| Fair Value Disclosures [Text Block] |
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(14)
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Disclosure of Financial Instruments Not Reported at Fair Value
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GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The estimated fair values of Bancorp’s financial instruments not measured at fair value on a recurring or non-recurring basis follows:
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Carrying
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Fair Value Measurements Using:
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June 30, 2025 (in thousands)
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amount
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Fair value
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Level 1
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Level 2
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Level 3
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Assets
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Cash and cash equivalents
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$ |
451,412 |
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$ |
451,412 |
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$ |
451,412 |
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$ |
— |
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$ |
— |
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HTM debt securities
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207,980 |
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187,271 |
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1,945 |
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185,326 |
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— |
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Federal Home Loan Bank stock
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22,839 |
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22,839 |
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— |
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22,839 |
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— |
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Loans, net
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6,759,551 |
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6,644,380 |
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— |
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— |
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6,644,380 |
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Accrued interest receivable
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27,210 |
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27,210 |
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27,210 |
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— |
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— |
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Liabilities
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Non-interest bearing deposits
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$ |
1,514,924 |
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$ |
1,514,924 |
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$ |
1,514,924 |
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$ |
— |
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$ |
— |
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Transaction deposits
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4,331,235 |
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4,331,235 |
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— |
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4,331,235 |
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— |
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Time deposits
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1,660,591 |
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1,662,602 |
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— |
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1,662,602 |
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— |
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Securities sold under agreement to repurchase
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126,576 |
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126,576 |
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— |
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126,576 |
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— |
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Federal funds purchased
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6,709 |
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6,709 |
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— |
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6,709 |
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— |
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Subordinated debentures
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26,806 |
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26,413 |
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— |
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26,413 |
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— |
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FHLB advances
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300,000 |
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295,597 |
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— |
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295,597 |
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— |
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Accrued interest payable
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1,835 |
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1,835 |
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1,835 |
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— |
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— |
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Carrying
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Fair Value Measurements Using:
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December 31, 2024 (in thousands)
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Amount
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Fair Value
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Level 1
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Level 2
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Level 3
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Assets
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Cash and cash equivalents
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$ |
291,020 |
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$ |
291,020 |
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$ |
291,020 |
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$ |
— |
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$ |
— |
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HTM debt securities
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370,171 |
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341,357 |
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153,108 |
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188,249 |
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— |
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Federal Home Loan Bank stock
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21,603 |
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21,603 |
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— |
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21,603 |
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— |
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Loans, net
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6,433,459 |
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6,256,752 |
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— |
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— |
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6,256,752 |
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Accrued interest receivable
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27,697 |
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27,697 |
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27,697 |
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— |
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— |
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Liabilities
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Non-interest bearing deposits
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$ |
1,456,138 |
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$ |
1,456,138 |
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$ |
1,456,138 |
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$ |
— |
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$ |
— |
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Transaction deposits
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4,472,475 |
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4,472,475 |
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— |
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4,472,475 |
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— |
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Time deposits
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1,237,788 |
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1,236,463 |
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— |
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1,236,463 |
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— |
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Securities sold under agreement to repurchase
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162,967 |
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162,967 |
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— |
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162,967 |
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— |
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Federal funds purchased
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6,525 |
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6,525 |
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— |
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6,525 |
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— |
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Subordinated debentures
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26,806 |
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26,346 |
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— |
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26,346 |
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— |
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FHLB advances
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300,000 |
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294,848 |
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— |
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294,848 |
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— |
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Accrued interest payable
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1,912 |
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1,912 |
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1,912 |
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Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no market exists for a significant portion of Bancorp’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly impact estimates.
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