Fair Value Measurement (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Fair Value Disclosures [Abstract] |
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| Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value |
The following table presents estimated fair values of the Company's financial instruments as of March 31, 2019 and December 31, 2018, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | (in thousands) | | | March 31, 2019 | | December 31, 2018 | | Level | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | FINANCIAL ASSETS: | | | | | | | | | | Cash and cash equivalents | 1 | | $ | 902,808 |
| | $ | 902,808 |
| | $ | 622,637 |
| | $ | 622,637 |
| Equity and other investment securities | 1,2 | | 63,327 |
| | 63,327 |
| | 61,841 |
| | 61,841 |
| Investment securities available for sale | 2 | | 2,894,778 |
| | 2,894,778 |
| | 2,977,108 |
| | 2,977,108 |
| Investment securities held to maturity | 3 | | 3,478 |
| | 4,517 |
| | 3,606 |
| | 4,644 |
| Loans held for sale, at fair value | 2 | | 240,302 |
| | 240,302 |
| | 166,461 |
| | 166,461 |
| Loans and leases, net | 3 | | 20,261,125 |
| | 20,200,593 |
| | 20,277,795 |
| | 20,117,939 |
| Restricted equity securities | 1 | | 47,466 |
| | 47,466 |
| | 40,268 |
| | 40,268 |
| Residential mortgage servicing rights | 3 | | 158,946 |
| | 158,946 |
| | 169,025 |
| | 169,025 |
| Bank owned life insurance | 1 | | 314,303 |
| | 314,303 |
| | 313,626 |
| | 313,626 |
| Derivatives | 2,3 | | 84,090 |
| | 84,090 |
| | 49,484 |
| | 49,484 |
| Visa Class B common stock | 3 | | — |
| | 117,613 |
| | — |
| | 99,353 |
| FINANCIAL LIABILITIES: | | | | | | | | | | Deposits | 1,2 | | $ | 21,243,894 |
| | $ | 21,239,390 |
| | $ | 21,137,486 |
| | $ | 21,116,852 |
| Securities sold under agreements to repurchase | 2 | | 288,944 |
| | 288,944 |
| | 297,151 |
| | 297,151 |
| Term debt | 2 | | 932,420 |
| | 923,743 |
| | 751,788 |
| | 738,107 |
| Junior subordinated debentures, at fair value | 3 | | 294,121 |
| | 294,121 |
| | 300,870 |
| | 300,870 |
| Junior subordinated debentures, at amortized cost | 3 | | 88,667 |
| | 75,052 |
| | 88,724 |
| | 76,569 |
| Derivatives | 2 | | 11,393 |
| | 11,393 |
| | 15,982 |
| | 15,982 |
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| Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis |
The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018: | | | | | | | | | | | | | | | | | (in thousands) | March 31, 2019 | Description | Total | | Level 1 | | Level 2 | | Level 3 | FINANCIAL ASSETS: | | | | | | | | Equity and other investment securities | | | | | | | | Investments in mutual funds and other securities | $ | 51,169 |
| | $ | 51,169 |
| | $ | — |
| | $ | — |
| Equity securities held in rabbi trusts | 12,093 |
| | 12,093 |
| | — |
| | — |
| Other investments securities (1) | 65 |
| | — |
| | 65 |
| | — |
| Investment securities available for sale | | | | | | | | U.S. Treasury and agencies | 19,789 |
| | — |
| | 19,789 |
| | — |
| Obligations of states and political subdivisions | 305,663 |
| | — |
| | 305,663 |
| | — |
| Residential mortgage-backed securities and collateralized mortgage obligations | 2,569,326 |
| | — |
| | 2,569,326 |
| | — |
| Loans held for sale, at fair value | 240,302 |
| | — |
| | 240,302 |
| | — |
| Residential mortgage servicing rights, at fair value | 158,946 |
| | — |
| | — |
| | 158,946 |
| Derivatives | | | | | | | | Interest rate lock commitments | 8,174 |
| | — |
| | — |
| | 8,174 |
| Interest rate forward sales commitments | 28 |
| | — |
| | 28 |
| | — |
| Interest rate swaps | 75,271 |
| | — |
| | 75,271 |
| | — |
| Foreign currency derivative | 617 |
| | — |
| | 617 |
| | — |
| Total assets measured at fair value | $ | 3,441,443 |
| | $ | 63,262 |
| | $ | 3,211,061 |
| | $ | 167,120 |
| FINANCIAL LIABILITIES: | | | | | | | | Junior subordinated debentures, at fair value | $ | 294,121 |
| | $ | — |
| | $ | — |
| | $ | 294,121 |
| Derivatives | | | | | | | | Interest rate forward sales commitments | 3,226 |
| | — |
| | 3,226 |
| | — |
| Interest rate swaps | 7,717 |
| | — |
| | 7,717 |
| | — |
| Foreign currency derivative | 450 |
| | — |
| | 450 |
| | — |
| Total liabilities measured at fair value | $ | 305,514 |
| | $ | — |
| | $ | 11,393 |
| | $ | 294,121 |
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(1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. | | | | | | | | | | | | | | | | | (in thousands) | December 31, 2018 | Description | Total | | Level 1 | | Level 2 | | Level 3 | FINANCIAL ASSETS: | | | | | | | | Equity and other investment securities | | | | | | | | Investments in mutual funds and other securities | $ | 50,475 |
| | $ | 50,475 |
| | $ | — |
| | $ | — |
| Equity securities held in rabbi trusts | 10,918 |
| | 10,918 |
| | — |
| | — |
| Other investments securities (1) | 448 |
| | — |
| | 448 |
| | — |
| Investment securities available for sale | | | | | | | | U.S. Treasury and agencies | 39,656 |
| | — |
| | 39,656 |
| | — |
| Obligations of states and political subdivisions | 309,171 |
| | — |
| | 309,171 |
| | — |
| Residential mortgage-backed securities and collateralized mortgage obligations | 2,628,281 |
| | — |
| | 2,628,281 |
| | — |
| Loans held for sale, at fair value | 166,461 |
| | — |
| | 166,461 |
| | — |
| Residential mortgage servicing rights, at fair value | 169,025 |
| | — |
| | — |
| | 169,025 |
| Derivatives | | | | | | | | Interest rate lock commitments | 6,757 |
| | — |
| | — |
| | 6,757 |
| Interest rate forward sales commitments | 1 |
| | — |
| | 1 |
| | — |
| Interest rate swaps | 42,276 |
| | — |
| | 42,276 |
| | — |
| Foreign currency derivative | 450 |
| | — |
| | 450 |
| | — |
| Total assets measured at fair value | $ | 3,423,919 |
| | $ | 61,393 |
| | $ | 3,186,744 |
| | $ | 175,782 |
| FINANCIAL LIABILITIES: | | | | | | | | Junior subordinated debentures, at fair value | $ | 300,870 |
| | $ | — |
| | $ | — |
| | $ | 300,870 |
| Derivatives | | | | | | | | Interest rate forward sales commitments | 2,963 |
| | — |
| | 2,963 |
| | — |
| Interest rate swaps | 12,746 |
| | — |
| | 12,746 |
| | — |
| Foreign currency derivative | 273 |
| | — |
| | 273 |
| | — |
| Total liabilities measured at fair value | $ | 316,852 |
| | $ | — |
| | $ | 15,982 |
| | $ | 300,870 |
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(1) Other investment securities includes securities held by Umpqua Investments as trading debt securities.
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| Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classified as Level 3 |
The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at March 31, 2019: | | | | | Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average | Residential mortgage servicing rights | Discounted cash flow | | | | | Constant prepayment rate | 13.66% | | | Discount rate | 9.71% | Interest rate lock commitments | Internal pricing model | | | | | Pull-through rate | 89.07% | Junior subordinated debentures | Discounted cash flow | | | | | Credit spread | 4.51% |
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| Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis |
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | | | | | | | | | Three Months Ended March 31, | Beginning Balance | | Change included in earnings | | Change in fair values included in comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Ending Balance | | Net change in unrealized gains or (losses) relating to items held at end of period | 2019 | | | | | | | | | | | | | | Residential mortgage servicing rights | $ | 169,025 |
| | $ | (13,966 | ) | | $ | — |
| | $ | 3,887 |
| | $ | — |
| | $ | 158,946 |
| | $ | (11,174 | ) | Interest rate lock commitments, net | 6,757 |
| | 1,697 |
| | — |
| | 5,399 |
| | (5,679 | ) | | 8,174 |
| | 8,174 |
| Junior subordinated debentures, at fair value | 300,870 |
| | 4,772 |
| | (6,564 | ) | | — |
| | (4,957 | ) | | 294,121 |
| | (1,792 | ) | | | | | | | | | | | | | | | 2018 | | | | | | | | | | | | | | Residential mortgage servicing rights | $ | 153,151 |
| | $ | 5,079 |
| | $ | — |
| | $ | 6,530 |
| | $ | — |
| | $ | 164,760 |
| | $ | 8,434 |
| Interest rate lock commitments, net | 4,752 |
| | (1,253 | ) | | — |
| | 6,433 |
| | (4,058 | ) | | 5,874 |
| | 5,874 |
| Junior subordinated debentures, at fair value | 277,155 |
| | 3,775 |
| | 1,683 |
| | — |
| | (4,203 | ) | | 278,410 |
| | 5,458 |
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| Fair Value Assets And Liabilities Measured On Nonrecurring Basis |
The following tables present information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. | | | | | | | | | | | | | | | | | (in thousands) | March 31, 2019 | | Total | | Level 1 | | Level 2 | | Level 3 | Loans and leases | $ | 23,084 |
| | $ | — |
| | $ | — |
| | $ | 23,084 |
| Other real estate owned | 135 |
| | — |
| | — |
| | 135 |
| | $ | 23,219 |
| | $ | — |
| | $ | — |
| | $ | 23,219 |
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| | | | | | | | | | | | | | | | | (in thousands) | December 31, 2018 | | Total | | Level 1 | | Level 2 | | Level 3 | Loans and leases | $ | 98,696 |
| | $ | — |
| | $ | — |
| | $ | 98,696 |
| Other real estate owned | 7,532 |
| | — |
| | — |
| | 7,532 |
| | $ | 106,228 |
| | $ | — |
| | $ | — |
| | $ | 106,228 |
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| Losses Resulting From Nonrecurring Fair Value Adjustments |
The following table presents the losses resulting from nonrecurring fair value adjustments for the three months ended March 31, 2019 and 2018: | | | | | | | | | (in thousands) | Three Months Ended | | March 31, 2019 | | March 31, 2018 | Loans and leases | $ | 15,496 |
| | $ | 14,039 |
| Other real estate owned | 59 |
| | 5 |
| Total loss from nonrecurring measurements | $ | 15,555 |
| | $ | 14,044 |
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| Fair Value Option |
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of March 31, 2019 and December 31, 2018:
| | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | March 31, 2019 | | December 31, 2018 | | Fair Value | | Aggregate Unpaid Principal Balance | | Fair Value Less Aggregate Unpaid Principal Balance | | Fair Value | | Aggregate Unpaid Principal Balance | | Fair Value Less Aggregate Unpaid Principal Balance | Loans held for sale | $ | 240,302 |
| | $ | 231,318 |
| | $ | 8,984 |
| | $ | 166,461 |
| | $ | 160,270 |
| | $ | 6,191 |
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