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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  |  |  |  |  | June 30, 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 |  | $ | 43,153 |  |  | $ | - |  |  | $ | 43,153 |  |  | $ | - |
Residential mortgage pass-through securities |  |  | 409,126 |  |  |  | - |  |  |  | 409,126 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 21,210 |  |  |  | - |  |  |  | 21,210 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 133,839 |  |  |  | - |  |  |  | 126,602 |  |  |  | 7,237 |
Corporate bonds and notes |  |  | 3,959 |  |  |  | - |  |  |  | 3,959 |  |  |  | - |
Asset-backed securities |  |  | 1,381 |  |  |  | - |  |  |  | 1,381 |  |  |  | - |
Other securities |  |  | 151 |  |  |  | 151 |  |  |  | - |  |  |  | - |
Total available-for-sale |  |  | 612,819 |  |  |  | 151 |  |  |  | 605,431 |  |  |  | 7,237 |
Equity securities |  |  | 17,950 |  |  |  | 9,736 |  |  |  | 8,214 |  |  |  | - |
Derivatives |  |  | 57,545 |  |  |  | - |  |  |  | 57,545 |  |  |  | - |
Total assets |  | $ | 688,314 |  |  | $ | 9,887 |  |  | $ | 671,190 |  |  | $ | 7,237 |
|  |  |  |  |  | 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: |  | June 30, 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 |  | $ | 10,779 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,779 |
Commercial real estate |  |  | 10,376 |  |  |  | - |  |  |  | - |  |  |  | 10,376 |
Residential real estate |  |  | 1,319 |  |  |  | - |  |  |  | - |  |  |  | 1,319 |
|  |  |  |  |  | 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 |  |  | (147 | )
Change in unrealized gain |  |  | 35 |
Ending balance, June 30, 2023 |  | $ | 7,237 |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, December 31, 2021 |  | $ | 8,565 |
Principal paydowns |  |  | (287 | )
Changes in unrealized loss |  |  | (929 | )
Ending balance, December 31, 2022 |  | $ | 7,349 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,237 |  | Discounted cash flows |  | Discount rate |  |  | 4.3 | %
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] |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial |  | $ | 10,311 |  |  | Market approach (100%) | Average transfer price as a price to unpaid principal balance |  |  | 65% –92% (67%) |
Commercial |  |  | 468 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -10% to +13% (+3%) |
Commercial real estate |  |  | 10,376 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  |  | -15% to +5% (6%) |
Residential real estate |  |  | 1,319 |  |  | Appraisals of collateral value | Adjustment for 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) |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 319,924 |  |  | $ | 319,924 |  |  | $ | 319,924 |  |  | $ | - |  |  | $ | - |
Securities available-for-sale |  |  | 612,819 |  |  |  | 612,819 |  |  |  | 151 |  |  |  | 605,431 |  |  |  | 7,237 |
Restricted investments in bank stocks |  |  | 46,688 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 17,950 |  |  |  | 17,950 |  |  |  | 9,736 |  |  |  | 8,214 |  |  |  | - |
Net loans |  |  | 8,059,335 |  |  |  | 7,724,946 |  |  |  | - |  |  |  | - |  |  |  | 7,724,946 |
Derivatives - interest rate contracts |  |  | 57,545 |  |  |  | 57,545 |  |  |  | - |  |  |  | 57,545 |  |  |  | - |
Accrued interest receivable |  |  | 46,237 |  |  |  | 46,236 |  |  |  | - |  |  |  | 5,201 |  |  |  | 41,035 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,356,293 |  |  |  | 1,356,293 |  |  |  | 1,356,293 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 6,182,004 |  |  |  | 6,146,249 |  |  |  | 3,560,856 |  |  |  | 2,585,393 |  |  |  | - |
Borrowings |  |  | 827,601 |  |  |  | 825,002 |  |  |  | - |  |  |  | 825,002 |  |  |  | - |
Subordinated debentures |  |  | 79,187 |  |  |  | 77,576 |  |  |  | - |  |  |  | 77,576 |  |  |  | - |
Accrued interest payable |  |  | 8,083 |  |  |  | 8,083 |  |  |  | - |  |  |  | 8,083 |  |  |  | - |
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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