Umpqua Holdings Corporation (UMPQ)

NOTE 9.    OTHER ASSETS

Other assets consisted of the following at December 31, 2008 and 2007:

(in thousands)

The Company invests in Homestead Capital and WNC Fund, limited partnerships, that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for the investments under the equity method. The Company’s remaining capital commitments to these partnerships at December 31, 2008 and 2007 were approximately $1.7 million and $3.6 million, respectively. Such amounts are included in other liabilities on the consolidated balance sheets. Also see Note 15 for information on the Company’s investment in Trusts.

92

Table of Contents

Umpqua Holdings Corporation and Subsidiaries

NOTE 9.    OTHER ASSETS

FACE="ARIAL" SIZE="1">Other assets consisted of the following at December 31, 2008 and 2007:

(in thousands)

NOTE 9.    OTHER ASSETS

Other assets consisted of the following at December 31, 2007 and 2006:

(in thousands)

The Company invests in Homestead Capital and WNC Fund, limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for the investments under the equity method. The Company’s remaining capital commitments to these partnerships at December 31, 2007 and 2006 were approximately $3.6 million and $5.0 million, respectively. Such amounts are included in other liabilities on the consolidated balance sheets. See Note 15 for information on the Company’s investment in Trusts.