Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020, 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, 2021
Securities available for sale:
U.S. Treasury	$	1,302,031	$	—	$	—	$	1,302,031
Residential mortgage-backed securities	—		1,894,805		—		1,894,805
States and political subdivisions	—		7,138,254		—		7,138,254
Other	—		42,354		—		42,354
Trading account securities:
U.S. Treasury	24,038		—		—		24,038
States and political subdivisions	—		2,571		—		2,571
Derivative assets:
Interest rate swaps, caps and floors	—		58,820		—		58,820
Commodity swaps and options	—		88,604		—		88,604
Foreign currency forward contracts	144		—		—		144
Derivative liabilities:
Interest rate swaps, caps and floors	—		31,989		—		31,989
Commodity swaps and options	—		87,215		—		87,215
Foreign currency forward contracts	132		—		—		132


December 31, 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	—		—		—		—

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, 2021				Three Months Ended March 31, 2020
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	100	$	15,013	$	1,919	$	3,867
Specific (allocations) reversals of prior allocations	—		600		70		(244)
Fair value	$	100	$	15,613	$	1,989	$	3,623

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,
	2021		2020




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, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	11,802,269	$	11,802,269	$	10,288,853	$	10,288,853
Securities held to maturity	1,820,567		1,884,302		1,945,673		2,052,896
Cash surrender value of life insurance policies	189,756		189,756		189,984		189,984
Accrued interest receivable	128,725		128,725		181,432		181,432
Level 3 inputs:
Loans, net	17,628,393		17,738,315		17,218,132		17,390,683
Financial liabilities:
Level 2 inputs:
Deposits	36,925,180		36,926,759		35,015,761		35,018,185
Federal funds purchased	38,975		38,975		48,850		48,850
Repurchase agreements	1,884,449		1,884,449		2,068,147		2,068,147
Junior subordinated deferrable interest debentures	136,371		137,115		136,357		137,115
Subordinated notes	99,061		114,818		99,021		115,717
Accrued interest payable	4,138		4,138		8,127		8,127