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Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

March 31, 2024

 
      

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

 $65,732  $-  $65,732  $- 

Residential mortgage pass-through securities

  396,421   -   396,421   - 

Commercial mortgage pass-through securities

  21,438   -   21,438   - 

Obligations of U.S. states and political subdivision

  129,556   -   122,666   6,890 

Corporate bonds and notes

  4,971   -   4,971   - 

Asset-backed securities

  1,152   -   1,152   - 

Other securities

  127   127   -   - 

Total available-for-sale

  619,397   127   612,380   6,890 
                 

Equity securities

  19,457   9,743   9,714   - 

Derivatives

  50,508   -   50,508   - 

Total assets

 $689,362  $9,870  $672,602  $6,890 
      

December 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

 $45,326  $-  $45,326  $- 

Residential mortgage pass- through securities

  411,191   -   411,191   - 

Commercial mortgage pass-through securities

  21,564   -   21,564   - 

Obligations of U.S. states and political subdivision

  132,705   -   125,583   7,122 

Corporate bonds and notes

  4,973   -   4,973   - 

Asset-backed securities

  1,238   -   1,238   - 

Other securities

  165   165   -   - 

Total available-for-sale

 $617,162  $165  $609,875  $7,122 
                 

Equity securities

  18,564   9,867   8,697   - 

Derivatives

  43,805   -   43,805   - 

Total assets

 $679,531  $10,032  $662,377  $7,122 
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, 2024  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

 $763  $-  $-  $763 
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 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

 $657  $-  $-  $657 

Commercial real estate

  7,005   -   -   7,005 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (75)

Change in unrealized loss

  (157)

Ending balance, March 31, 2024

 $6,890 
  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2023

 $7,349 

Principal paydowns

  (272)

Changes in unrealized gain

  45 

Ending balance, December 31, 2023

 $7,122 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

March 31, 2024

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $6,890 

Discounted cash flows

 

Discount rate

  4.6%

December 31, 2023

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $7,122 

Discounted cash flows

 

Discount rate

  4.3%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

March 31, 2024

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial

 $763  

Appraisals of collateral value

Adjustment for comparable sales

 -7.5% to +25% (+0.8%) 

December 31, 2023

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $657  

Appraisals of collateral value

Adjustment for comparable sales

  -7.5% to +25% (+.1%) 

Commercial real estate loans

  7,005  

Appraisals of collateral value

Adjustment for comparable sales

 

-15% to +0% (-10.3%)

 
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, 2024

                    

Financial assets:

                    

Cash and due from banks

 $277,583  $277,583  $277,583  $-  $- 

Securities available-for-sale

  619,397   619,397   127   612,380   6,890 

Restricted investments in bank stocks

  48,931   n/a   n/a   n/a   n/a 

Equity securities

  19,457   19,457   9,743   9,714   - 

Net loans

  8,215,088   7,946,659   -   -   7,946,659 

Derivatives - interest rate contracts

  50,508   50,508   -   50,508   - 

Accrued interest receivable

  49,731   49,731   -   5,847   43,884 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,290,523   1,290,523   1,290,523   -   - 

Interest-bearing deposits

  6,298,131   6,276,751   3,674,740   2,602,011   - 

Borrowings

  877,568   874,778   -   874,778   - 

Subordinated debentures

  79,566   79,748   -   79,748   - 

Accrued interest payable

  12,304   12,304   -   12,304   - 
                     

December 31, 2023

                    

Financial assets:

                    

Cash and due from banks

 $242,714  $242,714  $242,714  $-  $- 

Investment securities available-for-sale

  617,162   617,162   165   609,875   7,122 

Restricted investment in bank stocks

  51,457   n/a   n/a   n/a   n/a 

Equity securities

  18,564   18,564   9,867   8,697   - 

Net loans

  8,263,171   8,001,504   -   -   8,001,504 

Derivatives - interest rate contracts

  43,805   43,805   -   43,805   - 

Accrued interest receivable

  49,108   49,108   -   5,387   43,721 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,259,364   1,259,364   1,259,364   -   - 

Interest-bearing deposits

  6,276,838   6,256,444   3,745,467   2,510,977   - 

Borrowings

  933,579   932,081   .   932,081   - 

Subordinated debentures

  79,439   77,952   -   77,952   - 

Accrued interest payable

  10,152   10,152   -   10,152   -