Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2026		Inputs			Inputs			Inputs			Fair Value
Trading securities		$	9,058		$	664,996		$	—		$	674,054
Available for sale securities			—			1,385,372			65,220			1,450,592
Equity securities			287			—			—			287
Loans held for sale			—			875,214			26,460			901,674
Derivative assets			—			49,844			—			49,844
MSR asset			—			—			22,755			22,755
Equity investments			—			—			19,477			19,477
Securities sold, not yet purchased			77,097			13,167			—			90,264
Derivative liabilities			—			15,642			—			15,642


		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 June 30, 2026
Available for sale securities		$	63,013		$	—		$	—		$	—		$	1,553		$	654		$	65,220
Loans held for sale			41,660			7,049			(21,030)			—			(1,219)			—			26,460
MSR asset			20,045			3,227			(48)			—			(469)			—			22,755
Equity investments			19,494			—			—			—			(17)			—			19,477
Total		$	144,212		$	10,276		$	(21,078)		$	—		$	(152)		$	654		$	133,912

Six Months Ended June 30, 2026
Available for sale securities		$	61,992		$	—		$	—		$	—		$	3,251		$	(23)		$	65,220
Loans held for sale			38,866			15,550			(24,973)			—			(2,983)			—			26,460
MSR asset			17,491			5,774			(48)			—			(462)			—			22,755
Equity investments			18,774			—			—			—			703			—			19,477
Total		$	137,123		$	21,324		$	(25,021)		$	—		$	509		$	(23)		$	133,912

Three Months Ended June 30, 2025
Trading securities		$	666		$	2,333		$	(2,776)		$	—		$	(223)		$	—		$	—
Available for sale securities			30,554			—			—			—			928			437			31,919
Loans held for sale			45,360			5,497			(4,860)			—			(985)			—			45,012
MSR asset			6,903			1,348			—			—			(364)			—			7,887
Equity investments			21,260			—			(19,540)			—			2,727			—			4,447
Total		$	104,743		$	9,178		$	(27,176)		$	—		$	2,083		$	437		$	89,265

Six Months Ended June 30, 2025
Trading securities		$	3,330		$	2,970		$	(6,218)		$	—		$	(82)		$	—		$	—
Available for sale securities			29,816			—			—			—			1,666			437			31,919
Loans held for sale			48,657			9,903			(11,594)			—			(1,954)			—			45,012
MSR asset			5,723			3,114			—			—			(950)			—			7,887
Equity investments			22,015			—			(26,988)			—			9,420			—			4,447
Total		$	109,541		$	15,987		$	(44,800)		$	—		$	8,100		$	437		$	89,265

Schedule of significant unobservable inputs used in the fair value measurements


						June 30, 2026
Financial Instrument		Valuation Technique		Unobservable Inputs		Fair Value			Range (Weighted-Average)
Available for sale securities		Discounted cash flow		Discount rate		$	34,714		13.75	-	18.38	%
		Recent transaction		Recent transaction			30,506

Loans held for sale		Market comparable		Projected price			26,460		78	-	95	%	(	92	%)

MSR asset		Discounted cash flow		Constant prepayment rate			22,755					13.36		%
				Discount rate								11.56		%

Equity investments		Market comparable		Market multiple			3,745					14.0x
		Discounted cash flow		Discount rate								12.00		%
		Discounted cash flow		Discount rate			1,752					15.50		%
		Market calibration		Market adjustment								10.00		%
		Recent transaction		Recent transaction			13,980


						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 tables present the 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 June 30, 2026									Three Months Ended June 30, 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		$	—		$	(99)		$	(99)		$	—		$	—		$	—
Loans held for sale			9,335			—			9,335			5,601			—			5,601
MSR asset			(469)			—			(469)			(364)			—			(364)
Equity investments			—			(17)			(17)			—			2,727			2,727


		Six Months Ended June 30, 2026									Six Months Ended June 30, 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		$	—		$	(81)		$	(81)		$	—		$	—		$	—
Loans held for sale			(481)			—			(481)			12,640			—			12,640
MSR asset			(462)			—			(462)			(950)			—			(950)
Equity investments			—			703			703			—			2,972			2,972

(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
June 30, 2026		Amount			Inputs			Inputs			Inputs			Total
Financial assets:
Cash and cash equivalents		$	751,158		$	751,158		$	—		$	—		$	751,158
Assets segregated for regulatory purposes			17,827			17,827			—			—			17,827
Securities purchased under agreements to resell			112,496			—			112,496			—			112,496
Held to maturity securities			745,175			—			686,724			—			686,724
Loans held for sale			102,444			—			27,823			77,782			105,605
Loans held for investment, net			8,588,071			—			406,341			8,303,439			8,709,780
Broker-dealer and clearing organization receivables			1,714,179			—			1,714,179			—			1,714,179
Other assets			71,893			—			71,893			—			71,893

Financial liabilities:
Deposits			10,514,053			—			10,507,154			—			10,507,154
Broker-dealer and clearing organization payables			1,524,115			—			1,524,115			—			1,524,115
Short-term borrowings			1,243,214			—			1,243,214			—			1,243,214
Notes payable			148,703			—			150,132			—			150,132
Other liabilities			6,706			—			6,706			—			6,706


					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 June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Balance, beginning of period		$	1,388		$	1,958		$	1,563		$	1,979
Impairments and downward adjustments			(115)			(44)			(290)			(65)
Balance, end of period		$	1,273		$	1,914		$	1,273		$	1,914

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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