Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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
September 30, 2021
Securities available for sale:
U.S. Treasury	$	1,685,221	$	—	$	—	$	1,685,221
Residential mortgage-backed securities	—		2,491,154		—		2,491,154
States and political subdivisions	—		7,512,489		—		7,512,489
Other	—		42,358		—		42,358
Trading account securities:
U.S. Treasury	24,087		—		—		24,087
States and political subdivisions	—		1,205		—		1,205
Derivative assets:
Interest rate swaps, caps and floors	—		53,186		—		53,186
Commodity swaps and options	—		227,527		—		227,527
Foreign currency forward contracts	4		—		—		4
Derivative liabilities:
Interest rate swaps, caps and floors	—		27,609		—		27,609
Commodity swaps and options	—		226,054		—		226,054


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

Derivative liabilities:
Interest rate swaps, caps and floors	—		35,187		—		35,187
Commodity swaps and options	—		45,099		—		45,099

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, 2021				Nine Months Ended September 30, 2020
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	3,329	$	15,274	$	6,388	$	8,660
Specific (allocations) reversals of prior allocations	(336)		(4,791)		(930)		14,928
Fair value	$	2,993	$	10,483	$	5,458	$	23,588

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,
	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:


	September 30, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	16,253,971	$	16,253,971	$	10,288,853	$	10,288,853
Securities held to maturity	1,759,270		1,825,568		1,945,673		2,052,896
Cash surrender value of life insurance policies	189,941		189,941		189,984		189,984
Accrued interest receivable	119,232		119,232		181,432		181,432
Level 3 inputs:
Loans, net	15,582,520		15,656,269		17,218,132		17,390,683
Financial liabilities:
Level 2 inputs:
Deposits	39,612,767		39,613,343		35,015,761		35,018,185
Federal funds purchased	27,200		27,200		48,850		48,850
Repurchase agreements	2,200,029		2,200,029		2,068,147		2,068,147
Junior subordinated deferrable interest debentures	136,400		137,115		136,357		137,115
Subordinated notes	99,139		113,223		99,021		115,717
Accrued interest payable	2,126		2,126		8,127		8,127