v3.26.3
Note 8 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

 

 

 

 

 

 

September 30, 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

 

$303,837

 

 

$-

 

 

$303,837

 

 

$-

 

Residential mortgage pass-through securities

 

 

784,661

 

 

 

-

 

 

 

784,661

 

 

 

-

 

Commercial mortgage pass-through securities

 

 

29,379

 

 

 

-

 

 

 

29,379

 

 

 

-

 

Obligations of U.S. states and political subdivisions

 

 

178,296

 

 

 

-

 

 

 

178,296

 

 

 

-

 

Corporate bonds and notes

 

 

25,634

 

 

 

-

 

 

 

25,634

 

 

 

-

 

Asset-backed securities

 

 

478

 

 

 

-

 

 

 

478

 

 

 

-

 

Other securities

 

 

1,504

 

 

 

1,504

 

 

 

-

 

 

 

-

 

Total available-for-sale securities

 

 

1,323,789

 

 

 

1,504

 

 

 

1,322,285

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

21,947

 

 

 

9,553

 

 

 

12,394

 

 

 

-

 

Derivatives

 

 

21,806

 

 

 

-

 

 

 

21,806

 

 

 

-

 

Total assets

 

$1,367,542

 

 

$11,057

 

 

$1,356,485

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives - interest rate contracts

 

 

2,052

 

 

 

-

 

 

 

2,052

 

 

 

-

 

Total liabilities

 

$2,052

 

 

$-

 

 

$2,052

 

 

$-

 

 

 

 

 

 

 

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:

 

September 30, 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 real estate

 

$33,707

 

 

$-

 

 

$-

 

 

$33,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$678,880

 

 

$-

 

 

$-

 

 

$678,880

 

 

 

 

 

 

 

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]

 

 

 

 

(dollars in thousands)

 

 

Obligations of U.S. states and political subdivisions

 

Beginning balance, January 1, 2026

 

$

6,512

 

Principal paydowns

 

 

(7,364

)

Change in unrealized loss

 

 

852

 

Ending balance, September 30, 2026

 

$

-

 

 

 

 

 

(dollars in thousands)

 

 

Obligations of U.S. states and political subdivisions

 

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]

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]

September 30, 2026

 

 

 

​

 

 

 

 

 

​

(dollars in thousands)

 

Fair Value

 

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial real estate loans

 

$

7,773

 

Appraisals of collateral value

Adjustment for comparable sales

 

-1% to -3.1% (-1.7%)

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

25,934

 

Income capitalization approach

Capitalization rate

 

 

8

%

 

 

 

 

 

 

Vacancy & collection loss rate

 

 

3

%

Total commercial real estate loans

 

$

33,707

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$313,348

 

 

$313,348

 

 

$313,348

 

 

$-

 

 

$-

 

Available-for-sale securities:

 

 

1,323,789

 

 

 

1,323,789

 

 

 

1,504

 

 

 

1,322,285

 

 

 

-

 

Restricted investments in bank stocks

 

 

62,661

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

Equity securities

 

 

21,947

 

 

 

21,947

 

 

 

9,553

 

 

 

12,394

 

 

 

-

 

Net loans

 

 

11,311,913

 

 

 

10,995,978

 

 

 

-

 

 

 

-

 

 

 

10,995,978

 

Loans held-for-sale

 

 

678,880

 

 

 

678,880

 

 

 

-

 

 

 

-

 

 

 

678,880

 

Derivatives - interest rate contracts

 

 

21,806

 

 

 

21,806

 

 

 

-

 

 

 

21,806

 

 

 

-

 

Accrued interest receivable

 

 

66,657

 

 

 

66,657

 

 

 

-

 

 

 

6,005

 

 

 

60,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

2,479,625

 

 

 

2,479,625

 

 

 

2,479,625

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

 

9,298,717

 

 

 

9,285,041

 

 

 

6,179,124

 

 

 

3,105,917

 

 

 

-

 

Borrowings

 

 

1,072,398

 

 

 

1,072,305

 

 

 

-

 

 

 

1,072,305

 

 

 

-

 

Subordinated debentures

 

 

202,423

 

 

 

206,817

 

 

 

-

 

 

 

206,817

 

 

 

-

 

Derivatives - interest rate contracts

 

 

2,052

 

 

 

2,052

 

 

 

-

 

 

 

2,052

 

 

 

-

 

Accrued interest payable

 

 

12,439

 

 

 

12,439

 

 

 

-

 

 

 

12,439

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

-

 

Derivatives - interest rate contracts

 

 

704

 

 

 

704

 

 

 

-

 

 

 

704

 

 

 

-

 

Accrued interest payable

 

 

12,740

 

 

 

12,740

 

 

 

-

 

 

 

12,740

 

 

 

-