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

3 Months Ended

Mar. 31, 2025

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:
March 31, 2025 (in thousands)	amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	403,736	$	403,736	$	403,736	$	—	$	—
HTM debt securities		212,451		189,017		1,931		187,086		—
Federal Home Loan Bank stock		29,315		29,315		—		29,315		—
Loans, net		6,557,546		6,378,753		—		—		6,378,753
Accrued interest receivable		27,280		27,280		27,280		—		—
Liabilities
Non-interest bearing deposits	$	1,499,383	$	1,499,383	$	1,499,383	$	—	$	—
Transaction deposits		4,318,060		4,318,060		—		4,318,060		—
Time deposits		1,476,523		1,474,937		—		1,474,937		—
Securities sold under agreement to repurchase		151,424		151,424		—		151,424		—
Federal funds purchased		6,540		6,540		—		6,540		—
Subordinated debentures		26,806		26,327		—		26,327		—
FHLB advances		300,000		294,643		—		294,643		—
Accrued interest payable		1,973		1,973		1,973		—		—

	Carrying				Fair Value Measurements Using:
December 31, 2024 (in thousands)	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	291,020	$	291,020	$	291,020	$	—	$	—
HTM debt securities		370,171		341,357		153,108		188,249		—
Federal Home Loan Bank stock		21,603		21,603		—		21,603		—
Loans, net		6,433,459		6,256,752		—		—		6,256,752
Accrued interest receivable		27,697		27,697		27,697		—		—
Liabilities
Non-interest bearing deposits	$	1,456,138	$	1,456,138	$	1,456,138	$	—	$	—
Transaction deposits		4,472,475		4,472,475		—		4,472,475		—
Time deposits		1,237,788		1,236,463		—		1,236,463		—
Securities sold under agreement to repurchase		162,967		162,967		—		162,967		—
Federal funds purchased		6,525		6,525		—		6,525		—
Subordinated debentures		26,806		26,346		—		26,346		—
FHLB advances		300,000		294,848		—		294,848		—
Accrued interest payable		1,912		1,912		1,912		—		—

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.