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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements [Text Block] Fair Value Measurements
Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Company's financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.

For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows:

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.

Significant Other Observable Inputs (Level 2) - Fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and is based on one or more of the following:

•Quoted prices for similar, but not identical, assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates;
•Other inputs derived from or corroborated by observable market inputs.

Significant Unobservable Inputs (Level 3) - Fair value is based upon model-based valuation techniques for which at least one significant assumption is not observable in the market.

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and nine months ended September 30, 2025, and 2024, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 30, 2025, and 2024 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments, and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at September 30, 2025, or December 31, 2024.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of September 30, 2025 (in thousands):
 TotalQuoted 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$4,821 $— $4,821 $— 
Residential agency mortgage-backed securities4,133,011 — 4,133,011 — 
Municipal securities74,613 — 74,613 — 
Other trading securities43,287 — 43,287 — 
Total trading securities4,255,732 — 4,255,732 — 
Available-for-sale securities:
    
U.S. Treasury972 972 — — 
Municipal securities188,921 — 188,921 — 
Residential agency mortgage-backed securities9,406,920 — 9,406,920 — 
Residential non-agency mortgage-backed securities739,972 — 739,972 — 
Commercial agency mortgage-backed securities
3,143,772 — 3,143,772 — 
Other debt securities473 — — 473 
Total available-for-sale securities
13,481,030 972 13,479,585 473 
Fair value option securities — Residential agency mortgage-backed securities104,688 — 104,688 — 
Residential mortgage loans held for sale1
100,060 — 93,801 6,259 
Mortgage servicing rights2
326,399 — — 326,399 
Derivative contracts, net of cash collateral3
299,215 167 299,048 — 
Liabilities: 
Derivative contracts, net of cash collateral3
$306,796 $4,970 $301,826 $— 
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 81.74% 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 and internal risk management purposes.
The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2024 (in thousands):
 TotalQuoted 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$21,275 $1,494 $19,781 $— 
Residential agency mortgage-backed securities4,792,695 — 4,792,695 — 
Municipal securities62,230 — 62,230 — 
Other trading securities22,890 — 22,890 — 
Total trading securities4,899,090 1,494 4,897,596 — 
Available-for-sale securities:
    
U.S. Treasury945 945 — — 
Municipal securities225,568 — 225,568 — 
Residential agency mortgage-backed securities8,639,389 — 8,639,389 — 
Residential non-agency mortgage-backed securities781,209 — 781,209 — 
Commercial agency mortgage-backed securities
3,204,016 — 3,204,016 — 
Other debt securities473 — — 473 
Total available-for-sale securities
12,851,600 945 12,850,182 473 
Fair value option securities — Residential agency mortgage-backed securities17,876 — 17,876 — 
Residential mortgage loans held for sale1
77,561 — 70,564 6,997 
Mortgage servicing rights2
338,145 — — 338,145 
Derivative contracts, net of cash collateral3
242,809 656 242,153 — 
Liabilities:
Derivative contracts, net of cash collateral3
$237,582 $3,391 $234,191 $— 
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 81.11% 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 and internal risk management purposes.
Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:
Securities

The fair values of trading, AFS, and fair value option securities are based on quoted prices for identical instruments in active markets, when available. If quoted prices for identical instruments are not available, fair values are based on significant other observable inputs such as quoted prices of comparable instruments or interest rates and credit spreads, yield curves, volatilities, prepayment speeds, and loss severities. The Company has elected to carry all residential mortgage-backed securities guaranteed by U.S. government agencies held as economic hedges against changes in the fair value of mortgage servicing rights at fair value with changes in the fair value recognized in earnings.

The fair value of certain AFS municipal and other debt securities may be based on significant unobservable inputs. These significant unobservable inputs include limited observed trades, projected cash flows, current credit rating of the issuers and, when applicable, the insurers of the debt and observed trades of similar debt. Discount rates are primarily based on references to interest rate spreads on comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar securities. A summary of significant inputs used to value these securities follows. A management committee composed of senior members from the Company's Corporate Treasury, Risk Management and Finance departments assesses the appropriateness of these inputs quarterly.

Derivatives

All derivative instruments are carried on the balance sheet at fair value. Fair values for exchange-traded contracts are based on quoted prices. Fair values for over-the-counter interest rate, commodity, and foreign exchange contracts are based on valuations provided either by third-party dealers in the contracts, quotes provided by independent pricing services, or a third-party provided pricing model that uses significant other observable market inputs.

Credit risk is considered in determining the fair value of derivative instruments. Management determines fair value adjustments based on various risk factors including, but not limited to, current fair value, probability of default, and loss given default.

We also consider our own credit risk in determining the fair value of derivative contracts. Changes in our credit rating would affect the fair value of our derivative liabilities. In the event of a credit downgrade, the fair value of our derivative liabilities would increase.

Residential Mortgage Loans Held for Sale

Residential mortgage loans held for sale are carried on the balance sheet at fair value. The Company has elected to carry all residential mortgage loans originated for sale at fair value. Changes in the fair value of these financial instruments are recognized in earnings. The fair values of residential mortgage loans held for sale are based upon quoted market prices of such loans sold in securitization transactions, including related unfunded loan commitments and forward sales contracts. The fair value of mortgage loans that were unable to be sold to U.S. government agencies were determined using quoted prices of loans that are sold in securitization transactions with a liquidity discount applied.
Fair Value of Assets and Liabilities Measured on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis include collateral for certain nonaccruing loans and real property and other assets acquired to satisfy loans, which are based primarily on comparisons to completed sales of similar assets.

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, 2025, for which the fair value was adjusted during the nine months ended September 30, 2025 (in thousands):
Fair Value Adjustments for the
 Carrying Value at September 30, 2025
Three Months Ended
Sep. 30, 2025
Recognized in:
Nine Months Ended
Sep. 30, 2025
Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $— $5,811 $2,762 $— $2,762 $— 
Real estate and other repossessed assets
$— $— $1,582 $— $— $— $(356)

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
Sep. 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 lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $62 $5,100 $400 $— $6,743 $— 
Real estate and other repossessed assets
— 23 — — (5)— (5)

The fair value of collateral-dependent nonaccruing loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent nonaccruing loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions, or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas, and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods, and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.
A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of September 30, 2025 follows (dollars in thousands):
Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$5,811 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
33% - 68% (68%)1
Real estate and other repossessed assets1,582 Discounted cash flows
Marketability adjustments off appraised value2
98% - 98% (98%)
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.

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 ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$5,100 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
36% - 36% (36%)1
1    Represents fair value as a percentage of the unpaid principal balance.
Fair Value of Financial Instruments

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, 2025 (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$880,721 $880,721 $880,721 $— $— 
Interest-bearing cash and cash equivalents545,322 545,322 545,322 — — 
Trading securities:
U.S. government securities4,821 4,821 — 4,821 — 
Residential agency mortgage-backed securities4,133,011 4,133,011 — 4,133,011 — 
Municipal securities74,613 74,613 — 74,613 — 
Other trading securities43,287 43,287 — 43,287 — 
Total trading securities4,255,732 4,255,732 — 4,255,732 — 
Investment securities:  
Municipal securities88,525 90,285 — 11,288 78,997 
Residential agency mortgage-backed securities1,717,351 1,581,160 — 1,581,160 — 
Commercial agency mortgage-backed securities16,441 16,023 — 16,023 — 
Other debt securities15,538 14,757 — 14,757 — 
Total investment securities1,837,855 1,702,225 — 1,623,228 78,997 
Allowance for credit losses(208)— — — — 
Investment securities, net of allowance1,837,647 1,702,225 — 1,623,228 78,997 
Available-for-sale securities:
  
U.S. Treasury972 972 972 — — 
Municipal securities188,921 188,921 — 188,921 — 
Residential agency mortgage-backed securities9,406,920 9,406,920 — 9,406,920 — 
Residential non-agency mortgage-backed securities739,972 739,972 — 739,972 — 
Commercial agency mortgage-backed securities
3,143,772 3,143,772 — 3,143,772 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
13,481,030 13,481,030 972 13,479,585 473 
Fair value option securities — Residential agency mortgage-backed securities104,688 104,688 — 104,688 — 
Residential mortgage loans held for sale100,060 100,060 — 93,801 6,259 
Loans:  
Commercial14,512,940 14,533,675 — — 14,533,675 
Commercial real estate5,752,607 5,676,057 — — 5,676,057 
Loans to individuals4,599,647 4,483,505 — — 4,483,505 
Total loans24,865,194 24,693,237 — — 24,693,237 
Allowance for loan losses(277,692)— — — — 
Loans, net of allowance24,587,502 24,693,237 — — 24,693,237 
Mortgage servicing rights326,399 326,399 — — 326,399 
Derivative instruments with positive fair value, net of cash collateral
299,215 299,215 167 299,048 — 
Deposits with no stated maturity34,737,140 34,737,140 — — 34,737,140 
Time deposits3,762,878 3,750,005 — — 3,750,005 
Other borrowed funds4,210,457 4,210,486 — — 4,210,486 
Subordinated debentures— — — — — 
Derivative instruments with negative fair value, net of cash collateral
306,796 306,796 4,970 301,826 — 
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, 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$1,043,969 $1,043,969 $1,043,969 $— $— 
Interest-bearing cash and cash equivalents390,732 390,732 390,732 — — 
Trading securities:
U.S. government securities21,275 21,275 1,494 19,781 — 
Residential agency mortgage-backed securities4,792,695 4,792,695 — 4,792,695 — 
Municipal securities62,230 62,230 — 62,230 — 
Other trading securities22,890 22,890 — 22,890 — 
Total trading securities4,899,090 4,899,090 1,494 4,897,596 — 
Investment securities:  
Municipal securities104,467 106,489 — 11,674 94,815 
Residential agency mortgage-backed securities1,880,473 1,680,800 — 1,680,800 — 
Commercial agency mortgage-backed securities16,220 15,357 — 15,357 — 
Other debt securities16,288 15,283 — 15,283 — 
Total investment securities2,017,448 1,817,929 — 1,723,114 94,815 
Allowance for credit losses(223)— — — — 
Investment securities, net of allowance2,017,225 1,817,929 — 1,723,114 94,815 
Available-for-sale securities:
  
U.S. Treasury945 945 945 — — 
Municipal securities225,568 225,568 — 225,568 — 
Residential agency mortgage-backed securities8,639,389 8,639,389 — 8,639,389 — 
Residential non-agency mortgage-backed securities781,209 781,209 — 781,209 — 
Commercial agency mortgage-backed securities
3,204,016 3,204,016 — 3,204,016 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
12,851,600 12,851,600 945 12,850,182 473 
Fair value option securities — Residential agency mortgage-backed securities17,876 17,876 — 17,876 — 
Residential mortgage loans held for sale77,561 77,561 — 70,564 6,997 
Loans:  
Commercial15,030,136 14,903,851 — — 14,903,851 
Commercial real estate5,058,452 4,933,396 — — 4,933,396 
Loans to individuals4,026,136 3,872,299 — — 3,872,299 
Total loans24,114,724 23,709,546 — — 23,709,546 
Allowance for loan losses(280,035)— — — — 
Loans, net of allowance23,834,689 23,709,546 — — 23,709,546 
Mortgage servicing rights338,145 338,145 — — 338,145 
Derivative instruments with positive fair value, net of cash collateral
242,809 242,809 656 242,153 — 
Deposits with no stated maturity34,655,820 34,655,820 — — 34,655,820 
Time deposits3,535,410 3,522,242 — — 3,522,242 
Other borrowed funds4,322,979 4,323,174 — — 4,323,174 
Subordinated debentures131,200 121,057 — 121,057 — 
Derivative instruments with negative fair value, net of cash collateral
237,582 237,582 3,391 234,191 — 

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.