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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  
June 30, 2020December 31, 2019
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$2,264,274  $2,264,274  $1,362,756  $1,362,756  
Equity and other investment securities1,281,958  81,958  80,165  80,165  
Investment securities available for sale22,865,690  2,865,690  2,814,682  2,814,682  
Investment securities held to maturity33,143  3,969  3,260  4,263  
Loans held for sale, at fair value2605,399  605,399  513,431  513,431  
Loans and leases, net
322,314,710  22,865,324  21,038,055  21,274,319  
Restricted equity securities154,062  54,062  46,463  46,463  
Residential mortgage servicing rights396,356  96,356  115,010  115,010  
Bank owned life insurance1324,873  324,873  320,611  320,611  
Derivatives2,3406,038  406,038  150,574  150,574  
Financial liabilities:    
Deposits1,2$24,844,378  $24,888,329  $22,481,504  $22,503,916  
Securities sold under agreements to repurchase2398,414  398,414  311,308  311,308  
Borrowings21,096,559  1,103,195  906,635  906,160  
Junior subordinated debentures, at fair value3232,936  232,936  274,812  274,812  
Junior subordinated debentures, at amortized cost388,382  62,742  88,496  70,909  
Derivatives213,011  13,011  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 June 30, 2020 and December 31, 2019: 
(in thousands) 
June 30, 2020
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$70,487  $53,151  $17,336  $—  
Equity securities held in rabbi trusts11,392  11,392  —  —  
Other investments securities (1)
79  —  79  —  
Investment securities available for sale    
U.S. Treasury and agencies754,304  —  754,304  —  
Obligations of states and political subdivisions264,661  —  264,661  —  
Residential mortgage-backed securities and collateralized mortgage obligations1,846,725  —  1,846,725  —  
Loans held for sale, at fair value605,399  —  605,399  —  
Residential mortgage servicing rights, at fair value 96,356  —  —  96,356  
Derivatives    
Interest rate lock commitments25,537  —  —  25,537  
Interest rate forward sales commitments442  —  442  —  
Interest rate swaps379,488  —  379,488  —  
Foreign currency derivative571  —  571  —  
Total assets measured at fair value$4,055,441  $64,543  $3,869,005  $121,893  
Financial liabilities:
Junior subordinated debentures, at fair value$232,936  $—  $—  $232,936  
Derivatives    
Interest rate forward sales commitments5,621  —  5,621  —  
Interest rate swaps6,977  —  6,977  —  
Foreign currency derivative413  —  413  —  
Total liabilities measured at fair value$245,947  $—  $13,011  $232,936  

(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 June 30, 2020: 
Financial InstrumentFair ValueValuation TechniqueUnobservable InputRange of InputsWeighted Average
Residential mortgage servicing rights$96,356  Discounted cash flow  
  Constant prepayment rate
9.09 - 65.51%
15.95%
  Discount rate
9.50 - 12.50%
9.82%
Interest rate lock commitments$25,537  Internal pricing model
Pull-through rate
52.81 - 100.00%
85.09%
Junior subordinated debentures$232,936  Discounted cash flow  
  Credit spread
5.05 - 5.93%
5.40%
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 and six months ended June 30, 2020 and 2019: 

Three Months EndedThree Months Ended
June 30, 2020June 30, 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$94,346  $23,727  $195,521  $158,946  $8,174  $294,121  
Change included in earnings(11,437) 2,529  3,083  (24,658) 1,302  4,685  
Change in fair values included in comprehensive income/loss—  —  37,450  —  —  (17,240) 
Purchases and issuances13,447  48,007  —  5,492  6,892  —  
Sales and settlements—  (48,726) (3,118) —  (8,219) (4,538) 
Ending Balance$96,356  $25,537  $232,936  $139,780  $8,149  $277,028  
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(6,395) $25,537  $3,083  $(17,753) $8,149  $4,685  
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$—  $—  $37,450  $—  $—  $(17,240) 
Six Months EndedSix Months Ended
June 30, 2020June 30, 2019
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(42,124) 7,223  6,973  (38,624) 2,999  9,457  
Change in fair values included in comprehensive income/loss—  —  (41,412) —  —  (23,804) 
Purchases and issuances23,470  75,008  —  9,379  12,291  —  
Sales and settlements—  (63,750) (7,437) —  (13,898) (9,495) 
Ending Balance$96,356  $25,537  $232,936  $139,780  $8,149  $277,028  
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(31,753) $25,537  $6,973  $(25,288) $8,149  $9,457  
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$—  $—  $(41,412) $—  $—  $(23,804) 
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. 
June 30, 2020
 (in thousands)TotalLevel 1Level 2Level 3
Loans and leases$8,785  $—  $—  $8,785  
Goodwill (Wholesale Bank and Retail Bank)—  —  —  —  
Other real estate owned128  —  —  128  
Total assets measured at fair value on a nonrecurring basis$8,913  $—  $—  $8,913  


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 and six months ended June 30, 2020 and 2019:  

Three Months EndedSix Months Ended
  (in thousands) 
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Loans and leases$16,497  $15,136  $38,539  $30,632  
Goodwill impairment (Wholesale Bank and Retail Bank)—  —  1,784,936  —  
Other real estate owned30  2,675  147  2,734  
Total loss from nonrecurring measurements$16,527  $17,811  $1,823,622  $33,366  
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 June 30, 2020 and December 31, 2019:
June 30, 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$595,725  $564,705  $31,020  $513,431  $496,683  $16,748