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Junior and Other Subordinated Debentures | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Junior Subordinated Debentures | Junior and Other Subordinated Debentures Following is information about the Company's wholly-owned Trusts as of December 31, 2023:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Trust Name |  | Issue Date |  | Issued Amount |  | Carrying Value (1) |  | Rate (2) |  | Effective Rate (3) |  | Maturity Date
AT FAIR VALUE: |  |  |  |  |  |  |  |  |  |  |  |
Umpqua Statutory Trust II |  | October 2002 |  | $ | 20,619 |  |  | $ | 19,401 |  |  | Floating rate, SOFR + 0.26161% plus 3.35%, adjusted quarterly |  | 9.57 | % |  | October 2032
Umpqua Statutory Trust III |  | October 2002 |  | 30,928 |  |  | 29,203 |  |  | Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly |  | 9.63 | % |  | November 2032
Umpqua Statutory Trust IV |  | December 2003 |  | 10,310 |  |  | 9,319 |  |  | Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly |  | 9.41 | % |  | January 2034
Umpqua Statutory Trust V |  | December 2003 |  | 10,310 |  |  | 9,146 |  |  | Floating rate, SOFR + 0.26161% plus 2.85%, adjusted quarterly |  | 9.57 | % |  | March 2034
Umpqua Master Trust I |  | August 2007 |  | 41,238 |  |  | 30,557 |  |  | Floating rate, SOFR + 0.26161% plus 1.35%, adjusted quarterly |  | 9.44 | % |  | September 2037
Umpqua Master Trust IB |  | September 2007 |  | 20,619 |  |  | 17,644 |  |  | Floating rate, SOFR + 0.26161% plus 2.75%, adjusted quarterly |  | 9.81 | % |  | December 2037
Sterling Capital Trust III |  | April 2003 |  | 14,433 |  |  | 13,506 |  |  | Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly |  | 9.5 | % |  | April 2033
Sterling Capital Trust IV |  | May 2003 |  | 10,310 |  |  | 9,489 |  |  | Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly |  | 9.55 | % |  | May 2033
Sterling Capital Statutory Trust V |  | May 2003 |  | 20,619 |  |  | 18,955 |  |  | Floating rate, SOFR + 0.26161% plus 3.25%, adjusted quarterly |  | 9.65 | % |  | June 2033
Sterling Capital Trust VI |  | June 2003 |  | 10,310 |  |  | 9,397 |  |  | Floating rate, SOFR + 0.26161% plus 3.20%, adjusted quarterly |  | 9.71 | % |  | September 2033
Sterling Capital Trust VII |  | June 2006 |  | 56,702 |  |  | 43,599 |  |  | Floating rate, SOFR + 0.26161% plus 1.53%, adjusted quarterly |  | 9.33 | % |  | June 2036
Sterling Capital Trust VIII |  | September 2006 |  | 51,547 |  |  | 39,773 |  |  | Floating rate, SOFR + 0.26161% plus 1.63%, adjusted quarterly |  | 9.43 | % |  | December 2036
Sterling Capital Trust IX |  | July 2007 |  | 46,392 |  |  | 35,166 |  |  | Floating rate, SOFR + 0.26161% plus 1.40%, adjusted quarterly |  | 9.31 | % |  | October 2037
Lynnwood Financial Statutory Trust I |  | March 2003 |  | 9,279 |  |  | 8,464 |  |  | Floating rate, SOFR + 0.26161% plus 3.15%, adjusted quarterly |  | 9.62 | % |  | March 2033
Lynnwood Financial Statutory Trust II |  | June 2005 |  | 10,310 |  |  | 8,253 |  |  | Floating rate, SOFR + 0.26161% plus 1.80%, adjusted quarterly |  | 9.30 | % |  | June 2035
Klamath First Capital Trust I |  | July 2001 |  | 15,464 |  |  | 14,568 |  |  | Floating rate, SOFR + 0.42826% plus 3.75%, adjusted semiannually |  | 10.22 | % |  | July 2031
Total junior subordinated debentures at fair value |  | 379,390 |  |  | 316,440 |  |  |  |  |  |  |
AT AMORTIZED COST: |  |  |  |  |  |  |  |  |  |  |  |
Humboldt Bancorp Statutory Trust II |  | December 2001 |  | 10,310 |  |  | 10,735 |  |  | Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly |  | 8.37 | % |  | December 2031
Humboldt Bancorp Statutory Trust III |  | September 2003 |  | 27,836 |  |  | 29,041 |  |  | Floating rate, SOFR + 0.26161% plus 2.95%, adjusted quarterly |  | 7.79 | % |  | September 2033
CIB Capital Trust |  | November 2002 |  | 10,310 |  |  | 10,693 |  |  | Floating rate, SOFR + 0.26161% plus 3.45%, adjusted quarterly |  | 8.35 | % |  | November 2032
Western Sierra Statutory Trust I |  | July 2001 |  | 6,186 |  |  | 6,186 |  |  | Floating rate, SOFR + 0.26161% plus 3.58%, adjusted quarterly |  | 9.22 | % |  | July 2031
Western Sierra Statutory Trust II |  | December 2001 |  | 10,310 |  |  | 10,310 |  |  | Floating rate, SOFR + 0.26161% plus 3.60%, adjusted quarterly |  | 9.24 | % |  | December 2031
Western Sierra Statutory Trust III |  | September 2003 |  | 10,310 |  |  | 10,310 |  |  | Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly |  | 8.56 | % |  | October 2033
Western Sierra Statutory Trust IV |  | September 2003 |  | 10,310 |  |  | 10,310 |  |  | Floating rate, SOFR + 0.26161% plus 2.90%, adjusted quarterly |  | 8.56 | % |  | September 2033
Bank of Commerce Holdings Trust II |  | July 2005 |  | 10,310 |  |  | 10,310 |  |  | Floating rate, SOFR + 0.26161% plus 1.58%, adjusted quarterly |  | 7.23 | % |  | September 2035
Total junior subordinated debentures at amortized cost |  | 95,882 |  |  | 97,895 |  |  |  |  |  |  |
Total junior subordinated debentures |  |  |  | $ | 475,272 |  |  | $ | 414,335 |  |  |  |  |  |  |
(1)Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. (2)Contractual interest rate of junior subordinated debentures. (3)Effective interest rate based upon the carrying value as of December 31, 2023. Through the Merger, the Company assumed $10.0 million in aggregate principal amount of fixed-to-floating rate subordinated debentures. Interest on the subordinated debentures will be paid at a variable rate equal to the sum of forward term SOFR, the statutorily prescribed tenor spread adjustment plus 5.26%, payable quarterly until the maturity date of December 10, 2025. The Company also assumed $10.3 million of trust preferred obligations, which is included in the table above. The Trusts are reflected as junior subordinated debentures, either at fair value or at amortized cost. The common stock issued by the Trusts is recorded in other assets and totaled $14.3 million and $14.0 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates. The Company selected the fair value measurement option for junior subordinated debentures originally issued by UHC prior to the Merger (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired by UHC from Sterling Financial Corporation prior to the Merger. Based on a decrease in the implied forward curve and the spot curve shifting higher, partially offset by a decrease in credit spread, the fair value of the junior subordinated debentures decreased during the year. A gain of $7.9 million for the year ended December 31, 2023, as compared to the loss of $28.8 million for the year ended December 31, 2022, was recorded in other comprehensive income.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 + Details
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