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Note 7 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  |  |  |  |  | September 30, 2024 |
|  |  |  |  |  | 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 |  | $ | 90,810 |  |  | $ | - |  |  | $ | 90,810 |  |  | $ | - |
Residential mortgage pass-through securities |  |  | 399,235 |  |  |  | - |  |  |  | 399,235 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 22,285 |  |  |  | - |  |  |  | 22,285 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 128,307 |  |  |  | - |  |  |  | 121,305 |  |  |  | 7,002 |
Corporate bonds and notes |  |  | 5,011 |  |  |  | - |  |  |  | 5,011 |  |  |  | - |
Asset-backed securities |  |  | 906 |  |  |  | - |  |  |  | 906 |  |  |  | - |
Other securities |  |  | 159 |  |  |  | 159 |  |  |  | - |  |  |  | - |
Total available-for-sale |  |  | 646,713 |  |  |  | 159 |  |  |  | 639,552 |  |  |  | 7,002 |
Equity securities |  |  | 20,399 |  |  |  | 10,068 |  |  |  | 10,331 |  |  |  | - |
Derivatives |  |  | 29,501 |  |  |  | - |  |  |  | 29,501 |  |  |  | - |
Total assets |  | $ | 696,613 |  |  | $ | 10,227 |  |  | $ | 679,384 |  |  | $ | 7,002 |
|  |  |  |  |  | December 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 |  | $ | 45,326 |  |  | $ | - |  |  | $ | 45,326 |  |  | $ | - |
Residential mortgage pass- through securities |  |  | 411,191 |  |  |  | - |  |  |  | 411,191 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 21,564 |  |  |  | - |  |  |  | 21,564 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 132,705 |  |  |  | - |  |  |  | 125,583 |  |  |  | 7,122 |
Corporate bonds and notes |  |  | 4,973 |  |  |  | - |  |  |  | 4,973 |  |  |  | - |
Asset-backed securities |  |  | 1,238 |  |  |  | - |  |  |  | 1,238 |  |  |  | - |
Other securities |  |  | 165 |  |  |  | 165 |  |  |  | - |  |  |  | - |
Total available-for-sale |  | $ | 617,162 |  |  | $ | 165 |  |  | $ | 609,875 |  |  | $ | 7,122 |
Equity securities |  |  | 18,564 |  |  |  | 9,867 |  |  |  | 8,697 |  |  |  | - |
Derivatives |  |  | 43,805 |  |  |  | - |  |  |  | 43,805 |  |  |  | - |
Total assets |  | $ | 679,531 |  |  | $ | 10,032 |  |  | $ | 662,377 |  |  | $ | 7,122 |
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | September 30, 2024 |  |  | 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 |  | $ | 741 |  |  | $ | - |  |  | $ | - |  |  | $ | 741 |
Commercial real estate |  |  | 23,136 |  |  |  | - |  |  |  | - |  |  |  | 23,136 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | December 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 |  | $ | 657 |  |  | $ | - |  |  | $ | - |  |  | $ | 657 |
Commercial real estate |  |  | 7,005 |  |  |  | - |  |  |  | - |  |  |  | 7,005 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, January 1, 2024 |  | $ | 7,122 |
Principal paydowns |  |  | (227 | )
Change in unrealized gain |  |  | 107 |
Ending balance, September 30, 2024 |  | $ | 7,002 |
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, January 1, 2023 |  | $ | 7,349 |
Principal paydowns |  |  | (272 | )
Changes in unrealized gain |  |  | 45 |
Ending balance, December 31, 2023 |  | $ | 7,122 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,002 |  | Discounted cash flows |  | Discount rate |  |  | 4.2 | %
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Rate |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 7,122 |  | Discounted cash flows |  | Discount rate |  |  | 4.3 | %
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial loans |  | $ | 741 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -9.5% to +5.0% (-4.3%) |
Commercial real estate loans |  |  | 23,136 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -6.9% to +4.8% (-0.2%) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Fair Value |  |  | Valuation Techniques | Unobservable Input |  | Range (weighted average) |
Commercial loans |  | $ | 657 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  |  | -7.5% to +25% (+.1%) |
Commercial real estate loans |  |  | 7,005 |  |  | Appraisals of collateral value | Adjustment for comparable sales |  | -15% to +0% (-10.3%) |
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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 247,248 |  |  | $ | 247,248 |  |  | $ | 247,248 |  |  | $ | - |  |  | $ | - |
Securities available-for-sale |  |  | 646,713 |  |  |  | 646,713 |  |  |  | 159 |  |  |  | 639,552 |  |  |  | 7,002 |
Restricted investments in bank stocks |  |  | 42,772 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 20,399 |  |  |  | 20,399 |  |  |  | 10,068 |  |  |  | 10,331 |  |  |  | - |
Net loans |  |  | 8,029,482 |  |  |  | 7,873,145 |  |  |  | - |  |  |  | - |  |  |  | 7,873,145 |
Derivatives - interest rate contracts |  |  | 29,501 |  |  |  | 29,501 |  |  |  | - |  |  |  | 29,501 |  |  |  | - |
Accrued interest receivable |  |  | 46,951 |  |  |  | 46,951 |  |  |  | - |  |  |  | 5,728 |  |  |  | 41,223 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,262,568 |  |  |  | 1,262,568 |  |  |  | 1,262,568 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 6,261,537 |  |  |  | 6,261,462 |  |  |  | 3,647,350 |  |  |  | 2,614,112 |  |  |  | - |
Borrowings |  |  | 742,133 |  |  |  | 742,894 |  |  |  | - |  |  |  | 742,894 |  |  |  | - |
Subordinated debentures |  |  | 79,818 |  |  |  | 78,587 |  |  |  | - |  |  |  | 78,587 |  |  |  | - |
Accrued interest payable |  |  | 11,306 |  |  |  | 11,306 |  |  |  | - |  |  |  | 11,306 |  |  |  | - |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 242,714 |  |  | $ | 242,714 |  |  | $ | 242,714 |  |  | $ | - |  |  | $ | - |
Investment securities available-for-sale |  |  | 617,162 |  |  |  | 617,162 |  |  |  | 165 |  |  |  | 609,875 |  |  |  | 7,122 |
Restricted investment in bank stocks |  |  | 51,457 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Equity securities |  |  | 18,564 |  |  |  | 18,564 |  |  |  | 9,867 |  |  |  | 8,697 |  |  |  | - |
Net loans |  |  | 8,263,171 |  |  |  | 8,001,504 |  |  |  | - |  |  |  | - |  |  |  | 8,001,504 |
Derivatives - interest rate contracts |  |  | 43,805 |  |  |  | 43,805 |  |  |  | - |  |  |  | 43,805 |  |  |  | - |
Accrued interest receivable |  |  | 49,108 |  |  |  | 49,108 |  |  |  | - |  |  |  | 5,387 |  |  |  | 43,721 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 1,259,364 |  |  |  | 1,259,364 |  |  |  | 1,259,364 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 6,276,838 |  |  |  | 6,256,444 |  |  |  | 3,745,467 |  |  |  | 2,510,977 |  |  |  | - |
Borrowings |  |  | 933,579 |  |  |  | 932,081 |  |  |  | - |  |  |  | 932,081 |  |  |  | - |
Subordinated debentures |  |  | 79,439 |  |  |  | 77,952 |  |  |  | - |  |  |  | 77,952 |  |  |  | - |
Accrued interest payable |  |  | 10,152 |  |  |  | 10,152 |  |  |  | - |  |  |  | 10,152 |  |  |  | - |

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