Document


THIRD QUARTER HIGHLIGHTS

Net Interest Income and NIM			•Net interest income increased by $5.3 million on a quarter to quarter basis primarily due to higher interest income and lower interest expense in the current period.
			•Net interest margin was 3.21%, up one basis point from the prior period due to higher average non-PPP loan balances and lower interest expense.

Non-Interest Income and Expense			•Non-interest income decreased by $17.4 million primarily due to lower net mortgage banking revenue of $10.3 million and the $4.4 million gain related to the sale of Umpqua Investments in the prior period.
			•Non-interest expense decreased by $5.6 million due to lower salaries and benefit expenses of $3.9 million.

Credit Quality			•Net charge-offs decreased by 14 basis points to 0.11% of average loans and leases (annualized).
			•A recapture of the provision for credit losses of $18.9 million was recorded in the period as modeled economic conditions improve.
			•Non-performing assets to total assets remained at 0.17%, consistent with the prior period.

Capital			•Estimated total risk-based capital ratio of 14.9% and estimated Tier 1 Risk Based Capital ratio of 12.1%.
			•Paid a quarterly cash dividend of $0.21 per common share on August 31, 2021 to shareholders of record as of August 20, 2021.

Notable items			•Repurchased 4 million shares for a total of $78.2 million during the third quarter.
			•$3.8 million in exit disposal costs related to store consolidations and back-office lease exits.


3Q21 KEY FINANCIAL DATA

PERFORMANCE METRICS	3Q21		2Q21		3Q20
Return on average assets	1.40%		1.54%		1.68%
Return on average tangible common equity	15.88%		17.33%		19.62%
Net interest margin	3.21%		3.20%		3.08%
Efficiency ratio - consolidated	59.44%		58.96%		54.52%
Loan to deposit ratio	81.65%		84.67%		90.91%

INCOME STATEMENT ($ in 000s, excl. per share data)	3Q21		2Q21		3Q20
Net interest income	$235,074		$229,763		$216,574
(Recapture) of provision for credit losses	($18,919)		($22,996)		($338)
Non-interest income	$73,705		$91,075		$131,924
Non-interest expense	$183,753		$189,400		$190,207
Earnings per common share - diluted	$0.49		$0.53		$0.57
Dividends paid per share	$0.21		$0.21		$0.21

BALANCE SHEET	3Q21		2Q21		3Q20
Total assets	$30.9	B	$30.3	B	$29.4	B
Loans and leases	$22.0	B	$22.1	B	$22.4	B
Total deposits	$26.9	B	$26.2	B	$24.7	B
Tangible book value per share1	$12.52		$12.49		$11.77
Book value per common share	$12.57		$12.54		$11.85

Gross loans and leases were $22.0 billion as of September 30, 2021, a decrease of $173.8 million relative to June 30, 2021. The net decrease in gross loans and leases is primarily due to an increase of non-PPP loans of $479.7 million or 2.3% offset by the expected decrease in PPP loan balances of $653.5 million due to processed forgiveness and payoffs. Multifamily balances increased $259.3 million and residential mortgage balances increased $185.4 million during the quarter. The decrease in commercial term loan balances of $588.8 million includes the aforementioned decrease of PPP loan balances of $653.5 million. Please refer to the additional loan tables in the Q3 2021 Earnings Presentation for select underwriting characteristics of the loan portfolio.

On January 1, 2020, we adopted Accounting Standards Update No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"). In applying CECL, we use credit models that factor in economic forecasts to project life of loan performance. At the beginning of the COVID-19 pandemic, economic forecasts projected significant, negative COVID-19 related impacts to the economy; therefore we recorded significant provisions for credit losses in the first and second quarters of 2020. As those future economic forecasts stabilized as well as incorporating loan mix changes, we recorded a recapture of $18.9 million of the allowance for credit losses in the current period.

The Core Banking segment includes all lines of business, except Mortgage Banking, including wholesale, 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 channels and are originated through a variety of channels throughout the Company.

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.


(In thousands, except per share data)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020
Total shareholders' equity	$	2,722,379		$	2,766,316		$	2,681,869		$	2,704,577		$	2,610,244
Subtract:
Goodwill	—			—			2,715			2,715			2,715
Other intangible assets, net	9,970			11,100			12,230			13,360			14,606
Tangible common shareholders' equity	$	2,712,409		$	2,755,216		$	2,666,924		$	2,688,502		$	2,592,923
Total assets	$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175		$	29,437,441
Subtract:
Goodwill	—			—			2,715			2,715			2,715
Other intangible assets, net	9,970			11,100			12,230			13,360			14,606
Tangible assets	$	30,881,509		$	30,273,865		$	30,021,735		$	29,219,100		$	29,420,120
Common shares outstanding at period end	216,622			220,626			220,491			220,226			220,222

Total shareholders' equity to total assets ratio	8.81		%	9.13		%	8.93		%	9.25		%	8.87		%
Tangible common equity ratio	8.78		%	9.10		%	8.88		%	9.20		%	8.81		%
Book value per common share	$	12.57		$	12.54		$	12.16		$	12.28		$	11.85
Tangible book value per common share	$	12.52		$	12.49		$	12.10		$	12.21		$	11.77

Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based 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 Corporation is headquartered in Portland, Oregon. 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 has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the sixteenth consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses.

The Company will host its third quarter 2021 earnings conference call on October 21, 2021, 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 third quarter 2021 financial results. There will be a live question-and-answer session following the presentation. To join the call, please dial (866) 440-7407 ten minutes prior to the start time and enter conference ID: 4277385. A re-broadcast will be available approximately two hours after the call by dialing (855) 859-2056 and entering conference ID 4277385. The earnings conference call will also be available as an audio cast, which can be accessed on the Company's investor relations page at https://www.umpquabank.com/investor-relations/.

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. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and any slowdown in economic growth particularly in the western United States; the effect of the COVID-19 pandemic, including on our credit quality, deferral programs, and business operations, as well as its impact on general economic and financial market conditions; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; 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 announcement or completion of the transaction. 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)	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	224,403	$	223,470	$	221,141	$	240,815	$	229,457	0	%	(2)	%
Interest and dividends on investments:
Taxable	16,102		14,619		13,112		11,951		10,168		10	%	58	%
Exempt from federal income tax	1,470		1,487		1,534		1,523		1,490		(1)	%	(1)	%
Dividends	213		405		598		659		710		(47)	%	(70)	%
Temporary investments and interest bearing deposits	1,237		774		624		531		474		60	%	161	%
Total interest income	243,425		240,755		237,009		255,479		242,299		1	%	0	%
Interest expense:
Deposits	5,100		7,016		10,678		14,567		19,121		(27)	%	(73)	%
Securities sold under agreement to repurchase and federal funds purchased	88		68		76		93		84		29	%	5	%
Borrowings	149		866		1,772		2,765		3,271		(83)	%	(95)	%
Junior subordinated debentures	3,014		3,042		3,052		3,147		3,249		(1)	%	(7)	%
Total interest expense	8,351		10,992		15,578		20,572		25,725		(24)	%	(68)	%
Net interest income	235,074		229,763		221,431		234,907		216,574		2	%	9	%
(Recapture) provision for credit losses	(18,919)		(22,996)		—		29		(338)		(18)	%	nm
Non-interest income:
Service charges on deposits	10,941		10,310		9,647		10,202		10,405		6	%	5	%
Card-based fees	9,111		10,274		7,374		7,754		7,118		(11)	%	28	%
Brokerage revenue	31		1,135		3,915		4,093		3,686		(97)	%	(99)	%
Residential mortgage banking revenue, net	34,150		44,443		65,033		79,028		90,377		(23)	%	(62)	%
Gain on sale of debt securities, net	—		—		4		—		—		nm		nm
(Loss) gain on equity securities, net	(343)		4		(706)		(173)		(112)		nm		206	%
Gain on loan and lease sales, net	4,208		5,318		1,373		3,374		1,092		(21)	%	285	%
BOLI income	2,038		2,092		2,071		2,067		2,087		(3)	%	(2)	%
Other income	13,569		17,499		20,089		17,615		17,271		(22)	%	(21)	%
Total non-interest income	73,705		91,075		108,800		123,960		131,924		(19)	%	(44)	%
Non-interest expense:
Salaries and employee benefits	117,636		121,573		124,134		132,460		120,337		(3)	%	(2)	%
Occupancy and equipment, net	33,944		34,657		34,635		41,758		36,720		(2)	%	(8)	%
Intangible amortization	1,130		1,130		1,130		1,246		1,247		0	%	(9)	%
FDIC assessments	2,136		1,607		2,599		3,014		2,989		33	%	(29)	%

Other expenses	28,907		30,433		25,094		32,834		28,914		(5)	%	0	%
Total non-interest expense	183,753		189,400		187,592		211,312		190,207		(3)	%	(3)	%
Income before provision for income taxes	143,945		154,434		142,639		147,526		158,629		(7)	%	(9)	%
Provision (benefit) for income taxes	35,879		38,291		34,902		(3,204)		33,758		(6)	%	6	%
Net income	$	108,066	$	116,143	$	107,737	$	150,730	$	124,871	(7)	%	(13)	%

Weighted average basic shares outstanding	218,416		220,593		220,367		220,225		220,221		(1)	%	(1)	%
Weighted average diluted shares outstanding	218,978		221,022		220,891		220,663		220,418		(1)	%	(1)	%
Earnings per common share – basic	$	0.49	$	0.53	$	0.49	$	0.68	$	0.57	(8)	%	(14)	%
Earnings per common share – diluted	$	0.49	$	0.53	$	0.49	$	0.68	$	0.57	(8)	%	(14)	%

nm = not meaningful


Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Nine Months Ended				% Change
(In thousands, except per share data)	Sep 30, 2021		Sep 30, 2020		Year over Year
Interest income:
Loans and leases	$	669,014	$	710,624	(6)	%
Interest and dividends on investments:
Taxable	43,833		35,788		22	%
Exempt from federal income tax	4,491		4,572		(2)	%
Dividends	1,216		1,956		(38)	%
Temporary investments and interest bearing deposits	2,635		4,208		(37)	%
Total interest income	721,189		757,148		(5)	%
Interest expense:
Deposits	22,794		85,633		(73)	%
Securities sold under agreement to repurchase and federal funds purchased	232		673		(66)	%
Borrowings	2,787		11,156		(75)	%
Junior subordinated debentures	9,108		12,074		(25)	%
Total interest expense	34,921		109,536		(68)	%
Net interest income	686,268		647,612		6	%
(Recapture) provision for credit losses	(41,915)		204,832		(120)	%
Non-interest income:
Service charges on deposits	30,898		30,635		1	%
Card-based fees	26,759		20,436
Brokerage revenue	5,081		11,506		(56)	%
Residential mortgage banking revenue, net	143,626		191,794		(25)	%
Gain on sale of debt securities, net	4		190		(98)	%
(Loss) gain on equity securities, net	(1,045)		942		(211)	%
Gain on loan and lease sales, net	10,899		3,333		227	%
BOLI income	6,201		6,332		(2)	%
Other income	51,157		22,881		124	%
Total non-interest income	273,580		288,049		(5)	%
Non-interest expense:
Salaries and employee benefits	363,343		346,787		5	%
Occupancy and equipment, net	103,236		109,892		(6)	%
Intangible amortization	3,390		3,740		(9)	%
FDIC assessments	6,342		9,502		(33)	%
Goodwill impairment	—		1,784,936		nm
Other expenses	84,434		79,918		6	%
Total non-interest expense	560,745		2,334,775		(76)	%
Income (loss) before provision for income taxes	441,018		(1,603,946)		(127)	%
Provision for income taxes	109,072		70,204		55	%
Net income (loss)	$	331,946	$	(1,674,150)	(120)	%

Weighted average basic shares outstanding	219,791		220,216		0	%
Weighted average diluted shares outstanding	220,278		220,216		0	%
Earnings (loss) per common share – basic	$	1.51	$	(7.60)	(120)	%
Earnings (loss) per common share – diluted	$	1.51	$	(7.60)	(120)	%

nm = not meaningful


Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	395,555		$	397,526		$	379,361		$	370,219		$	370,595		0	%	7	%
Interest bearing cash and temporary investments	3,349,034			2,688,285			2,861,820			2,202,962			1,849,132			25	%	81	%
Investment securities:
Equity and other, at fair value	81,575			82,099			82,771			83,077			82,769			(1)	%	(1)	%
Available for sale, at fair value	3,723,171			3,473,950			3,167,825			2,932,558			2,898,700			7	%	28	%
Held to maturity, at amortized cost	2,795			2,876			2,954			3,034			3,088			(3)	%	(9)	%
Loans held for sale	352,466			429,052			376,481			766,225			683,960			(18)	%	(48)	%
Loans and leases	21,969,940			22,143,739			22,160,860			21,779,367			22,426,473			(1)	%	(2)	%
Allowance for credit losses on loans and leases	(257,560)			(279,887)			(311,283)			(328,401)			(345,049)			(8)	%	(25)	%
Net loans and leases	21,712,380			21,863,852			21,849,577			21,450,966			22,081,424			(1)	%	(2)	%
Restricted equity securities	10,946			15,247			22,057			41,666			50,062			(28)	%	(78)	%
Premises and equipment, net	172,624			172,546			176,571			178,050			185,104			0	%	(7)	%
Operating lease right-of-use assets	88,379			95,030			100,643			104,937			107,321			(7)	%	(18)	%
Goodwill	—			—			2,715			2,715			2,715			nm		(100)	%
Other intangible assets, net	9,970			11,100			12,230			13,360			14,606			(10)	%	(32)	%
Residential mortgage servicing rights, at fair value	105,834			102,699			100,413			92,907			93,248			3	%	13	%
Bank owned life insurance	325,646			324,998			322,867			323,470			326,120			0	%	0	%
Deferred tax asset, net	8,402			—			10,905			—			—			nm		nm
Other assets	552,702			625,705			567,490			669,029			688,597			(12)	%	(20)	%
Total assets	$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175		$	29,437,441		2	%	5	%
Liabilities:
Deposits	$	26,908,397		$	26,153,553		$	25,886,833		$	24,622,201		$	24,669,783		3	%	9	%
Securities sold under agreements to repurchase	467,760			480,302			420,402			375,384			388,028			(3)	%	21	%
Borrowings	6,367			111,405			281,444			771,482			996,520			(94)	%	(99)	%
Junior subordinated debentures, at fair value	299,508			287,723			281,580			255,217			247,045			4	%	21	%
Junior subordinated debentures, at amortized cost	88,098			88,155			88,212			88,268			88,325			0	%	0	%
Operating lease liabilities	100,557			106,195			109,014			113,593			115,790			(5)	%	(13)	%
Deferred tax liability, net	—			2,497			—			5,441			13,239			(100)	%	(100)	%
Other liabilities	298,413			288,819			287,326			299,012			308,467			3	%	(3)	%
Total liabilities	28,169,100			27,518,649			27,354,811			26,530,598			26,827,197			2	%	5	%
Shareholders' equity:
Common stock	3,442,085			3,517,641			3,515,248			3,514,599			3,512,153			(2)	%	(2)	%
Accumulated deficit	(739,915)			(801,954)			(871,511)			(932,767)			(1,036,931)			(8)	%	(29)	%
Accumulated other comprehensive income	20,209			50,629			38,132			122,745			135,022			(60)	%	(85)	%
Total shareholders' equity	2,722,379			2,766,316			2,681,869			2,704,577			2,610,244			(2)	%	4	%
Total liabilities and shareholders' equity	$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175		$	29,437,441		2	%	5	%

Common shares outstanding at period end	216,622			220,626			220,491			220,226			220,222			(2)	%	(2)	%
Book value per common share	$	12.57		$	12.54		$	12.16		$	12.28		$	11.85		0	%	6	%
Tangible book value per common share	$	12.52		$	12.49		$	12.10		$	12.21		$	11.77		0	%	6	%
Tangible equity - common	$	2,712,409		$	2,755,216		$	2,666,924		$	2,688,502		$	2,592,923		(2)	%	5	%
Tangible common equity to tangible assets	8.78		%	9.10		%	8.88		%	9.20		%	8.81		%	(0.32)		(0.03)
nm = not meaningful


Umpqua Holdings Corporation
Loan and Lease Portfolio
(Unaudited)
	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			% 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	$	3,561,764		$	3,580,386		$	3,455,773		$	3,505,802		$	3,533,776		(1)	%	1	%
Owner occupied term, net	2,330,338			2,398,326			2,358,169			2,333,945			2,411,098			(3)	%	(3)	%
Multifamily, net	3,813,024			3,553,704			3,421,320			3,349,196			3,389,034			7	%	13	%
Construction & development, net	882,778			857,866			876,297			828,478			757,462			3	%	17	%
Residential development, net	177,148			193,904			190,841			192,761			163,400			(9)	%	8	%
Commercial:
Term, net (1)	3,159,466			3,748,269			4,350,763			4,024,467			4,246,229			(16)	%	(26)	%
Lines of credit & other, net	930,350			908,518			825,162			862,760			894,782			2	%	4	%
Leases & equipment finance, net	1,457,248			1,437,372			1,420,977			1,456,630			1,496,650			1	%	(3)	%
Residential:
Mortgage, net	4,330,860			4,145,432			3,958,644			3,871,906			4,042,416			4	%	7	%
Home equity loans & lines, net	1,133,823			1,118,278			1,097,168			1,136,064			1,172,697			1	%	(3)	%
Consumer & other, net	193,141			201,684			205,746			217,358			318,929			(4)	%	(39)	%
Total loans and leases, net of deferred fees and costs	$	21,969,940		$	22,143,739		$	22,160,860		$	21,779,367		$	22,426,473		(1)	%	(2)	%

(1)The Bank participates 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	$726,737			$	1,380,212		$	2,047,793		$	1,750,211		$	2,007,379		(47)	%	(64)	%

Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	16		%	16		%	15		%	16		%	16		%
Owner occupied term, net	11		%	11		%	11		%	11		%	11		%
Multifamily, net	17		%	16		%	15		%	15		%	15		%
Construction & development, net	4		%	4		%	4		%	4		%	3		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	14		%	17		%	20		%	18		%	19		%
Lines of credit & other, net	4		%	4		%	4		%	4		%	4		%
Leases & equipment finance, net	7		%	6		%	6		%	7		%	7		%
Residential:
Mortgage, net	20		%	19		%	18		%	18		%	18		%
Home equity loans & lines, net	5		%	5		%	5		%	5		%	5		%
Consumer & other, net	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%


Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	11,121,127		$	10,718,921		$	10,500,482		$	9,632,773		$	9,475,244		4	%	17	%
Demand, interest bearing	3,758,019			3,466,251			3,244,624			3,051,487			2,931,990			8	%	28	%
Money market	7,780,442			7,559,621			7,554,798			7,173,920			7,160,838			3	%	9	%
Savings	2,325,929			2,221,524			2,109,211			1,912,752			1,848,639			5	%	26	%
Time	1,922,880			2,187,236			2,477,718			2,851,269			3,253,072			(12)	%	(41)	%
Total	$	26,908,397		$	26,153,553		$	25,886,833		$	24,622,201		$	24,669,783		3	%	9	%

Total core deposits (1)	$	26,029,814		$	25,122,851		$	24,740,621		$	23,298,561		$	23,134,283		4	%	13	%

Deposit mix:
Demand, non-interest bearing	41		%	41		%	41		%	39		%	38		%
Demand, interest bearing	14		%	13		%	12		%	12		%	12		%
Money market	29		%	29		%	29		%	29		%	29		%
Savings	9		%	9		%	8		%	8		%	8		%
Time	7		%	8		%	10		%	12		%	13		%
Total	100		%	100		%	100		%	100		%	100		%

Number of open accounts:
Demand, non-interest bearing	425,337			424,626			422,792			420,050			423,658
Demand, interest bearing	70,749			71,411			72,156			72,811			73,812
Money market	57,794			58,289			58,409			58,609			59,083
Savings	161,698			161,902			161,432			160,192			162,234
Time	37,172			39,560			43,637			48,292			52,572
Total	752,750			755,788			758,426			759,954			771,359

Average balance per account:
Demand, non-interest bearing	$	26.1		$	25.2		$	24.8		$	22.9		$	22.4
Demand, interest bearing	53.1			48.5			45.0			41.9			39.7
Money market	134.6			129.7			129.3			122.4			121.2
Savings	14.4			13.7			13.1			11.9			11.4
Time	51.7			55.3			56.8			59.0			61.9
Total	$	35.7		$	34.6		$	34.1		$	32.4		$	32.0


Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status	$	24,152		$	20,673		$	29,216		$	31,076		$	26,425		17	%	(9)	%
Loans and leases past due 90+ days and accruing (1)	27,490			29,144			25,612			36,361			50,269			(6)	%	(45)	%
Total non-performing loans and leases	51,642			49,817			54,828			67,437			76,694			4	%	(33)	%
Other real estate owned	1,868			181			1,405			1,810			2,369			932	%	(21)	%
Total non-performing assets	$	53,510		$	49,998		$	56,233		$	69,247		$	79,063		7	%	(32)	%

Performing restructured loans and leases	$	9,849		$	13,072		$	9,921		$	14,991		$	15,819		(25)	%	(38)	%
Loans and leases past due 31-89 days	$	41,326		$	30,646		$	51,120		$	72,047		$	66,155		35	%	(38)	%
Loans and leases past due 31-89 days to total loans and leases	0.19		%	0.14		%	0.23		%	0.33		%	0.29		%
Non-performing loans and leases to total loans and leases (1)	0.24		%	0.22		%	0.25		%	0.31		%	0.34		%
Non-performing assets to total assets(1)	0.17		%	0.17		%	0.19		%	0.24		%	0.27		%


Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period	$	279,887		$	311,283		$	328,401		$	345,049		$	356,745		(10)	%	(22)	%


(Recapture) provision for credit losses on loans and leases	(16,132)			(17,775)			526			3,104			1,785			(9)	%	(1,004)	%
Charge-offs	(10,373)			(17,079)			(20,915)			(23,942)			(16,646)			(39)	%	(38)	%
Recoveries	4,178			3,458			3,271			4,190			3,165			21	%	32	%
Net charge-offs	(6,195)			(13,621)			(17,644)			(19,752)			(13,481)			(55)	%	(54)	%
Balance, end of period	$	257,560		$	279,887		$	311,283		$	328,401		$	345,049		(8)	%	(25)	%
Reserve for unfunded commitments
Balance, beginning of period	$	14,539		$	19,760		$	20,286		$	24,306		$	26,368		(26)	%	(45)	%


(Recapture) provision for credit losses on unfunded commitments	(2,787)			(5,221)			(526)			(4,020)			(2,062)			(47)	%	35	%
Balance, end of period	11,752			14,539			19,760			20,286			24,306			(19)	%	(52)	%
Total Allowance for credit losses (ACL)	$	269,312		$	294,426		$	331,043		$	348,687		$	369,355		(9)	%	(27)	%

Net charge-offs to average loans and leases (annualized)	0.11		%	0.25		%	0.33		%	0.35		%	0.24		%
Recoveries to gross charge-offs	40.28		%	20.25		%	15.64		%	17.50		%	19.01		%
ACLLL to loans and leases	1.17		%	1.26		%	1.40		%	1.51		%	1.54		%
ACL to loans and leases	1.23		%	1.33		%	1.49		%	1.60		%	1.65		%
nm = not meaningful


Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Nine Months Ended						% Change
(Dollars in thousands)	Sep 30, 2021			Sep 30, 2020			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period	$	328,401		$	157,629		108	%
Impact of adoption of CECL	—			49,999			nm
Adjusted balance, beginning of period	328,401			207,628			58	%
(Recapture) provision for credit losses on loans and leases	(33,381)			188,771			(118)	%
Charge-offs	(48,367)			(60,554)			(20)	%
Recoveries	10,907			9,204			19	%
Net charge-offs	(37,460)			(51,350)			(27)	%
Balance, end of period	$	257,560		$	345,049		(25)	%
Reserve for unfunded commitments
Balance, beginning of period	$	20,286		$	5,106		297	%
Impact of adoption of CECL	—			3,238			nm
Adjusted balance, beginning of period	20,286			8,344			143	%
(Recapture) provision for credit losses on unfunded commitments	(8,534)			15,962			(153)	%
Balance, end of period	11,752			24,306			(52)	%
Total Allowance for credit losses (ACL)	$	269,312		$	369,355		(27)	%

Net charge-offs to average loans and leases (annualized)	0.23		%	0.31		%
Recoveries to gross charge-offs	22.55		%	15.20		%


nm = not meaningful


Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Quarter Ended										% Change
	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Seq. Quarter	Year over Year
Average Rates:
Yield on loans held for sale	3.15	%	3.18	%	2.75	%	3.19	%	3.13	%	(0.03)	0.02
Yield on loans and leases	4.02	%	3.99	%	4.02	%	4.24	%	3.96	%	0.03	0.06
Yield on taxable investments	1.90	%	1.87	%	1.86	%	1.77	%	1.56	%	0.03	0.34
Yield on tax-exempt investments (1)	3.01	%	3.02	%	3.03	%	3.08	%	3.11	%	(0.01)	(0.10)
Yield on interest bearing cash and temporary investments	0.15	%	0.11	%	0.10	%	0.10	%	0.10	%	0.04	0.05
Total yield on earning assets (1)	3.32	%	3.35	%	3.41	%	3.64	%	3.45	%	(0.03)	(0.13)

Cost of interest bearing deposits	0.13	%	0.18	%	0.29	%	0.38	%	0.49	%	(0.05)	(0.36)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.07	%	0.06	%	0.08	%	0.09	%	0.09	%	0.01	(0.02)
Cost of borrowings	1.88	%	1.62	%	1.33	%	1.18	%	1.23	%	0.26	0.65
Cost of junior subordinated debentures	3.18	%	3.30	%	3.60	%	3.73	%	4.03	%	(0.12)	(0.85)
Total cost of interest bearing liabilities	0.20	%	0.27	%	0.38	%	0.49	%	0.59	%	(0.07)	(0.39)

Net interest spread (1)	3.12	%	3.08	%	3.03	%	3.15	%	2.85	%	0.04	0.27
Net interest margin (1)	3.21	%	3.20	%	3.18	%	3.35	%	3.08	%	0.01	0.13

Performance Ratios:
Return on average assets	1.40	%	1.54	%	1.49	%	2.04	%	1.68	%	(0.14)	(0.28)
Return on average tangible assets	1.40	%	1.55	%	1.49	%	2.04	%	1.68	%	(0.15)	(0.28)
Return on average common equity	15.82	%	17.25	%	16.33	%	22.92	%	19.48	%	(1.43)	(3.66)
Return on average tangible common equity	15.88	%	17.33	%	16.43	%	23.07	%	19.62	%	(1.45)	(3.74)
Efficiency ratio – Consolidated	59.44	%	58.96	%	56.74	%	58.82	%	54.52	%	0.48	4.92
Efficiency ratio – Bank	58.54	%	58.31	%	55.51	%	57.77	%	53.41	%	0.23	5.13


Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Nine Months Ended				% Change
	Sep 30, 2021		Sep 30, 2020		Year over Year
Average Rates:
Yield on loans held for sale	2.99	%	3.61	%	(0.62)
Yield on loans and leases	4.01	%	4.21	%	(0.20)
Yield on taxable investments	1.88	%	1.81	%	0.07
Yield on tax-exempt investments (1)	3.02	%	3.14	%	(0.12)
Yield on interest bearing cash and temporary investments	0.12	%	0.38	%	(0.26)
Total yield on earning assets (1)	3.36	%	3.73	%	(0.37)

Cost of interest bearing deposits	0.20	%	0.73	%	(0.53)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.07	%	0.25	%	(0.18)
Cost of borrowings	1.43	%	1.43	%	—
Cost of junior subordinated debentures	3.35	%	5.00	%	(1.65)
Total cost of interest bearing liabilities	0.28	%	0.84	%	(0.56)

Net interest spread (1)	3.08	%	2.89	%	0.19
Net interest margin (1)	3.20	%	3.19	%	0.01

Performance Ratios:
Return on average assets	1.48	%	(7.67)	%	9.15
Return on average tangible assets	1.48	%	(7.83)	%	9.31
Return on average common equity	16.47	%	(72.01)	%	88.48
Return on average tangible common equity	16.55	%	(89.45)	%	106.00
Efficiency ratio – Consolidated	58.35	%	249.26	%	(190.91)
Efficiency ratio – Bank	57.42	%	247.93	%	(190.51)


Umpqua Holdings Corporation Average Balances
(Unaudited)
	Quarter Ended										% Change
(Dollars in thousands)	Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Seq. Quarter		Year over Year
Temporary investments and interest bearing cash	$	3,224,846	$	2,835,474	$	2,483,451	$	2,066,572	$	1,827,818	14	%	76	%
Investment securities, taxable	3,436,895		3,210,771		2,945,896		2,850,550		2,797,547		7	%	23	%
Investment securities, tax-exempt	245,904		247,282		252,741		245,997		237,165		(1)	%	4	%
Loans held for sale	465,805		468,960		703,557		696,688		669,646		(1)	%	(30)	%
Loans and leases	21,864,387		22,040,794		21,692,639		22,138,283		22,560,076		(1)	%	(3)	%
Total interest earning assets	29,237,837		28,803,281		28,078,284		27,998,090		28,092,252		2	%	4	%
Goodwill and other intangible assets, net	10,609		12,615		15,598		16,775		18,021		(16)	%	(41)	%
Total assets	30,614,374		30,156,017		29,392,490		29,396,311		29,533,871		2	%	4	%

Non-interest bearing demand deposits	10,960,686		10,582,197		9,897,749		9,587,081		9,335,350		4	%	17	%
Interest bearing deposits	15,679,755		15,474,743		15,166,198		15,165,049		15,451,816		1	%	1	%
Total deposits	26,640,441		26,056,940		25,063,947		24,752,130		24,787,166		2	%	7	%
Interest bearing liabilities	16,583,803		16,500,106		16,444,694		16,822,808		17,205,775		1	%	(4)	%

Shareholders' equity - common	2,709,641		2,700,010		2,674,871		2,615,676		2,549,703		0	%	6	%
Tangible common equity (1)	2,699,032		2,687,395		2,659,273		2,598,901		2,531,682		0	%	7	%


Umpqua Holdings Corporation Average Balances
(Unaudited)
	Nine Months Ended				% Change
(Dollars in thousands)	Sep 30, 2021		Sep 30, 2020		Year over Year
Temporary investments and interest bearing cash	$	2,850,639	$	1,493,352	91	%
Investment securities, taxable	3,199,653		2,778,460		15	%
Investment securities, tax-exempt	248,617		238,059		4	%
Loans held for sale	545,237		551,583		(1)	%
Loans and leases	21,866,569		22,063,582		(1)	%
Total interest earning assets	28,710,715		27,125,036		6	%
Goodwill and other intangible assets, net	12,922		605,548		(98)	%
Total assets	30,058,769		29,149,758		3	%

Non-interest bearing demand deposits	10,484,104		8,237,095		27	%
Interest bearing deposits	15,442,113		15,649,765		(1)	%
Total deposits	25,926,217		23,886,860		9	%
Interest bearing liabilities	16,510,044		17,377,259		(5)	%

Shareholders’ equity - common	2,694,968		3,105,611		(13)	%
Tangible common equity (1)	2,682,046		2,500,063		7	%


Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
	Quarter Ended
	September 30, 2021						June 30, 2021						September 30, 2020
(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	$	465,805	$	3,672	3.15	%	$	468,960	$	3,725	3.18	%	$	669,646	$	5,248	3.13	%
Loans and leases (1)	21,864,387		220,731		4.02	%	22,040,794		219,745		3.99	%	22,560,076		224,209		3.96	%
Taxable securities	3,436,895		16,315		1.90	%	3,210,771		15,024		1.87	%	2,797,547		10,878		1.56	%
Non-taxable securities (2)	245,904		1,848		3.01	%	247,282		1,864		3.02	%	237,165		1,845		3.11	%
Temporary investments and interest-bearing cash	3,224,846		1,237		0.15	%	2,835,474		774		0.11	%	1,827,818		474		0.10	%
Total interest-earning assets	29,237,837		$	243,803	3.32	%	28,803,281		$	241,132	3.35	%	28,092,252		$	242,654	3.45	%
Other assets	1,376,537						1,352,736						1,441,619
Total assets	$	30,614,374					$	30,156,017					$	29,533,871
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,564,040	$	468	0.05	%	$	3,385,336	$	459	0.05	%	$	2,878,529	$	573	0.08	%
Money market deposits	7,800,144		1,492		0.08	%	7,614,474		1,533		0.08	%	7,179,705		2,284		0.13	%
Savings deposits	2,284,077		206		0.04	%	2,171,865		154		0.03	%	1,790,055		179		0.04	%
Time deposits	2,031,494		2,934		0.57	%	2,303,068		4,870		0.85	%	3,603,527		16,085		1.78	%
Total interest-bearing deposits	15,679,755		5,100		0.13	%	15,474,743		7,016		0.18	%	15,451,816		19,121		0.49	%
Repurchase agreements and federal funds purchased	496,822		88		0.07	%	440,881		68		0.06	%	378,844		84		0.09	%
Borrowings	31,500		149		1.88	%	214,670		866		1.62	%	1,054,153		3,271		1.23	%
Junior subordinated debentures	375,726		3,014		3.18	%	369,812		3,042		3.30	%	320,962		3,249		4.03	%
Total interest-bearing liabilities	16,583,803		$	8,351	0.20	%	16,500,106		$	10,992	0.27	%	17,205,775		$	25,725	0.59	%
Non-interest-bearing deposits	10,960,686						10,582,197						9,335,350
Other liabilities	360,244						373,704						443,043
Total liabilities	27,904,733						27,456,007						26,984,168
Common equity	2,709,641						2,700,010						2,549,703
Total liabilities and shareholders' equity	$	30,614,374					$	30,156,017					$	29,533,871
NET INTEREST INCOME			$	235,452					$	230,140					$	216,929
NET INTEREST SPREAD					3.12	%					3.08	%					2.85	%


NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.21	%					3.20	%					3.08	%


Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Nine Months Ended
	September 30, 2021						September 30, 2020
	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	$	545,237	$	12,242	2.99	%	$	551,583	$	14,955	3.61	%
Loans and leases (1)	21,866,569		656,772		4.01	%	22,063,582		695,669		4.21	%
Taxable securities	3,199,653		45,049		1.88	%	2,778,460		37,744		1.81	%
Non-taxable securities (2)	248,617		5,627		3.02	%	238,059		5,608		3.14	%
Temporary investments and interest-bearing cash	2,850,639		2,635		0.12	%	1,493,352		4,208		0.38	%
Total interest-earning assets	28,710,715		$	722,325	3.36	%	27,125,036		$	758,184	3.73	%
Other assets	1,348,054						2,024,722
Total assets	$	30,058,769					$	29,149,758
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,359,865	$	1,341	0.05	%	$	2,667,160	$	5,264	0.26	%
Money market deposits	7,593,320		4,516		0.08	%	7,187,615		18,080		0.34	%
Savings deposits	2,152,667		523		0.03	%	1,635,064		618		0.05	%
Time deposits	2,336,261		16,414		0.94	%	4,159,926		61,671		1.98	%
Total interest-bearing deposits	15,442,113		22,794		0.20	%	15,649,765		85,633		0.73	%
Repurchase agreements and federal funds purchased	444,919		232		0.07	%	363,957		673		0.25	%
Borrowings	259,890		2,787		1.43	%	1,041,181		11,156		1.43	%
Junior subordinated debentures	363,122		9,108		3.35	%	322,356		12,074		5.00	%
Total interest-bearing liabilities	16,510,044		$	34,921	0.28	%	17,377,259		$	109,536	0.84	%
Non-interest-bearing deposits	10,484,104						8,237,095
Other liabilities	369,653						429,793
Total liabilities	27,363,801						26,044,147
Common equity	2,694,968						3,105,611
Total liabilities and shareholders' equity	$	30,058,769					$	29,149,758
NET INTEREST INCOME			$	687,404					$	648,648
NET INTEREST SPREAD					3.08	%					2.89	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.20	%					3.19	%


Umpqua Holdings Corporation Segments
(Unaudited)
Core Banking		Quarter Ended															% Change
(in thousands)		Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Seq. Quarter		Year over Year
Net interest income		$	232,348		$	226,915		$	217,574		$	230,430		$	212,215		2	%	9	%
(Recapture) provision for credit losses		(18,919)			(22,996)			—			29			(338)			(18)	%	nm
Non-interest income






	Gain on sale of debt securities, net	—			—			4			—			—			nm		nm
	(Loss) gain on equity securities, net	(343)			4			(706)			(173)			(112)			nm		206	%
	Gain (loss) on swap derivatives, net	1,429			(4,481)			11,750			3,955			1,765			(132)	%	(19)	%
	Non-interest income (excluding above items)	38,281			50,933			32,403			40,921			39,678			(25)	%	(4)	%
	Total non-interest income	39,367			46,456			43,451			44,703			41,331			(15)	%	(5)	%
Non-interest expense

	Exit and disposal costs	3,813			4,728			1,200			725			792			(19)	%	381	%
	Non-interest expense (excluding above items)	146,931			146,877			145,161			171,634			148,519			0	%	(1)	%
	Allocated expenses, net (1)	3,680			970			(790)			(3,565)			(2,976)			279	%	(224)	%
	Total non-interest expense	154,424			152,575			145,571			168,794			146,335			1	%	6	%
Income before income taxes		136,210			143,792			115,454			106,310			107,549			(5)	%	27	%
Provision (benefit) for income taxes		33,945			35,630			28,106			(13,508)			20,988			(5)	%	62	%
Net income		$	102,265		$	108,162		$	87,348		$	119,818		$	86,561		(5)	%	18	%

Effective Tax Rate		25		%	25		%	24		%	(13		%)	20		%
Efficiency Ratio		57		%	56		%	56		%	61		%	58		%

Total assets		$	30,419,108		$	29,720,182		$	29,529,769		$	28,438,813		$	28,652,477		2	%	6	%
Loans held for sale		$	—		$	—		$	—		$	78,146		$	—		0	%	0	%
Total loans and leases		$	21,969,940		$	22,143,739		$	22,160,860		$	21,779,367		$	22,426,473		(1)	%	(2)	%
Total deposits		$	26,510,938		$	25,820,776		$	25,425,339		$	24,200,012		$	24,102,498		3	%	10	%

Key Rates, end of period:
10 year CMT		1.52		%	1.45		%	1.74		%	0.93		%	0.69		%
FHLMC 30 year fixed		3.01		%	2.98		%	3.18		%	2.67		%	2.88		%
nm = not meaningful


(1) Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment.
Umpqua Holdings Corporation Segments - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(in thousands)		Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Seq. Quarter		Year over Year
Net interest income		$	2,726		$	2,848		$	3,857		$	4,477		$	4,359		(4)	%	(37)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	30,293			41,367			62,505			83,388			98,703			(27)	%	(69)	%
	Servicing	9,172			9,120			9,087			9,497			8,796			1	%	4	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	(4,681)			(4,366)			(4,545)			(4,431)			(4,878)			7	%	(4)	%
	Changes due to valuation inputs or assumptions	(634)			(1,678)			(2,014)			(9,426)			(12,244)			(62)	%	(95)	%
	Non-interest income (excluding above items)	188			176			316			229			216			7	%	(13)	%
	Total non-interest income	34,338			44,619			65,349			79,257			90,593			(23)	%	(62)	%
Non-interest expense
	Non-interest expense	33,009			37,795			41,231			38,953			40,896			(13)	%	(19)	%
	Allocated expenses, net (1)	(3,680)			(970)			790			3,565			2,976			279	%	(224)	%
	Total non-interest expense	29,329			36,825			42,021			42,518			43,872			(20)	%	(33)	%
Income before income taxes		7,735			10,642			27,185			41,216			51,080			(27)	%	(85)	%
Provision for income taxes		1,934			2,661			6,796			10,304			12,770			(27)	%	(85)	%
Net income		$	5,801		$	7,981		$	20,389		$	30,912		$	38,310		(27)	%	(85)	%

Effective Tax Rate		25		%	25		%	25		%	25		%	25		%
Efficiency Ratio		79		%	78		%	61		%	51		%	46		%

Total assets		$	472,371		$	564,783		$	506,911		$	796,362		$	784,964		(16)	%	(40)	%
Loans held for sale		$	352,466		$	429,052		$	376,481		$	688,079		$	683,960		(18)	%	(48)	%

Total deposits		$	397,459		$	332,777		$	461,494		$	422,189		$	567,285		19	%	(30)	%

LHFS Production Statistics:
Closed loan volume for-sale		987,281			1,253,023			1,635,532			1,769,432			1,922,789			(21)	%	(49)	%
Gain on sale margin		3.07		%	3.30		%	3.82		%	4.71		%	5.13		%

Direct LHFS expense		$	19,958		$	25,459		$	31,151		$	33,210		$	35,678		(22)	%	(44)	%
Direct LHFS expenses as % of volume		2.02		%	2.03		%	1.90		%	1.88		%	1.86		%

MSR Statistics:
Residential mortgage loans serviced for others		12,853,291			12,897,032			13,030,467			13,026,720			12,964,361			0	%	(1)	%
MSR, net		$	105,834		$	102,699		$	100,413		$	92,907		$	93,248		3	%	13	%
MSR as % of serviced portfolio		0.82		%	0.80		%	0.77		%	0.71		%	0.72		%

Key Rates, end of period:
10 year CMT		1.52		%	1.45		%	1.74		%	0.93		%	0.69		%
FHLMC 30 year fixed		3.01		%	2.98		%	3.18		%	2.67		%	2.88		%
nm = not meaningful


Umpqua Holdings Corporation Segments
(Unaudited)
(in thousands)		Core Banking								Mortgage Banking
		Nine Months Ended						% Change		Nine Months Ended						% Change
		Sep 30, 2021			Sep 30, 2020			Year over Year		Sep 30, 2021			Sep 30, 2020			Year over Year
Net interest income		$	676,837		$	636,566		6.33	%	$	9,431		$	11,046		(14.62)	%
(Recapture) provision for credit losses		(41,915)			204,832			(120.46)	%	—			—			nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—			—			nm		134,165			224,831			(40.33)	%
	Servicing	—			—			nm		27,379			26,209			4.46	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—			—			nm		(13,592)			(15,249)			(10.87)	%
	Changes due to valuation inputs or assumptions	—			—			nm		(4,326)			(43,997)			(90.17)	%
	Gain on sale of debt securities, net	4			190			(97.89)	%	—			—			nm
	(Loss) gain on equity securities, net	(1,045)			942			(210.93)	%	—			—			nm
	Gain (loss) on swap derivatives, net	8,698			(13,364)			(165.09)	%	—			—			nm
	Non-interest income (excluding above items)	121,617			107,963			12.65	%	680			524			29.77	%
	Total non-interest income	129,274			95,731			35.04	%	144,306			192,318			(24.96)	%
Non-interest expense
	Goodwill Impairment	—			1,784,936			(100.00)	%	—			—			nm
	Exit and disposal costs	9,741			1,864			422.59	%	—			—			nm
	Non-interest expense (excluding above items)	438,969			437,863			0.25	%	112,035			110,112			1.75	%
	Allocated expenses, net (1)	3,860			(7,992)			(148.30)	%	(3,860)			7,992			(148.30)	%
	Total non-interest expense	452,570			2,216,671			(79.58)	%	108,175			118,104			(8.41)	%
Income (loss) before income taxes		395,456			(1,689,206)			(123.41)	%	45,562			85,260			(46.56)	%
Provision for income taxes		97,681			48,889			99.80	%	11,391			21,315			(46.56)	%
Net income (loss)		$	297,775		$	(1,738,095)		(117.13)	%	$	34,171		$	63,945		(46.56)	%

Effective Tax Rate		25		%	(3)		%			25		%	25		%
Efficiency Ratio		56		%	302		%			70		%	58		%

LHFS Production Statistics:
Closed loan volume for-sale										3,875,836			4,897,068
Gain on sale margin										3.46		%	4.59		%
Direct LHFS expense										$	76,568		$	93,780
Direct LHFS expenses as % of volume										1.98		%	1.92		%
nm = not meaningful


UMPQUA REPORTS THIRD QUARTER 2021 RESULTS
$0.49	$108	15.88%	14.9%
Net earnings per diluted common share	Net income ($ in millions)	Return on average tangible common equity ("ROATCE")1	Total risk-based capital ratio (estimated)


			Third quarter 2021 Results •Net income of $108.1 million, or $0.49 per common share •Non-PPP loan balances increased $479.7 million or 2.3% •Deposit balances increased $754.8 million or 2.9% •Provision for credit losses recapture of $18.9 million as modeled economic conditions improve


CEO Commentary
"Umpqua's third quarter results are highlighted by the robust non-PPP (Paycheck Protection Program) loan growth of $480 million and continued reduction of our total cost of deposits, now down to just eight basis points" said Cort O'Haver, President and CEO. "Our growth initiatives will continue as we work to execute our previously announced combination with Columbia Banking System. Combined, we will be the leading regional bank focused on the West Coast. We are creating a company with enhanced scale to fuel organic growth as we continue to create value to our shareholders."
–Cort O’Haver, President and CEO of Umpqua Holdings Corporation