Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018, 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
2019
Securities available for sale:
U.S. Treasury	$	1,948,133	$	—	$	—	$	1,948,133
Residential mortgage-backed securities	—		2,207,594		—		2,207,594
States and political subdivisions	—		7,070,997		—		7,070,997
Other	—		42,867		—		42,867
Trading account securities:
U.S. Treasury	24,298		—		—		24,298
Derivative assets:
Interest rate swaps, caps and floors	—		44,196		—		44,196
Commodity swaps and options	—		12,218		—		12,218
Foreign currency forward contracts	45		—		—		45
Derivative liabilities:
Interest rate swaps, caps and floors	—		20,197		—		20,197
Commodity swaps and options	—		11,677		—		11,677
Foreign currency forward contracts	33		—		—		33
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 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:



	2019			2018			2017
Level 2
Carrying value of impaired loans before allocations	$	2,354		$	12,517		$	—
Specific valuation allowance allocations	(383		)	(2,599		)	—
Fair value	$	1,971		$	9,918		$	—
Level 3
Carrying value of impaired loans before allocations	$	65,176		$	22,688		$	75,435
Specific valuation allowance allocations	(18,019		)	9,260			(19,533		)
Fair value	$	47,157		$	31,948		$	55,902

Foreclosed Assets Remeasured and Reported at Fair Value

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



	2019			2018			2017
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,348		$	2,899		$	279
Charge-offs recognized in the allowance for loan losses	(76		)	—			—
Fair value	$	1,272		$	2,899		$	279
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	—		$	1,823		$	89
Write-downs included in other non-interest expense	—			(473		)	(16		)
Fair value	$	—		$	1,350		$	73

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, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	3,788,181	$	3,788,181	$	3,955,779	$	3,955,779
Securities held to maturity	2,030,005		2,048,675		1,106,057		1,116,953
Cash surrender value of life insurance policies	187,156		187,156		183,473		183,473
Accrued interest receivable	183,850		183,850		188,989		188,989
Level 3 inputs:
Loans, net	14,618,165		14,654,615		13,967,601		13,933,239
Financial liabilities:
Level 2 inputs:
Deposits	27,639,564		27,641,255		27,149,204		27,143,572
Federal funds purchased and repurchase agreements	1,695,342		1,695,342		1,367,548		1,367,548
Junior subordinated deferrable interest debentures	136,299		137,115		136,242		137,115
Subordinated notes payable and other borrowings	98,865		89,077		98,708		98,458
Accrued interest payable	12,393		12,393		7,394		7,394