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Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table presents estimated fair values of the Company's financial instruments as of March 31, 2020 and December 31, 2019, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  
March 31, 2020December 31, 2019
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$1,657,716  $1,657,716  $1,362,756  $1,362,756  
Equity and other investment securities1,280,797  80,797  80,165  80,165  
Investment securities available for sale22,890,475  2,890,475  2,814,682  2,814,682  
Investment securities held to maturity33,200  4,065  3,260  4,263  
Loans held for sale, at fair value2481,541  481,541  513,431  513,431  
Loans and leases, net
320,960,058  21,347,804  21,038,055  21,274,319  
Restricted equity securities158,062  58,062  46,463  46,463  
Residential mortgage servicing rights394,346  94,346  115,010  115,010  
Bank owned life insurance1322,717  322,717  320,611  320,611  
Derivatives2,3383,884  383,884  150,574  150,574  
Financial liabilities:    
Deposits1,2$22,699,375  $22,754,353  $22,481,504  $22,503,916  
Securities sold under agreements to repurchase2346,245  346,245  311,308  311,308  
Borrowings21,196,597  1,203,538  906,635  906,160  
Junior subordinated debentures, at fair value3195,521  195,521  274,812  274,812  
Junior subordinated debentures, at amortized cost388,439  54,020  88,496  70,909  
Derivatives234,820  34,820  8,808  8,808  
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, 2020 and December 31, 2019: 
(in thousands) 
March 31, 2020
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$70,247  $52,911  $17,336  $—  
Equity securities held in rabbi trusts10,191  10,191  —  —  
Other investments securities (1)
359  —  359  —  
Investment securities available for sale    
U.S. Treasury and agencies750,512  —  750,512  —  
Obligations of states and political subdivisions252,419  —  252,419  —  
Residential mortgage-backed securities and collateralized mortgage obligations1,887,544  —  1,887,544  —  
Loans held for sale, at fair value481,541  —  481,541  —  
Residential mortgage servicing rights, at fair value 94,346  —  —  94,436  
Derivatives    
Interest rate lock commitments23,727  —  —  23,727  
Interest rate forward sales commitments1,161  —  1,161  —  
Interest rate swaps358,204  —  358,204  —  
Foreign currency derivative792  —  792  —  
Total assets measured at fair value$3,931,043  $63,102  $3,749,868  $118,163  
Financial liabilities:
Junior subordinated debentures, at fair value$195,521  $—  $—  $195,521  
Derivatives    
Interest rate forward sales commitments26,092  —  26,092  —  
Interest rate swaps8,128  —  8,128  —  
Foreign currency derivative600  —  600  —  
Total liabilities measured at fair value$230,341  $—  $34,820  $195,521  

(1) Other investment securities includes securities held by Umpqua Investments as trading debt securities.
(in thousands) December 31, 2019
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$67,133  $52,096  $15,037  $—  
Equity securities held in rabbi trusts
12,147  12,147  —  —  
  Other investments securities (1)
885  —  885  —  
Investment securities available for sale
U.S. Treasury and agencies643,604  —  643,604  —  
Obligations of states and political subdivisions261,094  —  261,094  —  
Residential mortgage-backed securities and collateralized mortgage obligations1,909,984  —  1,909,984  —  
Loans held for sale, at fair value513,431  —  513,431  —  
Residential mortgage servicing rights, at fair value115,010  —  —  115,010  
Derivatives    
Interest rate lock commitments7,056  —  —  7,056  
Interest rate forward sales commitments105  —  105  —  
Interest rate swaps142,787  —  142,787  —  
Foreign currency derivative626  —  626  —  
Total assets measured at fair value$3,673,862  $64,243  $3,487,553  $122,066  
Financial liabilities:
Junior subordinated debentures, at fair value$274,812  $—  $—  $274,812  
Derivatives    
Interest rate forward sales commitments1,351  —  1,351  —  
Interest rate swaps7,001  —  7,001  —  
Foreign currency derivative456  —  456  —  
Total liabilities measured at fair value$283,620  $—  $8,808  $274,812  
(1) Other investment securities includes securities held by Umpqua Investments as trading debt securities.
Fair Value Measurement Inputs and Valuation Techniques
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, 2020: 
Financial InstrumentFair ValueValuation TechniqueUnobservable InputRange of InputsWeighted Average
Residential mortgage servicing rights$94,346  Discounted cash flow  
  Constant prepayment rate
11.94 - 68.65%
15.53%
  Discount rate
9.5 - 12.5%
9.73%
Interest rate lock commitments$23,727  Internal pricing model
Pull-through rate
51.36 - 100.00%
84.74%
Junior subordinated debentures$195,521  Discounted cash flow  
  Credit spread
5.34 - 7.97%
6.96%
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide 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, 2020 and 2019: 
Three Months EndedThree Months Ended
March 31, 2020March 31, 2019
(in thousands)Residential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair valueResidential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair value
Beginning Balance$115,010  $7,056  $274,812  $169,025  $6,757  $300,870  
Change included in earnings(30,687) 4,694  3,890  (13,966) 1,697  4,772  
Change in fair values included in comprehensive income/loss—  —  (78,862) —  —  (6,564) 
Purchases and issuances10,023  27,001  —  3,887  5,399  —  
Sales and settlements—  (15,024) (4,319) —  (5,679) (4,957) 
Ending Balance$94,346  $23,727  $195,521  $158,946  $8,174  $294,121  
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(25,358) $23,727  $3,890  $(7,535) $8,174  $4,772  
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$—  $—  $(78,862) $—  $—  $(6,564) 
Changes in residential mortgage servicing rights carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in residential mortgage banking revenue within non-interest income. The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities.
Fair Value Measurements, Nonrecurring
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. 
March 31, 2020
 (in thousands)TotalLevel 1Level 2Level 3
Loans and leases$11,957  $—  $—  $11,957  
Goodwill (Wholesale Bank and Retail Bank)—  —  —  —  
Other real estate owned207  —  —  207  
Total assets measured at fair value on a nonrecurring basis$12,164  $—  $—  $12,164  


December 31, 2019
 (in thousands) 
TotalLevel 1Level 2Level 3
Loans and leases$18,134  $—  $—  $18,134  
Other real estate owned2,079  —  —  2,079  
Total assets measured at fair value on a nonrecurring basis$20,213  $—  $—  $20,213  
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
The following table presents the losses resulting from nonrecurring fair value adjustments for the three months ended March 31, 2020 and 2019:  

Three Months Ended
  (in thousands) 
March 31, 2020March 31, 2019
Loans and leases$22,042  $15,496  
Goodwill impairment (Wholesale Bank and Retail Bank)1,784,936  —  
Other real estate owned117  59  
Total loss from nonrecurring measurements$1,807,095  $15,555  
Fair Value Option, Disclosures
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, 2020 and December 31, 2019:
March 31, 2020December 31, 2019
(in thousands)Fair Value Aggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal Balance
  Loans held for sale$471,307  $446,466  $24,841  $513,431  $496,683  $16,748