Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:



	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
2015
Securities available for sale:
U.S. Treasury	$	3,994,520	$	—	$	—	$	3,994,520
Residential mortgage-backed securities	—		1,041,432		—		1,041,432
States and political subdivisions	—		4,127,959		—		4,127,959
Other	—		42,447		—		42,447
Trading account securities:
U.S. Treasury	16,443		—		—		16,443
States and political subdivisions	—		136		—		136
Derivative assets:
Interest rate swaps, caps and floors	—		38,948		—		38,948
Commodity swaps and options	—		13,564		—		13,564
Foreign currency forward contracts	46		—		—		46
Derivative liabilities:
Interest rate swaps, caps and floors	—		40,693		—		40,693
Commodity swaps and options	—		13,355		—		13,355
Foreign currency forward contracts	28		—		—		28
2014
Securities available for sale:
U.S. Treasury	$	3,811,252	$	—	$	—	$	3,811,252
Residential mortgage-backed securities	—		1,398,724		—		1,398,724
States and political subdivisions	—		3,208,907		—		3,208,907
Other	—		42,371		—		42,371
Trading account securities:
U.S. Treasury	15,339		—		—		15,339
States and political subdivisions	—		87		—		87
Derivative assets:
Interest rate swaps, caps and floors	—		40,931		170		41,101
Commodity swaps and options	—		32,829		—		32,829
Foreign currency forward contracts	666		—		—		666
Derivative liabilities:
Interest rate swaps, caps and floors	—		43,853		—		43,853
Commodity swaps and options	—		32,729		—		32,729
Foreign currency forward contracts	617		—		—		617

Impaired Loans Remeasured and Reported at Fair Value of Underlying Collateral

The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral:



	2015					2014					2013
	Level 2		Level 3			Level 2		Level 3			Level 2			Level 3
Carrying value of impaired loans before allocations	$	—	$	14,921		$	—	$	2,715		$	9,374		$	—
Specific valuation allowance allocations	—		(2,765		)	—		(1,475		)	(2,785		)	—
Fair value	$	—	$	12,156		$	—	$	1,240		$	6,589		$	—

Foreclosed Assets Remeasured and Reported at Fair Value

The following table presents foreclosed assets that were remeasured and reported at fair value:



	2015			2014			2013
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,102		$	6,388		$	7,580
Charge-offs recognized in the allowance for loan losses	(169		)	(285		)	(710		)
Fair value	$	933		$	6,103		$	6,870
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	205		$	5,026		$	4,979
Write-downs included in other non-interest expense	(36		)	(1,289		)	(895		)
Fair value	$	169		$	3,737		$	4,084

Estimated Fair Values of Financial Instruments

The estimated fair values of financial instruments that are reported at amortized cost in our consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:



	December 31, 2015				December 31, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	3,591,523	$	3,591,523	$	4,364,123	$	4,364,123
Securities held to maturity	2,663,009		2,710,685		2,926,486		2,966,390
Cash surrender value of life insurance policies	175,191		175,191		172,050		172,050
Accrued interest receivable	139,986		139,986		128,436		128,436
Level 3 inputs:
Loans, net	11,350,672		11,396,158		10,887,993		10,939,684
Financial liabilities:
Level 2 inputs:
Deposits	24,343,595		24,344,007		24,135,930		24,136,402
Federal funds purchased and repurchase agreements	893,522		893,522		803,119		803,119
Junior subordinated deferrable interest debentures	137,115		137,115		137,115		137,115
Subordinated notes payable and other borrowings	100,000		99,000		100,000		95,591
Accrued interest payable	1,014		1,014		1,132		1,132