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Note 7 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

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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