Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021, 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
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/option 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/option contracts	11		—		—		11


	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

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:


	2022		2021		2020
Level 2
Carrying value before allocations	$	6,237	$	1,333	$	1,559
Specific (allocations) reversals of prior allocations	(1,480)		214		(450)
Fair value	$	4,757	$	1,547	$	1,109
Level 3
Carrying value before allocations	$	8,156	$	16,074	$	34,302
Specific (allocations) reversals of prior allocations	625		(5,178)		(11,151)
Fair value	$	8,781	$	10,896	$	23,151

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, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	12,028,132	$	12,028,132	$	16,583,000	$	16,583,000
Securities held to maturity	2,639,083		2,467,865		1,749,179		1,809,143
Cash surrender value of life insurance policies	190,188		190,188		190,139		190,139
Accrued interest receivable	243,682		243,682		179,111		179,111
Level 3 inputs:
Loans, net	16,927,348		16,343,417		16,087,731		16,079,454
Financial liabilities:
Level 2 inputs:
Deposits	43,954,196		43,920,741		42,695,696		41,343,426
Federal funds purchased	51,650		51,650		25,925		25,925
Repurchase agreements	4,660,641		4,660,641		2,740,799		2,740,799
Junior subordinated deferrable interest debentures	123,069		123,712		123,011		123,712
Subordinated notes	99,335		97,014		99,178		111,430
Accrued interest payable	18,444		18,444		3,026		3,026