Note 15 - Disclosure of Financial Instruments Not Reported at Fair Value

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(15) 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:

	Carrying				Fair Value Measurements Using:
March 31, 2023 (in thousands)	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	316,998	$	316,998	$	316,998	$	—	$	—
HTM debt securities		468,751		433,900		—		433,900		—
Federal Home Loan Bank stock		23,226		23,226		—		23,226		—
Loans, net		5,167,431		4,948,173		—		—		4,948,173
Accrued interest receivable		20,561		20,561		20,561		—		—
Liabilities
Non-interest bearing deposits	$	1,845,302	$	1,845,302	$	1,845,302	$	—	$	—
Transaction deposits		3,899,267		3,899,267		—		3,899,267		—
Time deposits		612,626		602,758		—		602,758		—
Securities sold under agreement
to repurchase		104,578		104,578		—		104,578		—
Federal funds purchased		14,745		14,745		—		14,745		—
Subordinated debentures		26,442		26,492		—		26,492		—
FHLB advances		275,000		275,188		—		275,188		—
Accrued interest payable		1,029		1,029		1,029		—		—

	Carrying				Fair Value Measurements Using:
December 31, 2022 (in thousands)	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	167,367	$	167,367	$	167,367	$	—	$	—
HTM debt securities		473,217		431,833		—		431,833		—
Federal Home Loan Bank stock		10,928		10,928		—		10,928		—
Loans, net		5,132,387		4,914,770		—		—		4,914,770
Accrued interest receivable		22,157		22,157		22,157		—		—
Liabilities
Non-interest bearing deposits	$	1,950,198	$	1,950,198	$	1,950,198	$	—	$	—
Transaction deposits		3,968,963		3,968,963		—		3,968,963		—
Time deposits		472,091		459,467		—		459,467		—
Securities sold under agreement
to repurchase		133,342		133,342		—		133,342		—
Federal funds purchased		8,789		8,789		—		8,789		—
Subordinated debentures		26,343		26,460		—		26,460		—
FHLB advances		50,000		50,000		—		50,000		—
Accrued interest payable		660		660		660		—		—

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.