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

9 Months Ended

Sep. 30, 2023

Notes Tables

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

			September 30, 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	$	43,969	$	-	$	43,969	$	-
Residential mortgage pass-through securities		389,427		-		389,427		-
Commercial mortgage pass-through securities		19,927		-		19,927		-
Obligations of U.S. states and political subdivision		122,899		-		115,882		7,017
Corporate bonds and notes		2,961		-		2,961		-
Asset-backed securities		1,322		-		1,322		-
Other securities		1,362		1,362		-		-
Total available-for-sale		581,867		1,362		573,488		7,017
Equity securities		17,677		9,394		8,283		-
Derivatives		61,972		-		61,972		-
Total assets	$	661,516	$	10,756	$	643,743	$	7,017

			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:	September 30, 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	$	10,659	$	-	$	-	$	10,659
Commercial real estate		7,330		-		-		7,330

			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		(221	)
Change in unrealized gain		(111	)
Ending balance, September 30, 2023	$	7,017

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

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

September 30, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Rate
Securities available-for-sale:			(dollars in thousands)
Municipal securities	$	7,017	Discounted cash flows	Discount rate		4.4	%

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]

September 30, 2023
(dollars in thousands)	Fair Value		Valuation Techniques	Unobservable Input	Range (weighted average)
Commercial	$	10,205	Market approach (100%)	Average transfer price as a price to unpaid principal balance		65% –92% (68%)
Commercial		454	Appraisals of collateral value	Adjustment for comparable sales	-7.5% to +25% (+0.1%)
Commercial real estate		7,330	Appraisals of collateral value	Adjustment for comparable sales		-15% to +5% (+4%)

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)
September 30, 2023
Financial assets:
Cash and due from banks	$	253,298	$	253,298	$	253,298	$	-	$	-
Securities available-for-sale		581,867		581,867		1,362		573,488		7,017
Restricted investments in bank stocks		49,387		n/a		n/a		n/a		n/a
Equity securities		17,677		17,677		9,394		8,283		-
Net loans		8,092,879		7,725,439		-		-		7,725,439
Derivatives - interest rate contracts		61,972		61,972		-		61,972		-
Accrued interest receivable		46,795		46,795		-		5,160		41,635
Financial liabilities:
Noninterest-bearing deposits		1,224,125		1,224,125		1,224,125		-		-
Interest-bearing deposits		6,214,370		6,181,082		3,692,159		2,488,923		-
Borrowings		887,590		884,745		-		884,745		-
Subordinated debentures		79,313		77,588		-		77,588		-
Accrued interest payable		9,800		9,800		-		9,800		-
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		-