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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
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, 2024 and 2023, 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
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 
Foreign currency forward/option contracts— — — — 
Derivative liabilities:
Interest rate swaps, caps and floors— 79,122 — 79,122 
Commodity swaps and options— 47,304 — 47,304 
Foreign currency forward/option contracts— — — — 
2023
Securities available for sale:
U.S. Treasury$4,927,589 $— $— $4,927,589 
Residential mortgage-backed securities— 6,596,682 — 6,596,682 
States and political subdivisions— 5,011,331 — 5,011,331 
Other— 42,769 — 42,769 
Trading account securities:
U.S. Treasury30,265 — — 30,265 
States and political subdivisions— 1,452 — 1,452 
Derivative assets:
Interest rate swaps, caps and floors— 90,715 — 90,715 
Commodity swaps and options— 70,710 — 70,710 
Foreign currency forward contracts— 22 — 22 
Derivative liabilities:
Interest rate swaps, caps and floors— 90,525 — 90,525 
Commodity swaps and options— 69,447 — 69,447 
Foreign currency forward contracts— 19 — 19 
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:
202420232022
Level 2
Carrying value before allocations$4,982 $19,719 $6,237 
Specific (allocations) reversals of prior allocations(650)(3,391)(1,480)
Fair value$4,332 $16,328 $4,757 
Level 3
Carrying value before allocations$37,082 $15,465 $8,156 
Specific (allocations) reversals of prior allocations(10,987)(2,344)625 
Fair value$26,095 $13,121 $8,781 
Foreclosed Assets Remeasured And Reported At Fair Value
The following table presents foreclosed assets that were remeasured and reported at fair value:
202420232022
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement$19,297 $— $239 
Charge-offs recognized in the allowance for credit losses on loans(3,797)— — 
Fair value$15,500 $— $239 
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, 2024December 31, 2023
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents$10,234,258 $10,234,258 $8,687,276 $8,687,276 
Securities held to maturity3,533,775 3,360,546 3,619,428 3,532,044 
Accrued interest receivable236,591 236,591 251,385 251,385 
Level 3 inputs:
Loans, net20,484,662 20,066,512 18,578,255 18,117,369 
Financial liabilities:
Level 2 inputs:
Deposits42,722,748 42,712,907 41,920,568 41,903,580 
Federal funds purchased21,975 21,975 14,200 14,200 
Repurchase agreements4,342,941 4,342,941 4,127,188 4,127,188 
Junior subordinated deferrable interest debentures123,184 123,712 123,127 123,712 
Subordinated notes99,648 98,453 99,491 96,071 
Accrued interest payable58,870 58,870 61,222 61,222