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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  
September 30, 2020December 31, 2019
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$2,219,727 $2,219,727 $1,362,756 $1,362,756 
Equity and other investment securities1,282,769 82,769 80,165 80,165 
Investment securities available for sale22,898,700 2,898,700 2,814,682 2,814,682 
Investment securities held to maturity33,088 3,950 3,260 4,263 
Loans held for sale, at fair value2683,960 683,960 513,431 513,431 
Loans and leases, net
322,081,424 22,458,575 21,038,055 21,274,319 
Restricted equity securities150,062 50,062 46,463 46,463 
Residential mortgage servicing rights393,248 93,248 115,010 115,010 
Bank owned life insurance1326,120 326,120 320,611 320,611 
Derivatives2,3383,171 383,171 150,574 150,574 
Financial liabilities:    
Deposits1,2$24,669,783 $24,699,587 $22,481,504 $22,503,916 
Securities sold under agreements to repurchase2388,028 388,028 311,308 311,308 
Borrowings2996,520 1,001,504 906,635 906,160 
Junior subordinated debentures, at fair value3247,045 247,045 274,812 274,812 
Junior subordinated debentures, at amortized cost388,325 65,833 88,496 70,909 
Derivatives23,433 3,433 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 September 30, 2020 and December 31, 2019: 
(in thousands) 
September 30, 2020
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$70,376 $53,039 $17,337 $— 
Equity securities held in rabbi trusts11,721 11,721 — — 
Other investments securities (1)
672 — 672 — 
Investment securities available for sale    
U.S. Treasury and agencies757,953 — 757,953 — 
Obligations of states and political subdivisions264,487 — 264,487 — 
Residential mortgage-backed securities and collateralized mortgage obligations1,876,260 — 1,876,260 — 
Loans held for sale, at fair value683,960 — 683,960 — 
Residential mortgage servicing rights, at fair value 93,248 — — 93,248 
Derivatives    
Interest rate lock commitments28,839 — — 28,839 
Interest rate forward sales commitments814 — 814 — 
Interest rate swaps352,956 — 352,956 — 
Foreign currency derivative562 — 562 — 
Total assets measured at fair value$4,141,848 $64,760 $3,955,001 $122,087 
Financial liabilities:
Junior subordinated debentures, at fair value$247,045 $— $— $247,045 
Derivatives    
Interest rate forward sales commitments2,843 — 2,843 — 
Interest rate swaps65 — 65 — 
Foreign currency derivative525 — 525 — 
Total liabilities measured at fair value$250,478 $— $3,433 $247,045 
(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 September 30, 2020: 
Financial InstrumentFair ValueValuation TechniqueUnobservable InputRange of InputsWeighted Average
Residential mortgage servicing rights$93,248 Discounted cash flow  
  Constant prepayment rate
9.68 - 79.94%
18.10%
  Discount rate
9.50 - 12.50%
9.74%
Interest rate lock commitments$28,839 Internal pricing model
Pull-through rate
49.79 - 100.00%
84.78%
Junior subordinated debentures$247,045 Discounted cash flow  
  Credit spread
4.36 - 5.78%
4.94%
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 nine months ended September 30, 2020 and 2019: 

Three Months EndedThree Months Ended
September 30, 2020September 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$96,356 $25,537 $232,936 $139,780 $8,149 $277,028 
Transfer out of level 3— — — (36,191)— — 
Change included in earnings(17,122)3,723 2,536 4,210 1,456 4,495 
Change in fair values included in comprehensive income/loss— — 14,555 — — (8,450)
Purchases and issuances14,014 55,854 — 7,393 9,027 — 
Sales and settlements— (56,275)(2,982)— (9,562)(5,275)
Ending balance$93,248 $28,839 $247,045 $115,192 $9,070 $267,798 
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(12,244)$28,839 $2,536 $11,045 $9,070 $4,495 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$— $— $14,555 $— $— $(8,450)
Nine Months EndedNine Months Ended
September 30, 2020September 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 
Transfer out of level 3— — — (36,191)— — 
Change included in earnings(59,246)10,946 9,509 (34,414)4,455 13,952 
Change in fair values included in comprehensive income/loss— — (26,857)— — (32,254)
Purchases and issuances37,484 130,862 — 16,772 21,318 — 
Sales and settlements— (120,025)(10,419)— (23,460)(14,770)
Ending Balance$93,248 $28,839 $247,045 $115,192 $9,070 $267,798 
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(43,997)$28,839 $9,509 $(14,243)$9,070 $13,952 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$— $— $(26,857)$— $— $(32,254)
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. 
September 30, 2020
 (in thousands)TotalLevel 1Level 2Level 3
Loans and leases$8,231 $— $— $8,231 
Goodwill (Wholesale Bank and Retail Bank)— — — — 
Other real estate owned2,046 — — 2,046 
Total assets measured at fair value on a nonrecurring basis$10,277 $— $— $10,277 


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 nine months ended September 30, 2020 and 2019:  

Three Months EndedNine Months Ended
  (in thousands) 
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Loans and leases$14,797 $20,435 $53,336 $51,212 
Goodwill impairment (Wholesale Bank and Retail Bank)— — 1,784,936 — 
Other real estate owned352 279 499 3,013 
Total loss from nonrecurring measurements$15,149 $20,714 $1,838,771 $54,225 
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 September 30, 2020 and December 31, 2019:
September 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$677,773 $644,507 $33,266 $513,431 $496,683 $16,748