Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024, 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
2025
Securities available for sale:
U.S. Treasury	$	2,456,517	$	—	$	—	$	2,456,517
Residential mortgage-backed securities	—		8,121,794		—		8,121,794
States and political subdivisions	—		5,349,857		—		5,349,857
Other	—		42,428		—		42,428
Trading account securities:
U.S. Treasury	36,650		—		—		36,650
States and political subdivisions	—		954		—		954
Derivative assets:
Interest rate swaps, caps and floors	—		58,663		—		58,663
Commodity swaps and options	—		52,364		—		52,364

Derivative liabilities:
Interest rate swaps, caps and floors	—		58,665		—		58,665
Commodity swaps and options	—		50,598		—		50,598

2024
Securities available for sale:
U.S. Treasury	$	3,442,320	$	—	$	—	$	3,442,320
Residential mortgage-backed securities	—		6,997,902		—		6,997,902
States and political subdivisions	—		4,560,224		—		4,560,224
Other	—		43,179		—		43,179
Trading account securities:
U.S. Treasury	33,910		—		—		33,910
States and political subdivisions	—		—		—		—
Derivative assets:
Interest rate swaps, caps and floors	—		79,122		—		79,122
Commodity swaps and options	—		48,503		—		48,503

Derivative liabilities:
Interest rate swaps, caps and floors	—		79,122		—		79,122
Commodity swaps and options	—		47,304		—		47,304

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:


	2025		2024		2023
Level 2
Carrying value before allocations	$	6,263	$	4,982	$	19,719
Specific (allocations) reversals of prior allocations	(481)		(650)		(3,391)
Fair value	$	5,782	$	4,332	$	16,328
Level 3
Carrying value before allocations	$	25,927	$	37,082	$	15,465
Specific (allocations) reversals of prior allocations	1,204		(10,987)		(2,344)
Fair value	$	27,131	$	26,095	$	13,121

Foreclosed Assets Remeasured And Reported At Fair Value

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


	2025		2024		2023
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	659	$	19,297	$	—
Charge-offs recognized in the allowance for credit losses on loans	—		(3,797)		—
Fair value	$	659	$	15,500	$	—

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, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	8,874,055	$	8,874,055	$	10,234,258	$	10,234,258
Securities held to maturity	3,431,179		3,295,431		3,533,775		3,360,546

Accrued interest receivable	256,093		256,093		236,591		236,591
Level 3 inputs:
Loans, net	21,610,317		21,559,335		20,484,662		20,066,512
Financial liabilities:
Level 2 inputs:
Deposits	42,917,864		42,908,091		42,722,748		42,712,907
Federal funds purchased	18,775		18,775		21,975		21,975
Repurchase agreements	4,525,855		4,525,855		4,342,941		4,342,941
Junior subordinated deferrable interest debentures	123,242		123,712		123,184		123,712
Subordinated notes	99,804		100,053		99,648		98,453
Accrued interest payable	45,737		45,737		58,870		58,870