Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 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 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
March 31, 2025
Securities available for sale:
U.S. Treasury	$	3,491,195	$	—	$	—	$	3,491,195
Residential mortgage-backed securities	—		8,690,947		—		8,690,947
States and political subdivisions	—		4,639,057		—		4,639,057
Other	—		43,273		—		43,273
Trading account securities:
U.S. Treasury	34,452		—		—		34,452
States and political subdivisions	—		210		—		210
Derivative assets:
Interest rate swaps, caps, and floors	—		69,764		—		69,764
Commodity swaps and options	—		80,591		—		80,591
Foreign currency forward contracts	—		125		—		125
Derivative liabilities:
Interest rate swaps, caps, and floors	—		69,762		—		69,762
Commodity swaps and options	—		78,794		—		78,794
Foreign currency forward contracts	—		125		—		125
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. Treasury	33,910		—		—		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

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, 2025				Three Months Ended March 31, 2024
	Level 2		Level 3		Level 2		Level 3
Carrying value before allocations	$	4,243	$	26,991	$	16,332	$	16,182
Specific (allocations) reversals of prior allocations	19		(1,144)		(1,589)		(1,172)
Fair value	$	4,262	$	25,847	$	14,743	$	15,010

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, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	7,853,408	$	7,853,408	$	10,234,258	$	10,234,258
Securities held to maturity	3,511,156		3,297,250		3,533,775		3,360,546
Accrued interest receivable	202,873		202,873		236,591		236,591
Level 3 inputs:
Loans, net	20,628,432		20,285,959		20,484,662		20,066,512
Financial liabilities:
Level 2 inputs:
Deposits	42,390,671		42,380,103		42,722,748		42,712,907
Federal funds purchased	25,650		25,650		21,975		21,975
Repurchase agreements	4,467,470		4,467,470		4,342,941		4,342,941
Junior subordinated deferrable interest debentures	123,199		123,712		123,184		123,712
Subordinated notes	99,687		98,468		99,648		98,453
Accrued interest payable	53,694		53,694		58,870		58,870