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Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value
 9 Months Ended
Sep. 30, 2025
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:

  

September 30, 2025 (in thousands)

  

amount

    

Fair value

    

Level 1

    

Level 2

    

Level 3

  
                                         

Assets

                                        

Cash and cash equivalents

   $ 756,289     $ 756,289     $ 756,289     $ —     $ —  

HTM debt securities

     203,119       183,811       1,965       181,846       —  

Federal Home Loan Bank stock

     20,717       20,717       —       20,717       —  

Loans, net

     6,837,296       6,721,200       —       —       6,721,200  

Accrued interest receivable

     28,512       28,512       28,512       —       —  
                                         

Liabilities

                                        

Non-interest bearing deposits

   $ 1,589,159     $ 1,589,159     $ 1,589,159     $ —     $ —  

Transaction deposits

     4,335,544       4,335,544       —       4,335,544       —  

Time deposits

     1,719,269       1,723,362       —       1,723,362       —  

Securities sold under agreement to repurchase

     73,149       73,149       —       73,149       —  

Federal funds purchased

     6,729       6,729       —       6,729       —  

Subordinated debentures

     26,806       26,528       —       26,528       —  

FHLB advances

     300,000       296,892       —       296,892       —  

Accrued interest payable

     1,885       1,885       1,885       —       —  

 

 

   

Carrying

            

Fair Value Measurements Using:

  

December 31, 2024 (in thousands)

  

Amount

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

  
                                         

Assets

                                        

Cash and cash equivalents

   $ 291,020     $ 291,020     $ 291,020     $ —     $ —  

HTM debt securities

     370,171       341,357       153,108       188,249       —  

Federal Home Loan Bank stock

     21,603       21,603       —       21,603       —  

Loans, net

     6,433,459       6,256,752       —       —       6,256,752  

Accrued interest receivable

     27,697       27,697       27,697       —       —  
                                         

Liabilities

                                        

Non-interest bearing deposits

   $ 1,456,138     $ 1,456,138     $ 1,456,138     $ —     $ —  

Transaction deposits

     4,472,475       4,472,475       —       4,472,475       —  

Time deposits

     1,237,788       1,236,463       —       1,236,463       —  

Securities sold under agreement to repurchase

     162,967       162,967       —       162,967       —  

Federal funds purchased

     6,525       6,525       —       6,525       —  

Subordinated debentures

     26,806       26,346       —       26,346       —  

FHLB advances

     300,000       294,848       —       294,848       —  

Accrued interest payable

     1,912       1,912       1,912       —       —  

 

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.