Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, 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
2016
Securities available for sale:
U.S. Treasury	$	4,019,731	$	—	$	—	$	4,019,731
Residential mortgage-backed securities	—		785,167		—		785,167
States and political subdivisions	—		5,355,885		—		5,355,885
Other	—		42,494		—		42,494
Trading account securities:
U.S. Treasury	16,594		—		—		16,594
States and political subdivisions	—		109		—		109
Derivative assets:
Interest rate swaps, caps and floors	—		29,059		—		29,059
Commodity swaps and options	—		6,179		—		6,179
Foreign currency forward contracts	29		—		—		29
Derivative liabilities:
Interest rate swaps, caps and floors	—		29,968		—		29,968
Commodity swaps and options	—		5,963		—		5,963
Foreign currency forward contracts	33		—		—		33
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

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:



	2016					2015					2014
	Level 2		Level 3			Level 2		Level 3			Level 2		Level 3
Carrying value of impaired loans before allocations	$	—	$	33,626		$	—	$	14,921		$	—	$	2,715
Specific valuation allowance allocations	—		(3,961		)	—		(2,765		)	—		(1,475		)
Fair value	$	—	$	29,665		$	—	$	12,156		$	—	$	1,240

Foreclosed Assets Remeasured and Reported at Fair Value

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



	2016			2015			2014
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	756		$	1,102		$	6,388
Charge-offs recognized in the allowance for loan losses	(3		)	(169		)	(285		)
Fair value	$	753		$	933		$	6,103
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	492		$	205		$	5,026
Write-downs included in other non-interest expense	(217		)	(36		)	(1,289		)
Fair value	$	275		$	169		$	3,737

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, 2016				December 31, 2015
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	4,141,445	$	4,141,445	$	3,591,523	$	3,591,523
Securities held to maturity	2,250,460		2,262,747		2,663,009		2,710,685
Cash surrender value of life insurance policies	177,884		177,884		175,191		175,191
Accrued interest receivable	156,714		156,714		139,986		139,986
Level 3 inputs:
Loans, net	11,822,347		11,903,956		11,350,672		11,396,158
Financial liabilities:
Level 2 inputs:
Deposits	25,811,575		25,812,039		24,343,595		24,344,007
Federal funds purchased and repurchase agreements	976,992		976,992		893,522		893,522
Junior subordinated deferrable interest debentures	136,127		137,115		136,069		137,115
Subordinated notes payable and other borrowings	99,990		100,000		99,870		99,000
Accrued interest payable	1,204		1,204		1,014		1,014