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United States  
Securities and Exchange Commission 
Washington, D.C. 20549 
 
FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended:
March 31, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the transition period from                                        to                                       .
 
Commission File Number: 001-34624 
 
Umpqua Holdings Corporation 
(Exact Name of Registrant as Specified in Its Charter)
Oregon93-1261319 
(State or Other Jurisdiction(I.R.S. Employer Identification Number)
of Incorporation or Organization) 
 
One SW Columbia Street, Suite 1400 
Portland, Oregon 97204 
(Address of Principal Executive Offices)(Zip Code) 
 
(503727-4100 
(Registrant's Telephone Number, Including Area Code) 

Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE
Common StockUMPQThe NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes      No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
   Large accelerated filer      Accelerated filer      Non-accelerated filer  
    Smaller reporting company    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 

Indicate the number of shares outstanding for each of the issuer's classes of common stock, as of the latest practical date:
Common stock, no par value: 217,046,408 shares outstanding as of May 2, 2022.


UMPQUA HOLDINGS CORPORATION 
FORM 10-Q 
Table of Contents 

2

GLOSSARY OF DEFINED TERMS
ACLAllowance for credit losses
ASUAccounting Standards Update
BankUmpqua Bank
Bank MergerThe proposed merger of Columbia State Bank, a Washington state-chartered bank and a wholly owned subsidiary of Columbia, with the Bank, with the Bank as the surviving bank
Basel IIIBasel capital framework (third accord)
CECLCurrent Expected Credit Losses
ColumbiaColumbia Banking System, Inc.
CompanyUmpqua Holdings Corporation and its subsidiaries
COVID-19Coronavirus Disease 2019
CVACredit valuation adjustments
DCFDiscounted cash flow
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FinPacFinancial Pacific Leasing, Inc.
GAAPGenerally accepted accounting principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
HELOCHome equity line of credit
LGDLoss given default
LIBORLondon Inter-Bank Offered Rate
Mergers
Merger Sub will merge with and into Umpqua, with Umpqua as the surviving entity, and immediately following such merger, Umpqua will merge with and into Columbia, with Columbia as the surviving corporation.
Merger Agreement
Agreement dated as of October 11, 2021, by and among Umpqua, Columbia, and Cascade Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Columbia
Merger Sub
Cascade Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Columbia
MSRMortgage servicing rights
PDProbability of default
PPPPaycheck Protection Program
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
TDRTroubled debt restructuring
UmpquaUmpqua Holdings Corporation and its subsidiaries

3

PART I.       FINANCIAL INFORMATION
Item 1.         Financial Statements (unaudited) 

UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS 
(UNAUDITED)
(in thousands, except shares)March 31, 2022December 31, 2021
ASSETS  
Cash and due from banks (restricted cash of $9,072 and $3,593)
$307,144 $222,015 
Interest bearing cash and temporary investments (restricted cash of $0 and $400)
2,358,292 2,539,606 
Total cash and cash equivalents2,665,436 2,761,621 
Investment securities  
Equity and other, at fair value78,966 81,214 
Available for sale, at fair value3,638,080 3,870,435 
Held to maturity, at amortized cost2,700 2,744 
Loans held for sale, at fair value309,946 353,105 
Loans and leases (at fair value: $319,630 and $345,634)
22,975,761 22,553,180 
Allowance for credit losses on loans and leases(248,564)(248,412)
Net loans and leases22,727,197 22,304,768 
Restricted equity securities10,889 10,916 
Premises and equipment, net167,369 171,125 
Operating lease right-of-use assets87,333 82,366 
Other intangible assets, net7,815 8,840 
Residential mortgage servicing rights, at fair value165,807 123,615 
Bank owned life insurance328,040 327,745 
Deferred tax asset, net39,051  
Other assets408,497 542,442 
Total assets$30,637,126 $30,640,936 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits  
Non-interest bearing$11,058,251 $11,023,724 
Interest bearing15,641,336 15,570,961 
Total deposits26,699,587 26,594,685 
Securities sold under agreements to repurchase499,539 492,247 
Borrowings6,290 6,329 
Junior subordinated debentures, at fair value305,719 293,081 
Junior subordinated debentures, at amortized cost87,984 88,041 
Operating lease liabilities101,732 95,427 
Deferred tax liability, net 4,353 
Other liabilities328,677 317,503 
Total liabilities28,029,528 27,891,666 
COMMITMENTS AND CONTINGENCIES (NOTE 6)
SHAREHOLDERS' EQUITY  
Common stock, no par value, shares authorized: 400,000,000 in 2022 and 2021; issued and outstanding: 216,966,871 in 2022 and 216,625,506 in 2021
3,443,266 3,444,849 
Accumulated deficit(651,912)(697,338)
Accumulated other comprehensive (loss) income(183,756)1,759 
Total shareholders' equity2,607,598 2,749,270 
Total liabilities and shareholders' equity$30,637,126 $30,640,936 

See notes to condensed consolidated financial statements
4

UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(UNAUDITED) 
Three Months Ended
 (in thousands, except per share amounts)March 31, 2022March 31, 2021
INTEREST INCOME  
Interest and fees on loans and leases$214,404 $221,141 
Interest and dividends on investment securities:  
Taxable18,725 13,112 
Exempt from federal income tax1,372 1,534 
Dividends86 598 
Interest on temporary investments and interest bearing deposits1,353 624 
Total interest income235,940 237,009 
INTEREST EXPENSE  
Interest on deposits3,916 10,678 
Interest on securities sold under agreement to repurchase and federal funds purchased63 76 
Interest on borrowings49 1,772 
Interest on junior subordinated debentures3,149 3,052 
Total interest expense7,177 15,578 
Net interest income228,763 221,431 
 PROVISION FOR CREDIT LOSSES 4,804  
Net interest income after provision for credit losses223,959 221,431 
NON-INTEREST INCOME  
Service charges on deposits11,583 9,647 
Card-based fees8,708 7,374 
Brokerage revenue11 3,915 
Residential mortgage banking revenue, net60,786 65,033 
Gain on sale of debt securities, net2 4 
Loss on equity securities, net(2,661)(706)
Gain on loan and lease sales, net2,337 1,373 
Bank owned life insurance income2,087 2,071 
Other (losses) income(2,884)20,089 
Total non-interest income79,969 108,800 
NON-INTEREST EXPENSE  
Salaries and employee benefits113,138 124,134 
Occupancy and equipment, net34,829 34,635 
Communications2,754 2,763 
Marketing2,398 1,372 
Services11,337 10,750 
FDIC assessments4,516 2,599 
Intangible amortization1,025 1,130 
Merger related expenses2,278  
Other expenses10,155 10,209 
Total non-interest expense182,430 187,592 
Income before provision for income taxes121,498 142,639 
Provision for income taxes30,341 34,902 
Net income$91,157 $107,737 
Earnings per common share:  
Basic$0.42 $0.49 
Diluted$0.42 $0.49 
Weighted average number of common shares outstanding:  
Basic216,782 220,367 
Diluted217,392 220,891 
See notes to condensed consolidated financial statements
5

UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)  
Three Months Ended
 (in thousands)March 31, 2022March 31, 2021
Net income$91,157 $107,737 
Available for sale securities:  
Unrealized losses arising during the period(237,046)(87,345)
Income tax benefit related to unrealized losses60,968 22,465 
Reclassification adjustment for net realized gains in earnings(2)(4)
Income tax expense related to realized gains1 1 
Net change in unrealized losses for available for sale securities(176,079)(64,883)
Junior subordinated debentures, at fair value:
Unrealized losses arising during the period(12,703)(26,562)
Income tax benefit related to unrealized losses3,267 6,832 
Net change in unrealized losses for junior subordinated debentures, at fair value(9,436)(19,730)
Other comprehensive loss, net of tax(185,515)(84,613)
Comprehensive (loss) income $(94,358)$23,124 

See notes to condensed consolidated financial statements
6

UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY  
(UNAUDITED)   
Common StockRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss) 
 (in thousands, except shares)SharesAmountTotal
Balance at January 1, 2021220,226,335 $3,514,599 $(932,767)$122,745 $2,704,577 
Net income  107,737  107,737 
Other comprehensive loss, net of tax   (84,613)(84,613)
Stock-based compensation 2,964   2,964 
Stock repurchased and retired(143,832)(2,315)  (2,315)
Issuances of common stock under stock plans 408,700     
Cash dividends on common stock ($0.21 per share)
  (46,481) (46,481)
Balance at March 31, 2021220,491,203 $3,515,248 $(871,511)$38,132 $2,681,869 
Net income  116,143  116,143 
Other comprehensive income, net of tax   12,497 12,497 
Stock-based compensation 2,377   2,377 
Stock repurchased and retired(957)(18)  (18)
Issuances of common stock under stock plans136,206 34   34 
Cash dividends on common stock ($0.21 per share)
  (46,586) (46,586)
Balance at June 30, 2021220,626,452 $3,517,641 $(801,954)$50,629 $2,766,316 
Net income  108,066  108,066 
Other comprehensive loss, net of tax   (30,420)(30,420)
Stock-based compensation 2,765   2,765 
Stock repurchased and retired(4,011,808)(78,321)  (78,321)
Issuances of common stock under stock plans7,159     
Cash dividends on common stock ($0.21 per share)
  (46,027) (46,027)
Balance at September 30, 2021216,621,803 $3,442,085 $(739,915)$20,209 $2,722,379 
Net income88,354 88,354 
Other comprehensive loss, net of tax(18,450)(18,450)
Stock-based compensation2,800 2,800 
Stock repurchased and retired(1,790)(36)(36)
Issuances of common stock under stock plans5,493   
Cash dividends on common stock ($0.21 per share)
(45,777)(45,777)
Balance at December 31, 2021216,625,506 $3,444,849 $(697,338)$1,759 $2,749,270 
Net income  91,157  91,157 
Other comprehensive loss, net of tax   (185,515)(185,515)
Stock-based compensation 2,454   2,454 
Stock repurchased and retired(194,792)(4,037)  (4,037)
Issuances of common stock under stock plans536,157     
Cash dividends on common stock ($0.21 per share)
  (45,731) (45,731)
Balance at March 31, 2022216,966,871 $3,443,266 $(651,912)$(183,756)$2,607,598 

See notes to condensed consolidated financial statements
7



UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED) 
Three Months Ended
 (in thousands)March 31, 2022March 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$91,157 $107,737 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization of investment premiums, net1,106 4,455 
Gain on sale of investment securities, net(2)(4)
Provision for credit losses4,804  
Change in cash surrender value of bank owned life insurance(2,122)(2,105)
Depreciation, amortization and accretion7,613 7,759 
Gain on sale of premises and equipment(571)(149)
Additions to residential mortgage servicing rights carried at fair value(7,390)(14,065)
Change in fair value of residential mortgage servicing rights carried at fair value(34,802)6,559 
Stock-based compensation2,454 2,964 
Net increase in equity and other investments(413)(400)
Loss on equity securities, net2,661 706 
Gain on sale of loans and leases, net(4,458)(50,194)
Change in fair value of loans held for sale 11,055 24,118 
Origination of loans held for sale(649,122)(1,635,532)
Proceeds from sales of loans held for sale683,347 1,837,626 
Change in other assets and liabilities:  
Net decrease in other assets167,911 128,221 
Net increase (decrease) in other liabilities2,097 (25,683)
Net cash provided by operating activities275,325 392,013 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of investment securities available for sale(131,869)(555,269)
Proceeds from investment securities available for sale126,011 227,122 
Redemption of restricted equity securities28 19,615 
Net change in loans and leases(470,337)(267,940)
Proceeds from sales of loans and leases44,549 82,529 
Change in premises and equipment(3,736)(4,007)
Proceeds from bank owned life insurance death benefits1,111 2,708 
Other104 129 
Net cash used in investing activities$(434,139)$(495,113)
8

UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) 
(UNAUDITED)
Three Months Ended
 (in thousands)March 31, 2022March 31, 2021
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net increase in deposit liabilities$104,906 $1,264,645 
Net increase in securities sold under agreements to repurchase7,292 45,018 
Repayment of borrowings (490,000)
Dividends paid on common stock(45,532)(46,248)
Repurchase and retirement of common stock(4,037)(2,315)
Net cash provided by financing activities62,629 771,100 
Net (decrease) increase in cash and cash equivalents(96,185)668,000 
Cash and cash equivalents, beginning of period2,761,621 2,573,181 
Cash and cash equivalents, end of period$2,665,436 $3,241,181 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for:  
Interest$7,667 $15,434 
Income taxes$6,051 $36,404 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Changes in unrealized gains and losses on investment securities available for sale, net of taxes$(176,079)$(64,883)
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes$(9,436)$(19,730)
Transfer of loans held for sale to loans$ $212,353 


See notes to condensed consolidated financial statements
 
9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Summary of Significant Accounting Policies 
 
The accounting and financial reporting policies of Umpqua Holdings Corporation conform to accounting principles generally accepted in the United States of America. All references in this report to "Umpqua," "we," "our," or "us" or similar references mean the Company and include our consolidated subsidiaries where the context so requires. References to "Bank" refer to our subsidiary Umpqua Bank, an Oregon state-chartered commercial bank. FinPac is the Bank's wholly-owned subsidiary, a commercial equipment leasing company. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, and the Bank's wholly-owned subsidiaries.  All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of the Company's accounting policies is included in the 2021 Annual Report filed on Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the 2021 Annual Report filed on Form 10-K. 

In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to March 31, 2022, for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period.

Application of new accounting guidance

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU was issued to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Offered Rate or another reference rate expected to be discontinued. The last expedient is a one-time election to sell or transfer debt securities classified as held to maturity. The expedients are in effect from March 12, 2020, through December 31, 2022.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this Update are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments clarify certain optional expedients and exceptions in Topic 848 for contract modifications. The amendments are in effect from March 12, 2020, through December 31, 2022. This ASU does not have a material impact on the Company's consolidated financial statements.

The Company has an enterprise-wide LIBOR transition program which includes business strategy, product design and pricing strategy, instrument contract remediation, and systems and processes. The Company continues to use the expedients in this guidance to manage through the LIBOR transition, specifically for our loan portfolio. Umpqua has stopped originating new instruments using LIBOR, and consistent with regulatory guidance, Umpqua has stopped extensions of, or any increase in exposure in, current LIBOR instruments.

10

Recent accounting pronouncements 

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amendments improve comparability by specifying for all acquired revenue contracts regardless of their timing of payment (1) the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination and (2) how to measure those contract assets and contract liabilities. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The amendment will be applied prospectively to business combinations occurring on or after the effective date. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. As the Company has adopted CECL, ASU No. 2022-02 will be effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

Note 2 Investment Securities 
 
The following tables present the amortized cost, unrealized gains, unrealized losses and approximate fair values of debt securities at March 31, 2022 and December 31, 2021: 
March 31, 2022
 (in thousands) Amortized CostUnrealized GainsUnrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$893,811 $330 $(31,999)$862,142 
Obligations of states and political subdivisions317,743 2,463 (13,342)306,864 
Mortgage-backed securities and collateralized mortgage obligations
2,657,494 1,225 (189,645)2,469,074 
Total available for sale securities$3,869,048 $4,018 $(234,986)$3,638,080 
Held to maturity:    
Mortgage-backed securities and collateralized mortgage obligations
$2,700 $759 $ $3,459 
Total held to maturity securities$2,700 $759 $ $3,459 

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December 31, 2021
 (in thousands) 
Amortized CostUnrealized GainsUnrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$894,969 $27,279 $(4,195)$918,053 
Obligations of states and political subdivisions320,338 11,734 (1,288)330,784 
Mortgage-backed securities and collateralized mortgage obligations
2,649,048