Document


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

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.

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.

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

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


(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 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, visit www.umpquabank.com.

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/.

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives. Risks that could cause results to differ from forward-looking statements we make are set forth in our filings with the SEC and include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and any slowdown in economic growth particularly in the western United States; the effect of the COVID-19 pandemic, including on our credit quality, deferral programs, and business operations, as well as its impact on general economic and financial market conditions; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; the ability to complete, or any delays in completing, the proposed transaction between us and Columbia Banking System, Inc.; any failure to realize the anticipated benefits of the transaction when expected or at all; certain restrictions during the pendency of the proposed transaction that may impact our ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities; and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company's Board of Directors, and may be subject to regulatory approval or conditions.


Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)

	Quarter Ended										% Change
(In thousands, except per share data)	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 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 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 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 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


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 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 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 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


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)


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	%


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	%


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	%


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 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


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


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)


			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