Document


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

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.

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.

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.

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.

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.

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.

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 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 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 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


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)


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


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 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


	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 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 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 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	%


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	%


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 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


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

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 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


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 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


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


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 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)


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 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


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)


			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


			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