XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

(14)

Disclosure of Financial Instruments Not Reported at Fair Value

 

GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The estimated fair values of Bancorp’s financial instruments not measured at fair value on a recurring or non-recurring basis follows:

 

  

Carrying

      

Fair Value Measurements Using:

 

March 31, 2024 (in thousands)

 

amount

  

Fair value

  

Level 1

  

Level 2

  

Level 3

 
                     

Assets

                    

Cash and cash equivalents

 $160,223  $160,223  $160,223  $—  $— 

HTM debt securities

  385,404   351,869   149,193   202,676   — 

Federal Home Loan Bank stock

  24,675   24,675   —   24,675   — 

Loans, net

  5,768,818   5,594,312   —   —   5,594,312 

Accrued interest receivable

  26,074   26,074   26,074   —   — 
                     

Liabilities

                    

Non-interest bearing deposits

 $1,481,217  $1,481,217  $1,481,217  $—  $— 

Transaction deposits

  4,092,441   4,092,441   —   4,092,441   — 

Time deposits

  1,035,422   1,029,116   —   1,029,116   — 

Securities sold under agreement to repurchase

  162,528   162,528   —   162,528   — 

Federal funds purchased

  9,961   9,961   —   9,961   — 

Subordinated debentures

  26,806   25,896   —   25,896   — 

FHLB advances

  200,000   193,213   —   193,213   — 

Accrued interest payable

  2,194   2,194   2,194   —   — 

 

  

Carrying

      

Fair Value Measurements Using:

 

December 31, 2023 (in thousands)

 

amount

  

Fair value

  

Level 1

  

Level 2

  

Level 3

 
                     

Assets

                    

Cash and cash equivalents

 $265,959  $265,959  $265,959  $—  $— 

HTM debt securities

  439,837   408,519   198,327   210,192   — 

Federal Home Loan Bank stock

  16,236   16,236   —   16,236   — 

Loans, net

  5,691,664   5,520,059   —   —   5,520,059 

Accrued interest receivable

  26,830   26,830   26,830   —   — 
                     

Liabilities

                    

Non-interest bearing deposits

 $1,548,624  $1,548,624  $1,548,624  $—  $— 

Transaction deposits

  4,138,847   4,138,847   —   4,138,847   — 

Time deposits

  983,277   976,841   —   976,841   — 

Securities sold under agreement to repurchase

  152,991   152,991   —   152,991   — 

Federal funds purchased

  12,852   12,852   —   12,852   — 

Subordinated debentures

  26,740   26,746   —   26,746   — 

FHLB advances

  200,000   200,047   —   200,047   — 

Accrued interest payable

  2,094   2,094   2,094   —   — 

 

Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no market exists for a significant portion of Bancorp’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly impact estimates.