqua, to support a favorable growth profile at our combined organization post-closing. ◦ See Appendix for a numerical example of the power we expect our larger pro forma balance sheet to support following closing. Integration Update Growth Update

8 Revenue: Scale Expected to Enhance Opportunities Lend with a bigger balance sheet Magnifies the opportunity to grow the loan book as it reduces the need to participate out larger deals, favorably impacting new business and enabling the expansion of existing client relationships. Increases customer retention as small business customers can travel with us from inception through their corporate lending needs, which limits the number of customers who grow out of the bank. Enhances loan portfolio granularity and diversification, which supports the pro forma bank’s risk profile and presents additional opportunities to expand existing verticals (e.g., healthcare and leasing). Invest in net-revenue generating business opportunities given expected enhanced profitability Increases ability to explore new risk-appropriate verticals that provide attractive returns and further balance sheet diversification (e.g., the addition of a new national vertical without shifting away from our local strategy). Opens opportunities to organically expand into other Western markets as the larger bank is expected to be attractive to sophisticated customers and the talent needed to serve them. Grow non-interest, non-mortgage fee income by expanding relationships with combined customer base Broadens overall Wealth Management reach by extending Columbia Trust and Columbia Bank Financial Services across the combined client base. Generates additional opportunities to deepen relationships as data science capabilities from Umpqua that provide customer behavior analysis are applied across a broader customer base. For example, analytics uncover a customer who makes routine, large deposits and does not use treasury management services: this provides a “Smart Lead” to a banker to improve customer satisfaction while generating additional income for the bank. ü Our combination would enable us to: ü ü + + + + + + +

Financial Highlights & Summary Financial Statements Q2 2022

10 Total gross loans and leases increased $1.5 billion due to significant activity across business lines, portfolio classes, and geographies. Q2 2022 Highlights (Compared to Q1 2022) Deposit balances decreased by $567.2 million or (2.1)%. A continued decline in time deposits and customer tax payments contributed to balance contraction during the quarter. Net interest income increased by $19.4 million on a quarter-to-quarter basis due to the favorable impact of rising interest rates and the deployment of cash into loans. The provision for credit losses of $18.7 million compares to a provision of $4.8 million for the first quarter of 2022. The current quarter's provision reflects allowance requirements for new loan generation, changes in economic forecasts used in credit models, and loan mix changes. Net charge-offs increased by one basis point to 0.11% of average loans and leases (annualized). Charge-off activity within the FinPac portfolio remained below its historical average for the fourth consecutive quarter. Non-interest income decreased by $24.7 million, reflective of a smaller net fair value gain related to cumulative fair value adjustments, which declined to a fair value gain of $1.0 million in the second quarter from $23.5 million in the first quarter. Higher revenue from service charges and card- based fee income offset lower swap and mortgage gain-on-sale revenue. Non-interest expense decreased by $2.9 million due to lower salaries and employee benefits expense and lower exit and disposal costs, partially offset by higher consulting fees. Non-performing assets to total assets was 0.15%, compared to 0.14% at March 31, 2022. Estimated total risk-based capital ratio of 13.5% and estimated tier 1 risk-based capital ratio of 10.9%. Declared a quarterly cash dividend of $0.21 per common share on July 20, 2022, payable August 15, 2022, to holders of record as of August 1, 2022.

11 Performance Ratios Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided on slide 16. (3) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Reported Net interest margin (1) 3.41 % 3.14 % 3.15 % 3.21 % 3.20 % Efficiency ratio 59.12 % 59.02 % 63.10 % 59.44 % 58.96 % Pre-provision net revenue (PPNR) return on average assets (3) 1.64 % 1.67 % 1.50 % 1.62 % 1.75 % Return on average assets 1.04 % 1.21 % 1.13 % 1.40 % 1.54 % Return on average common equity 12.20 % 13.62 % 12.90 % 15.82 % 17.25 % Return on average tangible common equity (3) 12.23 % 13.66 % 12.94 % 15.88 % 17.33 % Operating Adjusted net interest margin (1), (2) 3.38 % 3.06 % 3.04 % 3.04 % 3.08 % Operating efficiency ratio (3) 58.27 % 62.02 % 59.61 % 58.94 % 56.89 % Operating PPNR return on average assets (3) 1.66 % 1.43 % 1.58 % 1.62 % 1.86 % Operating return on average assets (3) 1.06 % 1.03 % 1.23 % 1.40 % 1.63 % Operating return on average common equity (3) 12.46 % 11.58 % 13.98 % 15.82 % 18.16 % Operating return on average tangible common equity (3) 12.49 % 11.62 % 14.03 % 15.88 % 18.24 %

12 Summary Income Statement Footnotes: Tables may not foot due to rounding. (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. (in millions) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income before provision $248.2 $228.8 $233.4 $235.1 $229.8 Provision (recapture) for credit losses 18.7 4.8 (0.7) (18.9) (23.0) Net interest income after provision 229.5 224.0 234.1 254.0 252.8 Non-interest income 55.2 80.0 82.7 73.7 91.1 Non-interest expense 179.6 182.4 199.7 183.8 189.4 Income before provision for income taxes 105.1 121.5 117.1 143.9 154.4 Provision for income taxes 26.5 30.3 28.8 35.9 38.3 Net income $78.6 $91.2 $88.4 $108.1 $116.1 Earnings per share, diluted $0.36 $0.42 $0.41 $0.49 $0.53 Pre-provision net revenue (1), (2) $123.8 $126.3 $116.4 $125.0 $131.4 Operating pre-provision net revenue (1), (2) $126.0 $108.1 $122.6 $125.0 $139.5 Operating net income (2) $80.3 $77.6 $95.8 $108.0 $122.2 Operating earnings per share, diluted (2) $0.37 $0.36 $0.44 $0.49 $0.55

13 Selected Period-End Balance Sheet Footnotes: Tables may not foot due to rounding. AOCI = Accumulated other comprehensive income. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation. (in millions) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Total assets $30,135.7 $30,637.1 $30,640.9 $30,891.5 $30,285.0 Interest bearing cash and temporary investments 687.2 2,358.3 2,539.6 3,349.0 2,688.3 Investment securities available for sale, fair value 3,416.7 3,638.1 3,870.4 3,723.2 3,474.0 Loans and leases, gross 24,432.7 22,975.8 22,553.2 21,969.9 22,143.7 Allowance for credit losses on loans and leases (261.1) (248.6) (248.4) (257.6) (279.9) Goodwill and other intangibles, net 6.8 7.8 8.8 10.0 11.1 Deposits 26,132.4 26,699.6 26,594.7 26,908.4 26,153.6 Securities sold under agreements to repurchase 528.0 499.5 492.2 467.8 480.3 Borrowings 6.3 6.3 6.3 6.4 111.4 Total shareholders' equity 2,518.3 2,607.6 2,749.3 2,722.4 2,766.3 Ratios and Per-Share Metrics: Loan to deposit ratio 93.5% 86.1% 84.8% 81.6% 84.7% Book value per common share $11.60 $12.02 $12.69 $12.57 $12.54 Tangible book value per common share (1) $11.57 $11.98 $12.65 $12.52 $12.49 Tangible book value per common share, excluding AOCI (1) $12.99 $12.83 $12.64 $12.43 $12.26 Tangible common equity to tangible assets (1) 8.3% 8.5% 8.9% 8.8% 9.1% Tangible common equity to tangible assets, excluding AOCI (1) 9.4% 9.1% 8.9% 8.7% 8.9%

Income Statement Highlights & Segment Financials Q2 2022

15 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net Interest Income $229.8 $235.1 $233.4 $228.8 $248.2 Accretion Related to Acquired Loans (2.3) (2.0) (1.6) (1.4) (1.1) PPP Accrued Interest (4.6) (2.7) (1.4) (0.7) (0.4) PPP Processing Fees (15.8) (15.6) (9.6) (6.1) (2.4) Net Interest Income excluding acquired loan accretion and PPP $207.1 $214.8 $220.8 $220.6 $244.3 Net Interest Income Net Interest Income $229.8 $235.1 $233.4 $228.8 $248.2 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $150.0 $160.0 $170.0 $180.0 $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 $250.0 $260.0 Net Interest Income excluding acquired loan accretion and PPP $207.1 $214.8 $220.8 $220.6 $244.3 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $150.0 $160.0 $170.0 $180.0 $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 $250.0 (in m ill io ns ) (in m ill io ns )

16 NIM – MBS & CMO Premium Amortization & Recapture Details Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 MBS & CMO Premium in $ millions (Amortization)/Recapture $(2.6)mm $(1.6)mm $(2.3)mm $0.3mm $(1.3)mm Net NIM Impact in basis points Accretive/(Dilutive) (0.04) % (0.02) % (0.03) % 0.00 % (0.02) % Net Interest Margin Footnotes: 1. PPP net impact includes both accrued interest on PPP loans and PPP processing fees. 2. Chart Abbreviations: LHFI = loans held for investment; PPP = Paycheck Protection Program; PAA = purchase accounting adjustments. Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net Interest Margin 3.20 % 3.21 % 3.15 % 3.14 % 3.41 % (Accretion) Related to Acquired Loans (0.03) % (0.03) % (0.02) % (0.02) % (0.01) % (Accretion)/Dilution Related to Net PPP Impact¹ (0.09) % (0.14) % (0.09) % (0.06) % (0.02) % Net Interest Margin excluding acquired loan accretion and PPP 3.08 % 3.04 % 3.04 % 3.06 % 3.38 % Net Interest Margin Comparison 3.20% 3.21% 3.15% 3.14% 3.41% 3.08% 3.04% 3.04% 3.06% 3.38% Net Interest Margin Net Interest Margin excluding acquired loan accretion and PPP Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 —% 1.00% 2.00% 3.00% 4.00% Net Interest Margin Q1 2022 vs Q2 2022 3.14% 0.18% (0.05)% 0.13% 0.01% 3.41% Q1 2022 Reported LHFI - Not PPP/PAA² LHFI - PPP/ PAA² Interest- Bearing Cash Other Inputs Q2 2022 Reported

17 Loan Repricing Detail1,2 (in millions) Q1 2022 Q2 2022 Q1 2022 Q2 2022 Fixed $ 7,724 $ 8,513 34 % 35 % PPP 178 105 1 % — % Prime 1,815 1,835 8 % 8 % 1 Month 5,452 5,524 24 % 23 % Floating 7,267 7,359 32 % 31 % Prime 303 314 1 % 1 % 6 month 4,203 4,930 18 % 20 % 1 Year 1,122 1,043 5 % 4 % 3 Year 212 205 1 % 1 % 5 Year 1,338 1,301 6 % 5 % 10 Year 569 607 2 % 3 % Adjustable 7,747 8,400 33 % 34 % Total $ 22,916 $ 24,377 100 % 100 % Loan Maturities at June 30, 2022 <=6 7 to 12 13 to 24 25 to 36 37 to 60 61+ (in millions) Mos Mos Mos Mos Mos Mos Total Fixed $ 1,307 $ 155 $ 309 $ 543 $ 1,242 $ 5,062 $ 8,618 Floating 701 461 861 502 858 3,976 7,359 Adjustable 50 25 96 197 482 7,550 8,400 Total $ 2,058 $ 641 $ 1,266 $ 1,242 $ 2,582 $ 16,588 $ 24,377 Upward Rate Change to Move from Floor at June 30, 2022 Loans at Floor <25 26-50 51-75 76-100 101-125 126-150 >150 Balance (in millions) bps bps bps bps bps bps bps Total Floating $ 19 $ 3 $ — $ 9 $ 4 $ — $ 2 $ 37 Adjustable 50 106 604 327 141 39 22 1,289 Total $ 69 $ 109 $ 604 $ 336 $ 145 $ 39 $ 24 $ 1,326 Weighted Average Rate Change to Move Above Floor Floating 0.09 % 0.50 % 0.74 % 0.92 % 1.17 % 1.50 % 2.84 % 0.58 % Adjustable 0.04 % 0.40 % 0.59 % 0.84 % 1.09 % 1.33 % 2.14 % 0.72 % Interest Rate Sensitivity: Loans Footnotes: 1. Index rates are mapped to the closest material index. 2. Deferred fees and costs drive variances between loan totals on this slide and loan totals in the earnings press release. 3. Loans were grouped into three buckets: (1) No Floor: no contractual floor on the loan; (2) At Floor: current rate = floor; (3) Above Floor: current rate exceeds floor. The amount above the floor was based on the current margin plus the current index assuming the loan repriced on June 30, 2022. The adjustable loans may not reprice until well into the future, depending on the timing and size of interest rate changes. Floors: Floating and Adjustable Rate Loans at June 30, 20223 (in millions) No Floor At Floor Above Floor Total Floating $4,677 $37 $2,645 $7,359 Adjustable 1,250 1,289 5,861 8,400 Total $5,927 $1,326 $8,506 $15,759 % of Total 38% 8% 54% 100%

18 Interest Rate Sensitivity: Balance Sheet Is Asset Sensitive Interest Rate Simulation Impact on Net Interest Income1 Year 1 Year 2 Year 1 Year 2 Ramp Shock Up 400 basis points 7.9% 17.1% 14.3% 20.9% Up 300 basis points 5.9% 12.9% 10.7% 15.7% Up 200 basis points 4.0% 8.7% 7.2% 10.6% Up 100 basis points 2.0% 4.3% 3.7% 5.4% Down 100 basis points (4.2)% (10.2)% (8.6)% (11.4)% Footnotes: 1. For the scenarios shown, the interest rate simulations assume a parallel and sustained shift in market interest rates ratably over a twelve-month period (ramp) or immediately (shock). There is no change in the composition of the size of the balance sheet in either scenario. Interest rate sensitivity in the first year of the net interest income simulation for increasing interest rate ramp scenarios is negatively impacted by the cost of non-maturity deposits repricing immediately while interest earning assets reprice at a slower rate. 2. Deposit repricing betas are calculated between Q3 2015 and Q3 2019. We use Q3 2019 as our end point despite a 50-basis point reduction in the fed funds target rate during the quarter as it represents our peak deposit costs during the last rising rate cycle and it captures the repricing lag effect. Interest-Bearing Deposit Repricing Beta During the Last Rising-Rate Cycle Cost of Umpqua Deposits Non-Interest Bearing Deposits as % of Total Fed Funds Target Rate Interest- Bearing Total Q4 2021 0.25% 0.11% 0.06% 41.5% Q3 2019 2.00% 1.19% 0.82% 31.8% Q2 2019 2.50% 1.16% 0.81% 31.0% Q3 2015 0.25% 0.24% 0.17% 29.8% Variance: Peak (Peak Value less Q3 2015) +2.25% +0.95% +0.65% Umpqua Beta (based on peak Umpqua deposit rate)2 42% 29% • The simulation repricing beta applied to interest-bearing deposits in the rising rate shock scenarios is 45%, consistent with the actual beta observed in the last rising rate cycle. • Every 10% absolute change to the beta in the +100 basis points shock simulation results in an approximate 1.2% change to the net interest income results. For example: ◦ A 10% decrease to a 45% beta in the +100 basis points shock simulation results in a repricing beta of 35% applied to interest-bearing deposits and an approximate 1.2% increase to net interest income. ◦ A 10% increase to a 45% beta in the +100 basis points shock simulation results in a repricing beta of 55% applied to interest-bearing deposits and an approximate 1.2% decrease to net interest income.

19 Non-Interest Income Footnotes: Tables may not foot due to rounding. 1. Commercial product revenue includes Swaps, M&A Advisory, Syndication, and International Banking revenue. (in millions) For the quarter ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Service charges on deposits $12.0 $11.6 $11.2 $10.9 $10.3 Card-based fees 10.5 8.7 9.4 9.1 10.3 Brokerage revenue — — — — 1.1 Residential mortgage banking revenue, net 30.5 60.8 43.2 34.2 44.4 Loss on equity securities, net (2.1) (2.7) (0.5) (0.3) — Gain on loan and lease sales, net 1.3 2.3 4.8 4.2 5.3 BOLI income 2.1 2.1 2.1 2.0 2.1 Other Income Commercial product revenue¹ $4.1 $5.3 $9.0 $3.8 $8.1 Commercial servicing revenue 0.7 0.8 0.7 0.8 0.7 Loan-related fees 3.1 3.1 3.1 3.0 3.0 Change in fair value of certain loans held for investment (15.2) (21.0) (2.7) 3.4 2.8 Misc. Income 0.8 1.9 2.7 1.2 7.4 Swap Derivative Gain/(Loss) 7.3 7.0 (0.3) 1.4 (4.5)

20 $189.4 $183.8 $199.7 $182.4 $179.6 59.0% 59.4% 63.1% 59.0% 59.1% Non-interest expense Efficiency ratio Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $155.0 $160.0 $165.0 $170.0 $175.0 $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% Non-Interest Expense Non-Interest Expense and Efficiency Ratio (in millions) Non-Interest Expense Bridge (in millions) $182.4 $(1.7) $(1.1) $(1.6) $2.1 $(2.6) $0.4 $1.7 $179.6 Q 1 20 22 N on -In te re st E xp en se Pa yr ol l T ax es Ho m e Le nd in g Di re ct E xp en se FD IC A ss es sm en ts Co ns ul tin g Fe es Ex it & Di sp os al C os ts M er ge r-r el at ed E xp en se s O th er Q 2 20 22 N on -In te re st E xp en se

21 Segments - Core Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the mortgage banking segment. (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income $ 247,009 $ 227,087 $ 231,250 $ 232,348 $ 226,915 Provision (recapture) for credit losses 18,692 4,804 (736) (18,919) (22,996) Non-interest income Gain on sale of debt securities, net — 2 4 — — (Loss) gain on equity securities, net (2,075) (2,661) (466) (343) 4 Gain (loss) on swap derivatives, net 7,337 7,047 (303) 1,429 (4,481) Change in fair value of certain loans held for investment (15,210) (21,049) (2,672) 3,432 2,782 Non-interest income (excluding above items) 34,461 35,650 42,812 34,849 48,151 Total non-interest income 24,513 18,989 39,375 39,367 46,456 Non-interest expense Merger related expenses 2,672 2,278 15,183 — — Exit and disposal costs 442 3,033 3,022 3,813 4,728 Non-interest expense (excluding above items) 148,946 148,423 150,587 146,931 146,877 Allocated expenses, net1 3,702 3,735 4,314 3,680 970 Total non-interest expense 155,762 157,469 173,106 154,424 152,575 Income before income taxes 97,068 83,803 98,255 136,210 143,792 Provision for income taxes 24,530 20,917 24,067 33,945 35,630 Net income $ 72,538 $ 62,886 $ 74,188 $ 102,265 $ 108,162 Effective Tax Rate 25 % 25 % 24 % 25 % 25 % Efficiency Ratio 57 % 64 % 64 % 57 % 56 % Total assets $ 29,721,590 $ 30,153,079 $ 30,155,058 $ 30,419,108 $ 29,720,182 Total loans and leases $ 24,432,678 $ 22,975,761 $ 22,553,180 $ 21,969,940 $ 22,143,739 Total deposits $ 25,925,294 $ 26,479,078 $ 26,370,568 $ 26,510,938 $ 25,820,776 Key Rates, end of period: 10 year CMT 2.98 % 2.32 % 1.52 % 1.52 % 1.45 % FHLMC 30 year fixed 5.70 % 4.67 % 3.11 % 3.01 % 2.98 %

22 Segments - Mortgage Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs. (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income $ 1,161 $ 1,676 $ 2,129 $ 2,726 $ 2,848 Provision for credit losses — — — — — Non-interest income Residential mortgage banking revenue: Origination and sale 15,101 16,844 23,624 30,293 41,367 Servicing 9,505 9,140 9,457 9,172 9,120 Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (4,961) (5,347) (5,311) (4,681) (4,366) Changes due to valuation inputs or assumptions 10,899 40,149 15,415 (634) (1,678) Non-interest income (excluding above items) 178 194 178 188 176 Total non-interest income 30,722 60,980 43,363 34,338 44,619 Non-interest expense Non-interest expense 27,514 28,696 30,919 33,009 37,795 Allocated expenses, net1 (3,702) (3,735) (4,314) (3,680) (970) Total non-interest expense 23,812 24,961 26,605 29,329 36,825 Income before income taxes 8,071 37,695 18,887 7,735 10,642 Provision for income taxes 2,018 9,424 4,721 1,934 2,661 Net income $ 6,053 $ 28,271 $ 14,166 $ 5,801 $ 7,981 Effective Tax Rate 25 % 25 % 25 % 25 % 25 % Efficiency Ratio 75 % 40 % 58 % 79 % 78 % Total assets $ 414,104 $ 484,047 $ 485,878 $ 472,371 $ 564,783 Loans held for sale $ 228,889 $ 309,946 $ 353,105 $ 352,466 $ 429,052 Total deposits $ 207,129 $ 220,509 $ 224,117 $ 397,459 $ 332,777 Key Rates, end of period: 10 year CMT 2.98 % 2.32 % 1.52 % 1.52 % 1.45 % FHLMC 30 year fixed 5.70 % 4.67 % 3.11 % 3.01 % 2.98 % For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 LHFS Production Statistics: Closed loan volume for-sale $ 576,532 $ 649,122 $ 871,268 $ 987,281 $ 1,253,023 Gain on sale margin 2.62% 2.59% 2.71% 3.07% 3.30% Direct LHFS expense $ 13,197 $ 14,296 $ 18,150 $ 19,958 $ 25,459 Direct LHFS expenses as % of volume 2.29 % 2.20 % 2.08 % 2.02 % 2.03 % MSR Statistics: Residential mortgage loans serviced for others $ 12,932,747 $ 12,810,574 $ 12,755,671 $ 12,853,291 $ 12,897,032 MSR, net $ 179,558 $ 165,807 $ 123,615 $ 105,834 $ 102,699 MSR as % of serviced portfolio 1.39% 1.29% 0.97% 0.82% 0.80%

Balance Sheet Highlights Q2 2022

24 Q2 2022 Loan Roll Forward $22,976 $2,339 $282 ($876) ($209) ($71) ($8) $24,433 Beginning Balance (3/31/2022) New Originations Net Advances/ Payments Payoffs Maturities PPP Other Ending Balance (6/30/2022) $10,000 $12,500 $15,000 $17,500 $20,000 $22,500 $25,000 $27,500 $ in millions

25 Loan and Lease Characteristics: Overall Portfolio and Q2 2022 Production Footnotes: Portfolio statistics and delinquencies as of June 30, 2022. Annualized net charge-off rate for Q2 2022. LTV (loan-to-value), FICO and DSC (debt service coverage) are based on weighted average for portfolio. LTV represents average LTV based on most recent appraisal against updated loan balance. Totals may not foot due to rounding. Mortgage • Portfolio average loan size of $431,000 • 2Q22 average loan size of $518,000 • Portfolio average FICO of 759 and LTV of 63% • 2Q22 average FICO of 768 and LTV of 68% • Total delinquencies of 0.53% • Annualized net charge-off rate of (0.01%) Non-owner Occupied CRE • Portfolio average loan size of $2.0 million • 2Q22 average loan size of $2.3 million • Portfolio average LTV of 54% and DSC of 1.81 • 2Q22 average LTV of 48% and DSC of 1.73 • Total delinquencies of 0.10% • Annualized net charge-off rate of 0.00% Commercial & Industrial • Portfolio average loan size of $647,000 • 2Q22 average loan size of $1.1 million • Total delinquencies of 0.15% • Annualized net charge-off rate of 0.03% Multifamily • Portfolio average loan size of $2.3 million • 2Q22 average loan size of $3.4 million • Portfolio average LTV of 56% and DSC of 1.50 • 2Q22 average LTV of 57% and DSC of 1.43 • Total delinquencies of 0.01% • Annualized net charge-off rate of 0.00% Owner Occupied CRE • Portfolio average loan size of $1.1 million • 2Q22 average loan size of $2.4 million • Portfolio average LTV of 56% and DSC of 1.88 • 2Q22 average LTV of 61% and DSC of 2.51 • Total delinquencies of 0.09% • Annualized net charge-off rate of 0.00% Lease & Equipment Finance (FinPac) • Portfolio average loan & lease size of $38,000 • 2Q22 average loan & lease size of $66,000 • Portfolio average yield: ~10% • Total delinquencies of 2.20% • Annualized net charge-off rate of 1.47% Puget Sound, 15% WA Other, 6% Portland MSA, 13% OR Other, 11% Bay Area, 10% Northern CA, 10% Southern CA, 21% Other, 14% Mortgage, 21% FinPac, 6%C&I, 16% Owner Occupied CRE, 10% Non-OO CRE, 15% Multifamily, 20% Other Loan Categories, 12% Portfolio Composition at June 30, 2022 Geographic Distribution at June 30, 2022

26 Current Expected Credit Loss (“CECL”) Footnotes: 1. Total includes $12.9 mm for Reserve for Unfunded Commitments 2. Total includes $12.8 mm for Reserve for Unfunded Commitments Loan Segment 3/31/2022 Q2 2022 Net Charge-offs Reserve build 6/30/2022 % of loans and leases outstanding Commercial $41,234 ($630) $674 $41,278 1.08 % Lease & Equipment Finance $81,458 ($5,471) $16,422 $92,409 5.86 % CRE $100,376 $65 ($4,107) $96,334 0.78 % Residential/Home Equity $34,139 $216 $4,966 $39,321 0.60 % Consumer $4,275 ($420) $737 $4,592 2.69 % Total $261,482 ¹ ($6,240) $18,692 $273,934 ² 1.12 % % of loans and leases outstanding 1.14 % 1.12 % % of loans and leases outstanding – ex PPP loans 1.15 % 1.13 % Allowance For Credit Losses ($ in 000’s) CECL Notes Used Moody’s May Consensus economic forecast Key Components of the Moody’s economic forecast include: • U.S. real GDP average annualized growth of 3.1% in 2022, decreasing to 2.3% in 2023 and 2.1% in 2024 • U.S. unemployment rate average of 3.6% through 2024 • The Federal Reserve is expected to increase the federal funds rate to 2.5% by the end of 2022 with an additional increase to 3.0% in 2023

27 Credit Quality Pr ov is io n or (R ec ap tu re ) Ex pe ns e ($ in m ill io ns ) N on perform ing assets to total assets Provision or (Recapture) Expense & Non-Performing Assets to Total Assets $(23.0) $(18.9) $(0.7) $4.8 $18.7 0.17% 0.17% 0.17% 0.14% 0.15% Provision or (recapture) expense Non Performing Assets To Total Assets Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $(40.0) $(20.0) $— $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 —% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% C la ss ifi ed L oa ns / To ta l Lo an s C lassified A ssets / R B C Classified Assets 0.74% 0.81% 0.71% 0.87% 0.75% 7.0% 7.7% 7.0% 8.8% 7.8% Classified Loans to Total Loans Classified Assets to Risk-Based Capital Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 —% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% A C L ($ in m ill io ns ) A llow ance / Total Loans and Leases Allowance for Credit Losses $294.4 $269.3 $261.2 $261.5 $273.9 1.33% 1.23% 1.16% 1.14% 1.12% Allowance for credit losses Allowance for credit losses to total loans and leases Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 $— $40.0 $80.0 $120.0 $160.0 $200.0 $240.0 $280.0 $320.0 $360.0 $400.0 $440.0 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% Net Charge-offs to Average Loans and Leases (annualized) 3.80% 1.21% 1.75% 1.49% 1.47% 0.25% 0.11% 0.13% 0.10% 0.11% Umpqua Bank (ex FinPac) Fin Pac Umpqua Holding Consolidated Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (0.50)% —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 0.01% 0.04% 0.02% 0.00% 0.01%

28 Capital Management Footnotes: 1. Regulatory capital ratios are estimates pending completion and filing of the Company’s regulatory reports. 2. Greater of Regulatory Well Capitalized Threshold or Capital Adequacy Threshold + Capital Conservation Buffer (2.5%). 3.“Excess” Capital defined as capital above thresholds above internal policy limits. All regulatory capital ratios¹ remained in excess of well-capitalized and internal policy limits. Excess capital at the bank level is approximately $168mm. Holding company ratios are shown to the right. Declared a quarterly cash dividend of $0.21 per common share on July 20, 2022, payable August 15, 2022, to holders of record as of August 1, 2022. 8.3% 9.3% 10.9% 10.9% 13.5% 5.0% 7.0% 8.5% 10.5% 6.0% 1.5% 2.0% 0.5% 1.5% 2.3% 2.8% 1.9% 1.9% 1.5% Capital Threshold² In-House Policy Floor "Excess" Capital³ Tangible Common Equity/Tangible Assets Tier 1 Leverage Tier 1 Common Risk-Based Tier 1 Risk-Based Total Risk-Based —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Focused on providing long term value for our shareholders

Appendix • Non-GAAP Reconciliation (Slides 30-34) • Additional Slides Related to the Pending Combination with Columbia (Slides 35-37)

30 Non-GAAP Reconciliation: Tangible Capital (In thousands, except per share data) Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Total shareholders' equity a $2,518,276 $2,607,598 $2,749,270 $2,722,379 $2,766,316 Less: Other intangible assets, net 6,789 7,815 8,840 9,970 11,100 Tangible common shareholders’ equity b 2,511,487 2,599,783 2,740,430 2,712,409 2,755,216 Less: Accumulated other comprehensive income (AOCI) (308,147) (183,756) 1,759 20,209 50,629 Tangible common shareholders’ equity, ex AOCI c 2,819,634 2,783,539 2,738,671 2,692,200 2,704,587 Total assets d $30,135,694 $30,637,126 $30,640,936 $30,891,479 $30,284,965 Less: Other intangible assets, net 6,789 7,815 8,840 9,970 11,100 Tangible assets e 30,128,905 30,629,311 30,632,096 30,881,509 30,273,865 Common shares outstanding at period end f 217,049 216,967 216,626 216,622 220,626 Total shareholders' equity to total assets ratio a / d 8.36 % 8.51 % 8.97 % 8.81 % 9.13 % Tangible common equity ratio b / e 8.34 % 8.49 % 8.95 % 8.78 % 9.10 % Tangible common equity ratio, ex AOCI c / e 9.36 % 9.09 % 8.94 % 8.72 % 8.93 % Book value per common share a / f $11.60 $12.02 $12.69 $12.57 $12.54 Tangible book value per common share b / f $11.57 $11.98 $12.65 $12.52 $12.49 Tangible book value per common share, ex AOCI c / f $12.99 $12.83 $12.64 $12.43 $12.26

31 Non-GAAP Reconciliation: Umpqua - Consolidated Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income (1) c $ 248,522 $ 229,117 $ 233,754 $ 235,452 $ 230,140 Non-interest income (GAAP) d $ 55,235 $ 79,969 $ 82,738 $ 73,705 $ 91,075 Less: non-interest income adjustments a (951) (23,488) (11,978) (3,884) 3,373 Operating non-interest income (non-GAAP) e $ 54,284 $ 56,481 $ 70,760 $ 69,821 $ 94,448 Revenue (GAAP) f $ 303,757 $ 309,086 $ 316,492 $ 309,157 $ 321,215 Operating revenue (non-GAAP) g $ 302,806 $ 285,598 $ 304,514 $ 305,273 $ 324,588 Non-interest expense (GAAP) h $ 179,574 $ 182,430 $ 199,711 $ 183,753 $ 189,400 Less: non-interest expense adjustments b (3,114) (5,311) (18,205) (3,813) (4,728) Operating non-interest expense (non-GAAP) i $ 176,460 $ 177,119 $ 181,506 $ 179,940 $ 184,672 Net income (GAAP) j $ 78,591 $ 91,157 $ 88,354 $ 108,066 $ 116,143 Provision for income taxes 26,548 30,341 28,788 35,879 38,291 Income before provision for income taxes 105,139 121,498 117,142 143,945 154,434 Provision (recapture) for credit losses 18,692 4,804 (736) (18,919) (22,996) Pre-provision net revenue (PPNR) (non-GAAP) k 123,831 126,302 116,406 125,026 131,438 Less: Non-interest income adjustments a (951) (23,488) (11,978) (3,884) 3,373 Add: Non-interest expense adjustments b 3,114 5,311 18,205 3,813 4,728 Operating PPNR (non-GAAP) l $ 125,994 $ 108,125 $ 122,633 $ 124,955 $ 139,539 Net income (GAAP) j $ 78,591 $ 91,157 $ 88,354 $ 108,066 $ 116,143 Less: Non-interest income adjustments a (951) (23,488) (11,978) (3,884) 3,373 Add: Non-interest expense adjustments b 3,114 5,311 18,205 3,813 4,728 Tax effect of adjustments (480) 4,576 1,190 18 (2,025) Operating net income (non-GAAP) m $ 80,274 $ 77,556 $ 95,771 $ 108,013 $ 122,219 (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Non-Interest Income Adjustments Gain on sale of debt securities, net $ — $ 2 $ 4 $ — $ — (Loss) gain on equity securities, net (2,075) (2,661) (466) (343) 4 Gain (loss) on swap derivatives 7,337 7,047 (303) 1,429 (4,481) Change in fair value of certain loans held for investment (15,210) (21,049) (2,672) 3,432 2,782 Change in fair value of MSR due to valuation inputs or assumptions 10,899 40,149 15,415 (634) (1,678) Total non-interest income adjustments a $ 951 $ 23,488 $ 11,978 $ 3,884 $ (3,373) Non-Interest Expense Adjustments Merger related expenses $ 2,672 $ 2,278 $ 15,183 $ — $ — Exit and disposal costs 442 3,033 3,022 3,813 4,728 Total non-interest expense adjustments b $ 3,114 $ 5,311 $ 18,205 $ 3,813 $ 4,728

32 Non-GAAP Reconciliation: Umpqua - Consolidated (con’t) (In Thousands, except per share data) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Select Per-Share & Performance Metrics Earnings-per-share - basic j/r $ 0.36 $ 0.42 $ 0.41 $ 0.49 $ 0.53 Earnings-per-share - diluted j/s $ 0.36 $ 0.42 $ 0.41 $ 0.49 $ 0.53 Efficiency ratio h/f 59.12 % 59.02 % 63.10 % 59.44 % 58.96 % PPNR return on average assets k/n 1.64 % 1.67 % 1.50 % 1.62 % 1.75 % Return on average assets j/n 1.04 % 1.21 % 1.13 % 1.40 % 1.54 % Return on average tangible assets j/o 1.04 % 1.21 % 1.14 % 1.40 % 1.55 % Return on average common equity j/p 12.20 % 13.62 % 12.90 % 15.82 % 17.25 % Return on average tangible common equity j/q 12.23 % 13.66 % 12.94 % 15.88 % 17.33 % Operating Per-Share & Performance Metrics Operating earnings-per-share - basic m/r $ 0.37 $ 0.36 $ 0.44 $ 0.49 $ 0.55 Operating earnings-per-share - diluted m/s $ 0.37 $ 0.36 $ 0.44 $ 0.49 $ 0.55 Operating efficiency ratio i/g 58.27 % 62.02 % 59.61 % 58.94 % 56.89 % Operating PPNR return on average assets l/n 1.66 % 1.43 % 1.58 % 1.62 % 1.86 % Operating return on average assets m/n 1.06 % 1.03 % 1.23 % 1.40 % 1.63 % Operating return on average tangible assets m/o 1.06 % 1.03 % 1.23 % 1.40 % 1.63 % Operating return on average common equity m/p 12.46 % 11.58 % 13.98 % 15.82 % 18.16 % Operating return on average tangible common equity m/q 12.49 % 11.62 % 14.03 % 15.88 % 18.24 % (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Average Assets n $ 30,356,903 $ 30,597,413 $ 30,886,378 $ 30,614,374 $ 30,156,017 Less: Average goodwill and other intangible assets, net 7,379 8,407 9,491 10,609 12,615 Average tangible assets o $ 30,349,524 $ 30,589,006 $ 30,876,887 $ 30,603,765 $ 30,143,402 Average common shareholders’ equity p $ 2,584,836 $ 2,715,059 $ 2,717,753 $ 2,709,641 $ 2,700,010 Less: Average goodwill and other intangible assets, net 7,379 8,407 9,491 10,609 12,615 Average tangible common equity q $ 2,577,457 $ 2,706,652 $ 2,708,262 $ 2,699,032 $ 2,687,395 Weighted average basic shares outstanding r 217,030 216,782 216,624 218,416 220,593 Weighted average diluted shares outstanding s 217,279 217,392 217,356 218,978 221,022

33 Non-GAAP Reconciliation: Core Banking Segment Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments. (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income (1) c $ 247,361 $ 227,441 $ 231,625 $ 232,726 $ 227,292 Non-interest income (GAAP) d $ 24,513 $ 18,989 $ 39,375 $ 39,367 $ 46,456 Less: non-interest income adjustments a 9,948 16,661 3,437 (4,518) 1,695 Operating non-interest income (non-GAAP) e $ 34,461 $ 35,650 $ 42,812 $ 34,849 $ 48,151 Revenue (GAAP) f $ 271,874 $ 246,430 $ 271,000 $ 272,093 $ 273,748 Operating revenue (non-GAAP) g $ 281,822 $ 263,091 $ 274,437 $ 267,575 $ 275,443 Non-interest expense (GAAP) (2) h $ 155,762 $ 157,469 $ 173,106 $ 154,424 $ 152,575 Less: non-interest expense adjustments b (3,114) (5,311) (18,205) (3,813) (4,728) Operating non-interest expense (non-GAAP) i $ 152,648 $ 152,158 $ 154,901 $ 150,611 $ 147,847 Net income (GAAP) j $ 72,538 $ 62,886 $ 74,188 $ 102,265 $ 108,162 Provision for income taxes 24,530 20,917 24,067 33,945 35,630 Income before provision for income taxes 97,068 83,803 98,255 136,210 143,792 Provision (recapture) for credit losses 18,692 4,804 (736) (18,919) (22,996) Pre-provision net revenue (PPNR) (non-GAAP) k 115,760 88,607 97,519 117,291 120,796 Less: Non-interest income adjustments a 9,948 16,661 3,437 (4,518) 1,695 Add: Non-interest expense adjustments b 3,114 5,311 18,205 3,813 4,728 Operating PPNR (non-GAAP) l $ 128,822 $ 110,579 $ 119,161 $ 116,586 $ 127,219 Net income (GAAP) j $ 72,538 $ 62,886 $ 74,188 $ 102,265 $ 108,162 Less: Non-interest income adjustments a 9,948 16,661 3,437 (4,518) 1,695 Add: Non-interest expense adjustments b 3,114 5,311 18,205 3,813 4,728 Tax effect of adjustments (3,205) (5,461) (2,664) 177 (1,605) Operating net income (non-GAAP) m $ 82,395 $ 79,397 $ 93,166 $ 101,737 $ 112,980 (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Non-Interest Income Adjustments Gain on sale of debt securities, net $ — $ 2 $ 4 $ — $ — (Loss) gain on equity securities, net (2,075) (2,661) (466) (343) 4 Gain (loss) on swap derivatives 7,337 7,047 (303) 1,429 (4,481) Change in fair value of certain loans held for investment (15,210) (21,049) (2,672) 3,432 2,782 Total non-interest income adjustments a $ (9,948) $ (16,661) $ (3,437) $ 4,518 $ (1,695) Non-interest Expense Adjustments Merger related expenses $ 2,672 $ 2,278 $ 15,183 $ — $ — Exit and disposal costs 442 3,033 3,022 3,813 4,728 Total non-interest expense adjustments b $ 3,114 $ 5,311 $ 18,205 $ 3,813 $ 4,728 Efficiency ratio h/f 57.29 % 63.90 % 63.88 % 56.75 % 55.74 % Operating efficiency ratio i/g 54.16 % 57.83 % 56.44 % 56.29 % 53.68 % Core Banking net income / Consolidated net income 92.30 % 68.99 % 83.97 % 94.63 % 93.13 % Core Banking operating net income / Consolidated operating net income 102.64 % 102.37 % 97.28 % 94.19 % 92.44 %

34 Non-GAAP Reconciliation: Mortgage Banking Segment Footnotes: (1) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments. (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income c $ 1,161 $ 1,676 $ 2,129 $ 2,726 $ 2,848 Non-interest income (GAAP) d $ 30,722 $ 60,980 $ 43,363 $ 34,338 $ 44,619 Less: non-interest income adjustments a (10,899) (40,149) (15,415) 634 1,678 Operating non-interest income (non-GAAP) e $ 19,823 $ 20,831 $ 27,948 $34,972 $46,297 Revenue (GAAP) f $ 31,883 $ 62,656 $ 45,492 $ 37,064 $ 47,467 Operating revenue (non-GAAP) g $ 20,984 $ 22,507 $ 30,077 $ 37,698 $ 49,145 Non-interest expense (GAAP) (1) h $ 23,812 $ 24,961 $ 26,605 $ 29,329 $ 36,825 Less: non-interest expense adjustments b — — — — — Operating non-interest expense (non-GAAP) i $ 23,812 $ 24,961 $ 26,605 $ 29,329 $ 36,825 Net income (GAAP) j $ 6,053 $ 28,271 $ 14,166 $ 5,801 $ 7,981 Provision for income taxes 2,018 9,424 4,721 1,934 2,661 Income before provision for income taxes 8,071 37,695 18,887 7,735 10,642 Provision for credit losses — — — — — Pre-provision net revenue (PPNR) (non-GAAP) k 8,071 37,695 18,887 7,735 10,642 Less: Non-interest income adjustments a (10,899) (40,149) (15,415) 634 1,678 Add: Non-interest expense adjustments b — — — — — Operating PPNR (non-GAAP) l $ (2,828) $ (2,454) $ 3,472 $ 8,369 $ 12,320 Net income (GAAP) j $ 6,053 $ 28,271 $ 14,166 $ 5,801 $ 7,981 Less: Non-interest income adjustments a (10,899) (40,149) (15,415) 634 1,678 Add: Non-interest expense adjustments b — — — — — Tax effect of adjustments 2,725 10,037 3,854 (159) (420) Operating net income (non-GAAP) m $ (2,121) $ (1,841) $ 2,605 $ 6,276 $ 9,239 (In Thousands) For the Quarter Ended Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Non-Interest Income Adjustments Change in fair value of MSR due to valuation inputs or assumptions $ 10,899 $ 40,149 $ 15,415 $ (634) $ (1,678) Total non-interest income adjustments a $ 10,899 $ 40,149 $ 15,415 $ (634) $ (1,678) Total non-interest expense adjustments b $ — $ — $ — $ — $ — Efficiency ratio h/f 74.69 % 39.84 % 58.48 % 79.13 % 77.58 % Operating efficiency ratio i/g 113.48 % 110.90 % 88.46 % 77.80 % 74.93 % Mortgage Banking net income / Consolidated net income 7.70 % 31.01 % 16.03 % 5.37 % 6.87 % Mortgage Banking operating net income / Consolidated operating net income (2.64) % (2.37) % 2.72 % 5.81 % 7.56 %

35 • The opportunities to grow the loan book by expanding business with our existing customer base are dramatic, and they are potentially multiplicative as we continue to win business in our markets. Note: $ in millions. LQA = linked-quarter annualized. * TCE used (instead of risk-based capital) given prior disclosure for pro forma TCE. See slide 37 for the calculation of pro forma TCE, which is based on financial data for the quarter ended June 30, 2021, and market data as of October 11, 2021. ** The loan amounts and opportunities displayed on this slide are hypothetical and should only be viewed as illustrative examples. The internal hold limit of the pro forma company following closing is expected to be determined by the pro forma company's board. ^ Amount of loan application above hypothetical loan amount presented in the left-side table. For example, based on the hypothetical loan amounts in the left-most column in the right table, a loan application at Columbia for $50 million would result in a $20 million loan for Columbia's balance sheet and the participation out of $30 million, and a loan application at Umpqua for $50 million would result in a $35 million loan for Umpqua's balance sheet and the participation out of $15 million. The pro forma company's larger balance sheet (and correspondingly larger capital position) would enable the pro forma company to hold the entire $50 million loan while maintaining the same (or better) level of diversity and granularity. (a) Columbia 9/30/21 Tangible Common Equity* $1,536 (b) Umpqua 9/30/21 Tangible Common Equity* $2,712 (c) Pro Forma Company Tangible Common Equity* $4,412 Opportunities Many Some A Few Columbia Perspective (d) Loan Amount: Hypothetical** $20 $35 $60 (e) = (d) ÷ (a) % of Columbia 9/30/21 TCE 1.30% 2.28% 3.91% Umpqua Perspective (f) Loan Amount: Hypothetical** $35 $60 $100 (g) = (f) ÷ (b) % of Umpqua 9/30/21 TCE 1.29% 2.21% 3.69% Pro Forma Company (h) = avg of (e) & Average of Columbia & Umpqua 9/30/21 TCE 1.30% 2.25% 3.80% (i) = (c) x (h) Pro Forma Loan Amount** $57 $99 $167 A High-Quality Prospect… Adds to Loan Growth Lost Opportunity Net Benefit to the Pro Forma Bank Columbia Perspective Umpqua Perspective …applies for a $50 million loan Columbia Perspective: Today $20 $30 Umpqua Perspective: Today $35 $15 Pro Forma $50 $0 $30 $15 …applies for a $75 million loan Columbia Perspective: Today $35 $40 Umpqua Perspective: Today $60 $15 Pro Forma $75 $0 $40 $15 …applies for a $150 million loan Columbia Perspective: Today $60 $90 Umpqua Perspective: Today $100 $50 Pro Forma $150 $0 $90 $50 The Power of a Larger Balance Sheet: A Hypothetical Example 9/30/2021 Tangible Common Equity Columbia Umpqua Total Shareholders’ Equity $2,323 $2,722 -Preferred Equity $0 $0 -Goodwill -$766 $0 -Other Intangible Asset, net -$21 -$10 Tangible Common Equity $1,536 $2,712

36 Non-GAAP Reconciliation: GAAP and Core Cash Earnings per Share Accretion Source: S&P Global Market Intelligence, FactSet, Company filings; Note: Financial data as of quarter ended June 30, 2021; Market data as of October 11, 2021; Pro forma adjustments assume 26% marginal tax rate; Assumes fully phased-in cost savings for illustrative purposes ¹ $135mm fully phased-in reduction in combined company’s total noninterest expense base for illustrative purposes, quarterly synergies grown at 3.0% on an annual basis starting in 2023; Anticipated 66% phase-in during 2023 results in 17.5% GAAP and 19.2% cash EPS accretion for Columbia, and 2.6% GAAP and 6.2% cash EPS accretion for Umpqua ² Core deposit intangible estimate of 65bps ($108mm pre-tax) on non-time deposits, amortized through earnings over 10 years (sum-of-the-years-digits) ³ Loan rate mark of $76mm (pre-tax), amortized through earnings over 6 years (sum-of-the-years-digits) 4 HTM security rate mark of -$4mm (pre-tax), accreted through earnings over 6 years (sum-of-the-years-digits) 5 AOCI mark of $54mm (after-tax), amortized through earnings over 6 years (sum-of-the-years-digits) 6 Assumes ~$2mm (after-tax) per quarter run-down of rate collar accretion 7 Real estate mark of $20mm (pre-tax), amortized through earnings over 20 years (straight line) 8 Based on $104mm pre-tax reserve allocated to non-PCD loans (65%), accreted through earnings over 4 years (sum-of-the-years-digits) 9 Pro forma diluted shares outstanding include Columbia shares and shares issued to Umpqua based on 0.5958x exchange ratio 10 Assumes no standalone and pro forma repurchases

37 Non-GAAP Reconciliation: Purchase Accounting Summary Source: S&P Global Market Intelligence, FactSet, Company filings; See slide 14 in the deal-related slide deck published October 12, 2021, for “Key financial assumptions” for 2023 underlying forecasts Note: Financial data as of quarter ended June 30, 2021; Market data as of October 11, 2021; Pro forma adjustments assume 26% marginal tax rate; Pro forma for Columbia’s completed acquisition of Bank of Commerce Holdings; Assumes neither company repurchases shares between deal announcement and deal close ¹ Estimated Umpqua tangible common equity at close based on Q3 2021 – Q2 2022 consensus earnings and dividend estimates, and $78mm share repurchases completed in Q3 2021 (4mm shares). Communicated Umpqua NextGen cost savings targets are separate from deal- related cost savings as they are expected to be largely realized ahead of the transaction’s anticipated close ² Based on 0.5958 shares of Columbia stock for each Umpqua common share outstanding ³ Based on expectations and assumptions as of announcement date; subject to change at transaction closing (estimated at June 30, 2022 for illustrative purposes) 4 Based on $104mm pre-tax reserve allocated to non-PCD loans (65%) 5 Based on when pro forma tangible book value per share crosses over and begins to exceed projected standalone Columbia tangible book value per share Tangible Book Value per Share Dilution Calculation of Intangibles Created

XML

Cover	Jul. 20, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 20, 2022
Entity Registrant Name	Umpqua Holdings Corporation
Entity Incorporation, State or Country Code	OR
Entity File Number	001-34624
Entity Tax Identification Number	93-1261319
Entity Address, Address Line One	One SW Columbia Street
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97204
City Area Code	503
Local Phone Number	727-4100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(g) Security	Common Stock
Trading Symbol	UMPQ
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001077771
Amendment Flag	false