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: January 19, 2022

(Date of earliest event reported)

Umpqua Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

 

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

One SW Columbia Street, Suite 1200

Portland, Oregon 97204

(address of Principal Executive Offices)(Zip Code)

(503) 727-4100

(Registrant's Telephone Number, Including Area Code)

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

[ ☐ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ☐ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ☐ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ☐ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ☐ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition.

On January 19, 2022, Umpqua Holdings Corporation issued a press release announcing fourth quarter and full year 2021 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 year ended December 31, 2021 as part of its annual report on Form 10-K 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 January 20, 2022. The slides are included as Exhibit 99.2 to this report and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01	Financial Statements and Exhibits.
(d)	EXHIBITS
	99.1 Press Release announcing fourth quarter and full year 2021 financial results dated January 19, 2022
	99.2 Fourth Quarter 2021 Investor Presentation
	104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

 

	UMPQUA HOLDINGS CORPORATION (Registrant)
Dated: January 19, 2022	By:/s/ Andrew H. Ognall Andrew H. Ognall Executive Vice President, General Counsel and Secretary

EX-99.1

EXHIBIT 99.1

Fourth quarter 2021 Results •Net income of $88.4 million, or $0.41 per common share •Non-PPP loan balances increased $929.5 million or 4.4% •Deposit balances decreased $313.7 million or 1.2% •Recapture of provision for credit losses of $0.7 million

00

UMPQUA REPORTS FOURTH QUARTER AND FULL-YEAR 2021 RESULTS
$0.41	$88	12.94%	14.3%
Net earnings per diluted common share	Net income ($ in millions)	Return on average tangible common equity ("ROATCE")1	Total risk-based capital ratio (estimated)

0

CEO Commentary

"Umpqua's fourth quarter results round out an outstanding year for the bank that is particularly commendable given the ongoing challenges faced by our associates, customers, and communities" said Cort O'Haver, President and CEO. "Non-PPP (Paycheck Protection Program) loan growth of $930 million marks the highest quarterly growth in the bank's history, and it highlights the success of multi-year initiatives that are further evidenced through core commercial fee growth and a continued reduction of our total cost of deposits to just six basis points. The quarter's growth demonstrates our ability to keep our teams focused on organically expanding our franchise and creating shareholder value while meticulously planning for our previously announced combination with Columbia Banking System."

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

FOURTH QUARTER HIGHLIGHTS
Net Interest Income and NIM	•Net interest income decreased by $1.7 million on a quarter-to-quarter basis due to lower income related to PPP loan forgiveness as net interest income otherwise expanded.
	•Net interest margin (NIM) of 3.15% was down six basis points from the prior period due to lower PPP fees. The impact was partially offset by higher average non-PPP loan balances and lower interest expense.
Non-Interest Income and Expense	•Non-interest income increased by $9.0 million due to higher net mortgage banking revenue of $9.0 million given a write-up of the mortgage servicing rights (MSR) asset.
	•Non-interest expense increased by $16.0 million due to merger-related expenses of $15.2 million.
Credit Quality	•Net charge-offs remained low at 0.13% of average loans and leases (annualized).
	•A recapture of the provision for credit losses of $0.7 million was recorded in the period as forecasted economic conditions improved.
	•Non-performing assets to total assets remained at 0.17%, consistent with the prior period.
Capital	•Estimated total risk-based capital ratio of 14.3% and estimated Tier 1 risk-based capital ratio of 11.6%.
	•Paid a quarterly cash dividend of $0.21 per common share on November 30, 2021 to shareholders of record as of November 19, 2021.
Other Notable Items	•Completed 15 planned store consolidations during the quarter, bringing total Next Gen 2.0 store consolidations to 34.
	•$3.0 million in exit disposal costs related to store consolidations and back-office lease exits.

4Q21 KEY FINANCIAL DATA
PERFORMANCE METRICS	4Q21		3Q21		4Q20
Return on average assets	1.13%		1.40%		2.04%
Return on average tangible common equity	12.94%		15.88%		23.07%
Net interest margin	3.15%		3.21%		3.35%
Efficiency ratio - consolidated	63.10%		59.44%		58.82%
Loan to deposit ratio	84.80%		81.65%		88.45%
INCOME STATEMENT ($ in 000s, excl. per share data)	4Q21		3Q21		4Q20
Net interest income	$233,379		$235,074		$234,907
(Recapture) provision for credit losses	($736)		($18,919)		$29
Non-interest income	$82,738		$73,705		$123,960
Non-interest expense	$199,711		$183,753		$211,312
Earnings per common share - diluted	$0.41		$0.49		$0.68
Dividends paid per share	$0.21		$0.21		$0.21
BALANCE SHEET	4Q21		3Q21		4Q20
Total assets	$30.6	B	$30.9	B	$29.2	B
Loans and leases	$22.6	B	$22.0	B	$21.8	B
Total deposits	$26.6	B	$26.9	B	$24.6	B
Tangible book value per common share1	$12.65		$12.52		$12.21
Book value per common share	$12.69		$12.57		$12.28

Umpqua Holdings Corporation Contact:

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

1 "Non-GAAP" financial measures. A reconciliation to the comparable GAAP measurement is provided on page 4

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 2

Balance Sheet

Total consolidated assets were $30.6 billion as of December 31, 2021, compared to $30.9 billion as of September 30, 2021 and $29.2 billion as of December 31, 2020. Including secured off-balance sheet lines of credit, total available liquidity was $15.3 billion as of December 31, 2021, representing 50% of total assets and 58% of total deposits.

Gross loans and leases were $22.6 billion as of December 31, 2021, an increase of $583.2 million from $22.0 billion as of September 30, 2021. The increase is primarily due to balanced, non-PPP loan growth of $929.5 million that substantially offset a $346.3 million decline in PPP balances as related loan forgiveness continued. Please refer to the additional loan tables in the Q4 2021 Earnings Presentation for select underwriting characteristics of the loan portfolio.

Total deposits were $26.6 billion as of December 31, 2021, a decrease of $313.7 million from $26.9 billion as of September 30, 2021. This decrease was primarily attributable to anticipated outflows related to the April 2021 sale of Umpqua Investments, a continued decline in personal certificates of deposit balances, and normal seasonal trends related to customer tax and escrow payments.

Net Interest Income

Net interest income was $233.4 million for the fourth quarter of 2021, down $1.7 million from the prior quarter. The decrease is due to a $5.9 million reduction in PPP-related fee income accreted into interest income, with the effect partially offset by higher non-PPP loan income and higher investment securities income due to higher average balances in the quarter and a reduction in the cost of interest-bearing deposits.

The Company’s net interest margin was 3.15% for the fourth quarter of 2021, down 6 basis points from 3.21% for the third quarter of 2021. The decrease is attributable to the aforementioned decline in PPP-related fees. Please refer to the Q4 2021 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.

Credit Quality

The allowance for credit losses was $261.2 million, or 1.16% of loans and leases, as of December 31, 2021, which was down from $269.3 million, or 1.23% of loans and leases, as of September 30, 2021. The recapture of provision for credit losses was $0.7 million for the fourth quarter of 2021, compared to a recapture of $18.9 million for the third quarter of 2021. The current quarter's modest recapture of provision reflects improvement in economic forecasts used in credit models that was largely offset by allowance requirements for new loan generation.

Net charge-offs as a percentage of average loans and leases increased by two basis points from the prior quarter to 0.13% of average loans and leases for the fourth quarter of 2021 (annualized). Net charge-off activity within the FinPac portfolio remained below its historical average for the second consecutive quarter. As of December 31, 2021, non-performing assets were 0.17% of total assets, compared to 0.17% as of September 30, 2021 and 0.24% as of December 31, 2020.

Current Expected Credit Loss (CECL)

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 $0.7 million of the allowance for credit losses in the current period.

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 3

Non-interest Income

Non-interest income was $82.7 million for the fourth quarter of 2021, up $9.0 million from the prior quarter and driven primarily by the increase in net mortgage banking revenue. As detailed in our segment disclosures, non-interest income for the Core Banking segment includes a fair value loss of $3.4 million for the fourth quarter of 2021, driven by an increase in long-term interest rates and their effect on fair value adjustments related to investment securities, swap derivatives, and loans carried at fair value. This compares to a fair value gain of $4.5 million in the third quarter of 2021, and the $8.0 million decline in fair value change between periods from these specific items was primarily driven by a $6.1 million decline in fair value change for loans carried at fair value, which is captured in other income. Please refer to the Q4 2021 Earnings Presentation for additional details related to other non-interest income.

Revenue from the origination and sale of residential mortgages was $23.6 million for the fourth quarter of 2021, a decrease of $6.7 million from the prior quarter. This decline reflects a sequential quarter decrease of $116.0 million or 11.8% in for-sale mortgage origination volume given anticipated seasonal trends and a decrease of 36 basis points in the home lending gain on sale margin to 2.71% for the fourth quarter of 2021 due to a seasonal decline in the locked pipeline. Interest rate movements favorably impacted valuation of the MSR asset, resulting in a net write-up during the quarter of $10.1 million, which includes a $15.4 million fair value gain related to model inputs. Of the current quarter’s mortgage production, 54% related to purchase activity, compared to 61% for the prior quarter and 48% for the same period in the prior year.

Non-interest Expense

Non-interest expense was $199.7 million for the fourth quarter of 2021, an increase of $16.0 million from the prior quarter level. The current quarter includes $15.2 million in merger-related expenses and $3.0 million in exit and disposal costs related to store consolidations and back-office lease exits. Please refer to the Q4 2021 Earnings Presentation for quarterly expense change details.

Capital

As of December 31, 2021, the Company’s book value per common share increased to $12.69 from $12.57 in the prior quarter, and its tangible book value per common share2 increased to $12.65 from $12.52 in the prior quarter.

The Company’s estimated total capital to risk-weighted assets ratio was 14.3% and its estimated Tier 1 capital to risk-weighted assets ratio was 11.6% as of December 31, 2021. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of December 31, 2021 are estimates, pending completion and filing of the Company’s regulatory reports.

Segment Disclosures

Segment disclosures on pages 19, 20 and 21 of this press release provide additional detail on the Company's two operating segments: Core Banking and Mortgage Banking.

The Core Banking segment includes all lines of business, except Mortgage Banking, including 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.

2 "Non-GAAP" financial measure. A reconciliation to the comparable GAAP measurement is provided on page 4

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

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).

(Dollars in thousands, except per share data)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020
Total shareholders' equity	$	2,749,270		$	2,722,379		$	2,766,316		$	2,681,869		$	2,704,577
Subtract:
Goodwill	—			—			—			2,715			2,715
Other intangible assets, net	8,840			9,970			11,100			12,230			13,360
Tangible common shareholders' equity	$	2,740,430		$	2,712,409		$	2,755,216		$	2,666,924		$	2,688,502
Total assets	$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175
Subtract:
Goodwill	—			—			—			2,715			2,715
Other intangible assets, net	8,840			9,970			11,100			12,230			13,360
Tangible assets	$	30,632,096		$	30,881,509		$	30,273,865		$	30,021,735		$	29,219,100
Common shares outstanding at period end	216,626			216,622			220,626			220,491			220,226
Total shareholders' equity to total assets ratio	8.97		%	8.81		%	9.13		%	8.93		%	9.25		%
Tangible common equity ratio	8.95		%	8.78		%	9.10		%	8.88		%	9.20		%
Book value per common share	$	12.69		$	12.57		$	12.54		$	12.16		$	12.28
Tangible book value per common share	$	12.65		$	12.52		$	12.49		$	12.10		$	12.21

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 5

About Umpqua Holdings Corporation

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. For more information, visitwww.umpquabank.com.

Earnings Conference Call Information

The Company will host its fourth quarter 2021 earnings conference call on Thursday, January 20, 2022, at 10:00 a.m. PT (1:00 p.m. ET). During the call, the Company will provide an update on recent activities and discuss its fourth quarter and full year 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: 3384189. A re-broadcast will be available approximately two hours after the call by dialing (855) 859-2056 and entering conference ID 3384189. 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/.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives. 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 Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 6

Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Quarter Ended										% Change
(In thousands, except per share data)	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	221,501	$	224,403	$	223,470	$	221,141	$	240,815	(1)	%	(8)	%
Interest and dividends on investments:
Taxable	16,566		16,102		14,619		13,112		11,951		3	%	39	%
Exempt from federal income tax	1,456		1,470		1,487		1,534		1,523		(1)	%	(4)	%
Dividends	102		213		405		598		659		(52)	%	(85)	%
Temporary investments and interest bearing deposits	1,229		1,237		774		624		531		(1)	%	131	%
Total interest income	240,854		243,425		240,755		237,009		255,479		(1)	%	(6)	%
Interest expense:
Deposits	4,357		5,100		7,016		10,678		14,567		(15)	%	(70)	%
Securities sold under agreement to repurchase and federal funds purchased	48		88		68		76		93		(45)	%	(48)	%
Borrowings	51		149		866		1,772		2,765		(66)	%	(98)	%
Junior subordinated debentures	3,019		3,014		3,042		3,052		3,147		0	%	(4)	%
Total interest expense	7,475		8,351		10,992		15,578		20,572		(10)	%	(64)	%
Net interest income	233,379		235,074		229,763		221,431		234,907		(1)	%	(1)	%
(Recapture) provision for credit losses	(736)		(18,919)		(22,996)		—		29		(96)	%	nm
Non-interest income:
Service charges on deposits	11,188		10,941		10,310		9,647		10,202		2	%	10	%
Card-based fees	9,355		9,111		10,274		7,374		7,754		3	%	21	%
Brokerage revenue	31		31		1,135		3,915		4,093		0	%	(99)	%
Residential mortgage banking revenue, net	43,185		34,150		44,443		65,033		79,028		26	%	(45)	%
Gain on sale of debt securities, net	4		—		—		4		—		nm		nm
(Loss) gain on equity securities, net	(466)		(343)		4		(706)		(173)		36	%	169	%
Gain on loan and lease sales, net	4,816		4,208		5,318		1,373		3,374		14	%	43	%
BOLI income	2,101		2,038		2,092		2,071		2,067		3	%	2	%
Other income	12,524		13,569		17,499		20,089		17,615		(8)	%	(29)	%
Total non-interest income	82,738		73,705		91,075		108,800		123,960		12	%	(33)	%
Non-interest expense:
Salaries and employee benefits	117,477		117,636		121,573		124,134		132,460		0	%	(11)	%
Occupancy and equipment, net	34,310		33,944		34,657		34,635		41,758		1	%	(18)	%
Intangible amortization	1,130		1,130		1,130		1,130		1,246		0	%	(9)	%
FDIC assessments	2,896		2,136		1,607		2,599		3,014		36	%	(4)	%
Merger related expenses	15,183		—		—		—		—		nm		nm
Other expenses	28,715		28,907		30,433		25,094		32,834		(1)	%	(13)	%
Total non-interest expense	199,711		183,753		189,400		187,592		211,312		9	%	(5)	%
Income before provision for income taxes	117,142		143,945		154,434		142,639		147,526		(19)	%	(21)	%
Provision (benefit) for income taxes	28,788		35,879		38,291		34,902		(3,204)		(20)	%	nm
Net income	$	88,354	$	108,066	$	116,143	$	107,737	$	150,730	(18)	%	(41)	%
Weighted average basic shares outstanding	216,624		218,416		220,593		220,367		220,225		(1)	%	(2)	%
Weighted average diluted shares outstanding	217,356		218,978		221,022		220,891		220,663		(1)	%	(1)	%
Earnings per common share – basic	$	0.41	$	0.49	$	0.53	$	0.49	$	0.68	(16)	%	(40)	%
Earnings per common share – diluted	$	0.41	$	0.49	$	0.53	$	0.49	$	0.68	(16)	%	(40)	%
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

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Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Year Ended				% Change
(In thousands, except per share data)	Dec 31, 2021		Dec 31, 2020		Year over Year
Interest income:
Loans and leases	$	890,515	$	951,439	(6)	%
Interest and dividends on investments:
Taxable	60,399		47,739		27	%
Exempt from federal income tax	5,947		6,095		(2)	%
Dividends	1,318		2,615		(50)	%
Temporary investments and interest bearing deposits	3,864		4,739		(18)	%
Total interest income	962,043		1,012,627		(5)	%
Interest expense:
Deposits	27,151		100,200		(73)	%
Securities sold under agreement to repurchase and federal funds purchased	280		766		(63)	%
Borrowings	2,838		13,921		(80)	%
Junior subordinated debentures	12,127		15,221		(20)	%
Total interest expense	42,396		130,108		(67)	%
Net interest income	919,647		882,519		4	%
(Recapture) provision for credit losses	(42,651)		204,861		(121)	%
Non-interest income:
Service charges on deposits	42,086		40,838		3	%
Card-based fees	36,114		28,190		28	%
Brokerage revenue	5,112		15,599		(67)	%
Residential mortgage banking revenue, net	186,811		270,822		(31)	%
Gain on sale of debt securities, net	8		190		(96)	%
(Loss) gain on equity securities, net	(1,511)		769		(296)	%
Gain on loan and lease sales, net	15,715		6,707		134	%
BOLI income	8,302		8,399		(1)	%
Other income	63,681		40,495		57	%
Total non-interest income	356,318		412,009		(14)	%
Non-interest expense:
Salaries and employee benefits	480,820		479,247		0	%
Occupancy and equipment, net	137,546		151,650		(9)	%
Intangible amortization	4,520		4,986		(9)	%
FDIC assessments	9,238		12,516		(26)	%
Merger related expenses	15,183		—		nm
Goodwill impairment	—		1,784,936		nm
Other expenses	113,149		112,752		0	%
Total non-interest expense	760,456		2,546,087		(70)	%
Income (loss) before provision for income taxes	558,160		(1,456,420)		(138)	%
Provision for income taxes	137,860		67,000		106	%
Net income (loss)	$	420,300	$	(1,523,420)	(128)	%
Weighted average basic shares outstanding	219,032		220,218		(1)	%
Weighted average diluted shares outstanding	219,581		220,218		0	%
Earnings per common share – basic	$	1.92	$	(6.92)	(128)	%
Earnings per common share – diluted	$	1.91	$	(6.92)	(128)	%
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 8

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	222,015		$	395,555		$	397,526		$	379,361		$	370,219		(44)	%	(40)	%
Interest bearing cash and temporary investments	2,539,606			3,349,034			2,688,285			2,861,820			2,202,962			(24)	%	15	%
Investment securities:
Equity and other, at fair value	81,214			81,575			82,099			82,771			83,077			0	%	(2)	%
Available for sale, at fair value	3,870,435			3,723,171			3,473,950			3,167,825			2,932,558			4	%	32	%
Held to maturity, at amortized cost	2,744			2,795			2,876			2,954			3,034			(2)	%	(10)	%
Loans held for sale	353,105			352,466			429,052			376,481			766,225			0	%	(54)	%
Loans and leases	22,553,180			21,969,940			22,143,739			22,160,860			21,779,367			3	%	4	%
Allowance for credit losses on loans and leases	(248,412)			(257,560)			(279,887)			(311,283)			(328,401)			(4)	%	(24)	%
Net loans and leases	22,304,768			21,712,380			21,863,852			21,849,577			21,450,966			3	%	4	%
Restricted equity securities	10,916			10,946			15,247			22,057			41,666			0	%	(74)	%
Premises and equipment, net	171,125			172,624			172,546			176,571			178,050			(1)	%	(4)	%
Operating lease right-of-use assets	82,366			88,379			95,030			100,643			104,937			(7)	%	(22)	%
Goodwill	—			—			—			2,715			2,715			nm		nm
Other intangible assets, net	8,840			9,970			11,100			12,230			13,360			(11)	%	(34)	%
Residential mortgage servicing rights, at fair value	123,615			105,834			102,699			100,413			92,907			17	%	33	%
Bank owned life insurance	327,745			325,646			324,998			322,867			323,470			1	%	1	%
Deferred tax asset, net	—			8,402			—			10,905			—			nm		nm
Other assets	542,442			552,702			625,705			567,490			669,029			(2)	%	(19)	%
Total assets	$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175		(1)	%	5	%
Liabilities:
Deposits	$	26,594,685		$	26,908,397		$	26,153,553		$	25,886,833		$	24,622,201		(1)	%	8	%
Securities sold under agreements to repurchase	492,247			467,760			480,302			420,402			375,384			5	%	31	%
Borrowings	6,329			6,367			111,405			281,444			771,482			(1)	%	(99)	%
Junior subordinated debentures, at fair value	293,081			299,508			287,723			281,580			255,217			(2)	%	15	%
Junior subordinated debentures, at amortized cost	88,041			88,098			88,155			88,212			88,268			0	%	0	%
Operating lease liabilities	95,427			100,557			106,195			109,014			113,593			(5)	%	(16)	%
Deferred tax liability, net	4,353			—			2,497			—			5,441			nm		(20)	%
Other liabilities	317,503			298,413			288,819			287,326			299,012			6	%	6	%
Total liabilities	27,891,666			28,169,100			27,518,649			27,354,811			26,530,598			(1)	%	5	%
Shareholders' equity:
Common stock	3,444,849			3,442,085			3,517,641			3,515,248			3,514,599			0	%	(2)	%
Accumulated deficit	(697,338)			(739,915)			(801,954)			(871,511)			(932,767)			(6)	%	(25)	%
Accumulated other comprehensive income	1,759			20,209			50,629			38,132			122,745			(91)	%	(99)	%
Total shareholders' equity	2,749,270			2,722,379			2,766,316			2,681,869			2,704,577			1	%	2	%
Total liabilities and shareholders' equity	$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		$	29,235,175		(1)	%	5	%
Common shares outstanding at period end	216,626			216,622			220,626			220,491			220,226			0	%	(2)	%
Book value per common share	$	12.69		$	12.57		$	12.54		$	12.16		$	12.28		1	%	3	%
Tangible book value per common share	$	12.65		$	12.52		$	12.49		$	12.10		$	12.21		1	%	4	%
Tangible equity - common	$	2,740,430		$	2,712,409		$	2,755,216		$	2,666,924		$	2,688,502		1	%	2	%
Tangible common equity to tangible assets	8.95		%	8.78		%	9.10		%	8.88		%	9.20		%	0.17		(0.25)

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 9

Umpqua Holdings Corporation
Loan & Lease Portfolio
(Unaudited)
(Dollars in thousands)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	3,786,887		$	3,561,764		$	3,580,386		$	3,455,773		$	3,505,802		6	%	8	%
Owner occupied term, net	2,332,422			2,330,338			2,398,326			2,358,169			2,333,945			0	%	0	%
Multifamily, net	4,051,202			3,813,024			3,553,704			3,421,320			3,349,196			6	%	21	%
Construction & development, net	890,338			882,778			857,866			876,297			828,478			1	%	7	%
Residential development, net	206,990			177,148			193,904			190,841			192,761			17	%	7	%
Commercial:
Term, net (1)	3,008,473			3,159,466			3,748,269			4,350,763			4,024,467			(5)	%	(25)	%
Lines of credit & other, net	910,733			930,350			908,518			825,162			862,760			(2)	%	6	%
Leases & equipment finance, net	1,467,676			1,457,248			1,437,372			1,420,977			1,456,630			1	%	1	%
Residential:
Mortgage, net	4,517,266			4,330,860			4,145,432			3,958,644			3,871,906			4	%	17	%
Home equity loans & lines, net	1,197,170			1,133,823			1,118,278			1,097,168			1,136,064			6	%	5	%
Consumer & other, net	184,023			193,141			201,684			205,746			217,358			(5)	%	(15)	%
Total loans and leases, net of deferred fees and costs	$	22,553,180		$	21,969,940		$	22,143,739		$	22,160,860		$	21,779,367		3	%	4	%
(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	$	380,440		$	726,737		$	1,380,212		$	2,047,793		$	1,750,211		(48)	%	(78)	%
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	16		%	16		%	15		%	16		%
Owner occupied term, net	10		%	11		%	11		%	11		%	11		%
Multifamily, net	18		%	17		%	16		%	15		%	15		%
Construction & development, net	4		%	4		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	13		%	14		%	17		%	20		%	18		%
Lines of credit & other, net	4		%	4		%	4		%	4		%	4		%
Leases & equipment finance, net	7		%	7		%	6		%	6		%	7		%
Residential:
Mortgage, net	20		%	20		%	19		%	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 Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 10

Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
(Dollars in thousands)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			% Change
	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	11,023,724		$	11,121,127		$	10,718,921		$	10,500,482		$	9,632,773		(1)	%	14	%
Demand, interest bearing	3,774,937			3,758,019			3,466,251			3,244,624			3,051,487			0	%	24	%
Money market	7,611,718			7,780,442			7,559,621			7,554,798			7,173,920			(2)	%	6	%
Savings	2,375,723			2,325,929			2,221,524			2,109,211			1,912,752			2	%	24	%
Time	1,808,583			1,922,880			2,187,236			2,477,718			2,851,269			(6)	%	(37)	%
Total	$	26,594,685		$	26,908,397		$	26,153,553		$	25,886,833		$	24,622,201		(1)	%	8	%
Total core deposits (1)	$	25,964,358		$	26,029,814		$	25,122,851		$	24,740,621		$	23,298,561		0	%	11	%
Deposit mix:
Demand, non-interest bearing	41		%	41		%	41		%	41		%	39		%
Demand, interest bearing	14		%	14		%	13		%	12		%	12		%
Money market	29		%	29		%	29		%	29		%	29		%
Savings	9		%	9		%	9		%	8		%	8		%
Time	7		%	7		%	8		%	10		%	12		%
Total	100		%	100		%	100		%	100		%	100		%
Number of open accounts:
Demand, non-interest bearing	428,181			425,337			424,626			422,792			420,050
Demand, interest bearing	66,010			70,749			71,411			72,156			72,811
Money market	57,222			57,794			58,289			58,409			58,609
Savings	160,449			161,698			161,902			161,432			160,192
Time	35,665			37,172			39,560			43,637			48,292
Total	747,527			752,750			755,788			758,426			759,954
Average balance per account:
Demand, non-interest bearing	$	25.7		$	26.1		$	25.2		$	24.8		$	22.9
Demand, interest bearing	57.2			53.1			48.5			45.0			41.9
Money market	133.0			134.6			129.7			129.3			122.4
Savings	14.8			14.4			13.7			13.1			11.9
Time	50.7			51.7			55.3			56.8			59.0
Total	$	35.6		$	35.7		$	34.6		$	34.1		$	32.4

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

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 11

Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status	$	18,865		$	24,152		$	20,673		$	29,216		$	31,076		(22)	%	(39)	%
Loans and leases past due 90+ days and accruing	32,336			27,490			29,144			25,612			36,361			18	%	(11)	%
Total non-performing loans and leases	51,201			51,642			49,817			54,828			67,437			(1)	%	(24)	%
Other real estate owned	1,868			1,868			181			1,405			1,810			0	%	3	%
Total non-performing assets	$	53,069		$	53,510		$	49,998		$	56,233		$	69,247		(1)	%	(23)	%
Performing restructured loans and leases	$	6,694		$	9,849		$	13,072		$	9,921		$	14,991		(32)	%	(55)	%
Loans and leases past due 31-89 days	$	31,680		$	41,326		$	30,646		$	51,120		$	72,047		(23)	%	(56)	%
Loans and leases past due 31-89 days to total loans and leases	0.14		%	0.19		%	0.14		%	0.23		%	0.33		%
Non-performing loans and leases to total loans and leases	0.23		%	0.24		%	0.22		%	0.25		%	0.31		%
Non-performing assets to total assets	0.17		%	0.17		%	0.17		%	0.19		%	0.24		%

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 12

Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Quarter Ended															% Change
(Dollars in thousands)	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period	$	257,560		$	279,887		$	311,283		$	328,401		$	345,049		(8)	%	(25)	%
(Recapture) provision for credit losses on loans and leases	(1,751)			(16,132)			(17,775)			526			3,104			(89)	%	(156)	%
Charge-offs	(10,930)			(10,373)			(17,079)			(20,915)			(23,942)			5	%	(54)	%
Recoveries	3,533			4,178			3,458			3,271			4,190			(15)	%	(16)	%
Net charge-offs	(7,397)			(6,195)			(13,621)			(17,644)			(19,752)			19	%	(63)	%
Balance, end of period	$	248,412		$	257,560		$	279,887		$	311,283		$	328,401		(4)	%	(24)	%
Reserve for unfunded commitments
Balance, beginning of period	$	11,752		$	14,539		$	19,760		$	20,286		$	24,306		(19)	%	(52)	%
Provision (recapture) for credit losses on unfunded commitments	1,015			(2,787)			(5,221)			(526)			(4,020)			(136)	%	(125)	%
Balance, end of period	12,767			11,752			14,539			19,760			20,286			9	%	(37)	%
Total Allowance for credit losses (ACL)	$	261,179		$	269,312		$	294,426		$	331,043		$	348,687		(3)	%	(25)	%
Net charge-offs to average loans and leases (annualized)	0.13		%	0.11		%	0.25		%	0.33		%	0.35		%
Recoveries to gross charge-offs	32.32		%	40.28		%	20.25		%	15.64		%	17.50		%
ACLLL to loans and leases	1.10		%	1.17		%	1.26		%	1.40		%	1.51		%
ACL to loans and leases	1.16		%	1.23		%	1.33		%	1.49		%	1.60		%

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 13

Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
	Year Ended						% Change
(Dollars in thousands)	Dec 31, 2021			Dec 31, 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	(35,132)			191,875			(118)	%
Charge-offs	(59,297)			(84,496)			(30)	%
Recoveries	14,440			13,394			8	%
Net charge-offs	(44,857)			(71,102)			(37)	%
Balance, end of period	$	248,412		$	328,401		(24)	%
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	(7,519)			11,942			(163)	%
Balance, end of period	12,767			20,286			(37)	%
Total Allowance for credit losses (ACL)	$	261,179		$	348,687		(25)	%
Net charge-offs to average loans and leases	0.20		%	0.32		%
Recoveries to gross charge-offs	24.35		%	15.85		%
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 14

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Quarter Ended										% Change
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Seq. Quarter	Year over Year
Average Rates:
Yield on loans held for sale	3.18	%	3.15	%	3.18	%	2.75	%	3.19	%	0.03	(0.01)
Yield on loans and leases	3.94	%	4.02	%	3.99	%	4.02	%	4.24	%	(0.08)	(0.30)
Yield on taxable investments	1.81	%	1.90	%	1.87	%	1.86	%	1.77	%	(0.09)	0.04
Yield on tax-exempt investments (1)	2.96	%	3.01	%	3.02	%	3.03	%	3.08	%	(0.05)	(0.12)
Yield on interest bearing cash and temporary investments	0.15	%	0.15	%	0.11	%	0.10	%	0.10	%	—	0.05
Total yield on earning assets (1)	3.25	%	3.32	%	3.35	%	3.41	%	3.64	%	(0.07)	(0.39)
Cost of interest bearing deposits	0.11	%	0.13	%	0.18	%	0.29	%	0.38	%	(0.02)	(0.27)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.04	%	0.07	%	0.06	%	0.08	%	0.09	%	(0.03)	(0.05)
Cost of borrowings	3.19	%	1.88	%	1.62	%	1.33	%	1.18	%	1.31	2.01
Cost of junior subordinated debentures	3.09	%	3.18	%	3.30	%	3.60	%	3.73	%	(0.09)	(0.64)
Total cost of interest bearing liabilities	0.18	%	0.20	%	0.27	%	0.38	%	0.49	%	(0.02)	(0.31)
Net interest spread (1)	3.07	%	3.12	%	3.08	%	3.03	%	3.15	%	(0.05)	(0.08)
Net interest margin (1)	3.15	%	3.21	%	3.20	%	3.18	%	3.35	%	(0.06)	(0.20)
Performance Ratios:
Return on average assets	1.13	%	1.40	%	1.54	%	1.49	%	2.04	%	(0.27)	(0.91)
Return on average tangible assets	1.14	%	1.40	%	1.55	%	1.49	%	2.04	%	(0.26)	(0.90)
Return on average common equity	12.90	%	15.82	%	17.25	%	16.33	%	22.92	%	(2.92)	(10.02)
Return on average tangible common equity	12.94	%	15.88	%	17.33	%	16.43	%	23.07	%	(2.94)	(10.13)
Efficiency ratio – Consolidated	63.10	%	59.44	%	58.96	%	56.74	%	58.82	%	3.66	4.28
Efficiency ratio – Bank	62.35	%	58.54	%	58.31	%	55.51	%	57.77	%	3.81	4.58

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

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 15

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
	Year Ended				% Change
	Dec 31, 2021		Dec 31, 2020		Year over Year
Average Rates:
Yield on loans held for sale	3.03	%	3.49	%	(0.46)
Yield on loans and leases	3.99	%	4.22	%	(0.23)
Yield on taxable investments	1.86	%	1.80	%	0.06
Yield on tax-exempt investments (1)	3.00	%	3.12	%	(0.12)
Yield on interest bearing cash and temporary investments	0.13	%	0.29	%	(0.16)
Total yield on earning assets (1)	3.33	%	3.71	%	(0.38)
Cost of interest bearing deposits	0.18	%	0.65	%	(0.47)
Cost of securities sold under agreements
to repurchase and fed funds purchased	0.06	%	0.21	%	(0.15)
Cost of borrowings	1.45	%	1.37	%	0.08
Cost of junior subordinated debentures	3.28	%	4.67	%	(1.39)
Total cost of interest bearing liabilities	0.26	%	0.75	%	(0.49)
Net interest spread (1)	3.07	%	2.96	%	0.11
Net interest margin (1)	3.18	%	3.23	%	(0.05)
Performance Ratios:
Return on average assets	1.39	%	(5.22	%)	6.61
Return on average tangible assets	1.39	%	(5.30	%)	6.69
Return on average common equity	15.56	%	(51.08	%)	66.64
Return on average tangible common equity	15.63	%	(60.34	%)	75.97
Efficiency ratio – Consolidated	59.53	%	196.47	%	(136.94)
Efficiency ratio – Bank	58.65	%	195.33	%	(136.68)

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

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 16

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Quarter Ended										% Change
(Dollars in thousands)	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Seq. Quarter		Year over Year
Temporary investments and interest bearing cash	$	3,190,380	$	3,224,846	$	2,835,474	$	2,483,451	$	2,066,572	(1)	%	54	%
Investment securities, taxable	3,681,650		3,436,895		3,210,771		2,945,896		2,850,550		7	%	29	%
Investment securities, tax-exempt	247,183		245,904		247,282		252,741		245,997		1	%	0	%
Loans held for sale	366,043		465,805		468,960		703,557		696,688		(21)	%	(47)	%
Loans and leases	22,098,818		21,864,387		22,040,794		21,692,639		22,138,283		1	%	0	%
Total interest earning assets	29,584,074		29,237,837		28,803,281		28,078,284		27,998,090		1	%	6	%
Goodwill and other intangible assets, net	9,491		10,609		12,615		15,598		16,775		(11)	%	(43)	%
Total assets	30,886,378		30,614,374		30,156,017		29,392,490		29,396,311		1	%	5	%
Non-interest bearing demand deposits	11,219,766		10,960,686		10,582,197		9,897,749		9,587,081		2	%	17	%
Interest bearing deposits	15,690,870		15,679,755		15,474,743		15,166,198		15,165,049		0	%	3	%
Total deposits	26,910,636		26,640,441		26,056,940		25,063,947		24,752,130		1	%	9	%
Interest bearing liabilities	16,569,585		16,583,803		16,500,106		16,444,694		16,822,808		0	%	(2)	%
Shareholders’ equity - common	2,717,753		2,709,641		2,700,010		2,674,871		2,615,676		0	%	4	%
Tangible common equity (1)	2,708,262		2,699,032		2,687,395		2,659,273		2,598,901		0	%	4	%

Umpqua Holdings Corporation Average Balances
(Unaudited)
	Year Ended				% Change
(Dollars in thousands)	Dec 31, 2021		Dec 31, 2020		Year over Year
Temporary investments and interest bearing cash	$	2,936,273	$	1,637,440	79	%
Investment securities, taxable	3,321,142		2,796,581		19	%
Investment securities, tax-exempt	248,256		240,054		3	%
Loans held for sale	500,070		588,058		(15)	%
Loans and leases	21,925,108		22,082,359		(1)	%
Total interest earning assets	28,930,849		27,344,492		6	%
Goodwill and other intangible assets, net	12,057		457,550		(97)	%
Total assets	30,267,372		29,211,733		4	%
Non-interest bearing demand deposits	10,669,531		8,576,436		24	%
Interest bearing deposits	15,504,814		15,527,924		0	%
Total deposits	26,174,345		24,104,360		9	%
Interest bearing liabilities	16,525,052		17,237,888		(4)	%
Shareholders’ equity - common	2,700,711		2,982,458		(9)	%
Tangible common equity (1)	2,688,654		2,524,908		6	%

(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 Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 17

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
	Quarter Ended
	December 31, 2021						September 30, 2021						December 31, 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	$	366,043	$	2,907	3.18	%	$	465,805	$	3,672	3.15	%	$	696,688	$	5,554	3.19	%
Loans and leases (1)	22,098,818		218,594		3.94	%	21,864,387		220,731		4.02	%	22,138,283		235,261		4.24	%
Taxable securities	3,681,650		16,668		1.81	%	3,436,895		16,315		1.90	%	2,850,550		12,610		1.77	%
Non-taxable securities (2)	247,183		1,831		2.96	%	245,904		1,848		3.01	%	245,997		1,893		3.08	%
Temporary investments and interest-bearing cash	3,190,380		1,229		0.15	%	3,224,846		1,237		0.15	%	2,066,572		531		0.10	%
Total interest-earning assets	29,584,074		$	241,229	3.25	%	29,237,837		$	243,803	3.32	%	27,998,090		$	255,849	3.64	%
Other assets	1,302,304						1,376,537						1,398,221
Total assets	$	30,886,378					$	30,614,374					$	29,396,311
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,765,212	$	524	0.06	%	$	3,564,040	$	468	0.05	%	$	3,014,292	$	448	0.06	%
Money market deposits	7,717,844		1,448		0.07	%	7,800,144		1,492		0.08	%	7,210,906		1,731		0.10	%
Savings deposits	2,342,865		206		0.03	%	2,284,077		206		0.04	%	1,882,866		183		0.04	%
Time deposits	1,864,949		2,179		0.46	%	2,031,494		2,934		0.57	%	3,056,985		12,205		1.59	%
Total interest-bearing deposits	15,690,870		4,357		0.11	%	15,679,755		5,100		0.13	%	15,165,049		14,567		0.38	%
Repurchase agreements and federal funds purchased	484,891		48		0.04	%	496,822		88		0.07	%	388,361		93		0.09	%
Borrowings	6,353		51		3.19	%	31,500		149		1.88	%	934,006		2,765		1.18	%
Junior subordinated debentures	387,471		3,019		3.09	%	375,726		3,014		3.18	%	335,392		3,147		3.73	%
Total interest-bearing liabilities	16,569,585		$	7,475	0.18	%	16,583,803		$	8,351	0.20	%	16,822,808		$	20,572	0.49	%
Non-interest-bearing deposits	11,219,766						10,960,686						9,587,081
Other liabilities	379,274						360,244						370,746
Total liabilities	28,168,625						27,904,733						26,780,635
Common equity	2,717,753						2,709,641						2,615,676
Total liabilities and shareholders' equity	$	30,886,378					$	30,614,374					$	29,396,311
NET INTEREST INCOME			$	233,754					$	235,452					$	235,277
NET INTEREST SPREAD					3.07	%					3.12	%					3.15	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.15	%					3.21	%					3.35	%

(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 $375,000 for the three months ended December 31, 2021 as compared to $377,000 for September 30, 2021and$370,000 for December 31, 2020. 

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 18

Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
(dollars in thousands)	Year Ended
	December 31, 2021						December 31, 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	$	500,070	$	15,149	3.03	%	$	588,058	$	20,509	3.49	%
Loans and leases (1)	21,925,108		875,366		3.99	%	22,082,359		930,930		4.22	%
Taxable securities	3,321,142		61,717		1.86	%	2,796,581		50,354		1.80	%
Non-taxable securities (2)	248,256		7,458		3.00	%	240,054		7,500		3.12	%
Temporary investments and interest-bearing cash	2,936,273		3,864		0.13	%	1,637,440		4,739		0.29	%
Total interest-earning assets	28,930,849		$	963,554	3.33	%	27,344,492		$	1,014,032	3.71	%
Other assets	1,336,523						1,867,241
Total assets	$	30,267,372					$	29,211,733
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,462,035	$	1,865	0.05	%	$	2,754,417	$	5,712	0.21	%
Money market deposits	7,624,707		5,964		0.08	%	7,193,470		19,811		0.28	%
Savings deposits	2,200,608		729		0.03	%	1,697,353		801		0.05	%
Time deposits	2,217,464		18,593		0.84	%	3,882,684		73,876		1.90	%
Total interest-bearing deposits	15,504,814		27,151		0.18	%	15,527,924		100,200		0.65	%
Repurchase agreements and federal funds purchased	454,994		280		0.06	%	370,091		766		0.21	%
Borrowings	195,985		2,838		1.45	%	1,014,240		13,921		1.37	%
Junior subordinated debentures	369,259		12,127		3.28	%	325,633		15,221		4.67	%
Total interest-bearing liabilities	16,525,052		$	42,396	0.26	%	17,237,888		$	130,108	0.75	%
Non-interest-bearing deposits	10,669,531						8,576,436
Other liabilities	372,078						414,951
Total liabilities	27,566,661						26,229,275
Common equity	2,700,711						2,982,458
Total liabilities and shareholders' equity	$	30,267,372					$	29,211,733
NET INTEREST INCOME			$	921,158					$	883,924
NET INTEREST SPREAD					3.07	%					2.96	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.18	%					3.23	%

(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 $1.5 million for the twelve months ended December 31, 2021 as compared to $1.4 million for the same period in 2020. 

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 19

Umpqua Holdings Corporation Segments
(Unaudited)
Core Banking		Quarter Ended															% Change
(in thousands)		Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Seq. Quarter		Year over Year
Net interest income		$	231,250		$	232,348		$	226,915		$	217,574		$	230,430		0	%	0	%
(Recapture) provision for credit losses		(736)			(18,919)			(22,996)			—			29			(96)	%	nm
Non-interest income
	Gain on sale of debt securities, net	4			—			—			4			—			nm		nm
	(Loss) gain on equity securities, net	(466)			(343)			4			(706)			(173)			36	%	169	%
	(Loss) gain on swap derivatives, net	(303)			1,429			(4,481)			11,750			3,955			(121)	%	(108)	%
	Change in fair value of certain loans held for investment	(2,672)			3,432			2,782			(510)			—			(178)	%	nm
	Non-interest income (excluding above items)	42,812			34,849			48,151			32,913			40,921			23	%	5	%
	Total non-interest income	39,375			39,367			46,456			43,451			44,703			0	%	(12)	%
Non-interest expense
	Merger related expenses	15,183			—			—			—			—			nm		nm
	Exit and disposal costs	3,022			3,813			4,728			1,200			725			(21)	%	317	%
	Non-interest expense (excluding above items)	150,587			146,931			146,877			145,161			171,634			2	%	(12)	%
	Allocated expenses, net (1)	4,314			3,680			970			(790)			(3,565)			17	%	(221)	%
	Total non-interest expense	173,106			154,424			152,575			145,571			168,794			12	%	3	%
Income before income taxes		98,255			136,210			143,792			115,454			106,310			(28)	%	(8)	%
Provision (benefit) for income taxes		24,067			33,945			35,630			28,106			(13,508)			(29)	%	(278)	%
Net income		$	74,188		$	102,265		$	108,162		$	87,348		$	119,818		(27)	%	(38)	%
Effective Tax Rate		24		%	25		%	25		%	24		%	(13		%)
Efficiency Ratio		64		%	57		%	56		%	56		%	61		%
Total assets		$	30,155,058		$	30,419,108		$	29,720,182		$	29,529,769		$	28,438,813		(1)	%	6	%
Loans held for sale		$	—		$	—		$	—		$	—		$	78,146		0	%	(100)	%
Total loans and leases		$	22,553,180		$	21,969,940		$	22,143,739		$	22,160,860		$	21,779,367		3	%	4	%
Total deposits		$	26,370,568		$	26,510,938		$	25,820,776		$	25,425,339		$	24,200,012		(1)	%	9	%
Key Rates, end of period:
10 year CMT		1.52		%	1.52		%	1.45		%	1.74		%	0.93		%
FHLMC 30 year fixed		3.11		%	3.01		%	2.98		%	3.18		%	2.67		%
nm = not meaningful
(1) Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment.

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 20

Umpqua Holdings Corporation Segments - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(in thousands)		Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Seq. Quarter		Year over Year
Net interest income		$	2,129		$	2,726		$	2,848		$	3,857		$	4,477		(22)	%	(52)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	23,624			30,293			41,367			62,505			83,388			(22)	%	(72)	%
	Servicing	9,457			9,172			9,120			9,087			9,497			3	%	0	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	(5,311)			(4,681)			(4,366)			(4,545)			(4,431)			13	%	20	%
	Changes due to valuation inputs or assumptions	15,415			(634)			(1,678)			(2,014)			(9,426)			nm		(264)	%
	Non-interest income (excluding above items)	178			188			176			316			229			(5)	%	(22)	%
	Total non-interest income	43,363			34,338			44,619			65,349			79,257			26	%	(45)	%
Non-interest expense
	Non-interest expense	30,919			33,009			37,795			41,231			38,953			(6)	%	(21)	%
	Allocated expenses, net(1)	(4,314)			(3,680)			(970)			790			3,565			17	%	(221)	%
	Total non-interest expense	26,605			29,329			36,825			42,021			42,518			(9)	%	(37)	%
Income before income taxes		18,887			7,735			10,642			27,185			41,216			144	%	(54)	%
Provision for income taxes		4,721			1,934			2,661			6,796			10,304			144	%	(54)	%
Net income		$	14,166		$	5,801		$	7,981		$	20,389		$	30,912		144	%	(54)	%
Effective Tax Rate		25		%	25		%	25		%	25		%	25		%
Efficiency Ratio		58		%	79		%	78		%	61		%	51		%
Total assets		$	485,878		$	472,371		$	564,783		$	506,911		$	796,362		3	%	(39)	%
Loans held for sale		$	353,105		$	352,466		$	429,052		$	376,481		$	688,079		0	%	(49)	%
Total deposits		$	224,117		$	397,459		$	332,777		$	461,494		$	422,189		(44)	%	(47)	%
LHFS Production Statistics:
Closed loan volume for-sale		$	871,268		$	987,281		$	1,253,023		$	1,635,532		$	1,769,432		(12)	%	(51)	%
Gain on sale margin		2.71		%	3.07		%	3.30		%	3.82		%	4.71		%
Direct LHFS expense		$	18,150		$	19,958		$	25,459		$	31,151		$	33,210		(9)	%	(45)	%
Direct LHFS expenses as % of volume		2.08		%	2.02		%	2.03		%	1.90		%	1.88		%
MSR Statistics:
Residential mortgage loans serviced for others		$	12,755,671		$	12,853,291		$	12,897,032		$	13,030,467		$	13,026,720		(1)	%	(2)	%
MSR, net		$	123,615		$	105,834		$	102,699		$	100,413		$	92,907		17	%	33	%
MSR as % of serviced portfolio		0.97		%	0.82		%	0.80		%	0.77		%	0.71		%
Key Rates, end of period:
10 year CMT		1.52		%	1.52		%	1.45		%	1.74		%	0.93		%
FHLMC 30 year fixed		3.11		%	3.01		%	2.98		%	3.18		%	2.67		%
nm = not meaningful

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

Umpqua Reports Fourth Quarter and Full-Year 2021 Results

January 19, 2022

Page 21

Umpqua Holdings Corporation Segments
(Unaudited)
(in thousands)		Core Banking								Mortgage Banking
		Year Ended						% Change		Year Ended						% Change
		Dec 31, 2021			Dec 31, 2020			Year over Year		Dec 31, 2021			Dec 31, 2020			Year over Year
Net interest income		$	908,087		$	866,996		5	%	$	11,560		$	15,523		(26)	%
(Recapture) provision for credit losses		(42,651)			204,861			(121)	%	—			—			nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—			—			nm		157,789			308,219			(49)	%
	Servicing	—			—			nm		36,836			35,706			3	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—			—			nm		(18,903)			(19,680)			(4)	%
	Changes due to valuation inputs or assumptions	—			—			nm		11,089			(53,423)			(121)	%
	Gain on sale of debt securities, net	8			190			(96)	%	—			—			nm
	(Loss) gain on equity securities, net	(1,511)			769			(296)	%	—			—			nm
	Gain (loss) on swap derivatives, net	8,395			(9,409)			(189)	%	—			—			nm
	Change in fair value of certain loans held for investment	3,032			—			nm		—			—			nm
	Non-interest income (excluding above items)	158,725			148,884			7	%	858			753			14	%
	Total non-interest income	168,649			140,434			20	%	187,669			271,575			(31)	%
Non-interest expense
	Goodwill Impairment	—			1,784,936			(100)	%	—			—			nm
	Merger related expenses	15,183			—			nm		—			—			nm
	Exit and disposal costs	12,763			2,589			393	%	—			—			nm
	Non-interest expense (excluding above items)	589,556			609,497			(3)	%	142,954			149,065			(4)	%
	Allocated expenses, net (1)	8,174			(11,557)			(171)	%	(8,174)			11,557			(171)	%
	Total non-interest expense	625,676			2,385,465			(74)	%	134,780			160,622			(16)	%
Income (loss) before income taxes		493,711			(1,582,896)			(131)	%	64,449			126,476			(49)	%
Provision for income taxes		121,748			35,381			244	%	16,112			31,619			(49)	%
Net income (loss)		$	371,963		$	(1,618,277)		(123)	%	$	48,337		$	94,857		(49)	%
Effective Tax Rate		25		%	(2)		%			25		%	25		%
Efficiency Ratio		58		%	237		%			68		%	56		%
LHFS Production Statistics:
Closed loan volume for-sale										$	4,747,104		$	6,666,500		(29)	%
Gain on sale margin										3.32		%	4.62		%
Direct LHFS expense										$	94,718		$	126,990		(25)	%
Direct LHFS expenses as % of volume										2.00		%	1.90		%
nm = not meaningful

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

##

EX-99.2

Umpqua Holdings Corporation 4th Quarter 2021 Earnings Conference Call Presentation January 20, 2022

2 FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Umpqua Holdings Corporation (“Umpqua”) and Columbia Banking System, Inc. (“Columbia”), the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. All statements other than statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” “target,” “goal,” or similar expressions, or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward- looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and Umpqua’s and Columbia’s respective businesses, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, or any slowdown in economic growth particularly in the western United States; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures, including on product pricing and services; success, impact, and timing of Umpqua’s and Columbia’s respective business strategies, including market acceptance of any new products or services and Umpqua and Columbia’s ability to successfully implement efficiency and operational excellence initiatives; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which Umpqua and Columbia are parties; the outcome of any legal proceedings that may be instituted against Umpqua or Columbia; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; changes in Umpqua’s or Columbia’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Umpqua and Columbia do business; certain restrictions during the pendency of the proposed transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Umpqua and Columbia successfully; the dilution caused by Columbia’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Umpqua and Columbia. Additional factors that could cause results to differ materially from those described above can be found in Umpqua’s Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Reports on Form 10-Q for the three-month periods ended March 31, 2021, June 30, 2021, and September 30, 2021, which are on file with the Securities and Exchange Commission (the “SEC”) and available on Umpqua’s investor relations website, www.umpquabank.com, under the heading “Financials,” and in other documents Umpqua files with the SEC, and in Columbia’s Registration Statement on Form S-4, its Annual Report on Form 10-K for the year ended December 31, 2020, and its Quarterly Reports on Form 10-Q for the three-month periods ended March 31, 2021, June 30, 2021, and September 30, 2021, which are on file with the SEC and available on Columbia’s website, www.columbiabank.com, under the heading “Financial Information” and in other documents Columbia files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Umpqua nor Columbia assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward- looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Disclaimer

3 IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the proposed transaction (the “Transaction”), Columbia filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of Umpqua and Columbia and a prospectus of Columbia, which the SEC declared effective December 3, 2021. Umpqua and Columbia commenced mailing of the definitive joint proxy statement/prospectus to Umpqua’s and Columbia’s shareholders seeking certain approvals related to the Transaction on or about December 7, 2021. Umpqua and Columbia may also file other relevant documents concerning the Transaction with the SEC. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AS WELL AS THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders can obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about Umpqua and Columbia, without charge, at the SEC’s website, www.sec.gov. Copies of these documents and the filings with the SEC incorporated by reference in these documents can also be obtained, without charge, by directing a request to Umpqua Holdings Corporation, Attention: Andrew Ognall, One SW Columbia Street, Suite 1200, Portland, OR 97204, 503-727-4100 or to Columbia Banking System, Inc., Attention: Investor Relations, P. O. Box 2156, MS 3100, Tacoma, WA 98401-2156, 253-471-4065. PARTICIPANTS IN THE SOLICITATION Umpqua, Columbia, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Umpqua and Columbia in connection with the Transaction under the rules of the SEC. Information regarding Umpqua’s directors and executive officers is available in Umpqua’s definitive proxy statement relating to its 2021 Annual Meeting of Shareholders, which was filed with the SEC on March 5, 2021, and other documents filed by Umpqua with the SEC. Information regarding Columbia’s directors and executive officers is available in Columbia’s definitive proxy statement relating to its 2021 Annual Meeting of Shareholders, which was filed with the SEC on April 12, 2021, and other documents filed by Columbia with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus relating to the Transaction. Free copies of this document may be obtained as described in the preceding paragraph. NON-GAAP FINANCIAL MEASURES In addition to results in accordance with GAAP, this presentation contains certain non-GAAP financial measures. A reconciliation of core cash earnings per share, tangible book value, and other ratios, as adjusted, is included in the Appendix that begins on page 30. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Disclaimer (con’t)

Strategic Updates

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

6 Current Priorities: Integration and Growth ◦ The top priorities at Columbia and Umpqua are to prepare for and execute the seamless integration of our two banks following the closing without disrupting the growth momentum that began in 2H 2020 and that we expect to continue into 2023. ◦ The establishment of the Integration Management Office (IMO) enables our respective front lines to remain focused on what they do best: generating balanced growth in loans, deposits, and fee-based products and services. ◦ We established the IMO to lead our integration, track against key milestones, and ultimately ensure a seamless experience for our teams and clients. • The IMO leadership team includes senior executive leadership from both banks representing operations, technology, finance, legal & regulatory, communications, and project management. • The separation of integration responsibilities from our growth initiatives is expected to enable Columbia’s and Umpqua’s bankers to continue to operate separately and seamlessly ahead of the transaction’s anticipated close. ◦ The organizational design for leaders that are expected to report directly to our post-closing executive team is complete, and it was jointly communicated to both organizations. We continue to make strides finalizing further layers of the post-closing organization’s design. ◦ Cost savings realization plans are progressing well, and we remain confident our $135 million original target will be achievable. ◦ Following the pandemic-driven slow-down in non-PPP loan generation, each of Columbia and Umpqua re-established growth momentum in 2H 2020. ◦ Non-PPP loan growth at each bank accelerated in 2021, and held strong through year end. Each of the banks’ pipelines and expectations for seasonal build support our favorable outlook through 2022 and into 2023 at each of our respective banks. ◦ We expect product synergies and our larger pro forma balance sheet, alongside the proven success of relationship-driven operation models at Columbia and Umpqua, to support a favorable growth profile at our combined organization following our anticipated mid-2022 deal close. ◦ See Appendix for a numerical example of the power we expect our larger pro forma balance sheet to support following closing. Integration Update Growth Update

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

Financial Highlights Q4 2021 & FY2021

9 Total gross loans and leases increased $583 million as balanced non-PPP loan growth of $930 million, or 4.4%, offset an expected decrease in PPP loan balances of $346 million due to processed forgiveness and payoffs. Remaining PPP balances were only 1.7% of the total loan portfolio at December 31, 2021. Q4 2021 Highlights (Compared to Q3 2021) Deposit balances decreased by $314 million, or 1.2%. This decrease was primarily attributable to anticipated outflows related to the April 2021 sale of Umpqua Investments, a continued decline in personal certificates of deposit balances, and normal seasonal trends related to customer tax and escrow payments. Net interest income decreased by $1.7 million on a quarter-to-quarter basis due to lower income related to PPP loans. Excluding this income, net interest income increased by $5.6 million on a quarter-to- quarter basis due to growth in average non-PPP loans and investment securities and a reduction in the cost of interest-bearing deposits. The recapture of provision for credit losses was $0.7 million for the quarter, compared to a recapture of $18.9 million for the third quarter of 2021. The current quarter’s recapture reflects improvement in economic forecasts used in credit models that was largely offset by allowance requirements for new loan generation. Net charge-offs increased by two basis points to 0.13% of average loans and leases (annualized), but remained low as net charge-off activity within the FinPac portfolio remained below its historical average for the second consecutive quarter. Non-interest income increased by $9.0 million, primarily due to higher net mortgage banking revenue of $9.0 million given a write-up of the MSR asset. Non-interest expense increased by $16.0 million, primarily due to increases of $15.2 million in merger-related expenses, $2.3 million in production incentive compensation related to portfolio loan growth, and $1.9 million in one-time write-offs. A $1.8 million decrease in home lending direct expense and a $2.9 million decrease in municipal taxes related to a reclassification from other expense to tax expense also impacted the quarter’s results compared to the third quarter of 2021. Non-performing assets to total assets was 0.17%, consistent with the prior period. Estimated total risk-based capital ratio of 14.3% and estimated Tier 1 capital to risk-weighted assets ratio of 11.6%. Paid a quarterly cash dividend of $0.21 per common share on November 30, 2021, to shareholders of record as of November 19, 2021.

10 Selected Ratios Footnotes: 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. For the year ended For the quarter ended FY 2021 FY 2020 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Performance Return on average assets 1.39 % (5.22) % 1.13 % 1.40 % 1.54 % 1.49 % 2.04 % Return on average tangible assets 1.39 % (5.30) % 1.14 % 1.40 % 1.55 % 1.49 % 2.04 % Return on average common equity 15.56 % (51.08) % 12.90 % 15.82 % 17.25 % 16.33 % 22.92 % Return on average tangible common equity 15.63 % (60.34) % 12.94 % 15.88 % 17.33 % 16.43 % 23.07 % Efficiency ratio - consolidated 59.53 % 196.47 % 63.10 % 59.44 % 58.96 % 56.74 % 58.82 % Net interest margin - consolidated 3.18 % 3.23 % 3.15 % 3.21 % 3.20 % 3.18 % 3.35 % Credit Quality Non-performing loans and leases to loans and leases 0.23 % 0.31 % 0.23 % 0.24 % 0.22 % 0.25 % 0.31 % Non-performing assets to total assets 0.17 % 0.24 % 0.17 % 0.17 % 0.17 % 0.19 % 0.24 % Net charge-offs to average loans and leases (annualized) 0.20 % 0.32 % 0.13 % 0.11 % 0.25 % 0.33 % 0.35 % Capital Tangible common equity to tangible assets 1 8.9 % 9.2 % 8.9 % 8.8 % 9.1 % 8.9 % 9.2 % Tier 1 common to risk-weighted asset ratio 2 11.6 % 12.3 % 11.6 % 12.0 % 12.4 % 12.6 % 12.3 % Total risk-based capital ratio 2 14.3 % 15.6 % 14.3 % 14.9 % 15.4 % 15.8 % 15.6 %

Summary Financial Statements Q4 2021

12 Summary Income Statement Footnotes: Tables may not foot due to rounding. (in millions) For the year ended For the Quarter Ended FY 2021 FY 2020 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Net interest income before provision $919.6 $882.5 $233.4 $235.1 $229.8 $221.4 $234.9 (Recapture) provision for credit losses (42.7) 204.9 (0.7) (18.9) (23.0) — — Net interest income after provision 962.3 677.7 234.1 254.0 252.8 221.4 234.9 Non-interest income 356.3 412.0 82.7 73.7 91.1 108.8 124.0 Non-interest expense 760.5 2,546.1 199.7 183.8 189.4 187.6 211.3 Income (loss) before provision for income taxes 558.2 (1,456.4) 117.1 143.9 154.4 142.6 147.5 Provision (benefit) for income taxes 137.9 67.0 28.8 35.9 38.3 34.9 (3.2) Net income (loss) $420.3 ($1,523.4) $88.4 $108.1 $116.1 $107.7 $150.7 Earnings (loss) per share, diluted $1.91 ($6.92) $0.41 $0.49 $0.53 $0.49 $0.68

13 Selected Balance Sheet Footnotes: Tables may not foot due to rounding. 1. Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation. (in millions) Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Total assets $30,640.9 $30,891.5 $30,285.0 $30,036.7 $29,235.2 Interest bearing cash and temporary investments 2,539.6 3,349.0 2,688.3 2,861.8 2,203.0 Investment securities available for sale, fair value 3,870.4 3,723.2 3,474.0 3,167.8 2,932.6 Loans and leases, gross 22,553.2 21,969.9 22,143.7 22,160.9 21,779.4 Allowance for credit losses on loans and leases (248.4) (257.6) (279.9) (311.3) (328.4) Goodwill and other intangibles, net 8.8 10.0 11.1 14.9 16.1 Deposits 26,594.7 26,908.4 26,153.6 25,886.8 24,622.2 Securities sold under agreements to repurchase 492.2 467.8 480.3 420.4 375.4 Borrowings 6.3 6.4 111.4 281.4 771.5 Total shareholders' equity 2,749.3 2,722.4 2,766.3 2,681.9 2,704.6 Ratios: Loan to deposit ratio 84.8% 81.6% 84.7% 85.6% 88.5% Book value per common share $12.69 $12.57 $12.54 $12.16 $12.28 Tangible book value per common share¹ $12.65 $12.52 $12.49 $12.10 $12.21 Tangible common equity to tangible assets¹ 8.9% 8.8% 9.1% 8.9% 9.2%

Income Statement Highlights & Segment Financials Q4 2021

15 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Reported Net Interest Income $234.9 $221.4 $229.8 $235.1 $233.4 Accretion Related to Acquired Loans (2.8) (2.2) (2.3) (2.0) (1.6) PPP Accrued Interest (5.0) (4.6) (4.6) (2.7) (1.4) PPP Processing Fees (24.2) (14.9) (15.8) (15.6) (9.6) Adjusted Net Interest Income excluding acquired loan accretion and PPP $202.9 $199.7 $207.1 $214.8 $220.8 Net Interest Income Reported Net Interest Income $234.9 $221.4 $229.8 $235.1 $233.4 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $150.0 $160.0 $170.0 $180.0 $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 Adjusted Net Interest Income excluding acquired loan accretion and PPP $202.9 $199.7 $207.1 $214.8 $220.8 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $150.0 $160.0 $170.0 $180.0 $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 (in m ill io ns ) (in m ill io ns )

16 NIM – MBS & CMO Premium Amortization & Recapture Details Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 MBS & CMO Premium in $ millions (Amortization)/Recapture $(5.4)mm $(3.3)mm $(2.6)mm $(1.6)mm $(2.3)mm Net NIM Impact in basis points Accretive/(Dilutive) (0.08) % (0.05) % (0.04) % (0.02) % (0.03) % Net Interest Margin Footnotes: 1. PPP net impact includes both accrued interest on PPP loans and PPP processing fees. 2. Chart Abbreviations: LHFI = loans held for investment; PPP = Paycheck Protection Program; PAA = purchase accounting adjustments. Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Reported Net Interest Margin 3.35 % 3.18 % 3.20 % 3.21 % 3.15 % (Accretion) Related to Acquired Loans (0.04) % (0.03) % (0.03) % (0.03) % (0.02) % (Accretion)/Dilution Related to Net PPP Impact¹ (0.20) % (0.08) % (0.09) % (0.14) % (0.09) % Adjusted Net Interest Margin excluding acquired loan accretion and PPP 3.11 % 3.07 % 3.08 % 3.04 % 3.04 % Net Interest Margin Reported vs Adjusted 3.35% 3.18% 3.20% 3.21% 3.15%3.11% 3.07% 3.08% 3.04% 3.04% Reported Net Interest Margin Adjusted Net Interest Margin excluding acquired loan accretion and PPP Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 —% 1.00% 2.00% 3.00% 4.00% Net Interest Margin Q3 2021 vs Q4 2021 3.21% (0.01)% (0.04)% (0.01)% (0.02)% 0.01% 3.15% Q3 2021 Reported LHFI - Not PPP/PAA² LHFI - PPP² LHFI - PAA² Investment Portfolio Deposits Q4 2021 Reported

17 Loan Repricing Detail1,2 (in millions) Q3 2021 Q4 2021 Q3 2021 Q4 2021 Fixed $ 7,034 $ 7,459 32 % 33 % PPP 748 392 3 % 2 % Prime 1,783 1,747 8 % 8 % 1 Month 4,867 5,358 22 % 24 % Floating 6,650 7,105 30 % 32 % Prime 309 300 1 % 1 % 6 month 3,496 3,798 16 % 17 % 1 Year 1,482 1,264 7 % 5 % 3 Year 210 224 1 % 1 % 5 Year 1,472 1,399 7 % 6 % 10 Year 524 564 3 % 3 % Adjustable 7,493 7,549 35 % 33 % Total $ 21,925 $ 22,505 100 % 100 % Loan Maturities at December 31, 2021 <=6 7 to 12 13 to 24 25 to 36 37 to 59 60+ (in millions) Mos Mos Mos Mos Mos Mos Total Fixed $ 1,243 $ 152 $ 333 $ 496 $ 1,409 $ 4,218 $ 7,851 Floating 646 491 672 488 897 3,911 7,105 Adjustable 33 77 97 116 536 6,690 7,549 Total $ 1,922 $ 720 $ 1,102 $ 1,100 $ 2,842 $ 14,819 $ 22,505 Upward Rate Change to Move from Floor at December 31, 2021 Loans at Floor <25 26-50 51-75 76-100 101-125 126-150 >150 Balance (in millions) bps bps bps bps bps bps bps Total Floating $ 459 $ 856 $ 179 $ 180 $ 82 $ 22 $ 66 $ 1,844 Adjustable 246 275 734 776 591 532 672 3,826 Total $ 705 $ 1,131 $ 913 $ 956 $ 673 $ 554 $ 738 $ 5,670 Weighted Average Rate Change to Move Above Floor Floating 0.07 % 0.45 % 0.65 % 0.91 % 1.17 % 1.44 % 2.10 % 0.52 % Adjustable 0.09 % 0.40 % 0.63 % 0.88 % 1.13 % 1.37 % 1.91 % 1.03 % Floors: Floating and Adjustable Rate Loans at December 31, 20213 (in millions) No Floor At Floor Above Floor Total Floating $4,588 $1,844 $673 $7,105 Adjustable 1,270 3,826 2,453 7,549 Total $5,858 $5,670 $3,126 $14,654 % of Total 40% 39% 21% 100% Interest Rate Sensitivity: Loans Footnotes: 1. Index rates with relatively immaterial balances are mapped to the closest material index. For example, $49 million in loans repricing on a 3-month index are included in the 6-month category and represent only 1% of 6-month loans at December 31, 2021. 2. Deferred fees and costs drive variances between loan totals on this slide and loan totals in the earnings press release. 3. Loans were grouped into three buckets: (1) No Floor: no contractual floor on the loan; (2) At Floor: current rate = floor; (3) Above Floor: current rate exceeds floor. The amount above the floor was based on the current margin plus the current index assuming the loan repriced on December 31, 2021. The adjustable loans may not reprice until well into the future, depending on the timing and size of interest rate changes.

18 Interest Rate Sensitivity: Balance Sheet Is Asset Sensitive Interest Rate Simulation Impact on Net Interest Income1 Year 1 Year 2 Year 1 Year 2 Ramp Shock Up 400 basis points 13.0% 28.0% 24.0% 33.7% Up 300 basis points 9.7% 21.2% 18.0% 25.6% Up 200 basis points 6.3% 14.2% 11.9% 17.3% Up 100 basis points 3.0% 7.0% 5.7% 8.7% Down 100 basis points (1.2)% (4.3)% (2.8)% (6.0)% Footnotes: 1. For the scenarios shown, the interest rate simulations assume a parallel and sustained shift in market interest rates ratably over a twelve-month period (ramp) or immediately (shock). There is no change in the composition of the size of the balance sheet in either scenario. Interest rate sensitivity in the first year of the net interest income simulation for increasing interest rate ramp scenarios is negatively impacted by the cost of non-maturity deposits repricing immediately while interest earning assets reprice at a slower rate. 2. Deposit repricing betas are calculated between Q3 2015 and Q3 2019. We use Q3 2019 as our end point despite a 50-basis point reduction in the fed funds target rate during the quarter as it represents our peak deposit costs during the last rising rate cycle and it captures the repricing lag effect. Interest-Bearing Deposit Repricing Beta During the Last Rising-Rate Cycle Cost of Umpqua Deposits Non-Interest Bearing Deposits as % of Total Fed Funds Target Rate Interest- Bearing Total Q4 2021 0.25% 0.11% 0.06% 41.5% Q3 2019 2.00% 1.19% 0.82% 31.8% Q2 2019 2.50% 1.16% 0.81% 31.0% Q3 2015 0.25% 0.24% 0.17% 29.8% Variance: Peak (Peak Value less Q3 2015) +2.25% +0.95% +0.65% Umpqua Beta (based on peak Umpqua deposit rate)2 42% 29% • The simulation repricing betas applied to interest-bearing deposits in the rising rate shock scenarios range from 43% to 45%, generally consistent with the actual betas observed in the last rising rate cycle. • Every 10% change to the beta in the +100 basis points shock simulation results in an approximate 1.3% change to the net interest income results. For example: ◦ A 10% decrease to a 45% beta in the +100 basis points shock simulation results in a repricing beta of 40.5% applied to interest-bearing deposits and an approximate 1.3% increase to net interest income. ◦ A 10% increase to a 45% beta in the +100 basis points shock simulation results in a repricing beta of 49.5% applied to interest-bearing deposits and an approximate 1.3% decrease to net interest income.

19 Non-Interest Income Footnotes: Tables may not foot due to rounding. 1. Commercial product revenue includes Swaps, M&A Advisory, Syndication, and International Banking revenue. (in millions) For the year ended For the quarter ended FY 2021 FY 2020 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Service charges on deposits $42.1 $40.8 $11.2 $10.9 $10.3 $9.6 $10.2 Card-based fees 36.1 28.2 9.4 9.1 10.3 7.4 7.8 Brokerage revenue 5.1 15.6 — — 1.1 3.9 4.1 Residential mortgage banking revenue, net 186.8 270.8 43.2 34.2 44.4 65.0 79.0 Gain on sale of debt securities, net — 0.2 — — — — — (Loss) gain on equity securities, net (1.5) 0.8 (0.5) (0.3) — (0.7) (0.2) Gain on loan and lease sales, net 15.7 6.7 4.8 4.2 5.3 1.4 3.4 BOLI income 8.3 8.4 2.1 2.0 2.1 2.1 2.1 Other Income Commercial product revenue¹ $23.6 $17.1 $9.0 $3.8 $8.1 $2.8 $3.3 Commercial servicing revenue 2.9 2.6 0.7 0.8 0.7 0.7 0.6 Loan-related fees 11.7 11.6 3.1 3.0 3.0 2.6 2.8 Change in fair value of certain loans held for investment 3.0 — (2.7) 3.4 2.8 (0.5) — Misc. Income 14.1 18.6 2.7 1.2 7.4 2.7 6.9 Swap derivative gain/(loss) 8.4 (9.4) (0.3) 1.4 (4.5) 11.8 4.0

20 $211.3 $187.6 $189.4 $183.8 $199.7 58.8% 56.7% 59.0% 59.4% 63.1% Non-interest expense Efficiency ratio Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $155.0 $160.0 $165.0 $170.0 $175.0 $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% Non-Interest Expense Non-Interest Expense and Efficiency Ratio (in millions) Non-Interest Expense Bridge (in millions) $183.8 $15.2 $0.8 $0.7 $2.3 $1.9 $(2.9) $(1.8) $(0.3) $199.7 Q 3 N on -In te re st E xp en se M er ge r E xp en se s FD IC A ss es sm en ts M ar ke tin g H FI P ro du ct io n In ce nt iv e C om p O ne -T im e W rit e- O ffs M un ic ip al T ax es * H om e Le nd in g D ire ct E xp O th er Q 4 N on -In te re st E xp en se Footnotes: * Driven by a reclassification from other expense to income tax that resulted in a credit during the quarter. HFI = held for investment

21 Segments - Core Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the mortgage banking segment. (In thousands) For the Quarter Ended Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Net interest income $ 231,250 $ 232,348 $ 226,915 $ 217,574 $ 230,430 (Recapture) provision for credit losses (736) (18,919) (22,996) — 29 Non-interest income Gain on sale of debt securities, net 4 — — 4 — (Loss) gain on equity securities, net (466) (343) 4 (706) (173) (Loss) gain on swap derivatives, net (303) 1,429 (4,481) 11,750 3,955 Change in fair value of certain loans held for investment (2,672) 3,432 2,782 (510) — Non-interest income (excluding above items) 42,812 34,849 48,151 32,913 40,921 Total non-interest income 39,375 39,367 46,456 43,451 44,703 Non-interest expense Merger related expenses 15,183 — — — — Exit and disposal costs 3,022 3,813 4,728 1,200 725 Non-interest expense (excluding above items) 150,587 146,931 146,877 145,161 171,634 Allocated expenses, net1 4,314 3,680 970 (790) (3,565) Total non-interest expense 173,106 154,424 152,575 145,571 168,794 Income before income taxes 98,255 136,210 143,792 115,454 106,310 Provision (benefit) for income taxes 24,067 33,945 35,630 28,106 (13,508) Net income $ 74,188 $ 102,265 $ 108,162 $ 87,348 $ 119,818 Effective Tax Rate 24 % 25 % 25 % 24 % (13) % Efficiency Ratio 64 % 57 % 56 % 56 % 61 % Total assets $ 30,155,058 $ 30,419,108 $ 29,720,182 $ 29,529,769 $ 28,438,813 Loans held for sale $ — $ — $ — $ — $ 78,146 Total loans and leases $ 22,553,180 $ 21,969,940 $ 22,143,739 $ 22,160,860 $ 21,779,367 Total deposits $ 26,370,568 $ 26,510,938 $ 25,820,776 $ 25,425,339 $ 24,200,012 Key Rates, end of period: 10 year CMT 1.52 % 1.52 % 1.45 % 1.74 % 0.93 % FHLMC 30 year fixed 3.11 % 3.01 % 2.98 % 3.18 % 2.67 %

22 Segments - Mortgage Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs. (In thousands) For the Quarter Ended Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Net interest income $ 2,129 $ 2,726 $ 2,848 $ 3,857 $ 4,477 Provision for credit losses — — — — — Non-interest income Residential mortgage banking revenue: Origination and sale 23,624 30,293 41,367 62,505 83,388 Servicing 9,457 9,172 9,120 9,087 9,497 Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (5,311) (4,681) (4,366) (4,545) (4,431) Changes due to valuation inputs or assumptions 15,415 (634) (1,678) (2,014) (9,426) Non-interest income (excluding above items) 178 188 176 316 229 Total non-interest income 43,363 34,338 44,619 65,349 79,257 Non-interest expense Non-interest expense 30,919 33,009 37,795 41,231 38,953 Allocated expenses, net1 (4,314) (3,680) (970) 790 3,565 Total non-interest expense 26,605 29,329 36,825 42,021 42,518 Income before income taxes 18,887 7,735 10,642 27,185 41,216 Provision for income taxes 4,721 1,934 2,661 6,796 10,304 Net income $ 14,166 $ 5,801 $ 7,981 $ 20,389 $ 30,912 Effective Tax Rate 25 % 25 % 25 % 25 % 25 % Efficiency Ratio 58 % 79 % 78 % 61 % 51 % Total assets $ 485,878 $ 472,371 $ 564,783 $ 506,911 $ 796,362 Loans held for sale $ 353,105 $ 352,466 $ 429,052 $ 376,481 $ 688,079 Total deposits $ 224,117 $ 397,459 $ 332,777 $ 461,494 $ 422,189 Key Rates, end of period: 10 year CMT 1.52 % 1.52 % 1.45 % 1.74 % 0.93 % FHLMC 30 year fixed 3.11 % 3.01 % 2.98 % 3.18 % 2.67 % For the Quarter Ended Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 LHFS Production Statistics: Closed loan volume for-sale 871,268 987,281 1,253,023 1,635,532 1,769,432 Gain on sale margin 2.71% 3.07% 3.30% 3.82% 4.71% Direct LHFS expense $ 18,150 $ 19,958 $ 25,459 $ 31,151 $ 33,210 Direct LHFS expenses as % of volume 2.08 % 2.02 % 2.03 % 1.90 % 1.88 % MSR Statistics: Residential mortgage loans serviced for others 12,755,671 12,853,291 12,897,032 13,030,467 13,026,720 MSR, net $ 123,615 $ 105,834 $ 102,699 $ 100,413 $ 92,907 MSR as % of serviced portfolio 0.97% 0.82% 0.80% 0.77% 0.71%

Balance Sheet Highlights Q4 2021

24 Loan and Deposit Growth Loans and Leases (Gross) ($ in billions) Total Deposits ($ in billions) As of December 31, 2021 As of December 31, 2021 $6.5 $7.2 $7.7 $15.3 $16.8 $17.4 $19.0 $20.4 $21.2 $21.8 $22.6 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $— $5.0 $10.0 $15.0 $20.0 $25.0 $9.2 $9.4 $9.1 $16.9 $17.7 $19.0 $19.9 $21.1 $22.5 $24.6 $26.6 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $— $5.0 $10.0 $15.0 $20.0 $25.0 50% 24% 25% 1% Commercial Real Estate Commercial Residential Consumer & Other —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 41% 14% 29% 9% 7% Demand, non-interest bearing Demand, interest bearing Money market Savings Time —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

25 Q4 2021 Loan Roll Forward $21,970 $2,321 ($83) ($1,157) ($145) ($346) ($7) $22,553 Beginning Balance (9/30/2021) New Originations Net Advances/ Payments Payoffs Maturities PPP Other Ending Balance (12/31/2021) $10,000 $12,500 $15,000 $17,500 $20,000 $22,500 $25,000 $ in millions

26 Loan and Lease Portfolio Characteristics Footnotes: Balances and delinquencies as of December 31, 2021. Annualized net charge-off rate for Q4 2021. LTV, FICO and Debt Service Coverage (DSC) are based on weighted average for portfolio. LTV for the Mortgage portfolio represents average LTV based on most recent appraisal against updated loan balance. Totals may not foot due to rounding. Mortgage • Represents 20% of overall portfolio • Total delinquencies of 0.70% • Annualized net charge-off rate of (0.01%) • Average loan size of $416,000 • Average FICO of 758 and LTV of 63% Non-owner Occupied CRE • Represents 17% of overall portfolio • Total delinquencies of 0.13% • Annualized net charge-off rate of 0.01% • Average loan size of $1.9 million • Average LTV of 54% and DSC of 1.7 Commercial & Industrial • Represents 17% of overall portfolio • Total delinquencies of 0.30% • Annualized net charge-off rate of 0.09% • Average loan size of $503,000 Multifamily • Represents 18% of overall portfolio • Total delinquencies of 0.00% • Annualized net charge-off rate of 0.00% • Average loan size of $2.1 million • Average LTV of 56% and DSC of 1.50 Owner Occupied CRE • Represents 10% of overall portfolio • Total delinquencies of 0.11% • Annualized net charge-off rate of 0.00% • Average loan size of $978,000 • Average LTV of 56% and DSC of 1.8 Lease & Equipment Finance (FinPac) • Represents 7% of overall portfolio • Total delinquencies of 1.94% • Annualized net charge-off rate of 1.75% • ~10% average yield • Average loan & lease size of $36,000 Geographic Diversification Puget Sound 16% OR Other 11% Northern CA 11% Southern CA 20% Portland/Vanc 14% Bay Area 10% WA Other 6% Other 12%

27 Current Expected Credit Loss (“CECL”) Footnotes: 1. Total includes $11.8 mm for Reserve for Unfunded Commitments 2. Total includes $12.8 mm for Reserve for Unfunded Commitments Loan Segment 9/30/2021 Q4 2021 Net Charge-offs Reserve build 12/31/2021 % of loans and leases outstanding Commercial $45,526 ($1,259) ($3,329) $40,938 1.04 % Lease & Equipment Finance $75,993 ($6,353) $9,023 $78,663 5.36 % CRE $114,835 ($2) ($7,297) $107,536 0.95 % Residential/Home Equity $29,237 $326 $1,462 $31,025 0.54 % Consumer $3,721 ($109) ($595) $3,017 1.64 % Total $269,312 ¹ ($7,397) ($736) $261,179 ² 1.16 % % of loans and leases outstanding 1.23 % 1.16 % % of loans and leases outstanding – ex PPP loans 1.27 % 1.18 % Allowance For Credit Losses ($ in 000’s) CECL Notes Used Moody’s November consensus economic forecast Key Components of the Moody’s economic forecast include: • GDP average annualized growth of 3.9% through 2022 • Average annualized unemployment rate of 4.1% in 2022 dropping to 4.0% in 2023 • COVID infections abate in December 2021 • The Federal Reserve keeps the target range for the fed funds rate at 0% to 0.25% until Q4 2022

28 Credit Quality (R ec ap tu re ) o r Pr ov is io n Ex pe ns e ($ in m ill io ns ) N on Perform ing A ssets to Total A ssets (Recapture) or Provision Expense & Non-Performing Assets to Total Assets $— $— $(23.0) $(18.9) $(0.7) 0.24% 0.19% 0.17% 0.17% 0.17% (Recapture) or Provision expense Non Performing Assets To Total Assets Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $(40.0) $(20.0) $— $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 —% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% C la ss ifi ed L oa ns / To ta l L oa ns C lassified A ssets / R B C Classified Assets 0.92% 0.74% 0.74% 0.81% 0.71% 8.6% 7.0% 7.0% 7.7% 7.0% Classified Loans to Total Loans Classified Assets to Risk-Based Capital Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 —% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% A C L ($ in m ill io ns ) A llow ance / Total Loans and Leases Allowance for Credit Losses $348.7 $331.0 $294.4 $269.3 $261.2 1.60% 1.49% 1.33% 1.23% 1.16% Allowance for Credit Losses Allowance for Credit Losses to Total Loans and Leases Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $— $40.0 $80.0 $120.0 $160.0 $200.0 $240.0 $280.0 $320.0 $360.0 $400.0 $440.0 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% Net Charge-offs to Average Loans and Leases (annualized) 4.87% 4.66% 3.80% 1.21% 1.75% 0.35% 0.33% 0.25% 0.11% 0.13% Umpqua Bank (ex FinPac) Fin Pac Umpqua Holding Consolidated Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 (0.50)% —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 0.04% 0.03% 0.01% 0.04% 0.02%

29 Capital Management Footnotes: 1. Regulatory capital ratios are estimates pending completion and filing of the Company’s regulatory reports. 2. Greater of Regulatory Well Capitalized Threshold or Capital Adequacy Threshold + Capital Conservation Buffer (2.5%). 3.“Excess” Capital defined as capital above thresholds above internal policy limits. All regulatory capital ratios¹ remained in excess of well-capitalized and internal policy limits. Focused on providing long-term value for our shareholders Paid a quarterly cash dividend of $0.21 per common share on November 30, 2021 to shareholders of record as of November 19, 2021. 8.9% 9.0% 11.6% 11.6% 14.3% 5.0% 7.0% 8.5% 10.5% 6.0% 1.5% 2.0% 0.5% 1.5% 2.9% 2.5% 2.6% 2.6% 2.3% Capital Threshold² In-House Policy Floor "Excess" Capital³ Tangible Common Equity/Tangible Assets Tier 1 Leverage Tier 1 Common Risk Based Tier 1 Risk Based Total Risk Based —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Excess capital at the bank level is approximately $207mm. Holding company ratios are shown to the right.

Appendix

31 Non-GAAP Reconciliation Tangible Book Value: Umpqua (In thousands, except per share data) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Total shareholders' equity $2,749,270 $2,722,379 $2,766,316 $2,681,869 $2,704,577 Subtract: Goodwill — — — 2,715 2,715 Other intangible assets, net 8,840 9,970 11,100 12,230 13,360 Tangible equity - common 2,740,430 2,712,409 2,755,216 2,666,924 2,688,502 Total assets $30,640,936 $30,891,479 $30,284,965 $30,036,680 $29,235,175 Subtract: Goodwill — — — 2,715 2,715 Other intangible assets, net 8,840 9,970 11,100 12,230 13,360 Tangible assets 30,632,096 30,881,509 30,273,865 30,021,735 29,219,100 Common shares outstanding at period end 216,626 216,622 220,626 220,491 220,226 Total shareholders' equity to total assets ratio 8.97 % 8.81 % 9.13 % 8.93 % 9.25 % Tangible common equity ratio 8.95 % 8.78 % 9.10 % 8.88 % 9.20 % Book value per common share $12.69 $12.57 $12.54 $12.16 $12.28 Tangible book value per common share $12.65 $12.52 $12.49 $12.10 $12.21

32 • The opportunities to grow the loan book by expanding business with our existing customer base are dramatic, and they are potentially multiplicative as we continue to win business in our markets. Note: $ in millions. LQA = linked-quarter annualized. * TCE used (instead of risk-based capital) given prior disclosure for pro forma TCE. See slide 34 for the calculation of pro forma TCE, which is based on financial data for the quarter ended June 30, 2021, and market data as of October 11, 2021. ** The loan amounts and opportunities displayed on this slide are hypothetical and should only be viewed as illustrative examples. The internal hold limit of the pro forma company following closing is expected to be determined by the pro forma company's board. ^ Amount of loan application above hypothetical loan amount presented in the left-side table. For example, based on the hypothetical loan amounts in the left-most column in the right table, a loan application at Columbia for $50 million would result in a $20 million loan for Columbia's balance sheet and the participation out of $30 million, and a loan application at Umpqua for $50 million would result in a $35 million loan for Umpqua's balance sheet and the participation out of $15 million. The pro forma company's larger balance sheet (and correspondingly larger capital position) would enable the pro forma company to hold the entire $50 million loan while maintaining the same (or better) level of diversity and granularity. (a) Columbia 9/30/21 Tangible Common Equity* $1,536 (b) Umpqua 9/30/21 Tangible Common Equity* $2,712 (c) Pro Forma Company Tangible Common Equity* $4,412 Opportunities Many Some A Few Columbia Perspective (d) Loan Amount: Hypothetical** $20 $35 $60 (e) = (d) ÷ (a) % of Columbia 9/30/21 TCE 1.30% 2.28% 3.91% Umpqua Perspective (f) Loan Amount: Hypothetical** $35 $60 $100 (g) = (f) ÷ (b) % of Umpqua 9/30/21 TCE 1.29% 2.21% 3.69% Pro Forma Company (h) = avg of (e) & Average of Columbia & Umpqua 9/30/21 TCE 1.30% 2.25% 3.80% (i) = (c) x (h) Pro Forma Loan Amount** $57 $99 $167 A High-Quality Prospect… Adds to Loan Growth Lost Opportunity Net Benefit to the Pro Forma Bank Columbia Perspective Umpqua Perspective …applies for a $50 million loan Columbia Perspective: Today $20 $30 Umpqua Perspective: Today $35 $15 Pro Forma $50 $0 $30 $15 …applies for a $75 million loan Columbia Perspective: Today $35 $40 Umpqua Perspective: Today $60 $15 Pro Forma $75 $0 $40 $15 …applies for a $150 million loan Columbia Perspective: Today $60 $90 Umpqua Perspective: Today $100 $50 Pro Forma $150 $0 $90 $50 The Power of a Larger Balance Sheet: A Hypothetical Example 9/30/2021 Tangible Common Equity Columbia Umpqua Total Shareholders’ Equity $2,323 $2,722 -Preferred Equity $0 $0 -Goodwill -$766 $0 -Other Intangible Asset, net -$21 -$10 Tangible Common Equity $1,536 $2,712

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

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

XML

Cover	Jan. 19, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 19, 2022
Entity Registrant Name	Umpqua Holdings Corporation
Entity Incorporation, State or Country Code	OR
Entity File Number	001-34624
Entity Tax Identification Number	93-1261319
Entity Address, Address Line One	One SW Columbia Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97204
City Area Code	(503)
Local Phone Number	727-4100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(g) Security	Common Stock
Trading Symbol	UMPQ
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001077771
Amendment Flag	false