Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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
June 30, 2024
Securities available for sale:
U.S. Treasury	$	3,882,331	$	—	$	—	$	3,882,331
Residential mortgage-backed securities	—		6,537,427		—		6,537,427
States and political subdivisions	—		4,734,909		—		4,734,909
Other	—		42,971		—		42,971
Trading account securities:
U.S. Treasury	31,400		—		—		31,400
States and political subdivisions	—		786		—		786
Derivative assets:
Interest rate swaps, caps, and floors	—		87,257		—		87,257
Commodity swaps and options	—		56,293		—		56,293

Derivative liabilities:
Interest rate swaps, caps, and floors	—		87,254		—		87,254
Commodity swaps and options	—		54,819		—		54,819

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.


	Six Months Ended June 30, 2024				Six Months Ended June 30, 2023
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	17,832	$	14,159	$	19,064	$	20,171
Specific (allocations) reversals of prior allocations	(1,916)		(1,501)		(1,300)		(2,100)
Fair value	$	15,916	$	12,658	$	17,764	$	18,071

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:


	June 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	7,144,784	$	7,144,784	$	8,687,276	$	8,687,276
Securities held to maturity	3,586,116		3,416,937		3,619,428		3,532,044
Accrued interest receivable	243,951		243,951		251,385		251,385
Level 3 inputs:
Loans, net	19,739,449		19,241,857		18,578,255		18,117,369
Financial liabilities:
Level 2 inputs:
Deposits	40,318,140		40,303,423		41,920,568		41,903,580
Federal funds purchased	35,925		35,925		14,200		14,200
Repurchase agreements	3,762,942		3,762,942		4,127,188		4,127,188
Junior subordinated deferrable interest debentures	123,155		123,712		123,127		123,712
Subordinated notes	99,569		96,645		99,491		96,071
Accrued interest payable	66,812		66,812		61,222		61,222