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

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			March 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	$	43,515	$	-	$	43,515	$	-
Residential mortgage pass-through securities		419,667		-		419,667		-
Commercial mortgage pass-through securities		21,960		-		21,960		-
Obligations of U.S. states and political subdivision		138,296		-		130,808		7,488
Corporate bonds and notes		3,977		-		3,977		-
Asset-backed securities		1,454		-		1,454		-
Other securities		132		132		-		-
Total available-for-sale		629,001		132		621,381		7,488
Equity securities		18,025		9,892		8,133		-
Derivatives		47,620		-		47,620		-
Total assets	$	694,646	$	10,024	$	677,134	$	7,488

			December 31, 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	$	44,450	$	-	$	44,450	$	-
Residential mortgage pass- through securities		417,578		-		417,578		-
Commercial mortgage pass-through securities		21,104		-		21,104		-
Obligations of U.S. states and political subdivision		142,896		-		135,547		7,349
Corporate bonds and notes		6,974		-		6,974		-
Asset-backed securities		1,640		-		1,640		-
Other securities		242		242		-		-
Total available-for-sale	$	634,884	$	242	$	627,293	$	7,349
Equity securities		15,811		9,733		6,078		-
Derivatives		56,797		-		56,797		-
Total assets	$	707,492	$	9,975	$	690,168	$	7,349

Fair Value Measurements, Nonrecurring [Table Text Block]

			Fair Value Measurements at Reporting Date Using
Assets measured at fair value on a nonrecurring basis:	March 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	$	11,635	$	-	$	-	$	11,635
Commercial real estate		10,428		-		-		10,428
Residential real estate		1,363		-		-		1,363

			Fair Value Measurements at Reporting Date Using
Assets measured at fair value on a nonrecurring basis:	December 31, 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	$	14,550	$	-	$	-	$	14,550
Commercial real estate		17,264		-		-		17,264
Residential real estate		1,392		-		-		1,392

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Municipal Securities
	(dollars in thousands)
Beginning balance, December 31, 2022	$	7,349
Principal paydowns		(74	)
Change in unrealized gain (loss)		213
Ending balance, March 31, 2023	$	7,488

	Municipal Securities
	(dollars in thousands)
Beginning balance, December 31, 2021	$	8,565
Principal paydowns		(287	)
Changes in unrealized gain (loss)		(929	)
Ending balance, December 31, 2022	$	7,349

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

March 31, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Rate
Securities available-for-sale:			(dollars in thousands)
Municipal securities	$	7,488	Discounted cash flows	Discount rate		4.0	%

December 31, 2022
	Fair Value		Valuation Techniques	Unobservable Input	Rate
Securities available-for-sale:			(dollars in thousands)
Municipal securities	$	7,349	Discounted cash flows	Discount rate		4.3	%

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

March 31, 2023
(dollars in thousands)	Fair Value		Valuation Techniques	Unobservable Input	Range (weighted average)
Commercial	$	11,150	Market approach (100%)	Average transfer price as a price to unpaid principal balance		65% –96% (67%)
Commercial		485	Appraisals of collateral value	Comparable sales	-10% to +13% (+3%)
Commercial real estate		10,428	Appraisals of collateral value	Comparable sales		-15% to +5% (6%)
Residential real estate		1,363	Appraisals of collateral value	Comparable sales	+21% to +39% (+27%)

December 31, 2022
(dollars in thousands)	Fair Value		Valuation Techniques	Unobservable Input	Range (weighted average)
Commercial loans	$	14,028	Market approach (100%)	Average transfer price as a price to unpaid principal balance		65% to 96% (67%)
Commercial loans		522	Appraisals of collateral value	Adjustment for comparable sales	-10% to +13% (+3%)
Commercial real estate loans		17,264	Appraisals of collateral value	Adjustment for comparable sales	-20% to +0% (-15%)
Residential real estate loans		1,392	Appraisals of collateral value	Adjustment for comparable sales	+21% to +39% (22%)

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)
March 31, 2023
Financial assets:
Cash and due from banks	$	562,416	$	562,416	$	562,416	$	-	$	-
Securities available-for-sale		629,001		629,001		132		621,381		7,488
Restricted investments in bank stocks		46,379		n/a		n/a		n/a		n/a
Equity securities		18,025		18,025		9,892		8,133		-
Net loans		8,045,117		7,749,886		-		-		7,749,886
Derivatives - interest rate contracts		47,620		47,620		-		47,620		-
Accrued interest receivable		46,301		46,301		-		4,829		41,472
Financial liabilities:
Noninterest-bearing deposits		1,345,265		1,345,265		1,345,265		-		-
Interest-bearing deposits		6,407,911		6,378,261		3,701,249		2,677,012		-
Borrowings		852,611		850,698		-		850,698		-
Subordinated debentures		79,060		78,040		-		78,040		-
Accrued interest payable		8,639		8,639		-		8,639		-
December 31, 2022
Financial assets:
Cash and due from banks	$	268,315	$	268,315	$	268,315	$	-	$	-
Investment securities available-for-sale		634,884		634,884		242		627,293		7,349
Restricted investment in bank stocks		46,604		n/a		n/a		n/a		n/a
Equity securities		15,811		15,811		9,733		6,078		-
Net loans		8,009,176		7,723,378		-		-		7,723,378
Derivatives - interest rate contracts		56,797		56,797		-		56,797		-
Accrued interest receivable		46,062		46,062		-		4,685		41,377
Financial liabilities:
Noninterest-bearing deposits		1,501,614		1,501,614		1,501,614		-		-
Interest-bearing deposits		5,855,008		5,811,291		3,460,818		2,350,473		-
Borrowings		857,622		854,698		.		854,698		-
Subordinated debentures		153,255		153,581		-		153,581		-
Accrued interest payable		6,925		6,925		-		6,925		-