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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2016
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 2015 Form 10-K for additional information regarding the fair value hierarchy and a description of our valuation techniques. Financial Assets and Financial Liabilities. The table below summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, 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, 2016 |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 3,824,834 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,824,834 |
Residential mortgage-backed securities | — |  |  | 976,640 |  |  | — |  |  | 976,640 |
States and political subdivisions | — |  |  | 4,223,286 |  |  | — |  |  | 4,223,286 |
Other | — |  |  | 42,469 |  |  | — |  |  | 42,469 |
Trading account securities: |  |  |  |  |  |  |
U.S. Treasury | 16,544 |  |  | — |  |  | — |  |  | 16,544 |
States and political subdivisions | — |  |  | 479 |  |  | — |  |  | 479 |
Derivative assets: |  |  |  |  |  |  |
Interest rate swaps, caps and floors | — |  |  | 54,646 |  |  | — |  |  | 54,646 |
Commodity swaps and options | — |  |  | 12,202 |  |  | — |  |  | 12,202 |
Foreign currency forward contracts | 6 |  |  | — |  |  | — |  |  | 6 |
Derivative liabilities: |  |  |  |  |  |  |
Interest rate swaps, caps and floors | — |  |  | 57,379 |  |  | — |  |  | 57,379 |
Commodity swaps and options | — |  |  | 11,863 |  |  | — |  |  | 11,863 |
Foreign currency forward contracts | 17 |  |  | — |  |  | — |  |  | 17 |
(continued) | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
December 31, 2015 |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 3,994,520 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,994,520 |
Residential mortgage-backed securities | — |  |  | 1,041,432 |  |  | — |  |  | 1,041,432 |
States and political subdivisions | — |  |  | 4,127,959 |  |  | — |  |  | 4,127,959 |
Other | — |  |  | 42,447 |  |  | — |  |  | 42,447 |
Trading account securities: |  |  |  |  |  |  |
U.S. Treasury | 16,443 |  |  | — |  |  | — |  |  | 16,443 |
States and political subdivisions | — |  |  | 136 |  |  | — |  |  | 136 |
Derivative assets: |  |  |  |  |  |  |
Interest rate swaps, caps and floors | — |  |  | 38,948 |  |  | — |  |  | 38,948 |
Commodity swaps and options | — |  |  | 13,564 |  |  | — |  |  | 13,564 |
Foreign currency forward contracts | 46 |  |  | — |  |  | — |  |  | 46 |
Derivative liabilities: |  |  |  |  |  |  |
Interest rate swaps, caps and floors | — |  |  | 40,693 |  |  | — |  |  | 40,693 |
Commodity swaps and options | — |  |  | 13,355 |  |  | — |  |  | 13,355 |
Foreign currency forward contracts | 28 |  |  | — |  |  | — |  |  | 28 |
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 (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis during the reported periods include certain impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported periods.
| Three Months Ended March 31, 2016 |  | Three Months Ended March 31, 2015
| Level 2 |  | Level 3 |  | Level 2 |  | Level 3
Carrying value of impaired loans before allocations | $ | — |  |  | $ | 45,751 |  |  | $ | 197 |  |  | $ | 1,107 |
Specific valuation allowance (allocations) reversals of prior allocations | — |  |  | (11,144 | ) |  | (71 | ) |  | 209 |
Fair value | $ | — |  |  | $ | 34,607 |  |  | $ | 126 |  |  | $ | 1,316 |
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. Non-financial assets measured at fair value on a non-recurring basis during the reported periods 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. The following table presents foreclosed assets that were remeasured and reported at fair value during the reported periods:
| Three Months Ended March 31,
| 2016 |  | 2015
Foreclosed assets remeasured at initial recognition: |  |  |
Carrying value of foreclosed assets prior to remeasurement | $ | 379 |  |  | $ | 67 |
Charge-offs recognized in the allowance for loan losses | (3 | ) |  | — |
Fair value | $ | 376 |  |  | $ | 67 |
Foreclosed assets remeasured subsequent to initial recognition: |  |  |
Carrying value of foreclosed assets prior to remeasurement | $ | — |  |  | $ | 138 |
Write-downs included in other non-interest expense | — |  |  | (22 | )
Fair value | $ | — |  |  | $ | 116 |
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:
| March 31, 2016 |  | December 31, 2015
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,863,463 |  |  | $ | 3,863,463 |  |  | $ | 3,591,523 |  |  | $ | 3,591,523 |
Securities held to maturity | 2,368,019 |  |  | 2,425,034 |  |  | 2,663,009 |  |  | 2,710,685 |
Cash surrender value of life insurance policies | 176,058 |  |  | 176,058 |  |  | 175,191 |  |  | 175,191 |
Accrued interest receivable | 99,175 |  |  | 99,175 |  |  | 139,986 |  |  | 139,986 |
Level 3 inputs: |  |  |  |  |  |  |
Loans, net | 11,380,155 |  |  | 11,393,803 |  |  | 11,350,672 |  |  | 11,396,158 |
Financial liabilities: |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |
Deposits | 24,156,975 |  |  | 24,157,311 |  |  | 24,343,595 |  |  | 24,344,007 |
Federal funds purchased and repurchase agreements | 693,886 |  |  | 693,886 |  |  | 893,522 |  |  | 893,522 |
Junior subordinated deferrable interest debentures | 136,083 |  |  | 137,115 |  |  | 136,069 |  |  | 137,115 |
Subordinated notes payable and other borrowings | 99,900 |  |  | 99,745 |  |  | 99,870 |  |  | 99,000 |
Accrued interest payable | 1,100 |  |  | 1,100 |  |  | 1,014 |  |  | 1,014 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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