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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 (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						$	332,466					$	308,370					$	24,096					$	—
Residential agency mortgage-backed securities						4,672,427						—						4,672,427						—
Municipal securities						76,004						—						76,004						—
Other trading securities						58,828						—						58,828						—
Total trading securities						5,139,725						308,370						4,831,355						—
Available-for-sale securities:
U.S. Treasury						951						951						—						—
Municipal securities						228,171						—						228,171						—
Residential agency mortgage-backed securities						8,577,928						—						8,577,928						—
Residential non-agency mortgage-backed securities						838,783						—						838,783						—
Commercial agency mortgage-backed securities						3,369,680						—						3,369,680						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,015,986						951						13,014,562						473
Fair value option securities — Residential agency mortgage-backed securities						19,172						—						19,172						—
Residential mortgage loans held for sale1						95,494						—						88,161						7,333
Mortgage servicing rights2						315,920						—						—						315,920
Derivative contracts, net of cash collateral3						334,382						1,426						332,956						—
Liabilities:
Derivative contracts, net of cash collateral3						$	402,559					$	—					$	402,559					$	—

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 82.54% 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, 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						$	10,959					$	9,017					$	1,942					$	—
Residential agency mortgage-backed securities						5,105,137						—						5,105,137						—
Municipal securities						37,413						—						37,413						—
Other trading securities						39,996						—						39,996						—
Total trading securities						5,193,505						9,017						5,184,488						—
Available-for-sale securities:
U.S. Treasury						925						925						—						—
Municipal securities						502,833						—						502,833						—
Residential agency mortgage-backed securities						6,834,720						—						6,834,720						—
Residential non-agency mortgage-backed securities						799,877						—						799,877						—
Commercial agency mortgage-backed securities						4,147,853						—						4,147,853						—
Other debt securities						473						—						—						473
Total available-for-sale securities						12,286,681						925						12,285,283						473
Fair value option securities — Residential agency mortgage-backed securities						20,671						—						20,671						—
Residential mortgage loans held for sale1						56,935						—						49,749						7,186
Mortgage servicing rights2						293,884						—						—						293,884
Derivative contracts, net of cash collateral3						410,304						—						410,304						—
Liabilities:
Derivative contracts, net of cash collateral3						$	587,473					$	2,607					$	584,866					$	—

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 77.74% 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 September 30, 2024, for which the fair value was adjusted during the nine months ended September 30, 2024 (in thousands):

																					Fair Value Adjustments for the
			Carrying Value at September 30, 2024																		Three Months Ended September 30, 2024 Recognized in:												Nine Months Ended Sep. 30, 2024 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			$	—					$	62					$	5,100					$	400					$	—					$	6,743					$	—
Real estate and other repossessed assets			—						23						—						—						(5)						—						(5)

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 September 30, 2023, for which the fair value was adjusted during the nine months ended September 30, 2023 (in thousands):

																					Fair Value Adjustments for the
			Carrying Value at September 30, 2023																		Three Months Ended Sep. 30, 2023 Recognized in:												Nine Months Ended Sep. 30, 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						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	—					$	796					$	2,135					$	—					$	4,932					$	—

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 September 30, 2024, follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

5,100

Discounted cash flows

Management knowledge of industry and non-real estate collateral

36% - 36% (36%)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 September 30, 2023, follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

796

Discounted cash flows

Management knowledge of industry and non-real estate collateral

12% - 14% (14%)1

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

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 September 30, 2024 (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						$	928,997					$	928,997					$	928,997					$	—					$	—
Interest-bearing cash and cash equivalents						547,043						547,043						547,043						—						—
Trading securities:
U.S. government securities						332,466						332,466						308,370						24,096						—
Residential agency mortgage-backed securities						4,672,427						4,672,427						—						4,672,427						—
Municipal securities						76,004						76,004						—						76,004						—
Other trading securities						58,828						58,828						—						58,828						—
Total trading securities						5,139,725						5,139,725						308,370						4,831,355						—
Investment securities:
Municipal securities						104,775						108,213						—						11,837						96,376
Residential agency mortgage-backed securities						1,933,393						1,799,308						—						1,799,308						—
Commercial agency mortgage-backed securities						16,143						15,603						—						15,603						—
Other debt securities						15,788						14,783						—						14,783						—
Total investment securities						2,070,099						1,937,907						—						1,841,531						96,376
Allowance for credit losses						(234)						—						—						—						—
Investment securities, net of allowance						2,069,865						1,937,907						—						1,841,531						96,376
Available-for-sale securities:
U.S. Treasury						951						951						951						—						—
Municipal securities						228,171						228,171						—						228,171						—
Residential agency mortgage-backed securities						8,577,928						8,577,928						—						8,577,928						—
Residential non-agency mortgage-backed securities						838,783						838,783						—						838,783						—
Commercial agency mortgage-backed securities						3,369,680						3,369,680						—						3,369,680						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						13,015,986						13,015,986						951						13,014,562						473
Fair value option securities — Residential agency mortgage-backed securities						19,172						19,172						—						19,172						—
Residential mortgage loans held for sale						95,494						95,494						—						88,161						7,333
Loans:
Commercial						14,877,922						14,989,899						—						—						14,989,899
Commercial real estate						5,188,655						5,157,125						—						—						5,157,125
Loans to individuals						3,918,484						3,831,981						—						—						3,831,981
Total loans						23,985,061						23,979,005						—						—						23,979,005
Allowance for loan losses						(284,456)						—						—						—						—
Loans, net of allowance						23,700,605						23,979,005						—						—						23,979,005
Mortgage servicing rights						315,920						315,920						—						—						315,920
Derivative instruments with positive fair value, net of cash collateral						334,382						334,382						1,426						332,956						—
Deposits with no stated maturity						33,389,162						33,389,162						—						—						33,389,162
Time deposits						3,837,956						3,828,500						—						—						3,828,500
Other borrowed funds						5,473,783						5,473,783						—						—						5,473,783
Subordinated debentures						131,188						117,682						—						117,682						—
Derivative instruments with negative fair value, net of cash collateral						402,559						402,559						—						402,559						—

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, 2023 (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						$	947,613					$	947,613					$	947,613					$	—					$	—
Interest-bearing cash and cash equivalents						400,652						400,652						400,652						—						—
Trading securities:
U.S. government securities						10,959						10,959						9,017						1,942						—
Residential agency mortgage-backed securities						5,105,137						5,105,137						—						5,105,137						—
Municipal securities						37,413						37,413						—						37,413						—
Other trading securities						39,996						39,996						—						39,996						—
Total trading securities						5,193,505						5,193,505						9,017						5,184,488						—
Investment securities:
Municipal securities						120,705						125,525						—						12,305						113,220
Residential agency mortgage-backed securities						2,092,083						1,917,810						—						1,917,810						—
Commercial agency mortgage-backed securities						15,914						15,067						—						15,067						—
Other debt securities						15,787						14,184						—						14,184						—
Total investment securities						2,244,489						2,072,586						—						1,959,366						113,220
Allowance for credit losses						(336)						—						—						—						—
Investment securities, net of allowance						2,244,153						2,072,586						—						1,959,366						113,220
Available-for-sale securities:
U.S. Treasury						925						925						925						—						—
Municipal securities						502,833						502,833						—						502,833						—
Residential agency mortgage-backed securities						6,834,720						6,834,720						—						6,834,720						—
Residential non-agency mortgage-backed securities						799,877						799,877						—						799,877						—
Commercial agency mortgage-backed securities						4,147,853						4,147,853						—						4,147,853						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						12,286,681						12,286,681						925						12,285,283						473
Fair value option securities — Residential agency mortgage-backed securities						20,671						20,671						—						20,671						—
Residential mortgage loans held for sale						56,935						56,935						—						49,749						7,186
Loans:
Commercial						14,803,769						14,862,873						—						—						14,862,873
Commercial real estate						5,337,647						5,270,657						—						—						5,270,657
Loans to individuals						3,763,552						3,634,855						—						—						3,634,855
Total loans						23,904,968						23,768,385						—						—						23,768,385
Allowance for loan losses						(277,123)						—						—						—						—
Loans, net of allowance						23,627,845						23,768,385						—						—						23,768,385
Mortgage servicing rights						293,884						293,884						—						—						293,884
Derivative instruments with positive fair value, net of cash collateral						410,304						410,304						—						410,304						—
Deposits with no stated maturity						31,007,679						31,007,679						—						—						31,007,679
Time deposits						3,012,022						2,993,685						—						—						2,993,685
Other borrowed funds						8,824,300						8,824,299						—						—						8,824,299
Subordinated debentures						131,150						115,798						—						115,798						—
Derivative instruments with negative fair value, net of cash collateral						587,473						587,473						2,607						584,866						—

X

- Definition

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

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No definition available.

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- Definition

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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