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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
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 June 30, 2020 (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 agency debentures$4,237  $—  $4,237  $—  
Residential agency mortgage-backed securities1,146,454  —  1,146,454  —  
Municipal and other tax-exempt securities22,710  —  22,710  —  
Asset-backed securities —   —  
Other trading securities22,699  —  22,699  —  
Total trading securities1,196,105  —  1,196,105  —  
Available for sale securities:    
U.S. Treasury912  912  —  —  
Municipal and other tax-exempt securities31,240  —  31,240  —  
Residential agency mortgage-backed securities9,147,238  —  9,147,238  —  
Residential non-agency mortgage-backed securities35,250  —  35,250  —  
Commercial agency mortgage-backed securities
3,260,807  —  3,260,807  —  
Other debt securities472  —  —  472  
Total available for sale securities12,475,919  912  12,474,535  472  
Fair value option securities:
U.S. Treasury92,742  92,742  —  —  
Residential agency mortgage-backed securities629,915  —  629,915  —  
Total fair value option securities722,657  92,742  629,915  —  
Residential mortgage loans held for sale319,357  —  309,672  9,685  
Mortgage servicing rights1
97,971  —  —  97,971  
Derivative contracts, net of cash collateral2
651,553  66,207  585,346  —  
Liabilities: 
Derivative contracts, net of cash collateral2
610,020  —  610,020  —  
1A 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.
2See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded energy and interest rate derivative contacts, net of cash margin. Derivative contacts in liability positions that were valued using quoted prices in active markets for identical instruments are exchange-traded interest rate and agricultural derivative contracts, fully offset by cash margin.
The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2019 (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 agency debentures$44,264  $—  $44,264  $—  
Residential agency mortgage-backed securities1,504,651  —  1,504,651  —  
Municipal and other tax-exempt securities26,196  —  26,196  —  
Asset-backed securities14,084  —  14,084  —  
Other trading securities34,726  —  34,726  —  
Total trading securities1,623,921  —  1,623,921  —  
Available for sale securities:    
U.S. Treasury1,600  1,600  —  —  
Municipal and other tax-exempt securities1,861  —  1,861  —  
Residential agency mortgage-backed securities8,046,096  —  8,046,096  —  
Residential non-agency mortgage-backed securities41,609  —  41,609  —  
Commercial agency mortgage-backed securities
3,178,005  —  3,178,005  —  
Other debt securities472  —  —  472  
Total available for sale securities11,269,643  1,600  11,267,571  472  
Fair value option securities:
U.S. Treasury9,917  9,917  —  —  
Residential agency mortgage-backed securities1,088,660  —  1,088,660  —  
Total fair value option securities1,098,577  9,917  1,088,660  —  
Residential mortgage loans held for sale182,271  —  173,958  8,313  
Mortgage servicing rights1
201,886  —  —  201,886  
Derivative contracts, net of cash collateral2
323,375  8,944  314,431  —  
Liabilities:
Derivative contracts, net of cash collateral2
251,128  —  251,128  —  
1A 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.
2See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and energy derivative contacts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and agricultural contracts, fully offset by cash margin.
Fair Value Assets Measured On Recurring Basis, Significant Unobservable Inputs [Table Text Block]
The following represents the changes for the three and six months ended June 30, 2020 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
 Available for sale - Other debt securitiesResidential mortgage loans held for sale
Balance, Mar. 31, 2020$472  $9,574  
Transfer to Level 3 from Level 21
—  1,328  
Purchases—  —  
Proceeds from sales—  (648) 
Redemptions and distributions—  —  
Gain (loss) recognized in earnings:
Mortgage banking revenue—  (569) 
Other comprehensive income (loss):
Net change in unrealized gain (loss)—  —  
Balance, June 30, 2020$472  $9,685  
1  Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.
 Available for sale - Other debt securitiesResidential mortgage loans held for sale
Balance, December 31, 2019$472  $8,313  
Transfer to Level 3 from Level 21
—  3,592  
Purchases—  —  
Proceeds from sales—  (1,588) 
Redemptions and distributions—  —  
Gain (loss) recognized in earnings:
Mortgage banking revenue—  (632) 
Other comprehensive income (loss):
Net change in unrealized gain (loss)—  —  
Balance, June 30, 2020$472  $9,685  
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.

The following represents the changes for the three and six months ended June 30, 2019 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
 Available for sale - Other debt securitiesResidential mortgage loans held for sale
Balance, Mar. 31, 2019$472  $15,776  
Transfer to Level 3 from Level 21
—  907  
Purchases—  —  
Proceeds from sales—  (998) 
Redemptions and distributions—  —  
Gain (loss) recognized in earnings:
Mortgage banking revenue—  388  
Other comprehensive income (loss):
Net change in unrealized gain (loss)—  —  
Balance, June 30, 2019$472  $16,073  
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.
 Available for sale - Other debt securitiesResidential mortgage loans held for sale
Balance, Dec. 31, 2018$472  $15,207  
Transfer to Level 3 from Level 21
—  1,889  
Purchases—  —  
Proceeds from sales—  (1,379) 
Redemptions and distributions—  —  
Gain (loss) recognized in earnings
Mortgage banking revenue—  356  
Other comprehensive income (loss):
Net change in unrealized gain (loss)—  —  
Balance, June 30, 2019$472  $16,073  
Fair Value Inputs, Fair Value Measured On a Recurring Basis, Quantitative Information [Table Text Block]
A summary of quantitative information about assets measured at fair value on a recurring basis using Significant Unobservable Inputs (Level 3) as of June 30, 2020 follows (in thousands):
Fair
Value
Valuation Technique(s)Unobservable InputRange
(Weighted Average)
Available for sale securities – Other debt securities
$472  Discounted cash flows
1
Interest rate spread5.23%-5.23% (5.23%)
3
94.30%-94.30% (94.30%)
2
Residential mortgage loans held for sale
9,685  Quoted prices of loans sold in securitization transactions, with a liquidity discount appliedLiquidity discount applied to the market value of mortgage loans qualifying for sale to U.S. government agencies.90.24%
1Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
2Represents fair value as a percentage of par value.
3Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding approximately 1 percent.

A summary of quantitative information about assets measured at fair value on a recurring basis using Significant Unobservable Inputs (Level 3) as of December 31, 2019 follows (in thousands):
Fair
Value
Valuation Technique(s)Unobservable InputRange
(Weighted Average)
Available for sale securities – Other debt securities
$472  Discounted cash flows
1
Interest rate spread7.08%-7.08% (7.08%)
3
94.40%-94.40% (94.40%)
2
Residential mortgage loans held for sale
8,313  Quoted prices of loans sold in securitization transactions, with a liquidity discount appliedLiquidity discount applied to the market value of mortgage loans qualifying for sale to U.S. government agencies.95.23%
1Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume
2Represents fair value as a percentage of par value.
3Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 3 percent.
Fair Value Assets Measured on Nonrecurring Basis [Table Text Block]
The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2020 for which the fair value was adjusted during the six months ended June 30, 2020:
Fair Value Adjustments for the
 Carrying Value at June 30, 2020Three Months Ended
June 30, 2020 Recognized in:
Six Months Ended
June 30, 2020 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Gross charge-offs against allowance for loan lossesNet losses and operating expenses of repossessed assetsGross charge-offs against allowance for loan lossesNet losses (gains) and operating expenses of repossessed assets
Nonaccruing loans$—  $400  $32,448  $13,871  $—  $29,659  $—  
Real estate and other repossessed assets
—  918  400  —   —  131  
 
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 June 30, 2019 for which the fair value was adjusted during the six months ended June 30, 2019:
Fair Value Adjustments for the
 Carrying Value at June 30, 2019Three Months Ended
June 30, 2019 Recognized in:
Six Months Ended
June 30, 2019 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Gross charge-offs against allowance for loan lossesNet losses and operating expenses of repossessed assetsGross charge-offs against allowance for loan lossesNet losses and operating expenses of repossessed assets
Nonaccruing loans$—  $—  $29,187  $11,335  $—  $20,917  $—  
Real estate and other repossessed assets
—  2,642  427  —  86  —  512  
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 June 30, 2020 follows (in thousands):
Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$32,448  Discounted cash flowsManagement knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
0% - 83% (35%)1
Real estate and other repossessed assets
400  Appraised value, as adjusted
Marketability adjustments off appraised value2
87% - 87% (87%)
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 June 30, 2019 follows (in thousands):
Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$29,187  Discounted cash flowsManagement knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
12% - 76% (47%)1
Real estate and other repossessed assets
427  Appraised value, as adjusted
Marketability adjustments off appraised value2
75% - 89% (88%)
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.
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 non-recurring basis as of June 30, 2020 (dollars 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$762,453  $762,453  $762,453  $—  $—  
Interest-bearing cash and cash equivalents485,319  485,319  485,319  —  —  
Trading securities:
U.S. government agency debentures4,237  4,237  —  4,237  —  
Residential agency mortgage-backed securities1,146,454  1,146,454  —  1,146,454  —  
Municipal and other tax-exempt securities22,710  22,710  —  22,710  —  
Asset-backed securities  —   —  
Other trading securities22,699  22,699  —  22,699  —  
Total trading securities1,196,105  1,196,105  —  1,196,105  —  
Investment securities:  
Municipal and other tax-exempt securities84,239  88,623  —  88,623  —  
Residential agency mortgage-backed securities9,812  10,734  —  10,734  —  
Other debt securities175,565  199,769  —  8,048  191,721  
Total investment securities269,616  299,126  —  107,405  191,721  
Allowance for credit losses(1,628) —  —  —  —  
Investment securities, net of allowance267,988  299,126  —  107,405  191,721  
Available for sale securities:  
U.S. Treasury912  912  912  —  —  
Municipal and other tax-exempt securities31,240  31,240  —  31,240  —  
Residential agency mortgage-backed securities9,147,238  9,147,238  —  9,147,238  —  
Residential non-agency mortgage-backed securities35,250  35,250  —  35,250  —  
Commercial agency mortgage-backed securities
3,260,807  3,260,807  —  3,260,807  —  
Other debt securities472  472  —  —  472  
Total available for sale securities12,475,919  12,475,919  912  12,474,535  472  
Fair value option securities:
U.S. Treasury
92,742  92,742  92,742  —  —  
Residential agency mortgage-backed securities629,915  629,915  —  629,915  —  
Total fair value option securities722,657  722,657  92,742  629,915  —  
Residential mortgage loans held for sale319,357  319,357  —  309,672  9,685  
Loans:  
Commercial14,158,510  14,038,257  —  —  14,038,257  
Commercial real estate4,554,144  4,558,274  —  —  4,558,274  
Paycheck protection program2,081,428  2,062,278  —  —  2,062,278  
Loans to individuals3,361,808  3,393,293  —  —  3,393,293  
Total loans24,155,890  24,052,102  —  —  24,052,102  
Allowance for loan losses(435,597) —  —  —  —  
Loans, net of allowance23,720,293  24,052,102  —  —  24,052,102  
Mortgage servicing rights97,971  97,971  —  —  97,971  
Derivative instruments with positive fair value, net of cash collateral
651,553  651,553  66,207  585,346  —  
Deposits with no stated maturity31,539,554  31,539,554  —  —  31,539,554  
Time deposits2,352,760  2,367,446  —  —  2,367,446  
Other borrowed funds4,531,165  4,527,814  —  —  4,527,814  
Subordinated debentures275,973  273,293  —  273,293  —  
Derivative instruments with negative fair value, net of cash collateral
610,020  610,020  —  610,020  —  
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 non-recurring basis as of December 31, 2019 (dollars 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$735,836  $735,836  $735,836  $—  $—  
Interest-bearing cash and cash equivalents522,985  522,985  522,985  —  —  
Trading securities:
U.S. government agency debentures44,264  44,264  —  44,264  —  
Residential agency mortgage-backed securities1,504,651  1,504,651  —  1,504,651  —  
Municipal and other tax-exempt securities26,196  26,196  —  26,196  —  
Asset-backed securities14,084  14,084  —  14,084  —  
Other trading securities34,726  34,726  —  34,726  —  
Total trading securities1,623,921  1,623,921  —  1,623,921  —  
Investment securities:  
Municipal and other tax-exempt securities93,653  96,897  —  96,897  —  
Residential agency mortgage-backed securities10,676  11,164  —  11,164  —  
Other debt securities189,089  206,341  —  8,206  198,135  
Total investment securities293,418  314,402  —  116,267  198,135  
Available for sale securities:  
U.S. Treasury1,600  1,600  1,600  —  —  
Municipal and other tax-exempt securities1,861  1,861  —  1,861  —  
Residential agency mortgage-backed securities8,046,096  8,046,096  —  8,046,096  —  
Residential non-agency mortgage-backed securities41,609  41,609  —  41,609  —  
Commercial agency mortgage-backed securities
3,178,005  3,178,005  —  3,178,005  —  
Other debt securities472  472  —  —  472  
Total available for sale securities11,269,643  11,269,643  1,600  11,267,571  472  
Fair value option securities:
U.S. Treasury9,917  9,917  9,917  —  —  
Residential agency mortgage-backed securities1,088,660  1,088,660  —  1,088,660  —  
Total fair value option securities1,098,577  1,098,577  9,917  1,088,660  —  
Residential mortgage loans held for sale182,271  182,271  —  173,958  8,313  
Loans:  
Commercial14,031,650  13,966,221  —  —  13,966,221  
Commercial real estate4,433,783  4,422,717  —  —  4,422,717  
Residential mortgage2,084,172  2,098,093  —  —  2,098,093  
Personal1,201,382  1,202,298  —  —  1,202,298  
Total loans21,750,987  21,689,329  —  —  21,689,329  
Allowance for loan losses(210,759) —  —  —  —  
Loans, net of allowance21,540,228  21,689,329  —  —  21,689,329  
Mortgage servicing rights201,886  201,886  —  —  201,886  
Derivative instruments with positive fair value, net of cash collateral
323,375  323,375  8,944  314,431  —  
Deposits with no stated maturity25,403,319  25,403,319  —  —  25,403,319  
Time deposits2,217,849  2,212,467  —  —  2,212,467  
Other borrowed funds8,345,405  8,315,860  —  —  8,315,860  
Subordinated debentures275,923  284,627  —  284,627  —  
Derivative instruments with negative fair value, net of cash collateral
251,128  251,128  —  251,128  —