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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

June 30, 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

 $52,670  $-  $52,670  $- 

Residential mortgage pass-through securities

  444,280   -   444,280   - 

Commercial mortgage pass-through securities

  22,858   -   22,858   - 

Obligations of U.S. states and political subdivision

  148,031   -   139,609   8,422 

Corporate bonds and notes

  5,491   -   5,491   - 

Asset-backed securities

  2,117   -   2,117   - 

Other securities

  494   494   -   - 

Total available-for-sale

  675,941   494   667,025   8,422 
                 

Equity securities

  15,993   14,053   1,940   - 

Derivatives

  31,285   -   31,285   - 

Total assets

 $723,219  $14,547  $700,250  $8,422 
      

December 31, 2021

 
      

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

 $50,360  $-  $50,360  $- 

Residential mortgage pass- through securities

  316,095   -   316,095   - 

Commercial mortgage pass-through securities

  10,469   -   10,469   - 

Obligations of U.S. states and political subdivision

  145,625   -   137,060   8,565 

Corporate bonds and notes

  9,049   -   9,049   - 

Asset-backed securities

  2,564   -   2,564   - 

Certificates of deposit

  150   -   150   - 

Other securities

  195   195   -   - 

Total available-for-sale

 $534,507  $195  $525,747  $8,565 
                 

Equity securities

  13,794   11,081   2,713   - 

Derivatives

  3,347   -   3,347   - 

Total assets

 $551,648  $11,276  $531,807  $8,565 
Fair Value Measurements, Nonrecurring [Table Text Block]
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 Carrying Value as of June 30, 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

 $14,657  $-  $-  $14,657 

Commercial real estate

  15,630   -   -   15,630 

Residential real estate

  1,365   -   -   1,365 
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2021  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

 $13,399  $-  $-  $13,399 

Commercial real estate

  20,185   -   -   20,185 

Residential real estate

  2,794   -   -   2,794 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, December 31, 2021

 $8,565 

Principal paydowns

  (143)

Ending balance, June 30, 2022

 $8,422 
  

Municipal

Securities

 
  

(dollars in thousands)

 

Beginning balance, December 31, 2020

 $8,844 

Principal paydowns

  (279)

Ending balance, December 31, 2021

 $8,565 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

June 30, 2022

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $8,422 

Discounted cash flows

 

Discount rate

  2.9%

December 31, 2021

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $8,565 

Discounted cash flows

 

Discount rate

  2.9%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

June 30, 2022

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial

 $14,006  

Market approach (100%)

Average transfer price as a price to unpaid principal balance

  58% –88% (60%) 

Commercial

 $651  

Appraisals of collateral value

Comparable sales

 -10% to +35% (+8%) 

Commercial real estate

 $15,630  

Appraisals of collateral value

Comparable sales

  -25% to 10% (-14%) 

Residential real estate

 $1,365  

Appraisals of collateral value

Comparable sales

 +21% to +39% (+22%) 

December 31, 2021

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial

 $12,193  

Market approach (100%)

Average transfer price as a price to unpaid principal balance

  48% to 73% (49%) 

Commercial

 $1,206  

Appraisals of collateral value

Adjustment for comparable sales

 

-10% to +35% (+6%)

 

Commercial real estate

 $20,185  

Appraisals of collateral value

Adjustment for comparable sales

 

-20% to +15% (-6%)

 

Residential real estate

 $2,794  

Appraisals of collateral value

Adjustment for comparable sales

 

-15% to +39% (5%)

 
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, 2022

                    

Financial assets:

                    

Cash and due from banks

 $299,320  $299,320  $299,320  $-  $- 

Securities available-for-sale

  675,941   675,941   494   667,025   8,422 

Restricted investments in bank stocks

  47,287   0   n/a   n/a   n/a 

Equity securities

  15,993   15,993   14,053   1,940   - 

Net loans

  7,191,834   6,993,635   -   -   6,993,635 

Derivatives

  31,285   31,285   -   31,285   - 

Accrued interest receivable

  34,615   34,615   -   2,649   31,966 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,712,875   1,712,875   1,712,875   -   - 

Interest-bearing deposits

  4,904,724   4,871,665   3,619,315   1,252,350   - 

Borrowings

  874,964   872,176   -   872,176   - 

Subordinated debentures

  153,103   153,952   -   153,952   - 

Accrued interest payable

  3,120   3,120   -   3,120   - 
                     

December 31, 2021

                    

Financial assets:

                    

Cash and due from banks

 $265,536  $265,536  $265,536  $-  $- 

Investment securities available-for-sale

  534,507   534,507   195   525,747   8,565 

Restricted investment in bank stocks

  27,826   n/a   n/a   n/a   n/a 

Equity securities

  13,794   13,794   11,081   2,713   - 

Net loans

  6,749,849   6,800,287   -   -   6,800,287 

Derivatives

  3,347   3,347   -   3,347   - 

Accrued interest receivable

  34,152   34,152   -   1,554   32,598 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,617,049   1,617,049   1,617,049   -   - 

Interest-bearing deposits

  4,715,904   4,716,358   3,565,795   1,150,563   - 

Borrowings

  468,193   469,671   -   469,671   - 

Subordinated debentures

  152,951   163,995   -   163,995   - 

Accrued interest payable

  2,716   2,716   -   2,716   -