Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Notes Tables |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| | | | | | | September 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 | | $ | 45,620 | | | $ | - | | | $ | 45,620 | | | $ | - | |
| Residential mortgage pass-through securities | | | 406,985 | | | | - | | | | 406,985 | | | | - | |
| Commercial mortgage pass-through securities | | | 20,895 | | | | - | | | | 20,895 | | | | - | |
| Obligations of U.S. states and political subdivision | | | 141,107 | | | | - | | | | 133,730 | | | | 7,377 | |
| Corporate bonds and notes | | | 6,990 | | | | - | | | | 6,990 | | | | - | |
| Asset-backed securities | | | 1,898 | | | | - | | | | 1,898 | | | | - | |
| Other securities | | | 134 | | | | 134 | | | | - | | | | - | |
| Total available-for-sale | | | 623,629 | | | | 134 | | | | 616,118 | | | | 7,377 | |
| | | | | | | | | | | | | | | | | |
| Equity securities | | | 15,563 | | | | 9,701 | | | | 5,862 | | | | - | |
| Derivatives | | | 54,041 | | | | - | | | | 54,041 | | | | - | |
| Total assets | | $ | 693,233 | | | $ | 9,835 | | | $ | 676,021 | | | $ | 7,377 | |
| | | | | | | 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 | |
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| 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 September 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 | | $ | 14,443 | | | $ | - | | | $ | - | | | $ | 14,443 | |
| Commercial real estate | | | 26,197 | | | | - | | | | - | | | | 26,197 | |
| Residential real estate | | | 1,372 | | | | - | | | | - | | | | 1,372 | |
| | | | | | | 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 | |
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| 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 | | | (214 | ) |
| Change in unrealized gain (loss) | | | (974 | ) |
| Ending balance, September 30, 2022 | | $ | 7,377 | |
| | | Municipal Securities | |
| | | (dollars in thousands) | |
| Beginning balance, December 31, 2020 | | $ | 8,844 | |
| Principal paydowns | | | (279 | ) |
| Ending balance, December 31, 2021 | | $ | 8,565 | |
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| Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
| September 30, 2022 | | | | | | | | | | | |
| | | Fair Value | | Valuation Techniques | | Unobservable Input | | Rate | |
| Securities available-for-sale: | | | | | (dollars in thousands) | | | | | | |
| Municipal securities | | $ | 7,377 | | Discounted cash flows | | Discount rate | | | 4.3 | % |
| 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 | % |
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| Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
| September 30, 2022 | | | | | | | | | | | |
| (dollars in thousands) | | Fair Value | | | Valuation Techniques | Unobservable Input | | Range (weighted average) | |
| Commercial | | $ | 13,960 | | | Market approach (100%) | Average transfer price as a price to unpaid principal balance | | | 61% –95% (64%) | |
| Commercial | | | 483 | | | Appraisals of collateral value | Comparable sales | | -5% to +35% (+17%) | |
| Commercial real estate | | | 26,197 | | | Appraisals of collateral value | Comparable sales | | | -25% to +10% (-16%) | |
| Residential real estate | | | 1,372 | | | 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%) | |
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| 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, 2022 | | | | | | | | | | | | | | | | | | | | |
| Financial assets: | | | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 333,844 | | | $ | 333,844 | | | $ | 333,844 | | | $ | - | | | $ | - | |
| Securities available-for-sale | | | 623,629 | | | | 623,629 | | | | 134 | | | | 616,118 | | | | 7,377 | |
| Restricted investments in bank stocks | | | 45,324 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
| Equity securities | | | 15,563 | | | | 15,563 | | | | 9,701 | | | | 5,862 | | | | - | |
| Net loans | | | 7,808,733 | | | | 7,524,799 | | | | - | | | | - | | | | 7,524,799 | |
| Derivatives | | | 54,041 | | | | 54,041 | | | | - | | | | 54,041 | | | | - | |
| Accrued interest receivable | | | 38,940 | | | | 38,940 | | | | - | | | | 3,219 | | | | 35,721 | |
| | | | | | | | | | | | | | | | | | | | | |
| Financial liabilities: | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing deposits | | | 1,665,658 | | | | 1,665,658 | | | | 1,665,658 | | | | - | | | | - | |
| Interest-bearing deposits | | | 5,644,852 | | | | 5,599,170 | | | | 3,723,617 | | | | 1,875,553 | | | | - | |
| Borrowings | | | 829,953 | | | | 826,280 | | | | - | | | | 826,280 | | | | - | |
| Subordinated debentures | | | 153,179 | | | | 153,170 | | | | - | | | | 153,170 | | | | - | |
| Accrued interest payable | | | 5,733 | | | | 5,733 | | | | - | | | | 5,733 | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | - | |
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