Junior and Other Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Junior and Other Subordinated Debentures

Following is information about the Company's wholly-owned Trusts as of December 31, 2023: 

(dollars in thousands)
Trust Name	Issue Date	Issued Amount		Carrying Value (1)		Rate (2)	Effective Rate (3)		Maturity Date
AT FAIR VALUE:
Umpqua Statutory Trust II	October 2002	$	20,619	$	19,401	Floating rate, SOFR + 0.26161% plus 3.35%, adjusted quarterly	9.57	%	October 2032
Umpqua Statutory Trust III	October 2002	30,928		29,203		Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly	9.63	%	November 2032
Umpqua Statutory Trust IV	December 2003	10,310		9,319		Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly	9.41	%	January 2034
Umpqua Statutory Trust V	December 2003	10,310		9,146		Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly	9.57	%	March 2034
Umpqua Master Trust I	August 2007	41,238		30,557		Floating rate, SOFR + 0.26161% plus 1.35%, adjusted quarterly	9.44	%	September 2037
Umpqua Master Trust IB	September 2007	20,619		17,644		Floating rate, SOFR + 0.26161% plus 2.75%, adjusted quarterly	9.81	%	December 2037
Sterling Capital Trust III	April 2003	14,433		13,506		Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly	9.5	%	April 2033
Sterling Capital Trust IV	May 2003	10,310		9,489		Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly	9.55	%	May 2033
Sterling Capital Statutory Trust V	May 2003	20,619		18,955		Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly	9.65	%	June 2033
Sterling Capital Trust VI	June 2003	10,310		9,397		Floating rate, SOFR + 0.26161% plus 3.20%, adjusted quarterly	9.71	%	September 2033
Sterling Capital Trust VII	June 2006	56,702		43,599		Floating rate, SOFR + 0.26161% plus 1.53%, adjusted quarterly	9.33	%	June 2036
Sterling Capital Trust VIII	September 2006	51,547		39,773		Floating rate, SOFR + 0.26161% plus 1.63%, adjusted quarterly	9.43	%	December 2036
Sterling Capital Trust IX	July 2007	46,392		35,166		Floating rate, SOFR + 0.26161% plus 1.40%, adjusted quarterly	9.31	%	October 2037
Lynnwood Financial Statutory Trust I	March 2003	9,279		8,464		Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly	9.62	%	March 2033
Lynnwood Financial Statutory Trust II	June 2005	10,310		8,253		Floating rate, SOFR + 0.26161% plus 1.80%, adjusted quarterly	9.30	%	June 2035
Klamath First Capital Trust I	July 2001	15,464		14,568		Floating rate, SOFR + 0.42826% plus 3.75%, adjusted semiannually	10.22	%	July 2031
Total junior subordinated debentures at fair value		379,390		316,440
AT AMORTIZED COST:
Humboldt Bancorp Statutory Trust II	December 2001	10,310		10,735		Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly	8.37	%	December 2031
Humboldt Bancorp Statutory Trust III	September 2003	27,836		29,041		Floating rate, SOFR + 0.26161% plus 2.95%, adjusted quarterly	7.79	%	September 2033
CIB Capital Trust	November 2002	10,310		10,693		Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly	8.35	%	November 2032
Western Sierra Statutory Trust I	July 2001	6,186		6,186		Floating rate, SOFR + 0.26161% plus 3.58%, adjusted quarterly	9.22	%	July 2031
Western Sierra Statutory Trust II	December 2001	10,310		10,310		Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly	9.24	%	December 2031
Western Sierra Statutory Trust III	September 2003	10,310		10,310		Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly	8.56	%	October 2033
Western Sierra Statutory Trust IV	September 2003	10,310		10,310		Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly	8.56	%	September 2033
Bank of Commerce Holdings Trust II	July 2005	10,310		10,310		Floating rate, SOFR + 0.26161% plus 1.58%, adjusted quarterly	7.23	%	September 2035
Total junior subordinated debentures at amortized cost		95,882		97,895
Total junior subordinated debentures		$	475,272	$	414,335

(1)Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. 

(2)Contractual interest rate of junior subordinated debentures. 

(3)Effective interest rate based upon the carrying value as of December 31, 2023.