Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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
September 30, 2019
Securities available for sale:
U.S. Treasury	$	2,825,796	$	—	$	—	$	2,825,796
Residential mortgage-backed securities	—		2,240,452		—		2,240,452
States and political subdivisions	—		7,311,373		—		7,311,373
Other	—		42,825		—		42,825
Trading account securities:
U.S. Treasury	23,747		—		—		23,747
States and political subdivisions	—		3,922		—		3,922
Derivative assets:
Interest rate swaps, caps and floors	—		55,842		—		55,842
Commodity swaps and options	—		16,534		—		16,534
Foreign currency forward contracts	24		—		—		24
Derivative liabilities:
Interest rate swaps, caps and floors	—		24,855		—		24,855
Commodity swaps and options	—		16,086		—		16,086
Foreign currency forward contracts	11		—		—		11
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.



	Nine Months Ended September 30, 2019					Nine Months Ended September 30, 2018
	Level 2		Level 3			Level 2			Level 3
Carrying value of impaired loans before allocations	$	2,416	$	60,010		$	12,876		$	28,638
Specific valuation allowance (allocations) reversals of prior allocations	1,116		(12,437		)	(2,599		)	4,256
Fair value	$	3,532	$	47,573		$	10,277		$	32,894

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:



	Nine Months Ended September 30,
	2019			2018
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,302		$	2,898
Charge-offs recognized in the allowance for loan losses	(76		)	—
Fair value	$	1,226		$	2,898
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:



	September 30, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	2,907,901	$	2,907,901	$	3,955,779	$	3,955,779
Securities held to maturity	1,020,838		1,047,423		1,106,057		1,116,953
Cash surrender value of life insurance policies	186,217		186,217		183,473		183,473
Accrued interest receivable	133,950		133,950		188,989		188,989
Level 3 inputs:
Loans, net	14,498,369		14,542,918		13,967,601		13,933,239
Financial liabilities:
Level 2 inputs:
Deposits	27,083,582		27,084,765		27,149,204		27,143,572
Federal funds purchased and repurchase agreements	1,200,655		1,200,655		1,367,548		1,367,548
Junior subordinated deferrable interest debentures	136,285		137,115		136,242		137,115
Subordinated notes payable and other borrowings	98,826		106,447		98,708		98,458
Accrued interest payable	10,177		10,177		7,394		7,394