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

6 Months Ended

Jun. 30, 2024

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:

	Carrying				Fair Value Measurements Using:
June 30, 2024 (in thousands)	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	204,351	$	204,351	$	204,351	$	—	$	—
HTM debt securities		380,726		347,886		150,183		197,703		—
Federal Home Loan Bank stock		31,462		31,462		—		31,462		—
Loans, net		5,988,808		5,763,994		—		—		5,763,994
Accrued interest receivable		28,539		28,539		28,539		—		—
Liabilities
Non-interest bearing deposits	$	1,482,514	$	1,482,514	$	1,482,514	$	—	$	—
Transaction deposits		4,029,917		4,029,917		—		4,029,917		—
Time deposits		1,056,807		1,051,053		—		1,051,053		—
Securities sold under agreement to repurchase		152,948		152,948		—		152,948		—
Federal funds purchased		10,029		10,029		—		10,029		—
Subordinated debentures		26,806		25,914		—		25,914		—
FHLB advances		400,000		393,347		—		393,347		—
Accrued interest payable		2,155		2,155		2,155		—		—

	Carrying				Fair Value Measurements Using:
December 31, 2023 (in thousands)	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	265,959	$	265,959	$	265,959	$	—	$	—
HTM debt securities		439,837		408,519		198,327		210,192		—
Federal Home Loan Bank stock		16,236		16,236		—		16,236		—
Loans, net		5,691,664		5,520,059		—		—		5,520,059
Accrued interest receivable		26,830		26,830		26,830		—		—
Liabilities
Non-interest bearing deposits	$	1,548,624	$	1,548,624	$	1,548,624	$	—	$	—
Transaction deposits		4,138,847		4,138,847		—		4,138,847		—
Time deposits		983,277		976,841		—		976,841		—
Securities sold under agreement to repurchase		152,991		152,991		—		152,991		—
Federal funds purchased		12,852		12,852		—		12,852		—
Subordinated debentures		26,740		26,746		—		26,746		—
FHLB advances		200,000		200,047		—		200,047		—
Accrued interest payable		2,094		2,094		2,094		—		—

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.