Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019, 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
2020
Securities available for sale:
U.S. Treasury	$	1,119,633	$	—	$	—	$	1,119,633
Residential mortgage-backed securities	—		1,987,679		—		1,987,679
States and political subdivisions	—		7,287,902		—		7,287,902
Other	—		42,351		—		42,351
Trading account securities:
U.S. Treasury	23,996		—		—		23,996
States and political subdivisions	—		460		—		460
Derivative assets:
Interest rate swaps, caps and floors	—		85,665		—		85,665
Commodity swaps and options	—		45,535		456		45,991
Foreign currency forward contracts	—		—		—		—
Derivative liabilities:
Interest rate swaps, caps and floors	—		35,187		—		35,187
Commodity swaps and options	—		45,099		—		45,099
Foreign currency forward contracts	—		—		—		—
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 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 credit losses on loans based upon the fair value of the underlying collateral:


	2020		2019		2018
Level 2
Carrying value of impaired loans before allocations	$	1,559	$	2,354	$	12,517
Specific valuation allowance allocations	(450)		(383)		(2,599)
Fair value	$	1,109	$	1,971	$	9,918
Level 3
Carrying value of impaired loans before allocations	$	34,302	$	65,176	$	22,688
Specific valuation allowance allocations	(11,151)		(18,019)		9,260
Fair value	$	23,151	$	47,157	$	31,948

Foreclosed Assets Remeasured and Reported at Fair Value

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


	2020		2019		2018
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	—	$	1,348	$	2,899
Charge-offs recognized in the allowance for credit losses on loans	—		(76)		—
Fair value	$	—	$	1,272	$	2,899
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	328	$	—	$	1,823
Write-downs included in other non-interest expense	(231)		—		(473)
Fair value	$	97	$	—	$	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 valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:


	December 31, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	10,288,853	$	10,288,853	$	3,788,181	$	3,788,181
Securities held to maturity	1,945,673		2,052,896		2,030,005		2,048,675
Cash surrender value of life insurance policies	189,984		189,984		187,156		187,156
Accrued interest receivable	181,432		181,432		183,850		183,850
Level 3 inputs:
Loans, net	17,218,132		17,390,683		14,618,165		14,654,615
Financial liabilities:
Level 2 inputs:
Deposits	35,015,761		35,018,185		27,639,564		27,641,255
Federal funds purchased and repurchase agreements	2,116,997		2,116,997		1,695,342		1,695,342
Junior subordinated deferrable interest debentures	136,357		137,115		136,299		137,115
Subordinated notes payable and other borrowings	99,021		115,717		98,865		89,077
Accrued interest payable	8,127		8,127		12,393		12,393