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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 (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						$	5,618					$	4,878					$	740					$	—
Residential agency mortgage-backed securities						2,210,721						—						2,210,721						—
Municipal securities						37,455						—						37,455						—
Asset-backed securities						10,194						—						10,194						—
Other trading securities						30,370						—						30,370						—
Total trading securities						2,294,358						4,878						2,289,480						—
Available for sale securities:
U.S. Treasury						914						914						—						—
Municipal securities						634,207						—						634,207						—
Residential agency mortgage-backed securities						6,022,708						—						6,022,708						—
Residential non-agency mortgage-backed securities						651,351						—						651,351						—
Commercial agency mortgage-backed securities						4,628,188						—						4,628,188						—
Other debt securities						473						—						—						473
Total available for sale securities						11,937,841						914						11,936,454						473
Fair value option securities:
U.S. Treasury						106,307						106,307						—						—
Residential agency mortgage-backed securities						220,083						—						220,083						—
Total fair value option securities						326,390						106,307						220,083						—
Residential mortgage loans held for sale1						74,175						—						67,024						7,151
Mortgage servicing rights2						299,803						—						—						299,803
Derivative contracts, net of cash collateral3						394,291						303						393,988						—
Liabilities:
Derivative contracts, net of cash collateral3						510,483						3,822						506,661						—

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 77.43% 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. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2022 (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						$	9,823					$	4,970					$	4,853					$	—
Residential agency mortgage-backed securities						4,406,848						—						4,406,848						—
Municipal securities						21,484						—						21,484						—
Other trading securities						26,006						—						26,006						—
Total trading securities						4,464,161						4,970						4,459,191						—
Available for sale securities:
U.S. Treasury						898						898						—						—
Municipal securities						624,500						—						624,500						—
Residential agency mortgage-backed securities						5,814,496						—						5,814,496						—
Residential non-agency mortgage-backed securities						577,576						—						577,576						—
Commercial agency mortgage-backed securities						4,475,917						—						4,475,917						—
Other debt securities						473						—						—						473
Total available for sale securities						11,493,860						898						11,492,489						473
Fair value option securities — Residential agency mortgage-backed securities						296,590						—						296,590						—
Residential mortgage loans held for sale1						75,272						—						68,054						7,218
Mortgage servicing rights2						277,608						—						—						277,608
Derivative contracts, net of cash collateral3						880,343						2,110						878,233						—
Liabilities:
Derivative contracts, net of cash collateral3						554,900						16						554,884						—

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 77.55% 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. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.

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 March 31, 2023 for which the fair value was adjusted during the three months ended March 31, 2023:

																					Fair Value Adjustments for the
			Carrying Value at March 31, 2023																		Three Months Ended Mar. 31, 2023 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
Nonaccruing loans			$	—					$	—					$	14,040					$	1,991					$	—
Real estate and other repossessed assets			—						547						—						—						(101)

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 March 31, 2022 for which the fair value was adjusted during the three months ended March 31, 2022:

																					Fair Value Adjustments for the
			Carrying Value at March 31, 2022																		Three Months Ended Mar. 31, 2022 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
Nonaccruing loans			$	—					$	4,168					$	244					$	818					$	—
Real estate and other repossessed assets			—						1,412						400						—						106

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 March 31, 2023 follows (in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

14,040

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

88% - 88% (88%)1

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 March 31, 2022 follows (in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

244

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

3% - 25% (5%)1

Real estate and other repossessed assets

400

Discounted cash flows

Marketability adjustments off appraised value.2

75% - 75% (75%)

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 are measured at fair value on a non-recurring basis as of March 31, 2023 (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						$	792,371					$	792,371					$	792,371					$	—					$	—
Interest-bearing cash and cash equivalents						571,613						571,613						571,613						—						—
Trading securities:
U.S. government securities						5,618						5,618						4,878						740						—
Residential agency mortgage-backed securities						2,210,721						2,210,721						—						2,210,721						—
Municipal securities						37,455						37,455						—						37,455						—
Asset-backed securities						10,194						10,194						—						10,194						—
Other trading securities						30,370						30,370						—						30,370						—
Total trading securities						2,294,358						2,294,358						4,878						2,289,480						—
Investment securities:
Municipal securities						153,739						160,866						—						33,158						127,708
Residential agency mortgage-backed securities						2,264,922						2,118,538						—						2,118,538						—
Commercial agency mortgage-backed securities						15,684						14,861						—						14,861						—
Other debt securities						14,288						13,421						—						13,421						—
Total investment securities						2,448,633						2,307,686						—						2,179,978						127,708
Allowance for credit losses						(497)						—						—						—						—
Investment securities, net of allowance						2,448,136						2,307,686						—						2,179,978						127,708
Available for sale securities:
U.S. Treasury						914						914						914						—						—
Municipal securities						634,207						634,207						—						634,207						—
Residential agency mortgage-backed securities						6,022,708						6,022,708						—						6,022,708						—
Residential non-agency mortgage-backed securities						651,351						651,351						—						651,351						—
Commercial agency mortgage-backed securities						4,628,188						4,628,188						—						4,628,188						—
Other debt securities						473						473						—						—						473
Total available for sale securities						11,937,841						11,937,841						914						11,936,454						473
Fair value option securities:
U.S. Treasury						106,307						106,307						106,307						—						—
Residential agency mortgage-backed securities						220,083						220,083						—						220,083						—
Total fair value option securities						326,390						326,390						106,307						220,083						—
Residential mortgage loans held for sale						74,175						74,175						—						67,024						7,151
Loans:
Commercial						14,217,349						14,129,311						—						—						14,129,311
Commercial real estate						4,815,316						4,703,787						—						—						4,703,787
Loans to individuals						3,717,388						3,547,326						—						—						3,547,326
Total loans						22,750,053						22,380,424						—						—						22,380,424
Allowance for loan losses						(249,460)						—						—						—						—
Loans, net of allowance						22,500,593						22,380,424						—						—						22,380,424
Mortgage servicing rights						299,803						299,803						—						—						299,803
Derivative instruments with positive fair value, net of cash collateral						394,291						394,291						303						393,988						—
Deposits with no stated maturity						31,004,137						31,004,137						—						—						31,004,137
Time deposits						1,576,610						1,547,154						—						—						1,547,154
Other borrowed funds						6,335,609						6,333,599						—						—						6,333,599
Subordinated debentures						131,148						125,077						—						125,077						—
Derivative instruments with negative fair value, net of cash collateral						510,483						510,483						3,822						506,661						—

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 are measured at fair value on a non-recurring basis as of December 31, 2022 (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						$	943,810					$	943,810					$	943,810					$	—					$	—
Interest-bearing cash and cash equivalents						457,906						457,906						457,906						—						—
Trading securities:
U.S. government securities						9,823						9,823						4,970						4,853						—
Residential agency mortgage-backed securities						4,406,848						4,406,848						—						4,406,848						—
Municipal securities						21,484						21,484						—						21,484						—
Other trading securities						26,006						26,006						—						26,006						—
Total trading securities						4,464,161						4,464,161						4,970						4,459,191						—
Investment securities:
Municipal securities						170,629						176,621						—						38,106						138,515
Residential agency mortgage-backed securities						2,315,219						2,143,360						—						2,143,360						—
Commercial agency mortgage-backed securities						15,609						14,588						—						14,588						—
Other debt securities						12,788						12,199						—						12,199						—
Total investment securities						2,514,245						2,346,768						—						2,208,253						138,515
Allowance for credit losses						(558)						—						—						—						—
Investment securities, net of allowance						2,513,687						2,346,768						—						2,208,253						138,515
Available for sale securities:
U.S. Treasury						898						898						898						—						—
Municipal securities						624,500						624,500						—						624,500						—
Residential agency mortgage-backed securities						5,814,496						5,814,496						—						5,814,496						—
Residential non-agency mortgage-backed securities						577,576						577,576						—						577,576						—
Commercial agency mortgage-backed securities						4,475,917						4,475,917						—						4,475,917						—
Other debt securities						473						473						—						—						473
Total available for sale securities						11,493,860						11,493,860						898						11,492,489						473
Fair value option securities — Residential agency mortgage-backed securities						296,590						296,590						—						296,590						—
Residential mortgage loans held for sale						75,272						75,272						—						68,054						7,218
Loans:
Commercial						14,212,499						13,905,765						—						—						13,905,765
Commercial real estate						4,606,777						4,454,048						—						—						4,454,048
Loans to individuals						3,737,874						3,531,410						—						—						3,531,410
Total loans						22,557,150						21,891,223						—						—						21,891,223
Allowance for loan losses						(235,704)						—						—						—						—
Loans, net of allowance						22,321,446						21,891,223						—						—						21,891,223
Mortgage servicing rights						277,608						277,608						—						—						277,608
Derivative instruments with positive fair value, net of cash collateral						880,343						880,343						2,110						878,233						—
Deposits with no stated maturity						33,018,863						33,018,863						—						—						33,018,863
Time deposits						1,461,842						1,431,245						—						—						1,431,245
Other borrowed funds						7,007,285						7,005,305						—						—						7,005,305
Subordinated debentures						131,205						121,497						—						121,497						—
Derivative instruments with negative fair value, net of cash collateral						554,900						554,900						16						554,884						—

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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-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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-Publisher FASB
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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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