Net earnings of $91.0 million, or $0.41 per common share
Strong quarterly deposit growth of $398.8 million, offset by $250.6 million of intentional run-off from brokered deposits, for net deposit growth of $148.2 million
Operational excellence initiatives helping drive lower expenses, 3Q efficiency ratio improved to 57.06%

PORTLAND, Ore., Oct. 17, 2018 (GLOBE NEWSWIRE) -- Umpqua Holdings Corporation (NASDAQ: UMPQ) (the “Company”) reported net earnings available to common shareholders of $91.0 million for the third quarter of 2018, compared to $66.0 million for the second quarter of 2018 and $63.8 million for the third quarter of 2017.  Earnings per diluted common share were $0.41 for the third quarter of 2018, compared to $0.30 for the second quarter of 2018 and $0.29 for the third quarter of 2017.

“Our financial performance improved significantly during the third quarter, driven by stronger net interest income and lower core expenses,” said Cort O'Haver, president and CEO of Umpqua Holdings Corporation.  “The benefits from our operational excellence initiatives are starting to take hold, with an 8% reduction in non-interest expense and a 57% quarterly efficiency ratio.  Net interest income was also stronger, benefiting from a very strong core deposit quarter, along with continued growth in the loan and lease portfolio.  As we continue to build on the foundation of Umpqua Next Gen, our focus remains on completing the operational excellence initiatives and continuing to advance our human digital strategy, which will drive enhanced profitability and long-term shareholder value.”

Notable items that impacted the third quarter 2018 financial results included:

• $3.5 million in restructuring charges related to operational excellence initiatives, all in professional fees.  This compares to $8.2 million in the prior quarter, including $4.1 million in severance-related expense and $4.1 million in professional fees.
• $7.0 million increase in interest income on taxable investment securities related to a further refinement of accounting methodology on the interest method for residential mortgage-backed securities and collateralized mortgage obligations.  In the second quarter of 2018, the Company took an out of period adjustment related to an initial change in accounting methodology, resulting in a decrease in interest income on taxable investment securities of $7.2 million.  Excluding the impacts from these adjustments, interest income on taxable investment securities would have increased by $1.7 million over the prior quarter level.
• $0.2 million positive adjustment related to the fair value change of the MSR asset, compared to a $5.4 million negative adjustment in the prior quarter and a $9.2 million negative adjustment in the same period of the prior year.
• $0.2 million gain related to the fair value change of the debt capital market swap derivatives, compared to a gain of $0.3 million in the prior quarter and a loss of $0.2 million in the same period of the prior year.
• $1.0 million of exit or disposal costs, compared to $2.6 million in the prior quarter and $1.6 million in the same period of the prior year.
• $0.5 million unrealized holding loss on equity securities, compared to a loss of $1.4 million in the prior quarter and no gain or loss recorded in the same period of the prior year.

Third Quarter 2018 Highlights (compared to prior quarter):

• Net interest income increased by $16.5 million.  Excluding the impact of the changes in accounting methodology to the interest method for residential mortgage-backed securities and collateralized mortgage obligations (see notable items above), net interest income increased by $2.3 million.  This increase was primarily attributable to a higher average balance of loans and leases;
• Provision for loan and lease losses decreased by $1.6 million, driven primarily by improvement in the loan and lease portfolio, while net charge-offs increased by three basis points to 0.25% of average loans and leases (annualized);
• Non-interest income increased by $0.7 million, reflecting higher gains on portfolio loan sales and a lower unrealized holding loss on equity securities, partially offset by lower residential mortgage banking revenue;
• Non-interest expense decreased by $16.3 million, driven primarily by lower restructuring charges (see notable items above), lower mortgage banking-related expense, lower salaries and benefits related to operational excellence initiatives and lower exit or disposal costs;
• Non-performing assets to total assets was 0.37%;
• Estimated total risk-based capital ratio of 13.7% and estimated Tier 1 common to risk weighted assets ratio of 10.8%; and
• Increased the quarterly cash dividend by 5% to $0.21 per common share.

Balance Sheet
Total consolidated assets were $26.6 billion as of September 30, 2018, compared to $26.5 billion as of June 30, 2018 and $25.6 billion as of September 30, 2017.  Including secured off-balance sheet lines of credit, total available liquidity was $10.8 billion as of September 30, 2018, representing 40% of total assets and 51% of total deposits.

Gross loans and leases were $19.9 billion as of September 30, 2018, an increase of $214.5 million from $19.6 billion as of June 30, 2018.  This increase reflects balanced growth within the commercial term, construction & development, multifamily, and residential mortgage loan portfolios.  This growth was partially offset by a decline in consumer loans attributable to the Company's decision to wind down its indirect auto loan business, along with $41.7 million of portfolio residential mortgage loans sold.

Total deposits were $20.9 billion as of September 30, 2018, an increase of $148.2 million from $20.7 billion as of June 30, 2018.  This increase was attributable to higher balances of non-interest bearing demand, savings and money market deposits, partially offset by lower time deposits related primarily to the intentional run-off of wholesale brokered deposits.

Net Interest Income
Net interest income was $241.4 million for the third quarter of 2018, up $16.5 million from the prior quarter.  Excluding the impact of the changes in accounting methodology to the interest method for residential mortgage-backed securities and collateralized mortgage obligations (see notable items above), net interest income would have increased by $2.3 million, which was attributable to higher average balances of loans and leases and interest bearing cash.

The Company’s net interest margin was 4.09% for the third quarter of 2018, up 20 basis points from 3.89% for the second quarter of 2018.  Excluding the impact of the changes in accounting methodology to the interest method for residential mortgage-backed securities and collateralized mortgage obligations (see notable items above), net interest margin would have decreased by 5 basis points on a linked quarter basis.  This decrease was primarily attributable to lower accretion related to acquired loans, which decreased to $4.9 million for the third quarter of 2018, compared to $7.9 million in the prior quarter.  Excluding the impacts from the accounting change and the lower level of accretion, net interest margin increased by one basis point from the prior quarter level.

Credit Quality
The allowance for loan and lease losses was $144.0 million, or 0.73% of loans and leases, as of September 30, 2018, compared to $144.6 million, or 0.74% of loans and leases, as of June 30, 2018.  The provision for loan and lease losses was $11.7 million for the third quarter of 2018, a decrease of $1.6 million from the prior quarter level, driven primarily by an improvement in the loan and lease portfolio.  Net charge-offs increased by three basis points to 0.25% of average loans and leases (annualized).  As of September 30, 2018, non-performing assets were 0.37% of total assets, compared to 0.34% as of June 30, 2018 and 0.30% as of September 30, 2017.

Non-interest Income
Non-interest income was $72.4 million for the third quarter of 2018, up $0.7 million from the prior quarter, reflecting a higher fair value of the MSR asset (see notable items above), higher gains on portfolio loan sales and a lower unrealized holding loss on equity securities, partially offset by lower net revenue from the origination and sale of residential mortgages.

Net revenue from the origination and sale of residential mortgages was $21.0 million for the third quarter of 2018, down $7.2 million from the prior quarter.  This decrease reflects a 10% linked quarter decrease in for-sale mortgage origination volume, and a 58 basis point decrease in the home lending gain on sale margin to 2.77% for the third quarter of 2018.  The decrease in the home lending gain on sale margin was primarily related to a decline in the mortgage rate lock pipeline.  Of the current quarter’s mortgage production, 82% related to purchase activity, compared to 81% for the prior quarter and 74% for the same period of the prior year.

Non-interest Expense
Non-interest expense was $179.3 million for the third quarter of 2018, down $16.3 million from the prior quarter level.  This decrease was driven primarily by lower salaries and benefits expense, resulting from the Company's organizational simplification and design phase of the operational excellence initiatives, along with a $4.7 million decline in restructuring charges, and a $1.8 million decrease in mortgage banking-related expense, consistent with the decrease in mortgage originations.  Exit or disposal costs decreased by $1.6 million from the prior quarter level.

Capital
As of September 30, 2018, the Company’s tangible book value per common share¹ was $9.95, compared to $9.84 in the prior quarter and $9.66 in the same period of the prior year.  During the third quarter of 2018, the Company increased its quarterly cash dividend by 5% to $0.21 per common share.

¹ "Non-GAAP" financial measure. More information regarding this measurement and a reconciliation to the comparable GAAP measurement is provided under the heading Non-GAAP Financial Measures below.

The Company’s estimated total risk-based capital ratio was 13.7% and its estimated Tier 1 common to risk weighted assets ratio was 10.8% as of September 30, 2018.  The Company remains above current “well-capitalized” regulatory minimums. The regulatory capital ratios as of September 30, 2018 are estimates, pending completion and filing of the Company’s regulatory reports.

Presentation of Prior Period Financials
Certain prior period amounts in the financial statements presented in this earnings release have been re-stated from prior earnings releases, due to prior period adjustments as disclosed in the notes to the financial statements for the June 30, 2018 Form 10-Q.  Additional explanation will be included in Note 1 to the financial statements for the quarter ended September 30, 2018 as part of the Form 10-Q.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures.  The Company believes that these non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this document are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

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

The following table provides reconciliations of ending shareholders’ equity (GAAP) to ending tangible common equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(In thousands, except per share data)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017
Total shareholders' equity		$	4,003,893			$	3,981,087			$	3,969,767			$	3,969,367			$	3,946,461
Subtract:
Goodwill		1,787,651				1,787,651				1,787,651				1,787,651				1,787,651
Other intangible assets, net		25,506				27,047				28,589				30,130				31,819
Tangible common shareholders' equity		$	2,190,736			$	2,166,389			$	2,153,527			$	2,151,586			$	2,126,991
Total assets		$	26,615,067			$	26,480,601			$	25,816,402			$	25,680,447			$	25,632,339
Subtract:
Goodwill		1,787,651				1,787,651				1,787,651				1,787,651				1,787,651
Other intangible assets, net		25,506				27,047				28,589				30,130				31,819
Tangible assets		$	24,801,910			$	24,665,903			$	24,000,162			$	23,862,666			$	23,812,869
Common shares outstanding at period end		220,238				220,205				220,461				220,149				220,225
Total shareholders' equity to total assets ratio		15.04		%		15.03		%		15.38		%		15.46		%		15.40		%
Tangible common equity ratio		8.83		%		8.78		%		8.97		%		9.02		%		8.93		%
Book value per common share		$	18.18			$	18.08			$	18.01			$	18.03			$	17.92
Tangible book value per common share		$	9.95			$	9.84			$	9.77			$	9.77			$	9.66

About Umpqua Holdings Corporation
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. Umpqua Bank has locations across Oregon, Washington, California, Idaho and Nevada.  Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon, and Pivotus Ventures, an enterprise software and innovation company headquartered in Silicon Valley.  Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit umpquabank.com.

Earnings Conference Call Information
The Company will host its third quarter 2018 earnings conference call on Thursday, October 18, 2018, 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 third quarter 2018 financial results.  There will be a live question-and-answer session following the presentation.  To join the call, please dial (888) 220-8474 ten minutes prior to the start time and enter conference ID: 3108656.  A re-broadcast will be available approximately two hours after the call by dialing (888) 203-1112 and entering conference ID 3108656.  The earnings conference call will also be available as an audiocast, which can be accessed on the Company’s investor relations page at 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. In this press release we make forward-looking statements about corporate initiatives and related profitability and cost savings.  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, prolonged low interest rate environment; the effect of interest rate increases on the cost of deposits; unanticipated weakness in loan demand or loan pricing; deterioration in the economy; lack of strategic growth opportunities or our failure to execute on those opportunities; our ability to effectively manage problem credits; our ability to successfully implement efficiency and operational excellence initiatives on time and in amounts projected; our ability to successfully develop and market new products and technology; and changes in laws or regulations.

Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				% Change
(In thousands, except per share data)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Interest income:
Loans and leases		$	246,410			$	242,123			$	229,488			$	225,538			$	226,068			2	%		9	%
Interest and dividends on investments:
Taxable		24,435				8,499				15,699				14,857				13,979				188	%		75	%
Exempt from federal income tax		2,048				2,057				2,128				2,121				2,125				0	%		(4	)%
Dividends		549				433				468				386				357				27	%		54	%
Temporary investments and interest bearing deposits		2,800				2,080				1,164				1,565				934				35	%		200	%
Total interest income		276,242				255,192				248,947				244,467				243,463				8	%		13	%
Interest expense:
Deposits		25,692				21,259				15,610				13,241				12,052				21	%		113	%
Securities sold under agreement to repurchase and federal funds purchased		103				155				63				43				81				(34	)%		27	%
Term debt		3,439				3,478				3,361				3,496				3,491				(1	)%		(1	)%
Junior subordinated debentures		5,640				5,400				4,932				4,734				4,628				4	%		22	%
Total interest expense		34,874				30,292				23,966				21,514				20,252				15	%		72	%
Net interest income		241,368				224,900				224,981				222,953				223,211				7	%		8	%
Provision for loan and lease losses		11,711				13,319				13,656				12,928				11,997				(12	)%		(2	)%
Non-interest income:
Service charges on deposits		15,574				15,520				14,995				15,413				15,849				0	%		(2	)%
Brokerage revenue		3,947				4,161				4,194				4,226				3,832				(5	)%		3	%
Residential mortgage banking revenue, net		31,484				33,163				38,438				42,118				33,430				(5	)%		(6	)%
Gain (loss) on sale of investment securities, net		—				14				—				—				(6		)		(100	)%		(100	)%
Unrealized holding losses on equity securities		(462		)		(1,432		)		—				—				—				(68	)%		nm
Gain on loan sales, net		2,772				1,348				1,230				3,688				9,260				106	%		(70	)%
Loss on junior subordinated debentures carried at fair value		—				—				—				(10,010		)		(1,590		)		0	%		(100	)%
BOLI income		2,051				2,060				2,070				2,015				2,041				0	%		0	%
Other income		17,022				16,817				17,640				13,000				13,877				1	%		23	%
Total non-interest income		72,388				71,651				78,567				70,450				76,693				1	%		(6	)%
Non-interest expense:
Salaries and employee benefits		103,575				113,340				106,551				114,414				108,732				(9	)%		(5	)%
Occupancy and equipment, net		36,530				37,584				38,661				37,269				37,648				(3	)%		(3	)%
Intangible amortization		1,541				1,542				1,541				1,689				1,689				0	%		(9	)%
FDIC assessments		4,303				4,692				4,480				2,075				4,405				(8	)%		(2	)%
Gain on other real estate owned, net		(128		)		(92		)		(38		)		(83		)		(99		)		39	%		29	%
Merger related expenses		—				—				—				—				6,664				0	%		(100	)%
Other expenses		33,471				38,506				34,918				37,422				29,315				(13	)%		14	%
Total non-interest expense		179,292				195,572				186,113				192,786				188,354				(8	)%		(5	)%
Income before provision for income taxes		122,753				87,660				103,779				87,689				99,553				40	%		23	%
Provision for income taxes		31,772				21,661				24,807				12,438				35,746				47	%		(11	)%
Net income		90,981				65,999				78,972				75,251				63,807				38	%		43	%
Dividends and undistributed earnings allocated to participating securities		5				4				6				15				14				25	%		(64	)%
Net earnings available to common shareholders		$	90,976			$	65,995			$	78,966			$	75,236			$	63,793			38	%		43	%
Weighted average basic shares outstanding		220,224				220,283				220,370				220,194				220,215				0	%		0	%
Weighted average diluted shares outstanding		220,620				220,647				220,825				220,873				220,755				0	%		0	%
Earnings per common share – basic		$	0.41			$	0.30			$	0.36			$	0.34			$	0.29			37	%		41	%
Earnings per common share – diluted		$	0.41			$	0.30			$	0.36			$	0.34			$	0.29			37	%		41	%
nm = not meaningful

Umpqua Holdings Corporation
Consolidated Statements of Income
(Unaudited)
		Nine Months Ended								% Change
(In thousands, except per share data)		Sep 30, 2018				Sep 30, 2017				Year over Year
Interest income
Loans and leases		$	718,021			$	645,780			11	%
Interest and dividends on investments:
Taxable		48,633				43,130				13	%
Exempt from federal income tax		6,233				6,604				(6	)%
Dividends		1,450				1,105				31	%
Temporary investments and interest bearing deposits		6,044				2,815				115	%
Total interest income		780,381				699,434				12	%
Interest expense
Deposits		62,561				32,341				93	%
Securities sold under agreement to repurchase and federal funds purchased		321				432				(26	)%
Term debt		10,278				10,663				(4	)%
Junior subordinated debentures		15,972				13,266				20	%
Total interest expense		89,132				56,702				57	%
Net interest income		691,249				642,732				8	%
Provision for loan and lease losses		38,686				34,326				13	%
Non-interest income
Service charges on deposits		46,089				46,056				0	%
Brokerage revenue		12,302				11,857				4	%
Residential mortgage banking revenue, net		103,085				94,158				9	%
Gain on sale of investment securities, net		14				27				(48	)%
Unrealized holding losses on equity securities		(1,894		)		—				nm
Gain on loan sales, net		5,350				14,324				(63	)%
Loss on junior subordinated debentures carried at fair value		—				(4,717		)		(100	)%
BOLI income		6,181				6,199				0	%
Other income		51,479				40,133				28	%
Total non-interest income		222,606				208,037				7	%
Non-interest expense
Salaries and employee benefits		323,466				323,766				0	%
Occupancy and equipment, net		112,775				113,276				0	%
Intangible amortization		4,624				5,067				(9	)%
FDIC assessments		13,475				12,939				4	%
Gain on other real estate owned, net		(258		)		(474		)		(46	)%
Merger related expenses		—				9,324				(100	)%
Other expenses		106,895				91,191				17	%
Total non-interest expense		560,977				555,089				1	%
Income before provision for income taxes		314,192				261,354				20	%
Provision for income taxes		78,240				94,292				(17	)%
Net income		235,952				167,062				41	%
Dividends and undistributed earnings allocated to participating securities		15				40				(63	)%
Net earnings available to common shareholders		$	235,937			$	167,022			41	%
Weighted average basic shares outstanding		220,292				220,270				0	%
Weighted average diluted shares outstanding		220,751				220,793				0	%
Earnings per common share – basic		$	1.07			$	0.76			41	%
Earnings per common share – diluted		$	1.07			$	0.76			41	%
nm = not meaningful

Umpqua Holdings Corporation Consolidated Balance Sheets
(Unaudited)
																						% Change
(In thousands, except per share data)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Assets:
Cash and due from banks		$	308,938			$	314,513			$	304,681			$	330,856			$	304,760			(2	)%		1	%
Interest bearing cash and temporary investments		570,321				488,499				264,508				303,424				540,806				17	%		5	%
Investment securities:
Equity and other, at fair value		62,454				64,297				63,295				12,255				11,919				(3	)%		424	%
Available for sale, at fair value		2,864,394				2,854,398				2,947,414				3,065,769				3,047,358				0	%		(6	)%
Held to maturity, at amortized cost		3,672				3,586				3,667				3,803				3,905				2	%		(6	)%
Loans held for sale, at fair value		289,537				432,642				299,739				259,518				417,470				(33	)%		(31	)%
Loans and leases		19,854,033				19,639,494				19,255,348				19,019,192				18,614,438				1	%		7	%
Allowance for loan and lease losses		(144,026		)		(144,556		)		(141,933		)		(140,608		)		(139,503		)		0	%		3	%
Loans and leases, net		19,710,007				19,494,938				19,113,415				18,878,584				18,474,935				1	%		7	%
Restricted equity securities		40,269				42,320				43,501				43,508				45,509				(5	)%		(12	)%
Premises and equipment, net		237,456				245,954				259,354				269,182				276,316				(3	)%		(14	)%
Goodwill		1,787,651				1,787,651				1,787,651				1,787,651				1,787,651				0	%		0	%
Other intangible assets, net		25,506				27,047				28,589				30,130				31,819				(6	)%		(20	)%
Residential mortgage servicing rights, at fair value		175,038				166,217				164,760				153,151				141,225				5	%		24	%
Other real estate owned		11,774				12,101				13,055				11,734				4,160				(3	)%		183	%
Bank owned life insurance		311,922				309,844				307,745				306,864				305,572				1	%		2	%
Other assets		216,128				236,594				215,028				224,018				238,934				(9	)%		(10	)%
Total assets		$	26,615,067			$	26,480,601			$	25,816,402			$	25,680,447			$	25,632,339			1	%		4	%
Liabilities:
Deposits		$	20,892,774			$	20,744,526			$	20,106,856			$	19,948,300			$	19,851,910			1	%		5	%
Securities sold under agreements to repurchase		286,975				273,666				291,984				294,299				321,542				5	%		(11	)%
Term debt		751,764				801,739				801,868				802,357				852,306				(6	)%		(12	)%
Junior subordinated debentures, at fair value		282,846				280,669				278,410				277,155				266,875				1	%		6	%
Junior subordinated debentures, at amortized cost		88,781				88,838				88,895				100,609				100,690				0	%		(12	)%
Deferred tax liability, net		22,413				27,255				24,151				21,930				26,898				(18	)%		(17	)%
Other liabilities		285,621				282,821				254,471				266,430				265,657				1	%		8	%
Total liabilities		22,611,174				22,499,514				21,846,635				21,711,080				21,685,878				0	%		4	%
Shareholders' equity:
Common stock		3,510,949				3,509,146				3,515,506				3,517,258				3,516,558				0	%		0	%
Retained earnings		568,619				524,031				502,215				477,101				437,427				9	%		30	%
Accumulated other comprehensive loss		(75,675		)		(52,090		)		(47,954		)		(24,992		)		(7,524		)		45	%		906	%
Total shareholders' equity		4,003,893				3,981,087				3,969,767				3,969,367				3,946,461				1	%		1	%
Total liabilities and shareholders' equity		$	26,615,067			$	26,480,601			$	25,816,402			$	25,680,447			$	25,632,339			1	%		4	%
Common shares outstanding at period end		220,238				220,205				220,461				220,149				220,225				0	%		0	%
Book value per common share		$	18.18			$	18.08			$	18.01			$	18.03			$	17.92			1	%		1	%
Tangible book value per common share		$	9.95			$	9.84			$	9.77			$	9.77			$	9.66			1	%		3	%
Tangible equity - common		$	2,190,736			$	2,166,389			$	2,153,527			$	2,151,586			$	2,126,991			1	%		3	%
Tangible common equity to tangible assets		8.83		%		8.78		%		8.97		%		9.02		%		8.93		%		0.05			(0.10	)

Umpqua Holdings Corporation
Loan and Lease Portfolio
(Unaudited)
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				% Change
		Amount				Amount				Amount				Amount				Amount				Seq. Quarter			Year over Year
Loans and leases:
Commercial real estate:
Non-owner occupied term, net		$	3,527,357			$	3,518,982			$	3,519,366			$	3,483,197			$	3,466,977			0	%		2	%
Owner occupied term, net		2,474,845				2,473,734				2,464,705				2,476,654				2,456,216				0	%		1	%
Multifamily, net		3,225,538				3,185,923				3,103,794				3,060,616				2,965,722				1	%		9	%
Construction & development, net		646,684				568,562				522,670				540,696				521,656				14	%		24	%
Residential development, net		198,518				183,114				179,954				165,941				186,399				8	%		7	%
Commercial:
Term, net		2,149,376				2,106,658				2,025,052				1,944,925				1,819,395				2	%		18	%
Lines of credit & other, net		1,133,508				1,152,853				1,147,123				1,166,275				1,134,857				(2	)%		0	%
Leases & equipment finance, net		1,282,128				1,265,843				1,228,709				1,167,503				1,137,733				1	%		13	%
Residential real estate:
Mortgage, net		3,468,569				3,405,775				3,275,088				3,182,888				3,084,709				2	%		12	%
Home equity loans & lines, net		1,143,351				1,132,329				1,103,048				1,097,877				1,073,144				1	%		7	%
Consumer & other, net		604,159				645,721				685,839				732,620				767,630				(6	)%		(21	)%
Total, net of deferred fees and costs		$	19,854,033			$	19,639,494			$	19,255,348			$	19,019,192			$	18,614,438			1	%		7	%
Loan and leases mix:
Commercial real estate:
Non-owner occupied term, net		18		%		18		%		18		%		18		%		19		%
Owner occupied term, net		13		%		13		%		13		%		13		%		13		%
Multifamily, net		16		%		16		%		16		%		16		%		16		%
Construction & development, net		3		%		3		%		3		%		3		%		3		%
Residential development, net		1		%		1		%		1		%		1		%		1		%
Commercial:
Term, net		11		%		11		%		11		%		10		%		10		%
Lines of credit & other, net		6		%		6		%		6		%		6		%		6		%
Leases & equipment finance, net		6		%		6		%		6		%		6		%		6		%
Residential real estate:
Mortgage, net		17		%		17		%		17		%		17		%		17		%
Home equity loans & lines, net		6		%		6		%		6		%		6		%		6		%
Consumer & other, net		3		%		3		%		3		%		4		%		3		%
Total		100		%		100		%		100		%		100		%		100		%

Umpqua Holdings Corporation
Deposits by Type/Core Deposits
(Unaudited)
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				% Change
		Amount				Amount				Amount				Amount				Amount				Seq. Quarter			Year over Year
Deposits:
Demand, non-interest bearing		$	6,859,411			$	6,819,325			$	6,699,399			$	6,505,628			$	6,571,471			1	%		4	%
Demand, interest bearing		2,320,560				2,321,691				2,354,873				2,384,133				2,394,240				0	%		(3	)%
Money market		6,325,808				6,161,907				6,546,704				7,037,891				6,700,261				3	%		(6	)%
Savings		1,499,872				1,465,154				1,482,560				1,446,860				1,444,801				2	%		4	%
Time		3,887,123				3,976,449				3,023,320				2,573,788				2,741,137				(2	)%		42	%
Total		$	20,892,774			$	20,744,526			$	20,106,856			$	19,948,300			$	19,851,910			1	%		5	%
Total core deposits (1)		$	18,012,992			$	17,743,888			$	18,007,169			$	18,263,802			$	18,005,730			2	%		0	%
Deposit mix:
Demand, non-interest bearing		33		%		33		%		33		%		33		%		33		%
Demand, interest bearing		11		%		11		%		12		%		12		%		12		%
Money market		30		%		30		%		33		%		35		%		34		%
Savings		7		%		7		%		7		%		7		%		7		%
Time		19		%		19		%		15		%		13		%		14		%
Total		100		%		100		%		100		%		100		%		100		%
Number of open accounts:
Demand, non-interest bearing		404,913				402,771				399,721				397,427				394,755
Demand, interest bearing		77,546				77,918				78,181				78,853				79,899
Money market		55,895				55,393				54,752				55,175				55,659
Savings		162,387				162,414				162,841				162,453				162,556
Time		52,482				51,073				48,529				46,861				47,129
Total		753,223				749,569				744,024				740,769				739,998
Average balance per account:
Demand, non-interest bearing		$	16.9			$	16.9			$	16.8			$	16.4			$	16.6
Demand, interest bearing		29.9				29.8				30.1				30.2				30.0
Money market		113.2				111.2				119.6				127.6				120.4
Savings		9.2				9.0				9.1				8.9				8.9
Time		74.1				77.9				62.3				54.9				58.2
Total		$	27.7			$	27.7			$	27.0			$	26.9			$	26.8

⁽¹⁾ Core deposits are defined as total deposits less time deposits greater than $100,000.

Umpqua Holdings Corporation
Credit Quality – Non-performing Assets
(Unaudited)
		Quarter Ended																				% Change
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Non-performing assets:
Loans and leases on non-accrual status		$	54,059			$	43,392			$	45,702			$	51,355			$	44,478			25	%		22	%
Loans and leases past due 90+ days and accruing (1)		33,812				34,535				25,456				30,963				29,058				(2	)%		16	%
Total non-performing loans and leases		87,871				77,927				71,158				82,318				73,536				13	%		19	%
Other real estate owned		11,774				12,101				13,055				11,734				4,160				(3	)%		183	%
Total non-performing assets		$	99,645			$	90,028			$	84,213			$	94,052			$	77,696			11	%		28	%
Performing restructured loans and leases		$	14,531			$	27,167			$	31,677			$	32,168			$	45,830			(47	)%		(68	)%
Loans and leases past due 31-89 days		$	33,825			$	44,734			$	38,569			$	43,853			$	32,164			(24	)%		5	%
Loans and leases past due 31-89 days to total loans and leases		0.17		%		0.23		%		0.20		%		0.23		%		0.17		%
Non-performing loans and leases to total loans and leases (1)		0.44		%		0.40		%		0.37		%		0.43		%		0.40		%
Non-performing assets to total assets(1)		0.37		%		0.34		%		0.33		%		0.37		%		0.30		%

⁽¹⁾  Excludes non-performing mortgage loans guaranteed by Ginnie Mae, which Umpqua has the unilateral right to repurchase but has not done so, totaling $8.0 million, $9.2 million, $6.3 million, $12.4 million, and $12.3 million at September 30, 2018, June 30, 2018, March 31, 2018,  December 31, 2017, and September 30, 2017, respectively.

Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
		Quarter Ended																				% Change
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Allowance for loan and lease losses:
Balance beginning of period		$	144,556			$	141,933			$	140,608			$	139,503			$	136,867
Provision for loan and lease losses		11,711				13,319				13,656				12,928				11,997				(12	)%		(2	)%
Charge-offs		(15,896		)		(14,815		)		(15,812		)		(15,751		)		(13,222		)		7	%		20	%
Recoveries		3,655				4,119				3,481				3,928				3,861				(11	)%		(5	)%
Net charge-offs		(12,241		)		(10,696		)		(12,331		)		(11,823		)		(9,361		)		14	%		31	%
Total allowance for loan and lease losses		144,026				144,556				141,933				140,608				139,503				0	%		3	%
Reserve for unfunded commitments		4,294				4,130				4,129				3,963				3,932				4	%		9	%
Total allowance for credit losses		$	148,320			$	148,686			$	146,062			$	144,571			$	143,435			0	%		3	%
Net charge-offs to average loans and leases (annualized)		0.25		%		0.22		%		0.26		%		0.25		%		0.20		%
Recoveries to gross charge-offs		22.99		%		27.80		%		22.01		%		24.94		%		29.20		%
Allowance for loan and lease losses to loans and leases		0.73		%		0.74		%		0.74		%		0.74		%		0.75		%
Allowance for credit losses to loans and leases		0.75		%		0.76		%		0.76		%		0.76		%		0.77		%

Umpqua Holdings Corporation
Credit Quality – Allowance for Loan and Lease Losses
(Unaudited)
		Nine Months Ended								% Change
(Dollars in thousands)		Sep 30, 2018				Sep 30, 2017				Year over Year
Allowance for loan and lease losses:
Balance beginning of period		$	140,608			$	133,984
Provision for loan and lease losses		38,686				34,326				13	%
Charge-offs		(46,523		)		(40,168		)		16	%
Recoveries		11,255				11,361				(1	)%
Net charge-offs		(35,268		)		(28,807		)		22	%
Total allowance for loan and lease losses		144,026				139,503				3	%
Reserve for unfunded commitments		4,294				3,932				9	%
Total allowance for credit losses		$	148,320			$	143,435			3	%
Net charge-offs to average loans and leases (annualized)		0.24		%		0.21		%
Recoveries to gross charge-offs		24.19		%		28.28		%

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
		Quarter Ended															% Change
		Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Seq. Quarter			Year over  Year
Average Rates:
Yield on loans held for sale		5.27	%		4.86	%		4.21	%		3.99	%		3.89	%		0.41			1.38
Yield on loans and leases		4.89	%		4.91	%		4.80	%		4.72	%		4.78	%		(0.02	)		0.11
Yield on taxable investments		3.72	%		1.31	%		2.31	%		2.17	%		2.00	%		2.41			1.72
Yield on tax-exempt investments (1)		3.61	%		3.64	%		3.68	%		4.49	%		4.59	%		(0.03	)		(0.98	)
Yield on interest bearing cash and temporary investments		1.99	%		1.82	%		1.55	%		1.22	%		1.47	%		0.17			0.52
Total yield on earning assets (1)		4.67	%		4.41	%		4.43	%		4.31	%		4.36	%		0.26			0.31
Cost of interest bearing deposits		0.73	%		0.62	%		0.47	%		0.40	%		0.36	%		0.11			0.37
Cost of securities sold under agreements
to repurchase and fed funds purchased		0.15	%		0.22	%		0.08	%		0.06	%		0.10	%		(0.07	)		0.05
Cost of term debt		1.73	%		1.74	%		1.70	%		1.67	%		1.63	%		(0.01	)		0.10
Cost of junior subordinated debentures		6.06	%		5.89	%		5.36	%		5.11	%		5.02	%		0.17			1.04
Total cost of interest bearing liabilities		0.90	%		0.80	%		0.65	%		0.58	%		0.55	%		0.10			0.35
Net interest spread (1)		3.77	%		3.61	%		3.78	%		3.73	%		3.81	%		0.16			(0.04	)
Net interest margin (1)		4.09	%		3.89	%		4.00	%		3.93	%		4.00	%		0.20			0.09
Performance Ratios:
Return on average assets		1.36	%		1.02	%		1.25	%		1.17	%		1.00	%		0.34			0.36
Return on average tangible assets		1.46	%		1.09	%		1.35	%		1.26	%		1.08	%		0.37			0.38
Return on average common equity		9.00	%		6.64	%		8.06	%		7.54	%		6.41	%		2.36			2.59
Return on average tangible common equity		16.42	%		12.18	%		14.84	%		13.93	%		11.90	%		4.24			4.52
Efficiency ratio – Consolidated		57.06	%		65.84	%		61.21	%		65.46	%		62.58	%		(8.78	)		(5.52	)
Efficiency ratio – Bank		54.70	%		63.04	%		59.24	%		61.61	%		60.60	%		(8.34	)		(5.90	)

⁽¹⁾ Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate for 2018 and a 35% tax rate for 2017.

Umpqua Holdings Corporation
Selected Ratios
(Unaudited)
		Nine Months Ended						% Change
		Sep 30, 2018			Sep 30, 2017			Year over Year
Average Rates:
Yield on loans held for sale		4.81	%		3.67	%		1.14
Yield on loans and leases		4.87	%		4.72	%		0.15
Yield on taxable investments		2.44	%		2.06	%		0.38
Yield on tax-exempt investments (1)		3.65	%		4.66	%		(1.01	)
Yield on interest bearing cash and temporary investments		1.83	%		0.96	%		0.87
Total yield on earning assets (1)		4.51	%		4.29	%		0.22
Cost of interest bearing deposits		0.61	%		0.33	%		0.28
Cost of securities sold under agreements
to repurchase and fed funds purchased		0.15	%		0.16	%		(0.01	)
Cost of term debt		1.72	%		1.67	%		0.05
Cost of junior subordinated debentures		5.77	%		4.87	%		0.90
Total cost of interest bearing liabilities		0.79	%		0.52	%		0.27
Net interest spread (1)		3.72	%		3.77	%		(0.05	)
Net interest margin (1)		4.00	%		3.94	%		0.06
Performance Ratios:
Return on average assets		1.21	%		0.90	%		0.31
Return on average tangible assets		1.30	%		0.97	%		0.33
Return on average common equity		7.90	%		5.70	%		2.20
Return on average tangible common equity		14.49	%		10.65	%		3.84
Efficiency ratio – Consolidated		61.29	%		64.98	%		(3.69	)
Efficiency ratio – Bank		58.91	%		62.78	%		(3.87	)

                               
⁽¹⁾ Tax exempt interest has been adjusted to a taxable equivalent basis using a 21% tax rate for 2018 and a 35% tax rate for 2017.

Umpqua Holdings Corporation Average Balances
(Unaudited)
		Quarter Ended																				% Change
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Temporary investments and interest bearing cash		$	558,597			$	458,133			$	303,670			$	509,187			$	253,015			22	%		121	%
Investment securities, taxable		2,687,635				2,723,406				2,793,449				2,804,530				2,867,292				(1	)%		(6	)%
Investment securities, tax-exempt		278,937				279,158				286,603				286,345				281,139				0	%		(1	)%
Loans held for sale		320,494				326,427				267,231				370,564				420,282				(2	)%		(24	)%
Loans and leases		19,709,113				19,387,537				19,089,713				18,703,202				18,471,446				2	%		7	%
Total interest earning assets		23,554,776				23,174,661				22,740,666				22,673,828				22,293,174				2	%		6	%
Goodwill and other intangible assets, net		1,814,000				1,815,529				1,817,068				1,818,730				1,820,394				0	%		0	%
Total assets		26,461,526				26,076,142				25,625,869				25,599,516				25,245,613				1	%		5	%
Non-interest bearing demand deposits		6,865,676				6,645,689				6,450,364				6,611,493				6,354,591				3	%		8	%
Interest bearing deposits		13,897,141				13,745,089				13,492,965				13,281,502				13,155,462				1	%		6	%
Total deposits		20,762,817				20,390,778				19,943,329				19,892,995				19,510,053				2	%		6	%
Interest bearing liabilities		15,331,529				15,199,900				14,971,759				14,790,883				14,705,842				1	%		4	%
Shareholders’ equity - common		4,011,856				3,988,825				3,974,788				3,960,987				3,946,559				1	%		2	%
Tangible common equity (1)		2,197,856				2,173,296				2,157,720				2,142,257				2,126,165				1	%		3	%

Umpqua Holdings Corporation Average Balances
(Unaudited)
		Nine Months Ended								% Change
(Dollars in thousands)		Sep 30, 2018				Sep 30, 2017				Year over Year
Temporary investments and interest bearing cash		$	441,067			$	392,399			12	%
Investment securities, taxable		2,734,443				2,866,842				(5	)%
Investment securities, tax-exempt		281,538				286,693				(2	)%
Loans held for sale		304,912				388,263				(21	)%
Loans and leases		19,397,476				17,989,577				8	%
Total interest earning assets		23,159,436				21,923,774				6	%
Goodwill and other intangible assets, net		1,815,521				1,822,063				0	%
Total assets		26,055,479				24,897,096				5	%
Non-interest bearing demand deposits		6,655,431				6,065,119				10	%
Interest bearing deposits		13,713,213				13,104,218				5	%
Total deposits		20,368,644				19,169,337				6	%
Interest bearing liabilities		15,169,048				14,675,845				3	%
Shareholders’ equity - common		3,991,773				3,918,978				2	%
Tangible common equity (1)		2,176,252				2,096,915				4	%

⁽¹⁾ Average tangible common equity is a non-GAAP financial measure. Average tangible common equity is calculated as average common shareholders’ equity less average goodwill and other intangible assets, net (excluding MSRs).

Umpqua Holdings Corporation Average Rates and Balances
(unaudited)
(dollars in thousands)	Quarter Ended
	September 30, 2018											June 30, 2018											September 30, 2017
	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	$	320,494			$	4,220			5.27	%		$	326,427			$	3,967			4.86	%		$	420,282			$	4,090			3.89	%
Loans and leases (1)	19,709,113				242,190				4.89	%		19,387,537				238,156				4.91	%		18,471,446				221,978				4.78	%
Taxable securities	2,687,635				24,984				3.72	%		2,723,406				8,932				1.31	%		2,867,292				14,336				2.00	%
Non-taxable securities (2)	278,937				2,519				3.61	%		279,158				2,539				3.64	%		281,139				3,223				4.59	%
Temporary investments and interest-bearing cash	558,597				2,800				1.99	%		458,133				2,080				1.82	%		253,015				934				1.47	%
Total interest-earning assets	23,554,776				$	276,713			4.67	%		23,174,661				255,674				4.41	%		22,293,174				$	244,561			4.36	%
Allowance for loan and lease losses	(145,873		)									(144,598		)									(138,924		)
Other assets	3,052,623											3,046,079											3,091,363
Total assets	$	26,461,526										$	26,076,142										$	25,245,613
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,369,092			$	2,241			0.38	%		$	2,322,359			$	1,565			0.27	%		$	2,358,102			$	1,066			0.18	%
Money market deposits	6,150,199				6,820				0.44	%		6,332,372				5,896				0.37	%		6,625,514				3,323				0.20	%
Savings deposits	1,483,687				452				0.12	%		1,456,625				252				0.07	%		1,441,931				172				0.05	%
Time deposits	3,894,163				16,179				1.65	%		3,633,733				13,546				1.50	%		2,729,915				7,491				1.09	%
Total interest-bearing deposits	13,897,141				25,692				0.73	%		13,745,089				21,259				0.62	%		13,155,462				12,052				0.36	%
Repurchase agreements and federal funds purchased	278,131				103				0.15	%		285,338				155				0.22	%		332,246				81				0.10	%
Term debt	787,074				3,439				1.73	%		801,768				3,478				1.74	%		852,250				3,491				1.63	%
Junior subordinated debentures	369,183				5,640				6.06	%		367,705				5,400				5.89	%		365,884				4,628				5.02	%
Total interest-bearing liabilities	15,331,529				$	34,874			0.90	%		15,199,900				$	30,292			0.80	%		14,705,842				$	20,252			0.55	%
Non-interest-bearing deposits	6,865,676											6,645,689											6,354,591
Other liabilities	252,465											241,728											238,621
Total liabilities	22,449,670											22,087,317											21,299,054
Common equity	4,011,856											3,988,825											3,946,559
Total liabilities and shareholders' equity	$	26,461,526										$	26,076,142										$	25,245,613
NET INTEREST INCOME					$	241,839										$	225,382										$	224,309
NET INTEREST SPREAD									3.77	%										3.61	%										3.81	%
AVERAGE YIELD ON EARNING ASSETS (1), (2)									4.67	%										4.41	%										4.36	%
INTEREST EXPENSE TO EARNING ASSETS									0.58	%										0.52	%										0.36	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)									4.09	%										3.89	%										4.00	%

(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 for 2018 and a 35% tax rate for 2017. The amount of such adjustment was an addition to recorded income of approximately $471,000 for the three months ended September 30, 2018 as compared to $482,000 for June 30, 2018 and $1.1 million for September 30, 2017.

Umpqua Holdings Corporation    Average Rates and Balances
(unaudited)
(dollars in thousands)	Nine Months Ended
	September 30, 2018											September 30, 2017
	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	$	304,912			$	11,002			4.81	%		$	388,263			$	10,678			3.67	%
Loans and leases (1)	19,397,476				707,019				4.87	%		17,989,577				635,102				4.72	%
Taxable securities	2,734,443				50,083				2.44	%		2,866,842				44,235				2.06	%
Non-taxable securities (2)	281,538				7,697				3.65	%		286,693				10,029				4.66	%
Temporary investments and interest-bearing cash	441,067				6,044				1.83	%		392,399				2,815				0.96	%
Total interest-earning assets	23,159,436				$	781,845			4.51	%		21,923,774				$	702,859			4.29	%
Allowance for loan and lease losses	(144,306		)									(137,538		)
Other assets	3,040,349											3,110,860
Total assets	$	26,055,479										$	24,897,096
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits	$	2,338,396			$	5,016			0.29	%		$	2,312,201			$	2,509			0.15	%
Money market deposits	6,460,770				18,429				0.38	%		6,725,754				8,967				0.18	%
Savings deposits	1,467,866				866				0.08	%		1,402,942				446				0.04	%
Time deposits	3,446,181				38,250				1.48	%		2,663,321				20,419				1.03	%
Total interest-bearing deposits	13,713,213				62,561				0.61	%		13,104,218				32,341				0.33	%
Repurchase agreements and federal funds purchased	288,751				321				0.15	%		354,955				432				0.16	%
Term debt	796,991				10,278				1.72	%		852,285				10,663				1.67	%
Junior subordinated debentures	370,093				15,972				5.77	%		364,387				13,266				4.87	%
Total interest-bearing liabilities	15,169,048				$	89,132			0.79	%		14,675,845				$	56,702			0.52	%
Non-interest-bearing deposits	6,655,431											6,065,119
Other liabilities	239,227											237,154
Total liabilities	22,063,706											20,978,118
Common equity	3,991,773											3,918,978
Total liabilities and shareholders' equity	$	26,055,479										$	24,897,096
NET INTEREST INCOME					$	692,713										$	646,157
NET INTEREST SPREAD									3.72	%										3.77	%
AVERAGE YIELD ON EARNING ASSETS (1), (2)									4.51	%										4.29	%
INTEREST EXPENSE TO EARNING ASSETS									0.51	%										0.35	%
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2)									4.00	%										3.94	%

(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 for 2018 and a 35% tax rate for 2017. The amount of such adjustment was an addition to recorded income of approximately $1.5 million for the nine months ended September 30, 2018 as compared to $3.4 million for the same period in 2017.

Umpqua Holdings Corporation Residential Mortgage Banking Activity
(unaudited)
		Quarter Ended																				% Change
(Dollars in thousands)		Sep 30, 2018				Jun 30, 2018				Mar 31, 2018				Dec 31, 2017				Sep 30, 2017				Seq. Quarter			Year over Year
Residential mortgage servicing rights:
Residential mortgage loans serviced for others		$	15,810,455			$	15,508,182			$	15,442,915			$	15,336,597			$	15,007,942			2	%		5	%
MSR asset, at fair value		175,038				166,217				164,760				153,151				141,225				5	%		24	%
MSR as % of serviced portfolio		1.11		%		1.07		%		1.07		%		1.00		%		0.94		%		0.04			0.17
Residential mortgage banking revenue:
Origination and sale		$	20,983			$	28,159			$	22,837			$	29,864			$	32,784			(25	)%		(36	)%
Servicing		10,302				10,407				10,522				10,287				9,879				(1	)%		4	%
Change in fair value of MSR asset		199				(5,403		)		5,079				1,967				(9,233		)		(104	)%		(102	)%
Total		$	31,484			$	33,163			$	38,438			$	42,118			$	33,430			(5	)%		(6	)%
Closed loan volume:
Closed loan volume - portfolio		$	323,941			$	294,581			$	237,783			$	265,718			$	336,362			10	%		(4	)%
Closed loan volume - for-sale		756,924				839,489				687,226				850,453				891,063				(10	)%		(15	)%
Closed loan volume - total		$	1,080,865			$	1,134,070			$	925,009			$	1,116,171			$	1,227,425			(5	)%		(12	)%
Gain on sale margin:
Based on for-sale volume		2.77		%		3.35		%		3.32		%		3.51		%		3.68		%		(0.58	)		(0.91	)
		Nine Months Ended								% Change
(Dollars in thousands)		Sep 30, 2018				Sep 30, 2017				Year over Year
Residential mortgage banking revenue:
Origination and sale		$	71,979			$	89,816			(20		)%
Servicing		31,231				29,576				6		%
Change in fair value of MSR asset		(125		)		(25,234		)		(100		)%
Total		$	103,085			$	94,158			9		%
Closed loan volume:
Closed loan volume - portfolio		$	856,305			$	893,718			(4		)%
Closed loan volume - for-sale		2,283,639				2,563,978				(11		)%
Closed loan volume - total		$	3,139,944			$	3,457,696			(9		)%
Gain on sale margin:
Based on for-sale volume		3.15		%		3.50		%		(0.35		)

Contacts:

Ron Farnsworth	Bradley Howes
EVP/Chief Financial Officer	SVP/Director of Investor Relations
Umpqua Holdings Corporation	Umpqua Holdings Corporation
503-727-4108	503-727-4226
ronfarnsworth@umpquabank.com	bradhowes@umpquabank.com

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