UMPQ - Umpqua In Good Shape Long Term But The Pending MOE Will Test Investor Patience

• Umpqua had a noisy fourth quarter on some mortgage banking valuation items, but the core results were basically in line and loan growth is perking up.
• Management is looking for mid-single-digit or better loan growth in 2022, with asset sensitivity also helping to boost revenue.
• Integrating Umpqua and Columbia will be critical to long-term value-creation for shareholders, but the Street may remain cool on the shares until there's more clarity on timing.
• Umpqua looks undervalued below $24, but the longer-term upside is tempered by near-term sentiment headwinds due to the uncertainties of MOEs.

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