Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(14) Disclosure of Financial Instruments Not Reported at Fair Value

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:

(in thousands)	Carrying				Fair Value Measurements Using:
March 31, 2022	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	751,691	$	751,691	$	751,691	$	—	$	—
HTM debt securities		548,191		535,807		—		535,807		—
Federal Home Loan Bank stock		13,811		13,811		—		13,811		—
Loans, net		4,780,616		4,719,799		—		—		4,719,799
Accrued interest receivable		15,690		15,690		15,690		—		—
Liabilities
Non-interest bearing deposits	$	2,089,072	$	2,089,072	$	2,089,072	$	—	$	—
Transaction deposits		4,110,241		4,110,241		—		4,110,241		—
Time deposits		546,178		540,374		—		540,374		—
Securities sold under agreement to repurchase		142,146		142,146		—		142,146		—
Federal funds purchased		8,920		8,920		—		8,920		—
Subordinated debentures		26,045		26,226		—		26,226		—
Accrued interest payable		337		337		337		—		—

(in thousands)	Carrying				Fair Value Measurements Using:
December 31, 2021	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	961,192	$	961,192	$	961,192	$	—	$	—
Mortgage loans held for sale		8,614		8,818		—		8,818		—
Federal Home Loan Bank stock		9,376		9,376		—		9,376		—
Loans, net		4,115,405		4,129,091		—		—		4,129,091
Accrued interest receivable		13,745		13,745		13,745		—		—
Liabilities
Non-interest bearing deposits	$	1,755,754	$	1,755,754	$	1,755,754	$	—	$	—
Transaction deposits		3,597,538		3,597,538		—		3,597,538		—
Time deposits		434,222		433,813		—		433,813		—
Securities sold under agreement to repurchase		75,466		75,466		—		75,466		—
Federal funds purchased		10,374		10,374		—		10,374		—
Accrued interest payable		300		300		300		—		—

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.