Fair Value Measurements (Tables)

9 Months Ended

Sep. 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
September 30, 2026		Inputs			Inputs			Inputs			Fair Value
Trading securities		$	9,127		$	587,438		$	—		$	596,565
Available for sale securities			—			1,311,257			61,656			1,372,913
Equity securities			293			—			—			293
Loans held for sale			—			524,472			28,342			552,814
Derivative assets			—			88,808			—			88,808
MSR asset			—			—			28,095			28,095
Equity investments			—			—			28,002			28,002
Securities sold, not yet purchased			90,728			14,843			—			105,571
Derivative liabilities			—			46,324			—			46,324


		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 September 30, 2026
Available for sale securities		$	65,220		$	—		$	—		$	—		$	(2,079)		$	(1,485)		$	61,656
Loans held for sale			26,460			10,071			(5,411)			—			(2,778)			—			28,342
MSR asset			22,755			2,518			(65)			—			2,887			—			28,095
Equity investments			19,477			—			(1,889)			—			10,414			—			28,002
Total		$	133,912		$	12,589		$	(7,365)		$	—		$	8,444		$	(1,485)		$	146,095

Nine Months Ended September 30, 2026
Available for sale securities		$	61,992		$	—		$	—		$	—		$	1,172		$	(1,508)		$	61,656
Loans held for sale			38,866			25,621			(30,384)			—			(5,761)			—			28,342
MSR asset			17,491			8,293			(113)			—			2,424			—			28,095
Equity investments			18,774			—			(1,889)			—			11,117			—			28,002
Total		$	137,123		$	33,914		$	(32,386)		$	—		$	8,952		$	(1,508)		$	146,095

Three Months Ended September 30, 2025
Available for sale securities		$	31,919		$	—		$	—		$	—		$	579		$	508		$	33,006
Loans held for sale			45,012			11,254			(21,935)			—			193			—			34,524
MSR asset			7,887			5,087			—			—			(701)			—			12,273
Equity investments			4,447			—			—			—			1,437			—			5,884
Total		$	89,265		$	16,341		$	(21,935)		$	—		$	1,508		$	508		$	85,687

Nine Months Ended September 30, 2025
Trading securities		$	3,330		$	2,970		$	(6,218)		$	—		$	(82)		$	—		$	—
Available for sale securities			29,816			—			—			—			2,245			945			33,006
Loans held for sale			48,657			21,157			(33,529)			—			(1,761)			—			34,524
MSR asset			5,723			8,201			—			—			(1,651)			—			12,273
Equity investments			22,015			—			(26,988)			—			10,857			—			5,884
Total		$	109,541		$	32,328		$	(66,735)		$	—		$	9,608		$	945		$	85,687

Schedule of significant unobservable inputs used in the fair value measurements


						September 30, 2026
Financial Instrument		Valuation Technique		Unobservable Inputs		Fair Value			Range (Weighted-Average)
Available for sale securities		Discounted cash flow		Discount rate		$	34,376		15.50	-	17.94	%
		Recent Transaction		Implied multiple			27,280					10.6x
		Discounted cash flow		Discount rate								12.00		%
		Market comparable		Market multiple								10.5x

Loans held for sale		Market comparable		Projected price			28,342		78	-	95	%	(	91	%)

MSR asset		Discounted cash flow		Constant prepayment rate			28,095					10.48		%
				Discount rate								11.56		%

Equity investments		Market comparable		Market multiple			3,566					13.0x
		Discounted cash flow		Discount rate								12.00		%
		Market comparable		Market multiple			1,866					10.0x
		Discounted cash flow		Discount rate								15.50		%
		Discounted cash flow		Discount rate			15,342					14.50		%
		Market comparable		Market multiple								6.5x
		Recent Transaction		Implied multiple			7,228					10.6x
		Discounted cash flow		Discount rate								12.00		%
		Market comparable		Market multiple								10.5x


						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 September 30, 2026									Three Months Ended September 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		$	—		$	(3,991)		$	(3,991)		$	(392)		$	—		$	(392)
Loans held for sale			(19,463)			—			(19,463)			(2,511)			—			(2,511)
MSR asset			2,887			—			2,887			(701)			—			(701)
Equity investments			—			10,414			10,414			—			1,437			1,437


		Nine Months Ended September 30, 2026									Nine Months Ended September 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		$	—		$	(4,072)		$	(4,072)		$	(392)		$	—		$	(392)
Loans held for sale			(19,945)			—			(19,945)			10,228			—			10,228
MSR asset			2,424			—			2,424			(1,651)			—			(1,651)
Equity investments			—			11,117			11,117			—			4,409			4,409

(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
September 30, 2026		Amount			Inputs			Inputs			Inputs			Total
Financial assets:
Cash and cash equivalents		$	1,205,694		$	1,205,694		$	—		$	—		$	1,205,694
Assets segregated for regulatory purposes			17,984			17,984			—			—			17,984
Securities purchased under agreements to resell			119,534			—			119,534			—			119,534
Held to maturity securities			740,235			—			653,508			—			653,508
Loans held for sale			72,783			—			33,500			39,861			73,361
Loans held for investment, net			8,713,214			—			390,348			8,340,767			8,731,115
Broker-dealer and clearing organization receivables			1,764,729			—			1,764,729			—			1,764,729
Other assets			73,997			—			73,997			—			73,997

Financial liabilities:
Deposits			11,034,849			—			11,025,582			—			11,025,582
Broker-dealer and clearing organization payables			1,558,183			—			1,558,183			—			1,558,183
Short-term borrowings			825,220			—			825,220			—			825,220
Notes payable			148,762			—			145,980			—			145,980
Other liabilities			8,434			—			8,434			—			8,434


					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 September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Balance, beginning of period		$	1,273		$	1,914		$	1,563		$	1,979
Impairments and downward adjustments			(125)			—			(415)			(65)
Balance, end of period		$	1,148		$	1,914		$	1,148		$	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.

+ References + Details