Junior Subordinated Debentures

Following is information about the Company's wholly-owned trusts ("Trusts") as of December 31, 2017:



(dollars in thousands)
Trust Name	Issue Date	Issued Amount		Carrying Value (1)		Rate (2)	Effective Rate (3)		Maturity Date
AT FAIR VALUE:
Umpqua Statutory Trust II	October 2002	$	20,619	$	17,545	Floating rate, LIBOR plus 3.35%, adjusted quarterly	5.56	%	October 2032
Umpqua Statutory Trust III	October 2002	30,928		26,586		Floating rate, LIBOR plus 3.45%, adjusted quarterly	5.66	%	November 2032
Umpqua Statutory Trust IV	December 2003	10,310		8,232		Floating rate, LIBOR plus 2.85%, adjusted quarterly	5.27	%	January 2034
Umpqua Statutory Trust V	December 2003	10,310		8,207		Floating rate, LIBOR plus 2.85%, adjusted quarterly	5.59	%	March 2034
Umpqua Master Trust I	August 2007	41,238		25,674		Floating rate, LIBOR plus 1.35%, adjusted quarterly	4.72	%	September 2037
Umpqua Master Trust IB	September 2007	20,619		15,800		Floating rate, LIBOR plus 2.75%, adjusted quarterly	5.66	%	December 2037
Sterling Capital Trust III	April 2003	14,433		12,120		Floating rate, LIBOR plus 3.25%, adjusted quarterly	5.51	%	April 2033
Sterling Capital Trust IV	May 2003	10,310		8,550		Floating rate, LIBOR plus 3.15%, adjusted quarterly	5.51	%	May 2033
Sterling Capital Statutory Trust V	May 2003	20,619		17,306		Floating rate, LIBOR plus 3.25%, adjusted quarterly	5.87	%	June 2033
Sterling Capital Trust VI	June 2003	10,310		8,586		Floating rate, LIBOR plus 3.20%, adjusted quarterly	5.75	%	September 2033
Sterling Capital Trust VII	June 2006	56,702		36,942		Floating rate, LIBOR plus 1.53%, adjusted quarterly	4.78	%	June 2036
Sterling Capital Trust VIII	September 2006	51,547		33,891		Floating rate, LIBOR plus 1.63%, adjusted quarterly	4.90	%	December 2036
Sterling Capital Trust IX	July 2007	46,392		29,089		Floating rate, LIBOR plus 1.40%, adjusted quarterly	4.36	%	October 2037
Lynnwood Financial Statutory Trust I	March 2003	9,279		7,712		Floating rate, LIBOR plus 3.15%, adjusted quarterly	5.80	%	March 2033
Lynnwood Financial Statutory Trust II	June 2005	10,310		7,083		Floating rate, LIBOR plus 1.80%, adjusted quarterly	4.93	%	June 2035
Klamath First Capital Trust I	July 2001	15,464		13,832		Floating rate, LIBOR plus 3.75%, adjusted semiannually	5.82	%	July 2031
		379,390		277,155
AT AMORTIZED COST:
HB Capital Trust I	March 2000	5,310		5,994		10.875%	8.70	%	March 2030
Humboldt Bancorp Statutory Trust I	February 2001	5,155		5,664		10.200%	8.59	%	February 2031
Humboldt Bancorp Statutory Trust II	December 2001	10,310		11,056		Floating rate, LIBOR plus 3.60%, adjusted quarterly	4.36	%	December 2031
Humboldt Bancorp Statutory Trust III	September 2003	27,836		29,823		Floating rate, LIBOR plus 2.95%, adjusted quarterly	3.81	%	September 2033
CIB Capital Trust	November 2002	10,310		10,956		Floating rate, LIBOR plus 3.45%, adjusted quarterly	4.18	%	November 2032
Western Sierra Statutory Trust I	July 2001	6,186		6,186		Floating rate, LIBOR plus 3.58%, adjusted quarterly	4.96	%	July 2031
Western Sierra Statutory Trust II	December 2001	10,310		10,310		Floating rate, LIBOR plus 3.60%, adjusted quarterly	5.20	%	December 2031
Western Sierra Statutory Trust III	September 2003	10,310		10,310		Floating rate, LIBOR plus 2.90%, adjusted quarterly	4.26	%	September 2033
Western Sierra Statutory Trust IV	September 2003	10,310		10,310		Floating rate, LIBOR plus 2.90%, adjusted quarterly	4.26	%	September 2033
		96,037		100,609
	Total	$	475,427	$	377,764


(1)	Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value.


(2)	Contractual interest rate of junior subordinated debentures.


(3)	Effective interest rate based upon the carrying value as of December 31, 2017.

The Trusts are reflected as junior subordinated debentures in the Consolidated Balance Sheets. The common stock issued by the Trusts is recorded in other assets in the Consolidated Balance Sheets, and totaled $14.3 million at December 31, 2017 and December 31, 2016. As of December 31, 2017, all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates.

The Company selected the fair value measurement option for junior subordinated debentures originally issued by the Company (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling.

Based on tightening in the credit spreads, the fair value of the junior subordinated debentures increased during the year, which cause the loss from the change in the fair value measurement to increase from prior years. Losses recorded resulting from the change in the fair value of these instruments were $14.7 million, $6.3 million and $6.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.