Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, 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
2021
Securities available for sale:
U.S. Treasury	$	2,179,433	$	—	$	—	$	2,179,433
Residential mortgage-backed securities	—		4,066,265		—		4,066,265
States and political subdivisions	—		7,636,571		—		7,636,571
Other	—		42,359		—		42,359
Trading account securities:
U.S. Treasury	24,237		—		—		24,237
States and political subdivisions	—		925		—		925
Derivative assets:
Interest rate swaps, caps and floors	—		44,310		—		44,310
Commodity swaps and options	—		114,757		—		114,757
Foreign currency forward contracts	33		—		—		33
Derivative liabilities:
Interest rate swaps, caps and floors	—		25,261		—		25,261
Commodity swaps and options	—		113,261		—		113,261
Foreign currency forward contracts	55		—		—		55
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 of Underlying Collateral

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:


	2021		2020		2019
Level 2
Carrying value before allocations	$	1,333	$	1,559	$	2,354
Specific (allocations) reversals of prior allocations	214		(450)		(383)
Fair value	$	1,547	$	1,109	$	1,971
Level 3
Carrying value before allocations	$	16,074	$	34,302	$	65,176
Specific (allocations) reversals of prior allocations	(5,178)		(11,151)		(18,019)
Fair value	$	10,896	$	23,151	$	47,157

Foreclosed Assets Remeasured and Reported at Fair Value

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


	2021		2020		2019
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	—	$	—	$	1,348
Charge-offs recognized in the allowance for credit losses on loans	—		—		(76)
Fair value	$	—	$	—	$	1,272
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	14	$	328	$	—
Write-downs included in other non-interest expense	(14)		(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 valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:


	December 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	16,583,000	$	16,583,000	$	10,288,853	$	10,288,853
Securities held to maturity	1,749,179		1,809,143		1,945,673		2,052,896
Cash surrender value of life insurance policies	190,139		190,139		189,984		189,984
Accrued interest receivable	179,111		179,111		181,432		181,432
Level 3 inputs:
Loans, net	16,087,731		16,079,454		17,218,132		17,390,683
Financial liabilities:
Level 2 inputs:
Deposits	42,695,696		41,343,426		35,015,761		35,018,185
Federal funds purchased	25,925		25,925		48,850		48,850
Repurchase agreements	2,740,799		2,740,799		2,068,147		2,068,147
Junior subordinated deferrable interest debentures	123,011		123,712		136,357		137,115
Subordinated notes	99,178		111,430		99,021		115,717
Accrued interest payable	3,026		3,026		8,127		8,127