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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

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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