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 17, 2019

(Date of earliest event reported)

Umpqua Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

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

One SW Columbia Street, Suite 1200

Portland, Oregon 97258

(address of Principal Executive Offices)(Zip Code)

(503) 727-4100

(Registrant's Telephone Number, Including Area Code)

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

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

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 17, 2019, Umpqua Holdings Corporation issued a press release announcing second quarter 2019 financial results. The release is attached hereto as Exhibit 99.1. The information included in the press release is considered to be "furnished" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Umpqua Holdings Corporation will include final financial statements and additional analyses for the quarter ended June 30, 2019 as part of its quarterly report on Form 10-Q covering that period.

Item 7.01 Regulation FD Disclosure.

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

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

SIGNATURES

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

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

EX-99.1

EXHIBIT 99.1 

Contacts:

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

UMPQUA REPORTS SECOND QUARTER 2019 RESULTS

Second quarter 2019 net income of $111.8 million, or$0.51 per common share

Deposit growth of $575.1 million, or 10.8% annualized

Loan and lease growth of $547.4 million, or 10.7% annualized

Gain on sale of Visa Class B stock of $81.9 million, offsetting MSR fair value loss of $24.7 million

PORTLAND, Ore. – July 17, 2019 – Umpqua Holdings Corporation (NASDAQ: UMPQ) (the “Company”) reported net income of $111.8 million for the second quarter of 2019, compared to $74.0 million for the first quarter of 2019 and $66.0 million for the second quarter of 2018. Earnings per diluted common share were $0.51 for the second quarter of 2019, compared to $0.34 for the first quarter of 2019 and $0.30 for the second quarter of 2018.

“Umpqua's strong deposit growth of $575 million and loan and lease growth of $547 million demonstrate our focus on the growth initiatives within our Next Gen strategy.” said Cort O'Haver, president and CEO of Umpqua Holdings Corporation. “Last quarter we made several strategic moves to enhance the Company’s long-term profitability. These included an opportunistic sale of our Visa Class B shares, which generated proceeds to strategically re-balance our securities portfolio and continue to invest in efficient, revenue-generating businesses. We’ve also begun the process of selling material portions of our mortgage servicing rights portfolio to reduce volatility and expect the sale of the first tranche to close in the fourth quarter. We also continue to innovate and invest in our human digital banking experience and are pleased with the early results and strong customer response to our Go-To app, which launched in April.”

Notable items that impacted the second quarter2019 financial results included:

• $81.9 million gain on sale for all shares of Visa Class B stock held by the Company, partially offset by a $7.2 million loss on debt securities.

• $24.7 million loss on fair value change of the MSR asset attributable to the decrease in long-term interest rates during the quarter, compared to a $14.0 million loss in the prior quarter and a $5.4 million loss in the same period of the prior year.

• $4.0 million loss related to the fair value of the debt capital market swap derivatives attributable to the decrease in long-term interest rates during the quarter, compared to a loss of $2.5 million in the prior quarter and a gain of $0.3 million in the same period of the prior year.

• $1.5 million of exit and disposal costs, compared to $1.4 million in the prior quarter and $2.6 million in the same period of the prior year.

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 2

Second Quarter2019 Highlights (compared to prior quarter):

• Net interest income decreased by $10.5 million on a quarter to quarter basis primarily driven by higher levels of bond premium amortization as the decrease in long-term rates during the second quarter resulted in higher prepayment speeds compared to the prior quarter;

• Provision for loan and lease losses increased by $5.7 million, due to growth in the overall loan portfolio;

• Net charge-offs decreased by one basis point to 0.26% of average loans and leases (annualized);

• Non-interest income increased by $76.1 million, driven primary by the $81.9 million gain resulting from the sale of the Visa Class B stock and partially offset by a $7.2 million loss on debt securities;

• Non-interest expense increased by $8.8 million, driven primarily by higher mortgage banking-related expenses, higher loss on OREO, higher marketing expenses, partially offset by a seasonal decrease in payroll taxes and lower group insurance charges;

• Non-performing assets to total assets improved to 0.28% from 0.32%;

• Estimated total risk-based capital ratio of 13.7% and estimated Tier 1 common to risk weighted assets ratio of 10.9%;

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

Balance Sheet

Total consolidated assets were $28.0 billionas of June 30, 2019, compared to $27.4 billion as of March 31, 2019 and $26.5 billion as of June 30, 2018. Including secured off-balance sheet lines of credit, total available liquidity was $10.5 billion as of June 30, 2019, representing 38% of total assets and 48% of total deposits.

Gross loans and leases were $21.0 billion as of June 30, 2019, an increase of $547.4 million relative to March 31, 2019. Strong loan production in the commercial loan category as well as residential real estate fueled the balance sheet growth.

Total deposits were $21.8 billion as of June 30, 2019, an increase of $575.1 million from $21.2 billion as of March 31, 2019. This increase was attributable to growth in non-interest bearing demand deposits of $275.5 million and money market deposit growth of $319.8 million.

Net Interest Income

Net interest income was $227.2 million for the second quarter of 2019, down $10.5 million from the prior quarter. This decrease was primarily attributable to taxable bond premium amortization of $10.4 million in the second quarter compared to $1.6 million in the first quarter of 2019.

The Company's net interest margin was 3.70% for the second quarter of 2019, down 33 basis points from 4.03% for the first quarter of 2019 primarily driven by the aforementioned higher levels of bond premium amortization and higher cost of interest bearing deposits compared to the prior quarter.

Credit Quality

The allowance for loan and lease losses was $151.1 million, or 0.72% of loans and leases, as of June 30, 2019, which was up from $144.9 million, or 0.71% of loans and leases, as of March 31, 2019. The provision for loan and lease losses was $19.4 million for the second quarter of 2019, an increase of $5.7 million from the prior quarter level, driven primarily by growth in the loan portfolio. Net charge-offs decreased by one basis point to 0.26% of average loans and leases (annualized). As of June 30, 2019, non-performing assets were 0.28% of total assets, compared to 0.32% as of March 31, 2019 and 0.34% as of June 30, 2018.

Non-interest Income

Non-interest income was $121.8 million for the second quarter of 2019, up $76.1 million from the prior quarter, reflecting the nonrecurring $81.9 million gain on sale of Visa Class B stock.

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 3

Revenue from the origination and sale of residential mortgages was $23.2 million for the second quarter of 2019, an increase of $8.8 million from the prior quarter. This increase reflects a sequential quarter increase of 43% in for-sale mortgage origination volume and an increase of 37 basis points in the home lending gain on sale margin to 3.32% for the second quarter of 2019. Of the current quarter's mortgage production, 70% related to purchase activity, compared to 71% for the prior quarter and 81% for the same period of the prior year.

Non-interest Expense

Non-interest expense was $180.4 million for the second quarter of 2019, up $8.8 million from the prior quarter level. This increase was driven primarily by higher mortgage banking-related expenses, higher loss on OREO, and higher marketing expenses, partially offset by a seasonal decrease in payroll taxes and lower group insurance charges.

Capital

As of June 30, 2019, the Company's tangible book value per common share¹ was $10.97, compared to $10.44 in the prior quarter and $9.84 in the same period of the prior year. During the second quarter of 2019, the Company declared a dividend of $0.21 per common share.

The Company's estimated total risk-based capital ratio was 13.7% and its estimated Tier 1 common to risk weighted

assets ratio was 10.9% as of June 30, 2019. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of June 30, 2019 are estimates, pending completion and filing of the Company's regulatory reports.

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

under the heading Non-GAAP Financial Measures below.

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 4

Non-GAAP Financial Measures

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

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

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

(In thousands, except per share data)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018
Total shareholders' equity	$	4,228,507		$	4,112,326		$	4,056,442		$	4,003,893		$	3,981,087
Subtract:
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651
Other intangible assets, net	21,155			22,560			23,964			25,506			27,047
Tangible common shareholders' equity	$	2,419,701		$	2,302,115		$	2,244,827		$	2,190,736		$	2,166,389
Total assets	$	27,986,075		$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601
Subtract:
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651
Other intangible assets, net	21,155			22,560			23,964			25,506			27,047
Tangible assets	$	26,177,269		$	25,545,414		$	25,128,166		$	24,801,910		$	24,665,903
Common shares outstanding at period end	220,499			220,457			220,255			220,238			220,205
Total shareholders' equity to total assets ratio	15.11		%	15.03		%	15.06		%	15.04		%	15.03		%
Tangible common equity ratio	9.24		%	9.01		%	8.93		%	8.83		%	8.78		%
Book value per common share	$	19.18		$	18.65		$	18.42		$	18.18		$	18.08
Tangible book value per common share	$	10.97		$	10.44		$	10.19		$	9.95		$	9.84

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 5

About Umpqua Holdings Corporation

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

Earnings Conference Call Information

The Company will host its second quarter2019 earnings conference call on July 18, 2019, at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company will provide an update on recent activities and discuss its second quarter2019 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (800) 289-0459 ten minutes prior to the start time and enter conference ID: 942314. A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 2627879. The earnings conference call will also be available as an audiocast, which can be accessed on the Company's investor relations page at umpquabank.com.

Forward-Looking Statements

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

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

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Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
	Quarter Ended														% Change
(In thousands, except per share data)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018		Sep 30, 2018			Jun 30, 2018			Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	264,110		$	258,747		$	254,093	$	246,410		$	242,123		2	%	9	%
Interest and dividends on investments:
Taxable	10,287			19,956			27,381		24,435			8,499			(48	)%	21	%
Exempt from federal income tax	1,921			2,114			2,135		2,048			2,057			(9	)%	(7	)%
Dividends	574			517			538		549			433			11	%	33	%
Temporary investments and interest bearing deposits	4,708			925			2,621		2,800			2,080			409	%	126	%
Total interest income	281,600			282,259			286,768		276,242			255,192			0	%	10	%
Interest expense:
Deposits	43,591			34,094			30,124		25,692			21,259			28	%	105	%
Securities sold under agreement to repurchase and federal funds purchased	403			810			185		103			155			(50	)%	160	%
Term debt	4,563			3,683			3,326		3,439			3,478			24	%	31	%
Junior subordinated debentures	5,881			5,987			5,743		5,640			5,400			(2	)%	9	%
Total interest expense	54,438			44,574			39,378		34,874			30,292			22	%	80	%
Net interest income	227,162			237,685			247,390		241,368			224,900			(4	)%	1	%
Provision for loan and lease losses	19,352			13,684			17,219		11,711			13,319			41	%	45	%
Non-interest income:
Service charges on deposits	15,953			15,278			16,035		15,574			15,520			4	%	3	%
Brokerage revenue	3,980			3,810			4,178		3,947			4,161			4	%	(4	)%
Residential mortgage banking revenue, net	9,529			11,231			15,150		31,484			33,163			(15	)%	(71	)%
(Loss) gain on sale of debt securities, net	(7,186		)	—			—		—			14			nm		nm
Gain (loss) on equity securities, net	82,607			695			410		(462		)	(1,432		)	nm		nm
Gain on loan sales, net	3,333			769			2,484		2,772			1,348			333	%	147	%
BOLI income	2,093			2,168			2,116		2,051			2,060			(3	)%	2	%
Other income	11,514			11,789			16,438		17,022			16,817			(2	)%	(32	)%
Total non-interest income	121,823			45,740			56,811		72,388			71,651			166	%	70	%
Non-interest expense:
Salaries and employee benefits	104,049			100,658			102,109		103,575			113,340			3	%	(8	)%
Occupancy and equipment, net	36,032			36,245			35,949		36,530			37,584			(1	)%	(4	)%
Intangible amortization	1,405			1,404			1,542		1,541			1,542			0	%	(9	)%
FDIC assessments	2,837			2,942			2,619		4,303			4,692			(4	)%	(40	)%
Loss (gain) on other real estate owned, net	2,678			(51		)	1,125		(128		)	(92		)	nm		nm
Other expenses	33,414			30,394			35,144		33,471			38,506			10	%	(13	)%
Total non-interest expense	180,415			171,592			178,488		179,292			195,572			5	%	(8	)%
Income before provision for income taxes	149,218			98,149			108,494		122,753			87,660			52	%	70	%
Provision for income taxes	37,408			24,116			28,183		31,772			21,661			55	%	73	%
Net income	$	111,810		$	74,033		$	80,311	$	90,981		$	65,999		51	%	69	%
Weighted average basic shares outstanding	220,487			220,366			220,247		220,224			220,283			0	%	0	%
Weighted average diluted shares outstanding	220,719			220,655			220,668		220,620			220,647			0	%	0	%
Earnings per common share – basic	$	0.51		$	0.34		$	0.36	$	0.41		$	0.30		50	%	70	%
Earnings per common share – diluted	$	0.51		$	0.34		$	0.36	$	0.41		$	0.30		50	%	70	%
nm = not meaningful

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

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Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
	Six Months Ended						% Change
(In thousands, except per share data)	Jun 30, 2019			Jun 30, 2018			Year over Year
Interest income:
Loans and leases	$	522,857		$	471,611		11	%
Interest and dividends on investments:
Taxable	30,243			24,198			25	%
Exempt from federal income tax	4,035			4,185			(4	)%
Dividends	1,091			901			21	%
Temporary investments and interest bearing deposits	5,633			3,244			74	%
Total interest income	563,859			504,139			12	%
Interest expense:
Deposits	77,685			36,869			111	%
Securities sold under agreement to repurchase and federal funds purchased	1,213			218			456	%
Term debt	8,246			6,839			21	%
Junior subordinated debentures	11,868			10,332			15	%
Total interest expense	99,012			54,258			82	%
Net interest income	464,847			449,881			3	%
Provision for loan and lease losses	33,036			26,975			22	%
Non-interest income:
Service charges on deposits	31,231			30,515			2	%
Brokerage revenue	7,790			8,355			(7	)%
Residential mortgage banking revenue, net	20,760			71,601			(71	)%
(Loss) gain on sale of debt securities, net	(7,186		)	14			nm
Gain (loss) on equity securities, net	83,302			(1,432		)	nm
Gain on loan sales, net	4,102			2,578			59	%
BOLI income	4,261			4,130			3	%
Other income	23,303			34,457			(32	)%
Total non-interest income	167,563			150,218			12	%
Non-interest expense:
Salaries and employee benefits	204,707			219,891			(7	)%
Occupancy and equipment, net	72,277			76,245			(5	)%
Intangible amortization	2,809			3,083			(9	)%
FDIC assessments	5,779			9,172			(37	)%
Loss (gain) on other real estate owned, net	2,627			(130		)	nm
Other expenses	63,808			73,424			(13	)%
Total non-interest expense	352,007			381,685			(8	)%
Income before provision for income taxes	247,367			191,439			29	%
Provision for income taxes	61,524			46,468			32	%
Net income	$	185,843		$	144,971		28	%
Weighted average basic shares outstanding	220,427			220,326			0	%
Weighted average diluted shares outstanding	220,692			220,760			0	%
Earnings per common share – basic	$	0.84		$	0.66		27	%
Earnings per common share – diluted	$	0.84		$	0.66		27	%
nm = not meaningful

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 8

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	342,508		$	296,967		$	335,419		$	308,938		$	314,513		15	%	9	%
Interest bearing cash and temporary investments	691,283			605,841			287,218			570,321			488,499			14	%	42	%
Investment securities:
Equity and other, at fair value	66,358			63,327			61,841			62,454			64,297			5	%	3	%
Available for sale, at fair value	2,698,398			2,894,778			2,977,108			2,864,394			2,854,398			(7	)%	(5	)%
Held to maturity, at amortized cost	3,416			3,478			3,606			3,672			3,586			(2	)%	(5	)%
Loans held for sale, at fair value	356,645			240,302			166,461			289,537			432,642			48	%	(18	)%
Loans and leases	20,953,371			20,405,997			20,422,666			19,854,033			19,639,494			3	%	7	%
Allowance for loan and lease losses	(151,069		)	(144,872		)	(144,871		)	(144,026		)	(144,556		)	4	%	5	%
Net loans and leases	20,802,302			20,261,125			20,277,795			19,710,007			19,494,938			3	%	7	%
Restricted equity securities	43,063			47,466			40,268			40,269			42,320			(9	)%	2	%
Premises and equipment, net	210,285			217,595			227,423			237,456			245,954			(3	)%	(15	)%
Operating lease right-of-use assets	112,752			109,807			—			—			—			3	%	nm
Goodwill	1,787,651			1,787,651			1,787,651			1,787,651			1,787,651			0	%	0	%
Other intangible assets, net	21,155			22,560			23,964			25,506			27,047			(6	)%	(22	)%
Residential mortgage servicing rights, at fair value	139,780			158,946			169,025			175,038			166,217			(12	)%	(16	)%
Other real estate owned	8,423			10,488			10,958			11,774			12,101			(20	)%	(30	)%
Bank owned life insurance	316,435			314,303			313,626			311,922			309,844			1	%	2	%
Other assets	385,621			320,991			257,418			216,128			236,594			20	%	63	%
Total assets	$	27,986,075		$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601		2	%	6	%
Liabilities:
Deposits	$	21,819,013		$	21,243,894		$	21,137,486		$	20,892,774		$	20,744,526		3	%	5	%
Securities sold under agreements to repurchase	308,052			288,944			297,151			286,975			273,666			7	%	13	%
Term debt	821,712			932,420			751,788			751,764			801,739			(12	)%	2	%
Junior subordinated debentures, at fair value	277,028			294,121			300,870			282,846			280,669			(6	)%	(1	)%
Junior subordinated debentures, at amortized cost	88,610			88,667			88,724			88,781			88,838			0	%	0	%
Operating lease liabilities	121,742			118,520			—			—			—			3	%	nm
Deferred tax liability, net	57,757			45,202			25,846			22,413			27,255			28	%	112	%
Other liabilities	263,654			231,531			281,474			285,621			282,821			14	%	(7	)%
Total liabilities	23,757,568			23,243,299			22,883,339			22,611,174			22,499,514			2	%	6	%
Shareholders' equity:
Common stock	3,514,391			3,511,731			3,512,874			3,510,949			3,509,146			0	%	0	%
Retained earnings	695,003			629,877			602,482			568,619			524,031			10	%	33	%
Accumulated other comprehensive income (loss)	19,113			(29,282		)	(58,914		)	(75,675		)	(52,090		)	(165	)%	(137	)%
Total shareholders' equity	4,228,507			4,112,326			4,056,442			4,003,893			3,981,087			3	%	6	%
Total liabilities and shareholders' equity	$	27,986,075		$	27,355,625		$	26,939,781		$	26,615,067		$	26,480,601		2	%	6	%
Common shares outstanding at period end	220,499			220,457			220,255			220,238			220,205			0	%	0	%
Book value per common share	$	19.18		$	18.65		$	18.42		$	18.18		$	18.08		3	%	6	%
Tangible book value per common share	$	10.97		$	10.44		$	10.19		$	9.95		$	9.84		5	%	11	%
Tangible equity - common	$	2,419,701		$	2,302,115		$	2,244,827		$	2,190,736		$	2,166,389		5	%	12	%
Tangible common equity to tangible assets	9.24		%	9.01		%	8.93		%	8.83		%	8.78		%	0.23		0.46
nm = not meaningful

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 9

Umpqua Holdings Corporation
Loan and Lease Portfolio
(Unaudited)
(Dollars in thousands)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	3,537,084		$	3,476,972		$	3,573,065		$	3,527,357		$	3,518,982		2	%	1	%
Owner occupied term, net	2,396,674			2,449,648			2,480,371			2,474,845			2,473,734			(2	)%	(3	)%
Multifamily, net	3,341,547			3,302,936			3,304,763			3,225,538			3,185,923			1	%	5	%
Construction & development, net	732,932			686,107			736,254			646,684			568,562			7	%	29	%
Residential development, net	199,421			205,963			196,890			198,518			183,114			(3	)%	9	%
Commercial:
Term, net	2,271,346			2,185,322			2,232,923			2,149,376			2,106,658			4	%	8	%
Lines of credit & other, net	1,280,587			1,229,092			1,169,525			1,133,508			1,152,853			4	%	11	%
Leases & equipment finance, net	1,449,579			1,378,686			1,330,155			1,282,128			1,265,843			5	%	15	%
Residential:
Mortgage, net	3,995,643			3,768,955			3,635,073			3,468,569			3,405,775			6	%	17	%
Home equity loans & lines, net	1,215,215			1,170,252			1,176,477			1,143,351			1,132,329			4	%	7	%
Consumer & other, net	533,343			552,064			587,170			604,159			645,721			(3	)%	(17	)%
Total loans, net of deferred fees and costs	$	20,953,371		$	20,405,997		$	20,422,666		$	19,854,033		$	19,639,494		3	%	7	%
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	17		%	18		%	18		%
Owner occupied term, net	11		%	12		%	12		%	13		%	13		%
Multifamily, net	16		%	16		%	16		%	16		%	16		%
Construction & development, net	3		%	3		%	4		%	3		%	3		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	11		%	11		%	11		%	11		%	11		%
Lines of credit & other, net	6		%	6		%	6		%	6		%	6		%
Leases & equipment finance, net	7		%	7		%	6		%	6		%	6		%
Residential:
Mortgage, net	19		%	18		%	18		%	17		%	17		%
Home equity loans & lines, net	6		%	6		%	6		%	6		%	6		%
Consumer & other, net	3		%	3		%	3		%	3		%	3		%
Total	100		%	100		%	100		%	100		%	100		%

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 10

Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
(Dollars in thousands)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	6,771,087		$	6,495,562		$	6,667,467		$	6,859,411		$	6,819,325		4	%	(1	)%
Demand, interest bearing	2,355,473			2,341,441			2,340,471			2,320,560			2,321,691			1	%	1	%
Money market	6,789,036			6,469,286			6,645,390			6,325,808			6,161,907			5	%	10	%
Savings	1,446,332			1,479,509			1,492,685			1,499,872			1,465,154			(2	)%	(1	)%
Time	4,457,085			4,458,096			3,991,473			3,887,123			3,976,449			0	%	12	%
Total	$	21,819,013		$	21,243,894		$	21,137,486		$	20,892,774		$	20,744,526		3	%	5	%
Total core deposits (1)	$	18,529,797		$	17,903,754		$	18,190,402		$	18,012,992		$	17,743,888		3	%	4	%
Deposit mix:
Demand, non-interest bearing	31		%	31		%	32		%	33		%	33		%
Demand, interest bearing	11		%	11		%	11		%	11		%	11		%
Money market	31		%	30		%	31		%	30		%	30		%
Savings	7		%	7		%	7		%	7		%	7		%
Time	20		%	21		%	19		%	19		%	19		%
Total	100		%	100		%	100		%	100		%	100		%
Number of open accounts:
Demand, non-interest bearing	409,235			406,039			406,240			404,913			402,771
Demand, interest bearing	76,686			76,712			77,099			77,546			77,918
Money market	58,158			56,602			56,196			55,895			55,393
Savings	160,708			161,039			161,656			162,387			162,414
Time	60,571			58,210			54,388			52,482			51,073
Total	765,358			758,602			755,579			753,223			749,569
Average balance per account:
Demand, non-interest bearing	$	16.5		$	16.0		$	16.4		$	16.9		$	16.9
Demand, interest bearing	30.7			30.5			30.4			29.9			29.8
Money market	116.7			114.3			118.3			113.2			111.2
Savings	9.0			9.2			9.2			9.2			9.0
Time	73.6			76.6			73.4			74.1			77.9
Total	$	28.5		$	28.0		$	28.0		$	27.7		$	27.7

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

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 11

Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status	$	35,022		$	44,586		$	50,823		$	54,059		$	43,392		(21	)%	(19	)%
Loans and leases past due 90+ days and accruing (1)	35,700			31,424			36,444			33,812			34,535			14	%	3	%
Total non-performing loans and leases	70,722			76,010			87,267			87,871			77,927			(7	)%	(9	)%
Other real estate owned	8,423			10,488			10,958			11,774			12,101			(20	)%	(30	)%
Total non-performing assets	$	79,145		$	86,498		$	98,225		$	99,645		$	90,028		(9	)%	(12	)%
Performing restructured loans and leases	$	15,267		$	15,726		$	13,924		$	14,531		$	27,167		(3	)%	(44	)%
Loans and leases past due 31-89 days	$	40,619		$	53,009		$	37,373		$	33,825		$	44,734		(23	)%	(9	)%
Loans and leases past due 31-89 days to total loans and leases	0.19		%	0.26		%	0.18		%	0.17		%	0.23		%
Non-performing loans and leases to total loans and leases (1)	0.34		%	0.37		%	0.43		%	0.44		%	0.40		%
Non-performing assets to total assets(1)	0.28		%	0.32		%	0.36		%	0.37		%	0.34		%

⁽¹⁾  Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $5.4 million, $158,000, $8.9 million, $8.0 million, and $9.2 million at June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018, and June 30, 2018, respectively.

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 12

Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Seq. Quarter		Year over Year
Allowance for loan and lease losses:
Balance beginning of period	$	144,872		$	144,871		$	144,026		$	144,556		$	141,933
Provision for loan and lease losses	19,352			13,684			17,219			11,711			13,319			41	%	45	%
Charge-offs	(16,707		)	(17,152		)	(19,527		)	(15,896		)	(14,815		)	(3	)%	13	%
Recoveries	3,552			3,469			3,153			3,655			4,119			2	%	(14	)%
Net charge-offs	(13,155		)	(13,683		)	(16,374		)	(12,241		)	(10,696		)	(4	)%	23	%
Total allowance for loan and lease losses	151,069			144,872			144,871			144,026			144,556			4	%	5	%
Reserve for unfunded commitments	4,857			4,654			4,523			4,294			4,130			4	%	18	%
Total allowance for credit losses	$	155,926		$	149,526		$	149,394		$	148,320		$	148,686		4	%	5	%
Net charge-offs to average loans and leases (annualized)	0.26		%	0.27		%	0.32		%	0.25		%	0.22		%
Recoveries to gross charge-offs	21.26		%	20.23		%	16.15		%	22.99		%	27.80		%
Allowance for loan and lease losses to loans and leases	0.72		%	0.71		%	0.71		%	0.73		%	0.74		%
Allowance for credit losses to loans and leases	0.74		%	0.73		%	0.73		%	0.75		%	0.76		%

Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
	Six Months Ended						% Change
(Dollars in thousands)	Jun 30, 2019			Jun 30, 2018			Year over Year
Allowance for loan and lease losses:
Balance beginning of period	$	144,871		$	140,608
Provision for loan and lease losses	33,036			26,975			22	%
Charge-offs	(33,859		)	(30,627		)	11	%
Recoveries	7,021			7,600			(8	)%
Net charge-offs	(26,838		)	(23,027		)	17	%
Total allowance for loan and lease losses	151,069			144,556			5	%
Reserve for unfunded commitments	4,857			4,130			18	%
Total allowance for credit losses	$	155,926		$	148,686		5	%
Net charge-offs to average loans and leases (annualized)	0.26		%	0.24		%
Recoveries to gross charge-offs	20.74		%	24.81		%

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 13

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Quarter Ended										% Change
	Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Seq. Quarter		Year over Year
Average Rates:
Yield on loans held for sale	5.03	%	5.95	%	5.81	%	5.27	%	4.86	%	(0.92	)	0.17
Yield on loans and leases	5.07	%	5.06	%	4.97	%	4.89	%	4.91	%	0.01		0.16
Yield on taxable investments	1.62	%	2.96	%	4.11	%	3.72	%	1.31	%	(1.34	)	0.31
Yield on tax-exempt investments (1)	3.42	%	3.59	%	3.70	%	3.61	%	3.64	%	(0.17	)	(0.22	)
Yield on interest bearing cash and temporary investments	2.41	%	2.44	%	2.25	%	1.99	%	1.82	%	(0.03	)	0.59
Total yield on earning assets (1)	4.59	%	4.79	%	4.81	%	4.67	%	4.41	%	(0.20	)	0.18
Cost of interest bearing deposits	1.16	%	0.97	%	0.85	%	0.73	%	0.62	%	0.19		0.54
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.55	%	0.88	%	0.26	%	0.15	%	0.22	%	(0.33	)	0.33
Cost of term debt	2.03	%	1.88	%	1.75	%	1.73	%	1.74	%	0.15		0.29
Cost of junior subordinated debentures	6.17	%	6.24	%	6.13	%	6.06	%	5.89	%	(0.07	)	0.28
Total cost of interest bearing liabilities	1.31	%	1.14	%	1.00	%	0.90	%	0.80	%	0.17		0.51
Net interest spread (1)	3.28	%	3.65	%	3.81	%	3.77	%	3.61	%	(0.37	)	(0.33	)
Net interest margin (1)	3.70	%	4.03	%	4.15	%	4.09	%	3.89	%	(0.33	)	(0.19	)
Performance Ratios:
Return on average assets	1.62	%	1.12	%	1.19	%	1.36	%	1.02	%	0.50		0.60
Return on average tangible assets	1.73	%	1.20	%	1.28	%	1.46	%	1.09	%	0.53		0.64
Return on average common equity	10.80	%	7.34	%	7.90	%	9.00	%	6.64	%	3.46		4.16
Return on average tangible common equity	19.14	%	13.17	%	14.34	%	16.42	%	12.18	%	5.97		6.96
Efficiency ratio – Consolidated	51.64	%	60.44	%	58.58	%	57.06	%	65.84	%	(8.80	)	(14.20	)
Efficiency ratio – Bank	50.16	%	58.57	%	57.67	%	54.70	%	63.04	%	(8.41	)	(12.88	)

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

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 14

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Six Months Ended				% Change
	Jun 30, 2019		Jun 30, 2018		Year over Year
Average Rates:
Yield on loans held for sale	5.41	%	4.57	%	0.84
Yield on loans and leases	5.07	%	4.87	%	0.20
Yield on taxable investments	2.30	%	1.82	%	0.48
Yield on tax-exempt investments (1)	3.51	%	3.66	%	(0.15	)
Yield on interest bearing cash and temporary investments	2.42	%	1.72	%	0.70
Total yield on earning assets (1)	4.69	%	4.44	%	0.25
Cost of interest bearing deposits	1.07	%	0.55	%	0.52
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.74	%	0.15	%	0.59
Cost of term debt	1.96	%	1.72	%	0.24
Cost of junior subordinated debentures	6.20	%	5.62	%	0.58
Total cost of interest bearing liabilities	1.23	%	0.73	%	0.50
Net interest spread (1)	3.46	%	3.71	%	(0.25	)
Net interest margin (1)	3.86	%	3.96	%	(0.10	)
Performance Ratios:
Return on average assets	1.37	%	1.13	%	0.24
Return on average tangible assets	1.47	%	1.22	%	0.25
Return on average common equity	9.09	%	7.34	%	1.75
Return on average tangible common equity	16.21	%	13.50	%	2.71
Efficiency ratio – Consolidated	55.58	%	63.50	%	(7.92	)
Efficiency ratio – Bank	53.94	%	61.12	%	(7.18	)

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

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 15

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Quarter Ended										% Change
(Dollars in thousands)	Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Seq. Quarter		Year over Year
Temporary investments and interest bearing cash	$	783,703	$	153,347	$	462,621	$	558,597	$	458,133	411	%	71	%
Investment securities, taxable	2,683,472		2,757,644		2,716,616		2,687,635		2,723,406		(3	)%	(1	)%
Investment securities, tax-exempt	271,633		287,366		282,998		278,937		279,158		(5	)%	(3	)%
Loans held for sale	264,445		187,656		238,958		320,494		326,427		41	%	(19	)%
Loans and leases	20,605,963		20,388,988		20,051,674		19,709,113		19,387,537		1	%	6	%
Total interest earning assets	24,609,216		23,775,001		23,752,867		23,554,776		23,174,661		4	%	6	%
Goodwill and other intangible assets, net	1,809,583		1,811,007		1,812,487		1,814,000		1,815,529		0	%	0	%
Total assets	27,709,310		26,811,621		26,672,224		26,461,526		26,076,142		3	%	6	%
Non-interest bearing demand deposits	6,556,090		6,505,615		6,828,730		6,865,676		6,645,689		1	%	(1	)%
Interest bearing deposits	15,069,198		14,304,325		14,138,852		13,897,141		13,745,089		5	%	10	%
Total deposits	21,625,288		20,809,940		20,967,582		20,762,817		20,390,778		4	%	6	%
Interest bearing liabilities	16,646,949		15,858,561		15,547,250		15,331,529		15,199,900		5	%	10	%
Shareholders' equity - common	4,153,175		4,091,174		4,035,125		4,011,856		3,988,825		2	%	4	%
Tangible common equity (1)	2,343,592		2,280,167		2,222,638		2,197,856		2,173,296		3	%	8	%

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Six Months Ended				% Change
(Dollars in thousands)	Jun 30, 2019		Jun 30, 2018		Year over Year
Temporary investments and interest bearing cash	$	470,266	$	381,328	23	%
Investment securities, taxable	2,720,353		2,758,235		(1	)%
Investment securities, tax-exempt	279,456		282,860		(1	)%
Loans held for sale	226,263		296,992		(24	)%
Loans and leases	20,498,075		19,239,586		7	%
Total interest earning assets	24,194,413		22,959,001		5	%
Goodwill and other intangible assets, net	1,810,291		1,816,294		0	%
Total assets	27,262,945		25,856,690		5	%
Non-interest bearing demand deposits	6,530,992		6,548,566		0	%
Interest bearing deposits	14,688,875		13,619,723		8	%
Total deposits	21,219,867		20,168,289		5	%
Interest bearing liabilities	16,254,933		15,086,460		8	%
Shareholders’ equity - common	4,122,346		3,981,948		4	%
Tangible common equity (1)	2,312,055		2,165,654		7	%

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

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 16

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Quarter Ended
	June 30, 2019						March 31, 2019						June 30, 2018
	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	264,445	$	3,326	5.03	%	$	187,656	$	2,790	5.95	%	$	326,427	$	3,967	4.86	%
Loans and leases (1)	20,605,963		260,784		5.07	%	20,388,988		255,957		5.06	%	19,387,537		238,156		4.91	%
Taxable securities	2,683,472		10,861		1.62	%	2,757,644		20,473		2.96	%	2,723,406		8,932		1.31	%
Non-taxable securities (2)	271,633		2,325		3.42	%	287,366		2,580		3.59	%	279,158		2,539		3.64	%
Temporary investments and interest-bearing cash	783,703		4,708		2.41	%	153,347		925		2.44	%	458,133		2,080		1.82	%
Total interest-earning assets	24,609,216		$	282,004	4.59	%	23,775,001		282,725		4.79	%	23,174,661		$	255,674	4.41	%
Other assets	3,100,094						3,036,620						2,901,481
Total assets	$	27,709,310					$	26,811,621					$	26,076,142
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,332,535	$	2,798	0.48	%	$	2,319,718	$	2,640	0.46	%	$	2,322,359	$	1,565	0.27	%
Money market deposits	6,747,290		15,351		0.91	%	6,391,721		11,017		0.70	%	6,332,372		5,896		0.37	%
Savings deposits	1,454,908		410		0.11	%	1,488,530		270		0.07	%	1,456,625		252		0.07	%
Time deposits	4,534,465		25,032		2.21	%	4,104,356		20,167		1.99	%	3,633,733		13,546		1.50	%
Total interest-bearing deposits	15,069,198		43,591		1.16	%	14,304,325		34,094		0.97	%	13,745,089		21,259		0.62	%
Repurchase agreements and federal funds purchased	292,057		403		0.55	%	371,336		810		0.88	%	285,338		155		0.22	%
Term debt	903,164		4,563		2.03	%	793,797		3,683		1.88	%	801,768		3,478		1.74	%
Junior subordinated debentures	382,530		5,881		6.17	%	389,103		5,987		6.24	%	367,705		5,400		5.89	%
Total interest-bearing liabilities	16,646,949		$	54,438	1.31	%	15,858,561		$	44,574	1.14	%	15,199,900		$	30,292	0.80	%
Non-interest-bearing deposits	6,556,090						6,505,615						6,645,689
Other liabilities	353,096						356,271						241,728
Total liabilities	23,556,135						22,720,447						22,087,317
Common equity	4,153,175						4,091,174						3,988,825
Total liabilities and shareholders' equity	$	27,709,310					$	26,811,621					$	26,076,142
NET INTEREST INCOME			$	227,566					$	238,151					$	225,382
NET INTEREST SPREAD					3.28	%					3.65	%					3.61	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.70	%					4.03	%					3.89	%

(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 $404,000 for the three months ended June 30, 2019 as compared to $466,000 for March 31, 2019 and $482,000 for June 30, 2018. 

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 17

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Six Months Ended
	June 30, 2019						June 30, 2018
	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	$	226,263	$	6,116	5.41	%	$	296,992	$	6,782	4.57	%
Loans and leases (1)	20,498,075		516,741		5.07	%	19,239,586		464,829		4.87	%
Taxable securities	2,720,353		31,334		2.30	%	2,758,235		25,099		1.82	%
Non-taxable securities (2)	279,456		4,905		3.51	%	282,860		5,179		3.66	%
Temporary investments and interest-bearing cash	470,266		5,633		2.42	%	381,328		3,244		1.72	%
Total interest-earning assets	24,194,413		$	564,729	4.69	%	22,959,001		$	505,133	4.44	%
Other assets	3,068,532						2,897,689
Total assets	$	27,262,945					$	25,856,690
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,326,162	$	5,438	0.47	%	$	2,322,793	$	2,775	0.24	%
Money market deposits	6,570,488		26,368		0.81	%	6,618,629		11,609		0.35	%
Savings deposits	1,471,626		680		0.09	%	1,459,824		414		0.06	%
Time deposits	4,320,599		45,199		2.11	%	3,218,477		22,071		1.38	%
Total interest-bearing deposits	14,688,875		77,685		1.07	%	13,619,723		36,869		0.55	%
Repurchase agreements and federal funds purchased	331,477		1,213		0.74	%	294,150		218		0.15	%
Term debt	848,783		8,246		1.96	%	802,031		6,839		1.72	%
Junior subordinated debentures	385,798		11,868		6.20	%	370,556		10,332		5.62	%
Total interest-bearing liabilities	16,254,933		$	99,012	1.23	%	15,086,460		$	54,258	0.73	%
Non-interest-bearing deposits	6,530,992						6,548,566
Other liabilities	354,674						239,716
Total liabilities	23,140,599						21,874,742
Common equity	4,122,346						3,981,948
Total liabilities and shareholders' equity	$	27,262,945					$	25,856,690
NET INTEREST INCOME			$	465,717					$	450,875
NET INTEREST SPREAD					3.46	%					3.71	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.86	%					3.96	%

(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 $870,000 for the six months endedJune 30, 2019 as compared to $1.0 million for the same period in 2018. 

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 18

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Seq. Quarter		Year over Year
Residential mortgage banking revenue:
Origination and sale	$	23,151		$	14,373		$	16,665		$	20,983		$	28,159		61	%	(18	)%
Servicing	11,036			10,824			11,555			10,302			10,407			2	%	6	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,905		)	(6,431		)	(6,425		)	(6,007		)	(5,903		)	7	%	17	%
Changes due to valuation inputs or assumptions	(17,753		)	(7,535		)	(6,645		)	6,206			500			136	%	(3,651	)%
Total	$	9,529		$	11,231		$	15,150		$	31,484		$	33,163		(15	)%	(71	)%
Closed loan volume:
Portfolio	$	481,878		$	318,612		$	312,524		$	323,941		$	294,581		51	%	64	%
For-sale	698,150			487,090			589,355			756,924			839,489			43	%	(17	)%
Total	$	1,180,028		$	805,702		$	901,879		$	1,080,865		$	1,134,070		46	%	4	%
Gain on sale margin:
Based on for-sale volume	3.32		%	2.95		%	2.83		%	2.77		%	3.35		%	0.37		(0.03	)
Residential mortgage servicing rights:
Balance, beginning of period	$	158,946		$	169,025		$	175,038		$	166,217		$	164,760		(6	)%	(4	)%
Additions for new MSR capitalized	5,492			3,887			7,057			8,622			6,860			41	%	(20	)%
Changes in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(6,905		)	(6,431		)	(6,425		)	(6,007		)	(5,903		)	7	%	17	%
Changes due to valuation inputs or assumptions	(17,753		)	(7,535		)	(6,645		)	6,206			500			136	%	(3,651	)%
Balance, end of period	$	139,780		$	158,946		$	169,025		$	175,038		$	166,217		(12	)%	(16	)%
Residential mortgage loans serviced for others	$	15,796,102		$	15,902,587		$	15,978,885		$	15,810,455		$	15,508,182		(1	)%	2	%
MSR as % of serviced portfolio	0.88		%	1.00		%	1.06		%	1.11		%	1.07		%	(0.12	)	(0.19	)

Umpqua Reports Second Quarter 2019 Results

July 17, 2019

Page 19

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(Unaudited)
	Six Months Ended						% Change
(Dollars in thousands)	Jun 30, 2019			Jun 30, 2018			Year over Year
Residential mortgage banking revenue:
Origination and sale	$	37,524		$	50,996		(26	)%
Servicing	21,860			20,929			4	%
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(13,336		)	(12,101		)	10	%
Changes due to valuation inputs or assumptions	(25,288		)	11,777			(315	)%
Total	$	20,760		$	71,601		(71	)%
Closed loan volume:
Portfolio	$	800,490		$	532,364		50	%
For-sale	1,185,240			1,526,715			(22	)%
Total	$	1,985,730		$	2,059,079		(4	)%
Gain on sale margin:
Based on for-sale volume	3.17		%	3.34		%	(0.17	)
Residential mortgage servicing rights:
Balance, beginning of period	$	169,025		$	153,151		10	%
Additions for new MSR capitalized	9,379			13,390			(30	)%
Changes in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time	(13,336		)	(12,101		)	10	%
Changes due to valuation inputs or assumptions	(25,288		)	11,777			(315	)%
Balance, end of period	$	139,780		$	166,217		(16	)%

###

EX-99.2

Umpqua Holdings Corporation 2nd Quarter 2019 Earnings Conference Call Presentation July 18, 2019

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

Umpqua Next Gen Balanced Growth Human Digital Operational Excellence Q2 Balanced Growth: • Go To, the industry’s first human • 2019 YTD Non-Interest Expense down • $575 million, 10.8% annualized, in digital banking platform, launched 8% from the same period a year ago deposit growth in April now has over 27,000 • NIE YTD 2019 = $352 million • Growth in non-interest customers enrolled • NIE YTD 2018 = $382 million bearing deposits of over 3,000 accounts during • Implemented predictive analytics • Rationalized 20 stores YTD 2019 quarter tool in Commercial & Corporate • 8 additional stores identified to be banking to assist bankers with consolidated by end of the year • $547 million, 10.7% annualized in serving their customers loan & lease growth • Using algorithms to predict • Achieved $24 million of annualized • Full customer relationship future products and services savings with Phase I of Operational focused growth in C&I of based on current activity Excellence $208 million and residential real estate of $272 million • Added over 20 experienced, customer facing associates year to date in Commercial & Corporate banking and Global Payments and Deposits 3

Q2 2019 Highlights (compared to Q1 2019) • Net income of $111.8 million, or $0.51 per diluted common share • Net interest income decreased by $10.5 million on a quarter to quarter basis primarily driven by higher levels of bond premium amortization as the decrease in long-term rates during the second quarter resulted in higher prepayment speeds compared to the prior quarter; • Provision for loan and lease losses increased by $5.7 million, due to growth in the overall loan portfolio; • Net charge-offs decreased by one basis point to 0.26% of average loans and leases (annualized); • Non-interest income increased by $76.1 million, driven primary by the $81.9 million gain resulting from the sale of the Visa Class B stock and partially offset by a $7.2 million loss on debt securities; • Non-interest expense increased by $8.8 million, driven primarily by higher mortgage banking-related expenses, higher loss on OREO, higher marketing expenses, partially offset by a seasonal decrease in payroll taxes and lower group insurance charges; • Non-performing assets to total assets improved to 0.28% from 0.32%; • Estimated total risk-based capital ratio of 13.7% and estimated Tier 1 common to risk weighted assets ratio of 10.9%; 4 • Declared a quarterly cash dividend of $0.21 per common share.

Selected Ratios For the quarter ended Performance Credit Quality Capital (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. (2) Capital ratio estimated for current quarter, pending completion and filing of regulatory reports. 5

Summary Income Statement (in millions) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Net interest income before provision $227.2 $237.7 $247.4 $241.4 $224.9 Provision for loan and lease losses 19.4 13.7 17.2 11.7 13.3 Net interest income after provision 207.8 224.0 230.2 229.7 211.6 Non-interest income 121.8 45.7 56.8 72.4 71.7 Non-interest expense 180.4 171.6 178.5 179.3 195.6 Income before provision for income taxes 149.2 98.1 108.5 122.8 87.7 Provision for income taxes 37.4 24.1 28.2 31.8 21.7 Net income $111.8 $74.0 $80.3 $91.0 $66.0 6

Net Interest Income (in millions) Reported Net Interest Income (in millions) Base Net Interest Income $250 $247.4 $250 $245 $245 $243.2 $241.4 $240 $237.7 $240 $235 $235 $232.5 $229.5 $230 $227.2 $230 $224.9 $224.2 $225 $225 $221.6 $220 $220 $215 $215 $210 $210 $205 $205 $200 $200 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 (1) Impact from change in accounting methodology on the interest income method for residential mortgage-backed securities and collateralized mortgage obligations. Refer to notable items in prior earning releases for more information. 7 Note: tables may not foot due to rounding.

Net Interest Margin Net Interest Margin 4.15% 4.20% 4.09% 4.09% 4.03% 4.00% 3.89% 3.89% 3.94% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 3.88% 3.80% 3.70% Reported Net Interest 3.61% Margin 3.89% 4.09% 4.15% 4.03% 3.70% 3.60% Impact from Change in Accounting Methodology¹ (0.13)% (0.12)% 3.40% Accretion Related to Acquired 3.20% Loans (0.14)% (0.08)% (0.06)% (0.09)% (0.09)% Base Net Interest Margin 3.88% 3.89% 4.09% 3.94% 3.61% 3.00% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Reported Net Interest Margin Base Net Interest Margin NIM – Taxable Bond Premium Amortization & Recapture Details Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Bond Premium in $ millions (Amortization)/Recapture ($12.5mm) $3.3mm $6.1mm ($1.6mm) ($10.4mm) Net NIM Impact in basis points (0.22)% 0.06% 0.10% (0.03)% (0.17)% Accretive/(Dilutive) (1) Impact from change in accounting methodology on the interest income method for residential mortgage-backed securities and collateralized mortgage obligations. Refer to notable items in prior earning releases for more information. 8 Note: tables may not foot due to rounding.

Provision For Loan and Lease Losses (in millions) Provision for Loan and Lease Losses $25.0 $20.0 $15.0 $10.0 $19.4 $17.2 $13.3 $13.7 $11.7 $5.0 $- Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 9

Non-Interest Income (in millions) $135 $115 $16.0 $4.0 $95 $9.5 $2.1 $3.3 $75 $15.5 $15.6 $55 $4.2 $3.9 $75.4 $16.0 $4.2 $33.2 $31.5 $35 $15.3 $15.2 $3.8 $2.1 $2.1 $2.1 $11.2 $1.3 $2.8 $2.5 $0.4 $2.2 $15 $0.8 $0.7 $16.8 $17.0 $16.4 $11.8 $11.5 $(1.4) $(0.5) -$5 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Other (1) Net Gain/(Loss) on Investment Securities Gain on loan sales BOLI income Residential mortgage banking revenue, net Brokerage revenue Service charges . 10 Note: tables may not foot due to rounding.

Mortgage Banking Closed mortgage volume (in millions) Gain on sale margin $1,400 4.50% $1,134 $1,180 $1,200 $1,081 4.00% $1,000 $902 $806 3.35% $800 $698 3.50% 3.32% $839 $757 $600 $589 $487 2.95% 3.00% 2.77% 2.83% $400 2.50% $200 $482 $295 $324 $313 $319 $0 2.00% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Portfolio For Sale Residential mortgage banking revenue summary (in millions) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Origination and Sale $28.2 $21.0 $16.7 $14.4 $23.2 Servicing 10.4 10.3 11.6 10.8 $11.0 Change in fair value of MSR asset: Changes due to collection/realization of (5.9) (6.0) (6.4) (6.4) (6.9) expected cash flows over time Changes due to valuation 0.5 6.2 (6.6) (7.5) (17.8) inputs or assumptions 11 Note: tables may not foot due to rounding. Total $33.2 $31.5 $15.2 $11.2 $9.5

Non Interest Expense Non-interest Expense and Efficiency Ratio Non-interest Expense Bridge (in millions) (in millions) $0.9 $1.2 $(1.3) $205.0 110.0% $1.6 $195.6 $(0.8) $195.0 $2.7 $(0.3) $180.4 $179.3 $178.5 100.0% $4.8 $185.0 $180.4 Thousands $171.6 90.0% $175.0 $171.6 $165.0 80.0% $155.0 65.8% 70.0% 60.4% $145.0 57.1% 58.6% 60.0% $135.0 51.6% 50.0% $125.0 $115.0 40.0% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 019 Non-interest expense Efficiency ratio 12

Selected Balance Sheet (in millions) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Total assets $27,986.1 $27,355.6 $26,939.8 $26,615.1 $26,480.6 Interest bearing cash and temporary investments 691.3 605.8 287.2 570.3 488.5 Investment securities available for sale, fair value 2,698.4 2,894.8 2,977.1 2,864.4 2,854.4 Loans and leases, gross 20,953.4 20,406.0 20,422.7 19,854.0 19,639.5 Allowance for loan and lease losses (151.1) (144.9) (144.9) (144.0) (144.6) Goodwill and other intangibles, net 1,808.8 1,810.2 1,811.6 1,813.2 1,814.7 Deposits 21,819.0 21,243.9 21,137.5 20,892.8 20,744.5 Securities sold under agreements to repurchase 308.1 288.9 297.2 287.0 273.7 Term debt 821.7 932.4 751.8 751.8 801.7 Total shareholders' equity 4,228.5 4,112.3 4,056.4 4,003.9 3,981.1 Ratios: Loan to deposit ratio 96.0% 96.1% 96.6% 95.0% 94.7% Book value per common share $19.18 $18.65 $18.42 $18.18 $18.08 Tangible book value per common share (1) $10.97 $10.44 $10.19 $9.95 $9.84 Tangible common equity to tangible assets (1) 9.2% 9.0% 8.9% 8.8% 8.8% 13 (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation.

Loan and Deposit Growth (in billions) Loans and Leases (Gross) $25.0 As of June 30, 2019 $20.4 $21.0 3% Non-owner occupied term CRE $20.0 $19.0 $17.4 Owner occupied term CRE $16.8 6% $15.3 17% Multifamily $15.0 Commercial construction 19% 11% Residential development $10.0 $7.7 Commercial term $6.4 $6.5 $7.2 Commercial lines of credit & other 7% $5.0 Leases & equipment finance 6% 16% Mortgage 11% $0.0 Home equity lines & loans 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 1% 3% Consumer & other 2019 (in billions) Total Deposits $25.0 As of June 30, 2019 $21.1 $21.8 $19.0 $19.9 $20.0 $17.7 $16.9 Demand, non-interest $15.0 20% bearing Demand, interest bearing $9.4 $9.2 $9.4 $9.1 $10.0 31% 7% Money market $5.0 Savings $0.0 11% 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 31% Time 2019 14 (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation.

Loan and Lease Portfolio Repricing Schedule Loan and Lease Portfolio (1) Adjustable Rate Breakout – Q2 2019 (1) 100% 12.8% 90% 30.0% 80% 42.1% 42.3% 42.2% 42.4% 42.4% 23.4% 70% 30.7% 60% 3.1% 50% Libor 6 Month Libor 12 Month 3 Year 5 Year Other 25.9% 26.5% 27.4% 27.3% 27.9% 40% 30% Floating Rate Breakout – Q2 2019 (1) 20% 0.5% 32.0% 31.2% 30.4% 30.2% 29.7% 10% 34.6% 0% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 64.9% Fixed Rate Floating Rate (monthly repricing) Adjustable (> 1 month repricing) Prime Libor 1 Month Other  (1) Includes loans available for sale. 15  Note: totals may not foot due to rounding.

Loan and Lease Portfolio Characteristics Mortgage Owner Occupied CRE . Represents 19% of overall portfolio . Represents 11% of overall portfolio . Total delinquencies of 0.94% . Total delinquencies of 0.37% . Geographic Diversification De minimis < 0.01% annualized net . Annualized net charge-off rate of charge-off rate 0.02% . Average loan size of $448,000 . Average loan size of $780,000 . Average FICO of 760 and LTV of . Average LTV of 54% 65% Other Portland / 11% Vancouver 12% WA, Other Multifamily Non-owner Occupied CRE 6% . Represents 16% of overall portfolio . Represents 17% of overall portfolio Southern CA . . Total delinquencies of 0.26% OR, Other 17% Total delinquencies of 0.00% . . Annualized net charge-off rate of 13% Annualized net charge-off rate of 0.10% 0.00% . . Average loan size of $1.5 million Average loan size of $1.6 million . . Average LTV of 53% and DSC of 1.8 Average LTV of 54% and DSC of 1.6 Puget Sound Northern CA 16% 13% Lease & Equipment Finance (FinPac) Commercial & Industrial Bay Area 12% . Represents 7% of overall portfolio . Represents 17% of overall portfolio . Total delinquencies of 2.21% . Total delinquencies of 0.41% . Annualized net charge-off rate of . De minimis annualized net charge- 3.49% off rate of < 0.01% . ~10% average yield . Average loan size of $585,000 . Average loan size of $36,000 Note: Balances and delinquencies as of June 30, 2019. Annualized net charge-off rate for Q2 2019. LTV, FICO and Debt Service Coverage (DSC) are based on weighted average for portfolio. LTV for the Mortgage portfolio represents 16 average LTV based on most recent appraisal against updated loan balance.

Credit Quality Non-performing assets to total assets Classified Assets 1.60% 15.00% 1.00% 1.40% 14.00% 1.20% 13.00% 0.80% 12.00% 1.00% 0.86% 0.83% 0.75% 11.00% 0.60% 0.80% 0.66% 0.68% 10.00% 0.37% 0.60% 0.34% 0.36% 9.00% 0.40% 0.32% 0.28% 9.70% 0.40% 9.20% 8.00% 8.50% Classified Assets / RBC 0.20% 0.20% 7.00% Classified/ Loans Total Loans 7.40% 7.57% 0.00% 6.00% 0.00% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Classified Loans to Total Loans Classified Assets to Risk-Based Capital Allowance for loan and lease losses to loans Net charge-offs to average loans and leases (annualized) and leases 4.00% 3.59% 1.00% 3.23% 3.49% 3.50% 3.00% 3.10% 0.80% 3.00% 2.50% 0.60% 0.74% 0.73% 0.71% 0.71% 0.72% 2.00% 0.40% 1.50% 1.00% 0.32% 0.20% 0.50% 0.22% 0.25% 0.27% 0.26% 0.00% 0.01% 0.06% 0.09% 0.06% 0.02% 0.00% Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Umpqua Bank (ex FinPac) FinPac Umpqua Holdings Consolidated 17

Capital Management • All regulatory capital ratios remained in excess of well-capitalized and internal policy limits • Focused on prudently managing capital • Declared quarterly dividend of $0.21 per share, ~5.06% current dividend yield ² • Q2 total payout ratio of 42% Q2 2019 Capital Ratios (1) 13.7% 10.9% 10.9% 9.2% 9.3% Tangible Common Tier 1 Leverage Tier 1 Common Risk Based Tier 1 Risk Based Total Risk Based Equity/Tangible Assets 1. Regulatory capital ratios are estimates pending completion and filing of the Company’s regulatory reports. 18 2. As of closing stock price on 6/28/2019

Appendix – Non GAAP Reconciliation

Non-GAAP Reconciliation – Tangible Book Value (In thousands, except per share data) June 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 June 30, 2018 Total shareholders' equity $4,228,507 $4,112,326 $4,056,442 $4,003,893 $3,981,087 Subtract: Goodwill 1,787,651 1,787,651 1,787,651 1,787,651 1,787,651 Other intangible assets, net 21,155 22,560 23,964 25,506 27,047 Tangible equity - common $2,419,701 $2,302,115 $2,244,827 $2,190,736 $2,166,389 Total assets $27,986,075 $27,355,625 $26,939,781 $26,615,067 $26,480,601 Subtract: Goodwill 1,787,651 1,787,651 1,787,651 1,787,651 1,787,651 Other intangible assets, net 21,155 22,560 23,964 25,506 27,047 Tangible assets $26,177,269 $25,545,414 $25,128,166 $24,801,910 $24,665,903 Common shares outstanding at period end 220,499 220,457 220,255 220,238 220,205 Total shareholders' equity to total assets ratio 15.11% 15.03% 15.06% 15.04% 15.03% Tangible common equity ratio 9.24% 9.01% 8.93% 8.83% 8.78% Book value per common share $19.18 $18.65 $18.42 $18.18 $18.08 Tangible book value per common share $10.97 $10.44 $10.19 $9.95 $9.84 20

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