Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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

The tables below summarize financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 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
September 30, 2020
Securities available for sale:
U.S. Treasury	$	1,124,965	$	—	$	—	$	1,124,965
Residential mortgage-backed securities	—		2,164,162		—		2,164,162
States and political subdivisions	—		7,273,005		—		7,273,005
Other	—		42,348		—		42,348
Trading account securities:
U.S. Treasury	24,495		—		—		24,495
States and political subdivisions	—		1,313		—		1,313
Derivative assets:
Interest rate swaps, caps and floors	—		96,659		—		96,659
Commodity swaps and options	—		35,272		—		35,272
Foreign currency forward contracts	—		—		—		—
Derivative liabilities:
Interest rate swaps, caps and floors	—		38,339		—		38,339
Commodity swaps and options	—		34,432		—		34,432
Foreign currency forward contracts	—		—		—		—


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.


	Nine Months Ended September 30, 2020				Nine Months Ended September 30, 2019
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	6,388	$	8,660	$	2,416	$	60,010
Specific (allocations) reversals of prior allocations	(930)		14,928		1,116		(12,437)
Fair value	$	5,458	$	23,588	$	3,532	$	47,573

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,
	2020		2019
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	—	$	1,302
Charge-offs recognized in the allowance for credit losses on loan	—		(76)
Fair value	$	—	$	1,226
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:


	September 30, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	7,175,680	$	7,175,680	$	3,788,181	$	3,788,181
Securities held to maturity	1,951,384		2,058,855		2,030,005		2,048,675
Cash surrender value of life insurance policies	189,148		189,148		187,156		187,156
Accrued interest receivable	122,618		122,618		183,850		183,850
Level 3 inputs:
Loans, net	17,960,402		18,160,904		14,618,165		14,654,615
Financial liabilities:
Level 2 inputs:
Deposits	33,499,503		33,503,668		27,639,564		27,641,255
Federal funds purchased and repurchase agreements	1,608,667		1,608,667		1,695,342		1,695,342
Junior subordinated deferrable interest debentures	136,342		137,115		136,299		137,115
Subordinated notes	98,982		112,912		98,865		89,077
Accrued interest payable	9,144		9,144		12,393		12,393