Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019, 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
March 31, 2020
Securities available for sale:
U.S. Treasury	$	1,167,264	$	—	$	—	$	1,167,264
Residential mortgage-backed securities	—		2,089,946		—		2,089,946
States and political subdivisions	—		7,167,866		—		7,167,866
Other	—		42,901		—		42,901
Trading account securities:
U.S. Treasury	24,491		—		—		24,491
States and political subdivisions	—		1,430		—		1,430
Derivative assets:
Interest rate swaps, caps and floors	—		97,914		—		97,914
Commodity swaps and options	—		64,976		—		64,976
Foreign currency forward contracts	24		—		—		24
Derivative liabilities:
Interest rate swaps, caps and floors	—		38,304		—		38,304
Commodity swaps and options	—		64,459		—		64,459
Foreign currency forward contracts	16		—		—		16
December 31, 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

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

The following table presents collateral

dependent loans that were remeasured and reported at fair value through a specific allocation of the allowance for credit losses on loans based upon the fair value of the underlying collateral during the reported periods.



	Three Months Ended March 31, 2020					Three Months Ended March 31, 2019
	Level 2		Level 3			Level 2			Level 3
Carrying value before allocations	$	1,919	$	3,867		$	11,487		$	37,525
Specific allocations	70		(244		)	(256		)	(3,441		)
Fair value	$	1,989	$	3,623		$	11,231		$	34,084

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:



	Three Months Ended March 31,
	2020			2019
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	328		$	—
Write-downs included in other non-interest expense	(231		)	—
Fair value	$	97		$	—

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:



	March 31, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	4,195,585	$	4,195,585	$	3,788,181	$	3,788,181
Securities held to maturity	1,984,149		2,057,879		2,030,005		2,048,675
Cash surrender value of life insurance policies	188,078		188,078		187,156		187,156
Accrued interest receivable	123,995		123,995		183,850		183,850
Level 3 inputs:
Loans, net	15,074,379		15,246,193		14,618,165		14,654,615
Financial liabilities:
Level 2 inputs:
Deposits	28,140,867		28,150,786		27,639,564		27,641,255
Federal funds purchased and repurchase agreements	1,170,978		1,170,978		1,695,342		1,695,342
Junior subordinated deferrable interest debentures	136,314		137,115		136,299		137,115
Subordinated notes payable and other borrowings	98,904		102,250		98,865		89,077
Accrued interest payable	10,684		10,684		12,393		12,393