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

9 Months Ended

Sep. 30, 2022

Notes Tables

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

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

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

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	%

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%)

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		-