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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 measured on a recurring basis was as follows as of June 30, 2021 (in thousands):

						Total						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Trading securities:
U.S. government securities						$	13,481					$	4,999					$	8,482					$	—
Residential agency mortgage-backed securities						5,577,986						—						5,577,986						—
Municipal securities						49,636						—						49,636						—
Other trading securities						57,967						—						57,967						—
Total trading securities						5,699,070						4,999						5,694,071						—
Available for sale securities:
U.S. Treasury						504						504						—						—
Municipal securities						386,509						—						386,509						—
Residential agency mortgage-backed securities						8,624,876						—						8,624,876						—
Residential non-agency mortgage-backed securities						28,261						—						28,261						—
Commercial agency mortgage-backed securities						4,277,301						—						4,277,301						—
Other debt securities						471						—						—						471
Total available for sale securities						13,317,922						504						13,316,947						471
Fair value option securities – Residential agency mortgage-backed securities						60,432						—						60,432						—
Residential mortgage loans held for sale1						200,842						—						195,692						5,150
Mortgage servicing rights2						117,629						—						—						117,629
Derivative contracts, net of cash collateral3						1,701,443						7,704						1,693,739						—
Liabilities:
Derivative contracts, net of cash collateral3						612,261						218						612,043						—

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 95.57% 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 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Fair values based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded derivative contracts, net of cash margin.

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

						Total						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
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 rights2						101,172						—						—						101,172
Derivative contracts, net of cash collateral3						810,688						10,780						799,908						—
Liabilities:
Derivative contracts, net of cash collateral3						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 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Fair values based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded derivative contracts, net of 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) during the period. The carrying value represents only those assets with a balance at June 30, 2021 for which the fair value was adjusted during the six months ended June 30, 2021:

																					Fair Value Adjustments for the
			Carrying Value at June 30, 2021																		Three Months Ended June 30, 2021 Recognized in:												Six Months Ended June 30, 2021 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						Other gains (losses), net						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	4,730					$	42,453					$	17,362					$	—					$	24,721					$	—
Real estate and other repossessed assets			—						1,706						36,010						—						(3,966)						—						(6,166)

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2020 for which the fair value was adjusted during the six months ended June 30, 2020:

																					Fair Value Adjustments for the
			Carrying Value at June 30, 2020																		Three Months Ended June 30, 2020 Recognized in:												Six Months Ended June 30, 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						Other gains (losses), net						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	400					$	32,448					$	13,871					$	—					$	29,659					$	—
Real estate and other repossessed assets			—						918						400						—						(5)						—						(131)

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 June 30, 2021 follows (in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

42,453

Discounted cash flows

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

4% - 96% (47%)1

Real estate and other repossessed assets

36,010

Discounted cash flows

Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, 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 June 30, 2020 follows (in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

32,448

Discounted cash flows

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

—% - 83% (35%)1

Real estate and other repossessed assets

400

Appraised value, as adjusted

Marketability adjustments off appraised value2

87% - 87% (87%)

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 basis as of June 30, 2021 (dollars in thousands):

						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						$	678,998					$	678,998					$	678,998					$	—					$	—
Interest-bearing cash and cash equivalents						580,457						580,457						580,457						—						—
Trading securities:
U.S. government securities						13,481						13,481						4,999						8,482						—
Residential agency mortgage-backed securities						5,577,986						5,577,986						—						5,577,986						—
Municipal securities						49,636						49,636						—						49,636						—
Other trading securities						57,967						57,967						—						57,967						—
Total trading securities						5,699,070						5,699,070						4,999						5,694,071						—
Investment securities:
Municipal securities						211,725						235,697						—						64,401						171,296
Residential agency mortgage-backed securities						7,863						8,601						—						8,601						—
Other debt securities						1,737						1,736						—						1,736						—
Total investment securities						221,325						246,034						—						74,738						171,296
Allowance for credit losses						(493)						—						—						—						—
Investment securities, net of allowance						220,832						246,034						—						74,738						171,296
Available for sale securities:
U.S. Treasury						504						504						504						—						—
Municipal securities						386,509						386,509						—						386,509						—
Residential agency mortgage-backed securities						8,624,876						8,624,876						—						8,624,876						—
Residential non-agency mortgage-backed securities						28,261						28,261						—						28,261						—
Commercial agency mortgage-backed securities						4,277,301						4,277,301						—						4,277,301						—
Other debt securities						471						471						—						—						471
Total available for sale securities						13,317,922						13,317,922						504						13,316,947						471
Fair value option securities – Residential agency mortgage-backed securities						60,432						60,432						—						60,432						—
Residential mortgage loans held for sale						200,842						200,842						—						195,692						5,150
Loans:
Commercial						12,472,907						12,357,430						—						—						12,357,430
Commercial real estate						4,246,992						4,192,793						—						—						4,192,793
Paycheck protection program						1,121,583						1,107,172						—						—						1,107,172
Loans to individuals						3,574,967						3,570,855						—						—						3,570,855
Total loans						21,416,449						21,228,250						—						—						21,228,250
Allowance for loan losses						(311,890)						—						—						—						—
Loans, net of allowance						21,104,559						21,228,250						—						—						21,228,250
Mortgage servicing rights						117,629						117,629						—						—						117,629
Derivative instruments with positive fair value, net of cash collateral						1,701,443						1,701,443						7,704						1,693,739						—
Deposits with no stated maturity						35,534,584						35,534,584						—						—						35,534,584
Time deposits						1,905,349						1,908,847						—						—						1,908,847
Other borrowed funds						2,276,414						2,273,466						—						—						2,273,466
Subordinated debentures						276,043						291,334						—						291,334						—
Derivative instruments with negative fair value, net of cash collateral						612,261						612,261						218						612,043						—

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 basis as of December 31, 2020 (dollars in thousands):

						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 collateral						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 collateral						405,779						405,779						—						405,779						—

X

- 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).

+ References

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-Publisher FASB
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-Topic 820
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-Section 50
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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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