Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Assets And Liabilities Measured On A Recurring Basis [Table Text Block]

The fair value of financial assets and liabilities that are measured on a recurring basis is as follows as of December 31, 2024 (in thousands):


	Total		Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
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 rights, net2	338,145		—		—		338,145
Derivative contracts, net of cash margin3	242,809		656		242,153		—
Liabilities:
Derivative contracts, net of cash margin3	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 7, "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 that are measured on a recurring basis is as follows as of December 31, 2023 (in thousands):


	Total		Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
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 rights, net2	293,884		—		—		293,884
Derivative contracts, net of cash margin3	410,304		—		410,304		—
Liabilities:
Derivative contracts, net of cash margin3	587,473		2,607		584,866		—

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 recorded during the year. The carrying value represents only those assets at the balance sheet date for which the fair value was adjusted during the year:


	Carrying Value at December 31, 2024						Fair Value Adjustments for the Year Ended December 31, 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
Nonaccruing loans	$	—	$	683	$	5,100	$	6,788	$	—
Real estate and other repossessed assets	—		1,961		—		—		(183)


	Carrying Value at December 31, 2023						Fair Value Adjustments for the Year Ended December 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	$	—	$	—	$	23,225	$	3,159	$	—
Real estate and other repossessed assets	—		2,116		—		—		(1,108)

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 December 31, 2024 follows (dollars in thousands):

Quantitative Information about Level 3 Non-recurring Fair Value Measurements

Fair Value

Valuation Technique(s)

Significant Unobservable Input

Range
(Weighted Average)

Nonaccruing loans

5,100

Appraised value, as adjusted

Broker quotes and management's knowledge of industry and 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 December 31, 2023 follows (dollars in thousands):

Quantitative Information about Level 3 Non-recurring Fair Value Measurements

Fair Value

Valuation Technique(s)

Significant Unobservable Input

Range
(Weighted Average)

Nonaccruing loans

23,225

Discounted cash flows

Management knowledge of industry and non-real estate collateral.

13% - 90% (88%)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 (dollars in thousands):


	December 31, 2024
	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 margin	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 margin	237,582		237,582		3,391		234,191		—


	December 31, 2023
	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 securities	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 margin	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 margin	587,473		587,473		2,607		584,866		—