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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 (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						$	4,821					$	—					$	4,821					$	—
Residential agency mortgage-backed securities						4,133,011						—						4,133,011						—
Municipal securities						74,613						—						74,613						—
Other trading securities						43,287						—						43,287						—
Total trading securities						4,255,732						—						4,255,732						—
Available-for-sale securities:
U.S. Treasury						972						972						—						—
Municipal securities						188,921						—						188,921						—
Residential agency mortgage-backed securities						9,406,920						—						9,406,920						—
Residential non-agency mortgage-backed securities						739,972						—						739,972						—
Commercial agency mortgage-backed securities						3,143,772						—						3,143,772						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,481,030						972						13,479,585						473
Fair value option securities — Residential agency mortgage-backed securities						104,688						—						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):

						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						$	21,275					$	1,494					$	19,781					$	—
Residential agency mortgage-backed securities						4,792,695						—						4,792,695						—
Municipal securities						62,230						—						62,230						—
Other trading securities						22,890						—						22,890						—
Total trading securities						4,899,090						1,494						4,897,596						—
Available-for-sale securities:
U.S. Treasury						945						945						—						—
Municipal securities						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						—						3,204,016						—
Other debt securities						473						—						—						473
Total available-for-sale securities						12,851,600						945						12,850,182						473
Fair value option securities — Residential agency mortgage-backed securities						17,876						—						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.

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, 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 losses						Other gains (losses), net						Gross charge-offs against allowance for loan losses						Other 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 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)

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, 2025 follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

5,811

Discounted cash flows

Management knowledge of industry and non-real estate collateral

33% - 68% (68%)1

Real estate and other repossessed assets

1,582

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 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.

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, 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 equivalents						545,322						545,322						545,322						—						—
Trading securities:
U.S. government securities						4,821						4,821						—						4,821						—
Residential agency mortgage-backed securities						4,133,011						4,133,011						—						4,133,011						—
Municipal securities						74,613						74,613						—						74,613						—
Other trading securities						43,287						43,287						—						43,287						—
Total trading securities						4,255,732						4,255,732						—						4,255,732						—
Investment securities:
Municipal securities						88,525						90,285						—						11,288						78,997
Residential agency mortgage-backed securities						1,717,351						1,581,160						—						1,581,160						—
Commercial agency mortgage-backed securities						16,441						16,023						—						16,023						—
Other debt securities						15,538						14,757						—						14,757						—
Total investment securities						1,837,855						1,702,225						—						1,623,228						78,997
Allowance for credit losses						(208)						—						—						—						—
Investment securities, net of allowance						1,837,647						1,702,225						—						1,623,228						78,997
Available-for-sale securities:
U.S. Treasury						972						972						972						—						—
Municipal securities						188,921						188,921						—						188,921						—
Residential agency mortgage-backed securities						9,406,920						9,406,920						—						9,406,920						—
Residential non-agency mortgage-backed securities						739,972						739,972						—						739,972						—
Commercial agency mortgage-backed securities						3,143,772						3,143,772						—						3,143,772						—
Other debt securities						473						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 securities						104,688						104,688						—						104,688						—
Residential mortgage loans held for sale						100,060						100,060						—						93,801						6,259
Loans:
Commercial						14,512,940						14,533,675						—						—						14,533,675
Commercial real estate						5,752,607						5,676,057						—						—						5,676,057
Loans to individuals						4,599,647						4,483,505						—						—						4,483,505
Total loans						24,865,194						24,693,237						—						—						24,693,237
Allowance for loan losses						(277,692)						—						—						—						—
Loans, net of allowance						24,587,502						24,693,237						—						—						24,693,237
Mortgage servicing rights						326,399						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 maturity						34,737,140						34,737,140						—						—						34,737,140
Time deposits						3,762,878						3,750,005						—						—						3,750,005
Other borrowed funds						4,210,457						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 equivalents						390,732						390,732						390,732						—						—
Trading securities:
U.S. government securities						21,275						21,275						1,494						19,781						—
Residential agency mortgage-backed securities						4,792,695						4,792,695						—						4,792,695						—
Municipal securities						62,230						62,230						—						62,230						—
Other trading securities						22,890						22,890						—						22,890						—
Total trading securities						4,899,090						4,899,090						1,494						4,897,596						—
Investment securities:
Municipal securities						104,467						106,489						—						11,674						94,815
Residential agency mortgage-backed securities						1,880,473						1,680,800						—						1,680,800						—
Commercial agency mortgage-backed securities						16,220						15,357						—						15,357						—
Other debt securities						16,288						15,283						—						15,283						—
Total investment securities						2,017,448						1,817,929						—						1,723,114						94,815
Allowance for credit losses						(223)						—						—						—						—
Investment securities, net of allowance						2,017,225						1,817,929						—						1,723,114						94,815
Available-for-sale securities:
U.S. Treasury						945						945						945						—						—
Municipal securities						225,568						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						3,204,016						—						3,204,016						—
Other debt securities						473						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 securities						17,876						17,876						—						17,876						—
Residential mortgage loans held for sale						77,561						77,561						—						70,564						6,997
Loans:
Commercial						15,030,136						14,903,851						—						—						14,903,851
Commercial real estate						5,058,452						4,933,396						—						—						4,933,396
Loans to individuals						4,026,136						3,872,299						—						—						3,872,299
Total loans						24,114,724						23,709,546						—						—						23,709,546
Allowance for loan losses						(280,035)						—						—						—						—
Loans, net of allowance						23,834,689						23,709,546						—						—						23,709,546
Mortgage servicing rights						338,145						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 maturity						34,655,820						34,655,820						—						—						34,655,820
Time deposits						3,535,410						3,522,242						—						—						3,522,242
Other borrowed funds						4,322,979						4,323,174						—						—						4,323,174
Subordinated debentures						131,200						121,057						—						121,057						—
Derivative instruments with negative fair value, net of cash collateral						237,582						237,582						3,391						234,191						—

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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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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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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

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-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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