umpq-20230123

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

Date of Report: January 23, 2023

(Date of earliest event reported)

Umpqua Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)


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

5885 Meadows Road, Suite 400

Lake Oswego, Oregon 97035

(address of Principal Executive Offices)(Zip Code)

(503) 727-4100

(Registrant's Telephone Number, Including Area Code)

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

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

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

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

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

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


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

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

Emerging growth company [ ☐ ]

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


Item 2.02			Results of Operations and Financial Condition.

On January 23, 2023, Umpqua Holdings Corporation issued a press release announcing fourth quarter and full year 2022 financial results. The release is attached hereto as Exhibit 99.1. The information included in the press release is considered to be "furnished" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Umpqua Holdings Corporation will include final financial statements and additional analyses for the year ended December 31, 2022 as part of its annual report on Form 10-K covering that period.


Item 7.01			Regulation FD Disclosure

Umpqua Holdings Corporation is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on January 24, 2023. The slides are included as Exhibit 99.2 to this report and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01			Financial Statements and Exhibits.
(d)			EXHIBITS
			99.1 Press Release announcing fourth quarter and full year 202 2 financial results dated January 23 , 20 23
			99.2 Fourth Quarter 202 2 Investor Presentation
			104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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


			UMPQUA HOLDINGS CORPORATION (Registrant)
Dated: January 23, 2023			By:/s/ Andrew H. Ognall Andrew H. Ognall Executive Vice President, General Counsel and Secretary

Document


			Fourth Quarter 2022 Results •Net income of $83 million, or $0.38 per common share •Operating net income of $99 million, or $0.46 per common share1 •Loan balances increased $648 million or 2.5% •Deposit balances increased $249 million or 0.9% •Net interest margin increased 13 basis points to 4.01%


UMPQUA REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS
$0.38	$83	13.53%	13.7%
4Q22 Net earnings per diluted common share	4Q22 Net income ($ in millions)	4Q22 Return on avg tangible common equity ("ROATCE")1	Total risk-based capital ratio (estimated)


CEO Commentary
“Continued growth, outstanding credit quality, and net interest margin expansion again characterize Umpqua’s quarterly results and round out what has been an exceptional year for the bank,” said Cort O’Haver, President and CEO. “As we look forward to our upcoming merger with Columbia Banking System, which we expect to close on February 28, 2023, I want to thank our teams for their tireless efforts over the past 15 months. Umpqua associates' support of each other and dedicated focus on relationship banking with our customers and within our communities is evidenced by our ability to profitably grow the bank while simultaneously planning for our transformational combination with Columbia.”
–Cort O’Haver, President and CEO of Umpqua Holdings Corporation


4Q22 HIGHLIGHTS (COMPARED TO 3Q22)

Net Interest Income and NIM			•Net interest income increased by $18 million or 6% on a quarter-to-quarter basis due to the favorable impact of rising interest rates and higher average earning asset balances.
			•Net interest margin was 4.01%, up 13 basis points from the prior quarter. Total deposit costs were 46 basis points for the quarterly average and 66 basis points on December 31, 2022, compared to 22 basis points on September 30, 2022.

Non-Interest Income and Expense			•Non-interest income increased by $5.4 million as a smaller loss related to the impact of interest rates on fair value accounting and hedges was partially offset by lower residential mortgage gain-on-sale income.
			•Non-interest expense increased by $17 million due primarily to higher merger-related expenses and a $4.9 million accrual for state and local business taxes captured in other expenses that is not expect to repeat in future quarters.

Credit Quality			•Net charge-offs were 0.19% of average loans and leases (annualized) and centered in the FinPac portfolio.
			•Provision expense of $33 million compares to $28 million for the prior quarter.
			•Non-performing assets to total assets was 0.18% compared to 0.16% at September 30, 2022.

Capital			•Estimated total risk-based capital ratio of 13.7% and estimated tier 1 risk-based capital ratio of 11.0%.
			•Declared a quarterly cash dividend of $0.21 per common share on January 11, 2023, payable February 6, 2023, to holders of record as of January 23, 2023.

Notable items			•Set an expected merger closing date of February 28, 2023 after the close of business, subject to the satisfaction of closing conditions.
			•Structural adjustments within the mortgage banking segment continued as additional changes were announced in January, inclusive of further staff reductions.


4Q22 KEY FINANCIAL DATA

PERFORMANCE METRICS	4Q22		3Q22		4Q21
Return on average assets	1.04%		1.09%		1.13%
Return on average tangible common equity1	13.53%		13.02%		12.94%
Operating return on average assets1	1.24%		1.33%		1.23%
Operating return on average tangible common equity1	16.18%		15.90%		14.03%
Net interest margin	4.01%		3.88%		3.15%
Efficiency ratio	57.24%		56.07%		63.10%
Loan to deposit ratio	96.64%		95.12%		84.80%

INCOME STATEMENT ($ in 000s, excl. per share data)	4Q22		3Q22		4Q21
Net interest income	$305,479		$287,604		$233,379
Provision (recapture) for credit losses	$32,948		$27,572		($736)
Non-interest income	$34,879		$29,445		$82,738
Non-interest expense	$194,982		$177,964		$199,711
Pre-provision net revenue1	$145,376		$139,085		$116,406
Operating pre-provision net revenue1	$167,094		$163,793		$122,633
Earnings per common share - diluted	$0.38		$0.39		$0.41
Operating earnings per common share - diluted1	$0.46		$0.47		$0.44
Dividends paid per share	$0.21		$0.21		$0.21

BALANCE SHEET	4Q22		3Q22		4Q21
Total assets	$31.8	B	$31.5	B	$30.6	B
Loans and leases	$26.2	B	$25.5	B	$22.6	B
Total deposits	$27.1	B	$26.8	B	$26.6	B
Book value per common share	$11.42		$11.14		$12.69
Tangible book value per share	$11.40		$11.11		$12.65
Tangible book value per share, ex AOCI1	$13.37		$13.18		$12.64

Umpqua Holdings Corporation Investor Contact:

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

¹ "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for the comparable GAAP measurement

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 2

Balance Sheet

Total consolidated assets were $31.8 billion as of December 31, 2022, compared to $31.5 billion as of September 30, 2022 and $30.6 billion as of December 31, 2021. Including secured off-balance sheet lines of credit, total available liquidity was $12.0 billion as of December 31, 2022, representing 38% of total assets and 44% of total deposits.

Gross loans and leases were $26.2 billion as of December 31, 2022, an increase of $648 million from $25.5 billion as of September 30, 2022. The majority of loan categories and business lines contributed to the quarter's net expansion, and new loans added to the portfolio during the fourth quarter have similar underwriting characteristics to existing loan categories, as our Q4 2022 Earnings Presentation details.

Total deposits were $27.1 billion as of December 31, 2022, an increase of $249 million from $26.8 billion as of September 30, 2022. The rising interest rate environment and the impact of inflationary pressures on customer spending contributed to a decline in non-interest bearing demand balances during the quarter that was offset by higher time balances. Brokered balances account for approximately 60% of the quarter's growth in time balances.

Net Interest Income

Net interest income was $305 million for the fourth quarter of 2022, up $18 million from the prior quarter. The increase reflects the favorable impact of higher interest rates on our asset sensitive balance sheet and higher average earning asset balances relative to the prior quarter.

The Company’s net interest margin was 4.01% for the fourth quarter of 2022, up 13 basis points from 3.88% for the third quarter of 2022. The increase is primarily attributable to higher earning asset yields that outpaced the rising cost of interest-bearing liabilities. The cost of interest-bearing deposits increased to 0.77% for the fourth quarter of 2022 compared to 0.23% for the third quarter of 2022, and it was 1.07% on December 31, 2022 compared to 0.38% on September 30, 2022. Please refer to the Q4 2022 Earnings Presentation available on our website for additional net interest margin change details and interest rate sensitivity information.

Credit Quality

The allowance for credit losses was $315 million, or 1.21% of loans and leases, as of December 31, 2022, compared to $295 million, or 1.16% of loans and leases, as of September 30, 2022. The provision for credit losses of $33 million for the fourth quarter of 2022 compares to a provision of $28 million for the third quarter of 2022. The current quarter's provision reflects allowance requirements for changes between the August 2022 and November 2022 economic forecasts used in credit models, which contributed to the quarter's expense; loan portfolio mix changes and performance; and new loan generation. Please refer to the Q4 2022 Earnings Presentation available on our website for additional details related to the allowance for credit losses.

Net charge-offs were 0.19% of average loans and leases (annualized) for the fourth quarter of 2022, compared to 0.11% for the third quarter of 2022. The FinPac portfolio drove the linked-quarter increase in charge-offs as activity has begun to approach normalized levels after several quarters below its historical average. Excluding FinPac, net charge-offs were 0.01% for the fourth quarter of 2022. As of December 31, 2022, non-performing assets were 0.18% of total assets, compared to 0.16% as of September 30, 2022 and 0.17% as of December 31, 2021.

Non-interest Income

Non-interest income was $35 million for the fourth quarter of 2022, up $5.4 million from the prior quarter. The increase was driven by a lower adverse impact from interest rate-related adjustments as a net fair value loss of $8.1 million in the fourth quarter related to cumulative fair value adjustments and MSR hedging activity compares to a net fair value loss of $23 million in the third quarter. The favorable variance was partially offset by lower income from the origination and sale of mortgages.

As detailed in our segment and non-GAAP disclosures, non-interest income for the Core Banking segment includes a fair value gain of $2.1 million for the fourth quarter of 2022 compared to a $25 million fair value loss in the third quarter of 2022. Interest rate changes drive fair value adjustments for equity securities, swap derivatives, and loans carried at fair value. The modest decline in long-term interest rates experienced during the fourth quarter compares to the larger increase in the prior quarter, with the difference in the trajectory and magnitude of the changes

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 3

accounting for the $27 million linked-quarter variance in fair value adjustments, which is captured in other income. Please refer to the Q4 2022 Earnings Presentation for additional details related to other non-interest income.

Revenue from the origination and sale of residential mortgages was $4.3 million for the fourth quarter of 2022 compared to $10.5 million for the prior quarter. The linked-quarter decline reflects a sequential quarter decrease of $180 million or 45% in for-sale mortgage origination volume and a decline in the home lending gain on sale margin to 1.96% for the fourth quarter of 2022 compared to 2.65% for the prior quarter. Of the current quarter’s mortgage production, 89% related to purchase activity, compared to 92% for the prior quarter and 54% for the same period in the prior year. In the fourth quarter of 2022, we recorded a net write down of the MSR asset of $15 million, which includes a $10 million fair value loss related to model inputs. We correspondingly recorded a $0.3 million loss during the quarter related to the MSR hedges put in place in mid-August 2022. An increase in the expected cost of escrow deposits, which is not hedged, was the primary driver of the quarter's decline in the MSR asset value due to model inputs.

Non-interest Expense

Non-interest expense was $195 million for the fourth quarter of 2022, an increase of $17 million from the prior quarter level. The current quarter includes $11.6 million in merger-related expenses, $2.0 million in exit and disposal costs related to store consolidations and back-office lease exits, and a $4.9 million accrual for state and local business taxes captured in other expenses that is not expect to repeat in future quarters. Please refer to the Q4 2022 Earnings Presentation for quarterly expense change details.

Capital

As of December 31, 2022, the Company’s tangible book value per common share1 was $11.40, which compares to $11.11 at September 30, 2022 and $12.65 at December 31, 2021. While rising interest rates drove a decline in the fair value of available-for-sale investment securities and an increase in the fair value of junior subordinated debt between year-end 2021 and year-end 2022, a modest decrease in interest rates during the fourth quarter contributed to a slight reversal of these trends and the linked-quarter increase in tangible book value. These fair value change impacts are captured in accumulated other comprehensive (loss) income ("AOCI"), which was $(427) million at December 31, 2022, compared to $(450) million at September 30, 2022 and $1.8 million at December 31, 2021. Excluding AOCI, tangible book1 of $13.37 at December 31, 2022 compares to $13.18 and $12.64 for the linked-quarter and year-ago periods, respectively.

AOCI has no effect on our regulatory capital ratios as the Company opted to exclude it from our common equity tier 1 capital calculations. The Company’s estimated total risk-based capital ratio was 13.7% and its estimated tier 1 risk-based capital ratio was 11.0% as of December 31, 2022. The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of December 31, 2022 are estimates, pending completion and filing of the Company’s regulatory reports.

Segment Disclosures

Segment disclosures on pages 18-20 of this press release provide additional detail on the Company's two operating segments: Core Banking and Mortgage Banking.

The Core Banking segment includes all lines of business, except Mortgage Banking, including commercial, retail, and private banking, 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 MSR asset, the quarterly changes in the MSR hedge, and the specific expenses that are related to mortgage banking activities including variable commission expenses. Revenue and associated expenses related to residential real estate loans held for investment are included in the Core Banking segment as portfolio loans are primarily originated through the Bank's retail consumer (store) and private banking channels. Management periodically updates the allocation methods and assumptions within the current segment structure.

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 4

Earnings Conference Call Information

The Company will host its fourth quarter 2022 earnings conference call on January 24, 2023, 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 2022 financial results. Participants may register for the call using the below link to receive dial-in details and their own unique PINs or join the audiocast. It is recommended you join 10 minutes prior to the start time.

Join the audiocast: https://edge.media-server.com/mmc/p/tvpg2iae

Access the replay through the Company's investor relations page: https://www.umpquabank.com/investor-relations/

About Umpqua Holdings Corporation

Umpqua Holdings Corporation (Nasdaq: UMPQ), headquartered in Lake Oswego, Oregon, is the parent company of Umpqua Bank, an Oregon-based regional bank that operates in Oregon, Washington, California, Idaho, Nevada, Arizona, and Colorado. 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 18 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.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about the closing of our pending merger with Columbia Banking System, Inc. and 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, inflation 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 Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 5


			TABLE INDEX
						Page
			Consolidated Statements of Operations			6
			Consolidated Balance Sheets			8
			Financial Highlights			9
			Loan & Lease Portfolio Balances and Mix			11
			Deposit Balances, Mix, and Select Account Details			12
			Credit Quality - Non-performing Assets			13
			Credit Quality - Allowance for Credit Losses			14
			Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates			16
			Segments			18
			GAAP to Non-GAAP Reconciliation			21

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 6


Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)

	Quarter Ended										% Change
(In thousands, except per share data)	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Seq. Quarter		Year over Year
Interest income:
Loans and leases	$	322,350	$	278,830	$	234,674	$	214,404	$	221,501	16	%	46	%
Interest and dividends on investments:
Taxable	18,108		18,175		17,256		18,725		16,566		—	%	9	%
Exempt from federal income tax	1,288		1,322		1,369		1,372		1,456		(3)	%	(12)	%
Dividends	182		86		84		86		102		112	%	78	%
Temporary investments and interest bearing deposits	10,319		5,115		2,919		1,353		1,229		102	%	nm
Total interest income	352,247		303,528		256,302		235,940		240,854		16	%	46	%
Interest expense:
Deposits	31,174		9,090		4,015		3,916		4,357		243	%	nm
Securities sold under agreement to repurchase and federal funds purchased	323		545		66		63		48		(41)	%	nm
Borrowings	8,023		798		50		49		51		nm		nm
Junior subordinated debentures	7,248		5,491		4,001		3,149		3,019		32	%	140	%
Total interest expense	46,768		15,924		8,132		7,177		7,475		194	%	nm
Net interest income	305,479		287,604		248,170		228,763		233,379		6	%	31	%
Provision (recapture) for credit losses	32,948		27,572		18,692		4,804		(736)		19	%	nm
Non-interest income:
Service charges on deposits	12,139		12,632		12,011		11,583		11,188		(4)	%	9	%
Card-based fees	9,017		9,115		10,530		8,708		9,355		(1)	%	(4)	%
Brokerage revenue	25		27		27		11		31		(7)	%	(19)	%
Residential mortgage banking (loss) revenue, net	(1,812)		17,341		30,544		60,786		43,185		(110)	%	(104)	%
Gain on sale of debt securities, net	—		—		—		2		4		nm		(100)	%
Gain (loss) on equity securities, net	284		(2,647)		(2,075)		(2,661)		(466)		nm		nm
Gain on loan and lease sales, net	1,531		1,525		1,303		2,337		4,816		—	%	(68)	%
BOLI income	2,033		2,023		2,110		2,087		2,101		—	%	(3)	%
Other income (loss)	11,662		(10,571)		785		(2,884)		12,524		nm		(7)	%
Total non-interest income	34,879		29,445		55,235		79,969		82,738		18	%	(58)	%
Non-interest expense:
Salaries and employee benefits	107,982		109,164		110,942		113,138		117,477		(1)	%	(8)	%
Occupancy and equipment, net	34,021		35,042		34,559		34,829		34,310		(3)	%	(1)	%
Intangible amortization	1,019		1,025		1,026		1,025		1,130		(1)	%	(10)	%
FDIC assessments	3,487		3,007		2,954		4,516		2,896		16	%	20	%
Merger related expenses	11,637		769		2,672		2,278		15,183		nm		(23)	%

Other expenses	36,836		28,957		27,421		26,644		28,715		27	%	28	%
Total non-interest expense	194,982		177,964		179,574		182,430		199,711		10	%	(2)	%
Income before provision for income taxes	112,428		111,513		105,139		121,498		117,142		1	%	(4)	%
Provision for income taxes	29,464		27,473		26,548		30,341		28,788		7	%	2	%
Net income	$	82,964	$	84,040	$	78,591	$	91,157	$	88,354	(1)	%	(6)	%

Weighted average basic shares outstanding	217,054		217,051		217,030		216,782		216,624		—	%	—	%
Weighted average diluted shares outstanding	217,566		217,386		217,279		217,392		217,356		—	%	—	%
Earnings per common share – basic	$	0.38	$	0.39	$	0.36	$	0.42	$	0.41	(3)	%	(7)	%
Earnings per common share – diluted	$	0.38	$	0.39	$	0.36	$	0.42	$	0.41	(3)	%	(7)	%

nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 7


Umpqua Holdings Corporation
Consolidated Statements of Operations
(Unaudited)

	Year Ended				% Change
(In thousands, except per share data)	Dec 31, 2022		Dec 31, 2021		Year over Year
Interest income:
Loans and leases	$	1,050,258	$	890,515	18	%
Interest and dividends on investments:
Taxable	72,264		60,399		20	%
Exempt from federal income tax	5,351		5,947		(10)	%
Dividends	438		1,318		(67)	%
Temporary investments and interest bearing deposits	19,706		3,864		410	%
Total interest income	1,148,017		962,043		19	%
Interest expense:
Deposits	48,195		27,151		78	%
Securities sold under agreement to repurchase and federal funds purchased	997		280		256	%
Borrowings	8,920		2,838		214	%
Junior subordinated debentures	19,889		12,127		64	%
Total interest expense	78,001		42,396		84	%
Net interest income	1,070,016		919,647		16	%
Provision (recapture) for credit losses	84,016		(42,651)		nm
Non-interest income:
Service charges on deposits	48,365		42,086		15	%
Card-based fees	37,370		36,114		3	%
Brokerage revenue	90		5,112		(98)	%
Residential mortgage banking revenue, net	106,859		186,811		(43)	%
Gain on sale of debt securities, net	2		8		(75)	%
Loss on equity securities, net	(7,099)		(1,511)		370	%
Gain on loan and lease sales, net	6,696		15,715		(57)	%

BOLI income	8,253		8,302		(1)	%
Other (loss) income	(1,008)		63,681		(102)	%
Total non-interest income	199,528		356,318		(44)	%
Non-interest expense:
Salaries and employee benefits	441,226		480,820		(8)	%
Occupancy and equipment, net	138,451		137,546		1	%
Intangible amortization	4,095		4,520		(9)	%
FDIC assessments	13,964		9,238		51	%
Merger related expenses	17,356		15,183		14	%

Other expenses	119,858		113,149		6	%
Total non-interest expense	734,950		760,456		(3)	%
Income before provision for income taxes	450,578		558,160		(19)	%
Provision for income taxes	113,826		137,860		(17)	%
Net income	$	336,752	$	420,300	(20)	%

Weighted average basic shares outstanding	216,980		219,032		(1)	%
Weighted average diluted shares outstanding	217,403		219,581		(1)	%
Earnings per common share – basic	$	1.55	$	1.92	(19)	%
Earnings per common share – diluted	$	1.55	$	1.91	(19)	%

nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 8


Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)

																% Change
(In thousands, except per share data)	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Assets:
Cash and due from banks	$	327,313		$	321,447		$	315,348		$	307,144		$	222,015		2	%	47	%
Interest bearing cash and temporary investments	967,330			1,232,412			687,233			2,358,292			2,539,606			(22)	%	(62)	%
Investment securities:
Equity and other, at fair value	72,959			72,277			75,347			78,966			81,214			1	%	(10)	%
Available for sale, at fair value	3,196,166			3,136,391			3,416,707			3,638,080			3,870,435			2	%	(17)	%
Held to maturity, at amortized cost	2,476			2,547			2,637			2,700			2,744			(3)	%	(10)	%
Loans held for sale	71,647			148,275			228,889			309,946			353,105			(52)	%	(80)	%
Loans and leases	26,155,981			25,507,951			24,432,678			22,975,761			22,553,180			3	%	16	%
Allowance for credit losses on loans and leases	(301,135)			(283,065)			(261,111)			(248,564)			(248,412)			6	%	21	%
Net loans and leases	25,854,846			25,224,886			24,171,567			22,727,197			22,304,768			2	%	16	%
Restricted equity securities	47,144			40,993			10,867			10,889			10,916			15	%	332	%
Premises and equipment, net	176,016			165,305			165,196			167,369			171,125			6	%	3	%
Operating lease right-of-use assets	78,598			81,729			87,249			87,333			82,366			(4)	%	(5)	%

Other intangible assets, net	4,745			5,764			6,789			7,815			8,840			(18)	%	(46)	%
Residential mortgage servicing rights, at fair value	185,017			196,177			179,558			165,807			123,615			(6)	%	50	%
Bank owned life insurance	331,759			329,699			328,764			328,040			327,745			1	%	1	%
Deferred tax asset, net	132,823			128,120			70,134			39,051			—			4	%	nm
Other assets	399,800			385,938			389,409			408,497			542,442			4	%	(26)	%
Total assets	$	31,848,639		$	31,471,960		$	30,135,694		$	30,637,126		$	30,640,936		1	%	4	%
Liabilities:
Deposits	$	27,065,612		$	26,817,107		$	26,132,423		$	26,699,587		$	26,594,685		1	%	2	%
Securities sold under agreements to repurchase	308,769			383,569			527,961			499,539			492,247			(20)	%	(37)	%
Borrowings	906,175			756,214			6,252			6,290			6,329			20	%	nm
Junior subordinated debentures, at fair value	323,639			325,744			321,268			305,719			293,081			(1)	%	10	%
Junior subordinated debentures, at amortized cost	87,813			87,870			87,927			87,984			88,041			—	%	—	%
Operating lease liabilities	91,694			95,512			101,352			101,732			95,427			(4)	%	(4)	%
Deferred tax liability, net	—			—			—			—			4,353			nm		(100)	%
Other liabilities	585,111			588,430			440,235			328,677			317,503			(1)	%	84	%
Total liabilities	29,368,813			29,054,446			27,617,418			28,029,528			27,891,666			1	%	5	%
Shareholders' equity:
Common stock	3,450,493			3,448,007			3,445,531			3,443,266			3,444,849			—	%	—	%
Accumulated deficit	(543,803)			(580,933)			(619,108)			(651,912)			(697,338)			(6)	%	(22)	%
Accumulated other comprehensive (loss) income	(426,864)			(449,560)			(308,147)			(183,756)			1,759			(5)	%	nm
Total shareholders' equity	2,479,826			2,417,514			2,518,276			2,607,598			2,749,270			3	%	(10)	%
Total liabilities and shareholders' equity	$	31,848,639		$	31,471,960		$	30,135,694		$	30,637,126		$	30,640,936		1	%	4	%

Common shares outstanding at period end	217,054			217,053			217,049			216,967			216,626			—	%	—	%
Book value per common share	$	11.42		$	11.14		$	11.60		$	12.02		$	12.69		3	%	(10)	%
Tangible book value per common share (1)	$	11.40		$	11.11		$	11.57		$	11.98		$	12.65		3	%	(10)	%
Tangible equity - common (1)	$	2,475,081		$	2,411,750		$	2,511,487		$	2,599,783		$	2,740,430		3	%	(10)	%
Tangible common equity to tangible assets (1)	7.77		%	7.66		%	8.34		%	8.49		%	8.95		%	0.11		(1.18)
nm = not meaningful

(1) See GAAP to Non-GAAP Reconciliation.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 9


Umpqua Holdings Corporation
Financial Highlights
(Unaudited)
	Quarter Ended															% Change
	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 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	$	11.42		$	11.14		$	11.60		$	12.02		$	12.69		3	%	(10)	%
Tangible book value (1)	$	11.40		$	11.11		$	11.57		$	11.98		$	12.65		3	%	(10)	%
Tangible book value, ex accumulated other comprehensive income (1)	$	13.37		$	13.18		$	12.99		$	12.83		$	12.64		1	%	6	%

Performance Ratios:
Efficiency ratio	57.24		%	56.07		%	59.12		%	59.02		%	63.10		%	1.17		(5.86)
Pre-provision net revenue (PPNR) ROAA (1)	1.82		%	1.80		%	1.64		%	1.67		%	1.50		%	0.02		0.32
Return on average assets (ROAA)	1.04		%	1.09		%	1.04		%	1.21		%	1.13		%	(0.05)		(0.09)
Return on average common equity	13.50		%	12.99		%	12.20		%	13.62		%	12.90		%	0.51		0.60
Return on average tangible common equity (1)	13.53		%	13.02		%	12.23		%	13.66		%	12.94		%	0.51		0.59

Performance Ratios - Operating: (1)
Operating efficiency ratio (1)	52.01		%	51.72		%	58.27		%	62.02		%	59.61		%	0.29		(7.60)
Operating PPNR return on average assets (1)	2.10		%	2.12		%	1.66		%	1.43		%	1.58		%	(0.02)		0.52
Operating return on average assets (1)	1.24		%	1.33		%	1.06		%	1.03		%	1.23		%	(0.09)		0.01
Operating return on average common equity (1)	16.14		%	15.86		%	12.46		%	11.58		%	13.98		%	0.28		2.16
Operating return on average tangible common equity (1)	16.18		%	15.90		%	12.49		%	11.62		%	14.03		%	0.28		2.15

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	4.92		%	4.41		%	3.94		%	3.79		%	3.94		%	0.51		0.98
Yield on earning assets (2)	4.62		%	4.10		%	3.53		%	3.24		%	3.25		%	0.52		1.37
Cost of interest bearing deposits	0.77		%	0.23		%	0.11		%	0.10		%	0.11		%	0.54		0.66
Cost of interest bearing liabilities	1.05		%	0.39		%	0.20		%	0.18		%	0.18		%	0.66		0.87
Cost of total deposits	0.46		%	0.14		%	0.06		%	0.06		%	0.06		%	0.32		0.40
Cost of total funding (3)	0.65		%	0.23		%	0.12		%	0.11		%	0.11		%	0.42		0.54
Net interest margin (2)	4.01		%	3.88		%	3.41		%	3.14		%	3.15		%	0.13		0.86

Average interest bearing cash / Average interest earning assets	3.62		%	3.04		%	5.71		%	8.92		%	10.78		%	0.58		(7.16)
Average loans and leases / Average interest earning assets	85.32		%	84.54		%	80.91		%	76.85		%	74.70		%	0.78		10.62
Average loans and leases / Average total deposits	95.85		%	93.55		%	89.23		%	84.77		%	82.12		%	2.30		13.73
Average non-interest bearing deposits / Average total deposits	40.30		%	42.29		%	42.00		%	41.35		%	41.69		%	(1.99)		(1.39)
Average total deposits / Average total funding (3)	94.52		%	96.34		%	96.66		%	96.82		%	96.84		%	(1.82)		(2.32)

Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases	0.22		%	0.20		%	0.18		%	0.18		%	0.23		%	0.02		(0.01)
Non-performing assets to total assets	0.18		%	0.16		%	0.15		%	0.14		%	0.17		%	0.02		0.01
Allowance for credit losses to loans and leases	1.21		%	1.16		%	1.12		%	1.14		%	1.16		%	0.05		0.05
Total risk-based capital ratio (4)	13.7		%	13.2		%	13.5		%	14.0		%	14.3		%	0.50		(0.60)
Common equity tier 1 risk-based capital ratio (4)	11.0		%	10.7		%	11.0		%	11.4		%	11.6		%	0.30		(0.60)

(1) See GAAP to Non-GAAP Reconciliation.

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

(3) Total funding = Total deposits + Total borrowings.

(4) Estimated holding company ratios.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 10


Umpqua Holding Corporation
Financial Highlights
(Unaudited)
	Year Ended						% Change
	Dec 31, 2022			Dec 31, 2021			Year over Year
Per Common Share Data:
Dividends	$	0.84		$	0.84		—	%

Performance Ratios:
Efficiency ratio	57.83		%	59.53		%	(1.70)
Pre-provision net revenue (PPNR) ROAA (1)	1.73		%	1.70		%	0.03
Return on average assets (ROAA)	1.09		%	1.39		%	(0.30)
Return on average common equity	13.07		%	15.56		%	(2.49)
Return on average tangible common equity (1)	13.11		%	15.63		%	(2.52)

Performance Ratios - Operating: (1)
Operating efficiency ratio (1)	55.66		%	58.30		%	(2.64)
Operating PPNR return on average assets (1)	1.83		%	1.73		%	0.10
Operating return on average assets (1)	1.17		%	1.41		%	(0.24)
Operating return on average common equity (1)	13.97		%	15.86		%	(1.89)
Operating return on average tangible common equity (1)	14.00		%	15.93		%	(1.93)

Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases	4.29		%	3.99		%	0.30
Yield on earning assets (2)	3.88		%	3.33		%	0.55
Cost of interest bearing deposits	0.31		%	0.18		%	0.13
Cost of interest bearing liabilities	0.47		%	0.26		%	0.21
Cost of total deposits	0.18		%	0.10		%	0.08
Cost of total funding (3)	0.28		%	0.16		%	0.12
Net interest margin (2)	3.62		%	3.18		%	0.44

Average interest bearing cash / Average interest earning assets	5.28		%	10.15		%	(4.87)
Average loans and leases / Average interest earning assets	81.96		%	75.78		%	6.18
Average loans and leases / Average total deposits	90.91		%	83.77		%	7.14
Average non-interest bearing deposits / Average total deposits	41.48		%	40.76		%	0.72
Average total deposits / Average total funding (3)	96.06		%	96.25		%	(0.19)

(1) See GAAP to Non-GAAP Reconciliation.

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

(3) Total funding = Total deposits + Total borrowings.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 11


Umpqua Holdings Corporation
Loan & Lease Portfolio
(Unaudited)

	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 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	$	3,894,840		$	3,846,426		$	3,798,242		$	3,884,784		$	3,786,887		1	%	3	%
Owner occupied term, net	2,567,761			2,549,761			2,497,553			2,327,899			2,332,422			1	%	10	%
Multifamily, net	5,285,791			5,090,661			4,768,273			4,323,633			4,051,202			4	%	30	%
Construction & development, net	1,077,346			1,036,931			1,017,297			940,286			890,338			4	%	21	%
Residential development, net	200,838			205,935			194,909			195,308			206,990			(2)	%	(3)	%
Commercial:
Term, net (1)	3,029,547			3,003,424			2,904,861			2,772,206			3,008,473			1	%	1	%
Lines of credit & other, net	960,054			914,507			920,604			871,483			910,733			5	%	5	%
Leases & equipment finance, net	1,706,172			1,669,817			1,576,144			1,484,252			1,467,676			2	%	16	%
Residential:
Mortgage, net	5,647,035			5,470,624			5,168,457			4,748,266			4,517,266			3	%	25	%
Home equity loans & lines, net	1,631,965			1,565,094			1,415,722			1,250,702			1,197,170			4	%	36	%
Consumer & other, net	154,632			154,771			170,616			176,942			184,023			—	%	(16)	%
Total loans and leases, net of deferred fees and costs	$	26,155,981		$	25,507,951		$	24,432,678		$	22,975,761		$	22,553,180		3	%	16	%

(1)The Bank participated in the Paycheck 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	$	24,420		$	37,949		$	101,554		$	172,790		$	380,440		(36)	%	(94)	%

Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net	15		%	15		%	15		%	17		%	17		%
Owner occupied term, net	10		%	10		%	10		%	10		%	10		%
Multifamily, net	20		%	20		%	20		%	19		%	18		%
Construction & development, net	4		%	4		%	4		%	4		%	4		%
Residential development, net	1		%	1		%	1		%	1		%	1		%
Commercial:
Term, net	12		%	12		%	12		%	12		%	13		%
Lines of credit & other, net	4		%	4		%	4		%	4		%	4		%
Leases & equipment finance, net	6		%	6		%	6		%	6		%	7		%
Residential:
Mortgage, net	21		%	21		%	21		%	21		%	20		%
Home equity loans & lines, net	6		%	6		%	6		%	5		%	5		%
Consumer & other, net	1		%	1		%	1		%	1		%	1		%
Total	100		%	100		%	100		%	100		%	100		%

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 12


Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)

	Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			% Change
(Dollars in thousands)	Amount			Amount			Amount			Amount			Amount			Seq. Quarter		Year over Year
Deposits:
Demand, non-interest bearing	$	10,288,849		$	11,246,358		$	11,129,209		$	11,058,251		$	11,023,724		(9)	%	(7)	%
Demand, interest bearing	4,080,469			3,903,746			3,723,650			3,955,329			3,774,937			5	%	8	%
Money market	7,721,011			7,601,506			7,284,641			7,572,581			7,611,718			2	%	1	%
Savings	2,265,052			2,455,917			2,446,876			2,429,073			2,375,723			(8)	%	(5)	%
Time	2,710,231			1,609,580			1,548,047			1,684,353			1,808,583			68	%	50	%
Total	$	27,065,612		$	26,817,107		$	26,132,423		$	26,699,587		$	26,594,685		1	%	2	%

Total core deposits (1)	$	25,616,010		$	26,292,548		$	25,619,500		$	26,140,993		$	25,964,358		(3)	%	(1)	%

Deposit mix:
Demand, non-interest bearing	38		%	42		%	43		%	42		%	41		%
Demand, interest bearing	15		%	15		%	14		%	15		%	14		%
Money market	29		%	28		%	28		%	28		%	29		%
Savings	8		%	9		%	9		%	9		%	9		%
Time	10		%	6		%	6		%	6		%	7		%
Total	100		%	100		%	100		%	100		%	100		%

Number of open accounts:
Demand, non-interest bearing	430,568			434,347			434,436			428,915			428,181
Demand, interest bearing	57,391			56,698			57,145			63,800			66,010
Money market	55,222			55,712			56,430			56,783			57,222
Savings	157,216			159,008			159,709			160,267			160,449
Time	37,424			32,202			32,103			34,127			35,665
Total	737,821			737,967			739,823			743,892			747,527

Average balance per account:
Demand, non-interest bearing	$	23.9		$	25.9		$	25.6		$	25.8		$	25.7
Demand, interest bearing	71.1			68.9			65.2			62.0			57.2
Money market	139.8			136.4			129.1			133.4			133.0
Savings	14.4			15.4			15.3			15.2			14.8
Time	72.4			50.0			48.2			49.4			50.7
Total	$	36.7		$	36.3		$	35.3		$	35.9		$	35.6

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 13


	Umpqua Holdings Corporation
	Credit Quality – Non-performing Assets
	(Unaudited)

		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Non-performing assets:
Loans and leases on non-accrual status
	Commercial real estate, net	$	5,011		$	5,403		$	5,514		$	5,950		$	5,767		(7)	%	(13)	%
	Commercial, net	25,691			18,652			12,645			12,415			13,098			38	%	96	%
	Residential, net	—			—			—			—			—			nm		nm
	Consumer & other, net	—			—			—			—			—			nm		nm
	Total loans and leases on non-accrual status	30,702			24,055			18,159			18,365			18,865			28	%	63	%
Loans and leases past due 90+ days and accruing (1)
	Commercial real estate, net	1			1			23			1			1			—	%	—	%
	Commercial, net	7,909			5,143			3,311			8			4,160			54	%	90	%
	Residential, net (1)	19,894			21,411			22,340			23,162			27,981			(7)	%	(29)	%
	Consumer & other, net	134			152			196			111			194			(12)	%	(31)	%
	Total loans and leases past due 90+ days and accruing (1)	27,938			26,707			25,870			23,282			32,336			5	%	(14)	%
Total non-performing loans and leases		58,640			50,762			44,029			41,647			51,201			16	%	15	%
Other real estate owned		203			—			1,868			1,868			1,868			nm		(89)	%
Total non-performing assets		$	58,843		$	50,762		$	45,897		$	43,515		$	53,069		16	%	11	%

Performing restructured loans and leases		$	6,767		$	7,076		$	7,631		$	8,405		$	6,694		(4)	%	1	%
Loans and leases past due 31-89 days		$	64,893		$	53,538		$	34,659		$	42,409		$	31,680		21	%	105	%
Loans and leases past due 31-89 days to total loans and leases		0.25		%	0.21		%	0.14		%	0.18		%	0.14		%	0.04		0.11
Non-performing loans and leases to total loans and leases (1)		0.22		%	0.20		%	0.18		%	0.18		%	0.23		%	0.02		(0.01)
Non-performing assets to total assets (1)		0.18		%	0.16		%	0.15		%	0.14		%	0.17		%	0.02		0.01



















	nm = not meaningful

(1) Excludes certain mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $6.6 million, $1.0 million, and $356,000 at December 31, 2022, September 30, 2022, and June 30, 2022, respectively.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 14


Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	283,065		$	261,111		$	248,564		$	248,412		$	257,560		8	%	10	%
Provision (recapture) for credit losses on loans and leases		30,580			28,542			18,787			5,696			(1,751)			7	%	nm
Charge-offs
	Commercial real estate, net	(128)			—			(8)			—			(58)			nm		121	%
	Commercial, net	(14,721)			(9,459)			(9,035)			(7,858)			(10,197)			56	%	44	%
	Residential, net	(53)			(4)			—			(167)			—			nm		nm
	Consumer & other, net	(906)			(929)			(836)			(885)			(675)			(2)	%	34	%
	Total charge-offs	(15,808)			(10,392)			(9,879)			(8,910)			(10,930)			52	%	45	%
Recoveries
	Commercial real estate, net	163			123			73			25			56			33	%	191	%
	Commercial, net	2,708			2,842			2,934			2,545			2,585			(5)	%	5	%
	Residential, net	24			249			216			173			326			(90)	%	(93)	%
	Consumer & other, net	403			590			416			623			566			(32)	%	(29)	%
	Total recoveries	3,298			3,804			3,639			3,366			3,533			(13)	%	(7)	%
Net (charge-offs) recoveries
	Commercial real estate, net	35			123			65			25			(2)			(72)	%	nm
	Commercial, net	(12,013)			(6,617)			(6,101)			(5,313)			(7,612)			82	%	58	%
	Residential, net	(29)			245			216			6			326			(112)	%	(109)	%
	Consumer & other, net	(503)			(339)			(420)			(262)			(109)			48	%	361	%
	Total charge-offs	(12,510)			(6,588)			(6,240)			(5,544)			(7,397)			90	%	69	%
Balance, end of period		$	301,135		$	283,065		$	261,111		$	248,564		$	248,412		6	%	21	%
Reserve for unfunded commitments
Balance, beginning of period		$	11,853		$	12,823		$	12,918		$	12,767		$	11,752		(8)	%	1	%
Provision (recapture) for credit losses on unfunded commitments		2,368			(970)			(95)			151			1,015			nm		133	%
Balance, end of period		14,221			11,853			12,823			12,918			12,767			20	%	11	%
Total Allowance for credit losses (ACL)		$	315,356		$	294,918		$	273,934		$	261,482		$	261,179		7	%	21	%

Net charge-offs to average loans and leases (annualized)		0.19		%	0.11		%	0.11		%	0.10		%	0.13		%	0.08		0.06
Recoveries to gross charge-offs		20.86		%	36.61		%	36.84		%	37.78		%	32.32		%	(15.75)		(11.46)
ACLLL to loans and leases		1.15		%	1.11		%	1.07		%	1.08		%	1.10		%	0.04		0.05
ACL to loans and leases		1.21		%	1.16		%	1.12		%	1.14		%	1.16		%	0.05		0.05

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 15


Umpqua Holdings Corporation
Credit Quality – Allowance for Credit Losses
(Unaudited)
		Year Ended						% Change
(Dollars in thousands)		Dec 31, 2022			Dec 31, 2021			Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period		$	248,412		$	328,401		(24)	%

Provision (recapture) for credit losses on loans and leases		83,605			(35,132)			nm
Charge-offs
	Commercial real estate, net	(136)			(1,144)			(88)	%
	Commercial, net	(41,073)			(54,425)			(25)	%
	Residential, net	(224)			(70)			220	%
	Consumer & other, net	(3,556)			(3,658)			(3)	%
	Total charge-offs	(44,989)			(59,297)			(24)	%
Recoveries
	Commercial real estate, net	384			645			(40)	%
	Commercial, net	11,029			10,703			3	%
	Residential, net	662			924			(28)	%
	Consumer & other, net	2,032			2,168			(6)	%
	Total recoveries	14,107			14,440			(2)	%
Net (charge-offs) recoveries
	Commercial real estate, net	248			(499)			nm
	Commercial, net	(30,044)			(43,722)			(31)	%
	Residential, net	438			854			(49)	%
	Consumer & other, net	(1,524)			(1,490)			2	%
	Total charge-offs	(30,882)			(44,857)			(31)	%
Balance, end of period		$	301,135		$	248,412		21	%
Reserve for unfunded commitments
Balance, beginning of period		$	12,767		$	20,286		(37)	%

Provision (recapture) for credit losses on unfunded commitments		1,454			(7,519)			nm
Balance, end of period		14,221			12,767			11	%
Total Allowance for credit losses (ACL)		$	315,356		$	261,179		21	%

Net charge-offs to average loans and leases		0.13		%	0.20		%	(0.07)
Recoveries to gross charge-offs		31.36		%	24.35		%	7.01
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 16


Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
	Quarter Ended
	December 31, 2022						September 30, 2022						December 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	$	110,850	$	1,603	5.79	%	$	173,397	$	2,205	5.09	%	$	366,043	$	2,907	3.18	%
Loans and leases (1)	25,855,556		320,747		4.92	%	24,886,203		276,625		4.41	%	22,098,818		218,594		3.94	%
Taxable securities	3,042,044		18,290		2.40	%	3,271,185		18,261		2.23	%	3,681,650		16,668		1.81	%
Non-taxable securities (2)	200,825		1,571		3.13	%	212,847		1,651		3.10	%	247,183		1,831		2.96	%
Temporary investments and interest-bearing cash	1,095,854		10,319		3.74	%	893,471		5,115		2.27	%	3,190,380		1,229		0.15	%
Total interest-earning assets	30,305,129		$	352,530	4.62	%	29,437,103		$	303,857	4.10	%	29,584,074		$	241,229	3.25	%
Other assets	1,332,361						1,231,074						1,302,304
Total assets	$	31,637,490					$	30,668,177					$	30,886,378
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	4,005,643	$	5,372	0.53	%	$	3,829,688	$	1,705	0.18	%	$	3,765,212	$	524	0.06	%
Money market deposits	7,651,974		17,473		0.91	%	7,550,791		5,817		0.31	%	7,717,844		1,448		0.07	%
Savings deposits	2,345,564		226		0.04	%	2,468,187		250		0.04	%	2,342,865		206		0.03	%
Time deposits	2,100,803		8,103		1.53	%	1,501,724		1,318		0.35	%	1,864,949		2,179		0.46	%
Total interest-bearing deposits	16,103,984		31,174		0.77	%	15,350,390		9,090		0.23	%	15,690,870		4,357		0.11	%
Repurchase agreements and federal funds purchased	354,624		323		0.36	%	509,559		545		0.42	%	484,891		48		0.04	%
Borrowings	796,414		8,023		4.00	%	90,475		798		3.50	%	6,353		51		3.19	%
Junior subordinated debentures	413,708		7,248		6.95	%	409,151		5,491		5.33	%	387,471		3,019		3.09	%
Total interest-bearing liabilities	17,668,730		$	46,768	1.05	%	16,359,575		$	15,924	0.39	%	16,569,585		$	7,475	0.18	%
Non-interest-bearing deposits	10,870,842						11,250,764						11,219,766
Other liabilities	659,279						490,572						379,274
Total liabilities	29,198,851						28,100,911						28,168,625
Common equity	2,438,639						2,567,266						2,717,753
Total liabilities and shareholders' equity	$	31,637,490					$	30,668,177					$	30,886,378
NET INTEREST INCOME			$	305,762					$	287,933					$	233,754
NET INTEREST SPREAD					3.57	%					3.71	%					3.07	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					4.01	%					3.88	%					3.15	%

(1)Non-accrual loans and leases are included in the average balance.

(2)Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $283,000 for the three months ended December 31, 2022 as compared to $329,000 for the three months ended September 30, 2022 and $375,000 for the three months ended December 31, 2021.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 17


Umpqua Holdings Corporation Average Rates and Balances
(Unaudited)
	Year Ended
	December 31, 2022						December 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
INTEREST-EARNING ASSETS:
Loans held for sale	$	208,141	$	8,812	4.23	%	$	500,070	$	15,149	3.03	%
Loans and leases (1)	24,225,518		1,041,446		4.29	%	21,925,108		875,366		3.99	%
Taxable securities	3,343,721		72,702		2.17	%	3,321,142		61,717		1.86	%
Non-taxable securities (2)	216,943		6,669		3.07	%	248,256		7,458		3.00	%
Temporary investments and interest-bearing cash	1,561,808		19,706		1.26	%	2,936,273		3,864		0.13	%
Total interest-earning assets	29,556,131		$	1,149,335	3.88	%	28,930,849		$	963,554	3.33	%
Other assets	1,261,265						1,336,523
Total assets	$	30,817,396					$	30,267,372
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	3,886,390	$	8,185	0.21	%	$	3,462,035	$	1,865	0.05	%
Money market deposits	7,552,666		26,415		0.35	%	7,624,707		5,964		0.08	%
Savings deposits	2,411,448		880		0.04	%	2,200,608		729		0.03	%
Time deposits	1,743,988		12,715		0.73	%	2,217,464		18,593		0.84	%
Total interest-bearing deposits	15,594,492		48,195		0.31	%	15,504,814		27,151		0.18	%
Repurchase agreements and federal funds purchased	465,600		997		0.21	%	454,994		280		0.06	%
Borrowings	226,665		8,920		3.94	%	195,985		2,838		1.45	%
Junior subordinated debentures	399,568		19,889		4.98	%	369,259		12,127		3.28	%
Total interest-bearing liabilities	16,686,325		$	78,001	0.47	%	16,525,052		$	42,396	0.26	%
Non-interest-bearing deposits	11,053,921						10,669,531
Other liabilities	501,573						372,078
Total liabilities	28,241,819						27,566,661
Common equity	2,575,577						2,700,711
Total liabilities and shareholders' equity	$	30,817,396					$	30,267,372
NET INTEREST INCOME			$	1,071,334					$	921,158
NET INTEREST SPREAD					3.41	%					3.07	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)					3.62	%					3.18	%

(1)Non-accrual loans and leases are included in the average balance.

(2)Tax-exempt income has been adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $1.3 million for the twelve months ended December 31, 2022 as compared to $1.5 million for the same period in 2021.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 18


Umpqua Holdings Corporation Segments
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Net interest income		$	305,030		$	286,532		$	247,009		$	227,087		$	231,250		6	%	32	%
Provision (recapture) for credit losses		32,948			27,572			18,692			4,804			(736)			19	%	nm
Non-interest income






	Gain on sale of debt securities, net	—			—			—			2			4			nm		(100)	%
	Gain (loss) on equity securities, net	284			(2,647)			(2,075)			(2,661)			(466)			nm		nm
	(Loss) gain on swap derivatives, net	(2,329)			4,194			7,337			7,047			(303)			(156)	%	nm
	Change in fair value of certain loans held for investment	4,192			(26,397)			(15,210)			(21,049)			(2,672)			nm		nm
	Non-interest income (excluding above items)	34,362			36,769			34,461			35,650			42,812			(7)	%	(20)	%
	Total non-interest income	36,509			11,919			24,513			18,989			39,375			206	%	(7)	%
Non-interest expense
	Merger related expenses	11,637			769			2,672			2,278			15,183			nm		(23)	%
	Exit and disposal costs	1,966			1,364			442			3,033			3,022			44	%	(35)	%
	Non-interest expense (excluding above items)	167,267			154,320			148,946			148,423			150,587			8	%	11	%
	Allocated expenses, net (1)	(1,905)			(39)			3,702			3,735			4,314			nm		(144)	%
	Total non-interest expense	178,965			156,414			155,762			157,469			173,106			14	%	3	%
Income before income taxes		129,626			114,465			97,068			83,803			98,255			13	%	32	%
Provision for income taxes		33,763			28,212			24,530			20,917			24,067			20	%	40	%
Net income		$	95,863		$	86,253		$	72,538		$	62,886		$	74,188		11	%	29	%

Effective Tax Rate		26		%	25		%	25		%	25		%	24		%
Efficiency Ratio		52		%	52		%	57		%	64		%	64		%

Total assets		$	31,577,603		$	31,100,700		$	29,721,590		$	30,153,079		$	30,155,058		2	%	5	%

Total loans and leases		$	26,155,981		$	25,507,951		$	24,432,678		$	22,975,761		$	22,553,180		3	%	16	%
Total deposits		$	26,937,431		$	26,588,217		$	25,925,294		$	26,479,078		$	26,370,568		1	%	2	%

Key Rates, end of period:
10 year CMT		3.88		%	3.83		%	2.98		%	2.32		%	1.52		%	0.05		2.36
FHLMC 30 year fixed		6.42		%	6.70		%	5.70		%	4.67		%	3.11		%	(0.28)		3.31
nm = not meaningful
(1) Represents the internal charges for centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 19


Umpqua Holdings Corporation Segments - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Net interest income		$	449		$	1,072		$	1,161		$	1,676		$	2,129		(58)	%	(79)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	4,252			10,515			15,101			16,844			23,624			(60)	%	(82)	%
	Servicing	9,184			9,529			9,505			9,140			9,457			(4)	%	(3)	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	(4,986)			(4,978)			(4,961)			(5,347)			(5,311)			—	%	(6)	%
	Changes due to valuation inputs or assumptions	(9,914)			16,403			10,899			40,149			15,415			(160)	%	(164)	%
	MSR hedge loss	(348)			(14,128)			—			—			—			(98)	%	nm
	Non-interest income (excluding above items)	182			185			178			194			178			(2)	%	2	%
	Total non-interest income	(1,630)			17,526			30,722			60,980			43,363			(109)	%	(104)	%
Non-interest expense
	Non-interest expense	14,112			21,511			27,514			28,696			30,919			(34)	%	(54)	%
	Allocated expenses, net (1)	1,905			39			(3,702)			(3,735)			(4,314)			nm		nm
	Total non-interest expense	16,017			21,550			23,812			24,961			26,605			(26)	%	(40)	%
Income before income taxes		(17,198)			(2,952)			8,071			37,695			18,887			483	%	(191)	%
Provision for income taxes		(4,299)			(739)			2,018			9,424			4,721			482	%	(191)	%
Net income		$	(12,899)		$	(2,213)		$	6,053		$	28,271		$	14,166		483	%	(191)	%

Effective Tax Rate		25		%	25		%	25		%	25		%	25		%
Efficiency Ratio		nm			116		%	75		%	40		%	58		%

Total assets		$	271,036		$	371,260		$	414,104		$	484,047		$	485,878		(27)	%	(44)	%
Loans held for sale		$	71,647		$	148,275		$	228,889		$	309,946		$	353,105		(52)	%	(80)	%

Total deposits		$	128,181		$	228,890		$	207,129		$	220,509		$	224,117		(44)	%	(43)	%

LHFS Production Statistics:
Closed loan volume for-sale		$	216,833		$	396,979		$	576,532		$	649,122		$	871,268		(45)	%	(75)	%
Gain on sale margin		1.96		%	2.65		%	2.62		%	2.59		%	2.71		%

Direct LHFS expense		$	7,292		$	10,465		$	13,197		$	14,296		$	18,150		(30)	%	(60)	%
Direct LHFS expenses as % of volume		3.36		%	2.64		%	2.29		%	2.20		%	2.08		%

MSR Statistics:
Residential mortgage loans serviced for others		$	13,020,189		$	12,997,911		$	12,932,747		$	12,810,574		$	12,755,671		—	%	2	%
MSR, net		$	185,017		$	196,177		$	179,558		$	165,807		$	123,615		(6)	%	50	%
MSR as % of serviced portfolio		1.42		%	1.51		%	1.39		%	1.29		%	0.97		%	(0.09)		0.45

Key Rates, end of period:
10 year CMT		3.88		%	3.83		%	2.98		%	2.32		%	1.52		%	0.05		2.36
FHLMC 30 year fixed		6.42		%	6.70		%	5.70		%	4.67		%	3.11		%	(0.28)		3.31
nm = not meaningful

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 20


Umpqua Holdings Corporation Segments
(Unaudited)
		Core Banking								Mortgage Banking
		Year Ended						% Change		Year Ended						% Change
(Dollars in thousands)		Dec 31, 2022			Dec 31, 2021			Year over Year		Dec 31, 2022			Dec 31, 2021			Year over Year
Net interest income		$	1,065,658		$	908,087		17	%	$	4,358		$	11,560		(62)	%
Provision (recapture) for credit losses		84,016			(42,651)			nm		—			—			nm
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—			—			nm		46,712			157,789			(70)	%
	Servicing	—			—			nm		37,358			36,836			1	%
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—			—			nm		(20,272)			(18,903)			7	%
	Changes due to valuation inputs or assumptions	—			—			nm		57,537			11,089			419	%
	MSR hedge loss	—			—			nm		(14,476)			—			nm
	Gain on sale of debt securities, net	2			8			(75)	%	—			—			nm
	Loss on equity securities, net	(7,099)			(1,511)			370	%	—			—			nm
	Gain on swap derivatives, net	16,249			8,395			94	%	—			—			nm
	Change in fair value of certain loans held for investment	(58,464)			3,032			nm		—			—			nm
	Non-interest income (excluding above items)	141,242			158,725			(11)	%	739			858			(14)	%
	Total non-interest income	91,930			168,649			(45)	%	107,598			187,669			(43)	%
Non-interest expense

	Merger related expenses	17,356			15,183			14	%	—			—			nm
	Exit and disposal costs	6,805			12,763			(47)	%	—			—			nm
	Non-interest expense (excluding above items)	618,956			589,556			5	%	91,833			142,954			(36)	%
	Allocated expenses, net (1)	5,493			8,174			(33)	%	(5,493)			(8,174)			(33)	%
	Total non-interest expense	648,610			625,676			4	%	86,340			134,780			(36)	%
Income before income taxes		424,962			493,711			(14)	%	25,616			64,449			(60)	%
Provision for income taxes		107,422			121,748			(12)	%	6,404			16,112			(60)	%
Net income		$	317,540		$	371,963		(15)	%	$	19,212		$	48,337		(60)	%

Effective Tax Rate		25		%	25		%	—		25		%	25		%	—
Efficiency Ratio		56		%	58		%	(2.00)		77		%	68		%	9.00

LHFS Production Statistics:
Closed loan volume for-sale										$	1,839,466		$	4,747,104		(61)	%
Gain on sale margin										2.54		%	3.32		%	(0.78)
Direct LHFS expense										$	45,250		$	94,718		(52)	%
Direct LHFS expenses as % of volume										2.46		%	2.00		%	0.46
nm = not meaningful

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 21

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. The company believes 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)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Total shareholders' equity	a	$	2,479,826		$	2,417,514		$	2,518,276		$	2,607,598		$	2,749,270		3	%	(10)	%

Less: Other intangible assets, net		4,745			5,764			6,789			7,815			8,840			(18)	%	(46)	%
Tangible common shareholders' equity	b	$	2,475,081		$	2,411,750		$	2,511,487		$	2,599,783		$	2,740,430		3	%	(10)	%
Less: Accumulated other comprehensive income (AOCI)		$	(426,864)		(449,560)			(308,147)			(183,756)			1,759			(5)	%	nm
Tangible common shareholders' equity, ex AOCI	c	$	2,901,945		$	2,861,310		$	2,819,634		$	2,783,539		$	2,738,671		1	%	6	%

Total assets	d	$	31,848,639		$	31,471,960		$	30,135,694		$	30,637,126		$	30,640,936		1	%	4	%

Less: Other intangible assets, net		4,745			5,764			6,789			7,815			8,840			(18)	%	(46)	%
Tangible assets	e	$	31,843,894		$	31,466,196		$	30,128,905		$	30,629,311		$	30,632,096		1	%	4	%
Common shares outstanding at period end	f	217,054			217,053			217,049			216,967			216,626			—	%	—	%

Total shareholders' equity to total assets ratio	a / d	7.79		%	7.68		%	8.36		%	8.51		%	8.97		%	0.11		(1.18)
Tangible common equity ratio	b / e	7.77		%	7.66		%	8.34		%	8.49		%	8.95		%	0.11		(1.18)
Tangible common equity ratio, ex AOCI	c / e	9.11		%	9.09		%	9.36		%	9.09		%	8.94		%	0.02		0.17
Book value per common share	a / f	$	11.42		$	11.14		$	11.60		$	12.02		$	12.69		3	%	(10)	%
Tangible book value per common share	b / f	$	11.40		$	11.11		$	11.57		$	11.98		$	12.65		3	%	(10)	%
Tangible book value per common share, ex AOCI	c / f	$	13.37		$	13.18		$	12.99		$	12.83		$	12.64		1	%	6	%
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 22

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 23


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended										% Change
(Dollars in thousands)		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	—	$	—	$	—	$	2	$	4	nm		(100)	%
Gain (loss) on equity securities, net		284		(2,647)		(2,075)		(2,661)		(466)		nm		nm
(Loss) gain on swap derivatives		(2,329)		4,194		7,337		7,047		(303)		(156)	%	nm
Change in fair value of certain loans held for investment		4,192		(26,397)		(15,210)		(21,049)		(2,672)		nm		nm
Change in fair value of MSR due to valuation inputs or assumptions		(9,914)		16,403		10,899		40,149		15,415		(160)	%	(164)	%
MSR hedge loss		(348)		(14,128)		—		—		—		(98)	%	nm
Total non-interest income adjustments	a	$	(8,115)	$	(22,575)	$	951	$	23,488	$	11,978	(64)	%	(168)	%

Non-Interest Expense Adjustments
Merger related expenses		$	11,637	$	769	$	2,672	$	2,278	$	15,183	nm		(23)	%
Exit and disposal costs		1,966		1,364		442		3,033		3,022		44	%	(35)	%
Total non-interest expense adjustments	b	$	13,603	$	2,133	$	3,114	$	5,311	$	18,205	nm		(25)	%

Net interest income (1)	c	$	305,762	$	287,933	$	248,522	$	229,117	$	233,754	6	%	31	%

Non-interest income (GAAP)	d	$	34,879	$	29,445	$	55,235	$	79,969	$	82,738	18	%	(58)	%
Less: Non-interest income adjustments	a	8,115		22,575		(951)		(23,488)		(11,978)		(64)	%	nm
Operating non-interest income (non-GAAP)	e	$	42,994	$	52,020	$	54,284	$	56,481	$	70,760	(17)	%	(39)	%

Revenue (GAAP) (1)	f=c+d	$	340,641	$	317,378	$	303,757	$	309,086	$	316,492	7	%	8	%
Operating revenue (non-GAAP) (1)	g=c+e	$	348,756	$	339,953	$	302,806	$	285,598	$	304,514	3	%	15	%

Non-interest expense (GAAP)	h	$	194,982	$	177,964	$	179,574	$	182,430	$	199,711	10	%	(2)	%
Less: Non-interest expense adjustments	b	(13,603)		(2,133)		(3,114)		(5,311)		(18,205)		nm		(25)	%
Operating non-interest expense (non-GAAP)	i	$	181,379	$	175,831	$	176,460	$	177,119	$	181,506	3	%	—	%

Net income (GAAP)	j	$	82,964	$	84,040	$	78,591	$	91,157	$	88,354	(1)	%	(6)	%
Provision for income taxes		29,464		27,473		26,548		30,341		28,788		7	%	2	%
Income before provision for income taxes		112,428		111,513		105,139		121,498		117,142		1	%	(4)	%
Provision (recapture) for credit losses		32,948		27,572		18,692		4,804		(736)		19	%	nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	145,376		139,085		123,831		126,302		116,406		5	%	25	%
Less: Non-interest income adjustments	a	8,115		22,575		(951)		(23,488)		(11,978)		(64)	%	nm
Add: Non-interest expense adjustments	b	13,603		2,133		3,114		5,311		18,205		nm		(25)	%
Operating PPNR (non-GAAP)	l	$	167,094	$	163,793	$	125,994	$	108,125	$	122,633	2	%	36	%

Net income (GAAP)	j	$	82,964	$	84,040	$	78,591	$	91,157	$	88,354	(1)	%	(6)	%
Less: Non-interest income adjustments	a	8,115		22,575		(951)		(23,488)		(11,978)		(64)	%	nm
Add: Non-interest expense adjustments	b	13,603		2,133		3,114		5,311		18,205		nm		(25)	%
Tax effect of adjustments		(5,459)		(6,116)		(480)		4,576		1,190		(11)	%	nm
Operating net income (non-GAAP)	m	$	99,223	$	102,632	$	80,274	$	77,556	$	95,771	(3)	%	4	%
nm = not meaningful

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 24


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Quarter Ended															% Change
(Dollars in thousands, except per share data)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Average assets	n	$	31,637,490		$	30,668,177		$	30,356,903		$	30,597,413		$	30,886,378		3	%	2	%
Less: Average goodwill and other intangible assets, net		5,298			6,343			7,379			8,407			9,491			(16)	%	(44)	%
Average tangible assets	o	$	31,632,192		$	30,661,834		$	30,349,524		$	30,589,006		$	30,876,887		3	%	2	%

Average common shareholders' equity	p	$	2,438,639		$	2,567,266		$	2,584,836		$	2,715,059		$	2,717,753		(5)	%	(10)	%
Less: Average goodwill and other intangible assets, net		5,298			6,343			7,379			8,407			9,491			(16)	%	(44)	%
Average tangible common equity	q	$	2,433,341		$	2,560,923		$	2,577,457		$	2,706,652		$	2,708,262		(5)	%	(10)	%

Weighted average basic shares outstanding	r	217,054			217,051			217,030			216,782			216,624			—	%	—	%
Weighted average diluted shares outstanding	s	217,566			217,386			217,279			217,392			217,356			—	%	—	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	0.38		$	0.39		$	0.36		$	0.42		$	0.41		(3)	%	(7)	%
Earnings-per-share - diluted	j / s	$	0.38		$	0.39		$	0.36		$	0.42		$	0.41		(3)	%	(7)	%
Efficiency ratio	h / f	57.24		%	56.07		%	59.12		%	59.02		%	63.10		%	1.17		(5.86)
PPNR return on average assets	k / n	1.82		%	1.80		%	1.64		%	1.67		%	1.50		%	0.02		0.32
Return on average assets	j / n	1.04		%	1.09		%	1.04		%	1.21		%	1.13		%	(0.05)		(0.09)
Return on average tangible assets	j / o	1.04		%	1.09		%	1.04		%	1.21		%	1.14		%	(0.05)		(0.10)
Return on average common equity	j / p	13.50		%	12.99		%	12.20		%	13.62		%	12.90		%	0.51		0.60
Return on average tangible common equity	j / q	13.53		%	13.02		%	12.23		%	13.66		%	12.94		%	0.51		0.59

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic	m / r	$	0.46		$	0.47		$	0.37		$	0.36		$	0.44		(2)	%	5	%
Operating earnings-per-share - diluted	m / s	$	0.46		$	0.47		$	0.37		$	0.36		$	0.44		(2)	%	5	%
Operating efficiency ratio	i / g	52.01		%	51.72		%	58.27		%	62.02		%	59.61		%	0.29		(7.60)
Operating PPNR return on average assets	l / n	2.10		%	2.12		%	1.66		%	1.43		%	1.58		%	(0.02)		0.52
Operating return on average assets	m / n	1.24		%	1.33		%	1.06		%	1.03		%	1.23		%	(0.09)		0.01
Operating return on average tangible assets	m / o	1.24		%	1.33		%	1.06		%	1.03		%	1.23		%	(0.09)		0.01
Operating return on average common equity	m / p	16.14		%	15.86		%	12.46		%	11.58		%	13.98		%	0.28		2.16
Operating return on average tangible common equity	m / q	16.18		%	15.90		%	12.49		%	11.62		%	14.03		%	0.28		2.15

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 25


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Core Banking		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	—		$	—		$	—		$	2		$	4		nm		(100)	%
Gain (loss) on equity securities, net		284			(2,647)			(2,075)			(2,661)			(466)			nm		nm
(Loss) gain on swap derivatives		(2,329)			4,194			7,337			7,047			(303)			(156)	%	nm
Change in fair value of certain loans held for investment		4,192			(26,397)			(15,210)			(21,049)			(2,672)			nm		nm
Total non-interest income adjustments	a	$	2,147		$	(24,850)		$	(9,948)		$	(16,661)		$	(3,437)		nm		nm

Non-Interest Expense Adjustments
Merger related expenses		$	11,637		$	769		$	2,672		$	2,278		$	15,183		nm		(23)	%
Exit and disposal costs		1,966			1,364			442			3,033			3,022			44	%	(35)	%
Total non-interest expense adjustments	b	$	13,603		$	2,133		$	3,114		$	5,311		$	18,205		nm		(25)	%

Net interest income (1)	c	$	305,313		$	286,861		$	247,361		$	227,441		$	231,625		6	%	32	%

Non-interest income (GAAP)	d	$	36,509		$	11,919		$	24,513		$	18,989		$	39,375		206	%	(7)	%
Less: Non-interest income adjustments	a	(2,147)			24,850			9,948			16,661			3,437			(109)	%	(162)	%
Operating non-interest income (non-GAAP)	e	$	34,362		$	36,769		$	34,461		$	35,650		$	42,812		(7)	%	(20)	%

Revenue (GAAP) (1)	f=c+d	$	341,822		$	298,780		$	271,874		$	246,430		$	271,000		14	%	26	%
Operating revenue (non-GAAP) (1)	g=c+e	$	339,675		$	323,630		$	281,822		$	263,091		$	274,437		5	%	24	%

Non-interest expense (GAAP) (2)	h	$	178,965		$	156,414		$	155,762		$	157,469		$	173,106		14	%	3	%
Less: Non-interest expense adjustments	b	(13,603)			(2,133)			(3,114)			(5,311)			(18,205)			nm		(25)	%
Operating non-interest expense (non-GAAP)	i	$	165,362		$	154,281		$	152,648		$	152,158		$	154,901		7	%	7	%

Net income (GAAP)	j	$	95,863		$	86,253		$	72,538		$	62,886		$	74,188		11	%	29	%
Provision for income taxes		33,763			28,212			24,530			20,917			24,067			20	%	40	%
Income before provision for income taxes		129,626			114,465			97,068			83,803			98,255			13	%	32	%
Provision (recapture) for credit losses		32,948			27,572			18,692			4,804			(736)			19	%	nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	162,574			142,037			115,760			88,607			97,519			14	%	67	%
Less: Non-interest income adjustments	a	(2,147)			24,850			9,948			16,661			3,437			(109)	%	(162)	%
Add: Non-interest expense adjustments	b	13,603			2,133			3,114			5,311			18,205			nm		(25)	%
Operating PPNR (non-GAAP)	l	$	174,030		$	169,020		$	128,822		$	110,579		$	119,161		3	%	46	%

Net income (GAAP)	j	$	95,863		$	86,253		$	72,538		$	62,886		$	74,188		11	%	29	%
Less: Non-interest income adjustments	a	(2,147)			24,850			9,948			16,661			3,437			(109)	%	(162)	%
Add: Non-interest expense adjustments	b	13,603			2,133			3,114			5,311			18,205			nm		(25)	%
Tax effect of adjustments		(2,893)			(6,685)			(3,205)			(5,461)			(2,664)			(57)	%	9	%
Operating net income (non-GAAP)	m	$	104,426		$	106,551		$	82,395		$	79,397		$	93,166		(2)	%	12	%

Efficiency ratio	h / f	52.36		%	52.35		%	57.29		%	63.90		%	63.88		%	0.01		(11.52)
Operating efficiency ratio	i / g	48.68		%	47.67		%	54.16		%	57.83		%	56.44		%	1.01		(7.76)
Core Banking net income / Consolidated net income		115.55		%	102.63		%	92.30		%	68.99		%	83.97		%	12.92		31.58
Core Banking operating net income / Consolidated operating net income		105.24		%	103.82		%	102.64		%	102.37		%	97.28		%	1.42		7.96
nm = not meaningful

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

(2) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 26


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Mortgage Banking		Quarter Ended															% Change
(Dollars in thousands)		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Seq. Quarter		Year over Year
Non-Interest Income Adjustments
Change in fair value of MSR due to valuation inputs or assumptions		$	(9,914)		$	16,403		$	10,899		$	40,149		$	15,415		(160)	%	(164)	%
MSR hedge loss		(348)			(14,128)			—			—			—			(98)	%	nm
Total non-interest income adjustments	a	$	(10,262)		$	2,275		$	10,899		$	40,149		$	15,415		nm		(167)	%

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

Net interest income	c	$	449		$	1,072		$	1,161		$	1,676		$	2,129		(58)	%	(79)	%

Non-interest income (GAAP)	d	$	(1,630)		$	17,526		$	30,722		$	60,980		$	43,363		(109)	%	(104)	%
Less: Non-interest income adjustments	a	10,262			(2,275)			(10,899)			(40,149)			(15,415)			nm		nm
Operating non-interest income (non-GAAP)	e	$	8,632		$	15,251		$	19,823		$	20,831		$	27,948		(43)	%	(69)	%

Revenue (GAAP)	f=c+d	$	(1,181)		$	18,598		$	31,883		$	62,656		$	45,492		(106)	%	(103)	%
Operating revenue (non-GAAP)	g=c+e	$	9,081		$	16,323		$	20,984		$	22,507		$	30,077		(44)	%	(70)	%

Non-interest expense (GAAP) (1)	h	$	16,017		$	21,550		$	23,812		$	24,961		$	26,605		(26)	%	(40)	%
Less: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating non-interest expense (non-GAAP)	i	$	16,017		$	21,550		$	23,812		$	24,961		$	26,605		(26)	%	(40)	%

Net income (GAAP)	j	$	(12,899)		$	(2,213)		$	6,053		$	28,271		$	14,166		483	%	(191)	%
Provision for income taxes		(4,299)			(739)			2,018			9,424			4,721			482	%	(191)	%
Income before provision for income taxes		(17,198)			(2,952)			8,071			37,695			18,887			483	%	(191)	%
Provision for credit losses		—			—			—			—			—			nm		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	(17,198)			(2,952)			8,071			37,695			18,887			483	%	(191)	%
Less: Non-interest income adjustments	a	10,262			(2,275)			(10,899)			(40,149)			(15,415)			nm		nm
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Operating PPNR (non-GAAP)	l	$	(6,936)		$	(5,227)		$	(2,828)		$	(2,454)		$	3,472		33	%	(300)	%

Net income (GAAP)	j	$	(12,899)		$	(2,213)		$	6,053		$	28,271		$	14,166		483	%	(191)	%
Less: Non-interest income adjustments	a	10,262			(2,275)			(10,899)			(40,149)			(15,415)			nm		nm
Add: Non-interest expense adjustments	b	—			—			—			—			—			nm		nm
Tax effect of adjustments		(2,566)			569			2,725			10,037			3,854			nm		(167)	%
Operating net income (non-GAAP)	m	$	(5,203)		$	(3,919)		$	(2,121)		$	(1,841)		$	2,605		33	%	(300)	%

Efficiency ratio	h / f	nm			115.87		%	74.69		%	39.84		%	58.48		%	nm		nm
Operating efficiency ratio	i / g	176.38		%	132.02		%	113.48		%	110.90		%	88.46		%	34	%	99	%
Mortgage Banking net income / Consolidated net income		(15.55)		%	(2.63)		%	7.70		%	31.01		%	16.03		%	(12.92)		(31.58)
Mortgage Banking operating net income / Consolidated operating net income		(5.24)		%	(3.82)		%	(2.64)		%	(2.37)		%	2.72		%	(1.42)		(7.96)
nm = not meaningful

(1) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments.

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 27


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Year to Date				% Change
(Dollars in thousands)		Dec 31, 2022		Dec 31, 2021		Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	2	$	8	(75)	%
Loss on equity securities, net		(7,099)		(1,511)		370	%
Gain on swap derivatives		16,249		8,395		94	%
Change in fair value of certain loans held for investment		(58,464)		3,032		nm
Change in fair value of MSR due to valuation inputs or assumptions		57,537		11,089		419	%
MSR hedge loss		(14,476)		—		nm
Total non-interest income adjustments	a	$	(6,251)	$	21,013	(130)	%

Non-Interest Expense Adjustments
Merger related expenses		$	17,356	$	15,183	14	%
Exit and disposal costs		6,805		12,763		(47)	%
Total non-interest expense adjustments	b	$	24,161	$	27,946	(14)	%

Net interest income (1)	c	$	1,071,334	$	921,158	16	%

Non-interest income (GAAP)	d	$	199,528	$	356,318	(44)	%
Less: Non-interest income adjustments	a	6,251		(21,013)		nm
Operating non-interest income (non-GAAP)	e	$	205,779	$	335,305	(39)	%

Revenue (GAAP) (1)	f=c+d	$	1,270,862	$	1,277,476	(1)	%
Operating revenue (non-GAAP) (1)	g=c+e	$	1,277,113	$	1,256,463	2	%

Non-interest expense (GAAP)	h	$	734,950	$	760,456	(3)	%
Less: Non-interest expense adjustments	b	(24,161)		(27,946)		(14)	%
Operating non-interest expense (non-GAAP)	i	$	710,789	$	732,510	(3)	%

Net income (GAAP)	j	$	336,752	$	420,300	(20)	%
Provision for income taxes		113,826		137,860		(17)	%
Income before provision for income taxes		450,578		558,160		(19)	%
Provision (recapture) for credit losses		84,016		(42,651)		nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	534,594		515,509		4	%
Less: Non-interest income adjustments	a	6,251		(21,013)		nm
Add: Non-interest expense adjustments	b	24,161		27,946		(14)	%
Operating PPNR (non-GAAP)	l	$	565,006	$	522,442	8	%

Net income (GAAP)	j	$	336,752	$	420,300	(20)	%
Less: Non-interest income adjustments	a	6,251		(21,013)		nm
Add: Non-interest expense adjustments	b	24,161		27,946		(14)	%
Tax effect of adjustments		(7,479)		1,014		nm
Operating net income (non-GAAP)	m	$	359,685	$	428,247	(16)	%
nm = not meaningful

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 28


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Consolidated		Year to Date						% Change
(Dollars in thousands)		Dec 31, 2022			Dec 31, 2021			Year over Year
Average assets	n	$	30,817,396		$	30,267,372		2	%
Less: Average goodwill and other intangible assets, net		$	6,847		$	12,057		(43)	%
Average tangible assets	o	$	30,810,549		$	30,255,315		2	%

Average common shareholders' equity	p	$	2,575,577		$	2,700,711		(5)	%
Less: Average goodwill and other intangible assets, net		$	6,847		$	12,057		(43)	%
Average tangible common equity	q	$	2,568,730		$	2,688,654		(4)	%

Weighted average basic shares outstanding	r	216,980			219,032			(1)	%
Weighted average diluted shares outstanding	s	217,403			219,581			(1)	%

Select Per-Share & Performance Metrics
Earnings-per-share - basic	j / r	$	1.55		$	1.92		(19)	%
Earnings-per-share - diluted	j / s	$	1.55		$	1.91		(19)	%
Efficiency ratio	h / f	57.83		%	59.53		%	(1.70)
PPNR return on average assets	k / n	1.73		%	1.70		%	0.03
Return on average assets	j / n	1.09		%	1.39		%	(0.30)
Return on average tangible assets	j / o	1.09		%	1.39		%	(0.30)
Return on average common equity	j / p	13.07		%	15.56		%	(2.49)
Return on average tangible common equity	j / q	13.11		%	15.63		%	(2.52)

Operating Per-Share & Performance Metrics
Operating earnings-per-share - basic	m / r	$	1.66		$	1.96		(15)	%
Operating earnings-per-share - diluted	m / s	$	1.65		$	1.95		(15)	%
Operating efficiency ratio	i / g	55.66		%	58.30		%	(2.64)
Operating PPNR return on average assets	l / n	1.83		%	1.73		%	0.10
Operating return on average assets	m / n	1.17		%	1.41		%	(0.24)
Operating return on average tangible assets	m / o	1.17		%	1.42		%	(0.25)
Operating return on average common equity	m / p	13.97		%	15.86		%	(1.89)
Operating return on average tangible common equity	m / q	14.00		%	15.93		%	(1.93)

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

Umpqua Reports Fourth Quarter and Full-Year 2022 Results

January 23, 2023

Page 29


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)

Core Banking		Year to Date						% Change
(Dollars in thousands)		Dec 31, 2022			Dec 31, 2021			Year over Year
Non-Interest Income Adjustments
Gain on sale of debt securities, net		$	2		$	8		(75)	%
Loss on equity securities, net		(7,099)			(1,511)			370	%
Gain on swap derivatives		16,249			8,395			94	%
Change in fair value of certain loans held for investment		(58,464)			3,032			nm
Total non-interest income adjustments	a	$	(49,312)		$	9,924		nm

Non-Interest Expense Adjustments
Merger related expenses		$	17,356		$	15,183		14	%
Exit and disposal costs		6,805			12,763			(47)	%
Total non-interest expense adjustments	b	$	24,161		$	27,946		(14)	%

Net interest income (1)	c	$	1,066,976		$	909,598		17	%

Non-interest income (GAAP)	d	$	91,930		$	168,649		(45)	%
Less: Non-interest income adjustments	a	49,312			(9,924)			nm
Operating non-interest income (non-GAAP)	e	$	141,242		$	158,725		(11)	%

Revenue (GAAP) (1)	f=c+d	$	1,158,906		$	1,078,247		7	%
Operating revenue (non-GAAP) (1)	g=c+e	$	1,208,218		$	1,068,323		13	%

Non-interest expense (GAAP) (2)	h	$	648,610		$	625,676		4	%
Less: Non-interest expense adjustments	b	(24,161)			(27,946)			(14)	%
Operating non-interest expense (non-GAAP)	i	$	624,449		$	597,730		4	%

Net income (GAAP)	j	$	317,540		$	371,963		(15)	%
Provision for income taxes		107,422			121,748			(12)	%
Income before provision for income taxes		424,962			493,711			(14)	%
Provision (recapture) for credit losses		84,016			(42,651)			nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	508,978			451,060			13	%
Less: Non-interest income adjustments	a	49,312			(9,924)			nm
Add: Non-interest expense adjustments	b	24,161			27,946			(14)	%
Operating PPNR (non-GAAP)	l	$	582,451		$	469,082		24	%

Net income (GAAP)	j	$	317,540		$	371,963		(15)	%
Less: Non-interest income adjustments	a	49,312			(9,924)			nm
Add: Non-interest expense adjustments	b	24,161			27,946			(14)	%
Tax effect of adjustments		(18,244)			(1,758)			nm
Operating net income (non-GAAP)	m	$	372,769		$	388,227		(4)	%

Efficiency ratio	h / f	55.97		%	58.03		%	(2.06)
Operating efficiency ratio	i / g	51.68		%	55.95		%	(4.27)
Core Banking net income / Consolidated net income		94.29		%	88.50		%	5.79
Core Banking operating net income / Consolidated operating net income		103.64		%	90.65		%	12.99
nm = not meaningful


Umpqua Holdings Corporation GAAP to Non-GAAP Reconciliation - Continued
(Unaudited)
Mortgage Banking		Year to Date						% Change
(Dollars in thousands)		Dec 31, 2022			Dec 31, 2021			Year over Year
Non-Interest Income Adjustments
Change in fair value of MSR due to valuation inputs or assumptions		$	57,537		$	11,089		419	%
MSR hedge loss		(14,476)			—			nm
Total non-interest income adjustments	a	$	43,061		$	11,089		288	%

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

Net interest income	c	$	4,358		$	11,560		(62)	%

Non-interest income (GAAP)	d	$	107,598		$	187,669		(43)	%
Less: Non-interest income adjustments	a	(43,061)			(11,089)			288	%
Operating non-interest income (non-GAAP)	e	$	64,537		$	176,580		(63)	%

Revenue (GAAP)	f=c+d	$	111,956		$	199,229		(44)	%
Operating revenue (non-GAAP)	g=c+e	$	68,895		$	188,140		(63)	%

Non-interest expense (GAAP) (1)	h	$	86,340		$	134,780		(36)	%
Less: Non-interest expense adjustments	b	—			—			nm
Operating non-interest expense (non-GAAP)	i	$	86,340		$	134,780		(36)	%

Net income (GAAP)	j	$	19,212		$	48,337		(60)	%
Provision for income taxes		6,404			16,112			(60)	%
Income before provision for income taxes		25,616			64,449			(60)	%
Provision for credit losses		—			—			nm
Pre-provision net revenue (PPNR) (non-GAAP)	k	25,616			64,449			(60)	%
Less: Non-interest income adjustments	a	(43,061)			(11,089)			288	%
Add: Non-interest expense adjustments	b	—			—			nm
Operating PPNR (non-GAAP)	l	$	(17,445)		$	53,360		(133)	%

Net income (GAAP)	j	$	19,212		$	48,337		(60)	%
Less: Non-interest income adjustments	a	(43,061)			(11,089)			288	%
Add: Non-interest expense adjustments	b	—			—			nm
Tax effect of adjustments		10,765			2,772			288	%
Operating net income (non-GAAP)	m	$	(13,084)		$	40,020		(133)	%

Efficiency ratio	h / f	77.12		%	67.65		%	9.47
Operating efficiency ratio	i / g	125.32		%	71.64		%	53.68
Mortgage Banking net income / Consolidated net income		5.71		%	11.50		%	(5.79)
Mortgage Banking operating net income / Consolidated operating net income		(3.64)		%	9.35		%	(12.99)
nm = not meaningful

umpqq42022earningspresen

Umpqua Holdings Corporation 4th Quarter 2022 Earnings Presentation January 23, 2023

2 Disclaimer FORWARD-LOOKING STATEMENTS This communication contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction between Umpqua Holdings Corporation (“Umpqua”) and Columbia Banking System, Inc. (“Columbia”), the plans, objectives, expectations and intentions of Umpqua and Columbia, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. All statements other than statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” “target,” “goal,” or similar expressions, or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and Umpqua’s and Columbia’s respective businesses, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, or any slowdown in economic growth particularly in the western United States; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures, including on product pricing and services; success, impact, and timing of Umpqua’s and Columbia’s respective business strategies, including market acceptance of any new products or services and Umpqua and Columbia’s ability to successfully implement efficiency and operational excellence initiatives; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which Umpqua and Columbia are parties; the outcome of any legal proceedings that may be instituted against Umpqua or Columbia; delays in completing the transaction; the failure to satisfy any of the conditions to the transaction on a timely basis or at all; changes in Umpqua’s or Columbia’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Umpqua and Columbia do business; certain restrictions during the pendency of the proposed transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the ability to complete the transaction and integration of Umpqua and Columbia successfully; the dilution caused by Columbia’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Umpqua and Columbia. Additional factors that could cause results to differ materially from those described above can be found in Umpqua’s Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Reports on Form 10-Q for the three-month periods ended March 31, 2022, June 30, 2022, and September 30, 2022, which are on file with the Securities and Exchange Commission (the “SEC”) and available on Umpqua’s investor relations website, www.umpquabank.com, under the heading “Financial information,” and in other documents Umpqua files with the SEC, and in Columbia’s Registration Statement on Form S-4, its Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Reports on Form 10-Q for the three-month periods ended March 31, 2022, June 30, 2022, and September 30, 2022, which are on file with the SEC and available on Columbia’s website, www.columbiabank.com, under the heading “Financial Information” and in other documents Columbia files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Umpqua nor Columbia assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

3 Disclaimer (cont.) NON-GAAP FINANCIAL MEASURES In addition to results in accordance with GAAP, this presentation contains certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the Appendix. We believe 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.

Strategic Updates

5 Columbia and Umpqua Expect to Combine and Complete the Scheduled Core System Conversion in 1Q 2023 4Q 2021 Combination Announced Core Expense Run Rate Communicated Integration Complete Conversations Begin Due Diligence 1Q 2023 Scheduled Core System Conversion October 2021 – February 2023 Completed work includes organization design, systems selection, contract execution, procedure and policy alignment, culture work, and the planning and mapping activities necessary for technical conversions 1Q 2022 Received Shareholders’ Approvals March 1 Expected Legal Day 1 IMO Established to Run Integration Planning Process Investor Milestones(2) Internal Work(2) Branch Consolidations Begin Other Integration Activities Scheduled Core System Conversion Rebranding Begins 1Q 2023 Scheduled Merger Close 4Q 2022 Received Federal Reserve Approval 1Q 2023 Received FDIC Approval 1Q 2023 Scheduled Completion of Branch Divestitures 4Q 2022 Agreements to Divest 10 Columbia Branches ◦ Columbia and Umpqua expect the closing of our merger to take place after the close of business on February 28, 2023(1). ◦ Last spring, we bifurcated our integration planning activities to be separate from legal day 1 as a combined organization, which enabled us to complete necessary integration planning milestones that support our ability to meet our original scheduled core system conversion date in 1Q 2023. (1) Subject to the satisfaction of closing conditions under the merger agreement. (2) Chart highlights select tasks and does not encompass all activity. Some milestones occur over a period of time and not a point in time as represented by the chart. Timing is not to scale.

6 Current Priorities: Integration and Growth ◦ The top priorities at Columbia and Umpqua are to prepare for and execute the seamless integration of our two banks following the closing without disrupting our externally focused associates’ ability to serve our customers and our communities and to generate new business. ◦ The establishment of the Integration Management Office (IMO) enables our respective front lines to remain focused on what they do best: generating balanced growth in loans, deposits, and fee-based products and services. ◦ We established the IMO to lead our integration, track against key milestones, and ultimately ensure a seamless experience for our teams and clients. The IMO enables the separation of integration responsibilities from growth initiatives, and its leadership team includes senior executives from both banks. ◦ Continued integration planning supports our scheduled Q1 2023 core system conversion, the timing of which has not changed since the October 2021 announcement of our intended combination. ◦ We remain confident our $135 million original cost-savings target will be achievable. ◦ Recent progress includes: ◦ Received remaining outstanding regulatory approvals. ◦ Set an expected closing date of February 28, 2023, subject to the satisfaction of closing conditions under the merger agreement. ◦ Completed first mock conversion and readiness review activities associated with the scheduled core system conversion. ◦ Following the pandemic-driven slow-down in non-PPP loan generation, each of Columbia and Umpqua re-established growth momentum in 2H 2020. ◦ Non-PPP loan growth at each bank accelerated in 2021 and held strong over the past year, with each bank’s respective growth rate in the double-digit range in 2022 excluding PPP loan runoff. ◦ We expect product synergies and our larger pro forma balance sheet, alongside the proven success of relationship-driven operating models at Columbia and Umpqua, to support a favorable growth profile at our combined organization post-closing. ◦ Enhanced loan portfolio granularity and diversification supports the pro forma bank’s risk profile and presents additional opportunities to expand existing verticals (e.g., healthcare and leasing). ◦ Opens opportunities to continue to expand organically in other Western markets as the larger bank is expected to be attractive to sophisticated customers and the talent needed to serve them. Integration Update Growth Update

Financial Highlights & Summary Financial Statements Q4 2022 & FY 2022

8 Total gross loans and leases increased $648 million or 2.5% as the majority of loan categories and business lines contributed to the quarter's net expansion. Q4 2022 Highlights (Compared to Q3 2022) Deposit balances increased by $249 million or 0.9%. The rising interest rate environment and the impact of inflationary pressures on customer spending contributed to a decline in non-interest bearing demand balances during the quarter that was offset by higher time balances. Net interest income increased by $18 million, and the net interest margin increased by 13 basis points to 4.01%. The increases are due to the favorable net impact of rising interest rates and higher average earning asset balances. The provision for credit losses of $33 million compares to a provision of $28 million for the third quarter of 2022. Net charge-offs were 0.19% of average loans and leases (annualized) and centered in the FinPac portfolio, where activity has begun to approach normalized levels after several quarters below its historical average. Non-interest income increased by $5.4 million, as a smaller loss related to the impact of interest rates on fair value accounting and hedges was partially offset by lower residential mortgage gain-on-sale income. Non-interest expense increased by $17 million due primarily to higher merger-related expenses and a $4.9 million accrual for state and local business taxes that is not expected to repeat. Non-performing assets to total assets was 0.18%, compared to 0.16% at September 30, 2022. Estimated total risk-based capital ratio of 13.7% and estimated tier 1 risk-based capital ratio of 11.0%. Declared a quarterly cash dividend of $0.21 per common share on January 11, 2023, payable February 6, 2023, to holders of record as of January 23, 2023.

9 Performance Ratios Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided on slide 14 as Net Interest Margin excluding acquired loan accretion and PPP. (3) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. For the year ended For the quarter ended FY 2022 FY 2021 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Reported Net interest margin (1) 3.62 % 3.18 % 4.01 % 3.88 % 3.41 % 3.14 % 3.15 % Efficiency ratio 57.83 % 59.53 % 57.24 % 56.07 % 59.12 % 59.02 % 63.10 % Pre-provision net revenue (PPNR) return on average assets (3) 1.73 % 1.70 % 1.82 % 1.80 % 1.64 % 1.67 % 1.50 % Return on average assets 1.09 % 1.39 % 1.04 % 1.09 % 1.04 % 1.21 % 1.13 % Return on average common equity 13.07 % 15.56 % 13.50 % 12.99 % 12.20 % 13.62 % 12.90 % Return on average tangible common equity (3) 13.11 % 15.63 % 13.53 % 13.02 % 12.23 % 13.66 % 12.94 % Operating Adjusted net interest margin (1), (2) 3.58 % 3.05 % 4.00 % 3.85 % 3.38 % 3.06 % 3.04 % Operating efficiency ratio (3) 55.66 % 58.30 % 52.01 % 51.72 % 58.27 % 62.02 % 59.61 % Operating PPNR return on average assets (3) 1.83 % 1.73 % 2.10 % 2.12 % 1.66 % 1.43 % 1.58 % Operating return on average assets (3) 1.17 % 1.41 % 1.24 % 1.33 % 1.06 % 1.03 % 1.23 % Operating return on average common equity (3) 13.97 % 15.86 % 16.14 % 15.86 % 12.46 % 11.58 % 13.98 % Operating return on average tangible common equity (3) 14.00 % 15.93 % 16.18 % 15.90 % 12.49 % 11.62 % 14.03 %

10 Summary Income Statement Footnotes: Tables may not foot due to rounding. (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation. (in millions) For the year ended For the quarter ended FY 2022 FY 2021 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income before provision $1,070.0 $919.6 $305.5 $287.6 $248.2 $228.8 $233.4 Provision (recapture) for credit losses 84.0 (42.7) 32.9 27.6 18.7 4.8 (0.7) Net interest income after provision 986.0 962.3 272.5 260.0 229.5 224.0 234.1 Non-interest income 199.5 356.3 34.9 29.4 55.2 80.0 82.7 Non-interest expense 735.0 760.5 195.0 178.0 179.6 182.4 199.7 Income before provision for income taxes 450.6 558.2 112.4 111.5 105.1 121.5 117.1 Provision for income taxes 113.8 137.9 29.5 27.5 26.5 30.3 28.8 Net income $336.8 $420.3 $83.0 $84.0 $78.6 $91.2 $88.4 Earnings per share, diluted $1.55 $1.91 $0.38 $0.39 $0.36 $0.42 $0.41 Pre-provision net revenue (1), (2) $534.6 $515.5 $145.4 $139.1 $123.8 $126.3 $116.4 Operating pre-provision net revenue (1), (2) $565.0 $522.4 $167.1 $163.8 $126.0 $108.1 $122.6 Operating net income (2) $359.7 $428.2 $99.2 $102.6 $80.3 $77.6 $95.8 Operating earnings per share, diluted (2) $1.65 $1.95 $0.46 $0.47 $0.37 $0.36 $0.44

11 Selected Period-End Balance Sheet Footnotes: Tables may not foot due to rounding. AOCI = Accumulated other comprehensive income. (1) Non-GAAP financial measure. A reconciliation to the comparable GAAP measurement is provided in the appendix of this slide presentation. (in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Total assets $31,848.6 $31,472.0 $30,135.7 $30,637.1 $30,640.9 Interest bearing cash and temporary investments 967.3 1,232.4 687.2 2,358.3 2,539.6 Investment securities available for sale, fair value 3,196.2 3,136.4 3,416.7 3,638.1 3,870.4 Loans and leases, gross 26,156.0 25,508.0 24,432.7 22,975.8 22,553.2 Allowance for credit losses on loans and leases (301.1) (283.1) (261.1) (248.6) (248.4) Other intangible assets, net 4.7 5.8 6.8 7.8 8.8 Deposits 27,065.6 26,817.1 26,132.4 26,699.6 26,594.7 Securities sold under agreements to repurchase 308.8 383.6 528.0 499.5 492.2 Borrowings 906.2 756.2 6.3 6.3 6.3 Total shareholders' equity 2,479.8 2,417.5 2,518.3 2,607.6 2,749.3 Ratios and Per-Share Metrics: Loan to deposit ratio 96.6% 95.1% 93.5% 86.1% 84.8% Book value per common share $11.42 $11.14 $11.60 $12.02 $12.69 Tangible book value per common share (1) $11.40 $11.11 $11.57 $11.98 $12.65 Tangible book value per common share, excluding AOCI (1) $13.37 $13.18 $12.99 $12.83 $12.64 Tangible common equity to tangible assets (1) 7.8% 7.7% 8.3% 8.5% 8.9% Tangible common equity to tangible assets, excluding AOCI (1) 9.1% 9.1% 9.4% 9.1% 8.9%

Income Statement Highlights & Segment Financials Q4 2022

13 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net Interest Income $233.4 $228.8 $248.2 $287.6 $305.5 Accretion Related to Acquired Loans (1.6) (1.4) (1.1) (0.8) (0.4) PPP Accrued Interest (1.4) (0.7) (0.4) (0.2) (0.1) PPP Processing Fees (9.6) (6.1) (2.4) (2.2) (0.5) Net Interest Income excluding acquired loan accretion and PPP $220.8 $220.6 $244.3 $284.4 $304.5 Net Interest Income Net Interest Income $233.4 $228.8 $248.2 $287.6 $305.5 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $200.0 $210.0 $220.0 $230.0 $240.0 $250.0 $260.0 $270.0 $280.0 $290.0 $300.0 $310.0 $320.0 Net Interest Income excluding acquired loan accretion and PPP $220.8 $220.6 $244.3 $284.4 $304.5 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $200.0 $210.0 $220.0 $230.0 $240.0 $250.0 $260.0 $270.0 $280.0 $290.0 $300.0 $310.0 (in m ill io ns ) (in m ill io ns )

14 NIM – MBS & CMO Premium Amortization & Recapture Details FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 MBS & CMO Premium in $ millions (Amortization)/Recapture ($9.7mm) ($1.1mm) ($2.3mm) $0.3mm ($1.3mm) $0.0mm ($0.1mm) Net NIM Impact in basis points (Dilutive)/Accretive (0.03) % 0.00 % (0.03) % 0.00 % (0.02) % 0.00 % 0.00 % Net Interest Margin Footnotes: 1. PPP net impact includes both accrued interest on PPP loans and PPP processing fees. 2. Chart Abbreviations: LHFI = loans held for investment; PPP = Paycheck Protection Program; PAA = purchase accounting adjustments. FY 2021 FY 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net Interest Margin 3.18 % 3.62 % 3.15 % 3.14 % 3.41 % 3.88 % 4.01 % Accretion Related to Acquired Loans (0.03) % (0.01) % (0.02) % (0.02) % (0.01) % (0.01) % (0.01) % Accretion Related to Net PPP Impact¹ (0.10) % (0.03) % (0.09) % (0.06) % (0.02) % (0.02) % 0.00 % Net Interest Margin excluding acquired loan accretion and PPP 3.05 % 3.58 % 3.04 % 3.06 % 3.38 % 3.85 % 4.00 % Net Interest Margin Comparison 3.15% 3.14% 3.41% 3.88% 4.01% 3.04% 3.06% 3.38% 3.85% 4.00% Net Interest Margin Net Interest Margin excluding acquired loan accretion and PPP Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 —% 1.00% 2.00% 3.00% 4.00% Net Interest Margin Q3 2022 vs Q4 2022 3.88% 0.47% 0.07% (0.30)% (0.12)% 0.01% 4.01% Q3 2022 Reported LHFI - Not PPP/PAA² Investments & IB Cash Deposits Debt & TRUPS Other Inputs Q4 2022 Reported

15 Loan Repricing Detail1, 2 (in millions) Q3 2022 Q4 2022 Q3 2022 Q4 2022 Fixed $ 8,702 $ 8,981 34 % 34 % Prime 1,809 1,801 7 % 7 % 1 Month 5,885 6,143 23 % 24 % Floating 7,694 7,944 30 % 31 % Prime 305 302 1 % 1 % 6 month 5,415 5,593 21 % 21 % 1 Year 1,256 1,226 5 % 5 % 3 Year 168 160 1 % 1 % 5 Year 1,299 1,265 5 % 5 % 10 Year 637 650 3 % 2 % Adjustable 9,080 9,196 36 % 35 % Total $ 25,476 $ 26,121 100 % 100 % Loan Maturities at December 31, 2022 <=6 7 to 12 13 to 24 25 to 36 37 to 60 61+ (in millions) Mos Mos Mos Mos Mos Mos Total Fixed $ 1,441 $ 113 $ 336 $ 542 $ 1,243 $ 5,306 $ 8,981 Floating 710 603 904 418 1,220 4,089 7,944 Adjustable 24 34 92 219 444 8,383 9,196 Total $ 2,175 $ 750 $ 1,332 $ 1,179 $ 2,907 $ 17,778 $ 26,121 Interest Rate Sensitivity: Loans Footnotes: 1. Index rates are mapped to the closest material index. 2. Deferred fees and costs drive variances between loan totals on this slide and loan totals in the earnings press release. 3. Loans were grouped into three buckets: (1) No Floor: no contractual floor on the loan; (2) At Floor: current rate = floor; (3) Above Floor: current rate exceeds floor. The amount above the floor was based on the current margin plus the current index assuming the loan repriced on December 31, 2022. The adjustable loans may not reprice until well into the future, depending on the timing and size of interest rate changes. 4. We no longer disclose the required upward interest rate changes necessary to move loans off their floors as this category has declined to only $83 million as of December 31, 2022, and the impact to net interest income when they reprice off their existing floors is relatively de minimis. Floors: Floating and Adjustable Rate Loans at December 31, 20223, 4 (in millions) No Floor At Floor Above Floor Total Floating $5,024 $1 $2,919 $7,944 Adjustable 1,211 82 7,903 9,196 Total $6,235 $83 $10,822 $17,140 % of Total 37% —% 63% 100%

16 Interest Rate Sensitivity: Balance Sheet December 31, 2022: Interest Rate Simulation Impact on Net Interest Income1, 2 Year 1 Year 2 Year 1 Year 2 Ramp Shock Up 200 basis points 1.1% 4.2% 2.7% 5.6% Up 100 basis points 0.6% 2.2% 1.4% 2.9% Down 100 basis points (2.4)% (6.0)% (4.9)% (6.9)% Down 200 basis points (5.1)% (12.9)% (10.6)% (14.8)% Down 300 basis points (7.8)% (19.7)% (16.3)% (22.6)% Deposit Repricing Betas During the Last Rising-Rate Cycle3 Effective Fed Funds Rate (Daily Avg.) Cost of Umpqua Deposits Avg Non-Int Bearing Deposits as % of Total Interest- Bearing Total Q3 2019 2.20% 1.19% 0.82% 31.0% Q2 2019 2.40% 1.16% 0.81% 30.3% Q3 2015 0.14% 0.24% 0.17% 29.5% Variance: Peak (Peak Value less Q3 2015) +2.26% +0.95% +0.65% Umpqua Beta (based on peak Umpqua deposit rate)3 42% 29% Footnotes: 1. For the scenarios shown, the interest rate simulations assume a parallel and sustained shift in market interest rates ratably over a twelve-month period (ramp) or immediately (shock). There is no change in the composition of the size of the balance sheet in either scenario. Interest rate sensitivity in the first year of the net interest income simulation for increasing interest rate ramp scenarios is negatively impacted by the cost of non-maturity deposits repricing immediately while interest earning assets reprice at a slower rate. 2. The simulation repricing beta applied to interest-bearing deposits in the rising rate scenarios is 53% for the December 31, 2022 simulation and 51% for the September 30, 2022 simulation. Betas applied are for future repricing assuming future rate changes, and the simulations assume an immediate repricing impact. 3. Deposit repricing betas are calculated between Q3 2015 and Q3 2019. We use Q3 2019 as our end point despite a 50-basis point reduction in the fed funds target rate (reflected by a 20-basis point reduction in the daily average of the effective funds rate) during the quarter as it represents our peak deposit costs during the last rising rate cycle and it captures the repricing lag effect. September 30, 2022: Interest Rate Simulation Impact on Net Interest Income1, 2 Year 1 Year 2 Year 1 Year 2 Ramp Shock Up 200 basis points 2.0% 6.8% 4.5% 8.6% Up 100 basis points 1.0% 3.5% 2.3% 4.3% Down 100 basis points (3.1)% (7.8)% (6.4)% (8.8)% Down 200 basis points (6.5)% (16.1)% (13.6)% (18.0)% Down 300 basis points (10.2)% (23.5)% (19.9)% (26.2)% Deposit Repricing Betas During the Current Rising-Rate Cycle Effective Fed Funds Rate (Daily Avg.) Cost of Umpqua Deposits Avg Non-Int Bearing Deposits as % of Total Interest- Bearing Total Q4 2022 3.65% 0.77% 0.46% 40.3% Q3 2022 2.20% 0.23% 0.14% 42.3% Q2 2022 0.76% 0.11% 0.06% 42.0% Q1 2022 0.12% 0.10% 0.06% 41.3% Q4 2021 0.08% 0.11% 0.06% 41.7% Variance: Peak (Peak Value less Q4 2021) +3.57% +0.66% +0.40% Umpqua Beta - Cycle-to-Date 18% 11%

17 Non-Interest Income Footnotes: Tables may not foot due to rounding. 1. Commercial product revenue includes Swaps, M&A Advisory, Syndication, and International Banking revenue. (in millions) For the year ended For the quarter ended FY 2022 FY 2021 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Service charges on deposits $48.4 $42.1 $12.1 $12.6 $12.0 $11.6 $11.2 Card-based fees 37.4 36.1 9.0 9.1 10.5 8.7 9.4 Brokerage revenue 0.1 5.1 0.0 0.0 0.0 0.0 0.0 Residential mortgage banking revenue, net 106.9 186.8 (1.8) 17.3 30.5 60.8 43.2 (Loss) gain on equity securities, net (7.1) (1.5) 0.3 (2.6) (2.1) (2.7) (0.5) Gain on loan and lease sales, net 6.7 15.7 1.5 1.5 1.3 2.3 4.8 BOLI income 8.3 8.3 2.0 2.0 2.1 2.1 2.1 Other Income Commercial product revenue¹ $21.0 $23.6 $5.3 $6.4 $4.1 $5.3 $9.0 Commercial servicing revenue 3.1 2.9 0.9 0.7 0.7 0.8 0.7 Loan-related fees 12.5 11.7 3.2 3.2 3.1 3.1 3.1 Change in fair value of certain loans held for investment (58.5) 3.0 4.2 (26.4) (15.2) (21.0) (2.7) Misc. Income 4.6 14.1 0.4 1.3 0.8 1.9 2.7 Swap Derivative Gain/(Loss) 16.3 8.4 (2.3) 4.2 7.3 7.0 (0.3)

18 $199.7 $182.4 $179.6 $178.0 $195.0 63.1% 59.0% 59.1% 56.1% 57.2% Non-interest expense Efficiency ratio Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $155.0 $160.0 $165.0 $170.0 $175.0 $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% Non-Interest Expense Non-Interest Expense and Efficiency Ratio (in millions) Non-Interest Expense Bridge (in millions) $178.0 $(3.2) $5.4 $0.6 $10.9 $3.3 $195.0 Q 3 20 22 N on -In te re st E xp en se Ho m e Le nd in g Di re ct E xp en se St at e & Lo ca l B us in es s Ta xe s Ex it & Di sp os al C os ts M er ge r-r el at ed E xp en se s O th er Q 4 20 22 N on -In te re st E xp en se

19 Segments - Core Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the mortgage banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs. (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income $ 305,030 $ 286,532 $ 247,009 $ 227,087 $ 231,250 Provision (recapture) for credit losses 32,948 27,572 18,692 4,804 (736) Non-interest income Gain on sale of debt securities, net — — — 2 4 Gain (loss) on equity securities, net 284 (2,647) (2,075) (2,661) (466) (Loss) gain on swap derivatives, net (2,329) 4,194 7,337 7,047 (303) Change in fair value of certain loans held for investment 4,192 (26,397) (15,210) (21,049) (2,672) Non-interest income (excluding above items) 34,362 36,769 34,461 35,650 42,812 Total non-interest income 36,509 11,919 24,513 18,989 39,375 Non-interest expense Merger related expenses 11,637 769 2,672 2,278 15,183 Exit and disposal costs 1,966 1,364 442 3,033 3,022 Non-interest expense (excluding above items) 167,267 154,320 148,946 148,423 150,587 Allocated expenses, net1 (1,905) (39) 3,702 3,735 4,314 Total non-interest expense 178,965 156,414 155,762 157,469 173,106 Income before income taxes 129,626 114,465 97,068 83,803 98,255 Provision for income taxes 33,763 28,212 24,530 20,917 24,067 Net income $ 95,863 $ 86,253 $ 72,538 $ 62,886 $ 74,188 Effective Tax Rate 26 % 25 % 25 % 25 % 24 % Efficiency Ratio 52 % 52 % 57 % 64 % 64 % Total assets $ 31,577,603 $ 31,100,700 $ 29,721,590 $ 30,153,079 $ 30,155,058 Total loans and leases $ 26,155,981 $ 25,507,951 $ 24,432,678 $ 22,975,761 $ 22,553,180 Total deposits $ 26,937,431 $ 26,588,217 $ 25,925,294 $ 26,479,078 $ 26,370,568 Key Rates, end of period: 10 year CMT 3.88 % 3.83 % 2.98 % 2.32 % 1.52 % FHLMC 30 year fixed 6.42 % 6.70 % 5.70 % 4.67 % 3.11 %

20 Segments - Mortgage Banking Footnotes: 1. Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs. (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income $ 449 $ 1,072 $ 1,161 $ 1,676 $ 2,129 Provision for credit losses — — — — — Non-interest income Residential mortgage banking revenue: Origination and sale 4,252 10,515 15,101 16,844 23,624 Servicing 9,184 9,529 9,505 9,140 9,457 Change in fair value of MSR asset: Changes due to collection/realization of expected cash flows over time (4,986) (4,978) (4,961) (5,347) (5,311) Changes due to valuation inputs or assumptions (9,914) 16,403 10,899 40,149 15,415 MSR hedge loss (348) (14,128) — — — Non-interest income (excluding above items) 182 185 178 194 178 Total non-interest income (1,630) 17,526 30,722 60,980 43,363 Non-interest expense Non-interest expense 14,112 21,511 27,514 28,696 30,919 Allocated expenses, net1 1,905 39 (3,702) (3,735) (4,314) Total non-interest expense 16,017 21,550 23,812 24,961 26,605 Income before income taxes (17,198) (2,952) 8,071 37,695 18,887 Provision for income taxes (4,299) (739) 2,018 9,424 4,721 Net income $ (12,899) $ (2,213) $ 6,053 $ 28,271 $ 14,166 Effective Tax Rate 25 % 25 % 25 % 25 % 25 % Efficiency Ratio nm 116 % 75 % 40 % 58 % Total assets $ 271,036 $ 371,260 $ 414,104 $ 484,047 $ 485,878 Loans held for sale $ 71,647 $ 148,275 $ 228,889 $ 309,946 $ 353,105 Total deposits $ 128,181 $ 228,890 $ 207,129 $ 220,509 $ 224,117 (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Key Rates, end of period: 10 year CMT 3.88 % 3.83 % 2.98 % 2.32 % 1.52 % FHLMC 30 year fixed 6.42 % 6.70 % 5.70 % 4.67 % 3.11 % LHFS Production Statistics: Closed loan volume for-sale $ 216,833 $ 396,979 $ 576,532 $ 649,122 $ 871,268 Gain on sale margin 1.96% 2.65% 2.62% 2.59% 2.71% Direct LHFS expense $ 7,292 $ 10,465 $ 13,197 $ 14,296 $ 18,150 Direct LHFS expenses as % of volume 3.36 % 2.64 % 2.29 % 2.20 % 2.08 % MSR Statistics: Residential mortgage loans serviced for others $ 13,020,189 $ 12,997,911 $ 12,932,747 $ 12,810,574 $ 12,755,671 MSR, net $ 185,017 $ 196,177 $ 179,558 $ 165,807 $ 123,615 MSR as % of serviced portfolio 1.42% 1.51% 1.39% 1.29% 0.97%

Balance Sheet Highlights Q4 2022

22 Q4 2022 Loan Roll Forward $25,508 $1,187 $81 ($453) ($154) ($14) $1 $26,156 Beginning Balance (9/30/2022) New Originations Net Advances/ Payments Payoffs Maturities PPP Other Ending Balance (12/31/2022) $10,000 $12,500 $15,000 $17,500 $20,000 $22,500 $25,000 $27,500 $ in millions

23 Loan and Lease Characteristics: Overall Portfolio and Q4 2022 Production Footnotes: Portfolio statistics and delinquencies as of December 31, 2022. Annualized net charge-off rate for Q4 2022. LTV (loan-to-value), FICO, and DSC (debt service coverage) are based on weighted average for portfolio. LTV represents average LTV based on most recent appraisal against updated loan balance. Totals may not foot due to rounding. Mortgage • Portfolio average loan size of $452,000 • 4Q22 average loan size of $413,000 • Portfolio average FICO of 761 and LTV of 63% • 4Q22 average FICO of 769 and LTV of 67% • Total delinquencies of 0.52% • Annualized net charge-off rate of 0.00% Non-owner Occupied CRE • Portfolio average loan size of $2.1 million • 4Q22 average loan size of $2.2 million • Portfolio average LTV of 54% and DSC of 1.85 • 4Q22 average LTV of 52% and DSC of 1.77 • Total delinquencies of 0.11% • Annualized net charge-off rate of 0.01% Commercial & Industrial • Portfolio average loan size of $772,000 • 4Q22 average loan size of $1.1 million • Total delinquencies of 0.23% • Annualized net charge-off rate of 0.01% Multifamily • Portfolio average loan size of $2.4 million • 4Q22 average loan size of $3.2 million • Portfolio average LTV of 56% and DSC of 1.48 • 4Q22 average LTV of 52% and DSC of 1.32 • Total delinquencies of 0.00% • Annualized net charge-off rate of 0.00% Owner Occupied CRE • Portfolio average loan size of $1.1 million • 4Q22 average loan size of $2.0 million • Portfolio average LTV of 57% • 4Q22 average LTV of 68% • Total delinquencies of 0.09% • Annualized net charge-off rate of (0.02%) Lease & Equipment Finance (FinPac) • Portfolio average loan & lease size of $40,000 • 4Q22 average loan & lease size of $61,000 • Portfolio average yield: ~10% • Total delinquencies of 4.19% • Annualized net charge-off rate of 2.84% Puget Sound, 15% WA Other, 6% Portland MSA, 13% OR Other, 11% Bay Area, 9% Northern CA, 10% Southern CA, 21% Other, 15% Mortgage, 21% FinPac, 6% C&I, 16% Owner Occupied CRE, 10% Non-OO CRE, 15% Multifamily, 20% Other Loan Categories, 12% Portfolio Composition at December 31, 2022 Geographic Distribution at December 31, 2022

24 CRE and C&I Portfolio Composition Agriculture, 4.4% Contractors, 8.0% Finance/Insurance, 6.5% Manufacturing, 8.5% Professional, 5.9% Public Admin, 7.9% Rental & Leasing, 5.5% Retail, 3.1% Support Services, 4.9% Transportation/ Warehousing, 14.9% Wholesale, 9.0% Gaming, 6.9% Healthcare, 3.3% Other, 11.2% Office, 14.7% Multifamily, 45.0% Industrial, 12.8% Retail, 10.5% Special Purpose, 4.7% Hotel/Motel, 3.0% Other, 9.3% CRE Portfolio Composition $11.7 Billion at December 31, 2022 C&I Portfolio Composition $5.7 Billion at December 31, 2022 Footnotes: CRE portfolio composition includes non-owner occupied term and owner occupied term balances as well as multifamily balances. C&I portfolio composition includes term, lines of credit & other, and leases & equipment finance balances.

25 Current Expected Credit Loss (“CECL”) Footnotes: 1. Total includes $11.9 mm for Reserve for Unfunded Commitments 2. Total includes $14.2 mm for Reserve for Unfunded Commitments Loan Segment 9/30/2022 Q4 2022 Net Charge-offs Reserve build 12/31/2022 % of loans and leases outstanding Commercial $51,665 ($56) $5,013 $56,622 1.42 % Lease & Equipment Finance $102,746 ($11,957) $22,773 $113,562 6.66 % CRE $90,900 $35 ($5,915) $85,020 0.65 % Residential/Home Equity $44,177 ($29) $9,377 $53,525 0.74 % Consumer $5,430 ($503) $1,700 $6,627 4.29 % Total $294,918 ¹ ($12,510) $32,948 $315,356 ² 1.21 % % of loans and leases outstanding 1.16 % 1.21 % Allowance For Credit Losses ($ in 000’s) CECL Notes Used Moody’s November Consensus economic forecast Key Components of the Moody’s economic forecast include: • U.S. real GDP average annualized growth of 0.4% in 2023, 1.4% in 2024, 2.0% in 2025, and 2.0% in 2026 • U.S. unemployment rate average of 4.3% in 2023, 4.5% in 2024, 4.2% in 2025, and 3.9% in 2026 • The average federal funds rate is expected to be 4.9% in 2023, 4.0% in 2024, 2.9% in 2025, and 2.5% in 2026

26 Credit Quality Pr ov is io n or (R ec ap tu re ) Ex pe ns e ($ in m ill io ns ) N on perform ing assets to total assets Provision or (Recapture) Expense & Non-Performing Assets to Total Assets $(0.7) $4.8 $18.7 $27.6 $32.9 0.17% 0.14% 0.15% 0.16% 0.18% Provision or (recapture) expense Non Performing Assets To Total Assets Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $(40.0) $(20.0) $— $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 —% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% C la ss ifi ed L oa ns / To ta l Lo an s C lassified A ssets / R B C Classified Assets 0.71% 0.87% 0.75% 0.74% 0.73% 7.0% 8.8% 7.8% 7.9% 7.8% Classified Loans to Total Loans Classified Assets to Risk-Based Capital Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 —% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% A C L ($ in m ill io ns ) A llow ance / Total Loans and Leases Allowance for Credit Losses $261.2 $261.5 $273.9 $294.9 $315.4 1.16% 1.14% 1.12% 1.16% 1.21% Allowance for credit losses Allowance for credit losses to total loans and leases Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $— $40.0 $80.0 $120.0 $160.0 $200.0 $240.0 $280.0 $320.0 $360.0 $400.0 $440.0 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% Net Charge-offs to Average Loans and Leases (annualized) 1.75% 1.49% 1.47% 1.36% 2.84% 0.13% 0.10% 0.11% 0.11% 0.19% Umpqua Bank (ex FinPac) Fin Pac Umpqua Holding Consolidated Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (0.50)% —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.02% 0.00% 0.01% 0.02% 0.01%

27 Capital Management Footnotes: 1. Regulatory capital amounts and ratios are estimates pending completion and filing of the Company’s regulatory reports. 2. Greater of Regulatory Well Capitalized Threshold or Capital Adequacy Threshold + Capital Conservation Buffer (2.5%). 3.“Excess” Capital defined as capital above thresholds above internal policy limits. All regulatory capital ratios¹ remained in excess of well-capitalized and internal policy limits. Excess capital at the bank level is approximately $234mm¹. Holding company ratios are shown to the right. Declared a quarterly cash dividend of $0.21 per common share on January 11, 2023, payable February 6, 2023, to holders of record as of January 23, 2023. 7.8% 9.2% 11.0% 11.0% 13.7% 5.0% 7.0% 8.5% 10.5% 6.0% 1.5% 2.0% 0.5% 1.5% 1.8% 2.7% 2.0% 2.0% 1.7% Capital Threshold² In-House Policy Floor "Excess" Capital³ Tangible Common Equity/Tangible Assets Tier 1 Leverage Tier 1 Common Risk-Based Tier 1 Risk-Based Total Risk-Based —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Focused on providing long term value for our shareholders

Appendix Non-GAAP Reconciliation

29 Non-GAAP Reconciliation: Tangible Capital (In thousands, except per share data) Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Total shareholders' equity a $2,479,826 $2,417,514 $2,518,276 $2,607,598 $2,749,270 Less: Other intangible assets, net 4,745 5,764 6,789 7,815 8,840 Tangible common shareholders’ equity b 2,475,081 2,411,750 2,511,487 2,599,783 2,740,430 Less: Accumulated other comprehensive income (AOCI) (426,864) (449,560) (308,147) (183,756) 1,759 Tangible common shareholders’ equity, ex AOCI c $2,901,945 $2,861,310 $2,819,634 $2,783,539 $2,738,671 Total assets d $31,848,639 $31,471,960 $30,135,694 $30,637,126 $30,640,936 Less: Other intangible assets, net 4,745 5,764 6,789 7,815 8,840 Tangible assets e $31,843,894 $31,466,196 $30,128,905 $30,629,311 $30,632,096 Common shares outstanding at period end f 217,054 217,053 217,049 216,967 216,626 Total shareholders' equity to total assets ratio a / d 7.79 % 7.68 % 8.36 % 8.51 % 8.97 % Tangible common equity ratio b / e 7.77 % 7.66 % 8.34 % 8.49 % 8.95 % Tangible common equity ratio, ex AOCI c / e 9.11 % 9.09 % 9.36 % 9.09 % 8.94 % Book value per common share a / f $11.42 $11.14 $11.60 $12.02 $12.69 Tangible book value per common share b / f $11.40 $11.11 $11.57 $11.98 $12.65 Tangible book value per common share, ex AOCI c / f $13.37 $13.18 $12.99 $12.83 $12.64

30 Non-GAAP Reconciliation: Umpqua - Consolidated Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income (1) c $ 305,762 $ 287,933 $ 248,522 $ 229,117 $ 233,754 Non-interest income (GAAP) d $ 34,879 $ 29,445 $ 55,235 $ 79,969 $ 82,738 Less: non-interest income adjustments a 8,115 22,575 (951) (23,488) (11,978) Operating non-interest income (non-GAAP) e $ 42,994 $ 52,020 $ 54,284 $ 56,481 $ 70,760 Revenue (GAAP) f $ 340,641 $ 317,378 $ 303,757 $ 309,086 $ 316,492 Operating revenue (non-GAAP) g $ 348,756 $ 339,953 $ 302,806 $ 285,598 $ 304,514 Non-interest expense (GAAP) h $ 194,982 $ 177,964 $ 179,574 $ 182,430 $ 199,711 Less: non-interest expense adjustments b (13,603) (2,133) (3,114) (5,311) (18,205) Operating non-interest expense (non-GAAP) i $ 181,379 $ 175,831 $ 176,460 $ 177,119 $ 181,506 Net income (GAAP) j $ 82,964 $ 84,040 $ 78,591 $ 91,157 $ 88,354 Provision for income taxes 29,464 27,473 26,548 30,341 28,788 Income before provision for income taxes 112,428 111,513 105,139 121,498 117,142 Provision (recapture) for credit losses 32,948 27,572 18,692 4,804 (736) Pre-provision net revenue (PPNR) (non-GAAP) k 145,376 139,085 123,831 126,302 116,406 Less: Non-interest income adjustments a 8,115 22,575 (951) (23,488) (11,978) Add: Non-interest expense adjustments b 13,603 2,133 3,114 5,311 18,205 Operating PPNR (non-GAAP) l $ 167,094 $ 163,793 $ 125,994 $ 108,125 $ 122,633 Net income (GAAP) j $ 82,964 $ 84,040 $ 78,591 $ 91,157 $ 88,354 Less: Non-interest income adjustments a 8,115 22,575 (951) (23,488) (11,978) Add: Non-interest expense adjustments b 13,603 2,133 3,114 5,311 18,205 Tax effect of adjustments (5,459) (6,116) (480) 4,576 1,190 Operating net income (non-GAAP) m $ 99,223 $ 102,632 $ 80,274 $ 77,556 $ 95,771 (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Non-Interest Income Adjustments Gain on sale of debt securities, net $ — $ — $ — $ 2 $ 4 Gain (loss) on equity securities, net 284 (2,647) (2,075) (2,661) (466) (Loss) gain on swap derivatives (2,329) 4,194 7,337 7,047 (303) Change in fair value of certain loans held for investment 4,192 (26,397) (15,210) (21,049) (2,672) Change in fair value of MSR due to valuation inputs or assumptions (9,914) 16,403 10,899 40,149 15,415 MSR hedge loss (348) (14,128) — — — Total non-interest income adjustments a $ (8,115) $ (22,575) $ 951 $ 23,488 $ 11,978 Non-Interest Expense Adjustments Merger related expenses $ 11,637 $ 769 $ 2,672 $ 2,278 $ 15,183 Exit and disposal costs 1,966 1,364 442 3,033 3,022 Total non-interest expense adjustments b $ 13,603 $ 2,133 $ 3,114 $ 5,311 $ 18,205

31 Non-GAAP Reconciliation: Umpqua - Consolidated (cont.) (In Thousands, except per share data) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Select Per-Share & Performance Metrics Earnings-per-share - basic j/r $ 0.38 $ 0.39 $ 0.36 $ 0.42 $ 0.41 Earnings-per-share - diluted j/s $ 0.38 $ 0.39 $ 0.36 $ 0.42 $ 0.41 Efficiency ratio h/f 57.24 % 56.07 % 59.12 % 59.02 % 63.10 % PPNR return on average assets k/n 1.82 % 1.80 % 1.64 % 1.67 % 1.50 % Return on average assets j/n 1.04 % 1.09 % 1.04 % 1.21 % 1.13 % Return on average tangible assets j/o 1.04 % 1.09 % 1.04 % 1.21 % 1.14 % Return on average common equity j/p 13.50 % 12.99 % 12.20 % 13.62 % 12.90 % Return on average tangible common equity j/q 13.53 % 13.02 % 12.23 % 13.66 % 12.94 % Operating Per-Share & Performance Metrics Operating earnings-per-share - basic m/r $ 0.46 $ 0.47 $ 0.37 $ 0.36 $ 0.44 Operating earnings-per-share - diluted m/s $ 0.46 $ 0.47 $ 0.37 $ 0.36 $ 0.44 Operating efficiency ratio i/g 52.01 % 51.72 % 58.27 % 62.02 % 59.61 % Operating PPNR return on average assets l/n 2.10 % 2.12 % 1.66 % 1.43 % 1.58 % Operating return on average assets m/n 1.24 % 1.33 % 1.06 % 1.03 % 1.23 % Operating return on average tangible assets m/o 1.24 % 1.33 % 1.06 % 1.03 % 1.23 % Operating return on average common equity m/p 16.14 % 15.86 % 12.46 % 11.58 % 13.98 % Operating return on average tangible common equity m/q 16.18 % 15.90 % 12.49 % 11.62 % 14.03 % (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Average Assets n $ 31,637,490 $ 30,668,177 $ 30,356,903 $ 30,597,413 $ 30,886,378 Less: Average goodwill and other intangible assets, net 5,298 6,343 7,379 8,407 9,491 Average tangible assets o $ 31,632,192 $ 30,661,834 $ 30,349,524 $ 30,589,006 $ 30,876,887 Average common shareholders’ equity p $ 2,438,639 $ 2,567,266 $ 2,584,836 $ 2,715,059 $ 2,717,753 Less: Average goodwill and other intangible assets, net 5,298 6,343 7,379 8,407 9,491 Average tangible common equity q $ 2,433,341 $ 2,560,923 $ 2,577,457 $ 2,706,652 $ 2,708,262 Weighted average basic shares outstanding r 217,054 217,051 217,030 216,782 216,624 Weighted average diluted shares outstanding s 217,566 217,386 217,279 217,392 217,356

32 Non-GAAP Reconciliation: Core Banking Segment Footnotes: (1) Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate. (2) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments. (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income (1) c $ 305,313 $ 286,861 $ 247,361 $ 227,441 $ 231,625 Non-interest income (GAAP) d $ 36,509 $ 11,919 $ 24,513 $ 18,989 $ 39,375 Less: non-interest income adjustments a (2,147) 24,850 9,948 16,661 3,437 Operating non-interest income (non-GAAP) e $ 34,362 $ 36,769 $ 34,461 $ 35,650 $ 42,812 Revenue (GAAP) f $ 341,822 $ 298,780 $ 271,874 $ 246,430 $ 271,000 Operating revenue (non-GAAP) g $ 339,675 $ 323,630 $ 281,822 $ 263,091 $ 274,437 Non-interest expense (GAAP) (2) h $ 178,965 $ 156,414 $ 155,762 $ 157,469 $ 173,106 Less: non-interest expense adjustments b (13,603) (2,133) (3,114) (5,311) (18,205) Operating non-interest expense (non-GAAP) i $ 165,362 $ 154,281 $ 152,648 $ 152,158 $ 154,901 Net income (GAAP) j $ 95,863 $ 86,253 $ 72,538 $ 62,886 $ 74,188 Provision for income taxes 33,763 28,212 24,530 20,917 24,067 Income before provision for income taxes 129,626 114,465 97,068 83,803 98,255 Provision (recapture) for credit losses 32,948 27,572 18,692 4,804 (736) Pre-provision net revenue (PPNR) (non-GAAP) k 162,574 142,037 115,760 88,607 97,519 Less: Non-interest income adjustments a (2,147) 24,850 9,948 16,661 3,437 Add: Non-interest expense adjustments b 13,603 2,133 3,114 5,311 18,205 Operating PPNR (non-GAAP) l $ 174,030 $ 169,020 $ 128,822 $ 110,579 $ 119,161 Net income (GAAP) j $ 95,863 $ 86,253 $ 72,538 $ 62,886 $ 74,188 Less: Non-interest income adjustments a (2,147) 24,850 9,948 16,661 3,437 Add: Non-interest expense adjustments b 13,603 2,133 3,114 5,311 18,205 Tax effect of adjustments (2,893) (6,685) (3,205) (5,461) (2,664) Operating net income (non-GAAP) m $ 104,426 $ 106,551 $ 82,395 $ 79,397 $ 93,166 (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Non-Interest Income Adjustments Gain on sale of debt securities, net $ — $ — $ — $ 2 $ 4 Gain (loss) on equity securities, net 284 (2,647) (2,075) (2,661) (466) (Loss) gain on swap derivatives (2,329) 4,194 7,337 7,047 (303) Change in fair value of certain loans held for investment 4,192 (26,397) (15,210) (21,049) (2,672) Total non-interest income adjustments a $ 2,147 $ (24,850) $ (9,948) $ (16,661) $ (3,437) Non-interest Expense Adjustments Merger related expenses $ 11,637 $ 769 $ 2,672 $ 2,278 $ 15,183 Exit and disposal costs 1,966 1,364 442 3,033 3,022 Total non-interest expense adjustments b $ 13,603 $ 2,133 $ 3,114 $ 5,311 $ 18,205 Efficiency ratio h/f 52.36 % 52.35 % 57.29 % 63.90 % 63.88 % Operating efficiency ratio i/g 48.68 % 47.67 % 54.16 % 57.83 % 56.44 % Core Banking net income / Consolidated net income 115.55 % 102.63 % 92.30 % 68.99 % 83.97 % Core Banking operating net income / Consolidated operating net income 105.24 % 103.82 % 102.64 % 102.37 % 97.28 %

33 Non-GAAP Reconciliation: Mortgage Banking Segment Footnotes: (1) Includes adjustments related to allocated expenses between the Core Banking and Mortgage Banking segments. (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net interest income c $ 449 $ 1,072 $ 1,161 $ 1,676 $ 2,129 Non-interest income (GAAP) d $ (1,630) $ 17,526 $ 30,722 $ 60,980 $ 43,363 Less: non-interest income adjustments a 10,262 (2,275) (10,899) (40,149) (15,415) Operating non-interest income (non-GAAP) e $ 8,632 $ 15,251 $ 19,823 $20,831 $27,948 Revenue (GAAP) f $ (1,181) $ 18,598 $ 31,883 $ 62,656 $ 45,492 Operating revenue (non-GAAP) g $ 9,081 $ 16,323 $ 20,984 $ 22,507 $ 30,077 Non-interest expense (GAAP) (1) h $ 16,017 $ 21,550 $ 23,812 $ 24,961 $ 26,605 Less: non-interest expense adjustments b — — — — — Operating non-interest expense (non-GAAP) i $ 16,017 $ 21,550 $ 23,812 $ 24,961 $ 26,605 Net income (GAAP) j $ (12,899) $ (2,213) $ 6,053 $ 28,271 $ 14,166 Provision for income taxes (4,299) (739) 2,018 9,424 4,721 Income before provision for income taxes (17,198) (2,952) 8,071 37,695 18,887 Provision for credit losses — — — — — Pre-provision net revenue (PPNR) (non-GAAP) k (17,198) (2,952) 8,071 37,695 18,887 Less: Non-interest income adjustments a 10,262 (2,275) (10,899) (40,149) (15,415) Add: Non-interest expense adjustments b — — — — — Operating PPNR (non-GAAP) l $ (6,936) $ (5,227) $ (2,828) $ (2,454) $ 3,472 Net income (GAAP) j $ (12,899) $ (2,213) $ 6,053 $ 28,271 $ 14,166 Less: Non-interest income adjustments a 10,262 (2,275) (10,899) (40,149) (15,415) Add: Non-interest expense adjustments b — — — — — Tax effect of adjustments (2,566) 569 2,725 10,037 3,854 Operating net income (non-GAAP) m $ (5,203) $ (3,919) $ (2,121) $ (1,841) $ 2,605 (In Thousands) For the Quarter Ended Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Non-Interest Income Adjustments Change in fair value of MSR due to valuation inputs or assumptions $ (9,914) $ 16,403 $ 10,899 $ 40,149 $ 15,415 MSR hedge loss (348) (14,128) — — — Total non-interest income adjustments a $ (10,262) $ 2,275 $ 10,899 $ 40,149 $ 15,415 Total non-interest expense adjustments b $ — $ — $ — $ — $ — Efficiency ratio h/f nm 115.87 % 74.69 % 39.84 % 58.48 % Operating efficiency ratio i/g 176.38 % 132.02 % 113.48 % 110.90 % 88.46 % Mortgage Banking net income / Consolidated net income (15.55) % (2.63) % 7.70 % 31.01 % 16.03 % Mortgage Banking operating net income / Consolidated operating net income (5.24) % (3.82) % (2.64) % (2.37) % 2.72 %