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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  
June 30, 2021December 31, 2020
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$3,085,811 $3,085,811 $2,573,181 $2,573,181 
Equity and other investment securities1,282,099 82,099 83,077 83,077 
Investment securities available for sale23,473,950 3,473,950 2,932,558 2,932,558 
Investment securities held to maturity32,876 3,690 3,034 3,883 
Loans held for sale2429,052 429,052 766,225 766,225 
Loans and leases, net
2,321,863,852 22,174,722 21,450,966 21,904,189 
Restricted equity securities115,247 15,247 41,666 41,666 
Residential mortgage servicing rights3102,699 102,699 92,907 92,907 
Bank owned life insurance1324,998 324,998 323,470 323,470 
Derivatives2,3236,018 236,018 342,510 342,510 
Financial liabilities:    
Deposits1,2$26,153,553 $26,160,749 $24,622,201 $24,641,876 
Securities sold under agreements to repurchase2480,302 480,302 375,384 375,384 
Borrowings2111,405 112,364 771,482 774,586 
Junior subordinated debentures, at fair value3287,723 287,723 255,217 255,217 
Junior subordinated debentures, at amortized cost388,155 65,044 88,268 67,425 
Derivatives26,928 6,928 8,782 8,782 
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, 2021 and December 31, 2020: 
(in thousands) 
June 30, 2021
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$69,500 $52,163 $17,337 $— 
Equity securities held in rabbi trusts12,599 12,599 — — 
Investment securities available for sale    
U.S. Treasury and agencies774,368 — 774,368 — 
Obligations of states and political subdivisions278,126 — 278,126 — 
Residential mortgage-backed securities and collateralized mortgage obligations2,421,456 — 2,421,456 — 
Loans held for sale, at fair value429,052 — 429,052 — 
Loans and leases, at fair value359,273 — 359,273 — 
Residential mortgage servicing rights, at fair value 102,699 — — 102,699 
Derivatives    
Interest rate lock commitments13,210 — — 13,210 
Interest rate forward sales commitments411 — 411 — 
Interest rate swaps221,567 — 221,567 — 
Foreign currency derivative830 — 830 — 
Total assets measured at fair value$4,683,091 $64,762 $4,502,420 $115,909 
Financial liabilities:
Junior subordinated debentures, at fair value$287,723 $— $— $287,723 
Derivatives    
Interest rate forward sales commitments1,295 — 1,295 — 
Interest rate swaps4,919 — 4,919 — 
Foreign currency derivative714 — 714 — 
Total liabilities measured at fair value$294,651 $— $6,928 $287,723 
(in thousands) December 31, 2020
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$70,203 $52,866 $17,337 $— 
Equity securities held in rabbi trusts
12,814 12,814 — — 
  Other investments securities (1)
60 — 60 — 
Investment securities available for sale
U.S. Treasury and agencies762,202 — 762,202 — 
Obligations of states and political subdivisions279,511 — 279,511 — 
Residential mortgage-backed securities and collateralized mortgage obligations1,890,845 — 1,890,845 — 
Loans held for sale, at fair value688,079 — 688,079 — 
Residential mortgage servicing rights, at fair value92,907 — — 92,907 
Derivatives    
Interest rate lock commitments28,144 — — 28,144 
Interest rate forward sales commitments7 — 7 — 
Interest rate swaps313,090 — 313,090 — 
Foreign currency derivative1,269 — 1,269 — 
Total assets measured at fair value$4,139,131 $65,680 $3,952,400 $121,051 
Financial liabilities:
Junior subordinated debentures, at fair value$255,217 $— $— $255,217 
Derivatives    
Interest rate forward sales commitments7,257 — 7,257 — 
Interest rate swaps370 — 370 — 
Foreign currency derivative1,155 — 1,155 — 
Total liabilities measured at fair value$263,999 $— $8,782 $255,217 
(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, 2021: 
Financial InstrumentFair Value (in thousands)Valuation TechniqueUnobservable InputRange of InputsWeighted Average
Residential mortgage servicing rights$102,699 Discounted cash flow  
  Constant prepayment rate
8.52% - 72.22%
16.75%
  Discount rate
9.50% - 12.50%
9.70%
Interest rate lock commitments$13,210 Internal pricing model
Pull-through rate
70.32% - 100.00%
86.42%
Junior subordinated debentures$287,723 Discounted cash flow  
  Credit spread
1.94% - 4.97%
3.81%
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 and six months ended June 30, 2021 and 2020: 
Three Months EndedThree Months Ended
June 30, 2021June 30, 2020
(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$100,413 $14,755 $281,580 $94,346 $23,727 $195,521 
Change included in earnings(6,044)2,356 2,367 (11,437)2,529 3,083 
Change in fair values included in comprehensive income/loss— — 5,996 — — 37,450 
Purchases and issuances8,330 21,548 — 13,447 48,007 — 
Sales and settlements— (25,449)(2,220)— (48,726)(3,118)
Ending balance$102,699 $13,210 $287,723 $96,356 $25,537 $232,936 
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period$(1,678)$13,210 $2,367 $(6,395)$25,537 $3,083 
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period$— $— $5,996 $— $— $37,450 
Six Months EndedSix Months Ended
June 30, 2021June 30, 2020
(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$92,907 $28,144 $255,217 $115,010 $7,056 $274,812 
Change included in earnings(12,603)(1,102)4,743 (42,124)7,223 6,973 
Change in fair values included in comprehensive income/loss— — 32,558 — — (41,412)
Purchases and issuances22,395 51,723 — 23,470 75,008 — 
Sales and settlements— (65,555)(4,795)— (63,750)(7,437)
Ending Balance$102,699 $13,210 $287,723 $96,356 $25,537 $232,936 
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(3,692)$13,210 $4,743 $(31,753)$25,537 $6,973 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$— $— $32,558 $— $— $(41,412)
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, 2021
 (in thousands)TotalLevel 1Level 2Level 3
Loans and leases$3,997 $— $— $3,997 
Total assets measured at fair value on a nonrecurring basis$3,997 $— $— $3,997 
December 31, 2020
 (in thousands) 
TotalLevel 1Level 2Level 3
Loans and leases$8,231 $— $— $8,231 
Total assets measured at fair value on a nonrecurring basis$8,231 $— $— $8,231 
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, 2021 and 2020:  

Three Months EndedSix Months Ended
  (in thousands) 
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Loans and leases$16,697 $16,497 $35,010 $38,539 
Goodwill impairment — — — 1,784,936 
Total loss from nonrecurring measurements$16,697 $16,497 $35,010 $1,823,475 
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 and loans held for investment accounted for under the fair value option as of June 30, 2021 and December 31, 2020:
June 30, 2021December 31, 2020
(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$429,052 $412,744 $16,308 $688,079 $654,555 $33,524 
  Loans $359,273 $349,457 $9,816 $— $— $—