v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, we utilize valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820 establishes a three-level fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See our 2024 Form 10-K for additional information regarding the fair value hierarchy and a description of our valuation techniques.
Financial Assets and Financial Liabilities. The tables below summarize financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy of ASC Topic 820 utilized to measure fair value.
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal Fair Value
June 30, 2025
Securities available for sale:
U.S. Treasury$2,840,939 $— $— $2,840,939 
Residential mortgage-backed securities— 8,850,263 — 8,850,263 
States and political subdivisions— 4,878,124 — 4,878,124 
Other— 43,360 — 43,360 
Trading account securities:
U.S. Treasury35,515 — — 35,515 
States and political subdivisions— 9,775 — 9,775 
Derivative assets:
Interest rate swaps, caps, and floors— 65,682 — 65,682 
Commodity swaps and options— 77,844 — 77,844 
Foreign currency forward contracts— 459 — 459 
Derivative liabilities:
Interest rate swaps, caps, and floors— 65,682 — 65,682 
Commodity swaps and options— 75,824 — 75,824 
Foreign currency forward contracts— 459 — 459 
December 31, 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. Treasury33,910 — — 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 
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis during the reported periods include certain collateral dependent loans reported at the fair value of the underlying collateral if repayment is expected solely from the 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 during the reported periods.
Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Level 2Level 3Level 2Level 3
Carrying value before allocations$6,691 $15,830 $17,832 $14,159 
Specific (allocations) reversals of prior allocations(528)(1,921)(1,916)(1,501)
Fair value$6,163 $13,909 $15,916 $12,658 
Non-Financial Assets and Non-Financial Liabilities. We do not have any non-financial assets or non-financial liabilities measured at fair value on a recurring basis. From time to time, non-financial assets measured at fair value on a non-recurring basis may include certain foreclosed assets which, upon initial recognition, were remeasured and reported at fair value through a charge-off to the allowance for loan losses and certain foreclosed assets which, subsequent to their initial recognition, were remeasured at fair value through a write-down included in other non-interest expense. There were no such fair value measurements during the reported periods.
Financial Instruments Reported at Amortized Cost. 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, 2025December 31, 2024
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents$7,116,087 $7,116,087 $10,234,258 $10,234,258 
Securities held to maturity3,486,290 3,218,209 3,533,775 3,360,546 
Accrued interest receivable247,257 247,257 236,591 236,591 
Level 3 inputs:
Loans, net20,976,692 20,688,014 20,484,662 20,066,512 
Financial liabilities:
Level 2 inputs:
Deposits41,683,614 41,672,001 42,722,748 42,712,907 
Federal funds purchased25,700 25,700 21,975 21,975 
Repurchase agreements4,418,379 4,418,379 4,342,941 4,342,941 
Junior subordinated deferrable interest debentures123,213 123,712 123,184 123,712 
Subordinated notes99,726 97,679 99,648 98,453 
Accrued interest payable52,938 52,938 58,870 58,870 
Under ASC Topic 825, entities may choose to measure eligible financial instruments at fair value at specified election dates. The fair value measurement option (i) may be applied instrument by instrument, with certain exceptions, (ii) is generally irrevocable and (iii) is applied only to entire instruments and not to portions of instruments. Unrealized gains and losses on items for which the fair value measurement option has been elected must be reported in earnings at each subsequent reporting date. During the reported periods, we had no financial instruments measured at fair value under the fair value measurement option.