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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Assets And Liabilities Measured On A Recurring Basis [Table Text Block]

The fair value of financial assets and liabilities that are measured on a recurring basis is as follows as of December 31, 2020 (in thousands):

						Total						Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs
Assets:
Trading securities:
U.S. government securities						$	9,183					$	4,999					$	4,184					$	—
Residential agency mortgage-backed securities						4,669,148						—						4,669,148						—
Municipal securities						19,172						—						19,172						—
Other trading securities						10,472						—						10,472						—
Total trading securities						4,707,975						4,999						4,702,976						—
Available for sale securities:
U.S. Treasury						508						508						—						—
Municipal securities						167,979						—						167,979						—
Residential agency mortgage-backed securities						9,340,471						—						9,340,471						—
Residential non-agency mortgage-backed securities						32,770						—						32,770						—
Commercial agency mortgage-backed securities						3,508,465						—						3,508,465						—
Other debt securities						472						—						—						472
Total available for sale securities						13,050,665						508						13,049,685						472
Fair value option securities — Residential agency mortgage-backed securities						114,982						—						114,982						—
Residential mortgage loans held for sale1						252,316						—						245,299						7,017
Mortgage servicing rights, net2						101,172						—						—						101,172
Derivative contracts, net of cash margin3						810,688						10,780						799,908						—
Liabilities:
Derivative contracts, net of cash margin3						405,779						—						405,779						—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 94.57% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments are exchange-traded interest rate, energy and agricultural derivative contracts, fully offset by cash margin.

The fair value of financial assets and liabilities that are measured on a recurring basis is as follows as of December 31, 2019 (in thousands):

						Total						Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs
Assets:
Trading securities:
U.S. government securities						$	44,264					$	—					$	44,264					$	—
Residential agency mortgage-backed securities						1,504,651						—						1,504,651						—
Municipal securities						26,196						—						26,196						—
Asset-backed securities						14,084						—						14,084						—
Other trading securities						34,726						—						34,726						—
Total trading securities						1,623,921						—						1,623,921						—
Available for sale securities:
U.S. Treasury						1,600						1,600						—						—
Municipal securities						1,861						—						1,861						—
Residential agency mortgage-backed securities						8,046,096						—						8,046,096						—
Residential non-agency mortgage-backed securities						41,609						—						41,609						—
Commercial agency mortgage-backed securities						3,178,005						—						3,178,005						—
Other debt securities						472						—						—						472
Total available for sale securities						11,269,643						1,600						11,267,571						472
Fair value option securities:
U.S. Treasury						9,917						9,917						—						—
Residential agency mortgage-backed securities						1,088,660						—						1,088,660						—
Total fair value option securities						1,098,577						9,917						1,088,660						—
Residential mortgage loans held for sale1						182,271						—						173,958						8,313
Mortgage servicing rights, net2						201,886						—						—						201,886
Derivative contracts, net of cash margin3						323,375						8,944						314,431						—
Liabilities:
Derivative contracts, net of cash margin3						251,128						—						251,128						—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 95.23% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and energy derivative contracts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and agricultural contracts, fully offset by cash margin.

Fair Value Assets Measured on Nonrecurring Basis [Table Text Block]

The following represents the carrying value of assets measured at fair value on a non-recurring basis and related losses recorded during the year. The carrying value represents only those assets with the balance sheet date for which the fair value was adjusted during the year:

			Carrying Value at December 31, 2020																		Fair Value Adjustments for the Year Ended December 31, 2020 Recognized In:
			Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs						Gross charge-offs against allowance for loan losses						Net losses (gains) and expenses of repossessed assets, net
Nonaccrual loans			$	—					$	801					$	20,423					$	39,299					$	—
Real estate and other repossessed assets			—						18,188						2,842						—						(4,602)

			Carrying Value at December 31, 2019																		Fair Value Adjustments for the Year Ended December 31, 2019 Recognized In:
			Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs						Gross charge-offs against allowance for loan losses						Net losses (gains) and expenses of repossessed assets, net
Nonaccrual loans			$	—					$	41					$	55,665					$	31,305					$	—
Real estate and other repossessed assets			—						5,986						1,551						—						(461)

Fair Value Inputs, Fair Value Measured On a Nonrecurring Basis, Quantitative Information [Table Text Block]

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2020 follows (in thousands):

Quantitative Information about Level 3 Non-recurring Fair Value Measurements

Fair Value

Valuation Technique(s)

Significant Unobservable Input

Range (Weighted Average)

Nonaccrual loans

$

20,423

Discounted cash flows

Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs

1% - 91% (23%)1

Real estate and other repossessed assets

2,842

Discounted cash flows

Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs

N/A

1    Represents fair value as a percentage of the unpaid principal balance.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2019 follows (in thousands):

Quantitative Information about Level 3 Non-recurring Fair Value Measurements

Fair Value

Valuation Technique(s)

Significant Unobservable Input

Range (Weighted Average)

Nonaccrual loans

$

55,665

Discounted cash flows

Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs

4% - 94% (55%)1

Real estate and other repossessed assets

1,551

Discounted cash flows

Marketability adjustments off appraised value2

74% - 86% (84%)

1    Represents fair value as a percentage of the unpaid principal balance.

2 Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

Fair Value of Financial Instruments [Table Text Block]

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring (dollars in thousands):

						December 31, 2020
						Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and due from banks						$	798,757					$	798,757					$	798,757					$	—					$	—
Interest-bearing cash and cash equivalents						381,816						381,816						381,816						—						—
Trading securities:
U.S. government securities						9,183						9,183						4,999						4,184						—
Residential agency mortgage-backed securities						4,669,148						4,669,148						—						4,669,148						—
Municipal securities						19,172						19,172						—						19,172						—
Other trading securities						10,472						10,472						—						10,472						—
Total trading securities						4,707,975						4,707,975						4,999						4,702,976						—
Investment securities:
Municipal securities						229,245						255,270						—						69,404						185,866
Residential agency mortgage-backed securities						8,913						9,790						—						9,790						—
Other debt securities						7,373						7,371						—						7,371						—
Total investment securities						245,531						272,431						—						86,565						185,866
Allowance for credit losses						(688)						—						—						—						—
Investment securities, net of allowance						244,843						272,431						—						86,565						185,866
Available for sale securities:
U.S. Treasury						508						508						508						—						—
Municipal securities						167,979						167,979						—						167,979						—
Residential agency mortgage-backed securities						9,340,471						9,340,471						—						9,340,471						—
Residential non-agency mortgage-backed securities						32,770						32,770						—						32,770						—
Commercial agency mortgage-backed securities						3,508,465						3,508,465						—						3,508,465						—
Other debt securities						472						472						—						—						472
Total available for sale securities						13,050,665						13,050,665						508						13,049,685						472
Fair value option securities — Residential agency mortgage-backed securities						114,982						114,982						—						114,982						—
Residential mortgage loans held for sale						252,316						252,316						—						245,299						7,017
Loans:
Commercial						13,077,535						13,003,383						—						—						13,003,383
Commercial real estate						4,698,538						4,649,763						—						—						4,649,763
Paycheck protection program						1,682,310						1,669,461						—						—						1,669,461
Loans to individuals						3,549,137						3,563,199						—						—						3,563,199
Total loans						23,007,520						22,885,806						—						—						22,885,806
Allowance for loan losses						(388,640)						—						—						—						—
Loans, net of allowance						22,618,880						22,885,806						—						—						22,885,806
Mortgage servicing rights						101,172						101,172						—						—						101,172
Derivative instruments with positive fair value, net of cash margin						810,688						810,688						10,780						799,908						—
Deposits with no stated maturity						34,176,752						34,176,752						—						—						34,176,752
Time deposits						1,967,128						1,976,936						—						—						1,976,936
Other borrowed funds						3,545,356						3,542,489						—						—						3,542,489
Subordinated debentures						276,005						269,544						—						269,544						—
Derivative instruments with negative fair value, net of cash margin						405,779						405,779						—						405,779						—

						December 31, 2019
						Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and due from banks						$	735,836					$	735,836					$	735,836					$	—					$	—
Interest-bearing cash and cash equivalents						522,985						522,985						522,985						—						—
Trading securities:
U.S. government securities						44,264						44,264						—						44,264						—
Residential agency mortgage-backed securities						1,504,651						1,504,651						—						1,504,651						—
Municipal securities						26,196						26,196						—						26,196						—
Asset-backed securities						14,084						14,084						—						14,084						—
Other trading securities						34,726						34,726						—						34,726						—
Total trading securities						1,623,921						1,623,921						—						1,623,921						—
Investment securities:
Municipal securities						274,535						295,032						—						96,897						198,135
Residential agency mortgage-backed securities						10,676						11,164						—						11,164						—
Other debt securities						8,207						8,206						—						8,206						—
Total investment securities						293,418						314,402						—						116,267						198,135
Available for sale securities:
U.S. Treasury securities						1,600						1,600						1,600						—						—
Municipal securities						1,861						1,861						—						1,861						—
Residential agency mortgage-backed securities						8,046,096						8,046,096						—						8,046,096						—
Residential non-agency mortgage-backed securities						41,609						41,609						—						41,609						—
Commercial agency mortgage-backed securities						3,178,005						3,178,005						—						3,178,005						—
Other debt securities						472						472						—						—						472
Total available for sale securities						11,269,643						11,269,643						1,600						11,267,571						472
Fair value option securities:
U.S. Treasury						9,917						9,917						9,917						—						—
Residential agency mortgage-backed securities						1,088,660						1,088,660						—						1,088,660						—
Total fair value option securities						1,098,577						1,098,577						9,917						1,088,660						—
Residential mortgage loans held for sale						182,271						182,271						—						173,958						8,313
Loans:
Commercial						14,031,650						13,966,221						—						—						13,966,221
Commercial real estate						4,433,783						4,422,717						—						—						4,422,717
Residential mortgage						2,084,172						2,098,093						—						—						2,098,093
Personal						1,201,382						1,202,298						—						—						1,202,298
Total loans						21,750,987						21,689,329						—						—						21,689,329
Allowance for loan losses						(210,759)						—						—						—						—
Loans, net of allowance						21,540,228						21,689,329						—						—						21,689,329
Mortgage servicing rights						201,886						201,886						—						—						201,886
Derivative instruments with positive fair value, net of cash margin						323,375						323,375						8,944						314,431						—
Deposits with no stated maturity						25,403,319						25,403,319						—						—						25,403,319
Time deposits						2,217,849						2,212,467						—						—						2,212,467
Other borrowed funds						8,345,405						8,315,860						—						—						8,315,860
Subordinated debentures						275,923						284,627						—						284,627						—
Derivative instruments with negative fair value, net of cash margin						251,128						251,128						—						251,128						—

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- Definition

Fair Value Inputs, Fair Value Measured On a Nonrecurring Basis, Quantitative Information [Table Text Block]

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB
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