Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 (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	$	6,379	$	—	$	6,379	$	—
Residential agency mortgage-backed securities	5,513,068		—		5,513,068		—
Municipal securities	84,981		—		84,981		—

Other trading securities	47,734		—		47,734		—
Total trading securities	5,652,162		—		5,652,162		—
Available-for-sale securities:
U.S. Treasury securities	984		984		—		—
Municipal securities	175,123		—		175,123		—
Residential agency mortgage-backed securities	9,631,722		—		9,631,722		—
Residential non-agency mortgage-backed securities	717,068		—		717,068		—
Commercial agency mortgage-backed securities	3,014,195		—		3,014,195		—
Other debt securities	473		—		—		473
Total available-for-sale securities	13,539,565		984		13,538,108		473
Fair value option securities:

Residential agency mortgage-backed securities	165,706		—		165,706		—
Commercial agency mortgage-backed securities	12,392		—		12,392		—
Total fair value option securities	178,098		—		178,098		—
Residential mortgage loans held for sale1	104,873		—		97,972		6,901
Mortgage servicing rights, net2	333,381		—		—		333,381
Derivative contracts, net of cash margin3	782,985		1,474		781,511		—
Liabilities:
Derivative contracts, net of cash margin3	$	282,590	$	3,250	$	279,340	$	—

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 83.36% 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, 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	$	9,237	$	—	$	9,237	$	—
Residential agency mortgage-backed securities	5,307,849		—		5,307,849		—
Municipal securities	39,233		—		39,233		—
Other trading securities	36,426		—		36,426		—
Total trading securities	5,392,745		—		5,392,745		—
Available-for-sale securities:
U.S. Treasury securities	980		980		—		—
Municipal securities	184,273		—		184,273		—
Residential agency mortgage-backed securities	9,598,627		—		9,598,627		—
Residential non-agency mortgage-backed securities	696,028		—		696,028		—
Commercial agency mortgage-backed securities	3,126,244		—		3,126,244		—
Other debt securities	473		—		—		473
Total available-for-sale securities	13,606,625		980		13,605,172		473



Fair value option securities — Residential agency mortgage-backed securities	102,096		—		102,096		—
Residential mortgage loans held for sale1	94,630		—		88,335		6,295
Mortgage servicing rights, net2	322,724		—		—		322,724
Derivative contracts, net of cash margin3	300,775		1,022		299,753		—
Liabilities:
Derivative contracts, net of cash margin3	$	397,573	$	12	$	397,561	$	—

Fair Value Assets Measured on Nonrecurring Basis [Table Text Block]

There were no non-recurring fair value adjustments during the three months ended March 31, 2026 for which there was a carrying value at March 31, 2026.

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, 2025, for which the fair value was adjusted during the three months ended March 31, 2025 (in thousands):


							Fair Value Adjustments for the
	Carrying Value at March 31, 2025						Three Months Ended Mar. 31, 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

Real estate and other repossessed assets	$	—	$	—	$	1,582	$	—	$	(356)

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, 2025 follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range
(Weighted Average)

Real estate and other repossessed assets

1,582

Discounted cash flows

Marketability adjustments off appraised value1

82% - 82% (82%)

1 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 are measured at fair value on a non-recurring basis as of March 31, 2026 (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	$	905,614	$	905,614	$	905,614	$	—	$	—
Interest-bearing cash and cash equivalents	506,793		506,793		506,793		—		—
Trading securities:
U.S. government securities	6,379		6,379		—		6,379		—
Residential agency mortgage-backed securities	5,513,068		5,513,068		—		5,513,068		—
Municipal securities	84,981		84,981		—		84,981		—

Other trading securities	47,734		47,734		—		47,734		—
Total trading securities	5,652,162		5,652,162		—		5,652,162		—
Investment securities:
Municipal securities	73,334		74,429		—		11,160		63,269
Residential agency mortgage-backed securities	1,613,987		1,479,984		—		1,479,984		—
Commercial agency mortgage-backed securities	16,588		16,190		—		16,190		—
Other debt securities	16,013		15,287		—		15,287		—
Total investment securities	1,719,922		1,585,890		—		1,522,621		63,269
Allowance for credit losses	(191)		—		—		—		—
Investment securities, net of allowance	1,719,731		1,585,890		—		1,522,621		63,269
Available-for-sale securities:
U.S. Treasury securities	984		984		984		—		—
Municipal securities	175,123		175,123		—		175,123		—
Residential agency mortgage-backed securities	9,631,722		9,631,722		—		9,631,722		—
Residential non-agency mortgage-backed securities	717,068		717,068		—		717,068		—
Commercial agency mortgage-backed securities	3,014,195		3,014,195		—		3,014,195		—
Other debt securities	473		473		—		—		473
Total available-for-sale securities	13,539,565		13,539,565		984		13,538,108		473
Fair value option securities:

Residential agency mortgage-backed securities	165,706		165,706		—		165,706		—
Commercial agency mortgage-backed securities	12,392		12,392		—		12,392		—
Total fair value option securities	178,098		178,098		—		178,098		—
Residential mortgage loans held for sale	104,873		104,873		—		97,972		6,901
Loans:
Commercial	15,573,083		15,464,708		—		—		15,464,708
Commercial real estate	5,884,679		5,795,154		—		—		5,795,154

Loans to individuals	4,729,631		4,620,105		—		—		4,620,105
Total loans	26,187,393		25,879,967		—		—		25,879,967
Allowance for loan losses	(277,719)		—		—		—		—
Loans, net of allowance	25,909,674		25,879,967		—		—		25,879,967
Mortgage servicing rights	333,381		333,381		—		—		333,381
Derivative instruments with positive fair value, net of cash margin	782,985		782,985		1,474		781,511		—
Deposits with no stated maturity	34,950,239		34,950,239		—		—		34,950,239
Time deposits	3,726,809		3,712,780		—		—		3,712,780
Other borrowed funds	6,468,973		6,469,023		—		—		6,469,023
Subordinated debentures	396,625		394,933		—		394,933		—
Derivative instruments with negative fair value, net of cash margin	282,590		282,590		3,250		279,340		—


	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	$	1,001,107	$	1,001,107	$	1,001,107	$	—	$	—
Interest-bearing cash and cash equivalents	656,995		656,995		656,995		—		—
Trading securities:
U.S. government securities	9,237		9,237		—		9,237		—
Residential agency mortgage-backed securities	5,307,849		5,307,849		—		5,307,849		—
Municipal securities	39,233		39,233		—		39,233		—
Other trading securities	36,426		36,426		—		36,426		—
Total trading securities	5,392,745		5,392,745		—		5,392,745		—
Investment securities:
Municipal securities	88,215		89,343		—		11,204		78,139
Residential agency mortgage-backed securities	1,664,175		1,541,608		—		1,541,608		—
Commercial agency mortgage-backed securities	16,516		16,186		—		16,186		—
Other debt securities	15,538		14,868		—		14,868		—
Total investment securities	1,784,444		1,662,005		—		1,583,866		78,139
Allowance for credit losses	(202)		—		—		—		—
Investment securities, net of allowance	1,784,242		1,662,005		—		1,583,866		78,139
Available-for-sale securities:
U.S. Treasury securities	980		980		980		—		—
Municipal securities	184,273		184,273		—		184,273		—
Residential agency mortgage-backed securities	9,598,627		9,598,627		—		9,598,627		—
Residential non-agency mortgage-backed securities	696,028		696,028		—		696,028		—
Commercial agency mortgage-backed securities	3,126,244		3,126,244		—		3,126,244		—
Other debt securities	473		473		—		—		473
Total available-for-sale securities	13,606,625		13,606,625		980		13,605,172		473



Fair value option securities — Residential agency mortgage-backed securities	102,096		102,096		—		102,096		—
Residential mortgage loans held for sale	94,630		94,630		—		88,335		6,295
Loans:
Commercial	15,281,067		15,223,531		—		—		15,223,531
Commercial real estate	5,672,006		5,597,767		—		—		5,597,767

Loans to individuals	4,698,389		4,565,165		—		—		4,565,165
Total loans	25,651,462		25,386,463		—		—		25,386,463
Allowance for loan losses	(275,860)		—		—		—		—
Loans, net of allowance	25,375,602		25,386,463		—		—		25,386,463
Mortgage servicing rights	322,724		322,724		—		—		322,724
Derivative instruments with positive fair value, net of cash margin	300,775		300,775		1,022		299,753		—
Deposits with no stated maturity	35,795,923		35,795,923		—		—		35,795,923
Time deposits	3,639,083		3,629,060		—		—		3,629,060
Other borrowed funds	4,237,655		4,237,752		—		—		4,237,752
Subordinated debentures	396,589		395,323		—		395,323		—
Derivative instruments with negative fair value, net of cash margin	397,573		397,573		12		397,561		—