Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017, 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
2018
Securities available for sale:
U.S. Treasury	$	3,427,689	$	—	$	—	$	3,427,689
Residential mortgage-backed securities	—		829,740		—		829,740
States and political subdivisions	—		7,087,202		—		7,087,202
Other	—		42,690		—		42,690
Trading account securities:
U.S. Treasury	21,928		—		—		21,928
States and political subdivisions	—		2,158		—		2,158
Derivative assets:
Interest rate swaps, caps and floors	—		19,806		—		19,806
Commodity swaps and options	—		26,768		—		26,768
Foreign currency forward contracts	193		—		—		193
Derivative liabilities:
Interest rate swaps, caps and floors	—		18,520		—		18,520
Commodity swaps and options	—		26,320		—		26,320
Foreign currency forward contracts	147		—		—		147
2017
Securities available for sale:
U.S. Treasury	$	3,445,153	$	—	$	—	$	3,445,153
Residential mortgage-backed securities	—		665,086		—		665,086
States and political subdivisions	—		6,336,209		—		6,336,209
Other	—		42,561		—		42,561
Trading account securities:
U.S. Treasury	19,210		—		—		19,210
States and political subdivisions	—		1,888		—		1,888
Derivative assets:
Interest rate swaps, caps and floors	—		20,022		—		20,022
Commodity swaps and options	—		14,408		1,233		15,641
Foreign currency forward contracts	415		—		—		415
Derivative liabilities:
Interest rate swaps, caps and floors	—		18,754		—		18,754
Commodity swaps and options	—		15,327		—		15,327
Foreign currency forward contracts	239		—		—		239

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:



	2018			2017			2016
Level 2
Carrying value of impaired loans before allocations	$	12,517		$	—		$	—
Specific valuation allowance allocations	(2,599		)	—			—
Fair value	$	9,918		$	—		$	—
Level 3
Carrying value of impaired loans before allocations	$	22,688		$	75,435		$	33,626
Specific valuation allowance allocations	9,260			(19,533		)	(3,961		)
Fair value	$	31,948		$	55,902		$	29,665

Foreclosed Assets Remeasured and Reported at Fair Value

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



	2018			2017			2016
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	2,899		$	279		$	756
Charge-offs recognized in the allowance for loan losses	—			—			(3		)
Fair value	$	2,899		$	279		$	753
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,823		$	89		$	492
Write-downs included in other non-interest expense	(473		)	(16		)	(217		)
Fair value	$	1,350		$	73		$	275

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, 2018				December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	3,955,779	$	3,955,779	$	5,053,047	$	5,053,047
Securities held to maturity	1,106,057		1,116,953		1,432,098		1,455,791
Cash surrender value of life insurance policies	183,473		183,473		180,477		180,477
Accrued interest receivable	188,989		188,989		167,508		167,508
Level 3 inputs:
Loans, net	13,967,601		13,933,239		12,990,301		12,981,165
Financial liabilities:
Level 2 inputs:
Deposits	27,149,204		27,143,572		26,872,389		26,866,676
Federal funds purchased and repurchase agreements	1,367,548		1,367,548		1,147,824		1,147,824
Junior subordinated deferrable interest debentures	136,242		137,115		136,184		137,115
Subordinated notes payable and other borrowings	98,708		98,458		98,552		105,311
Accrued interest payable	7,394		7,394		3,358		3,358