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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021, 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, 2022
Securities available for sale:
U.S. Treasury	$	3,507,746	$	—	$	—	$	3,507,746
Residential mortgage-backed securities	—		5,376,039		—		5,376,039
States and political subdivisions	—		7,258,393		—		7,258,393
Other	—		42,361		—		42,361
Trading account securities:
U.S. Treasury	23,939		—		—		23,939
States and political subdivisions	—		5,579		—		5,579
Derivative assets:
Interest rate swaps, caps and floors	—		33,697		—		33,697
Commodity swaps and options	—		252,747		—		252,747
Foreign currency forward contracts	150		—		—		150
Derivative liabilities:
Interest rate swaps, caps and floors	—		39,734		—		39,734
Commodity swaps and options	—		251,181		—		251,181
Foreign currency forward contracts	131		—		—		131
December 31, 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 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.


	Three Months Ended March 31, 2022				Three Months Ended March 31, 2021
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	2,064	$	5,711	$	100	$	15,013
Specific (allocations) reversals of prior allocations	(126)		3,965		—		600
Fair value	$	1,938	$	9,676	$	100	$	15,613

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:


	March 31, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	14,457,083	$	14,457,083	$	16,583,000	$	16,583,000
Securities held to maturity	1,665,465		1,639,993		1,749,179		1,809,143
Cash surrender value of life insurance policies	189,471		189,471		190,139		190,139
Accrued interest receivable	131,370		131,370		179,111		179,111
Level 3 inputs:
Loans, net	16,295,702		16,053,955		16,087,731		16,079,454
Financial liabilities:
Level 2 inputs:
Deposits	44,430,929		44,422,700		42,695,696		41,343,426
Federal funds purchased	35,200		35,200		25,925		25,925
Repurchase agreements	1,842,618		1,842,618		2,740,799		2,740,799
Junior subordinated deferrable interest debentures	123,026		123,712		123,011		123,712
Subordinated notes	99,217		105,740		99,178		111,430
Accrued interest payable	2,147		2,147		3,026		3,026