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    UMPQUA REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS

    1/23/23 5:54:00 PM ET
    $UMPQ
    Commercial Banks
    Finance
    Get the next $UMPQ alert in real time by email

    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%

    PORTLAND, Ore., Jan. 23, 2023 /PRNewswire/ -- 

    (PRNewsfoto/Umpqua Holdings Corporation)

     

    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

          $31.8B



          $31.5B



          $30.6B

    Loans and leases

          $26.2B



          $25.5B



          $22.6B

    Total deposits

          $27.1B



          $26.8B



          $26.6B

    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

     

    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 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 share[1] 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.

    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.

    Register for the call: https://register.vevent.com/register/BIe0ddbff7399e4e01aaf5599b227fe00d

    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.

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

     

    TABLE INDEX



    Page

    Consolidated Statements of Operations

    7

    Consolidated Balance Sheets

    9

    Financial Highlights

    10

    Loan & Lease Portfolio Balances and Mix

    11

    Deposit Balances, Mix, and Select Account Details

    13

    Credit Quality - Non-performing Assets

    14

    Credit Quality - Allowance for Credit Losses

    15

    Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates

    17

    Segments

    19

    GAAP to Non-GAAP Reconciliation

    22

     

    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 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 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 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 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 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 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 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 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 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 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 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 %

     

    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 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 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.

     

    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 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 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 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 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 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













    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 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













     

     

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

     

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/umpqua-reports-fourth-quarter-and-full-year-2022-results-301728638.html

    SOURCE Umpqua Holdings Corporation

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