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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  |  |  |  |  | September 30, 2022 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | Total Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 45,620 |  |  | $ | - |  |  | $ | 45,620 |  |  | $ | - |
Residential mortgage pass-through securities |  |  | 406,985 |  |  |  | - |  |  |  | 406,985 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 20,895 |  |  |  | - |  |  |  | 20,895 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 141,107 |  |  |  | - |  |  |  | 133,730 |  |  |  | 7,377 |
Corporate bonds and notes |  |  | 6,990 |  |  |  | - |  |  |  | 6,990 |  |  |  | - |
Asset-backed securities |  |  | 1,898 |  |  |  | - |  |  |  | 1,898 |  |  |  | - |
Other securities |  |  | 134 |  |  |  | 134 |  |  |  | - |  |  |  | - |
Total available-for-sale |  |  | 623,629 |  |  |  | 134 |  |  |  | 616,118 |  |  |  | 7,377 |
Equity securities |  |  | 15,563 |  |  |  | 9,701 |  |  |  | 5,862 |  |  |  | - |
Derivatives |  |  | 54,041 |  |  |  | - |  |  |  | 54,041 |  |  |  | - |
Total assets |  | $ | 693,233 |  |  | $ | 9,835 |  |  | $ | 676,021 |  |  | $ | 7,377 |
|  |  |  |  |  | December 31, 2021 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | Total Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 50,360 |  |  | $ | - |  |  | $ | 50,360 |  |  | $ | - |
Residential mortgage pass- through securities |  |  | 316,095 |  |  |  | - |  |  |  | 316,095 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 10,469 |  |  |  | - |  |  |  | 10,469 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 145,625 |  |  |  | - |  |  |  | 137,060 |  |  |  | 8,565 |
Corporate bonds and notes |  |  | 9,049 |  |  |  | - |  |  |  | 9,049 |  |  |  | - |
Asset-backed securities |  |  | 2,564 |  |  |  | - |  |  |  | 2,564 |  |  |  | - |
Certificates of deposit |  |  | 150 |  |  |  | - |  |  |  | 150 |  |  |  | - |
Other securities |  |  | 195 |  |  |  | 195 |  |  |  | - |  |  |  | - |
Total available-for-sale |  | $ | 534,507 |  |  | $ | 195 |  |  | $ | 525,747 |  |  | $ | 8,565 |
Equity securities |  |  | 13,794 |  |  |  | 11,081 |  |  |  | 2,713 |  |  |  | - |
Derivatives |  |  | 3,347 |  |  |  | - |  |  |  | 3,347 |  |  |  | - |
Total assets |  | $ | 551,648 |  |  | $ | 11,276 |  |  | $ | 531,807 |  |  | $ | 8,565 |
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | Carrying Value as of September 30, 2022 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent loans: |  | (dollars in thousands) |
Commercial |  | $ | 14,443 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,443 |
Commercial real estate |  |  | 26,197 |  |  |  | - |  |  |  | - |  |  |  | 26,197 |
Residential real estate |  |  | 1,372 |  |  |  | - |  |  |  | - |  |  |  | 1,372 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | December 31, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent loans: |  | (dollars in thousands) |
Commercial |  | $ | 13,399 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,399 |
Commercial real estate |  |  | 20,185 |  |  |  | - |  |  |  | - |  |  |  | 20,185 |
Residential real estate |  |  | 2,794 |  |  |  | - |  |  |  | - |  |  |  | 2,794 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, December 31, 2021 |  | $ | 8,565 |
Principal paydowns |  |  | (214 | )
Change in unrealized gain (loss) |  |  | (974 | )
Ending balance, September 30, 2022 |  | $ | 7,377 |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, December 31, 2020 |  | $ | 8,844 |
Principal paydowns |  |  | (279 | )
Ending balance, December 31, 2021 |  | $ | 8,565 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,377 |  | Discounted cash flows |  | Discount rate |  |  | 4.3 | %
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 8,565 |  | Discounted cash flows |  | Discount rate |  |  | 2.9 | %
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial |  | $ | 13,960 |  |  | Market approach (100%) | Average transfer price as a price to unpaid principal balance |  |  | 61% –95% (64%) |
Commercial |  |  | 483 |  |  | Appraisals of collateral value | Comparable sales |  | -5% to +35% (+17%) |
Commercial real estate |  |  | 26,197 |  |  | Appraisals of collateral value | Comparable sales |  |  | -25% to +10% (-16%) |
Residential real estate |  |  | 1,372 |  |  | Appraisals of collateral value | Comparable sales |  | +21% to +39% (+22%) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial |  | $ | 12,193 |  |  | Market approach (100%) | Average transfer price as a price to unpaid principal balance |  |  | 48% to 73% (49%) |
Commercial |  |  | 1,206 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -10% to +35% (+6%) |
Commercial real estate |  |  | 20,185 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -20% to +15% (-6%) |
Residential real estate |  |  | 2,794 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -15% to +39% (5%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Carrying Amount |  |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (dollars in thousands) |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 333,844 |  |  | $ | 333,844 |  |  | $ | 333,844 |  |  | $ | - |  |  | $ | - |
Securities available-for-sale |  |  | 623,629 |  |  |  | 623,629 |  |  |  | 134 |  |  |  | 616,118 |  |  |  | 7,377 |
Restricted investments in bank stocks |  |  | 45,324 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 15,563 |  |  |  | 15,563 |  |  |  | 9,701 |  |  |  | 5,862 |  |  |  | - |
Net loans |  |  | 7,808,733 |  |  |  | 7,524,799 |  |  |  | - |  |  |  | - |  |  |  | 7,524,799 |
Derivatives |  |  | 54,041 |  |  |  | 54,041 |  |  |  | - |  |  |  | 54,041 |  |  |  | - |
Accrued interest receivable |  |  | 38,940 |  |  |  | 38,940 |  |  |  | - |  |  |  | 3,219 |  |  |  | 35,721 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,665,658 |  |  |  | 1,665,658 |  |  |  | 1,665,658 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 5,644,852 |  |  |  | 5,599,170 |  |  |  | 3,723,617 |  |  |  | 1,875,553 |  |  |  | - |
Borrowings |  |  | 829,953 |  |  |  | 826,280 |  |  |  | - |  |  |  | 826,280 |  |  |  | - |
Subordinated debentures |  |  | 153,179 |  |  |  | 153,170 |  |  |  | - |  |  |  | 153,170 |  |  |  | - |
Accrued interest payable |  |  | 5,733 |  |  |  | 5,733 |  |  |  | - |  |  |  | 5,733 |  |  |  | - |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 265,536 |  |  | $ | 265,536 |  |  | $ | 265,536 |  |  | $ | - |  |  | $ | - |
Investment securities available-for-sale |  |  | 534,507 |  |  |  | 534,507 |  |  |  | 195 |  |  |  | 525,747 |  |  |  | 8,565 |
Restricted investment in bank stocks |  |  | 27,826 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 13,794 |  |  |  | 13,794 |  |  |  | 11,081 |  |  |  | 2,713 |  |  |  | - |
Net loans |  |  | 6,749,849 |  |  |  | 6,800,287 |  |  |  | - |  |  |  | - |  |  |  | 6,800,287 |
Derivatives |  |  | 3,347 |  |  |  | 3,347 |  |  |  | - |  |  |  | 3,347 |  |  |  | - |
Accrued interest receivable |  |  | 34,152 |  |  |  | 34,152 |  |  |  | - |  |  |  | 1,554 |  |  |  | 32,598 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,617,049 |  |  |  | 1,617,049 |  |  |  | 1,617,049 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 4,715,904 |  |  |  | 4,716,358 |  |  |  | 3,565,795 |  |  |  | 1,150,563 |  |  |  | - |
Borrowings |  |  | 468,193 |  |  |  | 469,671 |  |  |  | - |  |  |  | 469,671 |  |  |  | - |
Subordinated debentures |  |  | 152,951 |  |  |  | 163,995 |  |  |  | - |  |  |  | 163,995 |  |  |  | - |
Accrued interest payable |  |  | 2,716 |  |  |  | 2,716 |  |  |  | - |  |  |  | 2,716 |  |  |  | - |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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