Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, 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
2023
Securities available for sale:
U.S. Treasury	$	4,927,589	$	—	$	—	$	4,927,589
Residential mortgage-backed securities	—		6,596,682		—		6,596,682
States and political subdivisions	—		5,011,331		—		5,011,331
Other	—		42,769		—		42,769
Trading account securities:
U.S. Treasury	30,265		—		—		30,265
States and political subdivisions	—		1,452		—		1,452
Derivative assets:
Interest rate swaps, caps and floors	—		90,715		—		90,715
Commodity swaps and options	—		70,710		—		70,710
Foreign currency forward/option contracts	22		—		—		22
Derivative liabilities:
Interest rate swaps, caps and floors	—		90,525		—		90,525
Commodity swaps and options	—		69,447		—		69,447
Foreign currency forward/option contracts	19		—		—		19


	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
2022
Securities available for sale:
U.S. Treasury	$	5,051,587	$	—	$	—	$	5,051,587
Residential mortgage-backed securities	—		6,376,236		—		6,376,236
States and political subdivisions	—		6,773,355		—		6,773,355
Other	—		42,427		—		42,427
Trading account securities:
U.S. Treasury	25,879		—		—		25,879
States and political subdivisions	—		2,166		—		2,166
Derivative assets:
Interest rate swaps, caps and floors	—		86,793		—		86,793
Commodity swaps and options	—		106,685		—		106,685
Foreign currency forward contracts	11		—		—		11
Derivative liabilities:
Interest rate swaps, caps and floors	—		95,533		—		95,533
Commodity swaps and options	—		105,392		—		105,392
Foreign currency forward contracts	11		—		—		11

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:


	2023		2022		2021
Level 2
Carrying value before allocations	$	19,719	$	6,237	$	1,333
Specific (allocations) reversals of prior allocations	(3,391)		(1,480)		214
Fair value	$	16,328	$	4,757	$	1,547
Level 3
Carrying value before allocations	$	15,465	$	8,156	$	16,074
Specific (allocations) reversals of prior allocations	(2,344)		625		(5,178)
Fair value	$	13,121	$	8,781	$	10,896

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, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	8,687,276	$	8,687,276	$	12,028,132	$	12,028,132
Securities held to maturity	3,619,428		3,532,044		2,639,083		2,467,865

Accrued interest receivable	251,385		251,385		243,682		243,682
Level 3 inputs:
Loans, net	18,578,255		18,117,369		16,927,348		16,343,417
Financial liabilities:
Level 2 inputs:
Deposits	41,920,568		41,903,580		43,954,196		43,920,741
Federal funds purchased	14,200		14,200		51,650		51,650
Repurchase agreements	4,127,188		4,127,188		4,660,641		4,660,641
Junior subordinated deferrable interest debentures	123,127		123,712		123,069		123,712
Subordinated notes	99,491		96,071		99,335		97,014
Accrued interest payable	61,222		61,222		18,444		18,444