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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  |  |  |  |  | March 31, 2023 |
|  |  |  |  |  | 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 |  | $ | 43,515 |  |  | $ | - |  |  | $ | 43,515 |  |  | $ | - |
Residential mortgage pass-through securities |  |  | 419,667 |  |  |  | - |  |  |  | 419,667 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 21,960 |  |  |  | - |  |  |  | 21,960 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 138,296 |  |  |  | - |  |  |  | 130,808 |  |  |  | 7,488 |
Corporate bonds and notes |  |  | 3,977 |  |  |  | - |  |  |  | 3,977 |  |  |  | - |
Asset-backed securities |  |  | 1,454 |  |  |  | - |  |  |  | 1,454 |  |  |  | - |
Other securities |  |  | 132 |  |  |  | 132 |  |  |  | - |  |  |  | - |
Total available-for-sale |  |  | 629,001 |  |  |  | 132 |  |  |  | 621,381 |  |  |  | 7,488 |
Equity securities |  |  | 18,025 |  |  |  | 9,892 |  |  |  | 8,133 |  |  |  | - |
Derivatives |  |  | 47,620 |  |  |  | - |  |  |  | 47,620 |  |  |  | - |
Total assets |  | $ | 694,646 |  |  | $ | 10,024 |  |  | $ | 677,134 |  |  | $ | 7,488 |
|  |  |  |  |  | December 31, 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 |  | $ | 44,450 |  |  | $ | - |  |  | $ | 44,450 |  |  | $ | - |
Residential mortgage pass- through securities |  |  | 417,578 |  |  |  | - |  |  |  | 417,578 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 21,104 |  |  |  | - |  |  |  | 21,104 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 142,896 |  |  |  | - |  |  |  | 135,547 |  |  |  | 7,349 |
Corporate bonds and notes |  |  | 6,974 |  |  |  | - |  |  |  | 6,974 |  |  |  | - |
Asset-backed securities |  |  | 1,640 |  |  |  | - |  |  |  | 1,640 |  |  |  | - |
Other securities |  |  | 242 |  |  |  | 242 |  |  |  | - |  |  |  | - |
Total available-for-sale |  | $ | 634,884 |  |  | $ | 242 |  |  | $ | 627,293 |  |  | $ | 7,349 |
Equity securities |  |  | 15,811 |  |  |  | 9,733 |  |  |  | 6,078 |  |  |  | - |
Derivatives |  |  | 56,797 |  |  |  | - |  |  |  | 56,797 |  |  |  | - |
Total assets |  | $ | 707,492 |  |  | $ | 9,975 |  |  | $ | 690,168 |  |  | $ | 7,349 |
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | March 31, 2023 |  |  | 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 |  | $ | 11,635 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,635 |
Commercial real estate |  |  | 10,428 |  |  |  | - |  |  |  | - |  |  |  | 10,428 |
Residential real estate |  |  | 1,363 |  |  |  | - |  |  |  | - |  |  |  | 1,363 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | December 31, 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 |  | $ | 14,550 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,550 |
Commercial real estate |  |  | 17,264 |  |  |  | - |  |  |  | - |  |  |  | 17,264 |
Residential real estate |  |  | 1,392 |  |  |  | - |  |  |  | - |  |  |  | 1,392 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, December 31, 2022 |  | $ | 7,349 |
Principal paydowns |  |  | (74 | )
Change in unrealized gain (loss) |  |  | 213 |
Ending balance, March 31, 2023 |  | $ | 7,488 |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, December 31, 2021 |  | $ | 8,565 |
Principal paydowns |  |  | (287 | )
Changes in unrealized gain (loss) |  |  | (929 | )
Ending balance, December 31, 2022 |  | $ | 7,349 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,488 |  | Discounted cash flows |  | Discount rate |  |  | 4.0 | %
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,349 |  | Discounted cash flows |  | Discount rate |  |  | 4.3 | %
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial |  | $ | 11,150 |  |  | Market approach (100%) | Average transfer price as a price to unpaid principal balance |  |  | 65% –96% (67%) |
Commercial |  |  | 485 |  |  | Appraisals of collateral value | Comparable sales |  | -10% to +13% (+3%) |
Commercial real estate |  |  | 10,428 |  |  | Appraisals of collateral value | Comparable sales |  |  | -15% to +5% (6%) |
Residential real estate |  |  | 1,363 |  |  | Appraisals of collateral value | Comparable sales |  | +21% to +39% (+27%) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial loans |  | $ | 14,028 |  |  | Market approach (100%) | Average transfer price as a price to unpaid principal balance |  |  | 65% to 96% (67%) |
Commercial loans |  |  | 522 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -10% to +13% (+3%) |
Commercial real estate loans |  |  | 17,264 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -20% to +0% (-15%) |
Residential real estate loans |  |  | 1,392 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | +21% to +39% (22%) |
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) |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 562,416 |  |  | $ | 562,416 |  |  | $ | 562,416 |  |  | $ | - |  |  | $ | - |
Securities available-for-sale |  |  | 629,001 |  |  |  | 629,001 |  |  |  | 132 |  |  |  | 621,381 |  |  |  | 7,488 |
Restricted investments in bank stocks |  |  | 46,379 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 18,025 |  |  |  | 18,025 |  |  |  | 9,892 |  |  |  | 8,133 |  |  |  | - |
Net loans |  |  | 8,045,117 |  |  |  | 7,749,886 |  |  |  | - |  |  |  | - |  |  |  | 7,749,886 |
Derivatives - interest rate contracts |  |  | 47,620 |  |  |  | 47,620 |  |  |  | - |  |  |  | 47,620 |  |  |  | - |
Accrued interest receivable |  |  | 46,301 |  |  |  | 46,301 |  |  |  | - |  |  |  | 4,829 |  |  |  | 41,472 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,345,265 |  |  |  | 1,345,265 |  |  |  | 1,345,265 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 6,407,911 |  |  |  | 6,378,261 |  |  |  | 3,701,249 |  |  |  | 2,677,012 |  |  |  | - |
Borrowings |  |  | 852,611 |  |  |  | 850,698 |  |  |  | - |  |  |  | 850,698 |  |  |  | - |
Subordinated debentures |  |  | 79,060 |  |  |  | 78,040 |  |  |  | - |  |  |  | 78,040 |  |  |  | - |
Accrued interest payable |  |  | 8,639 |  |  |  | 8,639 |  |  |  | - |  |  |  | 8,639 |  |  |  | - |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 268,315 |  |  | $ | 268,315 |  |  | $ | 268,315 |  |  | $ | - |  |  | $ | - |
Investment securities available-for-sale |  |  | 634,884 |  |  |  | 634,884 |  |  |  | 242 |  |  |  | 627,293 |  |  |  | 7,349 |
Restricted investment in bank stocks |  |  | 46,604 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 15,811 |  |  |  | 15,811 |  |  |  | 9,733 |  |  |  | 6,078 |  |  |  | - |
Net loans |  |  | 8,009,176 |  |  |  | 7,723,378 |  |  |  | - |  |  |  | - |  |  |  | 7,723,378 |
Derivatives - interest rate contracts |  |  | 56,797 |  |  |  | 56,797 |  |  |  | - |  |  |  | 56,797 |  |  |  | - |
Accrued interest receivable |  |  | 46,062 |  |  |  | 46,062 |  |  |  | - |  |  |  | 4,685 |  |  |  | 41,377 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,501,614 |  |  |  | 1,501,614 |  |  |  | 1,501,614 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 5,855,008 |  |  |  | 5,811,291 |  |  |  | 3,460,818 |  |  |  | 2,350,473 |  |  |  | - |
Borrowings |  |  | 857,622 |  |  |  | 854,698 |  |  |  | . |  |  |  | 854,698 |  |  |  | - |
Subordinated debentures |  |  | 153,255 |  |  |  | 153,581 |  |  |  | - |  |  |  | 153,581 |  |  |  | - |
Accrued interest payable |  |  | 6,925 |  |  |  | 6,925 |  |  |  | - |  |  |  | 6,925 |  |  |  | - |

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