Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of information regarding financial assets and liabilities measured at fair value on a recurring basis

The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands).

	Level 1		Level 2		Level 3		Total
March 31, 2026	Inputs		Inputs		Inputs		Fair Value
Trading securities	$	8,870	$	689,236	$	—	$	698,106
Available for sale securities		—		1,406,657		63,013		1,469,670
Equity securities		238		—		—		238
Loans held for sale		—		694,044		41,660		735,704
Derivative assets		—		56,360		—		56,360
MSR asset		—		—		20,045		20,045
Equity investments		—		—		19,494		19,494
Securities sold, not yet purchased		51,183		12,163		—		63,346
Derivative liabilities		—		22,170		—		22,170

	Level 1		Level 2		Level 3			Total
December 31, 2025	Inputs		Inputs		Inputs			Fair Value
Trading securities	$	8,915	$	608,493	$	—	$	617,408
Available for sale securities		—		1,429,056		61,992		1,491,048
Equity securities		265		—		—		265
Loans held for sale		—		847,289		38,866		886,155
Derivative assets		—		45,403		—		45,403
MSR asset		—		—		17,491		17,491
Equity investments		—		—		18,774		18,774
Securities sold, not yet purchased		29,390		8,565		—		37,955
Derivative liabilities		—		14,005		—		14,005

Schedule of rollforward for financial instruments measured at fair value using Level 3 inputs

The following tables include a rollforward for those material financial instruments measured at fair value using Level 3 inputs (in thousands).

									Total Gains or Losses
									(Realized or Unrealized)
	Balance,						Transfers				Included in Other
	Beginning of		Purchases/		Sales/		to (from)		Included in		Comprehensive		Balance,
	Period		Additions		Reductions		Level 3		Net Income		Income (Loss)		End of Period
Three Months Ended March 31, 2026
Available for sale securities	$	61,992	$	—	$	—	$	—	$	1,698	$	(677)	$	63,013
Loans held for sale		38,866		8,501		(3,943)		—		(1,764)		—		41,660
MSR asset		17,491		2,546		—		—		8		—		20,045
Equity investments		18,774		—		—		—		720		—		19,494
Total	$	137,123	$	11,047	$	(3,943)	$	—	$	662	$	(677)	$	144,212
Three Months Ended March 31, 2025
Trading securities	$	3,330	$	637	$	(3,442)	$	—	$	141	$	—	$	666
Available for sale securities		29,816		—		—		—		738		—		30,554
Loans held for sale		48,657		4,406		(6,734)		—		(969)		—		45,360
MSR asset		5,723		1,766		—		—		(586)		—		6,903
Equity investments		22,015		—		(7,448)		—		6,693		—		21,260
Total	$	109,541	$	6,809	$	(17,624)	$	—	$	6,017	$	—	$	104,743

Schedule of significant unobservable inputs used in the fair value measurements

			March 31, 2026
Financial Instrument	Valuation Technique	Unobservable Inputs	Fair Value		Range (Weighted-Average)
Available for sale securities	Discounted cash flow	Discount rate	$	34,113	14.88	-	16.91	%
	Recent transaction	Recent transaction		28,900
Loans held for sale	Market comparable	Projected price		41,660	78	-	94	%	(	92	%)
MSR asset	Discounted cash flow	Constant prepayment rate		20,045				13.59		%
		Discount rate						11.49		%
Equity investments	Market comparable	Market multiple		3,741				14.25x
	Discounted cash flow	Discount rate						11.50		%
	Discounted cash flow	Discount rate		1,965				14.50		%
	Market calibration	Market adjustment						25.00		%
	Recent transaction	Recent transaction		13,788

			December 31, 2025
Financial Instrument	Valuation Technique	Unobservable Inputs	Fair Value		Range (Weighted-Average)
Available for sale securities	Discounted cash flow	Discount rate	$	33,092	13.25	-	15.50	%
	Recent transaction	Recent transaction		28,900
Loans held for sale	Market comparable	Projected price		38,866	78	-	94	%	(	90	%)
MSR asset	Discounted cash flow	Constant prepayment rate		17,491				14.68	%
		Discount rate						11.45	%
Equity investments	Market comparable	Market multiple		3,802				14.5x
	Discounted cash flow	Discount rate						12.50	%
	Discounted cash flow	Discount rate		1,372				14.50	%
	Recent transaction	Recent transaction		13,600

Schedule of changes in fair value for instruments reported at fair value under the Fair Value Option

The following table presents those changes in fair value of material instruments recognized in the consolidated statements of operations that are accounted for under the Fair Value Option (in thousands).

	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Net		Other		Total		Net		Other		Total
	Gains		Noninterest		Changes in		Gains		Noninterest		Changes in
	(Losses) (1)		Income		Fair Value		(Losses) (1)		Income		Fair Value
Available for sale securities	$	—	$	18	$	18	$	—	$	—	$	—
Loans held for sale		(9,817)		—		(9,817)		7,142		—		7,142
MSR asset		8		—		8		(586)		—		(586)
Equity investments		—		720		720		—		245		245

(1) Net gains (losses) related to changes in fair value of material instruments that are accounted for under the Fair Value Option are reported in the following line items of the consolidated statement of operations: Loans held for sale - Net gains from sale of loans and other production income, Loans held for investment - Loans, including fees and MSR asset – Net gains from sale of loans and other mortgage production income.

Schedule of carrying values and estimated fair values of financial instruments

The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands).

			Estimated Fair Value
	Carrying		Level 1		Level 2		Level 3
March 31, 2026	Amount		Inputs		Inputs		Inputs		Total
Financial assets:
Cash and cash equivalents	$	874,844	$	874,844	$	—	$	—	$	874,844
Assets segregated for regulatory purposes		17,673		17,673		—		—		17,673
Securities purchased under agreements to resell		133,088		—		133,088		—		133,088
Held to maturity securities		759,628		—		702,496		—		702,496
Loans held for sale		72,041		—		23,823		48,218		72,041
Loans held for investment, net		8,344,676		—		361,012		8,848,653		9,209,665
Broker-dealer and clearing organization receivables		1,625,156		—		1,625,156		—		1,625,156
Other assets		71,137		—		71,137		—		71,137
Financial liabilities:
Deposits		10,531,549		—		10,526,130		—		10,526,130
Broker-dealer and clearing organization payables		1,481,998		—		1,481,998		—		1,481,998
Short-term borrowings		990,807		—		990,807		—		990,807
Notes payable		148,645		—		147,075		—		147,075
Other liabilities		8,927		—		8,927		—		8,927

			Estimated Fair Value
	Carrying		Level 1		Level 2		Level 3
December 31, 2025	Amount		Inputs		Inputs		Inputs		Total
Financial assets:
Cash and cash equivalents	$	1,232,594	$	1,232,594	$	—	$	—	$	1,232,594
Assets segregated for regulatory purposes		20,211		20,211		—		—		20,211
Securities purchased under agreements to resell		55,977		—		55,977		—		55,977
Held to maturity securities		728,329		—		674,890		—		674,890
Loans held for sale		63,987		—		19,251		46,298		65,549
Loans held for investment, net		8,220,415		—		344,533		8,048,167		8,392,700
Broker-dealer and clearing organization receivables		1,588,882		—		1,588,882		—		1,588,882
Other assets		70,079		—		70,079		—		70,079
Financial liabilities:
Deposits		10,878,080		—		10,871,788		—		10,871,788
Broker-dealer and clearing organization payables		1,518,503		—		1,518,503		—		1,518,503
Short-term borrowings		676,882		—		676,882		—		676,882
Notes payable		148,587		—		144,323		—		144,323
Other liabilities		7,489		—		7,489		—		7,489

Schedule of adjustments to the carrying value of these investments

The following table presents the adjustments to the carrying value of these investments during the periods presented (in thousands).

	Three Months Ended March 31,
	2026		2025
Balance, beginning of period	$	1,563	$	1,979
Impairments and downward adjustments		(175)		(21)
Balance, end of period	$	1,388	$	1,958