Document


CEO Commentary
"Umpqua's first quarter results demonstrate our ability to organically grow the franchise while planning for our pending combination with Columbia Banking System," said Cort O'Haver, President and CEO. "First quarter non-PPP (Paycheck Protection Program) loan growth of $630 million is commendable in its own right given typical seasonal trends, but it is particularly notable on the heels of fourth quarter's record growth. We actively monitor evolving trends in our markets and beyond, and we will continue to manage our business to support our associates, customers, and communities while creating shareholder value."
–Cort O’Haver, President and CEO of Umpqua Holdings Corporation


1Q22 HIGHLIGHTS (COMPARED TO 4Q21)

Net Interest Income and NIM			•Net interest income decreased by $4.6 million on a quarter-to-quarter basis due to lower PPP-related income as net interest income was otherwise stable despite two fewer days in the quarter.
			•Net interest margin was 3.14%, down one basis point from the prior period due entirely to lower PPP fees. The impact was nearly offset by higher average non-PPP loan balances and lower interest expense.

Non-Interest Income and Expense			•Non-interest income decreased by $2.8 million. The quarter's results were notably impacted by fair value adjustments captured in mortgage banking revenue and other income that reflect the quarter's interest rate changes.
			•Non-interest expense decreased by $17.3 million due to lower merger-related charges and salaries and benefits expense.

Credit Quality			•Net charge-offs remained low at 0.10% of average loans and leases (annualized).
			•A provision expense of $4.8 million compares to a provision recapture of $(0.7) million in the prior quarter.
			•Non-performing assets to total assets declined to 0.14%, down 3 bps from the prior quarter end.

Capital			•Estimated total risk-based capital ratio of 14.0% and estimated Tier 1 Risk Based Capital ratio of 11.3%.
			•Paid a quarterly cash dividend of $0.21 per common share on February 25, 2022, to shareholders of record as of February 15, 2022.

Notable items			•Executing structural changes in the mortgage banking segment, inclusive of evaluating MSR hedges.
			•$2.3 million in merger-related expenses and $3.0 million in exit and disposal costs.


1Q22 KEY FINANCIAL DATA

PERFORMANCE METRICS	1Q22		4Q21		1Q21
Return on average assets	1.21%		1.13%		1.49%
Return on average tangible common equity1	13.66%		12.94%		16.43%
Operating return on average assets1	1.03%		1.23%		1.41%
Operating return on average tangible common equity1	11.62%		14.03%		15.59%
Net interest margin	3.14%		3.15%		3.18%
Efficiency ratio - consolidated	59.02%		63.10%		56.74%
Loan to deposit ratio	86.05%		84.80%		85.61%

INCOME STATEMENT ($ in 000s, excl. per share data)	1Q22		4Q21		1Q21
Net interest income	$228,763		$233,379		$221,431
Provision (recapture) for credit losses	$4,804		($736)		$—
Non-interest income	$79,969		$82,738		$108,800
Non-interest expense	$182,430		$199,711		$187,592
Pre-provision net revenue1	$126,302		$116,406		$142,639
Operating pre-provision net revenue1	$108,125		$122,633		$135,315
Earnings per common share - diluted	$0.42		$0.41		$0.49
Operating earnings per common share - diluted1	$0.36		$0.44		$0.46
Dividends paid per share	$0.21		$0.21		$0.21

BALANCE SHEET	1Q22		4Q21		1Q21
Total assets	$30.6	B	$30.6	B	$30.0	B
Loans and leases	$23.0	B	$22.6	B	$22.2	B
Total deposits	$26.7	B	$26.6	B	$25.9	B
Book value per common share	$12.02		$12.69		$12.16
Tangible book value per share1	$11.98		$12.65		$12.10
Tangible book value per share, ex AOCI1	$12.83		$12.64		$11.92

Gross loans and leases were $23.0 billion as of March 31, 2022, an increase of $422.6 million relative to December 31, 2021. The increase is due to non-PPP loan growth of $630.2 million that offset a 55% decline in PPP balances to $172.8 million as related loan forgiveness continued. Commercial real estate and residential mortgage portfolios drove the quarter's net expansion. Excluding PPP balances, commercial loans contracted by 1.0% in the first quarter as 3.9% growth in the fourth quarter reduced the associated pipeline, which now sits at a normalized level in April. Please refer to additional loan tables in the Q1 2022 Earnings Presentation available on our website for select underwriting characteristics of the loan portfolio.

The allowance for credit losses was $261.5 million, or 1.14% of loans and leases, as of March 31, 2022, compared to $261.2 million, or 1.16% of loans and leases, as of December 31, 2021. The provision for credit losses of $4.8 million for the first quarter of 2022 compares to a recapture of provision of $0.7 million for the fourth quarter of 2021. The current quarter's provision reflects allowance requirements for new loan generation, loan mix changes, and changes between the December 2021 and March 2022 economic forecasts used in credit models. Please refer to the Q1 2022 Earnings Presentation available on our website for additional details related to the allowance for credit losses.

Revenue from the origination and sale of residential mortgages was $16.8 million for the first quarter of 2022, a decrease of $6.8 million from the prior quarter. This decline reflects a sequential quarter decrease of $222.1 million or 25.5% in for-sale mortgage origination volume given anticipated seasonal trends that were exacerbated by rising long-term interest rates. Of the current quarter's mortgage production, 58% related to purchase activity, compared to 54% for the prior quarter and 37% for the same period of the prior year. A 12-basis point linked-quarter decrease in the mortgage banking gain on sale margin to 2.59% for the first quarter of 2022 reflects the negative impact from rising rates on the pipeline. Interest rate movements favorably impacted valuation of the MSR asset, resulting in a net write-up during the quarter of $34.8 million, which includes a $40.1 million fair value gain related to model inputs.

As of March 31, 2022, the Company's tangible book value per common share2 decreased to $11.98, compared to $12.65 in the prior quarter and $12.10 in the same period of the prior year. Rising interest rates drove a decline in the fair value of available-for-sale investment securities and an increase in junior subordinated debt accounted for at fair value during the quarter. The impact of these items is reflected by a decline in accumulated other comprehensive income (AOCI) to $(183.8) million, compared to $1.8 million in the prior quarter and $38.1 million in the prior-year period. Excluding AOCI, tangible book2 increased to $12.83 at March 31, 2022, compared to $12.64 and $11.92 in the linked-quarter and year-ago periods, respectively.

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.

The Company will host its first quarter 2022 earnings conference call on April 21, 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 first quarter 2022 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: 9884055. A re-broadcast will be available approximately two hours after the call by dialing (855) 859-2056 and entering conference ID 9884055. 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/.

Umpqua Holdings Corporation (NASDAQ: UMPQ), headquartered in Portland, Oregon, is the parent company of Umpqua Bank, an Oregon-based regional bank with locations across Oregon, Washington, California, Idaho and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company was named #1 in Customer Satisfaction for the Northwest Region in the J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM, and Forbes consistently ranks Umpqua as one of America’s Best Banks. The Portland Business Journal has also recognized Umpqua as the Most Admired Financial Services Company in Oregon for seventeen consecutive years. In addition to its retail and commercial banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses. For more information, visit umpquabank.com.

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


Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)
	Quarter Ended										% Change
(In thousands, except per share data)	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	214,404	$	221,501	$	224,403	$	223,470	$	221,141	(3)	%	(3)	%
Interest and dividends on investments:
Taxable	18,725		16,566		16,102		14,619		13,112		13	%	43	%
Exempt from federal income tax	1,372		1,456		1,470		1,487		1,534		(6)	%	(11)	%
Dividends	86		102		213		405		598		(16)	%	(86)	%
Temporary investments and interest bearing deposits	1,353		1,229		1,237		774		624		10	%	117	%
Total interest income	235,940		240,854		243,425		240,755		237,009		(2)	%	0	%
Interest expense:
Deposits	3,916		4,357		5,100		7,016		10,678		(10)	%	(63)	%
Securities sold under agreement to repurchase and federal funds purchased	63		48		88		68		76		31	%	(17)	%
Borrowings	49		51		149		866		1,772		(4)	%	(97)	%
Junior subordinated debentures	3,149		3,019		3,014		3,042		3,052		4	%	3	%
Total interest expense	7,177		7,475		8,351		10,992		15,578		(4)	%	(54)	%
Net interest income	228,763		233,379		235,074		229,763		221,431		(2)	%	3	%
Provision (recapture) for credit losses	4,804		(736)		(18,919)		(22,996)		—		nm		nm
Non-interest income:
Service charges on deposits	11,583		11,188		10,941		10,310		9,647		4	%	20	%
Card-based fees	8,708		9,355		9,111		10,274		7,374		(7)	%	18	%
Brokerage revenue	11		31		31		1,135		3,915		(65)	%	(100)	%
Residential mortgage banking revenue, net	60,786		43,185		34,150		44,443		65,033		41	%	(7)	%
Gain on sale of debt securities, net	2		4		—		—		4		nm		nm
(Loss) gain on equity securities, net	(2,661)		(466)		(343)		4		(706)		nm		277	%
Gain on loan and lease sales, net	2,337		4,816		4,208		5,318		1,373		(51)	%	70	%
BOLI income	2,087		2,101		2,038		2,092		2,071		(1)	%	1	%
Other (loss) income	(2,884)		12,524		13,569		17,499		20,089		(123)	%	(114)	%
Total non-interest income	79,969		82,738		73,705		91,075		108,800		(3)	%	(26)	%
Non-interest expense:
Salaries and employee benefits	113,138		117,477		117,636		121,573		124,134		(4)	%	(9)	%
Occupancy and equipment, net	34,829		34,310		33,944		34,657		34,635		2	%	1	%
Intangible amortization	1,025		1,130		1,130		1,130		1,130		(9)	%	(9)	%
FDIC assessments	4,516		2,896		2,136		1,607		2,599		56	%	74	%
Merger related expenses	2,278		15,183		—		—		—		0	%	nm

Other expenses	26,644		28,715		28,907		30,433		25,094		(7)	%	6	%
Total non-interest expense	182,430		199,711		183,753		189,400		187,592		(9)	%	(3)	%
Income before provision for income taxes	121,498		117,142		143,945		154,434		142,639		4	%	(15)	%
Provision for income taxes	30,341		28,788		35,879		38,291		34,902		5	%	(13)	%
Net income	$	91,157	$	88,354	$	108,066	$	116,143	$	107,737	3	%	(15)	%

Weighted average basic shares outstanding	216,782		216,624		218,416		220,593		220,367		0	%	(2)	%
Weighted average diluted shares outstanding	217,392		217,356		218,978		221,022		220,891		0	%	(2)	%
Earnings per common share – basic	$	0.42	$	0.41	$	0.49	$	0.53	$	0.49	2	%	(14)	%
Earnings per common share – diluted	$	0.42	$	0.41	$	0.49	$	0.53	$	0.49	2	%	(14)	%

nm = not meaningful


Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																% Change
(In thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	307,144		$	222,015		$	395,555		$	397,526		$	379,361		38	%	(19)	%
Interest bearing cash and temporary investments	2,358,292			2,539,606			3,349,034			2,688,285			2,861,820			(7)	%	(18)	%
Investment securities:
Equity and other, at fair value	78,966			81,214			81,575			82,099			82,771			(3)	%	(5)	%
Available for sale, at fair value	3,638,080			3,870,435			3,723,171			3,473,950			3,167,825			(6)	%	15	%
Held to maturity, at amortized cost	2,700			2,744			2,795			2,876			2,954			(2)	%	(9)	%
Loans held for sale	309,946			353,105			352,466			429,052			376,481			(12)	%	(18)	%
Loans and leases	22,975,761			22,553,180			21,969,940			22,143,739			22,160,860			2	%	4	%
Allowance for credit losses on loans and leases	(248,564)			(248,412)			(257,560)			(279,887)			(311,283)			0	%	(20)	%
Net loans and leases	22,727,197			22,304,768			21,712,380			21,863,852			21,849,577			2	%	4	%
Restricted equity securities	10,889			10,916			10,946			15,247			22,057			0	%	(51)	%
Premises and equipment, net	167,369			171,125			172,624			172,546			176,571			(2)	%	(5)	%
Operating lease right-of-use assets	87,333			82,366			88,379			95,030			100,643			6	%	(13)	%
Goodwill	—			—			—			—			2,715			nm		(100)	%
Other intangible assets, net	7,815			8,840			9,970			11,100			12,230			(12)	%	(36)	%
Residential mortgage servicing rights, at fair value	165,807			123,615			105,834			102,699			100,413			34	%	65	%
Bank owned life insurance	328,040			327,745			325,646			324,998			322,867			0	%	2	%
Deferred tax asset, net	39,051			—			8,402			—			10,905			nm		nm
Other assets	408,497			542,442			552,702			625,705			567,490			(25)	%	(28)	%
Total assets	$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		0	%	2	%
Liabilities:
Deposits	$	26,699,587		$	26,594,685		$	26,908,397		$	26,153,553		$	25,886,833		0	%	3	%
Securities sold under agreements to repurchase	499,539			492,247			467,760			480,302			420,402			1	%	19	%
Borrowings	6,290			6,329			6,367			111,405			281,444			(1)	%	(98)	%
Junior subordinated debentures, at fair value	305,719			293,081			299,508			287,723			281,580			4	%	9	%
Junior subordinated debentures, at amortized cost	87,984			88,041			88,098			88,155			88,212			0	%	0	%
Operating lease liabilities	101,732			95,427			100,557			106,195			109,014			7	%	(7)	%
Deferred tax liability, net	—			4,353			—			2,497			—			(100)	%	nm
Other liabilities	328,677			317,503			298,413			288,819			287,326			4	%	14	%
Total liabilities	28,029,528			27,891,666			28,169,100			27,518,649			27,354,811			0	%	2	%
Shareholders' equity:
Common stock	3,443,266			3,444,849			3,442,085			3,517,641			3,515,248			0	%	(2)	%
Accumulated deficit	(651,912)			(697,338)			(739,915)			(801,954)			(871,511)			(7)	%	(25)	%
Accumulated other comprehensive (loss) income	(183,756)			1,759			20,209			50,629			38,132			nm		nm
Total shareholders' equity	2,607,598			2,749,270			2,722,379			2,766,316			2,681,869			(5)	%	(3)	%
Total liabilities and shareholders' equity	$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		0	%	2	%

Common shares outstanding at period end	216,967			216,626			216,622			220,626			220,491			0	%	(2)	%
Book value per common share	$	12.02		$	12.69		$	12.57		$	12.54		$	12.16		(5)	%	(1)	%
Tangible book value per common share (1)	$	11.98		$	12.65		$	12.52		$	12.49		$	12.10		(5)	%	(1)	%
Tangible equity - common (1)	$	2,599,783		$	2,740,430		$	2,712,409		$	2,755,216		$	2,666,924		(5)	%	(3)	%
Tangible common equity to tangible assets (1)	8.49		%	8.95		%	8.78		%	9.10		%	8.88		%	(0.46)		(0.39)
nm = not meaningful


Umpqua Holdings Corporation
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Per Common Share Data:
Dividends	$	0.21		$	0.21		$	0.21		$	0.21		$	0.21		0	%	0	%
Book value	$	12.02		$	12.69		$	12.57		$	12.54		$	12.16		(5)	%	(1)	%
Tangible book value (1)	$	11.98		$	12.65		$	12.52		$	12.49		$	12.10		(5)	%	(1)	%
Tangible book value, ex accumulated other comprehensive income (1)	$	12.83		$	12.64		$	12.43		$	12.26		$	11.92		2	%	8	%

Performance Ratios:
Efficiency ratio	59.02		%	63.10		%	59.44		%	58.96		%	56.74		%	(4.08)		2.28
Pre-provision net revenue (PPNR) ROAA (1)	1.67		%	1.50		%	1.62		%	1.75		%	1.97		%	0.17		(0.30)
Return on average assets (ROAA)	1.21		%	1.13		%	1.40		%	1.54		%	1.49		%	0.08		(0.28)
Return on average common equity	13.62		%	12.90		%	15.82		%	17.25		%	16.33		%	0.72		(2.71)
Return on average tangible common equity (1)	13.66		%	12.94		%	15.88		%	17.33		%	16.43		%	0.72		(2.77)

Performance Ratios - Operating: (1)
Operating efficiency ratio (1)	62.02		%	59.61		%	58.94		%	56.89		%	57.87		%	2.41		4.15
Operating PPNR return on average assets (1)	1.43		%	1.58		%	1.62		%	1.86		%	1.87		%	(0.15)		(0.44)
Operating return on average assets (1)	1.03		%	1.23		%	1.40		%	1.63		%	1.41		%	(0.20)		(0.38)
Operating return on average common equity (1)	11.58		%	13.98		%	15.82		%	18.16		%	15.50		%	(2.40)		(3.92)
Operating return on average tangible common equity (1)	11.62		%	14.03		%	15.88		%	18.24		%	15.59		%	(2.41)		(3.97)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	3.79		%	3.94		%	4.02		%	3.99		%	4.02		%	(0.15)		(0.23)
Yield on earning assets (2)	3.24		%	3.25		%	3.32		%	3.35		%	3.41		%	(0.01)		(0.17)
Cost of interest bearing deposits	0.10		%	0.11		%	0.13		%	0.18		%	0.29		%	(0.01)		(0.19)
Cost of interest bearing liabilities	0.18		%	0.18		%	0.20		%	0.27		%	0.38		%	—		(0.20)
Cost of total deposits	0.06		%	0.06		%	0.08		%	0.11		%	0.17		%	—		(0.11)
Cost of total funding (3)	0.11		%	0.11		%	0.12		%	0.16		%	0.24		%	—		(0.13)
Net interest margin (2)	3.14		%	3.15		%	3.21		%	3.20		%	3.18		%	(0.01)		(0.04)

Average interest bearing cash / Average interest earning assets	8.92		%	10.78		%	11.03		%	9.84		%	8.84		%	(1.86)		0.08
Average loans and leases / Average interest earning assets	76.85		%	74.70		%	74.78		%	76.52		%	77.26		%	2.15		(0.41)
Average loans and leases / Average total deposits	84.77		%	82.12		%	82.07		%	84.59		%	86.55		%	2.65		(1.78)
Average non-interest bearing deposits / Average total deposits	41.35		%	41.69		%	41.14		%	40.61		%	39.49		%	(0.34)		1.86
Average total deposits / Average total funding (3)	96.82		%	96.84		%	96.72		%	96.21		%	95.15		%	(0.02)		1.67

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.18		%	0.23		%	0.24		%	0.22		%	0.25		%	(0.05)		(0.07)
Non-performing assets to total assets	0.14		%	0.17		%	0.17		%	0.17		%	0.19		%	(0.03)		(0.05)
Allowance for credit losses to loans and leases	1.14		%	1.16		%	1.23		%	1.33		%	1.49		%	(0.02)		(0.35)
Total risk-based capital ratio (4)	14.0		%	14.3		%	14.9		%	15.4		%	15.8		%	(0.30)		(1.80)
Common equity tier 1 risk-based capital ratio (4)	11.3		%	11.6		%	12.0		%	12.4		%	12.6		%	(0.30)		(1.30)


Umpqua Holdings Corporation
Loan & Lease Portfolio Balances and Mix
(Unaudited)
	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net	$	3,884,784		$	3,786,887		$	3,561,764		$	3,580,386		$	3,455,773		3	%	12	%
Owner occupied term, net	2,327,899			2,332,422			2,330,338			2,398,326			2,358,169			0	%	(1)	%
Multifamily, net	4,323,633			4,051,202			3,813,024			3,553,704			3,421,320			7	%	26	%
Construction & development, net	940,286			890,338			882,778			857,866			876,297			6	%	7	%
Residential development, net	195,308			206,990			177,148			193,904			190,841			(6)	%	2	%
Commercial:
Term, net (1)	2,772,206			3,008,473			3,159,466			3,748,269			4,350,763			(8)	%	(36)	%
Lines of credit & other, net	871,483			910,733			930,350			908,518			825,162			(4)	%	6	%
Leases & equipment finance, net	1,484,252			1,467,676			1,457,248			1,437,372			1,420,977			1	%	4	%
Residential:
Mortgage, net	4,748,266			4,517,266			4,330,860			4,145,432			3,958,644			5	%	20	%
Home equity loans & lines, net	1,250,702			1,197,170			1,133,823			1,118,278			1,097,168			4	%	14	%
Consumer & other, net	176,942			184,023			193,141			201,684			205,746			(4)	%	(14)	%
Total loans and leases, net of deferred fees and costs	$	22,975,761		$	22,553,180		$	21,969,940		$	22,143,739		$	22,160,860		2	%	4	%

(1)The Bank participated in the Payroll Protection Program to originate SBA loans designated to help businesses maintain their workforce and cover other working capital needs during the COVID-19 pandemic. The Commercial Term loans in the table above include the following net PPP loan balances:
Net PPP loan balance	$172,790			$	380,440		$	726,737		$	1,380,212		$	2,047,793		(55)	%	(92)	%

Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	17		%	17		%	16		%	16		%	15		%
Owner occupied term, net	10		%	10		%	11		%	11		%	11		%
Multifamily, net	19		%	18		%	17		%	16		%	15		%
Construction & development, net	4		%	4		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	12		%	13		%	14		%	17		%	20		%
Lines of credit & other, net	4		%	4		%	4		%	4		%	4		%
Leases & equipment finance, net	6		%	7		%	7		%	6		%	6		%
Residential:
Mortgage, net	21		%	20		%	20		%	19		%	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
Deposit Balances, Mix, and Select Account Details
(Unaudited)
	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	11,058,251		$	11,023,724		$	11,121,127		$	10,718,921		$	10,500,482		0	%	5	%
Demand, interest bearing	3,955,329			3,774,937			3,758,019			3,466,251			3,244,624			5	%	22	%
Money market	7,572,581			7,611,718			7,780,442			7,559,621			7,554,798			(1)	%	0	%
Savings	2,429,073			2,375,723			2,325,929			2,221,524			2,109,211			2	%	15	%
Time	1,684,353			1,808,583			1,922,880			2,187,236			2,477,718			(7)	%	(32)	%
Total	$	26,699,587		$	26,594,685		$	26,908,397		$	26,153,553		$	25,886,833		0	%	3	%

Total core deposits (1)	$	26,140,993		$	25,964,358		$	26,029,814		$	25,122,851		$	24,740,621		1	%	6	%

Deposit mix:
Demand, non-interest bearing	42		%	41		%	41		%	41		%	41		%
Demand, interest bearing	15		%	14		%	14		%	13		%	12		%
Money market	28		%	29		%	29		%	29		%	29		%
Savings	9		%	9		%	9		%	9		%	8		%
Time	6		%	7		%	7		%	8		%	10		%
Total	100		%	100		%	100		%	100		%	100		%

Number of open accounts:
Demand, non-interest bearing	428,915			428,181			425,337			424,626			422,792
Demand, interest bearing	63,800			66,010			70,749			71,411			72,156
Money market	56,783			57,222			57,794			58,289			58,409
Savings	160,267			160,449			161,698			161,902			161,432
Time	34,127			35,665			37,172			39,560			43,637
Total	743,892			747,527			752,750			755,788			758,426

Average balance per account:
Demand, non-interest bearing	$	25.8		$	25.7		$	26.1		$	25.2		$	24.8
Demand, interest bearing	62.0			57.2			53.1			48.5			45.0
Money market	133.4			133.0			134.6			129.7			129.3
Savings	15.2			14.8			14.4			13.7			13.1
Time	49.4			50.7			51.7			55.3			56.8
Total	$	35.9		$	35.6		$	35.7		$	34.6		$	34.1


	Umpqua Holdings Corporation
	Credit Quality – Non-performing Assets
	(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status:
	Commercial real estate, net	$	5,950		$	5,767		$	5,952		$	9,034		$	9,432		3	%	(37)	%
	Commercial, net	12,415			13,098			18,200			11,639			19,784			(5)	%	(37)	%
	Residential, net	—			—			—			—			—			nm		nm
	Consumer & other, net	—			—			—			—			—			nm		nm
	Total Loans and leases on non-accrual status	18,365			18,865			24,152			20,673			29,216			(3)	%	(37)	%
Loans and leases past due 90+ days and accruing:
	Commercial real estate, net	1			1			1			1			1			0	%	0	%
	Commercial, net	8			4,160			2,454			2,255			756			(100)	%	(99)	%
	Residential, net	23,162			27,981			24,919			26,648			24,524			(17)	%	(6)	%
	Consumer & other, net	111			194			116			240			331			(43)	%	(66)	%
	Total Loans and leases past due 90+ days and accruing	23,282			32,336			27,490			29,144			25,612			(28)	%	(9)	%
Total non-performing loans and leases		41,647			51,201			51,642			49,817			54,828			(19)	%	(24)	%
Other real estate owned		1,868			1,868			1,868			181			1,405			0	%	33	%
Total non-performing assets		$	43,515		$	53,069		$	53,510		$	49,998		$	56,233		(18)	%	(23)	%

Performing restructured loans and leases		$	8,405		$	6,694		$	9,849		$	13,072		$	9,921		26	%	(15)	%
Loans and leases past due 31-89 days		$	42,409		$	31,680		$	41,326		$	30,646		$	51,120		34	%	(17)	%
Loans and leases past due 31-89 days to total loans and leases		0.18		%	0.14		%	0.19		%	0.14		%	0.23		%
Non-performing loans and leases to total loans and leases		0.18		%	0.23		%	0.24		%	0.22		%	0.25		%
Non-performing assets to total assets		0.14		%	0.17		%	0.17		%	0.17		%	0.19		%
nm = not meaningful


	Umpqua Holdings Corporation
	Credit Quality – Allowance for Credit Losses
	(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	248,412		$	257,560		$	279,887		$	311,283		$	328,401		(4)	%	(24)	%
Provision (recapture) for credit losses on loans and leases		5,696			(1,751)			(16,132)			(17,775)			526			(425)	%	983	%
Charge-offs
	Commercial real estate, net	—			(58)			(916)			(129)			(41)			(100)	%	(100)	%
	Commercial, net	(7,858)			(10,197)			(8,521)			(16,093)			(19,614)			(23)	%	(60)	%
	Residential, net	(167)			—			—			—			(70)			nm		139	%
	Consumer & other, net	(885)			(675)			(936)			(857)			(1,190)			31	%	(26)	%
	Total charge-offs	(8,910)			(10,930)			(10,373)			(17,079)			(20,915)			(18)	%	(57)	%
Recoveries
	Commercial real estate, net	25			56			120			89			380			(55)	%	(93)	%
	Commercial, net	2,545			2,585			3,346			2,681			2,091			(2)	%	22	%
	Residential, net	173			326			281			209			108			(47)	%	60	%
	Consumer & other, net	623			566			431			479			692			10	%	(10)	%
	Total recoveries	3,366			3,533			4,178			3,458			3,271			(5)	%	3	%
Net charge-offs
	Commercial real estate, net	25			(2)			(796)			(40)			339			nm		(93)	%
	Commercial, net	(5,313)			(7,612)			(5,175)			(13,412)			(17,523)			(30)	%	(70)	%
	Residential, net	6			326			281			209			38			(98)	%	(84)	%
	Consumer & other, net	(262)			(109)			(505)			(378)			(498)			140	%	(47)	%
	Total net charge-offs	(5,544)			(7,397)			(6,195)			(13,621)			(17,644)			(25)	%	(69)	%
Balance, end of period		$	248,564		$	248,412		$	257,560		$	279,887		$	311,283		0	%	(20)	%
Reserve for unfunded commitments
Balance, beginning of period		$	12,767		$	11,752		$	14,539		$	19,760		$	20,286		9	%	(37)	%
Provision (recapture) for credit losses on unfunded commitments		151			1,015			(2,787)			(5,221)			(526)			(85)	%	(129)	%
Balance, end of period		12,918			12,767			11,752			14,539			19,760			1	%	(35)	%
Total Allowance for credit losses (ACL)		$	261,482		$	261,179		$	269,312		$	294,426		$	331,043		0	%	(21)	%

Net charge-offs to average loans and leases (annualized)		0.10		%	0.13		%	0.11		%	0.25		%	0.33		%
Recoveries to gross charge-offs		37.78		%	32.32		%	40.28		%	20.25		%	15.64		%
ACLLL to loans and leases		1.08		%	1.10		%	1.17		%	1.26		%	1.40		%
ACL to loans and leases		1.14		%	1.16		%	1.23		%	1.33		%	1.49		%
nm = not meaningful


Umpqua Holdings Corporation Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
	Quarter Ended
	March 31, 2022						December 31, 2021						March 31, 2021
(Dollars in thousands)	Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates		Average Balance		Interest Income or Expense		Average Yields or Rates
INTEREST-EARNING ASSETS:
Loans held for sale	$	286,307	$	2,262	3.16	%	$	366,043	$	2,907	3.18	%	$	703,557	$	4,845	2.75	%
Loans and leases (1)	22,566,109		212,142		3.79	%	22,098,818		218,594		3.94	%	21,692,639		216,296		4.02	%
Taxable securities	3,659,145		18,811		2.06	%	3,681,650		16,668		1.81	%	2,945,896		13,710		1.86	%
Non-taxable securities (2)	234,186		1,726		2.95	%	247,183		1,831		2.96	%	252,741		1,915		3.03	%
Temporary investments and interest-bearing cash	2,618,528		1,353		0.21	%	3,190,380		1,229		0.15	%	2,483,451		624		0.10	%
Total interest-earning assets	29,364,275		$	236,294	3.24	%	29,584,074		$	241,229	3.25	%	28,078,284		$	237,390	3.41	%
Other assets	1,233,138						1,302,304						1,314,206
Total assets	$	30,597,413					$	30,886,378					$	29,392,490
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,812,173	$	498	0.05	%	$	3,765,212	$	524	0.06	%	$	3,125,398	$	414	0.05	%
Money market deposits	7,640,810		1,408		0.07	%	7,717,844		1,448		0.07	%	7,360,512		1,491		0.08	%
Savings deposits	2,405,958		205		0.03	%	2,342,865		206		0.03	%	1,998,927		163		0.03	%
Time deposits	1,753,880		1,805		0.42	%	1,864,949		2,179		0.46	%	2,681,361		8,610		1.30	%
Total interest-bearing deposits	15,612,821		3,916		0.10	%	15,690,870		4,357		0.11	%	15,166,198		10,678		0.29	%
Repurchase agreements and federal funds purchased	486,542		63		0.05	%	484,891		48		0.04	%	395,946		76		0.08	%
Borrowings	6,313		49		3.16	%	6,353		51		3.19	%	539,077		1,772		1.33	%
Junior subordinated debentures	380,985		3,149		3.35	%	387,471		3,019		3.09	%	343,473		3,052		3.60	%
Total interest-bearing liabilities	16,486,661		$	7,177	0.18	%	16,569,585		$	7,475	0.18	%	16,444,694		$	15,578	0.38	%
Non-interest-bearing deposits	11,007,034						11,219,766						9,897,749
Other liabilities	388,659						379,274						375,176
Total liabilities	27,882,354						28,168,625						26,717,619
Common equity	2,715,059						2,717,753						2,674,871
Total liabilities and shareholders' equity	$	30,597,413					$	30,886,378					$	29,392,490
NET INTEREST INCOME			$	229,117					$	233,754					$	221,812
NET INTEREST SPREAD					3.06	%					3.07	%					3.03	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.14	%					3.15	%					3.18	%


Umpqua Holdings Corporation Segments
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Net interest income		$	227,087		$	231,250		$	232,348		$	226,915		$	217,574		(2)	%	4	%
Provision (recapture) for credit losses		4,804			(736)			(18,919)			(22,996)			—			nm		nm
Non-interest income






	Gain on sale of debt securities, net	2			4			—			—			4			(50)	%	(50)	%
	(Loss) gain on equity securities, net	(2,661)			(466)			(343)			4			(706)			471	%	277	%
	Gain (loss) on swap derivatives, net	7,047			(303)			1,429			(4,481)			11,750			nm		(40)	%
	Change in fair value of certain loans held for investment	(21,049)			(2,672)			3,432			2,782			(510)			nm		nm
	Non-interest income (excluding above items)	35,650			42,812			34,849			48,151			32,913			(17)	%	8	%
	Total non-interest income	18,989			39,375			39,367			46,456			43,451			(52)	%	(56)	%
Non-interest expense
	Merger related expenses	2,278			15,183			—			—			—			(85)	%	nm
	Exit and disposal costs	3,033			3,022			3,813			4,728			1,200			0	%	153	%
	Non-interest expense (excluding above items)	148,423			150,587			146,931			146,877			145,161			(1)	%	2	%
	Allocated expenses, net (1)	3,735			4,314			3,680			970			(790)			(13)	%	nm
	Total non-interest expense	157,469			173,106			154,424			152,575			145,571			(9)	%	8	%
Income before income taxes		83,803			98,255			136,210			143,792			115,454			(15)	%	(27)	%
Provision for income taxes		20,917			24,067			33,945			35,630			28,106			(13)	%	(26)	%
Net income		$	62,886		$	74,188		$	102,265		$	108,162		$	87,348		(15)	%	(28)	%

Effective Tax Rate		25		%	24		%	25		%	25		%	24		%
Efficiency Ratio		64		%	64		%	57		%	56		%	56		%

Total assets		$	30,153,079		$	30,155,058		$	30,419,108		$	29,720,182		$	29,529,769		0	%	2	%

Total loans and leases		$	22,975,761		$	22,553,180		$	21,969,940		$	22,143,739		$	22,160,860		2	%	4	%
Total deposits		$	26,479,078		$	26,370,568		$	26,510,938		$	25,820,776		$	25,425,339		0	%	4	%

Key Rates, end of period:
10 year CMT		2.32		%	1.52		%	1.52		%	1.45		%	1.74		%
FHLMC 30 year fixed		4.67		%	3.11		%	3.01		%	2.98		%	3.18		%
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
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Net interest income		$	1,676		$	2,129		$	2,726		$	2,848		$	3,857		(21)	%	(57)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	16,844			23,624			30,293			41,367			62,505			(29)	%	(73)	%
	Servicing	9,140			9,457			9,172			9,120			9,087			(3)	%	1	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	(5,347)			(5,311)			(4,681)			(4,366)			(4,545)			1	%	18	%
	Changes due to valuation inputs or assumptions	40,149			15,415			(634)			(1,678)			(2,014)			160	%	nm
	Non-interest income (excluding above items)	194			178			188			176			316			9	%	(39)	%
	Total non-interest income	60,980			43,363			34,338			44,619			65,349			41	%	(7)	%
Non-interest expense
	Non-interest expense	28,696			30,919			33,009			37,795			41,231			(7)	%	(30)	%
	Allocated expenses, net (1)	(3,735)			(4,314)			(3,680)			(970)			790			(13)	%	nm
	Total non-interest expense	24,961			26,605			29,329			36,825			42,021			(6)	%	(41)	%
Income before income taxes		37,695			18,887			7,735			10,642			27,185			100	%	39	%
Provision for income taxes		9,424			4,721			1,934			2,661			6,796			100	%	39	%
Net income		$	28,271		$	14,166		$	5,801		$	7,981		$	20,389		100	%	39	%

Effective Tax Rate		25		%	25		%	25		%	25		%	25		%
Efficiency Ratio		40		%	58		%	79		%	78		%	61		%

Total assets		$	484,047		$	485,878		$	472,371		$	564,783		$	506,911		0	%	(5)	%
Loans held for sale		$	309,946		$	353,105		$	352,466		$	429,052		$	376,481		(12)	%	(18)	%

Total deposits		$	220,509		$	224,117		$	397,459		$	332,777		$	461,494		(2)	%	(52)	%

LHFS Production Statistics:
Closed loan volume for-sale		$	649,122		$	871,268		$	987,281		$	1,253,023		$	1,635,532		(25)	%	(60)	%
Gain on sale margin		2.59		%	2.71		%	3.07		%	3.30		%	3.82		%

Direct LHFS expense		$	14,296		$	18,150		$	19,958		$	25,459		$	31,151		(21)	%	(54)	%
Direct LHFS expenses as % of volume		2.20		%	2.08		%	2.02		%	2.03		%	1.90		%

MSR Statistics:
Residential mortgage loans serviced for others		$	12,810,574		$	12,755,671		$	12,853,291		$	12,897,032		$	13,030,467		0	%	(2)	%
MSR, net		$	165,807		$	123,615		$	105,834		$	102,699		$	100,413		34	%	65	%
MSR as % of serviced portfolio		1.29		%	0.97		%	0.82		%	0.80		%	0.77		%

Key Rates, end of period:
10 year CMT		2.32		%	1.52		%	1.52		%	1.45		%	1.74		%
FHLMC 30 year fixed		4.67		%	3.11		%	3.01		%	2.98		%	3.18		%
nm = not meaningful

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. The company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation
(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands, except per share data)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	2,607,598		$	2,749,270		$	2,722,379		$	2,766,316		$	2,681,869		(5)	%	(3)	%
Less: Goodwill		—			—			—			—			2,715			nm		(100)	%
Less: Other intangible assets, net		7,815			8,840			9,970			11,100			12,230			(12)	%	(36)	%
Tangible common shareholders' equity	b	$	2,599,783		$	2,740,430		$	2,712,409		$	2,755,216		$	2,666,924		(5)	%	(3)	%
Less: Accumulated other comprehensive income (AOCI)		$	(183,756)		1,759			20,209			50,629			38,132			nm		(582)	%
Tangible common shareholders' equity, ex AOCI	c	$	2,783,539		$	2,738,671		$	2,692,200		$	2,704,587		$	2,628,792		2	%	6	%

Total assets	d	$	30,637,126		$	30,640,936		$	30,891,479		$	30,284,965		$	30,036,680		0	%	2	%
Less: Goodwill		—			—			—			—			2,715			nm		(100)	%
Less: Other intangible assets, net		7,815			8,840			9,970			11,100			12,230			(12)	%	(36)	%
Tangible assets	e	$	30,629,311		$	30,632,096		$	30,881,509		$	30,273,865		$	30,021,735		0	%	2	%
Common shares outstanding at period end	f	216,967			216,626			216,622			220,626			220,491			0	%	(2)	%

Total shareholders' equity to total assets ratio	a / d	8.51		%	8.97		%	8.81		%	9.13		%	8.93		%	(0.46)		(0.42)
Tangible common equity ratio	b / e	8.49		%	8.95		%	8.78		%	9.10		%	8.88		%	(0.46)		(0.39)
Tangible common equity ratio, ex AOCI	c / e	9.09		%	8.94		%	8.72		%	8.93		%	8.76		%	0.15		0.33
Book value per common share	a / f	$	12.02		$	12.69		$	12.57		$	12.54		$	12.16		(5)	%	(1)	%
Tangible book value per common share	b / f	$	11.98		$	12.65		$	12.52		$	12.49		$	12.10		(5)	%	(1)	%
Tangible book value per common share, ex AOCI	c / f	$	12.83		$	12.64		$	12.43		$	12.26		$	11.92		2	%	8	%


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended										% Change
(Dollars in thousands)		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	2	$	4	$	—	$	—	$	4	(50)	%	(50)	%
(Loss) gain on equity securities, net		(2,661)		(466)		(343)		4		(706)		471	%	277	%
Gain (loss) on swap derivatives		7,047		(303)		1,429		(4,481)		11,750		nm		(40)	%
Change in fair value of certain loans held for investment		(21,049)		(2,672)		3,432		2,782		(510)		nm		nm
Change in fair value of MSR due to valuation inputs or assumptions		40,149		15,415		(634)		(1,678)		(2,014)		160	%	nm
Total non-interest income adjustments	a	$	23,488	$	11,978	$	3,884	$	(3,373)	$	8,524	96	%	176	%

Non-Interest Expense Adjustments
Merger related expenses		$	2,278	$	15,183	$	—	$	—	$	—	(85)	%	nm
Exit and disposal costs		3,033		3,022		3,813		4,728		1,200		0	%	153	%
Total non-interest expense adjustments	b	$	5,311	$	18,205	$	3,813	$	4,728	$	1,200	(71)	%	343	%

Net interest income (1)	c	$	229,117	$	233,754	$	235,452	$	230,140	$	221,812	(2)	%	3	%

Non-interest income (GAAP)	d	$	79,969	$	82,738	$	73,705	$	91,075	$	108,800	(3)	%	(26)	%
Less: Non-interest income adjustments	a	(23,488)		(11,978)		(3,884)		3,373		(8,524)		96	%	176	%
Operating non-interest income (non-GAAP)	e	$	56,481	$	70,760	$	69,821	$	94,448	$	100,276	(20)	%	(44)	%

Revenue (GAAP) (1)	f=c+d	$	309,086	$	316,492	$	309,157	$	321,215	$	330,612	(2)	%	(7)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	285,598	$	304,514	$	305,273	$	324,588	$	322,088	(6)	%	(11)	%

Non-interest expense (GAAP)	h	$	182,430	$	199,711	$	183,753	$	189,400	$	187,592	(9)	%	(3)	%
Less: Non-interest expense adjustments	b	(5,311)		(18,205)		(3,813)		(4,728)		(1,200)		(71)	%	343	%
Operating non-interest expense (non-GAAP)	i	$	177,119	$	181,506	$	179,940	$	184,672	$	186,392	(2)	%	(5)	%

Net income (GAAP)	j	$	91,157	$	88,354	$	108,066	$	116,143	$	107,737	3	%	(15)	%
Provision for income taxes		30,341		28,788		35,879		38,291		34,902		5	%	(13)	%
Income before provision for income taxes		121,498		117,142		143,945		154,434		142,639		4	%	(15)	%
Provision (recapture) for credit losses		4,804		(736)		(18,919)		(22,996)		—		nm		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	126,302		116,406		125,026		131,438		142,639		9	%	(11)	%
Less: Non-interest income adjustments	a	(23,488)		(11,978)		(3,884)		3,373		(8,524)		96	%	176	%
Add: Non-interest expense adjustments	b	5,311		18,205		3,813		4,728		1,200		(71)	%	343	%
Operating PPNR (non-GAAP)	l	$	108,125	$	122,633	$	124,955	$	139,539	$	135,315	(12)	%	(20)	%

Net income (GAAP)	j	$	91,157	$	88,354	$	108,066	$	116,143	$	107,737	3	%	(15)	%
Less: Non-interest income adjustments	a	(23,488)		(11,978)		(3,884)		3,373		(8,524)		96	%	176	%
Add: Non-interest expense adjustments	b	5,311		18,205		3,813		4,728		1,200		(71)	%	343	%
Tax effect of adjustments		4,576		1,190		18		(2,025)		1,831		285	%	150	%
Operating net income (non-GAAP)	m	$	77,556	$	95,771	$	108,013	$	122,219	$	102,244	(19)	%	(24)	%
nm = not meaningful


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended															% Change
(Dollars in thousands, except per share data)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Average assets	n	$	30,597,413		$	30,886,378		$	30,614,374		$	30,156,017		$	29,392,490		(1)	%	4	%
Less: Average goodwill and other intangible assets, net		8,407			9,491			10,609			12,615			15,598			(11)	%	(46)	%
Average tangible assets	o	$	30,589,006		$	30,876,887		$	30,603,765		$	30,143,402		$	29,376,892		(1)	%	4	%

Average common shareholders' equity	p	$	2,715,059		$	2,717,753		$	2,709,641		$	2,700,010		$	2,674,871		0	%	2	%
Less: Average goodwill and other intangible assets, net		8,407			9,491			10,609			12,615			15,598			(11)	%	(46)	%
Average tangible common equity	q	$	2,706,652		$	2,708,262		$	2,699,032		$	2,687,395		$	2,659,273		0	%	2	%

Weighted average basic shares outstanding	r	216,782			216,624			218,416			220,593			220,367			0	%	(2)	%
Weighted average diluted shares outstanding	s	217,392			217,356			218,978			221,022			220,891			0	%	(2)	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.42		$	0.41		$	0.49		$	0.53		$	0.49		2	%	(14)	%
Earnings-per-share - diluted	j / s	$	0.42		$	0.41		$	0.49		$	0.53		$	0.49		2	%	(14)	%
Efficiency ratio	h / f	59.02		%	63.10		%	59.44		%	58.96		%	56.74		%	(4.08)		2.28
PPNR return on average assets	k / n	1.67		%	1.50		%	1.62		%	1.75		%	1.97		%	0.17		(0.30)
Return on average assets	j / n	1.21		%	1.13		%	1.40		%	1.54		%	1.49		%	0.08		(0.28)
Return on average tangible assets	j / o	1.21		%	1.14		%	1.40		%	1.55		%	1.49		%	0.07		(0.28)
Return on average common equity	j / p	13.62		%	12.90		%	15.82		%	17.25		%	16.33		%	0.72		(2.71)
Return on average tangible common equity	j / q	13.66		%	12.94		%	15.88		%	17.33		%	16.43		%	0.72		(2.77)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic	m / r	$	0.36		$	0.44		$	0.49		$	0.55		$	0.46		(18)	%	(22)	%
Operating earnings-per-share - diluted	m / s	$	0.36		$	0.44		$	0.49		$	0.55		$	0.46		(18)	%	(22)	%
Operating efficiency ratio	i / g	62.02		%	59.61		%	58.94		%	56.89		%	57.87		%	2.41		4.15
Operating PPNR return on average assets	l / n	1.43		%	1.58		%	1.62		%	1.86		%	1.87		%	(0.15)		(0.44)
Operating return on average assets	m / n	1.03		%	1.23		%	1.40		%	1.63		%	1.41		%	(0.20)		(0.38)
Operating return on average tangible assets	m / o	1.03		%	1.23		%	1.40		%	1.63		%	1.41		%	(0.20)		(0.38)
Operating return on average common equity	m / p	11.58		%	13.98		%	15.82		%	18.16		%	15.50		%	(2.40)		(3.92)
Operating return on average tangible common equity	m / q	11.62		%	14.03		%	15.88		%	18.24		%	15.59		%	(2.41)		(3.97)


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	2		$	4		$	—		$	—		$	4		(50)	%	(50)	%
(Loss) gain on equity securities, net		(2,661)			(466)			(343)			4			(706)			471	%	277	%
Gain (loss) on swap derivatives		7,047			(303)			1,429			(4,481)			11,750			nm		(40)	%
Change in fair value of certain loans held for investment		(21,049)			(2,672)			3,432			2,782			(510)			688	%	4,027	%
Total non-interest income adjustments	a	$	(16,661)		$	(3,437)		$	4,518		$	(1,695)		$	10,538		385	%	(258)	%

Non-Interest Expense Adjustments
Merger related expenses		$	2,278		$	15,183		$	—		$	—		$	—		(85)	%	nm
Exit and disposal costs		3,033			3,022			3,813			4,728			1,200			0	%	153	%
Total non-interest expense adjustments	b	$	5,311		$	18,205		$	3,813		$	4,728		$	1,200		(71)	%	343	%

Net interest income (1)	c	$	227,441		$	231,625		$	232,726		$	227,292		$	217,955		(2)	%	4	%

Non-interest income (GAAP)	d	$	18,989		$	39,375		$	39,367		$	46,456		$	43,451		(52)	%	(56)	%
Less: Non-interest income adjustments	a	16,661			3,437			(4,518)			1,695			(10,538)			385	%	(258)	%
Operating non-interest income (non-GAAP)	e	$	35,650		$	42,812		$	34,849		$	48,151		$	32,913		(17)	%	8	%

Revenue (GAAP) (1)	f=c+d	$	246,430		$	271,000		$	272,093		$	273,748		$	261,406		(9)	%	(6)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	263,091		$	274,437		$	267,575		$	275,443		$	250,868		(4)	%	5	%

Non-interest expense (GAAP) (2)	h	$	157,469		$	173,106		$	154,424		$	152,575		$	145,571		(9)	%	8	%
Less: Non-interest expense adjustments	b	(5,311)			(18,205)			(3,813)			(4,728)			(1,200)			(71)	%	343	%
Operating non-interest expense (non-GAAP)	i	$	152,158		$	154,901		$	150,611		$	147,847		$	144,371		(2)	%	5	%

Net income (GAAP)	j	$	62,886		$	74,188		$	102,265		$	108,162		$	87,348		(15)	%	(28)	%
Provision for income taxes		20,917			24,067			33,945			35,630			28,106			(13)	%	(26)	%
Income before provision for income taxes		83,803			98,255			136,210			143,792			115,454			(15)	%	(27)	%
Provision (recapture) for credit losses		4,804			(736)			(18,919)			(22,996)			—			nm,		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	88,607			97,519			117,291			120,796			115,454			(9)	%	(23)	%
Less: Non-interest income adjustments	a	16,661			3,437			(4,518)			1,695			(10,538)			385	%	(258)	%
Add: Non-interest expense adjustments	b	5,311			18,205			3,813			4,728			1,200			(71)	%	343	%
Operating PPNR (non-GAAP)	l	$	110,579		$	119,161		$	116,586		$	127,219		$	106,116		(7)	%	4	%

Net income (GAAP)	j	$	62,886		$	74,188		$	102,265		$	108,162		$	87,348		(15)	%	(28)	%
Less: Non-interest income adjustments	a	16,661			3,437			(4,518)			1,695			(10,538)			385	%	(258)	%
Add: Non-interest expense adjustments	b	5,311			18,205			3,813			4,728			1,200			(71)	%	343	%
Tax effect of adjustments		(5,462)			(2,664)			176			(1,606)			2,335			105	%	(334)	%
Operating net income (non-GAAP)	m	$	79,396		$	93,166		$	101,736		$	112,979		$	80,345		(15)	%	(1)	%

Efficiency ratio	h / f	63.90		%	63.88		%	56.75		%	55.74		%	55.69		%	0.02		8.21
Operating efficiency ratio	i / g	57.83		%	56.44		%	56.29		%	53.68		%	57.55		%	1.39		0.28
Core Banking net income / Consolidated net income		68.99		%	83.97		%	94.63		%	93.13		%	81.08		%	(14.98)		(12.09)
Core Banking operating net income / Consolidated operating net income		102.37		%	97.28		%	94.19		%	92.44		%	78.58		%	5.09		23.79
nm = not meaningful


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(Dollars in thousands)		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Change in fair value of MSR due to valuation inputs or assumptions		$	40,149		$	15,415		$	(634)		$	(1,678)		$	(2,014)		160	%	nm
Total non-interest income adjustments	a	$	40,149		$	15,415		$	(634)		$	(1,678)		$	(2,014)		160	%	nm

Total non-interest expense adjustments	b	$	—		$	—		$	—		$	—		$	—		nm		nm

Net interest income	c	$	1,676		$	2,129		$	2,726		$	2,848		$	3,857		(21)	%	(57)	%

Non-interest income (GAAP)	d	$	60,980		$	43,363		$	34,338		$	44,619		$	65,349		41	%	(7)	%
Less: Non-interest income adjustments	a	(40,149)			(15,415)			634			1,678			2,014			160	%	nm
Operating non-interest income (non-GAAP)	e	$	20,831		$	27,948		$	34,972		$	46,297		$	67,363		(25)	%	(69)	%

Revenue (GAAP)	f=c+d	$	62,656		$	45,492		$	37,064		$	47,467		$	69,206		38	%	(9)	%
Operating revenue (non-GAAP)	g=c+e	22,507			30,077			37,698			49,145			71,220			(25)	%	(68)	%

Non-interest expense (GAAP) (1)	h	24,961			26,605			29,329			36,825			42,021			(6)	%	(41)	%
Less: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating non-interest expense (non-GAAP)	i	$	24,961		$	26,605		$	29,329		$	36,825		$	42,021		(6)	%	(41)	%

Net income (GAAP)	j	$	28,271		$	14,166		$	5,801		$	7,981		$	20,389		100	%	39	%
Provision for income taxes		9,424			4,721			1,934			2,661			6,796			100	%	39	%
Income before provision for income taxes		37,695			18,887			7,735			10,642			27,185			100	%	39	%
Provision for credit losses		—			—			—			—			—			nm		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	37,695			18,887			7,735			10,642			27,185			100	%	39	%
Less: Non-interest income adjustments	a	(40,149)			(15,415)			634			1,678			2,014			160	%	nm
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating PPNR (non-GAAP)	l	$	(2,454)		$	3,472		$	8,369		$	12,320		$	29,199		(171)	%	(108)	%

Net income (GAAP)	j	$	28,271		$	14,166		$	5,801		$	7,981		$	20,389		100	%	39	%
Less: Non-interest income adjustments	a	(40,149)			(15,415)			634			1,678			2,014			160	%	nm
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Tax effect of adjustments		10,037			3,854			(159)			(420)			(504)			160	%	nm
Operating net income (non-GAAP)	m	$	(1,841)		$	2,605		$	6,276		$	9,239		$	21,899		(171)	%	(108)	%

Efficiency ratio	h / f	39.84		%	58.48		%	79.13		%	77.58		%	60.72		%	(18.64)		(20.88)
Operating efficiency ratio	i / g	110.90		%	88.46		%	77.80		%	74.93		%	59.00		%	22.44		51.90
Mortgage Banking net income / Consolidated net income		31.01		%	16.03		%	5.37		%	6.87		%	18.92		%	14.98		12.09
Mortgage Banking operating net income / Consolidated operating net income		(2.37)		%	2.72		%	5.81		%	7.56		%	21.42		%	(5.09)		(23.79)
nm = not meaningful


UMPQUA REPORTS FIRST QUARTER 2022 RESULTS
$0.42	$91	13.66%	14.0%
Net earnings per diluted common share	Net income ($ in millions)	Return on average tangible common equity ("ROATCE")1	Total risk-based capital ratio (estimated)


			First quarter 2022 Results •Net income of $91.2 million, or $0.42 per common share •Operating net income of $77.6 million, or $0.36 per common share •Non-PPP loan balances increased $630.2 million or 2.8% •Deposit balances increased $104.9 million or 0.4% •Provision for credit losses of $4.8 million


			TABLE INDEX
						Page
			Consolidated Statements of Operations			6
			Consolidated Balance Sheets			7
			Financial Highlights			8
			Loan & Lease Portfolio Balances and Mix			9
			Deposit Balances, Mix, and Select Account Details			10
			Credit Quality - Non-performing Assets			11
			Credit Quality - Allowance for Credit Losses			12
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			13
			Segments			14
			GAAP to Non-GAAP Reconciliation			16