v3.26.1
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

March 31, 2026

 
      

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

                

Available-for-sale securities:

                

Federal agency obligations

 $354,803  $-  $354,803  $- 

Residential mortgage pass-through securities

  596,158   -   596,158   - 

Commercial mortgage pass-through securities

  26,628   -   26,628   - 

Obligations of U.S. states and political subdivisions

  204,563   -   198,185   6,378 

Corporate bonds and notes

  13,466   -   13,466   - 

Asset-backed securities

  506   -   506   - 

Other securities

  260   260   -   - 

Total available-for-sale securities

  1,196,384   260   1,189,746   6,378 
                 

Equity securities

  19,422   10,010   9,412   - 

Derivatives

  17,165   -   17,165   - 

Total assets

 $1,232,971  $10,270  $1,216,323  $6,378 
                 

Liabilities

                

Derivatives - interest rate contracts

  372   -   372   - 

Total liabilities

 $372  $-  $372  $- 
      

December 31, 2025

 
      

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

                

Available-for-sale securities:

                

Federal agency obligations

 $391,190  $-  $391,190  $- 

Residential mortgage pass- through securities

  607,144   -   607,144   - 

Commercial mortgage pass-through securities

  26,969   -   26,969   - 

Obligations of U.S. states and political subdivisions

  212,409   -   205,897   6,512 

Corporate bonds and notes

  12,519   -   12,519   - 

Asset-backed securities

  525   -   525   - 

Other securities

  182   182   -   - 

Total available-for-sale securities

 $1,250,938  $182  $1,244,244  $6,512 
                 

Equity securities

  19,287   10,073   9,214   - 

Derivatives

  16,074   -   16,074   - 

Total assets

 $1,286,299  $10,255  $1,269,532  $6,512 
                 

Liabilities

                

Derivatives - interest rate contracts

  704   -   704   - 

Total liabilities

 $704  $-  $704  $- 
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, 2026  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

 $728  $-  $-  $728 

Commercial real estate

  9,100   -   -   9,100 
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2025  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

 $693  $-  $-  $693 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2026

 $6,512 

Principal paydowns

  (81)

Change in unrealized loss

  (53)

Ending balance, March 31, 2026

 $6,378 
  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2025

 $6,526 

Principal paydowns

  (314)

Changes in unrealized gain

  300 

Ending balance, December 31, 2025

 $6,512 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

March 31, 2026

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Available-for-sale securities:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,378 

Discounted cash flows

 

Discount rate

  4.7%

December 31, 2025

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Available-for-sale securities:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,512 

Discounted cash flows

 

Discount rate

  4.6%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

March 31, 2026

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $728  

Appraisals of collateral value

Adjustment for comparable sales

 -5% to +15% (+8.1%) 

Commercial real estate loans

  9,100  

Appraisals of collateral value

Adjustment for comparable sales

 -5% to +20% (+7.6%) 

December 31, 2025

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $693  

Appraisals of collateral value

Adjustment for comparable sales

  -5% to +15% (+8.1%) 
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, 2026

                    

Financial assets:

                    

Cash and due from banks

 $344,471  $344,471  $344,471  $-  $- 

Available-for-sale securities:

  1,196,384   1,196,384   260   1,189,746   6,378 

Restricted investments in bank stocks

  51,464   n/a   n/a   n/a   n/a 

Equity securities

  19,422   19,422   10,010   9,412   - 

Net loans

  11,582,540   11,469,582   -   -   11,469,582 

Loans held-for-sale

  10,222   10,222   -   10,222   - 

Derivatives - interest rate contracts

  17,165   17,165   -   17,165   - 

Accrued interest receivable

  62,473   62,473   -   4,918   57,555 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  2,393,938   2,393,938   2,393,938   -   - 

Interest-bearing deposits

  9,119,115   9,111,328   6,108,144   3,003,184   - 

Borrowings

  827,477   827,553   -   827,553   - 

Subordinated debentures

  202,050   202,411   -   202,411   - 

Derivatives - interest rate contracts

  372   372   -   372   - 

Accrued interest payable

  15,151   15,151   -   15,151   - 
                     

December 31, 2025

                    

Financial assets:

                    

Cash and due from banks

 $380,895  $380,895  $380,895  $-  $- 

Available-for-sale securities:

  1,250,938   1,250,938   182   1,244,244   6,512 

Restricted investment in bank stocks

  54,722   n/a   n/a   n/a   n/a 

Equity securities

  19,287   19,287   10,073   9,214   - 

Net loans

  11,298,975   11,232,658   -   -   11,232,658 

Derivatives - interest rate contracts

  16,074   16,074   -   16,074   - 

Accrued interest receivable

  60,761   60,761   -   5,172   55,589 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  2,420,397   2,420,397   2,420,397   -   - 

Interest-bearing deposits

  8,820,218   8,816,234   6,023,341   2,792,893   - 

Borrowings

  903,489   902,908   -   902,908   - 

Subordinated debentures

  201,864   204,454   -   204,454   - 

Derivative - interest rate contracts

  704   704   -   704    

Accrued interest payable

  12,740   12,740   -   12,740   -