Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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

The table below summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy of ASC Topic 820 utilized to measure fair value.



	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
June 30, 2019
Securities available for sale:
U.S. Treasury	$	2,920,720	$	—	$	—	$	2,920,720
Residential mortgage-backed securities	—		2,247,712		—		2,247,712
States and political subdivisions	—		7,068,301		—		7,068,301
Other	—		42,780		—		42,780
Trading account securities:
U.S. Treasury	22,642		—		—		22,642
States and political subdivisions	—		2,840		—		2,840
Derivative assets:
Interest rate swaps, caps and floors	—		45,287		—		45,287
Commodity swaps and options	—		13,908		—		13,908
Foreign currency forward contracts	27		—		—		27
Derivative liabilities:
Interest rate swaps, caps and floors	—		21,285		—		21,285
Commodity swaps and options	—		13,490		—		13,490
Foreign currency forward contracts	14		—		—		14
December 31, 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

Impaired Loans Remeasured And Reported At Fair Value Specific Valuation Allowance Allocation Method Of Underlying Collateral [Table Text Block]

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 during the reported periods.



	Six Months Ended June 30, 2019					Six Months Ended June 30, 2018
	Level 2		Level 3			Level 2			Level 3
Carrying value of impaired loans before allocations	$	2,161	$	33,839		$	14,359		$	52,048
Specific valuation allowance (allocations) reversals of prior allocations	1,179		(3,623		)	(799		)	(1,149		)
Fair value	$	3,340	$	30,216		$	13,560		$	50,899

Foreclosed Assets Remeasured and Reported at Fair Value

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



	Six Months Ended June 30,
	2019			2018
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	616		$	2,656
Charge-offs recognized in the allowance for loan losses	(50		)	—
Fair value	$	566		$	2,656
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	—		$	1,823
Write-downs included in other non-interest expense	—			(473		)
Fair value	$	—		$	1,350

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 the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:



	June 30, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	1,945,410	$	1,945,410	$	3,955,779	$	3,955,779
Securities held to maturity	1,035,299		1,061,978		1,106,057		1,116,953
Cash surrender value of life insurance policies	185,303		185,303		183,473		183,473
Accrued interest receivable	188,907		188,907		188,989		188,989
Level 3 inputs:
Loans, net	14,324,220		14,345,627		13,967,601		13,933,239
Financial liabilities:
Level 2 inputs:
Deposits	25,985,023		25,985,025		27,149,204		27,143,572
Federal funds purchased and repurchase agreements	1,319,507		1,319,507		1,367,548		1,367,548
Junior subordinated deferrable interest debentures	136,270		137,115		136,242		137,115
Subordinated notes payable and other borrowings	98,786		103,625		98,708		98,458
Accrued interest payable	10,295		10,295		7,394		7,394