Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | UMPQUA HOLDINGS CORP | |
Entity Central Index Key | 1,077,771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 220,205,144 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks (restricted cash of $34,864 and $27,939) | $ 314,513 | $ 330,856 |
Interest bearing cash and temporary investments | 488,499 | 303,424 |
Total cash and cash equivalents | 803,012 | 634,280 |
Investment securities | ||
Equity and other, at fair value | 64,297 | 12,255 |
Available for sale, at fair value | 2,854,398 | 3,065,769 |
Held to maturity, at amortized cost | 3,586 | 3,803 |
Loans held for sale, at fair value | 432,642 | 259,518 |
Loans and leases | 19,639,494 | 19,019,192 |
Allowance for loan and lease losses | (144,556) | (140,608) |
Net loans and leases | 19,494,938 | 18,878,584 |
Restricted equity securities | 42,320 | 43,508 |
Premises and equipment, net | 245,954 | 269,182 |
Goodwill | 1,787,651 | 1,787,651 |
Other intangible assets, net | 27,047 | 30,130 |
Residential mortgage servicing rights, at fair value | 166,217 | 153,151 |
Other real estate owned | 12,101 | 11,734 |
Bank owned life insurance | 309,844 | 306,864 |
Other assets | 236,594 | 224,018 |
Total assets | 26,480,601 | 25,680,447 |
Deposits | ||
Noninterest bearing | 6,819,325 | 6,505,628 |
Interest bearing | 13,925,201 | 13,442,672 |
Total deposits | 20,744,526 | 19,948,300 |
Securities sold under agreements to repurchase | 273,666 | 294,299 |
Term debt | 801,739 | 802,357 |
Junior subordinated debentures, at fair value | 280,669 | 277,155 |
Junior subordinated debentures, at amortized cost | 88,838 | 100,609 |
Deferred tax liability, net | 27,255 | 21,930 |
Other liabilities | 282,821 | 266,430 |
Total liabilities | 22,499,514 | 21,711,080 |
COMMITMENTS AND CONTINGENCIES (NOTE 8) | ||
SHAREHOLDERS' EQUITY | ||
Common stock, no par value, shares authorized: 400,000,000 in 2018 and 2017; issued and outstanding: 220,204,691 in 2018 and 220,148,824 in 2017 | 3,509,146 | 3,517,258 |
Retained earnings | 524,031 | 477,101 |
Accumulated other comprehensive loss | (52,090) | (24,992) |
Total shareholders' equity | 3,981,087 | 3,969,367 |
Total liabilities and shareholders' equity | $ 26,480,601 | $ 25,680,447 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 220,204,691 | 220,148,824 |
Common stock, shares outstanding (in shares) | 220,204,691 | 220,148,824 |
Cash And Due From Banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 34,864 | $ 27,939 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
INTEREST INCOME | ||||
Interest and fees on loans and leases | $ 242,123 | $ 213,662 | $ 471,611 | $ 419,712 |
Interest and dividends on investment securities: | ||||
Taxable | 8,499 | 15,220 | 24,198 | 29,151 |
Exempt from federal income tax | 2,057 | 2,237 | 4,185 | 4,479 |
Dividends | 433 | 360 | 901 | 748 |
Interest on temporary investments and interest bearing deposits | 2,080 | 324 | 3,244 | 1,881 |
Total interest income | 255,192 | 231,803 | 504,139 | 455,971 |
INTEREST EXPENSE | ||||
Interest on deposits | 21,259 | 10,641 | 36,869 | 20,289 |
Interest on securities sold under agreement to repurchase and federal funds purchased | 155 | 321 | 218 | 351 |
Interest on term debt | 3,478 | 3,662 | 6,839 | 7,172 |
Interest on junior subordinated debentures | 5,400 | 4,437 | 10,332 | 8,638 |
Total interest expense | 30,292 | 19,061 | 54,258 | 36,450 |
Net interest income | 224,900 | 212,742 | 449,881 | 419,521 |
PROVISION FOR LOAN AND LEASE LOSSES | 13,319 | 10,657 | 26,975 | 22,329 |
Net interest income after provision for loan and lease losses | 211,581 | 202,085 | 422,906 | 397,192 |
NON-INTEREST INCOME | ||||
Service charges on deposits | 15,520 | 15,478 | 30,515 | 30,207 |
Brokerage revenue | 4,161 | 3,903 | 8,355 | 8,025 |
Residential mortgage banking revenue, net | 33,163 | 33,894 | 71,601 | 60,728 |
Gain on sale of investment securities, net | 14 | 35 | 14 | 33 |
Unrealized holding losses on equity securities | (1,432) | 0 | (1,432) | 0 |
Gain on loan sales, net | 1,348 | 3,310 | 2,578 | 5,064 |
Loss on junior subordinated debentures carried at fair value | 0 | (1,572) | 0 | (3,127) |
BOLI income | 2,060 | 2,089 | 4,130 | 4,158 |
Other income | 16,817 | 13,982 | 34,457 | 26,256 |
Total non-interest income | 71,651 | 71,119 | 150,218 | 131,344 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 113,340 | 108,561 | 219,891 | 215,034 |
Occupancy and equipment, net | 37,584 | 36,955 | 76,245 | 75,628 |
Communications | 4,447 | 4,859 | 8,880 | 9,963 |
Marketing | 3,088 | 2,374 | 4,888 | 4,107 |
Services | 16,627 | 11,386 | 31,688 | 22,691 |
FDIC assessments | 4,692 | 4,447 | 9,172 | 8,534 |
Gain on other real estate owned, net | (92) | (457) | (130) | (375) |
Intangible amortization | 1,542 | 1,689 | 3,083 | 3,378 |
Merger related expenses | 0 | 1,640 | 0 | 2,660 |
Other expenses | 14,344 | 12,567 | 27,968 | 25,115 |
Total non-interest expense | 195,572 | 184,021 | 381,685 | 366,735 |
Income before provision for income taxes | 87,660 | 89,183 | 191,439 | 161,801 |
Provision for income taxes | 21,661 | 31,964 | 46,468 | 58,546 |
Net income | 65,999 | 57,219 | 144,971 | 103,255 |
Dividends and undistributed earnings allocated to participating securities | 4 | 14 | 10 | 26 |
Net earnings available to common shareholders | $ 65,995 | $ 57,205 | $ 144,961 | $ 103,229 |
Earnings per common share: | ||||
Basic (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 |
Diluted (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 220,283 | 220,310 | 220,326 | 220,298 |
Diluted (in shares) | 220,647 | 220,753 | 220,760 | 220,790 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Note 1 | $ 65,999 | $ 57,219 | $ 144,971 | $ 103,255 |
Available for sale securities: | ||||
Unrealized (losses) gains arising during the period | (4,027) | 14,321 | (46,217) | 18,463 |
Income tax benefit (expense) related to unrealized (losses) gains | 1,028 | (5,547) | 11,799 | (7,151) |
Reclassification adjustment for net realized gains in earnings | (14) | (35) | (14) | (33) |
Income tax expense related to realized gains | 4 | 14 | 4 | 13 |
Net change in unrealized (losses) gains for available for sale securities | (3,009) | 8,753 | (34,428) | 11,292 |
Junior subordinated debentures, at fair value: | ||||
Unrealized losses arising during the period | (1,513) | 0 | (3,196) | 0 |
Income tax benefit related to unrealized losses | 386 | 0 | 816 | 0 |
Net change in unrealized losses for junior subordinated debentures, at fair value | (1,127) | 0 | (2,380) | 0 |
Other comprehensive (loss) income, net of tax | (4,136) | 8,753 | (36,808) | 11,292 |
Comprehensive income | $ 61,863 | $ 65,972 | $ 108,163 | $ 114,547 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
Balance, shares at Dec. 31, 2016 | 220,177,030 | ||||
Balance, value (As Originally Reported) at Dec. 31, 2016 | $ 3,916,795 | $ 422,839 | |||
Balance, value at Dec. 31, 2016 | 3,875,082 | $ 3,515,299 | 381,126 | $ (21,343) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, Note 1 | As Originally Reported | 246,019 | ||||
Net income, Note 1 | 242,313 | 242,313 | |||
Other comprehensive income, net of tax | 781 | 781 | |||
Stock-based compensation | 9,612 | $ 9,612 | |||
Stock repurchased and retired, shares | (468,555) | ||||
Stock repurchased and retired, value | (8,614) | $ (8,614) | |||
Issuances of common stock under stock plans, shares | 440,349 | ||||
Issuances of common stock under stock plans, value | 961 | $ 961 | |||
Cash dividends on common stock | (150,768) | (150,768) | |||
Tax rate effect reclassification | [1] | $ 0 | 4,430 | (4,430) | |
Balance, shares at Dec. 31, 2017 | 220,148,824 | 220,148,824 | |||
Balance, value at Dec. 31, 2017 | $ 3,969,367 | $ 3,517,258 | 477,101 | (24,992) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income, Note 1 | 144,971 | 144,971 | |||
Other comprehensive income, net of tax | (36,808) | (36,808) | |||
Stock-based compensation | 3,379 | $ 3,379 | |||
Stock repurchased and retired, shares | (536,327) | ||||
Stock repurchased and retired, value | (12,507) | $ (12,507) | |||
Issuances of common stock under stock plans, shares | 592,194 | ||||
Issuances of common stock under stock plans, value | 1,016 | $ 1,016 | |||
Cash dividends on common stock | $ (88,331) | (88,331) | |||
Balance, shares at Jun. 30, 2018 | 220,204,691 | 220,204,691 | |||
Balance, value at Jun. 30, 2018 | $ 3,981,087 | $ 3,509,146 | $ 524,031 | $ (52,090) | |
[1] | The reclassification adjustment from accumulated other comprehensive income (loss) to retained earnings relating to the effects from the application of the Tax Cuts and Jobs Act of 2017. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock (in usd per share) | $ 0.40 | $ 0.68 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income, Note 1 | $ 144,971 | $ 103,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of investment premiums, net | 18,750 | 14,717 |
Gain on sale of investment securities, net | (14) | (33) |
Gain on sale of other real estate owned, net | (196) | (482) |
Valuation adjustment on other real estate owned | 66 | 107 |
Provision for loan and lease losses | 26,975 | 22,329 |
Change in cash surrender value of bank owned life insurance | (4,203) | (4,221) |
Depreciation, amortization and accretion | 27,411 | 29,357 |
(Gain) loss on sale of premises and equipment | (1,789) | 1,004 |
Additions to residential mortgage servicing rights carried at fair value | (13,390) | (14,860) |
Change in fair value of residential mortgage servicing rights carried at fair value | 324 | 16,001 |
Gain on redemption of junior subordinated debentures at amortized cost | (1,043) | 0 |
Change in junior subordinated debentures carried at fair value | 0 | 3,214 |
Stock-based compensation | 3,379 | 4,275 |
Net increase in equity and other investments | (1,504) | (503) |
Holding losses on equity securities | 1,432 | 0 |
Gain on sale of loans, net | (33,746) | (61,113) |
Change in fair value of loans held for sale | (5,402) | (7,074) |
Origination of loans held for sale | (1,526,715) | (1,672,915) |
Proceeds from sales of loans held for sale | 1,390,161 | 1,672,006 |
Change in other assets and liabilities: | ||
Net (decrease) increase in other assets | (13,585) | 35,375 |
Net increase (decrease) in other liabilities | 37,491 | (55,939) |
Net cash provided by operating activities | 49,373 | 84,500 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities available for sale | (134,071) | (725,498) |
Proceeds from investment securities available for sale | 227,920 | 297,427 |
Proceeds from investment securities held to maturity | 278 | 254 |
Purchases of restricted equity securities | (45,600) | (236,571) |
Redemption of restricted equity securities | 46,788 | 236,588 |
Net change in loans and leases | (687,453) | (923,416) |
Proceeds from sales of loans | 41,613 | 98,632 |
Net change in premises and equipment | (2,820) | (11,144) |
Proceeds from bank owned life insurance death benefits | 1,481 | 0 |
Proceeds from sales of other real estate owned | 1,629 | 4,937 |
Net cash used in investing activities | (550,235) | (1,258,791) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposit liabilities | 796,618 | 439,569 |
Net decrease in securities sold under agreements to repurchase | (20,633) | (22,759) |
Proceeds from term debt borrowings | 50,000 | 100,000 |
Repayment of term debt borrowings | (50,652) | (100,000) |
Repayment of junior subordinated debentures at amortized cost | (10,598) | 0 |
Dividends paid on common stock | (83,650) | (70,507) |
Proceeds from stock options exercised | 1,016 | 463 |
Repurchase and retirement of common stock | (12,507) | (5,943) |
Net cash provided by financing activities | 669,594 | 340,823 |
Net increase (decrease) in cash and cash equivalents | 168,732 | (833,468) |
Cash and cash equivalents, beginning of period | 634,280 | 1,449,432 |
Cash and cash equivalents, end of period | 803,012 | 615,964 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 51,048 | 37,324 |
Income taxes | 38,029 | 19,392 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Change in unrealized gains on investment securities available for sale, net of taxes | (34,428) | 11,292 |
Change in unrealized gains on junior subordinated debentures carried at fair value, net of taxes | (2,380) | 0 |
Junior subordinated debentures, at fair value, cumulative effect adjustment | 9,710 | 0 |
Cash dividend declared on common stock and payable after period-end | 44,012 | 35,241 |
Change in GNMA mortgage loans recognized due to repurchase option | (3,223) | 5,422 |
Transfer of loans to other real estate owned | $ 1,866 | $ 2,628 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and financial reporting policies of Umpqua Holdings Corporation conform to accounting principles generally accepted in the United States of America. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of our accounting policies is included in the 2017 Annual Report filed on Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the 2017 Annual Report filed on Form 10-K. All references in this report to "Umpqua," "we," "our," "us," the "Company" or similar references mean Umpqua Holdings Corporation, and include our consolidated subsidiaries where the context so requires. References to "Bank" refer to our subsidiary Umpqua Bank, an Oregon state-chartered commercial bank, and references to "Umpqua Investments" refer to our subsidiary Umpqua Investments, Inc., a registered broker-dealer and investment adviser. The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. Pivotus Ventures, Inc., a wholly-owned subsidiary of Umpqua Holdings Corporation, focuses on advancing bank innovation by developing new bank platforms that could have a significant impact on the experience and economics of banking. In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to June 30, 2018 for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period. Out of Period Correction Subsequent to the issuance of the Company's March 31, 2018 condensed consolidated financial statements, the Company's management determined that a prospective interest method versus retrospective interest method was incorrectly used to recognize income on the portfolio of residential mortgage-backed securities and collateralized mortgage obligations which has a fair value of $2.5 billion as of June 30, 2018 . These securities are considered structured note securities as defined by ASC 320-10-35. Income on these securities should be recognized using the retrospective interest method. The Company has historically used the prospective method of income recognition for these securities. For other types of securities, there are other methods of income recognition allowed by the guidance. We concluded that the difference between these two methodologies is immaterial. The Company has changed to the retrospective interest method as of June 30, 2018 . To reflect this change, the cumulative difference between these two methods of $7.2 million has been recognized as an out of period adjustment in the current period, resulting in a decrease in interest income on taxable investment securities and a corresponding decrease in the unrealized loss on taxable investment securities. We have concluded that this error has an immaterial impact to the results for 2018 , as well as prior periods. The Company has recorded the adjustment in the quarter ended June 30, 2018 , no other periods have been updated to reflect this adjustment. Correction of Prior Period Balances Subsequent to the issuance of the Company's March 31, 2018 condensed consolidated financial statements, the Company's management determined that the calculation and corresponding recognition of the accretion of the purchase accounting discount on the loans acquired from Sterling Financial Corporation (ASC 310-20 loans) that were not impaired was calculated in a manner that was considered to be inconsistent with accounting principals generally accepted in the United States of America as indicated in ASC 310-20. As a result, the financial statements have been restated to reflect the correction of the difference in accretion/amortization related to the loans acquired. Management believes that the effect of this restatement is not material to our previously issued consolidated financial statements. As the error began in 2014, a prior period adjustment has been recorded to reflect the difference in loans and leases, as well as retained earnings in the opening period that is first reported in this 10-Q. As a result, the condensed consolidated statements of income have been revised to reflect these changes to the applicable line items as follows. (in thousands, except per share amounts) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 As Originally Reported Adjustment As Revised As Originally Reported Adjustment As Revised Interest and fees on loans and leases $ 212,998 $ 664 $ 213,662 $ 418,994 $ 718 $ 419,712 Total interest income 231,139 664 231,803 455,253 718 455,971 Net interest income 212,078 664 212,742 418,803 718 419,521 Net interest income after provision for loan and lease losses 201,421 664 202,085 396,474 718 397,192 Income before provision for income taxes 88,519 664 89,183 161,083 718 161,801 Provision for income taxes 31,707 257 31,964 58,268 278 58,546 Net income $ 56,812 $ 407 $ 57,219 $ 102,815 $ 440 $ 103,255 Net earnings available to common shareholders $ 56,798 $ 407 $ 57,205 $ 102,789 $ 440 $ 103,229 Earnings per common share: Basic $0.26 — $0.26 $0.47 — $0.47 Diluted $0.26 — $0.26 $0.47 — $0.47 In addition, the condensed consolidated balance sheet for December 31, 2017 has been revised to reflect these changes as follows: (in thousands) December 31, 2017 As Originally Reported Adjustment As Revised Loans and leases $ 19,080,184 $ (60,992 ) $ 19,019,192 Net loans and leases $ 18,939,576 $ (60,992 ) $ 18,878,584 Total assets $ 25,741,439 $ (60,992 ) $ 25,680,447 Deferred tax liability, net $ 37,503 $ (15,573 ) $ 21,930 Total liabilities $ 21,726,653 $ (15,573 ) $ 21,711,080 Retained earnings $ 522,520 $ (45,419 ) $ 477,101 Total shareholders' equity $ 4,014,786 $ (45,419 ) $ 3,969,367 Total liabilities and shareholders' equity $ 25,741,439 $ (60,992 ) $ 25,680,447 The condensed consolidated statement of changes in shareholders' equity has a prior period adjustment of $41.7 million to reflect the correction of the accretion amounts since the acquisition date in April 2014 to December 31, 2016. In addition, the following amounts have been revised in the condensed consolidated statement of changes in shareholders' equity. (in thousands) As Originally Reported Adjustment As Revised Net income for the year ended December 31, 2017 $ 246,019 $ (3,706 ) $ 242,313 Retained earnings as of December 31, 2017 $ 522,520 $ (45,419 ) $ 477,101 Total equity as of December 31, 2017 $ 4,014,786 $ (45,419 ) $ 3,969,367 The condensed consolidated statement of comprehensive income has been updated to reflect the change in net income for the three and six months ended June 30, 2017 . Comprehensive income increased by $407,000 for the three months ended June 30, 2017 to $66.0 million and by $440,000 for the six months ended June 30, 2017 to $114.5 million . The condensed consolidated statement of cash flows has also been updated to reflect these changes, resulting in an increase in cash flows from operating activities for June 30, 2017 of $717,000 to reflect the increase in net income and the change in other liabilities (deferred tax liability) and a corresponding decrease in the cash flows from investing activities of $717,000 for June 30, 2017 as part of the net change in loans and leases. Periods not presented herein will be revised, as applicable, as they are included in future filings. Application of new accounting guidance As of January 1, 2018, Umpqua adopted the Financial Accounting Standard Board's ("FASB") Accounting Standard Update ("ASU") No. 2014-09, Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively "ASC 606"), which (i) creates a single framework for recognizing revenue from contracts with customers that are within its scope and (ii) revises when it is appropriate to recognize a gain or loss from the transfer of nonfinancial assets such as other real estate owned. The majority of Umpqua's revenues come from interest income and other sources, including loans, leases, securities, and derivatives, that are outside the scope of ASC 606. Umpqua's revenues that are within the scope of ASC 606 are presented within Non-Interest Income and are recognized as revenue as the Company satisfies its obligation to the customer. Revenues within the scope of ASC 606 include service charges on deposits, brokerage revenue, interchange income, and the sale of other real estate owned. Refer to Note 15 - Revenue from Contracts with Customers for further discussion of Umpqua's accounting policies for revenue sources within the scope of ASC 606. Umpqua adopted ASC 606 using the modified retrospective method applied on all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606 while prior period amounts continue to be reported in accordance with legacy generally accepted accounting principles ("GAAP"). The adoption of ASC 606 did not result in a material change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. As of January 1, 2018, Umpqua applied FASB ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance relates to the recognition and measurement of financial instruments. This ASU requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Upon adoption, certain equity securities were reclassified from available for sale to the equity securities classification on the balance sheet. The ASU was applied prospectively. The amendment also requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. This ASU also eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The disclosures in the fair value footnote have been updated accordingly. The amendment also requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument specific credit risk (also referred to as "own credit") when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The Company's junior subordinated debentures are variable-rate instruments based on LIBOR, with the majority resetting quarterly. Applying the updated guidance, the FASB noted that the entire risk in excess of the risk free or benchmark rate could be considered instrument-specific credit risk. The Company has determined that all changes in fair value of the junior subordinated debentures are due to changes in value other than in the benchmark rate, and accordingly are instrument-specific credit risk. As such, the Company calculated the change in the discounted cash flows based on updated market credit spreads since the election of the fair value option for each junior subordinated debenture measured at fair value to be a net gain of $13.0 million . The gain was recorded, net of the tax effect, as a cumulative effect adjustment between retained earnings and accumulated other comprehensive income (loss), resulting in an adjustment of $9.7 million upon adoption. For 2018, the change in fair value is attributable to the change in the instrument specific credit risk of the junior subordinated debentures, as determined by the application of ASU 2016-01. Accordingly, the loss on fair value of junior subordinated debentures for the three and six months ended June 30, 2018 of $1.5 million and $3.2 million , respectively, is recorded in other comprehensive income (loss), net of tax, as an other comprehensive loss of $1.1 million and $2.4 million , respectively. Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) as well as additional ASUs for enhancement, clarification or transition of the new lease standard (collectively "ASC 842"). ASC 842 will require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. ASC 842 is effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company has established a project team for the implementation of this new standard. The team has completed implementation of new lease software that will support the current leasing process, as well as aid in the transition to the new leasing guidance. Although an estimate of the impact of the new leasing standard has not yet been determined, the Company expects a significant new lease asset and related lease liability on the balance sheet due to the number of leased properties the Bank currently has that are accounted for under current operating lease guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for certain financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates, but will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for specified periods. The Company has an established cross-functional team and project management governance process in place to manage implementation of this new guidance. The team has been working on the process by vetting the data elements and implementing modeling options that are expected to be critical to the new process. An estimate of the impact of this standard has not yet been determined, however, the impact is expected to be significant. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables present the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,012 $ — $ (548 ) $ 39,464 Obligations of states and political subdivisions 293,391 2,838 (3,715 ) 292,514 Residential mortgage-backed securities and collateralized mortgage obligations 2,600,786 657 (79,023 ) 2,522,420 $ 2,934,189 $ 3,495 $ (83,286 ) $ 2,854,398 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,586 $ 1,038 $ — $ 4,624 $ 3,586 $ 1,038 $ — $ 4,624 (in thousands) December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,021 $ — $ (323 ) $ 39,698 Obligations of states and political subdivisions 303,352 6,206 (1,102 ) 308,456 Residential mortgage-backed securities and collateralized mortgage obligations 2,703,997 2,039 (40,391 ) 2,665,645 Investments in mutual funds and other securities 51,959 11 — 51,970 $ 3,099,329 $ 8,256 $ (41,816 ) $ 3,065,769 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,803 $ 1,103 $ — $ 4,906 $ 3,803 $ 1,103 $ — $ 4,906 For periods presented after December 31, 2017 , equity securities are no longer classified as available for sale securities, and are instead separately disclosed on the balance sheet. As of December 31, 2017, the equity securities were reported in investments in mutual funds and other securities within available for sale investment securities. Investment securities that were in an unrealized loss position as of June 30, 2018 and December 31, 2017 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. (in thousands) June 30, 2018 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 39,464 $ 548 $ — $ — $ 39,464 $ 548 Obligations of states and political subdivisions 96,878 2,173 19,957 1,542 116,835 3,715 Residential mortgage-backed securities and collateralized mortgage obligations 1,312,805 29,479 1,182,068 49,544 2,494,873 79,023 Total temporarily impaired securities $ 1,449,147 $ 32,200 $ 1,202,025 $ 51,086 $ 2,651,172 $ 83,286 (in thousands) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 39,699 $ 323 $ — $ — $ 39,699 $ 323 Obligations of states and political subdivisions 20,566 322 24,798 780 45,364 1,102 Residential mortgage-backed securities and collateralized mortgage obligations 1,184,000 10,368 1,226,364 30,023 2,410,364 40,391 Total temporarily impaired securities $ 1,244,265 $ 11,013 $ 1,251,162 $ 30,803 $ 2,495,427 $ 41,816 The unrealized losses on the available for sale securities portfolio were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers. Management monitors the securities within the portfolio, including the published credit ratings of the obligations of state and political subdivisions securities for material rating or outlook changes. As of June 30, 2018 , 97% of the obligations of states and political subdivisions securities were rated A3/A- or higher by rating agencies. Substantially all of the Company's obligations of states and political subdivisions are general obligation issuances. All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at June 30, 2018 are issued or guaranteed by government sponsored enterprises. It is expected that the mortgage-backed securities and collateralized mortgage obligations securities will be settled at a price at least equal to the amortized cost of each investment. Because the decline in fair value of the available for sale securities portfolio is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities and it is not more likely than not that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, these investments are not considered other-than-temporarily impaired. The following table presents the contractual maturities of investment securities at June 30, 2018 : (in thousands) Available For Sale Held To Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 22,299 $ 22,187 $ — $ — Due after one year through five years 71,828 71,743 — — Due after five years through ten years 437,062 430,012 17 18 Due after ten years 2,403,000 2,330,456 3,569 4,606 $ 2,934,189 $ 2,854,398 $ 3,586 $ 4,624 The following table presents, as of June 30, 2018 , investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Cost Fair Value To state and local governments to secure public deposits $ 818,867 $ 799,044 Other securities pledged principally to secure repurchase agreements 416,708 402,394 Total pledged securities $ 1,235,575 $ 1,201,438 |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following table presents the major types of loans and leases, net of deferred fees and costs, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 December 31, 2017 Commercial real estate Non-owner occupied term, net $ 3,518,982 $ 3,483,197 Owner occupied term, net 2,473,734 2,476,654 Multifamily, net 3,185,923 3,060,616 Construction & development, net 568,562 540,696 Residential development, net 183,114 165,941 Commercial Term, net 2,106,658 1,944,925 Lines of credit & other, net 1,152,853 1,166,275 Leases & equipment finance, net 1,265,843 1,167,503 Residential Mortgage, net 3,405,775 3,182,888 Home equity loans & lines, net 1,132,329 1,097,877 Consumer & other, net 645,721 732,620 Total loans and leases, net of deferred fees and costs $ 19,639,494 $ 19,019,192 The loan balances are net of deferred fees and costs of $74.1 million and $73.3 million as of June 30, 2018 and December 31, 2017 , respectively. Net loans also include discounts on acquired loans of $58.0 million and $70.5 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 , loans totaling $12.5 billion were pledged to secure borrowings and available lines of credit. The outstanding contractual unpaid principal balance of purchased impaired loans, excluding acquisition accounting adjustments, was $211.3 million and $252.5 million at June 30, 2018 and December 31, 2017 , respectively. The carrying balance of purchased impaired loans was $157.9 million and $189.1 million at June 30, 2018 and December 31, 2017 , respectively. The following table presents the changes in the accretable yield for purchased impaired loans for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 66,677 $ 86,771 $ 74,268 $ 95,579 Accretion to interest income (7,123 ) (9,219 ) (15,901 ) (18,131 ) Disposals (2,838 ) (4,262 ) (7,854 ) (7,549 ) Reclassifications from non-accretable difference 6,250 9,016 12,453 12,407 Balance, end of period $ 62,966 $ 82,306 $ 62,966 $ 82,306 Loans and leases sold In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes the carrying value of loans and leases sold by major loan type during the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Commercial real estate Non-owner occupied term, net $ 763 $ 2,216 $ 5,154 $ 3,923 Owner occupied term, net 8,542 20,547 14,092 27,222 Commercial Term, net 9,331 3,887 19,789 6,517 Leases & equipment finance, net — 14,620 — 27,113 Residential Mortgage, net — 28,793 — 28,793 Total $ 18,636 $ 70,063 $ 39,035 $ 93,568 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Loss and Credit Quality | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Loss and Credit Quality | Allowance for Loan and Lease Loss and Credit Quality The Bank's methodology for assessing the appropriateness of the Allowance for Loan and Lease Loss ("ALLL") consists of three key elements: 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, we believe all risk-based activities within the loan and lease portfolios are simultaneously considered. Formula Allowance When loans and leases are originated or acquired, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10 , where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management's evaluation of the losses inherent within each segment. Segments with greater risk of loss will therefore be assigned a higher risk factor. Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base risk factor based on an evaluation of the loss inherent within each segment. Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. Risk factors may be changed periodically based on management's evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases; improvement or deterioration in economic conditions; and any other factors deemed relevant. Additionally, Financial Pacific Leasing Inc. considers additional quantitative and qualitative factors: migration analysis; a static pool analysis of historic recoveries; and forecasting uncertainties. A migration analysis is a technique used to estimate the likelihood that an account will progress through the various delinquency states and ultimately be charged off. Specific Allowance Regular credit reviews of the portfolio identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when, based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral-dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double-count the loss exposure. The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. There was no unallocated allowance as of June 30, 2018 and December 31, 2017 . Management believes that the ALLL was adequate as of June 30, 2018 . There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. The reserve for unfunded commitments ("RUC") is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. There have been no significant changes to the Bank's ALLL methodology or policies in the periods presented. Activity in the Allowance for Loan and Lease Losses The following tables summarize activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 46,005 $ 64,626 $ 19,833 $ 11,469 $ 141,933 Charge-offs (362 ) (12,869 ) (460 ) (1,124 ) (14,815 ) Recoveries 289 3,171 98 561 4,119 Provision 1,353 10,837 804 325 13,319 Balance, end of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 (in thousands) Three Months Ended June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 49,006 $ 59,117 $ 17,966 $ 10,203 $ 136,292 Charge-offs (809 ) (10,696 ) (407 ) (2,032 ) (13,944 ) Recoveries 1,457 1,511 113 781 3,862 (Recapture) provision (2,240 ) 10,125 379 2,393 10,657 Balance, end of period $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 (in thousands) Six Months Ended June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 45,765 $ 63,305 $ 19,360 $ 12,178 $ 140,608 Charge-offs (673 ) (26,344 ) (706 ) (2,904 ) (30,627 ) Recoveries 506 5,624 301 1,169 7,600 Provision 1,687 23,180 1,320 788 26,975 Balance, end of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 (in thousands) Six Months Ended June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,795 $ 58,840 $ 17,946 $ 9,403 $ 133,984 Charge-offs (1,148 ) (20,800 ) (617 ) (4,381 ) (26,946 ) Recoveries 1,857 3,541 310 1,792 7,500 (Recapture) provision (1,090 ) 18,476 412 4,531 22,329 Balance, end of period $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 The following tables present the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of June 30, 2018 and 2017 : (in thousands) June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 44,668 $ 65,378 $ 19,902 $ 11,190 $ 141,138 Individually evaluated for impairment 814 7 — — 821 Loans acquired with deteriorated credit quality 1,803 380 373 41 2,597 Total $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 Loans and leases: Collectively evaluated for impairment $ 9,776,975 $ 4,504,361 $ 4,508,961 $ 645,310 $ 19,435,607 Individually evaluated for impairment 28,786 17,225 — — 46,011 Loans acquired with deteriorated credit quality 124,554 3,768 29,143 411 157,876 Total $ 9,930,315 $ 4,525,354 $ 4,538,104 $ 645,721 $ 19,639,494 (in thousands) June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 43,968 $ 59,694 $ 17,442 $ 11,312 $ 132,416 Individually evaluated for impairment 712 43 — — 755 Loans acquired with deteriorated credit quality 2,734 320 609 33 3,696 Total $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 Loans and leases: Collectively evaluated for impairment $ 9,309,214 $ 3,896,803 $ 4,028,864 $ 720,329 $ 17,955,210 Individually evaluated for impairment 41,053 21,806 — — 62,859 Loans acquired with deteriorated credit quality 190,454 5,213 39,568 475 235,710 Total $ 9,540,721 $ 3,923,822 $ 4,068,432 $ 720,804 $ 18,253,779 Summary of Reserve for Unfunded Commitments Activity The following tables present a summary of activity in the RUC and unfunded commitments for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 4,129 $ 3,495 $ 3,963 $ 3,611 Net charge to other expense 1 321 167 205 Balance, end of period $ 4,130 $ 3,816 $ 4,130 $ 3,816 (in thousands) Total Unfunded loan and lease commitments: June 30, 2018 $ 5,077,579 June 30, 2017 $ 4,479,108 Asset Quality and Non-Performing Loans and Leases We manage asset quality and control credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration is charged with monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases and larger credits, designed to identify potential charges to the allowance for loan and lease losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions and other factors. Non-Accrual Loans and Leases and Loans and Leases Past Due The following tables summarize our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 444 $ 10,203 $ — $ 10,647 $ 2,263 $ 3,506,072 $ 3,518,982 Owner occupied term, net 541 1,679 1 2,221 13,482 2,458,031 2,473,734 Multifamily, net 3,124 1,165 — 4,289 331 3,181,303 3,185,923 Construction & development, net — — — — — 568,562 568,562 Residential development, net — — — — — 183,114 183,114 Commercial Term, net 176 1,287 85 1,548 11,533 2,093,577 2,106,658 Lines of credit & other, net 154 1,699 119 1,972 2,149 1,148,732 1,152,853 Leases & equipment finance, net 7,440 8,094 2,912 18,446 13,634 1,233,763 1,265,843 Residential Mortgage, net (2) — 4,022 38,337 42,359 — 3,363,416 3,405,775 Home equity loans & lines, net 1,163 673 1,841 3,677 — 1,128,652 1,132,329 Consumer & other, net 2,312 558 445 3,315 — 642,406 645,721 Total, net of deferred fees and costs $ 15,354 $ 29,380 $ 43,740 $ 88,474 $ 43,392 $ 19,507,628 $ 19,639,494 (1) Other includes purchased credit impaired loans of $157.9 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $9.2 million at June 30, 2018 . (in thousands) December 31, 2017 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 207 $ 2,097 $ — $ 2,304 $ 4,503 $ 3,476,390 $ 3,483,197 Owner occupied term, net 4,997 2,010 71 7,078 13,835 2,455,741 2,476,654 Multifamily, net — — — — 355 3,060,261 3,060,616 Construction & development, net — — — — — 540,696 540,696 Residential development, net — — — — — 165,941 165,941 Commercial Term, net 597 1,064 — 1,661 14,686 1,928,578 1,944,925 Lines of credit & other, net 1,263 — 401 1,664 6,402 1,158,209 1,166,275 Leases & equipment finance, net 8,494 10,133 2,857 21,484 11,574 1,134,445 1,167,503 Residential Mortgage, net (2) — 6,709 36,980 43,689 — 3,139,199 3,182,888 Home equity loans & lines, net 2,011 283 2,550 4,844 — 1,093,033 1,097,877 Consumer & other, net 3,117 871 532 4,520 — 728,100 732,620 Total, net of deferred fees and costs $ 20,686 $ 23,167 $ 43,391 $ 87,244 $ 51,355 $ 18,880,593 $ 19,019,192 (1) Other includes purchased credit impaired loans of $189.1 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $12.4 million at December 31, 2017 . Impaired Loans Loans with no related allowance reported generally represent non-accrual loans, which are also considered impaired loans. The Bank recognizes the charge-off on impaired loans in the period it arises for collateral-dependent loans. Therefore, the non-accrual loans as of June 30, 2018 have already been written down to their estimated net realizable value and are expected to be resolved with no additional material loss, absent further decline in net realizable value. The valuation allowance on impaired loans primarily represents the impairment reserves on performing restructured loans, and is measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan's carrying value. The following tables summarize our impaired loans by loan class as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 13,382 $ 21 $ 13,255 $ 632 Owner occupied term, net 12,419 10,745 915 96 Multifamily, net 3,984 331 3,519 86 Commercial Term, net 19,854 14,111 91 7 Lines of credit & other, net 6,549 2,149 — — Leases & equipment finance, net 874 874 — — Total, net of deferred fees and costs $ 57,062 $ 28,231 $ 17,780 $ 821 (in thousands) December 31, 2017 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 15,930 $ 2,543 $ 13,310 $ 314 Owner occupied term, net 12,775 11,269 940 94 Multifamily, net 3,994 355 3,519 123 Commercial Term, net 28,117 19,084 2,510 4 Lines of credit & other, net 8,018 6,383 — — Total, net of deferred fees and costs $ 68,834 $ 39,634 $ 20,279 $ 535 The following tables summarize our average recorded investment and interest income recognized on impaired loans by loan class for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 13,301 $ 103 $ 17,743 $ 149 Owner occupied term, net 11,185 10 10,746 66 Multifamily, net 3,857 30 3,901 31 Construction & development, net — — 1,091 11 Residential development, net — — 7,221 75 Commercial Term, net 17,515 56 12,697 119 Lines of credit & other, net 2,609 — 5,515 38 Leases & equipment finance, net 509 — 370 — Total, net of deferred fees and costs $ 48,976 $ 199 $ 59,284 $ 489 (in thousands) Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 14,172 $ 205 $ 16,752 $ 298 Owner occupied term, net 11,527 20 9,322 127 Multifamily, net 3,862 60 3,924 61 Construction & development, net — — 1,238 22 Residential development, net — — 7,370 150 Commercial Term, net 18,875 145 14,079 154 Lines of credit & other, net 3,867 — 4,960 50 Leases & equipment finance, net 339 — 246 — Total, net of deferred fees and costs $ 52,642 $ 430 $ 57,891 $ 862 The impaired loans for which these interest income amounts were recognized primarily relate to accruing restructured loans. Credit Quality Indicators As previously noted, the Bank's risk rating methodology assigns risk ratings ranging from 1 to 10 , where a higher rating represents higher risk. The Bank differentiates its lending portfolios into homogeneous loans and leases and non-homogeneous loans and leases. Homogeneous loans and leases are not risk rated until they are greater than 30 days past due, and risk rating is based on the past due status of the loan or lease. The 10 risk rating categories can be generally described by the following groupings for loans and leases: Minimal Risk —A minimal risk loan or lease, risk rated 1 , is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. Low Risk —A low risk loan or lease, risk rated 2 , is similar in characteristics to a minimal risk loan. Margins may be smaller or protective elements may be subject to greater fluctuation. The borrower will have a strong demonstrated ability to produce profits, provide ample debt service coverage and to absorb market disturbances. Modest Risk —A modest risk loan or lease, risk rated 3 , is a desirable loan or lease with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the credit in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have reserves to weather these cycles. Average Risk —An average risk loan or lease, risk rated 4 , is an attractive loan or lease with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. Acceptable Risk —An acceptable risk loan or lease, risk rated 5 , is a loan or lease with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. Watch— A watch loan or lease, risk rated 6 , is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Special Mention— A special mention loan or lease, risk rated 7 , has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institution's credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans and leases in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan or lease has potential weaknesses, which if not checked or corrected, weaken the asset or inadequately protect the Bank's position at some future date. For commercial and commercial real estate homogeneous loans and leases to be classified as special mention, risk rated 7 , the loan or lease is greater than 30 to 59 days past due from the required payment date at month-end. Residential and consumer and other homogeneous loans are risk rated 7 , when the loan is greater than 30 to 89 days past due from the required payment date at month-end. Substandard— A substandard asset, risk rated 8 , is inadequately protected by the current worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loans and leases are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan or lease normally has one or more well-defined weaknesses that could jeopardize repayment of the debt. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. Commercial and commercial real estate homogeneous loans and leases are classified as a substandard loan or lease, risk rated 8 , when the loan or lease is 60 to 89 days past due from the required payment date at month-end. Residential and consumer and other homogeneous loans are classified as a substandard loan, risk rated 8 , when an open-end loan is 90 to 180 days past due from the required payment date at month-end or when a closed-end loan 90 to 120 days is past due from the required payment date at month-end. Doubtful —Loans or leases classified as doubtful, risk rated 9 , have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the asset, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Bank is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. Commercial and commercial real estate homogeneous doubtful loans or leases, risk rated 9 , are 90 to 179 days past due from the required payment date at month-end. Loss —Loans or leases classified as loss, risk rated 10 , are considered un-collectible and of such little value that the continuance as an active Bank asset is not warranted. This rating does not mean that the loan or lease has no recovery or salvage value, but rather that the loan or lease should be charged-off now, even though partial or full recovery may be possible in the future. For a commercial or commercial real estate homogeneous loss loan or lease to be risk rated 10 , the loan or lease is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. Residential, consumer and other homogeneous loans are risk rated 10 , when a loan becomes past due 120 cumulative days from the contractual due date. Residential and consumer loans secured by real estate are generally charged down to net realizable value in the month in which the loan becomes 180 days past due. All other residential, consumer, and other homogeneous loans are generally charged-off in the month in which the 120 day period elapses. Impaired— Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as non-accrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. The following tables summarize our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,439,595 $ 40,421 $ 25,474 $ 109 $ 107 $ 13,276 $ 3,518,982 Owner occupied term, net 2,395,159 41,958 24,827 — 130 11,660 2,473,734 Multifamily, net 3,159,905 10,950 11,218 — — 3,850 3,185,923 Construction & development, net 566,600 — 1,962 — — — 568,562 Residential development, net 183,114 — — — — — 183,114 Commercial Term, net 2,054,321 29,329 8,604 90 112 14,202 2,106,658 Lines of credit & other, net 1,088,463 38,721 23,329 191 — 2,149 1,152,853 Leases & equipment finance, net 1,233,507 7,440 8,094 14,262 1,666 874 1,265,843 Residential Mortgage, net (2) 3,361,298 4,419 38,228 — 1,830 — 3,405,775 Home equity loans & lines, net 1,128,282 2,005 1,640 — 402 — 1,132,329 Consumer & other, net 642,378 2,870 410 — 63 — 645,721 Total, net of deferred fees and costs $ 19,252,622 $ 178,113 $ 143,786 $ 14,652 $ 4,310 $ 46,011 $ 19,639,494 (1) The percentage of impaired loans classified as pass/watch and substandard was 4.1% and 95.9% , respectively, as of June 30, 2018 . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 9.2 million at June 30, 2018 , which is included in the substandard category. (in thousands) December 31, 2017 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,388,421 $ 45,189 $ 33,026 $ 630 $ 78 $ 15,853 $ 3,483,197 Owner occupied term, net 2,398,215 30,343 34,743 438 706 12,209 2,476,654 Multifamily, net 3,037,320 13,783 5,639 — — 3,874 3,060,616 Construction & development, net 538,515 — 2,181 — — — 540,696 Residential development, net 165,502 — 439 — — — 165,941 Commercial Term, net 1,900,062 12,735 10,372 82 80 21,594 1,944,925 Lines of credit & other, net 1,122,360 6,539 30,941 52 — 6,383 1,166,275 Leases & equipment finance, net 1,134,446 8,494 10,133 12,868 1,562 — 1,167,503 Residential Mortgage, net (2) 3,136,071 7,505 35,918 — 3,394 — 3,182,888 Home equity loans & lines, net 1,092,496 2,564 2,286 — 531 — 1,097,877 Consumer & other, net 728,006 3,998 568 — 48 — 732,620 Total, net of deferred fees and costs $ 18,641,414 $ 131,150 $ 166,246 $ 14,070 $ 6,399 $ 59,913 $ 19,019,192 (1) The percentage of impaired loans classified as pass/watch and substandard was 1.7% , and 98.3% , respectively, as of December 31, 2017. (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 12.4 million at December 31, 2017 , which is included in the substandard category. Troubled Debt Restructurings At June 30, 2018 and December 31, 2017 , impaired loans of $27.2 million and $32.2 million , respectively, were classified as accruing restructured loans. The restructurings were granted in response to borrower financial difficulty, and generally provide for a temporary modification of loan repayment terms. In order for a newly restructured loan to be considered for accrual status, the loan's collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. There were $537,000 in available commitments for troubled debt restructurings outstanding as of June 30, 2018 and $917,000 as of December 31, 2017 . The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 17,612 $ 4,966 $ 22,578 Commercial, net 3,495 10,299 13,794 Residential, net 6,060 — 6,060 Total, net of deferred fees and costs $ 27,167 $ 15,265 $ 42,432 (in thousands) December 31, 2017 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 17,694 $ 5,088 $ 22,782 Commercial, net 7,787 16,978 24,765 Residential, net 6,687 — 6,687 Total, net of deferred fees and costs $ 32,168 $ 22,066 $ 54,234 The Bank's policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank's policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. There were no new restructured loans during the three months ended June 30, 2018 . The following tables present newly restructured loans that occurred during the six months ended June 30, 2018 and the three and six months ended June 30, 2017 : (in thousands) Three Months Ended June 30, 2017 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Commercial, net $ — $ — $ — $ — $ 9,874 $ 9,874 Residential, net — — — — 881 881 Total, net of deferred fees and costs $ — $ — $ — $ — $ 10,755 $ 10,755 (in thousands) Six Months Ended June 30, 2018 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Residential, net — — — — 106 106 Total, net of deferred fees and costs $ — $ — $ — $ — $ 106 $ 106 (in thousands) Six Months Ended June 30, 2017 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Commercial, net $ — $ — $ — $ — $ 12,793 $ 12,793 Residential, net — — — — 1,134 1,134 Total, net of deferred fees and costs $ — $ — $ — $ — $ 13,927 $ 13,927 For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. There were $10.2 million in financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the six months ended June 30, 2018 . There were $118,000 in financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the six months ended June 30, 2017 . There were none in the three months ended June 30, 2018 and 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill totaled $1.8 billion at both June 30, 2018 and December 31, 2017 , and represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of the fair values of liabilities assumed. Goodwill is not amortized but is evaluated for impairment on an annual basis at December 31 of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. No events or circumstances since the December 31, 2017 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. The following table summarizes the changes in the Company's other intangible assets for the year ended December 31, 2017 , and the six months ended June 30, 2018 . (in thousands) Other Intangible Assets Gross Accumulated Amortization Net Balance, December 31, 2016 $ 113,471 $ (76,585 ) $ 36,886 Amortization — (6,756 ) (6,756 ) Balance, December 31, 2017 113,471 (83,341 ) 30,130 Amortization — (3,083 ) (3,083 ) Balance, June 30, 2018 $ 113,471 $ (86,424 ) $ 27,047 Core deposit intangible asset values were determined by an analysis of the cost differential between the core deposits inclusive of estimated servicing costs and alternative funding sources for core deposits acquired through acquisitions. The core deposit intangible assets recorded are amortized on an accelerated basis over a period of approximately 10 years . No impairment losses separate from the scheduled amortization have been recognized in the periods presented. The table below presents the forecasted amortization expense for other intangible assets acquired in all mergers: (in thousands) Year Expected Amortization Remainder of 2018 $ 3,083 2019 5,618 2020 4,986 2021 4,520 2022 4,095 Thereafter 4,745 $ 27,047 |
Residential Mortgage Servicing
Residential Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Residential Mortgage Servicing Rights | Residential Mortgage Servicing Rights The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 164,760 $ 142,344 $ 153,151 $ 142,973 Additions for new MSR capitalized 6,860 7,819 13,390 14,860 Changes in fair value: Due to changes in model inputs or assumptions (1) 962 (4,573 ) 15,895 (8,179 ) Other (2) (6,365 ) (3,758 ) (16,219 ) (7,822 ) Balance, end of period $ 166,217 $ 141,832 $ 166,217 $ 141,832 (1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. (2) Represents changes due to collection/realization of expected cash flows over time. Information related to our serviced loan portfolio as of June 30, 2018 and December 31, 2017 is as follows: (dollars in thousands) June 30, 2018 December 31, 2017 Balance of loans serviced for others $ 15,508,182 $ 15,336,597 MSR as a percentage of serviced loans 1.07 % 1.00 % The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in residential mortgage banking revenue, was $10.4 million and $20.9 million for the three and six months ended June 30, 2018 , respectively, as compared to $9.8 million and $19.7 million for the three and six month ended June 30, 2017 , respectively. Key assumptions used in measuring the fair value of MSR as of June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 Constant prepayment rate 11.75 % 12.27 % Discount rate 9.69 % 9.70 % Weighted average life (years) 6.6 6.3 A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of June 30, 2018 and December 31, 2017 is as follows: (in thousands) June 30, 2018 December 31, 2017 Constant prepayment rate Effect on fair value of a 10% adverse change $ (6,675 ) $ (6,290 ) Effect on fair value of a 20% adverse change $ (12,853 ) $ (12,093 ) Discount rate Effect on fair value of a 100 basis point adverse change $ (6,745 ) $ (5,840 ) Effect on fair value of a 200 basis point adverse change $ (12,974 ) $ (11,249 ) The sensitivity analysis presents the hypothetical effect on fair value of the MSR. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures Following is information about the Company's wholly-owned trusts ("Trusts") as of June 30, 2018 : (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 $ 17,749 Floating rate, LIBOR plus 3.35%, adjusted quarterly 6.63% October 2032 Umpqua Statutory Trust III October 2002 30,928 26,857 Floating rate, LIBOR plus 3.45%, adjusted quarterly 6.67% November 2032 Umpqua Statutory Trust IV December 2003 10,310 8,385 Floating rate, LIBOR plus 2.85%, adjusted quarterly 6.39% January 2034 Umpqua Statutory Trust V December 2003 10,310 8,286 Floating rate, LIBOR plus 2.85%, adjusted quarterly 6.45% March 2034 Umpqua Master Trust I August 2007 41,238 26,078 Floating rate, LIBOR plus 1.35%, adjusted quarterly 5.84% September 2037 Umpqua Master Trust IB September 2007 20,619 15,878 Floating rate, LIBOR plus 2.75%, adjusted quarterly 6.61% December 2037 Sterling Capital Trust III April 2003 14,433 12,307 Floating rate, LIBOR plus 3.25%, adjusted quarterly 6.58% April 2033 Sterling Capital Trust IV May 2003 10,310 8,638 Floating rate, LIBOR plus 3.15%, adjusted quarterly 6.56% May 2033 Sterling Capital Statutory Trust V May 2003 20,619 17,353 Floating rate, LIBOR plus 3.25%, adjusted quarterly 6.64% June 2033 Sterling Capital Trust VI June 2003 10,310 8,588 Floating rate, LIBOR plus 3.20%, adjusted quarterly 6.65% September 2033 Sterling Capital Trust VII June 2006 56,702 37,457 Floating rate, LIBOR plus 1.53%, adjusted quarterly 5.85% June 2036 Sterling Capital Trust VIII September 2006 51,547 34,334 Floating rate, LIBOR plus 1.63%, adjusted quarterly 5.96% December 2036 Sterling Capital Trust IX July 2007 46,392 29,912 Floating rate, LIBOR plus 1.40%, adjusted quarterly 5.75% October 2037 Lynnwood Financial Statutory Trust I March 2003 9,279 7,724 Floating rate, LIBOR plus 3.15%, adjusted quarterly 6.59% March 2033 Lynnwood Financial Statutory Trust II June 2005 10,310 7,166 Floating rate, LIBOR plus 1.80%, adjusted quarterly 5.96% June 2035 Klamath First Capital Trust I July 2001 15,464 13,957 Floating rate, LIBOR plus 3.75%, adjusted semiannually 6.33% July 2031 379,390 280,669 AT AMORTIZED COST: Humboldt Bancorp Statutory Trust II December 2001 10,310 11,030 Floating rate, LIBOR plus 3.60%, adjusted quarterly 5.06% December 2031 Humboldt Bancorp Statutory Trust III September 2003 27,836 29,758 Floating rate, LIBOR plus 2.95%, adjusted quarterly 4.51% September 2033 CIB Capital Trust November 2002 10,310 10,934 Floating rate, LIBOR plus 3.45%, adjusted quarterly 5.06% November 2032 Western Sierra Statutory Trust I July 2001 6,186 6,186 Floating rate, LIBOR plus 3.58%, adjusted quarterly 5.94% July 2031 Western Sierra Statutory Trust II December 2001 10,310 10,310 Floating rate, LIBOR plus 3.60%, adjusted quarterly 5.93% December 2031 Western Sierra Statutory Trust III September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 5.25% September 2033 Western Sierra Statutory Trust IV September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 5.25% September 2033 85,572 88,838 Total $ 464,962 $ 369,507 (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 June 30, 2018 . The Trusts are reflected as junior subordinated debentures in the Condensed Consolidated Balance Sheets . The common stock issued by the Trusts is recorded in other assets in the Condensed Consolidated Balance Sheets , and totaled $14.0 million at June 30, 2018 and $14.3 million at December 31, 2017 . As of June 30, 2018 , all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates. In the first quarter of 2018, the Company paid $10.6 million to redeem the debt securities of the Humboldt Bancorp Statutory Trust I and HB Capital Trust I. The Company has elected the fair value measurement option for junior subordinated debentures originally issued by the Company (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. The fair value of the junior subordinated debentures increased for the three and six months ended June 30, 2018 , however, based on the application of ASU 2016-01, no loss was recorded in earnings. Instead the loss of $1.5 million and $3.2 million for the three and six months ended, respectively, was recorded in other comprehensive income (loss), net of tax. The loss recorded in earnings resulting from the change in the fair value of these instruments was $1.6 million and $3.1 million for the three and six months ended June 30, 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments — As of June 30, 2018 , the Bank leased 221 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Rent expense for the three and six months ended June 30, 2018 was $9.4 million and $19.0 million , respectively, and for the three and six months ended June 30, 2017 was $9.5 million and $19.2 million , respectively. Rent expense was partially offset by rent income of $648,000 and $1.3 million for the three and six months ended June 30, 2018 , respectively, and $494,000 and $1.0 million for the three and six months ended June 30, 2017 , respectively. Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk. The following table presents a summary of the Bank's commitments and contingent liabilities: (in thousands) As of June 30, 2018 Commitments to extend credit $ 5,008,398 Forward sales commitments $ 639,160 Commitments to originate residential mortgage loans held for sale $ 338,695 Standby letters of credit $ 69,181 The Bank is a party to financial instruments with off-balance-sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. Those instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items recognized in the Condensed Consolidated Balance Sheets . The contract or notional amounts of those instruments reflect the extent of the Bank's involvement in particular classes of financial instruments. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties. Standby letters of credit and written financial guarantees are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. There were no financial guarantees in connection with standby letters of credit that the Bank was required to perform on during the three and six months ended June 30, 2018 and June 30, 2017 . At June 30, 2018 , approximately $43.0 million of standby letters of credit expire within one year, and $26.2 million expire thereafter. The Bank recorded approximately $227,000 and $339,000 in fees associated with standby letters of credit during the three and six months ended June 30, 2018 , respectively, compared to $310,000 and $464,000 for the three and six months ended June 30, 2017 , respectively. Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations. As of June 30, 2018 , the Company had a residential mortgage loan repurchase reserve liability of $1.3 million . For loans sold to GNMA, the Bank has a unilateral right, but not the obligation, to repurchase loans that are past due 90 days or more. As of June 30, 2018 , the Bank has recorded a liability for the loans subject to this repurchase right of $9.2 million , and has recorded these loans as part of the loan portfolio as if we had repurchased these loans. Legal Proceedings —Umpqua is involved in legal proceedings occurring in the ordinary course of business. Based on information currently available, advice of counsel and available insurance coverage, we believe that the eventual outcome of actions against the Company or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on our consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to our results of operations for any particular period. Concentrations of Credit Risk — The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers throughout Oregon, Washington, California, Idaho, and Nevada. In management's judgment, a concentration exists in real estate-related loans, which represented approximately 75% of the Bank's loan and lease portfolio at June 30, 2018 and December 31, 2017 . Commercial real estate concentrations are managed to assure wide geographic and business diversity. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans. The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in the three and six months ended June 30, 2018 and 2017 . Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At June 30, 2018 , the Bank had commitments to originate mortgage loans held for sale totaling $338.7 million and forward sales commitments of $639.2 million , which are used to hedge both on-balance sheet and off-balance sheet exposures. The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of June 30, 2018 , the Bank had 707 interest rate swaps with an aggregate notional amount of $3.5 billion related to this program. As of December 31, 2017 , the Bank had 653 interest rate swaps with an aggregate notional amount of $3.0 billion related to this program. At both June 30, 2018 and December 31, 2017 , the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $29.4 million and $7.2 million , respectively. The Bank has collateral posting requirements for initial margins with its clearing members and clearing houses and has posted collateral against its obligations under these agreements of $34.8 million and $28.2 million as of June 30, 2018 and December 31, 2017 , respectively. Umpqua's interest rate swap derivatives are cleared through the Chicago Mercantile Exchange and London Clearing House. These clearing houses characterize the variation margin payments, for derivative contracts that are referred to as settled-to-market, as settlements of the derivative's mark-to-market exposure and not collateral. Umpqua accounts for the variation margin as an adjustment to our cash collateral, as well as a corresponding adjustment to our derivative asset and liability. As of June 30, 2018 , the variation margin adjustment was a positive adjustment of $16.6 million as compared to a negative adjustment of $20.5 million at December 31, 2017 . The Bank incorporates credit valuation adjustments ("CVA") to appropriately reflect nonperformance risk in the fair value measurement of its derivatives. As of June 30, 2018 and December 31, 2017 , the net CVA decreased the settlement values of the Bank's net derivative assets by $213,000 and $1.7 million , respectively. Various factors impact changes in the CVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. The Bank also executes foreign currency hedges as a service for customers. These foreign currency hedges are then offset with hedges with other third-party banks to limit the Bank's risk exposure. The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of June 30, 2018 and December 31, 2017 : (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated as hedging instrument June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Interest rate lock commitments $ 6,782 $ 4,752 $ — $ — Interest rate forward sales commitments 195 286 2,142 567 Interest rate swaps 12,565 26,081 29,380 7,229 Foreign currency derivatives 484 1,137 373 1,492 Total $ 20,026 $ 32,256 $ 31,895 $ 9,288 The following table summarizes the types of derivatives and the gains (losses) recorded during the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended Derivatives not designated as hedging instrument June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate lock commitments $ 908 $ (1,549 ) $ 2,030 $ 670 Interest rate forward sales commitments 500 (3,872 ) 8,744 (6,605 ) Interest rate swaps 290 (756 ) 1,421 (1,483 ) Foreign currency derivatives 480 356 815 765 Total $ 2,178 $ (5,821 ) $ 13,010 $ (6,653 ) The gains and losses on the Company's mortgage banking derivatives are included in residential mortgage banking revenue. The gains and losses on the Company's interest rate swaps and foreign currency derivatives are included in other income. The following table summarizes the derivatives that have a right of offset as of June 30, 2018 and December 31, 2017 : (in thousands) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/Liabilities presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Collateral Posted Net Amount June 30, 2018 Derivative Assets Interest rate swaps $ 12,565 $ — $ 12,565 $ (12,565 ) $ — $ — Foreign currency derivatives 484 — 484 — — 484 Derivative Liabilities Interest rate swaps $ 29,380 $ — $ 29,380 $ (12,565 ) $ — $ 16,815 Foreign currency derivatives 373 — 373 — — 373 December 31, 2017 Derivative Assets Interest rate swaps $ 26,081 $ — $ 26,081 $ (7,229 ) $ — $ 18,852 Foreign currency derivatives 1,137 — 1,137 — — 1,137 Derivative Liabilities Interest rate swaps $ 7,229 $ — $ 7,229 $ (7,229 ) $ — $ — Foreign currency derivatives 1,492 — 1,492 — — 1,492 |
Shareholders' Equity and Stock
Shareholders' Equity and Stock Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity and Stock Compensation | Shareholders' Equity and Stock Compensation The Company has a share repurchase plan, which allows the Company to repurchase shares from time to time subject to a maximum number of shares over the life of the plan. In April 2018, the Company repurchased 327,000 shares for a total of $8.0 million . Stock-Based Compensation The compensation cost related to stock options, restricted stock and restricted stock units in Company stock granted to employees and included in salaries and employee benefits was $1.2 million and $2.8 million , respectively, for the three and six months ended June 30, 2018 , as compared to $1.2 million and $3.7 million , respectively, for the three and six months ended June 30, 2017 . The total income tax benefit recognized related to stock-based compensation was $320,000 and $721,000 , respectively, for the three and six months ended June 30, 2018 , as compared to $464,000 and $1.4 million , respectively, for the three and six months ended June 30, 2017 . The following table summarizes information about stock option activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Options Outstanding Weighted-Avg Exercise Price Weighted-Avg Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, beginning of period 98 $ 11.99 Exercised (85 ) $ 12.00 Balance, end of period 13 $ 11.91 4.22 $ 141 Options exercisable, end of period 13 $ 11.91 4.22 $ 141 The total intrinsic value (which is the amount by which the stock price exceeds the exercise price) of options exercised during the three and six months ended June 30, 2018 was $213,000 and $871,000 , respectively, as compared to the three and six months ended June 30, 2017 of $29,000 and $141,000 . During the three and six months ended June 30, 2018 , the amount of cash received from the exercise of stock options was $257,000 and $373,000 , respectively, as compared to the three and six months ended June 30, 2017 of $233,000 and $269,000 , respectively. Total consideration was $257,000 and $1.0 million , respectively, for the three and six months ended June 30, 2018 as compared to the three and six months ended June 30, 2017 of $233,000 and $463,000 , respectively. The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares generally vest over a three year period, subject to time or time plus performance and market vesting conditions. The following table summarizes information about nonvested restricted share activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Restricted Shares Outstanding Weighted Average Grant Date Fair Value Balance, beginning of period 1,248 $ 16.61 Granted 483 $ 21.90 Vested/released (486 ) $ 15.91 Forfeited/expired (195 ) $ 16.51 Balance, end of period 1,050 $ 19.39 The total fair value of restricted shares vested and released during the three and six months ended June 30, 2018 was $844,000 and $10.5 million , respectively, as compared to the three and six months ended June 30, 2017 of $632,000 and $5.2 million , respectively. The Company granted restricted stock units in connection with the acquisition of Sterling as replacement awards, as well as part of the 2007 Long Term Incentive Plan for the benefit of certain executive officers. The following table summarizes information about nonvested restricted stock unit activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance, beginning of period 22 $ 18.58 Released (21 ) $ 18.58 Forfeited/expired (1 ) $ 18.58 Balance, end of period — $ — The total fair value of restricted stock units vested and released during the three and six months ended June 30, 2018 was $449,000 . The total fair value of restricted stock units vested and released during the three and six months ended June 30, 2017 was $770,000 and $811,000 , respectively. As of June 30, 2018 , there was no unrecognized compensation cost related to nonvested stock options or nonvested restricted stock units. As of June 30, 2018 , there was $13.0 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.82 years, assuming expected performance and market conditions are met for certain awards. For the three and six months ended June 30, 2018 , the Company received income tax benefits of $384,000 and $3.0 million , respectively, as compared to the three and six months ended June 30, 2017 of $554,000 and $2.4 million , respectively, related to the exercise of non-qualified employee stock options, disqualifying dispositions on the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. The tax deficiency or benefit is recorded as income tax expense or benefit in the period the shares are vested. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as in the majority of states and in Canada. As of June 30, 2018 , the Company has a net deferred tax liability of $27.3 million , which includes $2.5 million of state net operating loss ("NOL") carry-forwards and $2.0 million of state tax credit carry-forwards. The state NOL carry-forwards expire in tax years 2029-2031 and the state tax credit carry-forwards expire in tax years 2023-2025. The Company believes that it is more likely than not that the benefit from only certain state NOL carry-forwards will not be realized and therefore has provided a valuation allowance of $1.1 million against the deferred tax assets relating to these NOL carry-forwards. The Company had gross unrecognized tax benefits of $3.1 million as of June 30, 2018 . If recognized, the unrecognized tax benefit would reduce the 2018 annual effective tax rate by 0.5% . During the three and six months ended June 30, 2018 , the Company accrued $5,000 and $30,000 of interest relating to its liability for unrecognized tax benefits. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. As of June 30, 2018 , the accrued interest related to unrecognized tax benefits was $383,000 . The Company's consolidated effective tax rate as a percentage of pre-tax income for the three and six months ended June 30, 2018 was 24.7% and 24.3% , respectively, as compared to 35.8% and 36.2% for the three and six months ended June 30, 2017 , respectively. The decrease is due to the reduction in the federal income tax rate due to the passage of the Tax Cuts and Jobs Act of 2017. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company's nonvested restricted stock awards qualify as participating securities. Net earnings is allocated between the common stock and participating securities pursuant to the two-class method. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, restricted stock awards and restricted stock units are the only potentially dilutive non-participating instruments issued by the Company. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. The following is a computation of basic and diluted earnings per common share for the three and six months ended June 30, 2018 and 2017 : (in thousands, except per share data) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 NUMERATORS: Net income $ 65,999 $ 57,219 $ 144,971 $ 103,255 Less: Dividends and undistributed earnings allocated to participating securities (1) 4 14 10 26 Net earnings available to common shareholders $ 65,995 $ 57,205 $ 144,961 $ 103,229 DENOMINATORS: Weighted average number of common shares outstanding - basic 220,283 220,310 220,326 220,298 Effect of potentially dilutive common shares (2) 364 443 434 492 Weighted average number of common shares outstanding - diluted 220,647 220,753 220,760 220,790 EARNINGS PER COMMON SHARE: Basic $ 0.30 $ 0.26 $ 0.66 $ 0.47 Diluted $ 0.30 $ 0.26 $ 0.66 $ 0.47 (1) Represents dividends paid and undistributed earnings allocated to certain nonvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reports four primary segments: Commercial Bank, Wealth Management, Retail Bank, and Home Lending with the remainder as Corporate and other. The Commercial Bank segment includes lending, treasury and cash management services and customer risk management products to small businesses, middle market and larger commercial customers and includes the operations of Financial Pacific Leasing Inc., a commercial leasing company. The Wealth Management segment consists of the operations of Umpqua Investments, which offers a full range of retail brokerage and investment advisory services and products to its clients who consist primarily of individual investors, and Umpqua Private Bank, which serves high net worth individuals with liquid investable assets and provides customized financial solutions and offerings. The Retail Bank segment includes retail lending and deposit services for customers served through the Bank's store network. The Home Lending segment originates, sells and services residential mortgage loans. The Corporate and other segment includes activities that are not directly attributable to one of the four principal lines of business and includes the operations of Pivotus Ventures, Inc. and the parent company, eliminations and the economic impact of certain assets, capital and support functions not specifically identifiable within the other lines of business. Management monitors the Company's results using an internal performance measurement accounting system, which provides line of business results and key performance measures. The application and development of these management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised retrospectively, if material. The provision for income taxes is allocated to business segments using a 25% effective tax rate for 2018 and 37% for 2017 . The residual income tax expense or benefit arising from tax planning strategies or other tax attributes to arrive at the consolidated effective tax rate is retained in Corporate and Other. Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: (in thousands) Three Months Ended June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 112,249 $ 5,536 $ 80,998 $ 10,128 $ 15,989 $ 224,900 Provision for loan and lease losses 11,276 182 594 208 1,059 13,319 Non-interest income 15,628 4,850 15,993 33,278 1,902 71,651 Non-interest expense 55,606 9,571 70,860 35,032 24,503 195,572 Income (loss) before income taxes 60,995 633 25,537 8,166 (7,671 ) 87,660 Provision (benefit) for income taxes 15,249 158 6,385 2,041 (2,172 ) 21,661 Net income (loss) $ 45,746 $ 475 $ 19,152 $ 6,125 $ (5,499 ) $ 65,999 (in thousands) Six Months Ended June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 223,984 $ 11,539 $ 160,850 $ 18,973 $ 34,535 $ 449,881 Provision for loan and lease losses 24,644 349 955 700 327 26,975 Non-interest income 31,357 9,746 31,186 71,686 6,243 150,218 Non-interest expense 110,180 18,339 142,003 67,329 43,834 381,685 Income (loss) before income taxes 120,517 2,597 49,078 22,630 (3,383 ) 191,439 Provision (benefit) for income taxes 30,129 649 12,270 5,657 (2,237 ) 46,468 Net income (loss) $ 90,388 $ 1,948 $ 36,808 $ 16,973 $ (1,146 ) $ 144,971 (in thousands) Three Months Ended June 30, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 106,307 $ 5,402 $ 69,464 $ 9,234 $ 22,335 $ 212,742 Provision (recapture) for loan and lease losses 7,784 175 2,852 260 (414 ) 10,657 Non-interest income 14,986 4,479 15,670 34,637 1,347 71,119 Non-interest expense 53,112 8,732 72,084 40,542 9,551 184,021 Income before income taxes 60,397 974 10,198 3,069 14,545 89,183 Provision for income taxes 22,347 360 3,773 1,136 4,348 31,964 Net income $ 38,050 $ 614 $ 6,425 $ 1,933 $ 10,197 $ 57,219 (in thousands) Six Months Ended June 30, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 210,062 $ 10,642 $ 135,953 $ 19,270 $ 43,594 $ 419,521 Provision for loan and lease losses 16,893 375 4,668 287 106 22,329 Non-interest income 27,460 9,227 30,501 61,517 2,639 131,344 Non-interest expense 106,525 17,205 143,778 79,696 19,531 366,735 Income before income taxes 114,104 2,289 18,008 804 26,596 161,801 Provision for income taxes 42,218 847 6,663 297 8,521 58,546 Net income $ 71,886 $ 1,442 $ 11,345 $ 507 $ 18,075 $ 103,255 (in thousands) June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 14,350,647 $ 490,212 $ 2,045,525 $ 3,731,854 $ 5,862,363 $ 26,480,601 Total loans and leases $ 14,166,488 $ 476,176 $ 1,966,283 $ 3,110,149 $ (79,602 ) $ 19,639,494 Total deposits $ 3,739,580 $ 1,053,109 $ 12,853,919 $ 286,327 $ 2,811,591 $ 20,744,526 (in thousands) December 31, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 13,856,963 $ 437,873 $ 2,143,830 $ 3,355,189 $ 5,886,592 $ 25,680,447 Total loans and leases $ 13,683,264 $ 423,813 $ 2,054,058 $ 2,921,897 $ (63,840 ) $ 19,019,192 Total deposits $ 3,776,080 $ 993,559 $ 12,449,568 $ 222,494 $ 2,506,599 $ 19,948,300 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following table presents estimated fair values of the Company's financial instruments as of June 30, 2018 and December 31, 2017 , whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) June 30, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 803,012 $ 803,012 $ 634,280 $ 634,280 Equity and other investment securities 1,2 64,297 64,297 12,255 12,255 Investment securities available for sale 1,2 2,854,398 2,854,398 3,065,769 3,065,769 Investment securities held to maturity 3 3,586 4,624 3,803 4,906 Loans held for sale 2 432,642 432,642 259,518 259,518 Loans and leases, net (1) 3 19,494,938 19,353,294 18,878,584 18,875,046 Restricted equity securities 1 42,320 42,320 43,508 43,508 Residential mortgage servicing rights 3 166,217 166,217 153,151 153,151 Bank owned life insurance assets 1 309,844 309,844 306,864 306,864 Derivatives 2,3 20,026 20,026 32,256 32,256 Visa Class B common stock 3 — 99,737 — 86,380 FINANCIAL LIABILITIES: Deposits 1,2 $ 20,744,526 $ 20,715,222 $ 19,948,300 $ 19,930,568 Securities sold under agreements to repurchase 2 273,666 273,666 294,299 294,299 Term debt 2 801,739 783,404 802,357 790,532 Junior subordinated debentures, at fair value 3 280,669 280,669 277,155 277,155 Junior subordinated debentures, at amortized cost 3 88,838 71,486 100,609 81,944 Derivatives 2 31,895 31,895 9,288 9,288 (1) The estimated fair value of loans and leases, net for June 30, 2018 reflects an exit price assumption. The December 31, 2017 fair value estimate is not based on an exit price assumption. Fair Value of Assets and Liabilities Measured on a 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, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 50,527 $ 50,527 $ — $ — Equity securities held in rabbi trusts 12,686 12,686 — — Other investments securities (1) 1,084 — 1,084 — Investment securities available for sale U.S. Treasury and agencies 39,464 — 39,464 — Obligations of states and political subdivisions 292,514 — 292,514 — Residential mortgage-backed securities and collateralized mortgage obligations 2,522,420 — 2,522,420 — Loans held for sale, at fair value 432,642 — 432,642 — Residential mortgage servicing rights, at fair value 166,217 — — 166,217 Derivatives Interest rate lock commitments 6,782 — — 6,782 Interest rate forward sales commitments 195 — 195 — Interest rate swaps 12,565 — 12,565 — Foreign currency derivative 484 — 484 — Total assets measured at fair value $ 3,537,580 $ 63,213 $ 3,301,368 $ 172,999 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 280,669 $ — $ — $ 280,669 Derivatives Interest rate forward sales commitments 2,142 — 2,142 — Interest rate swaps 29,380 — 29,380 — Foreign currency derivative 373 — 373 — Total liabilities measured at fair value $ 312,564 $ — $ 31,895 $ 280,669 (1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. (in thousands) December 31, 2017 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 273 $ — $ 273 $ — Equity securities 11,982 11,982 — — Investment securities available for sale U.S. Treasury and agencies 39,698 — 39,698 — Obligations of states and political subdivisions 308,456 — 308,456 — Residential mortgage-backed securities and collateralized mortgage obligations 2,665,645 — 2,665,645 — Investments in mutual funds and other securities 51,970 51,970 — Loans held for sale, at fair value 259,518 — 259,518 — Residential mortgage servicing rights, at fair value 153,151 — — 153,151 Derivatives Interest rate lock commitments 4,752 — — 4,752 Interest rate forward sales commitments 286 — 286 — Interest rate swaps 26,081 — 26,081 — Foreign currency derivative 1,137 — 1,137 — Total assets measured at fair value $ 3,522,949 $ 63,952 $ 3,301,094 $ 157,903 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 277,155 $ — $ — $ 277,155 Derivatives Interest rate forward sales commitments 567 — 567 — Interest rate swaps 7,229 — 7,229 — Foreign currency derivative 1,492 — 1,492 — Total liabilities measured at fair value $ 286,443 $ — $ 9,288 $ 277,155 The following methods were used to estimate the fair value of each class of financial instrument that are carried at fair value in the tables above: Securities — Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. Management periodically reviews the pricing information received from the third-party pricing service and compares it to a secondary pricing service, evaluating significant price variances between services to determine an appropriate estimate of fair value to report. Loans Held for Sale — Fair value for residential mortgage loans originated as held for sale is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. Residential Mortgage Servicing Rights — The fair value of MSR is estimated using a discounted cash flow model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Management believes the significant inputs utilized are indicative of those that would be used by market participants. Junior Subordinated Debentures — The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant inputs utilized in the estimation of fair value of these instruments are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. The Company periodically utilizes a valuation firm to determine or validate the reasonableness of inputs and factors that are used to determine the fair value. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, we have classified this as a Level 3 fair value measure. Derivative Instruments — The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2018 , the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) 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, 2018 : Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant Prepayment Rate 11.75% Discount Rate 9.69% Interest rate lock commitment Internal Pricing Model Pull-through rate 88.92% Junior subordinated debentures Discounted cash flow Credit Spread 4.97% Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the residential mortgage servicing rights will result in negative fair value adjustments (and a decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement). Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement). Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the nonperformance risk premium a willing market participant would require under current market conditions, that is, the inactive market. Management attributes the change in fair value of the junior subordinated debentures during the period to market changes in the nonperformance expectations and pricing of this type of debt. The widening of the credit risk adjusted spread above the Company's contractual spreads has primarily contributed to the positive fair value adjustments. Future contractions in the instrument-specific credit risk adjusted spread relative to the spread currently utilized to measure the Company's junior subordinated debentures at fair value as of June 30, 2018 , or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or the forward swap interest rate curve will result in positive fair value adjustments (and decrease the fair value measurement). Conversely, a decrease in the credit risk adjusted spread and/or the forward swap interest rate curve will result in negative fair value adjustments (and increase the fair value measurement). 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, 2018 and 2017 : (in thousands) Three Months Ended June 30, Beginning Balance Change included in earnings Change in fair values included in comprehensive income (loss) Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2018 Residential mortgage servicing rights $ 164,760 $ (5,403 ) $ — $ 6,860 $ — $ 166,217 $ (1,771 ) Interest rate lock commitment, net 5,874 249 — 8,099 (7,440 ) 6,782 6,782 Junior subordinated debentures, at fair value 278,410 4,283 1,513 — (3,537 ) 280,669 5,796 2017 Residential mortgage servicing rights $ 142,344 $ (8,331 ) $ — $ 7,819 $ — $ 141,832 $ (4,268 ) Interest rate lock commitment, net 6,294 580 — 11,315 (13,443 ) 4,746 4,746 Junior subordinated debentures, at fair value 263,605 4,872 — — (3,054 ) 265,423 4,872 (in thousands) Six Months Ended June 30, Beginning Balance Change included in earnings Change in fair values included in comprehensive income (loss) Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2018 Residential mortgage servicing rights $ 153,151 $ (324 ) $ — $ 13,390 $ — $ 166,217 $ 6,663 Interest rate lock commitment, net 4,752 (1,004 ) — 14,532 (11,498 ) 6,782 6,782 Junior subordinated debentures, at fair value 277,155 8,058 3,196 — (7,740 ) 280,669 11,254 2017 Residential mortgage servicing rights $ 142,973 $ (16,001 ) $ — $ 14,860 $ — $ 141,832 $ (8,224 ) Interest rate lock commitment, net 4,076 1,377 — 21,964 (22,671 ) 4,746 4,746 Junior subordinated debentures, at fair value 262,209 9,552 — — (6,338 ) 265,423 9,552 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. For 2017, the Company recorded gains (losses) on junior subordinated debentures carried at fair value in non-interest income. As discussed in Note 1, Summary of Significant Accounting Policies , the Company applied new guidance to the accounting for the gain/loss on fair value of the junior subordinated debentures. For the three and six months ended June 30, 2018 , the change in fair value is attributable to the change in the instrument specific credit risk of the junior subordinated debentures, accordingly, the losses on fair value of junior subordinated debentures for the three and six months ended June 30, 2018 of $1.5 million and $3.2 million , respectively, are recorded net of tax as an other comprehensive loss of $1.1 million and $2.4 million , respectively. From time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment, typically on collateral dependent loans. Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis 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. (in thousands) June 30, 2018 Total Level 1 Level 2 Level 3 Loans and leases $ 50,160 $ — $ — $ 50,160 Other real estate owned 720 — — 720 $ 50,880 $ — $ — $ 50,880 (in thousands) December 31, 2017 Total Level 1 Level 2 Level 3 Loans and leases $ 75,121 $ — $ — $ 75,121 Other real estate owned 68 — — 68 $ 75,189 $ — $ — $ 75,189 The following table presents the losses resulting from nonrecurring fair value adjustments for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Loans and leases $ 13,682 $ 11,914 $ 27,721 $ 23,156 Other real estate owned 61 40 66 107 Total loss from nonrecurring measurements $ 13,743 $ 11,954 $ 27,787 $ 23,263 The following provides a description of the valuation technique and inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis. Unobservable inputs and qualitative information about the unobservable inputs are not presented as the fair value is determined by third-party information. The loans and leases amounts above represent impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals, but in some cases, the value of the collateral may be estimated as having little to no value. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The other real estate owned amount above represents impaired real estate that has been adjusted to fair value. Other real estate owned represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on other real estate owned for fair value adjustments based on the fair value of the real estate. Fair Value Option 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, 2018 and December 31, 2017 : (in thousands) June 30, 2018 December 31, 2017 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Loans held for sale $ 432,642 $ 418,442 $ 14,200 $ 259,518 $ 250,721 $ 8,797 Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue, net in the Condensed Consolidated Statements of Income . For the three and six months ended June 30, 2018 , the Company recorded a net increase in fair value of $5.7 million and $5.4 million , respectively. For the three and six months ended June 30, 2017 , the Company recorded a net increase in fair value of $2.2 million and $7.1 million , respectively. The Company selected the fair value measurement option for existing junior subordinated debentures (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. The remaining junior subordinated debentures were acquired through previous business combinations and were measured at fair value at the time of acquisition and subsequently measured at amortized cost. Accounting for the selected junior subordinated debentures at fair value enables us to more closely align our financial performance with the economic value of those liabilities. Additionally, we believe it improves our ability to manage the market and interest rate risks associated with the junior subordinated debentures. The junior subordinated debentures measured at fair value and amortized cost are presented as separate line items on the balance sheet. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants under current market conditions as of the measurement date. Due to inactivity in the junior subordinated debenture market and the lack of observable quotes of our, or similar, junior subordinated debenture liabilities or the related trust preferred securities when traded as assets, we utilize an income approach valuation technique to determine the fair value of these liabilities using our estimation of market discount rate assumptions. The Company monitors activity in the trust preferred and related markets, to the extent available, evaluates changes related to the current and anticipated future interest rate environment, and considers our entity-specific creditworthiness, to validate the reasonableness of the credit risk adjusted spread and effective yield utilized in our discounted cash flow model. We also consider changes in the interest rate environment in our valuation, specifically the absolute level and the shape of the slope of the forward swap curve. |
Revenue from Contracts with Cus
Revenue from Contracts with Customer | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customer | Revenue from Contracts with Customers All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in Non-Interest Income with the exception of the (gain) loss on other real estate owned, which is included in Non-Interest Expense. The following table presents the Company's sources of Non-Interest Income for the three and six months ended June 30, 2018 . Items outside of the scope of ASC 606 are noted as such. (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Non-interest income: Service charges on deposits Account maintenance fees $ 4,183 $ 8,323 Transaction-based and overdraft service charges 6,444 12,700 Debit/ATM interchange fees 4,893 9,492 Total service charges on deposits 15,520 30,515 Brokerage revenue 4,161 8,355 Residential mortgage banking revenue (a) 33,163 71,601 Gain on sale of investment securities, net (a) 14 14 Unrealized holding losses on equity securities (a) (1,432 ) (1,432 ) Gain on loan sales, net (a) 1,348 2,578 BOLI income (a) 2,060 4,130 Other income Merchant fee income 1,221 2,062 Credit card and interchange income 1,787 3,480 Remaining other income (a) 13,809 28,915 Total other income 16,817 34,457 Total non-interest income $ 71,651 $ 150,218 (a) Not within scope of ASC 606 Deposit service charges Umpqua earns fees from its deposit customers for account maintenance, transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposits accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Debit and ATM interchange fee income and expenses Debit and ATM interchange income represent fees earned when a debit card issued by Umpqua is used. Umpqua earns interchange fees from debit cardholder transactions through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. Certain expenses directly associated with the credit and debit card are recorded on a net basis with the interchange income. Brokerage revenue As of the three and six months ended June 30, 2018 , Umpqua had revenues of $4.2 million and $8.4 million , respectively, for the performance of brokerage services for its clients through Umpqua Investments. Brokerage fees consist of transaction fees earned from asset management, trade execution and administrative fees from investments. Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients. Asset management fees are recognized over the period that services are provided, and when the portfolio values are known or can be estimated at the end of each quarter. Brokerage transaction fees are fixed and determinable, based on security type and trade volume, and are recognized upon trade execution. In addition, revenues are earned from selling insurance and annuity policies. The amount of revenue earned is determined by the value and type of each instrument sold and is recognized when the policy is in force. Merchant fee income Merchant fee income represents fees earned by Umpqua for card payment services provided to its merchant customers. Umpqua outsources these services to a third party to provide card payment services to these merchants. The third party provider passes the payments made by the merchants through to Umpqua. Umpqua, in turn, pays the third party provider for the services it provides to the merchants. These payments to the third party provider are recorded as expenses as a net reduction against fee income. In addition, a portion of the payment received represents interchange fees which are passed through to the card issuing bank. Income is primarily earned based on the dollar volume and number of transactions processed. The performance obligation is satisfied and the related fee is earned when each payment is accepted by the processing network. For the three and six months ended June 30, 2018 , Umpqua had merchant processing fee revenue of $1.2 million and $2.1 million , respectively, included in other income. Credit card and interchange income and expenses Credit card interchange income represent fees earned when a credit card issued by the Company is used. Similar to the debit card interchange, Umpqua earns an interchange fee for each transaction made with Umpqua's branded credit cards. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ credit card. Certain expenses and rebates directly related to the credit card interchange contract are recorded net to the interchange income. For the three and six months ended June 30, 2018 , credit card and interchange income included in other income was $1.8 million and $3.5 million , respectively. Gain/loss on other real estate owned, net Umpqua records a gain or loss from the sale of other real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed of trust. When Umpqua finances the sale of other real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the other real estate owned asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on sale, Umpqua adjusts the transaction price and related gain or loss on sale if a significant financing component is present. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Derivatives | Derivatives The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | The following tables present the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,012 $ — $ (548 ) $ 39,464 Obligations of states and political subdivisions 293,391 2,838 (3,715 ) 292,514 Residential mortgage-backed securities and collateralized mortgage obligations 2,600,786 657 (79,023 ) 2,522,420 $ 2,934,189 $ 3,495 $ (83,286 ) $ 2,854,398 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,586 $ 1,038 $ — $ 4,624 $ 3,586 $ 1,038 $ — $ 4,624 (in thousands) December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,021 $ — $ (323 ) $ 39,698 Obligations of states and political subdivisions 303,352 6,206 (1,102 ) 308,456 Residential mortgage-backed securities and collateralized mortgage obligations 2,703,997 2,039 (40,391 ) 2,665,645 Investments in mutual funds and other securities 51,959 11 — 51,970 $ 3,099,329 $ 8,256 $ (41,816 ) $ 3,065,769 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,803 $ 1,103 $ — $ 4,906 $ 3,803 $ 1,103 $ — $ 4,906 |
Schedule Of Fair Value And Unrealized Losses Of Securities | Investment securities that were in an unrealized loss position as of June 30, 2018 and December 31, 2017 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. (in thousands) June 30, 2018 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 39,464 $ 548 $ — $ — $ 39,464 $ 548 Obligations of states and political subdivisions 96,878 2,173 19,957 1,542 116,835 3,715 Residential mortgage-backed securities and collateralized mortgage obligations 1,312,805 29,479 1,182,068 49,544 2,494,873 79,023 Total temporarily impaired securities $ 1,449,147 $ 32,200 $ 1,202,025 $ 51,086 $ 2,651,172 $ 83,286 (in thousands) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 39,699 $ 323 $ — $ — $ 39,699 $ 323 Obligations of states and political subdivisions 20,566 322 24,798 780 45,364 1,102 Residential mortgage-backed securities and collateralized mortgage obligations 1,184,000 10,368 1,226,364 30,023 2,410,364 40,391 Total temporarily impaired securities $ 1,244,265 $ 11,013 $ 1,251,162 $ 30,803 $ 2,495,427 $ 41,816 |
Schedule Of Maturities Of Investment Securities | The following table presents the contractual maturities of investment securities at June 30, 2018 : (in thousands) Available For Sale Held To Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 22,299 $ 22,187 $ — $ — Due after one year through five years 71,828 71,743 — — Due after five years through ten years 437,062 430,012 17 18 Due after ten years 2,403,000 2,330,456 3,569 4,606 $ 2,934,189 $ 2,854,398 $ 3,586 $ 4,624 |
Investment Securities Pledged To Secure Borrowings And Public Deposits | The following table presents, as of June 30, 2018 , investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Cost Fair Value To state and local governments to secure public deposits $ 818,867 $ 799,044 Other securities pledged principally to secure repurchase agreements 416,708 402,394 Total pledged securities $ 1,235,575 $ 1,201,438 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule Of Major Types Of Non-Covered Loans | The following table presents the major types of loans and leases, net of deferred fees and costs, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 December 31, 2017 Commercial real estate Non-owner occupied term, net $ 3,518,982 $ 3,483,197 Owner occupied term, net 2,473,734 2,476,654 Multifamily, net 3,185,923 3,060,616 Construction & development, net 568,562 540,696 Residential development, net 183,114 165,941 Commercial Term, net 2,106,658 1,944,925 Lines of credit & other, net 1,152,853 1,166,275 Leases & equipment finance, net 1,265,843 1,167,503 Residential Mortgage, net 3,405,775 3,182,888 Home equity loans & lines, net 1,132,329 1,097,877 Consumer & other, net 645,721 732,620 Total loans and leases, net of deferred fees and costs $ 19,639,494 $ 19,019,192 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities | The following table presents the changes in the accretable yield for purchased impaired loans for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 66,677 $ 86,771 $ 74,268 $ 95,579 Accretion to interest income (7,123 ) (9,219 ) (15,901 ) (18,131 ) Disposals (2,838 ) (4,262 ) (7,854 ) (7,549 ) Reclassifications from non-accretable difference 6,250 9,016 12,453 12,407 Balance, end of period $ 62,966 $ 82,306 $ 62,966 $ 82,306 |
Summary of Loans and Leases Sold | The following table summarizes the carrying value of loans and leases sold by major loan type during the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Commercial real estate Non-owner occupied term, net $ 763 $ 2,216 $ 5,154 $ 3,923 Owner occupied term, net 8,542 20,547 14,092 27,222 Commercial Term, net 9,331 3,887 19,789 6,517 Leases & equipment finance, net — 14,620 — 27,113 Residential Mortgage, net — 28,793 — 28,793 Total $ 18,636 $ 70,063 $ 39,035 $ 93,568 |
Allowance for Loan and Lease 27
Allowance for Loan and Lease Loss and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Activity In The Non-Covered Allowance For Loan And Lease Losses | The following tables summarize activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 46,005 $ 64,626 $ 19,833 $ 11,469 $ 141,933 Charge-offs (362 ) (12,869 ) (460 ) (1,124 ) (14,815 ) Recoveries 289 3,171 98 561 4,119 Provision 1,353 10,837 804 325 13,319 Balance, end of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 (in thousands) Three Months Ended June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 49,006 $ 59,117 $ 17,966 $ 10,203 $ 136,292 Charge-offs (809 ) (10,696 ) (407 ) (2,032 ) (13,944 ) Recoveries 1,457 1,511 113 781 3,862 (Recapture) provision (2,240 ) 10,125 379 2,393 10,657 Balance, end of period $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 (in thousands) Six Months Ended June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 45,765 $ 63,305 $ 19,360 $ 12,178 $ 140,608 Charge-offs (673 ) (26,344 ) (706 ) (2,904 ) (30,627 ) Recoveries 506 5,624 301 1,169 7,600 Provision 1,687 23,180 1,320 788 26,975 Balance, end of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 (in thousands) Six Months Ended June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,795 $ 58,840 $ 17,946 $ 9,403 $ 133,984 Charge-offs (1,148 ) (20,800 ) (617 ) (4,381 ) (26,946 ) Recoveries 1,857 3,541 310 1,792 7,500 (Recapture) provision (1,090 ) 18,476 412 4,531 22,329 Balance, end of period $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 The following tables present the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of June 30, 2018 and 2017 : (in thousands) June 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 44,668 $ 65,378 $ 19,902 $ 11,190 $ 141,138 Individually evaluated for impairment 814 7 — — 821 Loans acquired with deteriorated credit quality 1,803 380 373 41 2,597 Total $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 Loans and leases: Collectively evaluated for impairment $ 9,776,975 $ 4,504,361 $ 4,508,961 $ 645,310 $ 19,435,607 Individually evaluated for impairment 28,786 17,225 — — 46,011 Loans acquired with deteriorated credit quality 124,554 3,768 29,143 411 157,876 Total $ 9,930,315 $ 4,525,354 $ 4,538,104 $ 645,721 $ 19,639,494 (in thousands) June 30, 2017 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 43,968 $ 59,694 $ 17,442 $ 11,312 $ 132,416 Individually evaluated for impairment 712 43 — — 755 Loans acquired with deteriorated credit quality 2,734 320 609 33 3,696 Total $ 47,414 $ 60,057 $ 18,051 $ 11,345 $ 136,867 Loans and leases: Collectively evaluated for impairment $ 9,309,214 $ 3,896,803 $ 4,028,864 $ 720,329 $ 17,955,210 Individually evaluated for impairment 41,053 21,806 — — 62,859 Loans acquired with deteriorated credit quality 190,454 5,213 39,568 475 235,710 Total $ 9,540,721 $ 3,923,822 $ 4,068,432 $ 720,804 $ 18,253,779 |
Schedule of Reserve for Unfunded Commitments | The following tables present a summary of activity in the RUC and unfunded commitments for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 4,129 $ 3,495 $ 3,963 $ 3,611 Net charge to other expense 1 321 167 205 Balance, end of period $ 4,130 $ 3,816 $ 4,130 $ 3,816 (in thousands) Total Unfunded loan and lease commitments: June 30, 2018 $ 5,077,579 June 30, 2017 $ 4,479,108 |
Non-Covered Non-Accrual Loans And Loans Past Due | The following tables summarize our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 444 $ 10,203 $ — $ 10,647 $ 2,263 $ 3,506,072 $ 3,518,982 Owner occupied term, net 541 1,679 1 2,221 13,482 2,458,031 2,473,734 Multifamily, net 3,124 1,165 — 4,289 331 3,181,303 3,185,923 Construction & development, net — — — — — 568,562 568,562 Residential development, net — — — — — 183,114 183,114 Commercial Term, net 176 1,287 85 1,548 11,533 2,093,577 2,106,658 Lines of credit & other, net 154 1,699 119 1,972 2,149 1,148,732 1,152,853 Leases & equipment finance, net 7,440 8,094 2,912 18,446 13,634 1,233,763 1,265,843 Residential Mortgage, net (2) — 4,022 38,337 42,359 — 3,363,416 3,405,775 Home equity loans & lines, net 1,163 673 1,841 3,677 — 1,128,652 1,132,329 Consumer & other, net 2,312 558 445 3,315 — 642,406 645,721 Total, net of deferred fees and costs $ 15,354 $ 29,380 $ 43,740 $ 88,474 $ 43,392 $ 19,507,628 $ 19,639,494 (1) Other includes purchased credit impaired loans of $157.9 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $9.2 million at June 30, 2018 . (in thousands) December 31, 2017 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 207 $ 2,097 $ — $ 2,304 $ 4,503 $ 3,476,390 $ 3,483,197 Owner occupied term, net 4,997 2,010 71 7,078 13,835 2,455,741 2,476,654 Multifamily, net — — — — 355 3,060,261 3,060,616 Construction & development, net — — — — — 540,696 540,696 Residential development, net — — — — — 165,941 165,941 Commercial Term, net 597 1,064 — 1,661 14,686 1,928,578 1,944,925 Lines of credit & other, net 1,263 — 401 1,664 6,402 1,158,209 1,166,275 Leases & equipment finance, net 8,494 10,133 2,857 21,484 11,574 1,134,445 1,167,503 Residential Mortgage, net (2) — 6,709 36,980 43,689 — 3,139,199 3,182,888 Home equity loans & lines, net 2,011 283 2,550 4,844 — 1,093,033 1,097,877 Consumer & other, net 3,117 871 532 4,520 — 728,100 732,620 Total, net of deferred fees and costs $ 20,686 $ 23,167 $ 43,391 $ 87,244 $ 51,355 $ 18,880,593 $ 19,019,192 (1) Other includes purchased credit impaired loans of $189.1 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $12.4 million at December 31, 2017 . |
Non-Covered Impaired Loans | The following tables summarize our average recorded investment and interest income recognized on impaired loans by loan class for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 13,301 $ 103 $ 17,743 $ 149 Owner occupied term, net 11,185 10 10,746 66 Multifamily, net 3,857 30 3,901 31 Construction & development, net — — 1,091 11 Residential development, net — — 7,221 75 Commercial Term, net 17,515 56 12,697 119 Lines of credit & other, net 2,609 — 5,515 38 Leases & equipment finance, net 509 — 370 — Total, net of deferred fees and costs $ 48,976 $ 199 $ 59,284 $ 489 (in thousands) Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 14,172 $ 205 $ 16,752 $ 298 Owner occupied term, net 11,527 20 9,322 127 Multifamily, net 3,862 60 3,924 61 Construction & development, net — — 1,238 22 Residential development, net — — 7,370 150 Commercial Term, net 18,875 145 14,079 154 Lines of credit & other, net 3,867 — 4,960 50 Leases & equipment finance, net 339 — 246 — Total, net of deferred fees and costs $ 52,642 $ 430 $ 57,891 $ 862 The following tables summarize our impaired loans by loan class as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 13,382 $ 21 $ 13,255 $ 632 Owner occupied term, net 12,419 10,745 915 96 Multifamily, net 3,984 331 3,519 86 Commercial Term, net 19,854 14,111 91 7 Lines of credit & other, net 6,549 2,149 — — Leases & equipment finance, net 874 874 — — Total, net of deferred fees and costs $ 57,062 $ 28,231 $ 17,780 $ 821 (in thousands) December 31, 2017 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 15,930 $ 2,543 $ 13,310 $ 314 Owner occupied term, net 12,775 11,269 940 94 Multifamily, net 3,994 355 3,519 123 Commercial Term, net 28,117 19,084 2,510 4 Lines of credit & other, net 8,018 6,383 — — Total, net of deferred fees and costs $ 68,834 $ 39,634 $ 20,279 $ 535 |
Internal Risk Rating By Loan Class | The following tables summarize our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,439,595 $ 40,421 $ 25,474 $ 109 $ 107 $ 13,276 $ 3,518,982 Owner occupied term, net 2,395,159 41,958 24,827 — 130 11,660 2,473,734 Multifamily, net 3,159,905 10,950 11,218 — — 3,850 3,185,923 Construction & development, net 566,600 — 1,962 — — — 568,562 Residential development, net 183,114 — — — — — 183,114 Commercial Term, net 2,054,321 29,329 8,604 90 112 14,202 2,106,658 Lines of credit & other, net 1,088,463 38,721 23,329 191 — 2,149 1,152,853 Leases & equipment finance, net 1,233,507 7,440 8,094 14,262 1,666 874 1,265,843 Residential Mortgage, net (2) 3,361,298 4,419 38,228 — 1,830 — 3,405,775 Home equity loans & lines, net 1,128,282 2,005 1,640 — 402 — 1,132,329 Consumer & other, net 642,378 2,870 410 — 63 — 645,721 Total, net of deferred fees and costs $ 19,252,622 $ 178,113 $ 143,786 $ 14,652 $ 4,310 $ 46,011 $ 19,639,494 (1) The percentage of impaired loans classified as pass/watch and substandard was 4.1% and 95.9% , respectively, as of June 30, 2018 . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 9.2 million at June 30, 2018 , which is included in the substandard category. (in thousands) December 31, 2017 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,388,421 $ 45,189 $ 33,026 $ 630 $ 78 $ 15,853 $ 3,483,197 Owner occupied term, net 2,398,215 30,343 34,743 438 706 12,209 2,476,654 Multifamily, net 3,037,320 13,783 5,639 — — 3,874 3,060,616 Construction & development, net 538,515 — 2,181 — — — 540,696 Residential development, net 165,502 — 439 — — — 165,941 Commercial Term, net 1,900,062 12,735 10,372 82 80 21,594 1,944,925 Lines of credit & other, net 1,122,360 6,539 30,941 52 — 6,383 1,166,275 Leases & equipment finance, net 1,134,446 8,494 10,133 12,868 1,562 — 1,167,503 Residential Mortgage, net (2) 3,136,071 7,505 35,918 — 3,394 — 3,182,888 Home equity loans & lines, net 1,092,496 2,564 2,286 — 531 — 1,097,877 Consumer & other, net 728,006 3,998 568 — 48 — 732,620 Total, net of deferred fees and costs $ 18,641,414 $ 131,150 $ 166,246 $ 14,070 $ 6,399 $ 59,913 $ 19,019,192 (1) The percentage of impaired loans classified as pass/watch and substandard was 1.7% , and 98.3% , respectively, as of December 31, 2017. (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 12.4 million at December 31, 2017 , which is included in the substandard category. |
Schedule Of Troubled Debt Restructurings | The following tables present newly restructured loans that occurred during the six months ended June 30, 2018 and the three and six months ended June 30, 2017 : (in thousands) Three Months Ended June 30, 2017 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Commercial, net $ — $ — $ — $ — $ 9,874 $ 9,874 Residential, net — — — — 881 881 Total, net of deferred fees and costs $ — $ — $ — $ — $ 10,755 $ 10,755 (in thousands) Six Months Ended June 30, 2018 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Residential, net — — — — 106 106 Total, net of deferred fees and costs $ — $ — $ — $ — $ 106 $ 106 (in thousands) Six Months Ended June 30, 2017 Rate Modifications Term Modifications Interest Only Modifications Payment Modifications Combination Modifications Total Modifications Commercial, net $ — $ — $ — $ — $ 12,793 $ 12,793 Residential, net — — — — 1,134 1,134 Total, net of deferred fees and costs $ — $ — $ — $ — $ 13,927 $ 13,927 The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of June 30, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 17,612 $ 4,966 $ 22,578 Commercial, net 3,495 10,299 13,794 Residential, net 6,060 — 6,060 Total, net of deferred fees and costs $ 27,167 $ 15,265 $ 42,432 (in thousands) December 31, 2017 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 17,694 $ 5,088 $ 22,782 Commercial, net 7,787 16,978 24,765 Residential, net 6,687 — 6,687 Total, net of deferred fees and costs $ 32,168 $ 22,066 $ 54,234 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the changes in the Company's other intangible assets for the year ended December 31, 2017 , and the six months ended June 30, 2018 . (in thousands) Other Intangible Assets Gross Accumulated Amortization Net Balance, December 31, 2016 $ 113,471 $ (76,585 ) $ 36,886 Amortization — (6,756 ) (6,756 ) Balance, December 31, 2017 113,471 (83,341 ) 30,130 Amortization — (3,083 ) (3,083 ) Balance, June 30, 2018 $ 113,471 $ (86,424 ) $ 27,047 |
Finite-lived Intangible Assets Amortization Expense | The table below presents the forecasted amortization expense for other intangible assets acquired in all mergers: (in thousands) Year Expected Amortization Remainder of 2018 $ 3,083 2019 5,618 2020 4,986 2021 4,520 2022 4,095 Thereafter 4,745 $ 27,047 |
Residential Mortgage Servicin29
Residential Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Schedule Of Changes In Mortgage Servicing Rights | The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Balance, beginning of period $ 164,760 $ 142,344 $ 153,151 $ 142,973 Additions for new MSR capitalized 6,860 7,819 13,390 14,860 Changes in fair value: Due to changes in model inputs or assumptions (1) 962 (4,573 ) 15,895 (8,179 ) Other (2) (6,365 ) (3,758 ) (16,219 ) (7,822 ) Balance, end of period $ 166,217 $ 141,832 $ 166,217 $ 141,832 (1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. (2) Represents changes due to collection/realization of expected cash flows over time. |
Schedule Of Other Information Servicing Loan Portfolio | Information related to our serviced loan portfolio as of June 30, 2018 and December 31, 2017 is as follows: (dollars in thousands) June 30, 2018 December 31, 2017 Balance of loans serviced for others $ 15,508,182 $ 15,336,597 MSR as a percentage of serviced loans 1.07 % 1.00 % |
Key Assumptions Used In Measuring The Fair Value of MSR | Key assumptions used in measuring the fair value of MSR as of June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 Constant prepayment rate 11.75 % 12.27 % Discount rate 9.69 % 9.70 % Weighted average life (years) 6.6 6.3 |
Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions | A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of June 30, 2018 and December 31, 2017 is as follows: (in thousands) June 30, 2018 December 31, 2017 Constant prepayment rate Effect on fair value of a 10% adverse change $ (6,675 ) $ (6,290 ) Effect on fair value of a 20% adverse change $ (12,853 ) $ (12,093 ) Discount rate Effect on fair value of a 100 basis point adverse change $ (6,745 ) $ (5,840 ) Effect on fair value of a 200 basis point adverse change $ (12,974 ) $ (11,249 ) |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Following is information about the Company's wholly-owned trusts ("Trusts") as of June 30, 2018 : (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 $ 17,749 Floating rate, LIBOR plus 3.35%, adjusted quarterly 6.63% October 2032 Umpqua Statutory Trust III October 2002 30,928 26,857 Floating rate, LIBOR plus 3.45%, adjusted quarterly 6.67% November 2032 Umpqua Statutory Trust IV December 2003 10,310 8,385 Floating rate, LIBOR plus 2.85%, adjusted quarterly 6.39% January 2034 Umpqua Statutory Trust V December 2003 10,310 8,286 Floating rate, LIBOR plus 2.85%, adjusted quarterly 6.45% March 2034 Umpqua Master Trust I August 2007 41,238 26,078 Floating rate, LIBOR plus 1.35%, adjusted quarterly 5.84% September 2037 Umpqua Master Trust IB September 2007 20,619 15,878 Floating rate, LIBOR plus 2.75%, adjusted quarterly 6.61% December 2037 Sterling Capital Trust III April 2003 14,433 12,307 Floating rate, LIBOR plus 3.25%, adjusted quarterly 6.58% April 2033 Sterling Capital Trust IV May 2003 10,310 8,638 Floating rate, LIBOR plus 3.15%, adjusted quarterly 6.56% May 2033 Sterling Capital Statutory Trust V May 2003 20,619 17,353 Floating rate, LIBOR plus 3.25%, adjusted quarterly 6.64% June 2033 Sterling Capital Trust VI June 2003 10,310 8,588 Floating rate, LIBOR plus 3.20%, adjusted quarterly 6.65% September 2033 Sterling Capital Trust VII June 2006 56,702 37,457 Floating rate, LIBOR plus 1.53%, adjusted quarterly 5.85% June 2036 Sterling Capital Trust VIII September 2006 51,547 34,334 Floating rate, LIBOR plus 1.63%, adjusted quarterly 5.96% December 2036 Sterling Capital Trust IX July 2007 46,392 29,912 Floating rate, LIBOR plus 1.40%, adjusted quarterly 5.75% October 2037 Lynnwood Financial Statutory Trust I March 2003 9,279 7,724 Floating rate, LIBOR plus 3.15%, adjusted quarterly 6.59% March 2033 Lynnwood Financial Statutory Trust II June 2005 10,310 7,166 Floating rate, LIBOR plus 1.80%, adjusted quarterly 5.96% June 2035 Klamath First Capital Trust I July 2001 15,464 13,957 Floating rate, LIBOR plus 3.75%, adjusted semiannually 6.33% July 2031 379,390 280,669 AT AMORTIZED COST: Humboldt Bancorp Statutory Trust II December 2001 10,310 11,030 Floating rate, LIBOR plus 3.60%, adjusted quarterly 5.06% December 2031 Humboldt Bancorp Statutory Trust III September 2003 27,836 29,758 Floating rate, LIBOR plus 2.95%, adjusted quarterly 4.51% September 2033 CIB Capital Trust November 2002 10,310 10,934 Floating rate, LIBOR plus 3.45%, adjusted quarterly 5.06% November 2032 Western Sierra Statutory Trust I July 2001 6,186 6,186 Floating rate, LIBOR plus 3.58%, adjusted quarterly 5.94% July 2031 Western Sierra Statutory Trust II December 2001 10,310 10,310 Floating rate, LIBOR plus 3.60%, adjusted quarterly 5.93% December 2031 Western Sierra Statutory Trust III September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 5.25% September 2033 Western Sierra Statutory Trust IV September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 5.25% September 2033 85,572 88,838 Total $ 464,962 $ 369,507 (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 June 30, 2018 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments And Contingencies | The following table presents a summary of the Bank's commitments and contingent liabilities: (in thousands) As of June 30, 2018 Commitments to extend credit $ 5,008,398 Forward sales commitments $ 639,160 Commitments to originate residential mortgage loans held for sale $ 338,695 Standby letters of credit $ 69,181 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of June 30, 2018 and December 31, 2017 : (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated as hedging instrument June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Interest rate lock commitments $ 6,782 $ 4,752 $ — $ — Interest rate forward sales commitments 195 286 2,142 567 Interest rate swaps 12,565 26,081 29,380 7,229 Foreign currency derivatives 484 1,137 373 1,492 Total $ 20,026 $ 32,256 $ 31,895 $ 9,288 |
Summary Of Types Of Derivatives And Gains (Losses) Recorded | The following table summarizes the types of derivatives and the gains (losses) recorded during the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended Derivatives not designated as hedging instrument June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate lock commitments $ 908 $ (1,549 ) $ 2,030 $ 670 Interest rate forward sales commitments 500 (3,872 ) 8,744 (6,605 ) Interest rate swaps 290 (756 ) 1,421 (1,483 ) Foreign currency derivatives 480 356 815 765 Total $ 2,178 $ (5,821 ) $ 13,010 $ (6,653 ) |
Offsetting Derivatives Liabilities | The following table summarizes the derivatives that have a right of offset as of June 30, 2018 and December 31, 2017 : (in thousands) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/Liabilities presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Collateral Posted Net Amount June 30, 2018 Derivative Assets Interest rate swaps $ 12,565 $ — $ 12,565 $ (12,565 ) $ — $ — Foreign currency derivatives 484 — 484 — — 484 Derivative Liabilities Interest rate swaps $ 29,380 $ — $ 29,380 $ (12,565 ) $ — $ 16,815 Foreign currency derivatives 373 — 373 — — 373 December 31, 2017 Derivative Assets Interest rate swaps $ 26,081 $ — $ 26,081 $ (7,229 ) $ — $ 18,852 Foreign currency derivatives 1,137 — 1,137 — — 1,137 Derivative Liabilities Interest rate swaps $ 7,229 $ — $ 7,229 $ (7,229 ) $ — $ — Foreign currency derivatives 1,492 — 1,492 — — 1,492 |
Offsetting Derivatives Assets | The following table summarizes the derivatives that have a right of offset as of June 30, 2018 and December 31, 2017 : (in thousands) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/Liabilities presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Collateral Posted Net Amount June 30, 2018 Derivative Assets Interest rate swaps $ 12,565 $ — $ 12,565 $ (12,565 ) $ — $ — Foreign currency derivatives 484 — 484 — — 484 Derivative Liabilities Interest rate swaps $ 29,380 $ — $ 29,380 $ (12,565 ) $ — $ 16,815 Foreign currency derivatives 373 — 373 — — 373 December 31, 2017 Derivative Assets Interest rate swaps $ 26,081 $ — $ 26,081 $ (7,229 ) $ — $ 18,852 Foreign currency derivatives 1,137 — 1,137 — — 1,137 Derivative Liabilities Interest rate swaps $ 7,229 $ — $ 7,229 $ (7,229 ) $ — $ — Foreign currency derivatives 1,492 — 1,492 — — 1,492 |
Shareholders' Equity and Stoc33
Shareholders' Equity and Stock Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Summary Of Stock Option Activity | The following table summarizes information about stock option activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Options Outstanding Weighted-Avg Exercise Price Weighted-Avg Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, beginning of period 98 $ 11.99 Exercised (85 ) $ 12.00 Balance, end of period 13 $ 11.91 4.22 $ 141 Options exercisable, end of period 13 $ 11.91 4.22 $ 141 |
Summary of Nonvested Restricted Share Activity | The following table summarizes information about nonvested restricted share activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Restricted Shares Outstanding Weighted Average Grant Date Fair Value Balance, beginning of period 1,248 $ 16.61 Granted 483 $ 21.90 Vested/released (486 ) $ 15.91 Forfeited/expired (195 ) $ 16.51 Balance, end of period 1,050 $ 19.39 |
Schedule of Share-based Compensation Restricted Stock Activity | The following table summarizes information about nonvested restricted stock unit activity for the six months ended June 30, 2018 : (in thousands, except per share data) Six Months Ended June 30, 2018 Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance, beginning of period 22 $ 18.58 Released (21 ) $ 18.58 Forfeited/expired (1 ) $ 18.58 Balance, end of period — $ — |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Common Share | The following is a computation of basic and diluted earnings per common share for the three and six months ended June 30, 2018 and 2017 : (in thousands, except per share data) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 NUMERATORS: Net income $ 65,999 $ 57,219 $ 144,971 $ 103,255 Less: Dividends and undistributed earnings allocated to participating securities (1) 4 14 10 26 Net earnings available to common shareholders $ 65,995 $ 57,205 $ 144,961 $ 103,229 DENOMINATORS: Weighted average number of common shares outstanding - basic 220,283 220,310 220,326 220,298 Effect of potentially dilutive common shares (2) 364 443 434 492 Weighted average number of common shares outstanding - diluted 220,647 220,753 220,760 220,790 EARNINGS PER COMMON SHARE: Basic $ 0.30 $ 0.26 $ 0.66 $ 0.47 Diluted $ 0.30 $ 0.26 $ 0.66 $ 0.47 (1) Represents dividends paid and undistributed earnings allocated to certain nonvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information By Reportable Segment | Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: (in thousands) Three Months Ended June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 112,249 $ 5,536 $ 80,998 $ 10,128 $ 15,989 $ 224,900 Provision for loan and lease losses 11,276 182 594 208 1,059 13,319 Non-interest income 15,628 4,850 15,993 33,278 1,902 71,651 Non-interest expense 55,606 9,571 70,860 35,032 24,503 195,572 Income (loss) before income taxes 60,995 633 25,537 8,166 (7,671 ) 87,660 Provision (benefit) for income taxes 15,249 158 6,385 2,041 (2,172 ) 21,661 Net income (loss) $ 45,746 $ 475 $ 19,152 $ 6,125 $ (5,499 ) $ 65,999 (in thousands) Six Months Ended June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 223,984 $ 11,539 $ 160,850 $ 18,973 $ 34,535 $ 449,881 Provision for loan and lease losses 24,644 349 955 700 327 26,975 Non-interest income 31,357 9,746 31,186 71,686 6,243 150,218 Non-interest expense 110,180 18,339 142,003 67,329 43,834 381,685 Income (loss) before income taxes 120,517 2,597 49,078 22,630 (3,383 ) 191,439 Provision (benefit) for income taxes 30,129 649 12,270 5,657 (2,237 ) 46,468 Net income (loss) $ 90,388 $ 1,948 $ 36,808 $ 16,973 $ (1,146 ) $ 144,971 (in thousands) Three Months Ended June 30, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 106,307 $ 5,402 $ 69,464 $ 9,234 $ 22,335 $ 212,742 Provision (recapture) for loan and lease losses 7,784 175 2,852 260 (414 ) 10,657 Non-interest income 14,986 4,479 15,670 34,637 1,347 71,119 Non-interest expense 53,112 8,732 72,084 40,542 9,551 184,021 Income before income taxes 60,397 974 10,198 3,069 14,545 89,183 Provision for income taxes 22,347 360 3,773 1,136 4,348 31,964 Net income $ 38,050 $ 614 $ 6,425 $ 1,933 $ 10,197 $ 57,219 (in thousands) Six Months Ended June 30, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 210,062 $ 10,642 $ 135,953 $ 19,270 $ 43,594 $ 419,521 Provision for loan and lease losses 16,893 375 4,668 287 106 22,329 Non-interest income 27,460 9,227 30,501 61,517 2,639 131,344 Non-interest expense 106,525 17,205 143,778 79,696 19,531 366,735 Income before income taxes 114,104 2,289 18,008 804 26,596 161,801 Provision for income taxes 42,218 847 6,663 297 8,521 58,546 Net income $ 71,886 $ 1,442 $ 11,345 $ 507 $ 18,075 $ 103,255 (in thousands) June 30, 2018 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 14,350,647 $ 490,212 $ 2,045,525 $ 3,731,854 $ 5,862,363 $ 26,480,601 Total loans and leases $ 14,166,488 $ 476,176 $ 1,966,283 $ 3,110,149 $ (79,602 ) $ 19,639,494 Total deposits $ 3,739,580 $ 1,053,109 $ 12,853,919 $ 286,327 $ 2,811,591 $ 20,744,526 (in thousands) December 31, 2017 Commercial Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 13,856,963 $ 437,873 $ 2,143,830 $ 3,355,189 $ 5,886,592 $ 25,680,447 Total loans and leases $ 13,683,264 $ 423,813 $ 2,054,058 $ 2,921,897 $ (63,840 ) $ 19,019,192 Total deposits $ 3,776,080 $ 993,559 $ 12,449,568 $ 222,494 $ 2,506,599 $ 19,948,300 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value | The following table presents estimated fair values of the Company's financial instruments as of June 30, 2018 and December 31, 2017 , whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) June 30, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 803,012 $ 803,012 $ 634,280 $ 634,280 Equity and other investment securities 1,2 64,297 64,297 12,255 12,255 Investment securities available for sale 1,2 2,854,398 2,854,398 3,065,769 3,065,769 Investment securities held to maturity 3 3,586 4,624 3,803 4,906 Loans held for sale 2 432,642 432,642 259,518 259,518 Loans and leases, net (1) 3 19,494,938 19,353,294 18,878,584 18,875,046 Restricted equity securities 1 42,320 42,320 43,508 43,508 Residential mortgage servicing rights 3 166,217 166,217 153,151 153,151 Bank owned life insurance assets 1 309,844 309,844 306,864 306,864 Derivatives 2,3 20,026 20,026 32,256 32,256 Visa Class B common stock 3 — 99,737 — 86,380 FINANCIAL LIABILITIES: Deposits 1,2 $ 20,744,526 $ 20,715,222 $ 19,948,300 $ 19,930,568 Securities sold under agreements to repurchase 2 273,666 273,666 294,299 294,299 Term debt 2 801,739 783,404 802,357 790,532 Junior subordinated debentures, at fair value 3 280,669 280,669 277,155 277,155 Junior subordinated debentures, at amortized cost 3 88,838 71,486 100,609 81,944 Derivatives 2 31,895 31,895 9,288 9,288 |
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, 2018 and December 31, 2017 : (in thousands) June 30, 2018 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 50,527 $ 50,527 $ — $ — Equity securities held in rabbi trusts 12,686 12,686 — — Other investments securities (1) 1,084 — 1,084 — Investment securities available for sale U.S. Treasury and agencies 39,464 — 39,464 — Obligations of states and political subdivisions 292,514 — 292,514 — Residential mortgage-backed securities and collateralized mortgage obligations 2,522,420 — 2,522,420 — Loans held for sale, at fair value 432,642 — 432,642 — Residential mortgage servicing rights, at fair value 166,217 — — 166,217 Derivatives Interest rate lock commitments 6,782 — — 6,782 Interest rate forward sales commitments 195 — 195 — Interest rate swaps 12,565 — 12,565 — Foreign currency derivative 484 — 484 — Total assets measured at fair value $ 3,537,580 $ 63,213 $ 3,301,368 $ 172,999 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 280,669 $ — $ — $ 280,669 Derivatives Interest rate forward sales commitments 2,142 — 2,142 — Interest rate swaps 29,380 — 29,380 — Foreign currency derivative 373 — 373 — Total liabilities measured at fair value $ 312,564 $ — $ 31,895 $ 280,669 (1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. (in thousands) December 31, 2017 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 273 $ — $ 273 $ — Equity securities 11,982 11,982 — — Investment securities available for sale U.S. Treasury and agencies 39,698 — 39,698 — Obligations of states and political subdivisions 308,456 — 308,456 — Residential mortgage-backed securities and collateralized mortgage obligations 2,665,645 — 2,665,645 — Investments in mutual funds and other securities 51,970 51,970 — Loans held for sale, at fair value 259,518 — 259,518 — Residential mortgage servicing rights, at fair value 153,151 — — 153,151 Derivatives Interest rate lock commitments 4,752 — — 4,752 Interest rate forward sales commitments 286 — 286 — Interest rate swaps 26,081 — 26,081 — Foreign currency derivative 1,137 — 1,137 — Total assets measured at fair value $ 3,522,949 $ 63,952 $ 3,301,094 $ 157,903 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 277,155 $ — $ — $ 277,155 Derivatives Interest rate forward sales commitments 567 — 567 — Interest rate swaps 7,229 — 7,229 — Foreign currency derivative 1,492 — 1,492 — Total liabilities measured at fair value $ 286,443 $ — $ 9,288 $ 277,155 |
Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classified as Level 3 | 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, 2018 : Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant Prepayment Rate 11.75% Discount Rate 9.69% Interest rate lock commitment Internal Pricing Model Pull-through rate 88.92% Junior subordinated debentures Discounted cash flow Credit Spread 4.97% |
Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis | 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, 2018 and 2017 : (in thousands) Three Months Ended June 30, Beginning Balance Change included in earnings Change in fair values included in comprehensive income (loss) Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2018 Residential mortgage servicing rights $ 164,760 $ (5,403 ) $ — $ 6,860 $ — $ 166,217 $ (1,771 ) Interest rate lock commitment, net 5,874 249 — 8,099 (7,440 ) 6,782 6,782 Junior subordinated debentures, at fair value 278,410 4,283 1,513 — (3,537 ) 280,669 5,796 2017 Residential mortgage servicing rights $ 142,344 $ (8,331 ) $ — $ 7,819 $ — $ 141,832 $ (4,268 ) Interest rate lock commitment, net 6,294 580 — 11,315 (13,443 ) 4,746 4,746 Junior subordinated debentures, at fair value 263,605 4,872 — — (3,054 ) 265,423 4,872 (in thousands) Six Months Ended June 30, Beginning Balance Change included in earnings Change in fair values included in comprehensive income (loss) Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2018 Residential mortgage servicing rights $ 153,151 $ (324 ) $ — $ 13,390 $ — $ 166,217 $ 6,663 Interest rate lock commitment, net 4,752 (1,004 ) — 14,532 (11,498 ) 6,782 6,782 Junior subordinated debentures, at fair value 277,155 8,058 3,196 — (7,740 ) 280,669 11,254 2017 Residential mortgage servicing rights $ 142,973 $ (16,001 ) $ — $ 14,860 $ — $ 141,832 $ (8,224 ) Interest rate lock commitment, net 4,076 1,377 — 21,964 (22,671 ) 4,746 4,746 Junior subordinated debentures, at fair value 262,209 9,552 — — (6,338 ) 265,423 9,552 |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis | 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. (in thousands) June 30, 2018 Total Level 1 Level 2 Level 3 Loans and leases $ 50,160 $ — $ — $ 50,160 Other real estate owned 720 — — 720 $ 50,880 $ — $ — $ 50,880 (in thousands) December 31, 2017 Total Level 1 Level 2 Level 3 Loans and leases $ 75,121 $ — $ — $ 75,121 Other real estate owned 68 — — 68 $ 75,189 $ — $ — $ 75,189 |
Losses Resulting From Nonrecurring Fair Value Adjustments | The following table presents the losses resulting from nonrecurring fair value adjustments for the three and six months ended June 30, 2018 and 2017 : (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Loans and leases $ 13,682 $ 11,914 $ 27,721 $ 23,156 Other real estate owned 61 40 66 107 Total loss from nonrecurring measurements $ 13,743 $ 11,954 $ 27,787 $ 23,263 |
Fair Value Option | 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, 2018 and December 31, 2017 : (in thousands) June 30, 2018 December 31, 2017 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Loans held for sale $ 432,642 $ 418,442 $ 14,200 $ 259,518 $ 250,721 $ 8,797 |
Revenue from Contracts with C37
Revenue from Contracts with Customer (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's sources of Non-Interest Income for the three and six months ended June 30, 2018 . Items outside of the scope of ASC 606 are noted as such. (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Non-interest income: Service charges on deposits Account maintenance fees $ 4,183 $ 8,323 Transaction-based and overdraft service charges 6,444 12,700 Debit/ATM interchange fees 4,893 9,492 Total service charges on deposits 15,520 30,515 Brokerage revenue 4,161 8,355 Residential mortgage banking revenue (a) 33,163 71,601 Gain on sale of investment securities, net (a) 14 14 Unrealized holding losses on equity securities (a) (1,432 ) (1,432 ) Gain on loan sales, net (a) 1,348 2,578 BOLI income (a) 2,060 4,130 Other income Merchant fee income 1,221 2,062 Credit card and interchange income 1,787 3,480 Remaining other income (a) 13,809 28,915 Total other income 16,817 34,457 Total non-interest income $ 71,651 $ 150,218 (a) Not within scope of ASC 606 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Correction of Immaterial Errors) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Available for sale, at fair value | $ 2,854,398 | $ 2,854,398 | $ 3,065,769 | |||
Interest and fees on loans and leases | 242,123 | $ 213,662 | 471,611 | $ 419,712 | ||
Total interest income | 255,192 | 231,803 | 504,139 | 455,971 | ||
Net interest income | 224,900 | 212,742 | 449,881 | 419,521 | ||
Net interest income after provision for loan and lease losses | 211,581 | 202,085 | 422,906 | 397,192 | ||
Income before provision for income taxes | 87,660 | 89,183 | 191,439 | 161,801 | ||
Provision for income taxes | 21,661 | 31,964 | 46,468 | 58,546 | ||
Net income, Note 1 | 65,999 | 57,219 | 144,971 | 103,255 | 242,313 | |
Net earnings available to common shareholders | $ 65,995 | $ 57,205 | $ 144,961 | $ 103,229 | ||
Basic (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 | ||
Diluted (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 | ||
Loans and leases | $ 19,639,494 | $ 18,253,779 | $ 19,639,494 | $ 18,253,779 | 19,019,192 | |
Loans and leases, net | 19,494,938 | 19,494,938 | 18,878,584 | |||
Total assets | 26,480,601 | 26,480,601 | 25,680,447 | |||
Deferred tax liability, net | 27,255 | 27,255 | 21,930 | |||
Total liabilities | 22,499,514 | 22,499,514 | 21,711,080 | |||
Retained earnings | 524,031 | 524,031 | 477,101 | |||
Total shareholders' equity | 3,981,087 | 3,981,087 | 3,969,367 | |||
Total liabilities and shareholders' equity | 26,480,601 | 26,480,601 | 25,680,447 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 61,863 | 65,972 | 108,163 | 114,547 | ||
Net cash provided by operating activities | 49,373 | 84,500 | ||||
Net cash used in investing activities | 550,235 | 1,258,791 | ||||
As Originally Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Interest and fees on loans and leases | 212,998 | 418,994 | ||||
Total interest income | 231,139 | 455,253 | ||||
Net interest income | 212,078 | 418,803 | ||||
Net interest income after provision for loan and lease losses | 201,421 | 396,474 | ||||
Income before provision for income taxes | 88,519 | 161,083 | ||||
Provision for income taxes | 31,707 | 58,268 | ||||
Net income, Note 1 | 56,812 | 102,815 | 246,019 | |||
Net earnings available to common shareholders | $ 56,798 | $ 102,789 | ||||
Basic (in usd per share) | $ 0.26 | $ 0.47 | ||||
Diluted (in usd per share) | $ 0.26 | $ 0.47 | ||||
Loans and leases | 19,080,184 | |||||
Loans and leases, net | 18,939,576 | |||||
Total assets | 25,741,439 | |||||
Deferred tax liability, net | 37,503 | |||||
Total liabilities | 21,726,653 | |||||
Retained earnings | 522,520 | |||||
Total shareholders' equity | 4,014,786 | |||||
Total liabilities and shareholders' equity | 25,741,439 | |||||
Adjustment | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Interest and fees on loans and leases | $ 664 | $ 718 | ||||
Total interest income | 664 | 718 | ||||
Net interest income | 664 | 718 | ||||
Net interest income after provision for loan and lease losses | 664 | 718 | ||||
Income before provision for income taxes | 664 | 718 | ||||
Provision for income taxes | 257 | 278 | ||||
Net income, Note 1 | 407 | 440 | (3,706) | |||
Net earnings available to common shareholders | $ 407 | $ 440 | ||||
Basic (in usd per share) | $ 0 | $ 0 | ||||
Diluted (in usd per share) | $ 0 | $ 0 | ||||
Loans and leases | (60,992) | |||||
Loans and leases, net | (60,992) | |||||
Total assets | (60,992) | |||||
Deferred tax liability, net | (15,573) | |||||
Total liabilities | (15,573) | |||||
Retained earnings | (45,419) | |||||
Total shareholders' equity | (45,419) | |||||
Total liabilities and shareholders' equity | (60,992) | |||||
Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Available for sale, at fair value | 2,522,420 | 2,522,420 | $ 2,665,645 | |||
Out of Period Correction | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Prior period adjustment | $ (41,713) | |||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 407 | $ 440 | ||||
Net cash provided by operating activities | 717 | |||||
Net cash used in investing activities | $ (717) | |||||
Out of Period Correction | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Available for sale, at fair value | $ 7,200 | $ 7,200 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Adjustment upon adoption | [1] | $ 0 | ||||
Unrealized losses arising during the period | $ (1,513) | $ 0 | $ (3,196) | $ 0 | ||
Change in unrealized gains on junior subordinated debentures carried at fair value, net of taxes | (1,127) | $ 0 | (2,380) | $ 0 | ||
Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative Effect on Retained Earnings, before Tax | 13,000 | |||||
Adjustment upon adoption | $ 9,700 | |||||
Unrealized losses arising during the period | (1,500) | (3,200) | ||||
Change in unrealized gains on junior subordinated debentures carried at fair value, net of taxes | $ (1,100) | $ (2,400) | ||||
[1] | The cumulative effect adjustment from retained earnings to accumulated other comprehensive income (loss) relating to the implementation of new accounting guidance for the junior subordinated debentures that the Company previously elected to fair value on a recurring basis. Refer to Note 1 for discussion of the new accounting guidance. |
Investment Securities (Amortize
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | $ 2,934,189 | $ 3,099,329 |
Available-for-sale securities, unrealized gains | 3,495 | 8,256 |
Available-for-sale securities, unrealized losses | (83,286) | (41,816) |
Available for sale, at fair value | 2,854,398 | 3,065,769 |
Investment securities held to maturity | 3,586 | 3,803 |
Held-to-maturity securities, unrealized gains | 1,038 | 1,103 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 4,624 | 4,906 |
U.S. Treasury and agencies | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 40,012 | 40,021 |
Available-for-sale securities, unrealized gains | 0 | 0 |
Available-for-sale securities, unrealized losses | (548) | (323) |
Available for sale, at fair value | 39,464 | 39,698 |
Obligations of states and political subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 293,391 | 303,352 |
Available-for-sale securities, unrealized gains | 2,838 | 6,206 |
Available-for-sale securities, unrealized losses | (3,715) | (1,102) |
Available for sale, at fair value | 292,514 | 308,456 |
Residential mortgage-backed securities and collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 2,600,786 | 2,703,997 |
Available-for-sale securities, unrealized gains | 657 | 2,039 |
Available-for-sale securities, unrealized losses | (79,023) | (40,391) |
Available for sale, at fair value | 2,522,420 | 2,665,645 |
Investment securities held to maturity | 3,586 | 3,803 |
Held-to-maturity securities, unrealized gains | 1,038 | 1,103 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | $ 4,624 | 4,906 |
Investments in mutual funds and other securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 51,959 | |
Available-for-sale securities, unrealized gains | 11 | |
Available-for-sale securities, unrealized losses | 0 | |
Available for sale, at fair value | $ 51,970 |
Investment Securities (Schedule
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | $ 1,449,147 | $ 1,244,265 |
Available-for-sale securities, less than 12 months, unrealized losses | 32,200 | 11,013 |
Available-for-sale securities, 12 months or longer, fair value | 1,202,025 | 1,251,162 |
Available-for-sale securities, 12 months or longer, unrealized losses | 51,086 | 30,803 |
Available-for-sale securities, fair value | 2,651,172 | 2,495,427 |
Available-for-sale securities, unrealized losses | 83,286 | 41,816 |
U.S. Treasury and agencies | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | 39,464 | 39,699 |
Available-for-sale securities, less than 12 months, unrealized losses | 548 | 323 |
Available-for-sale securities, 12 months or longer, fair value | 0 | 0 |
Available-for-sale securities, 12 months or longer, unrealized losses | 0 | 0 |
Available-for-sale securities, fair value | 39,464 | 39,699 |
Available-for-sale securities, unrealized losses | 548 | 323 |
Obligations of states and political subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | 96,878 | 20,566 |
Available-for-sale securities, less than 12 months, unrealized losses | 2,173 | 322 |
Available-for-sale securities, 12 months or longer, fair value | 19,957 | 24,798 |
Available-for-sale securities, 12 months or longer, unrealized losses | 1,542 | 780 |
Available-for-sale securities, fair value | 116,835 | 45,364 |
Available-for-sale securities, unrealized losses | 3,715 | 1,102 |
Residential mortgage-backed securities and collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | 1,312,805 | 1,184,000 |
Available-for-sale securities, less than 12 months, unrealized losses | 29,479 | 10,368 |
Available-for-sale securities, 12 months or longer, fair value | 1,182,068 | 1,226,364 |
Available-for-sale securities, 12 months or longer, unrealized losses | 49,544 | 30,023 |
Available-for-sale securities, fair value | 2,494,873 | 2,410,364 |
Available-for-sale securities, unrealized losses | $ 79,023 | $ 40,391 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Credit Rating Above A3/A- | Total Fair Value of Securities in Continuous Unrealized Loss Position | |
Concentration Risk [Line Items] | |
Highly rated securities as percentage of total | 97.00% |
Investment Securities (Schedu43
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, due within one year, amortized cost | $ 22,299 | |
Available-for-sale securities, after one year through five years, amortized cost | 71,828 | |
Available-for-sale securities, after five years through ten years, amortized cost | 437,062 | |
Available-for-sale securities, after ten years, amortized cost | 2,403,000 | |
Available-for-sale securities, amortized cost | 2,934,189 | |
Available-for-sale securities, due within one year, fair value | 22,187 | |
Available-for-sale securities, after one year through five years, fair value | 71,743 | |
Available-for-sale securities, after five years through ten years, fair value | 430,012 | |
Available-for-sale securities, after ten years, fair value | 2,330,456 | |
Available-for-sale securities, fair value | 2,854,398 | |
Held-to-maturity securities, due within one year, amortized cost | 0 | |
Held-to-maturity securities, after one year through five years, amortized cost | 0 | |
Held-to-maturity securities, after five years through ten years, amortized cost | 17 | |
Held-to-maturity securities, after ten years, amortized cost | 3,569 | |
Investment securities held to maturity | 3,586 | $ 3,803 |
Held-to-maturity securities, due within one year, fair value | 0 | |
Held-to-maturity securities, after one year through five years, fair value | 0 | |
Held-to-maturity securities, after five years through ten years, fair value | 18 | |
Held-to-maturity securities, after ten years, fair value | 4,606 | |
Held-to-maturity securities, fair value | $ 4,624 | $ 4,906 |
Investment Securities (Investme
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
To state and local governments to secure public deposits, amortized cost | $ 818,867 |
Other securities pledged principally to secure repurchase agreements, amortized cost | 416,708 |
Total pledged securities, amortized cost | 1,235,575 |
To state and local governments to secure public deposits, fair value | 799,044 |
Other securities pledged principally to secure repurchase agreements, fair value | 402,394 |
Total pledged securities, fair value | $ 1,201,438 |
Loans and Leases (Schedule Of M
Loans and Leases (Schedule Of Major Types Of Loans And Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Non-owner occupied term, net | $ 3,518,982 | $ 3,483,197 |
Owner occupied term, net | 2,473,734 | 2,476,654 |
Multifamily, net | 3,185,923 | 3,060,616 |
Construction & development, net | 568,562 | 540,696 |
Residential development, net | 183,114 | 165,941 |
Term, net | 2,106,658 | 1,944,925 |
Lines of credit & other, net | 1,152,853 | 1,166,275 |
Leases & equipment finance, net | 1,265,843 | 1,167,503 |
Mortgage, net | 3,405,775 | 3,182,888 |
Home equity loans & lines, net | 1,132,329 | 1,097,877 |
Consumer & other, net | 645,721 | 732,620 |
Total loans and leases, net of deferred fees and costs | $ 19,639,494 | $ 19,019,192 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Receivables [Abstract] | |||
Deferred loan fees | $ 74,100 | $ 73,300 | |
Discounts on acquired loans | 58,000 | 70,500 | |
Total loans pledged to secure borrowings | 12,500,000 | ||
Outstanding contractual unpaid principal balance of non-covered purchased impaired loans | 211,300 | 252,500 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 157,876 | $ 189,100 | $ 235,710 |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield Movement Schedule) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance, beginning of period | $ 66,677 | $ 86,771 | $ 74,268 | $ 95,579 |
Accretion to interest income | (7,123) | (9,219) | (15,901) | (18,131) |
Disposals | (2,838) | (4,262) | (7,854) | (7,549) |
Reclassifications from non-accretable difference | 6,250 | 9,016 | 12,453 | 12,407 |
Balance, end of period | $ 62,966 | $ 82,306 | $ 62,966 | $ 82,306 |
Loans and Leases (Loans Sold) (
Loans and Leases (Loans Sold) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | $ 18,636 | $ 70,063 | $ 39,035 | $ 93,568 |
Commercial real estate | Non-owner occupied term, net | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 763 | 2,216 | 5,154 | 3,923 |
Commercial real estate | Owner occupied term, net | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 8,542 | 20,547 | 14,092 | 27,222 |
Commercial | Term, net | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 9,331 | 3,887 | 19,789 | 6,517 |
Commercial | Leases & equipment finance, net | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 0 | 14,620 | 0 | 27,113 |
Residential | Mortgage, net | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | $ 0 | $ 28,793 | $ 0 | $ 28,793 |
Allowance for Loan and Lease 49
Allowance for Loan and Lease Loss and Credit Quality (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)risk_code | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)risk_code | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Unallocated Allowance | $ | $ 0 | $ 0 | |||
Financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default | $ | $ 0 | $ 0 | $ 10,200 | $ 118 | |
Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Duration of time account is past due before risk rating is applied | 30 days | ||||
Restructured Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans | $ | $ 27,200 | $ 27,200 | 32,200 | ||
Percentage of loan collateral balance | 100.00% | ||||
Available commitments for troubled debt restructurings outstanding | $ | $ 537 | $ 917 | |||
Minimal Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 1 | 1 | |||
Loss | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Loss | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days | ||||
Loss | Homogeneous Retail | Minimum | Closed-End Loan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days | ||||
Low Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 2 | 2 | |||
Modest Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 3 | 3 | |||
Average Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 4 | 4 | |||
Acceptable Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 5 | 5 | |||
Pass/Watch | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 6 | 6 | |||
Special Mention | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 7 | 7 | |||
Special Mention | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 7 | 7 | |||
Special Mention | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 30 days | ||||
Special Mention | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 59 days | ||||
Special Mention | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 30 days | ||||
Special Mention | Homogeneous Retail | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 89 days | ||||
Substandard | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 60 days | ||||
Substandard | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 89 days | ||||
Substandard | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous Retail | Minimum | Open-End Loan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Substandard | Homogeneous Retail | Minimum | Closed-End Loan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Substandard | Homogeneous Retail | Maximum | Open-End Loan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Substandard | Homogeneous Retail | Maximum | Closed-End Loan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days | ||||
Doubtful | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 9 | 9 | |||
Doubtful | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 9 | 9 | |||
Doubtful | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Doubtful | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 179 days |
Allowance for Loan and Lease 50
Allowance for Loan and Lease Loss and Credit Quality (Activity In The Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | $ 141,933 | $ 136,292 | $ 140,608 | $ 133,984 | |||
Charge-offs | (14,815) | (13,944) | (30,627) | (26,946) | |||
Recoveries | 4,119 | 3,862 | 7,600 | 7,500 | |||
Provision | 13,319 | 10,657 | 26,975 | 22,329 | |||
Balance, end of period, allowance | 144,556 | 136,867 | 144,556 | 136,867 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | $ 141,138 | $ 132,416 | |||||
Individually evaluated for impairment | 821 | 755 | |||||
Total | 141,933 | 136,292 | 140,608 | 133,984 | 144,556 | $ 140,608 | 136,867 |
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Collectively evaluated for impairment | 19,435,607 | 17,955,210 | |||||
Individually evaluated for impairment | 46,011 | 62,859 | |||||
Total | 19,639,494 | 19,019,192 | 18,253,779 | ||||
Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 2,597 | 3,696 | |||||
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Loans acquired with deteriorated credit quality | 157,876 | 189,100 | 235,710 | ||||
Commercial real estate | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 46,005 | 49,006 | 45,765 | 47,795 | |||
Charge-offs | (362) | (809) | (673) | (1,148) | |||
Recoveries | 289 | 1,457 | 506 | 1,857 | |||
Provision | 1,353 | (2,240) | 1,687 | (1,090) | |||
Balance, end of period, allowance | 47,285 | 47,414 | 47,285 | 47,414 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 44,668 | 43,968 | |||||
Individually evaluated for impairment | 814 | 712 | |||||
Total | 46,005 | 49,006 | 45,765 | 47,795 | 47,285 | 45,765 | 47,414 |
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Collectively evaluated for impairment | 9,776,975 | 9,309,214 | |||||
Individually evaluated for impairment | 28,786 | 41,053 | |||||
Total | 9,930,315 | 9,540,721 | |||||
Commercial real estate | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 1,803 | 2,734 | |||||
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Loans acquired with deteriorated credit quality | 124,554 | 190,454 | |||||
Commercial | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 64,626 | 59,117 | 63,305 | 58,840 | |||
Charge-offs | (12,869) | (10,696) | (26,344) | (20,800) | |||
Recoveries | 3,171 | 1,511 | 5,624 | 3,541 | |||
Provision | 10,837 | 10,125 | 23,180 | 18,476 | |||
Balance, end of period, allowance | 65,765 | 60,057 | 65,765 | 60,057 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 65,378 | 59,694 | |||||
Individually evaluated for impairment | 7 | 43 | |||||
Total | 64,626 | 59,117 | 63,305 | 58,840 | 65,765 | 63,305 | 60,057 |
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Collectively evaluated for impairment | 4,504,361 | 3,896,803 | |||||
Individually evaluated for impairment | 17,225 | 21,806 | |||||
Total | 4,525,354 | 3,923,822 | |||||
Commercial | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 380 | 320 | |||||
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Loans acquired with deteriorated credit quality | 3,768 | 5,213 | |||||
Residential | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 19,833 | 17,966 | 19,360 | 17,946 | |||
Charge-offs | (460) | (407) | (706) | (617) | |||
Recoveries | 98 | 113 | 301 | 310 | |||
Provision | 804 | 379 | 1,320 | 412 | |||
Balance, end of period, allowance | 20,275 | 18,051 | 20,275 | 18,051 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 19,902 | 17,442 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 19,833 | 17,966 | 19,360 | 17,946 | 20,275 | 19,360 | 18,051 |
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Collectively evaluated for impairment | 4,508,961 | 4,028,864 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 4,538,104 | 4,068,432 | |||||
Residential | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 373 | 609 | |||||
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Loans acquired with deteriorated credit quality | 29,143 | 39,568 | |||||
Consumer & other, net | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 11,469 | 10,203 | 12,178 | 9,403 | |||
Charge-offs | (1,124) | (2,032) | (2,904) | (4,381) | |||
Recoveries | 561 | 781 | 1,169 | 1,792 | |||
Provision | 325 | 2,393 | 788 | 4,531 | |||
Balance, end of period, allowance | 11,231 | 11,345 | 11,231 | 11,345 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 11,190 | 11,312 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | $ 11,469 | $ 10,203 | $ 12,178 | $ 9,403 | 11,231 | $ 12,178 | 11,345 |
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Collectively evaluated for impairment | 645,310 | 720,329 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 645,721 | 720,804 | |||||
Consumer & other, net | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 41 | 33 | |||||
Financing Receivable, Allowance for Credit Loss, Loans And Leases [Abstract] | |||||||
Loans acquired with deteriorated credit quality | $ 411 | $ 475 |
Allowance for Loan and Lease 51
Allowance for Loan and Lease Loss and Credit Quality (Summary Of Reserve For Unfunded Commitments Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reserve for Unfunded Commitments [Roll Forward] | ||||
Balance, beginning of period | $ 4,129 | $ 3,495 | $ 3,963 | $ 3,611 |
Net charge to other expense | 1 | 321 | 167 | 205 |
Balance, end of period | 4,130 | 3,816 | 4,130 | 3,816 |
Unfunded loan and lease commitments | $ 5,077,579 | $ 4,479,108 | $ 5,077,579 | $ 4,479,108 |
Allowance for Loan and Lease 52
Allowance for Loan and Lease Loss and Credit Quality (Non-Accrual Loans And Loans Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 88,474 | $ 87,244 |
Non-Accrual | 43,392 | 51,355 |
Current & Other | 19,507,628 | 18,880,593 |
Total, non-covered loans and leases | 19,639,494 | 19,019,192 |
GNMA Loans past due by 90 days, but not yet repurchased | 9,200 | |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current & Other | 157,900 | 189,100 |
Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,354 | 20,686 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,380 | 23,167 |
90 Days and Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 43,740 | 43,391 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,647 | 2,304 |
Non-Accrual | 2,263 | 4,503 |
Current & Other | 3,506,072 | 3,476,390 |
Total, non-covered loans and leases | 3,518,982 | 3,483,197 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,221 | 7,078 |
Non-Accrual | 13,482 | 13,835 |
Current & Other | 2,458,031 | 2,455,741 |
Total, non-covered loans and leases | 2,473,734 | 2,476,654 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,289 | 0 |
Non-Accrual | 331 | 355 |
Current & Other | 3,181,303 | 3,060,261 |
Total, non-covered loans and leases | 3,185,923 | 3,060,616 |
Commercial real estate | Construction & development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current & Other | 568,562 | 540,696 |
Total, non-covered loans and leases | 568,562 | 540,696 |
Commercial real estate | Residential development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current & Other | 183,114 | 165,941 |
Total, non-covered loans and leases | 183,114 | 165,941 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 444 | 207 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 541 | 4,997 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Multifamily, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,124 | 0 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Construction & development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Residential development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,203 | 2,097 |
Commercial real estate | 60 to 89 Days Past Due | Owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,679 | 2,010 |
Commercial real estate | 60 to 89 Days Past Due | Multifamily, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,165 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Construction & development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Residential development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90 Days and Accruing | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90 Days and Accruing | Owner occupied term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 71 |
Commercial real estate | 90 Days and Accruing | Multifamily, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90 Days and Accruing | Construction & development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90 Days and Accruing | Residential development, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial | Term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,548 | 1,661 |
Non-Accrual | 11,533 | 14,686 |
Current & Other | 2,093,577 | 1,928,578 |
Total, non-covered loans and leases | 2,106,658 | 1,944,925 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,972 | 1,664 |
Non-Accrual | 2,149 | 6,402 |
Current & Other | 1,148,732 | 1,158,209 |
Total, non-covered loans and leases | 1,152,853 | 1,166,275 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18,446 | 21,484 |
Non-Accrual | 13,634 | 11,574 |
Current & Other | 1,233,763 | 1,134,445 |
Total, non-covered loans and leases | 1,265,843 | 1,167,503 |
Commercial | Greater than 30 to 59 Days Past Due | Term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 176 | 597 |
Commercial | Greater than 30 to 59 Days Past Due | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154 | 1,263 |
Commercial | Greater than 30 to 59 Days Past Due | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,440 | 8,494 |
Commercial | 60 to 89 Days Past Due | Term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,287 | 1,064 |
Commercial | 60 to 89 Days Past Due | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,699 | 0 |
Commercial | 60 to 89 Days Past Due | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,094 | 10,133 |
Commercial | 90 Days and Accruing | Term, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 0 |
Commercial | 90 Days and Accruing | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 119 | 401 |
Commercial | 90 Days and Accruing | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,912 | 2,857 |
Residential | Mortgage, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42,359 | 43,689 |
Non-Accrual | 0 | 0 |
Current & Other | 3,363,416 | 3,139,199 |
Total, non-covered loans and leases | 3,405,775 | 3,182,888 |
Residential | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,677 | 4,844 |
Non-Accrual | 0 | 0 |
Current & Other | 1,128,652 | 1,093,033 |
Total, non-covered loans and leases | 1,132,329 | 1,097,877 |
Residential | Greater than 30 to 59 Days Past Due | Mortgage, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential | Greater than 30 to 59 Days Past Due | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,163 | 2,011 |
Residential | 60 to 89 Days Past Due | Mortgage, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,022 | 6,709 |
Residential | 60 to 89 Days Past Due | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 673 | 283 |
Residential | 90 Days and Accruing | Mortgage, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,337 | 36,980 |
Residential | 90 Days and Accruing | Mortgage, net | GNMA Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
GNMA Loans past due by 90 days, but not yet repurchased | 9,200 | 12,400 |
Residential | 90 Days and Accruing | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,841 | 2,550 |
Consumer & other, net | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,315 | 4,520 |
Non-Accrual | 0 | 0 |
Current & Other | 642,406 | 728,100 |
Total, non-covered loans and leases | 645,721 | 732,620 |
Consumer & other, net | Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,312 | 3,117 |
Consumer & other, net | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 558 | 871 |
Consumer & other, net | 90 Days and Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 445 | $ 532 |
Allowance for Loan and Lease 53
Allowance for Loan and Lease Loss and Credit Quality (Impaired Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 57,062 | $ 68,834 |
Recorded Investment, Without Allowance | 28,231 | 39,634 |
Recorded Investment, With Allowance | 17,780 | 20,279 |
Related Allowance | 821 | 535 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 13,382 | 15,930 |
Recorded Investment, Without Allowance | 21 | 2,543 |
Recorded Investment, With Allowance | 13,255 | 13,310 |
Related Allowance | 632 | 314 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,419 | 12,775 |
Recorded Investment, Without Allowance | 10,745 | 11,269 |
Recorded Investment, With Allowance | 915 | 940 |
Related Allowance | 96 | 94 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,984 | 3,994 |
Recorded Investment, Without Allowance | 331 | 355 |
Recorded Investment, With Allowance | 3,519 | 3,519 |
Related Allowance | 86 | 123 |
Commercial | Term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 19,854 | 28,117 |
Recorded Investment, Without Allowance | 14,111 | 19,084 |
Recorded Investment, With Allowance | 91 | 2,510 |
Related Allowance | 7 | 4 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,549 | 8,018 |
Recorded Investment, Without Allowance | 2,149 | 6,383 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | 0 | $ 0 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 874 | |
Recorded Investment, Without Allowance | 874 | |
Recorded Investment, With Allowance | 0 | |
Related Allowance | $ 0 |
Allowance for Loan and Lease 54
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Average Recorded Investment And Interest Income Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | $ 48,976 | $ 59,284 | $ 52,642 | $ 57,891 |
Interest income recognized | 199 | 489 | 430 | 862 |
Commercial real estate | Non-owner occupied term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 13,301 | 17,743 | 14,172 | 16,752 |
Interest income recognized | 103 | 149 | 205 | 298 |
Commercial real estate | Owner occupied term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 11,185 | 10,746 | 11,527 | 9,322 |
Interest income recognized | 10 | 66 | 20 | 127 |
Commercial real estate | Multifamily, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 3,857 | 3,901 | 3,862 | 3,924 |
Interest income recognized | 30 | 31 | 60 | 61 |
Commercial real estate | Construction & development, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 1,091 | 0 | 1,238 |
Interest income recognized | 0 | 11 | 0 | 22 |
Commercial real estate | Residential development, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 7,221 | 0 | 7,370 |
Interest income recognized | 0 | 75 | 0 | 150 |
Commercial | Term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 17,515 | 12,697 | 18,875 | 14,079 |
Interest income recognized | 56 | 119 | 145 | 154 |
Commercial | Lines of credit & other, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 2,609 | 5,515 | 3,867 | 4,960 |
Interest income recognized | 0 | 38 | 0 | 50 |
Commercial | Leases & equipment finance, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 509 | 370 | 339 | 246 |
Interest income recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 55
Allowance for Loan and Lease Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 19,639,494 | $ 19,019,192 |
GNMA Loans, right to repurchase | 9,200 | |
Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 19,252,622 | $ 18,641,414 |
Percentage of impaired loans | 4.10% | 1.70% |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 178,113 | $ 131,150 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 143,786 | $ 166,246 |
Percentage of impaired loans | 95.90% | 98.30% |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 14,652 | $ 14,070 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,310 | 6,399 |
Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 46,011 | 59,913 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,518,982 | 3,483,197 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,473,734 | 2,476,654 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,185,923 | 3,060,616 |
Commercial real estate | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 568,562 | 540,696 |
Commercial real estate | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 183,114 | 165,941 |
Commercial real estate | Pass/Watch | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,439,595 | 3,388,421 |
Commercial real estate | Pass/Watch | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,395,159 | 2,398,215 |
Commercial real estate | Pass/Watch | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,159,905 | 3,037,320 |
Commercial real estate | Pass/Watch | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 566,600 | 538,515 |
Commercial real estate | Pass/Watch | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 183,114 | 165,502 |
Commercial real estate | Special Mention | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 40,421 | 45,189 |
Commercial real estate | Special Mention | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 41,958 | 30,343 |
Commercial real estate | Special Mention | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 10,950 | 13,783 |
Commercial real estate | Special Mention | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Special Mention | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Substandard | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 25,474 | 33,026 |
Commercial real estate | Substandard | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 24,827 | 34,743 |
Commercial real estate | Substandard | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 11,218 | 5,639 |
Commercial real estate | Substandard | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,962 | 2,181 |
Commercial real estate | Substandard | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 439 |
Commercial real estate | Doubtful | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 109 | 630 |
Commercial real estate | Doubtful | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 438 |
Commercial real estate | Doubtful | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 107 | 78 |
Commercial real estate | Loss | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 130 | 706 |
Commercial real estate | Loss | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Impaired | Non-owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 13,276 | 15,853 |
Commercial real estate | Impaired | Owner occupied term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 11,660 | 12,209 |
Commercial real estate | Impaired | Multifamily, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,850 | 3,874 |
Commercial real estate | Impaired | Construction & development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Impaired | Residential development, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,106,658 | 1,944,925 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,152,853 | 1,166,275 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,265,843 | 1,167,503 |
Commercial | Pass/Watch | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,054,321 | 1,900,062 |
Commercial | Pass/Watch | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,088,463 | 1,122,360 |
Commercial | Pass/Watch | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,233,507 | 1,134,446 |
Commercial | Special Mention | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 29,329 | 12,735 |
Commercial | Special Mention | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 38,721 | 6,539 |
Commercial | Special Mention | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 7,440 | 8,494 |
Commercial | Substandard | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 8,604 | 10,372 |
Commercial | Substandard | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 23,329 | 30,941 |
Commercial | Substandard | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 8,094 | 10,133 |
Commercial | Doubtful | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 90 | 82 |
Commercial | Doubtful | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 191 | 52 |
Commercial | Doubtful | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 14,262 | 12,868 |
Commercial | Loss | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 112 | 80 |
Commercial | Loss | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial | Loss | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,666 | 1,562 |
Commercial | Impaired | Term, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 14,202 | 21,594 |
Commercial | Impaired | Lines of credit & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,149 | 6,383 |
Commercial | Impaired | Leases & equipment finance, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 874 | 0 |
Residential | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,405,775 | 3,182,888 |
Residential | Mortgage, net | Financing Receivables, Equal to Greater than 90 Days Past Due | GNMA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GNMA Loans, right to repurchase | 9,200 | 12,400 |
Residential | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,132,329 | 1,097,877 |
Residential | Pass/Watch | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,361,298 | 3,136,071 |
Residential | Pass/Watch | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,128,282 | 1,092,496 |
Residential | Special Mention | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,419 | 7,505 |
Residential | Special Mention | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,005 | 2,564 |
Residential | Substandard | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 38,228 | 35,918 |
Residential | Substandard | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,640 | 2,286 |
Residential | Doubtful | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Doubtful | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Loss | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,830 | 3,394 |
Residential | Loss | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 402 | 531 |
Residential | Impaired | Mortgage, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Impaired | Home equity loans & lines, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & other, net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 645,721 | 732,620 |
Consumer & other, net | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 642,378 | 728,006 |
Consumer & other, net | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,870 | 3,998 |
Consumer & other, net | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 410 | 568 |
Consumer & other, net | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & other, net | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 63 | 48 |
Consumer & other, net | Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 0 | $ 0 |
Allowance for Loan and Lease 56
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Troubled Debt Restructuring By Accrual versus Non-Accrual Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 27,167 | $ 32,168 |
Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 15,265 | 22,066 |
Total TDR Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 42,432 | 54,234 |
Commercial real estate | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 17,612 | 17,694 |
Commercial real estate | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 4,966 | 5,088 |
Commercial real estate | Total TDR Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 22,578 | 22,782 |
Commercial | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 3,495 | 7,787 |
Commercial | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 10,299 | 16,978 |
Commercial | Total TDR Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 13,794 | 24,765 |
Residential | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 6,060 | 6,687 |
Residential | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 0 | 0 |
Residential | Total TDR Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 6,060 | $ 6,687 |
Allowance for Loan and Lease 57
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Newly Restructured Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 0 | $ 10,755 | $ 106 | $ 13,927 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 9,874 | 12,793 | ||
Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 881 | 106 | 1,134 | |
Rate Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Rate Modifications | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | ||
Rate Modifications | Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Term Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Term Modifications | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | ||
Term Modifications | Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Interest Only Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Interest Only Modifications | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | ||
Interest Only Modifications | Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Payment Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Payment Modifications | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | ||
Payment Modifications | Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Combination Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 0 | 10,755 | 106 | 13,927 |
Combination Modifications | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 9,874 | 12,793 | ||
Combination Modifications | Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 881 | $ 106 | $ 1,134 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 1,787,651 | $ 1,787,651 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, Period Increase (Decrease) | $ 0 | $ 0 | |
Core Deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 10 years |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Other intangible assets, gross | $ 113,471 | $ 113,471 | $ 113,471 | $ 113,471 | ||
Other intangible assets, accumulated amortization | (86,424) | (86,424) | (83,341) | (76,585) | ||
Other intangible assets, amortization | (1,542) | $ (1,689) | (3,083) | $ (3,378) | (6,756) | |
Other intangible assets, net | $ 27,047 | $ 27,047 | $ 30,130 | $ 36,886 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Finite-lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Remainder of 2018 | $ 3,083 | ||
2,019 | 5,618 | ||
2,020 | 4,986 | ||
2,021 | 4,520 | ||
2,022 | 4,095 | ||
Thereafter | 4,745 | ||
Other intangible assets, net | $ 27,047 | $ 30,130 | $ 36,886 |
Residential Mortgage Servicin61
Residential Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 164,760 | $ 142,344 | $ 153,151 | $ 142,973 |
Additions for new MSR capitalized | 6,860 | 7,819 | 13,390 | 14,860 |
Due to changes in model inputs or assumptions | 962 | (4,573) | 15,895 | (8,179) |
Other | (6,365) | (3,758) | (16,219) | (7,822) |
Balance, end of period | $ 166,217 | $ 141,832 | $ 166,217 | $ 141,832 |
Residential Mortgage Servicin62
Residential Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | ||
Balance of loans serviced for others | $ 15,508,182 | $ 15,336,597 |
MSR as a percentage of serviced loans | 1.07% | 1.00% |
Residential Mortgage Servicin63
Residential Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Transfers and Servicing [Abstract] | ||||
Contractually specified servicing fees, late fees and ancillary fees earned | $ 10.4 | $ 9.8 | $ 20.9 | $ 19.7 |
Residential Mortgage Servicin64
Residential Mortgage Servicing Rights (Key Assumptions Used In Measuring The Fair Value Of MSR) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | ||
Constant prepayment rate | 11.75% | 12.27% |
Discount rate | 9.69% | 9.70% |
Weighted average life (years) | 6 years 7 months 17 days | 6 years 4 months 6 days |
Residential Mortgage Servicin65
Residential Mortgage Servicing Rights (Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Transfers and Servicing [Abstract] | ||
Effect on fair value of a 10% adverse change | $ (6,675) | $ (6,290) |
Effect on fair value of a 20% adverse change | (12,853) | (12,093) |
Effect on fair value of a 100 basis point adverse change | (6,745) | (5,840) |
Effect on fair value of a 200 basis point adverse change | $ (12,974) | $ (11,249) |
Junior Subordinated Debenture66
Junior Subordinated Debentures (Junior Subordinated Debentures) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 464,962 | |
Carrying value, at fair value | 280,669 | $ 277,155 |
Junior subordinated debentures, at amortized cost | 88,838 | $ 100,609 |
Carrying Value | 369,507 | |
Junior Subordinated Debt, at Fair Value | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 379,390 | |
Carrying value, at fair value | 280,669 | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 20,619 | |
Carrying value, at fair value | $ 17,749 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.35% | |
Effective rate | 6.63% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 30,928 | |
Carrying value, at fair value | $ 26,857 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective rate | 6.67% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,385 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective rate | 6.39% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust V | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,286 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective rate | 6.45% | |
Junior Subordinated Debt, at Fair Value | Umpqua Master Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 41,238 | |
Carrying value, at fair value | $ 26,078 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.35% | |
Effective rate | 5.84% | |
Junior Subordinated Debt, at Fair Value | Umpqua Master Trust IB | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
Carrying value, at fair value | $ 15,878 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.75% | |
Effective rate | 6.61% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 14,433 | |
Carrying value, at fair value | $ 12,307 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective rate | 6.58% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,638 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective rate | 6.56% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Statutory Trust V | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
Carrying value, at fair value | $ 17,353 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective rate | 6.64% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VI | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,588 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.20% | |
Effective rate | 6.65% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VII | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 56,702 | |
Carrying value, at fair value | $ 37,457 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.53% | |
Effective rate | 5.85% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VIII | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 51,547 | |
Carrying value, at fair value | $ 34,334 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.63% | |
Effective rate | 5.96% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust IX | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 46,392 | |
Carrying value, at fair value | $ 29,912 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.40% | |
Effective rate | 5.75% | |
Junior Subordinated Debt, at Fair Value | Lynnwood Financial Statutory Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 9,279 | |
Carrying value, at fair value | $ 7,724 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective rate | 6.59% | |
Junior Subordinated Debt, at Fair Value | Lynnwood Financial Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 7,166 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.80% | |
Effective rate | 5.96% | |
Junior Subordinated Debt, at Fair Value | Klamath First Capital Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 15,464 | |
Carrying value, at fair value | $ 13,957 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.75% | |
Effective rate | 6.33% | |
Junior Subordinated Debt, at Amortized Cost | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 85,572 | |
Junior subordinated debentures, at amortized cost | 88,838 | |
Junior Subordinated Debt, at Amortized Cost | Humboldt Bancorp Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 10,310 | |
Junior subordinated debentures, at amortized cost | $ 11,030 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective rate | 5.06% | |
Junior Subordinated Debt, at Amortized Cost | Humboldt Bancorp Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 27,836 | |
Junior subordinated debentures, at amortized cost | $ 29,758 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.95% | |
Effective rate | 4.51% | |
Junior Subordinated Debt, at Amortized Cost | CIB Capital Trust | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Junior subordinated debentures, at amortized cost | $ 10,934 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective rate | 5.06% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 6,186 | |
Junior subordinated debentures, at amortized cost | $ 6,186 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.58% | |
Effective rate | 5.94% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Junior subordinated debentures, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective rate | 5.93% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Junior subordinated debentures, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective rate | 5.25% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Junior subordinated debentures, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective rate | 5.25% |
Junior Subordinated Debenture67
Junior Subordinated Debentures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Unrealized losses arising during the period | $ (1,513) | $ 0 | $ (3,196) | $ 0 | ||
Common stock issued by Trusts | 14,000 | 14,000 | $ 14,300 | |||
Debt Instruments Redemption, Principal, Interest & Fees | $ 10,600 | |||||
Loss on junior subordinated debentures carried at fair value | 0 | $ 1,572 | 0 | $ 3,127 | ||
Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Unrealized losses arising during the period | $ (1,500) | $ (3,200) |
Commitments and Contingencies68
Commitments and Contingencies (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)properties | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)properties | Jun. 30, 2017USD ($) | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Number of non-cancelable operating leases | properties | 221 | 221 | |||
Rent expense | $ 9,400,000 | $ 9,500,000 | $ 19,000,000 | $ 19,200,000 | |
Rent income | 648,000 | 494,000 | 1,300,000 | 1,000,000 | |
Standby letters of credit, financial guarantees required to perform on | 0 | 0 | 0 | 0 | |
Standby letters of credit that expire within one year | 43,000,000 | 43,000,000 | |||
Standby letters of credit that expire thereafter | 26,200,000 | 26,200,000 | |||
Standby letters of credit, fees | 227,000 | $ 310,000 | 339,000 | $ 464,000 | |
Residential mortgage loan repurchase reserve liability | 1,300,000 | $ 1,300,000 | |||
Days past due of GNMA loans available for repurchase | 90 days | ||||
GNMA Loans past due by 90 days, but not yet repurchased | $ 9,200,000 | $ 9,200,000 | |||
Real Estate Loans As Part Of Loan Portfolio | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 75.00% | 75.00% |
Commitments and Contingencies69
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | ||
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 5,008,398 | |
Forward sales commitments | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 639,160 | |
Commitments to originate residential mortgage loans held for sale | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 338,695 | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 69,181 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)contracts | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)contracts | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)contracts | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Counterparty default losses on forward contracts | $ 0 | $ 0 | $ 0 | $ 0 | |
Credit Derivatives [Line Items] | |||||
Commitments and contingent liabilities | |||||
Number of interest rate derivatives held | contracts | 707 | 707 | 653 | ||
Termination value of derivatives in net liability position | $ 29,400 | $ 29,400 | $ 7,200 | ||
Collateral posting clearing | 34,800 | 34,800 | 28,200 | ||
Variation Margin Payment | 16,600 | 16,600 | (20,500) | ||
Decrease in settlement values of the Bank's derivative assets | 213 | 213 | 1,700 | ||
Interest Rate Swap | |||||
Credit Derivatives [Line Items] | |||||
Notional amount of credit risk derivatives | 3,500,000 | 3,500,000 | $ 3,000,000 | ||
Commitments To Originate Loans Held For Sale | |||||
Credit Derivatives [Line Items] | |||||
Commitments and contingent liabilities | 338,695 | 338,695 | |||
Interest Rate Forward Sales Commitments | |||||
Credit Derivatives [Line Items] | |||||
Commitments and contingent liabilities | $ 639,160 | $ 639,160 |
Derivatives (Summary Of Types O
Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 20,026 | $ 32,256 |
Liability derivatives | 31,895 | 9,288 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 6,782 | 4,752 |
Interest Rate Forward Sales Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 195 | 286 |
Liability derivatives | 2,142 | 567 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 12,565 | 26,081 |
Liability derivatives | 29,380 | 7,229 |
Interest Rate Contracts | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 6,782 | 4,752 |
Interest Rate Contracts | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 0 | 0 |
Interest Rate Contracts | Interest Rate Forward Sales Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 195 | 286 |
Interest Rate Contracts | Interest Rate Forward Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 2,142 | 567 |
Interest Rate Contracts | Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 12,565 | 26,081 |
Interest Rate Contracts | Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 29,380 | 7,229 |
Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 484 | 1,137 |
Liability derivatives | 373 | 1,492 |
Foreign Exchange Contract | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 484 | 1,137 |
Foreign Exchange Contract | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 373 | $ 1,492 |
Derivatives (Summary Of Types72
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | $ 2,178 | $ (5,821) | $ 13,010 | $ (6,653) |
Foreign Exchange Contract | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | 480 | 356 | 815 | 765 |
Interest Rate Lock Commitments | Interest Rate Contracts | Mortgage Banking Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | 908 | (1,549) | 2,030 | 670 |
Interest Rate Forward Sales Commitments | Interest Rate Contracts | Mortgage Banking Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | 500 | (3,872) | 8,744 | (6,605) |
Interest Rate Swap | Interest Rate Contracts | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | $ 290 | $ (756) | $ 1,421 | $ (1,483) |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivatives Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative Assets | ||
Derivatives assets, net amounts of assets presented in the statement of financial position | $ 20,026 | $ 32,256 |
Interest Rate Swap | ||
Derivative Assets | ||
Derivative assets, gross amounts of recognized assets | 12,565 | 26,081 |
Derivative asset, fair value, gross liability | 0 | 0 |
Derivatives assets, net amounts of assets presented in the statement of financial position | 12,565 | 26,081 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative assets, gross amounts not offset in the statement of financial position, financial instruments | (12,565) | (7,229) |
Derivative assets, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative assets, net amount | 0 | 18,852 |
Foreign Exchange Contract | ||
Derivative Assets | ||
Derivative assets, gross amounts of recognized assets | 484 | 1,137 |
Derivative asset, fair value, gross liability | 0 | 0 |
Derivatives assets, net amounts of assets presented in the statement of financial position | 484 | 1,137 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative assets, gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Derivative assets, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative assets, net amount | $ 484 | $ 1,137 |
Derivatives (Offsetting Deriv74
Derivatives (Offsetting Derivatives Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative Liabilities | ||
Total liability derivatives | $ 31,895 | $ 9,288 |
Interest Rate Swap | ||
Derivative Liabilities | ||
Derivative liabilities, gross amounts of recognized liabilities | 29,380 | 7,229 |
Derivative liability, fair value, gross asset | 0 | 0 |
Total liability derivatives | 29,380 | 7,229 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative liabilities, gross amounts not offset in the statement of financial position, financial instruments | (12,565) | (7,229) |
Derivative liabilities, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative liabilities, net amount | 16,815 | 0 |
Foreign Exchange Contract | ||
Derivative Liabilities | ||
Derivative liabilities, gross amounts of recognized liabilities | 373 | 1,492 |
Derivative liability, fair value, gross asset | 0 | 0 |
Total liability derivatives | 373 | 1,492 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative liabilities, gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Derivative liabilities, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative liabilities, net amount | $ 373 | $ 1,492 |
Shareholders' Equity and Stoc75
Shareholders' Equity and Stock Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | |||||
Stock Repurchased During Period, Shares | 327 | ||||
Stock Repurchased During Period, Value | $ 8,000 | ||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||
Share-based Compensation, Excluding Accelerated Compensation Cost | $ 1,200 | $ 1,200 | $ 2,800 | $ 3,700 | |
Total income tax benefit recognized related to stock-based compensation | 320 | 464 | 721 | 1,400 | |
Proceeds from stock options exercised | 1,016 | 463 | |||
Income tax benefits received | 384 | 554 | 3,000 | 2,400 | |
Employee Stock Option | |||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||
Total intrinsic value of options exercised | 213 | 29 | 871 | 141 | |
Cash from stock options exercised | 257 | 233 | 373 | 269 | |
Proceeds from stock options exercised | 257 | 233 | 1,000 | 463 | |
Total unrecognized compensation cost related to nonvested stock awards | 0 | 0 | |||
Restricted Stock | |||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||
Total fair value of restricted stock shares/units vested and released | 844 | 632 | 10,500 | 5,200 | |
Total unrecognized compensation cost related to nonvested stock awards | 13,000 | $ 13,000 | |||
Expected recognized over a weighted-average period, years | 1 year 9 months 26 days | ||||
Restricted Stock Units (RSUs) | |||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||
Total fair value of restricted stock shares/units vested and released | 449 | $ 770 | $ 449 | $ 811 | |
Total unrecognized compensation cost related to nonvested stock awards | $ 0 | $ 0 |
Shareholders' Equity and Stoc76
Shareholders' Equity and Stock Compensation (Summary Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, balance, beginning of period (in shares) | shares | 98 |
Options outstanding, exercised (in shares) | shares | (85) |
Options outstanding, balance, end of period (in shares) | shares | 13 |
Options exercisable, end of period, options outstanding (in shares) | shares | 13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted avg exercise price, balance beginning of period (in usd per share) | $ / shares | $ 11.99 |
Weighted-avg exercise price, exercised (in usd per share) | $ / shares | 12 |
Weighted avg exercise price, balance, end of period (in usd per share) | $ / shares | 11.91 |
Options exercisable, end of period, weighted avg. exercise price (in usd per share) | $ / shares | $ 11.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options outstanding, weighted avg remaining contractual term | 4 years 2 months 19 days |
Options exercisable, end of period, weighted-avg remaining contractual term | 4 years 2 months 19 days |
Options outstanding, aggregate intrinsic value | $ | $ 141 |
Options exercisable, end of period, aggregate intrinsic value | $ | $ 141 |
Shareholders' Equity and Stoc77
Shareholders' Equity and Stock Compensation (Summary Of Nonvested Restricted Share Activity) (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 1,248 |
Granted (in shares) | shares | 483 |
Released (in shares) | shares | (486) |
Forfeited (in shares) | shares | (195) |
Ending balance (in shares) | shares | 1,050 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value - beginning balance (in usd per share) | $ / shares | $ 16.61 |
Weighted average grant date fair value - granted (in usd per share) | $ / shares | 21.90 |
Weighted average grant date fair value - released (in usd per share) | $ / shares | 15.91 |
Weighted average grant date fair value - forfeited/expired (in usd per share) | $ / shares | 16.51 |
Weighted average grant date fair value - ending balance (in usd per share) | $ / shares | $ 19.39 |
Shareholders' Equity and Stoc78
Shareholders' Equity and Stock Compensation (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 22 |
Released (in shares) | shares | (21) |
Forfeited (in shares) | shares | (1) |
Ending balance (in shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant date fair value - beginning balance (in usd per share) | $ / shares | $ 18.58 |
Weighted average grant date fair value - released (in usd per share) | $ / shares | 18.58 |
Weighted average grant date fair value - forfeited/expired (in usd per share) | $ / shares | 18.58 |
Weighted average grant date fair value - ending balance (in usd per share) | $ / shares | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Deferred tax liability, net | $ 27,255 | $ 27,255 | $ 21,930 | ||
Operating Loss Carryforwards | 2,500 | 2,500 | |||
Tax Credit Carryforward, Amount | 2,000 | 2,000 | |||
Net operating loss carryforwards, valuation allowance | 1,100 | 1,100 | |||
Gross unrecognized tax benefits | 3,100 | $ 3,100 | |||
Effective income tax rate on unrecognized tax benefits that would impact effective tax rate | 0.50% | ||||
Recognized benefit in interest | 5 | $ 30 | |||
Accrued interest related to unrecognized tax benefits | $ 383 | $ 383 | |||
Effective Income Tax Rate Reconciliation, Percent | 24.70% | 35.80% | 24.30% | 36.20% |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
NUMERATORS: | |||||
Net income, Note 1 | $ 65,999 | $ 57,219 | $ 144,971 | $ 103,255 | $ 242,313 |
Dividends and undistributed earnings allocated to participating securities | 4 | 14 | 10 | 26 | |
Net earnings available to common shareholders | $ 65,995 | $ 57,205 | $ 144,961 | $ 103,229 | |
DENOMINATORS: | |||||
Weighted average number of common shares outstanding - basic (in shares) | 220,283 | 220,310 | 220,326 | 220,298 | |
Effect of potentially dilutive common shares (in shares) | 364 | 443 | 434 | 492 | |
Weighted average number of common shares outstanding - diluted (in shares) | 220,647 | 220,753 | 220,760 | 220,790 | |
EARNINGS PER COMMON SHARE: | |||||
Basic (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 | |
Diluted (in usd per share) | $ 0.30 | $ 0.26 | $ 0.66 | $ 0.47 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive weighted average outstanding securities (in shares) | 0 | 0 | 0 | 18,000 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive weighted average outstanding securities (in shares) | 0 | 0 | 4 | 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - segment | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting [Abstract] | ||
Number of primary segments | 4 | |
Effective Income Tax Rate on Business Segments | 25.00% | 37.00% |
Segment Information (Summary Of
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 224,900 | $ 212,742 | $ 449,881 | $ 419,521 | |
Provision for loan and lease losses | 13,319 | 10,657 | 26,975 | 22,329 | |
Non-interest income | 71,651 | 71,119 | 150,218 | 131,344 | |
Non-interest expense | 195,572 | 184,021 | 381,685 | 366,735 | |
Income before provision for income taxes | 87,660 | 89,183 | 191,439 | 161,801 | |
Provision for income taxes | 21,661 | 31,964 | 46,468 | 58,546 | |
Net income | 65,999 | 57,219 | 144,971 | 103,255 | $ 242,313 |
Total assets | 26,480,601 | 26,480,601 | 25,680,447 | ||
Loans and leases | 19,639,494 | 18,253,779 | 19,639,494 | 18,253,779 | 19,019,192 |
Total deposits | 20,744,526 | 20,744,526 | 19,948,300 | ||
Commercial Bank | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 112,249 | 106,307 | 223,984 | 210,062 | |
Provision for loan and lease losses | 11,276 | 7,784 | 24,644 | 16,893 | |
Non-interest income | 15,628 | 14,986 | 31,357 | 27,460 | |
Non-interest expense | 55,606 | 53,112 | 110,180 | 106,525 | |
Income before provision for income taxes | 60,995 | 60,397 | 120,517 | 114,104 | |
Provision for income taxes | 15,249 | 22,347 | 30,129 | 42,218 | |
Net income | 45,746 | 38,050 | 90,388 | 71,886 | |
Total assets | 14,350,647 | 14,350,647 | 13,856,963 | ||
Loans and leases | 14,166,488 | 14,166,488 | 13,683,264 | ||
Total deposits | 3,739,580 | 3,739,580 | 3,776,080 | ||
Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 5,536 | 5,402 | 11,539 | 10,642 | |
Provision for loan and lease losses | 182 | 175 | 349 | 375 | |
Non-interest income | 4,850 | 4,479 | 9,746 | 9,227 | |
Non-interest expense | 9,571 | 8,732 | 18,339 | 17,205 | |
Income before provision for income taxes | 633 | 974 | 2,597 | 2,289 | |
Provision for income taxes | 158 | 360 | 649 | 847 | |
Net income | 475 | 614 | 1,948 | 1,442 | |
Total assets | 490,212 | 490,212 | 437,873 | ||
Loans and leases | 476,176 | 476,176 | 423,813 | ||
Total deposits | 1,053,109 | 1,053,109 | 993,559 | ||
Retail Bank | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 80,998 | 69,464 | 160,850 | 135,953 | |
Provision for loan and lease losses | 594 | 2,852 | 955 | 4,668 | |
Non-interest income | 15,993 | 15,670 | 31,186 | 30,501 | |
Non-interest expense | 70,860 | 72,084 | 142,003 | 143,778 | |
Income before provision for income taxes | 25,537 | 10,198 | 49,078 | 18,008 | |
Provision for income taxes | 6,385 | 3,773 | 12,270 | 6,663 | |
Net income | 19,152 | 6,425 | 36,808 | 11,345 | |
Total assets | 2,045,525 | 2,045,525 | 2,143,830 | ||
Loans and leases | 1,966,283 | 1,966,283 | 2,054,058 | ||
Total deposits | 12,853,919 | 12,853,919 | 12,449,568 | ||
Home Lending | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 10,128 | 9,234 | 18,973 | 19,270 | |
Provision for loan and lease losses | 208 | 260 | 700 | 287 | |
Non-interest income | 33,278 | 34,637 | 71,686 | 61,517 | |
Non-interest expense | 35,032 | 40,542 | 67,329 | 79,696 | |
Income before provision for income taxes | 8,166 | 3,069 | 22,630 | 804 | |
Provision for income taxes | 2,041 | 1,136 | 5,657 | 297 | |
Net income | 6,125 | 1,933 | 16,973 | 507 | |
Total assets | 3,731,854 | 3,731,854 | 3,355,189 | ||
Loans and leases | 3,110,149 | 3,110,149 | 2,921,897 | ||
Total deposits | 286,327 | 286,327 | 222,494 | ||
Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 15,989 | 22,335 | 34,535 | 43,594 | |
Provision for loan and lease losses | 1,059 | (414) | 327 | 106 | |
Non-interest income | 1,902 | 1,347 | 6,243 | 2,639 | |
Non-interest expense | 24,503 | 9,551 | 43,834 | 19,531 | |
Income before provision for income taxes | (7,671) | 14,545 | (3,383) | 26,596 | |
Provision for income taxes | (2,172) | 4,348 | (2,237) | 8,521 | |
Net income | (5,499) | $ 10,197 | (1,146) | $ 18,075 | |
Total assets | 5,862,363 | 5,862,363 | 5,886,592 | ||
Loans and leases | (79,602) | (79,602) | (63,840) | ||
Total deposits | $ 2,811,591 | $ 2,811,591 | $ 2,506,599 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | $ 803,012 | $ 634,280 | $ 615,964 | $ 1,449,432 | ||
Equity and other, at fair value | 64,297 | 12,255 | ||||
Investment securities available for sale | 2,854,398 | 3,065,769 | ||||
Investment securities held to maturity | 3,586 | 3,803 | ||||
Loans held for sale | 432,642 | 259,518 | ||||
Loans and leases, net | 19,494,938 | 18,878,584 | ||||
Restricted equity securities | 42,320 | 43,508 | ||||
Residential mortgage servicing rights | 166,217 | $ 164,760 | 153,151 | $ 141,832 | $ 142,344 | $ 142,973 |
Bank owned life insurance assets | 309,844 | 306,864 | ||||
Derivatives | 20,026 | 32,256 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 20,744,526 | 19,948,300 | ||||
Securities sold under agreements to repurchase | 273,666 | 294,299 | ||||
Term debt | 801,739 | 802,357 | ||||
Junior subordinated debentures, at fair value | 280,669 | 277,155 | ||||
Junior subordinated debentures, at amortized cost | 88,838 | 100,609 | ||||
Derivatives | 31,895 | 9,288 | ||||
Carrying Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 803,012 | 634,280 | ||||
Equity and other, at fair value | 64,297 | 12,255 | ||||
Investment securities available for sale | 2,854,398 | 3,065,769 | ||||
Investment securities held to maturity | 3,586 | 3,803 | ||||
Loans held for sale | 432,642 | 259,518 | ||||
Loans and leases, net | 19,494,938 | 18,878,584 | ||||
Restricted equity securities | 42,320 | 43,508 | ||||
Residential mortgage servicing rights | 166,217 | 153,151 | ||||
Bank owned life insurance assets | 309,844 | 306,864 | ||||
Derivatives | 20,026 | 32,256 | ||||
Visa Class B common stock | 0 | 0 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 20,744,526 | 19,948,300 | ||||
Securities sold under agreements to repurchase | 273,666 | 294,299 | ||||
Term debt | 801,739 | 802,357 | ||||
Junior subordinated debentures, at fair value | 280,669 | 277,155 | ||||
Junior subordinated debentures, at amortized cost | 88,838 | 100,609 | ||||
Derivatives | 31,895 | 9,288 | ||||
Estimated Fair Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 803,012 | 634,280 | ||||
Equity and other, at fair value | 64,297 | 12,255 | ||||
Investment securities available for sale | 2,854,398 | 3,065,769 | ||||
Investment securities held to maturity | 4,624 | 4,906 | ||||
Loans held for sale | 432,642 | 259,518 | ||||
Loans and leases, net | 19,353,294 | 18,875,046 | ||||
Restricted equity securities | 42,320 | 43,508 | ||||
Residential mortgage servicing rights | 166,217 | 153,151 | ||||
Bank owned life insurance assets | 309,844 | 306,864 | ||||
Derivatives | 20,026 | 32,256 | ||||
Visa Class B common stock | 99,737 | 86,380 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 20,715,222 | 19,930,568 | ||||
Securities sold under agreements to repurchase | 273,666 | 294,299 | ||||
Term debt | 783,404 | 790,532 | ||||
Junior subordinated debentures, at fair value | 280,669 | 277,155 | ||||
Junior subordinated debentures, at amortized cost | 71,486 | 81,944 | ||||
Derivatives | $ 31,895 | $ 9,288 |
Fair Value Measurement (Sched85
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | $ 2,854,398 | $ 2,854,398 | $ 3,065,769 | |||||
Loans held for sale, at fair value | 432,642 | 432,642 | 259,518 | |||||
Residential mortgage servicing rights, at fair value | 166,217 | $ 141,832 | 166,217 | $ 141,832 | $ 164,760 | 153,151 | $ 142,344 | $ 142,973 |
Derivatives, assets | 20,026 | 20,026 | 32,256 | |||||
Total assets measured at fair value | 3,537,580 | 3,537,580 | 3,522,949 | |||||
Junior subordinated debentures, at fair value | 280,669 | 280,669 | 277,155 | |||||
Derivatives, liabilities | 31,895 | 31,895 | 9,288 | |||||
Total liabilities measured at fair value | 312,564 | 312,564 | 286,443 | |||||
Foreign Exchange Contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 484 | 484 | 1,137 | |||||
Derivatives, liabilities | 373 | 373 | 1,492 | |||||
Interest Rate Lock Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 6,782 | 6,782 | 4,752 | |||||
Interest Rate Forward Sales Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 195 | 195 | 286 | |||||
Derivatives, liabilities | 2,142 | 2,142 | 567 | |||||
Interest Rate Swap | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 12,565 | 12,565 | 26,081 | |||||
Derivatives, liabilities | 29,380 | 29,380 | 7,229 | |||||
Obligations of states and political subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 273 | |||||||
Available for sale, at fair value | 292,514 | 292,514 | 308,456 | |||||
Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 11,982 | |||||||
Equity Investment Securities | 12,686 | 12,686 | ||||||
Other Investment Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity and Other | 1,084 | 1,084 | ||||||
U.S. Treasury and agencies | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 39,464 | 39,464 | 39,698 | |||||
Residential mortgage-backed securities and collateralized mortgage obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 2,522,420 | 2,522,420 | 2,665,645 | |||||
Investments in mutual funds and other securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Investment Securities | 50,527 | 50,527 | ||||||
Available for sale, at fair value | 51,970 | |||||||
Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held for sale, at fair value | 0 | 0 | 0 | |||||
Residential mortgage servicing rights, at fair value | 0 | 0 | 0 | |||||
Total assets measured at fair value | 63,213 | 63,213 | 63,952 | |||||
Junior subordinated debentures, at fair value | 0 | 0 | 0 | |||||
Total liabilities measured at fair value | 0 | 0 | 0 | |||||
Level 1 | Foreign Exchange Contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 1 | Interest Rate Lock Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Level 1 | Interest Rate Forward Sales Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 1 | Interest Rate Swap | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 1 | Obligations of states and political subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 0 | |||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 1 | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 11,982 | |||||||
Equity Investment Securities | 12,686 | 12,686 | ||||||
Level 1 | Other Investment Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity and Other | 0 | 0 | ||||||
Level 1 | U.S. Treasury and agencies | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 1 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 1 | Investments in mutual funds and other securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Investment Securities | 50,527 | 50,527 | ||||||
Available for sale, at fair value | 51,970 | |||||||
Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held for sale, at fair value | 432,642 | 432,642 | 259,518 | |||||
Residential mortgage servicing rights, at fair value | 0 | 0 | 0 | |||||
Total assets measured at fair value | 3,301,368 | 3,301,368 | 3,301,094 | |||||
Junior subordinated debentures, at fair value | 0 | 0 | 0 | |||||
Total liabilities measured at fair value | 31,895 | 31,895 | 9,288 | |||||
Level 2 | Foreign Exchange Contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 484 | 484 | 1,137 | |||||
Derivatives, liabilities | 373 | 373 | 1,492 | |||||
Level 2 | Interest Rate Lock Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Level 2 | Interest Rate Forward Sales Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 195 | 195 | 286 | |||||
Derivatives, liabilities | 2,142 | 2,142 | 567 | |||||
Level 2 | Interest Rate Swap | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 12,565 | 12,565 | 26,081 | |||||
Derivatives, liabilities | 29,380 | 29,380 | 7,229 | |||||
Level 2 | Obligations of states and political subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 273 | |||||||
Available for sale, at fair value | 292,514 | 292,514 | 308,456 | |||||
Level 2 | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 0 | |||||||
Equity Investment Securities | 0 | 0 | ||||||
Level 2 | Other Investment Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity and Other | 1,084 | 1,084 | ||||||
Level 2 | U.S. Treasury and agencies | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 39,464 | 39,464 | 39,698 | |||||
Level 2 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 2,522,420 | 2,522,420 | 2,665,645 | |||||
Level 2 | Investments in mutual funds and other securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Investment Securities | 0 | 0 | ||||||
Available for sale, at fair value | ||||||||
Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held for sale, at fair value | 0 | 0 | 0 | |||||
Residential mortgage servicing rights, at fair value | 166,217 | 166,217 | 153,151 | |||||
Total assets measured at fair value | 172,999 | 172,999 | 157,903 | |||||
Junior subordinated debentures, at fair value | 280,669 | 280,669 | 277,155 | |||||
Total liabilities measured at fair value | 280,669 | 280,669 | 277,155 | |||||
Level 3 | Foreign Exchange Contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 3 | Interest Rate Lock Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 6,782 | 4,746 | 6,782 | 4,746 | $ 5,874 | 4,752 | $ 6,294 | $ 4,076 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 6,782 | $ 4,746 | 6,782 | $ 4,746 | ||||
Derivatives, assets | 6,782 | 6,782 | 4,752 | |||||
Level 3 | Interest Rate Forward Sales Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 3 | Interest Rate Swap | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivatives, assets | 0 | 0 | 0 | |||||
Derivatives, liabilities | 0 | 0 | 0 | |||||
Level 3 | Obligations of states and political subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 0 | |||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 3 | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading, at fair value | 0 | |||||||
Equity Investment Securities | 0 | 0 | ||||||
Level 3 | Other Investment Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity and Other | 0 | 0 | ||||||
Level 3 | U.S. Treasury and agencies | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 3 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available for sale, at fair value | 0 | 0 | 0 | |||||
Level 3 | Investments in mutual funds and other securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Investment Securities | $ 0 | $ 0 | ||||||
Available for sale, at fair value | $ 0 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unrealized losses arising during the period | $ (1,513) | $ 0 | $ (3,196) | $ 0 |
Change in unrealized gains on junior subordinated debentures carried at fair value, net of taxes | (1,127) | 0 | (2,380) | 0 |
Net gain (loss) representing the change in fair value in earnings | 5,700 | $ 2,200 | 5,400 | $ 7,100 |
Accounting Standards Update 2016-01 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unrealized losses arising during the period | (1,500) | (3,200) | ||
Change in unrealized gains on junior subordinated debentures carried at fair value, net of taxes | $ (1,100) | $ (2,400) |
Fair Value Measurement (Sched87
Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classified As Level 3) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Constant prepayment rate | 11.75% | 12.27% |
Discount rate | 9.69% | 9.70% |
Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Mortgage Servicing Rights | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Constant prepayment rate | 11.75% | |
Discount rate | 9.69% | |
Interest Rate Lock Commitments | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Internal Pricing Model | |
Interest Rate Lock Commitments | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Pull-through rate | 88.92% | |
Junior Subordinated Debentures | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Junior Subordinated Debentures | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Spread | 4.97% |
Fair Value Measurement (Sched88
Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Junior Subordinated Debentures | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Junior subordinated debentures, beginning balance | $ 278,410 | $ 263,605 | $ 277,155 | $ 262,209 | ||||
Junior subordinated debentures, change included in earnings | 4,283 | 4,872 | 8,058 | 9,552 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Change In Fair Values Included in Comprehensive Income | 1,513 | 0 | 3,196 | 0 | ||||
Junior subordinated debentures, purchases and issuances | 0 | 0 | 0 | 0 | ||||
Junior subordinated debentures, sales and settlements | (3,537) | (3,054) | (7,740) | (6,338) | ||||
Junior subordinated debentures, ending balance | 280,669 | 265,423 | 280,669 | 265,423 | ||||
Junior subordinated debentures, net change in unrealized gains or (losses) relating to items held at end of period | 5,796 | 4,872 | 11,254 | 9,552 | ||||
Interest Rate Lock Commitments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 6,782 | 4,746 | 6,782 | 4,746 | $ 5,874 | $ 4,752 | $ 6,294 | $ 4,076 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 249 | 580 | (1,004) | 1,377 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Change In Fair Values Included in Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobserved Inputs, Purchase And Issuance | 8,099 | 11,315 | 14,532 | 21,964 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobserved Inputs Sales And Settlements | (7,440) | (13,443) | (11,498) | (22,671) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 6,782 | 4,746 | 6,782 | 4,746 | ||||
Mortgage Servicing Rights | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Mortgage servicing rights, beginning balance | 164,760 | 142,344 | 153,151 | 142,973 | ||||
Mortgage servicing rights, change included in earnings | (5,403) | (8,331) | (324) | (16,001) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Change In Fair Values Included in Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Mortgage servicing rights, purchases and issuances | 6,860 | 7,819 | 13,390 | 14,860 | ||||
Mortgage servicing rights, sales and settlements | 0 | 0 | 0 | 0 | ||||
Mortgage servicing rights, ending balance | 166,217 | 141,832 | 166,217 | 141,832 | ||||
Mortgage servicing rights, net change in unrealized gains or (losses) relating to items held at end of period | $ (1,771) | $ (4,268) | $ 6,663 | $ (8,224) |
Fair Value Measurement (Fair Va
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 50,880 | $ 75,189 |
Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 50,880 | 75,189 |
Loans and leases | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 50,160 | 75,121 |
Loans and leases | Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans and leases | Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans and leases | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 50,160 | 75,121 |
Other real estate owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 720 | 68 |
Other real estate owned | Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other real estate owned | Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other real estate owned | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 720 | $ 68 |
Fair Value Measurement (Losses
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | $ 13,743 | $ 11,954 | $ 27,787 | $ 23,263 |
Loans and leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | 13,682 | 11,914 | 27,721 | 23,156 |
Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | $ 61 | $ 40 | $ 66 | $ 107 |
Fair Value Measurement (Fair 91
Fair Value Measurement (Fair Value Option) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value | $ 432,642 | $ 259,518 |
Aggregate unpaid principal balance | 418,442 | 250,721 |
Fair value less aggregate unpaid principal balance | $ 14,200 | $ 8,797 |
Revenue from Contracts with C92
Revenue from Contracts with Customer (Revenue from Contracts with Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Residential mortgage banking revenue, net | $ 33,163 | $ 33,894 | $ 71,601 | $ 60,728 |
Gain on sale of investment securities, net | 14 | 35 | 14 | 33 |
Unrealized holding losses on equity securities | (1,432) | 0 | (1,432) | 0 |
Gain on loan sales, net | 1,348 | 3,310 | 2,578 | 5,064 |
Loss on junior subordinated debentures carried at fair value | 0 | (1,572) | 0 | (3,127) |
BOLI income | 2,060 | 2,089 | 4,130 | 4,158 |
Remaining other income (a) | 13,809 | 28,915 | ||
Other income | 16,817 | 13,982 | 34,457 | 26,256 |
Total non-interest income | 71,651 | $ 71,119 | 150,218 | $ 131,344 |
Account maintenance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,183 | 8,323 | ||
Transaction-based and overdraft service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 6,444 | 12,700 | ||
Debit/ATM interchange fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,893 | 9,492 | ||
Total service charges on deposits | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 15,520 | 30,515 | ||
Brokerage revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,161 | 8,355 | ||
Merchant fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,221 | 2,062 | ||
Credit card and interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 1,787 | $ 3,480 |
Revenue from Contracts with C93
Revenue from Contracts with Customer (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | ||||
Brokerage revenue | $ 4,161 | $ 3,903 | $ 8,355 | $ 8,025 |
Other Income, Merchant Fee Income | 1,200 | 2,100 | ||
Other Income, Credit Card And Interchange | $ 1,800 | $ 3,500 |
Uncategorized Items - umpq-2018
Label | Element | Value | [1] |
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,710,000 | |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (9,710,000) | |
[1] | The cumulative effect adjustment from retained earnings to accumulated other comprehensive income (loss) relating to the implementation of new accounting guidance for the junior subordinated debentures that the Company previously elected to fair value on a recurring basis. Refer to Note 1 for discussion of the new accounting guidance. |