Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, 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, 2024
Securities available for sale:
U.S. Treasury	$	3,872,572	$	—	$	—	$	3,872,572
Residential mortgage-backed securities	—		6,472,625		—		6,472,625
States and political subdivisions	—		4,793,516		—		4,793,516
Other	—		42,870		—		42,870
Trading account securities:
U.S. Treasury	29,608		—		—		29,608
States and political subdivisions	—		10,037		—		10,037
Derivative assets:
Interest rate swaps, caps, and floors	—		90,716		—		90,716
Commodity swaps and options	—		53,646		—		53,646
Foreign currency forward contracts	1		—		—		1
Derivative liabilities:
Interest rate swaps, caps, and floors	—		90,715		—		90,715
Commodity swaps and options	—		52,523		—		52,523

December 31, 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 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 contracts	19		—		—		19

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, 2024				Three Months Ended March 31, 2023
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	16,332	$	16,182	$	368	$	6,242
Specific (allocations) reversals of prior allocations	(1,589)		(1,172)		—		(900)
Fair value	$	14,743	$	15,010	$	368	$	5,342

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, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	8,464,517	$	8,464,517	$	8,687,276	$	8,687,276
Securities held to maturity	3,600,729		3,451,316		3,619,428		3,532,044
Accrued interest receivable	206,090		206,090		251,385		251,385
Level 3 inputs:
Loans, net	19,137,909		18,637,078		18,578,255		18,117,369
Financial liabilities:
Level 2 inputs:
Deposits	40,806,486		40,792,337		41,920,568		41,903,580
Federal funds purchased	41,200		41,200		14,200		14,200
Repurchase agreements	3,943,207		3,943,207		4,127,188		4,127,188
Junior subordinated deferrable interest debentures	123,141		123,712		123,127		123,712
Subordinated notes	99,530		96,513		99,491		96,071
Accrued interest payable	65,102		65,102		61,222		61,222