Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 (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	$	13,513	$	4,978	$	8,535	$	—
Residential agency mortgage-backed securities	4,827,504		—		4,827,504		—
Municipal securities	24,539		—		24,539		—
Other trading securities	25,540		—		25,540		—
Total trading securities	4,891,096		4,978		4,886,118		—
Available for sale securities:
U.S. Treasury	947		947		—		—
Municipal securities	526,322		—		526,322		—
Residential agency mortgage-backed securities	7,612,021		—		7,612,021		—
Residential non-agency mortgage-backed securities	347,187		—		347,187		—
Commercial agency mortgage-backed securities	4,407,585		—		4,407,585		—
Other debt securities	472		—		—		472
Total available for sale securities	12,894,534		947		12,893,115		472
Fair value option securities – Residential agency mortgage-backed securities	185,003		—		185,003		—
Residential mortgage loans held for sale1	169,474		—		160,507		8,967
Mortgage servicing rights2	209,563		—		—		209,563
Derivative contracts, net of cash collateral	2,680,207		—		2,680,207		—
Liabilities:
Derivative contracts, net of cash collateral	557,834		—		557,834		—

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 95.07% 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.

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2021 (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	$	23,610	$	4,999	$	18,611	$	—
Residential agency mortgage-backed securities	9,068,900		—		9,068,900		—
Municipal securities	25,783		—		25,783		—
Other trading securities	18,520		—		18,520		—
Total trading securities	9,136,813		4,999		9,131,814		—
Available for sale securities:
U.S. Treasury	1,000		1,000		—		—
Municipal securities	508,365		—		508,365		—
Residential agency mortgage-backed securities	8,006,616		—		8,006,616		—
Residential non-agency mortgage-backed securities	24,339		—		24,339		—
Commercial agency mortgage-backed securities	4,617,025		—		4,617,025		—
Other debt securities	472		—		—		472
Total available for sale securities	13,157,817		1,000		13,156,345		472
Fair value option securities — Residential agency mortgage-backed securities	43,770		—		43,770		—
Residential mortgage loans held for sale1	192,295		—		185,969		6,326
Mortgage servicing rights2	163,198		—		—		163,198
Derivative contracts, net of cash collateral	1,097,297		8,331		1,088,966		—
Liabilities:
Derivative contracts, net of cash collateral	275,625		—		275,625		—

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 95.07% 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.

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 March 31, 2022 for which the fair value was adjusted during the three months ended March 31, 2022:

							Fair Value Adjustments for the
	Carrying Value at March 31, 2022						Three Months Ended Mar. 31, 2022 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	$	—	$	4,168	$	244	$	818	$	—
Real estate and other repossessed assets	—		1,412		400		—		106

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 March 31, 2021 for which the fair value was adjusted during the three months ended March 31, 2021:

							Fair Value Adjustments for the
	Carrying Value at March 31, 2021						Three Months Ended Mar. 31, 2021 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	$	—	$	259	$	34,046	$	15,049	$	—
Real estate and other repossessed assets	—		1,706		300		—		(2,200)

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 March 31, 2022 follows (in thousands):

	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Nonaccruing loans	$	244	Discounted cash flows	Management 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	3% - 25% (5%)1
Real estate and other repossessed assets	400		Discounted cash flows	Marketability adjustments off appraised value.2	75% - 75% (75%)

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 March 31, 2021 follows (in thousands):

	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Nonaccruing loans	$	34,046	Discounted cash flows	Management 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	10% - 91% (47%)1
Real estate and other repossessed assets	300		Discounted cash flows	Management 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	N/A

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 non-recurring basis as of March 31, 2022 (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	$	767,805	$	767,805	$	767,805	$	—	$	—
Interest-bearing cash and cash equivalents	599,976		599,976		599,976		—		—
Trading securities:
U.S. government securities	13,513		13,513		4,978		8,535		—
Residential agency mortgage-backed securities	4,827,504		4,827,504		—		4,827,504		—
Municipal securities	24,539		24,539		—		24,539		—
Other trading securities	25,540		25,540		—		25,540		—
Total trading securities	4,891,096		4,891,096		4,978		4,886,118		—
Investment securities:
Municipal securities	177,683		184,214		—		41,920		142,294
Residential agency mortgage-backed securities	6,486		6,741		—		6,741		—
Other debt securities	288		280		—		280		—
Total investment securities	184,457		191,235		—		48,941		142,294
Allowance for credit losses	(633)		—		—		—		—
Investment securities, net of allowance	183,824		191,235		—		48,941		142,294
Available for sale securities:
U.S. Treasury	947		947		947		—		—
Municipal securities	526,322		526,322		—		526,322		—
Residential agency mortgage-backed securities	7,612,021		7,612,021		—		7,612,021		—
Residential non-agency mortgage-backed securities	347,187		347,187		—		347,187		—
Commercial agency mortgage-backed securities	4,407,585		4,407,585		—		4,407,585		—
Other debt securities	472		472		—		—		472
Total available for sale securities	12,894,534		12,894,534		947		12,893,115		472
Fair value option securities – Residential agency mortgage-backed securities	185,003		185,003		—		185,003		—
Residential mortgage loans held for sale	169,474		169,474		—		160,507		8,967
Loans:
Commercial	12,883,189		12,639,182		—		—		12,639,182
Commercial real estate	4,100,956		3,985,876		—		—		3,985,876
Paycheck protection program	137,365		134,313		—		—		134,313
Loans to individuals	3,552,919		3,470,751		—		—		3,470,751
Total loans	20,674,429		20,230,122		—		—		20,230,122
Allowance for loan losses	(246,473)		—		—		—		—
Loans, net of allowance	20,427,956		20,230,122		—		—		20,230,122
Mortgage servicing rights	209,563		209,563		—		—		209,563
Derivative instruments with positive fair value, net of cash collateral	2,680,207		2,680,207		—		2,680,207		—
Deposits with no stated maturity	37,911,535		37,911,535		—		—		37,911,535
Time deposits	1,514,416		1,498,269		—		—		1,498,269
Other borrowed funds	1,104,575		1,102,079		—		—		1,102,079
Subordinated debentures	131,209		138,623		—		138,623		—
Derivative instruments with negative fair value, net of cash collateral	557,834		557,834		—		557,834		—

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, 2021 (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	$	712,067	$	712,067	$	712,067	$	—	$	—
Interest-bearing cash and cash equivalents	2,125,343		2,125,343		2,125,343		—		—
Trading securities:
U.S. government securities	23,610		23,610		4,999		18,611		—
Residential agency mortgage-backed securities	9,068,900		9,068,900		—		9,068,900		—
Municipal securities	25,783		25,783		—		25,783		—
Other trading securities	18,520		18,520		—		18,520		—
Total trading securities	9,136,813		9,136,813		4,999		9,131,814		—
Investment securities:
Municipal securities	203,772		223,609		—		57,698		165,911
Residential agency mortgage-backed securities	6,939		7,500		—		7,500		—
Other debt securities	288		286		—		286		—
Total investment securities	210,999		231,395		—		65,484		165,911
Allowance for credit losses	(555)		—		—		—		—
Investment securities, net of allowance	210,444		231,395		—		65,484		165,911
Available for sale securities:
U.S. Treasury	1,000		1,000		1,000		—		—
Municipal securities	508,365		508,365		—		508,365		—
Residential agency mortgage-backed securities	8,006,616		8,006,616		—		8,006,616		—
Residential non-agency mortgage-backed securities	24,339		24,339		—		24,339		—
Commercial agency mortgage-backed securities	4,617,025		4,617,025		—		4,617,025		—
Other debt securities	472		472		—		—		472
Total available for sale securities	13,157,817		13,157,817		1,000		13,156,345		472
Fair value option securities — Residential agency mortgage-backed securities	43,770		43,770		—		43,770		—
Residential mortgage loans held for sale	192,295		192,295		—		185,969		6,326
Loans:
Commercial	12,506,465		12,395,664		—		—		12,395,664
Commercial real estate	3,831,325		3,786,767		—		—		3,786,767
Paycheck protection program	276,341		269,912		—		—		269,912
Loans to individuals	3,591,549		3,586,878		—		—		3,586,878
Total loans	20,205,680		20,039,221		—		—		20,039,221
Allowance for loan losses	(256,421)		—		—		—		—
Loans, net of allowance	19,949,259		20,039,221		—		—		20,039,221
Mortgage servicing rights	163,198		163,198		—		—		163,198
Derivative instruments with positive fair value, net of cash collateral	1,097,297		1,097,297		8,331		1,088,966		—
Deposits with no stated maturity	39,537,731		39,537,731		—		—		39,537,731
Time deposits	1,704,328		1,703,886		—		—		1,703,886
Other borrowed funds	2,363,202		2,360,746		—		—		2,360,746
Subordinated debentures	131,226		141,761		—		141,761		—
Derivative instruments with negative fair value, net of cash collateral	275,625		275,625		—		275,625		—