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Note 8 - FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of assets measured at fair value


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)

		(dollars in thousands)
September 30, 2024:
Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	18,621		$	—		$	18,621		$	—
Residential mortgage-backed and related securities			53,487			—			53,487			—
Municipal securities			171,162			—			171,162			—
Asset-backed securities			10,455			—			10,455			—
Other securities			38,140			—			38,140			—
Securities trading			58,685			—			—			58,685
Derivatives			261,913			—			261,913			—
Total assets measured at fair value		$	612,463		$	—		$	553,778		$	58,685

Derivatives		$	285,769		$	—		$	285,769		$	—
Total liabilities measured at fair value		$	285,769		$	—		$	285,769		$	—


December 31, 2023:
Securities AFS:
U.S. govt. sponsored agency securities		$	14,973		$	—		$	14,973		$	—
Residential mortgage-backed and related securities			59,196			—			59,196			—
Municipal securities			170,987			—			170,987			—
Asset-backed securities			15,423			—			15,423			—
Other securities			39,076			—			39,076			—
Securities trading			22,369			—			—			22,369
Derivatives			187,341			—			187,341			—
Total assets measured at fair value		$	509,365		$	—		$	486,996		$	22,369

Derivatives		$	215,735		$	—		$	215,735		$	—
Total liabilities measured at fair value		$	215,735		$	—		$	215,735		$	—


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		Fair Value			Level 1			Level 2			Level 3

		(dollars in thousands)

September 30, 2024:
Loans/leases evaluated individually		$	36,118		$	—		$	—		$	36,118
Loans receivable held for sale in preparation for securitization			165,941			—			—			165,941
OREO			399			—			—			399
Other repossessed assets			610			—			—			610
		$	203,068		$	—		$	—		$	203,068

December 31, 2023:
Loans/leases evaluated individually		$	33,656		$	—		$	—		$	33,656
OREO			1,455			—			—			1,455
		$	35,111		$	—		$	—		$	35,111

Schedule of changes in fair value of trading securities


	For the					For the
	Three Months Ended					Nine Months Ended
	September 30, 2024					September 30, 2024

	(dollars in thousands)

Balance at the beginning of the period	$	22,362			$	22,369
Trading securities purchased		36,670				36,670
Fair value gain (loss)		(347)				(354)
Balance at the end of the period	$	58,685			$	58,685

Schedule of assets measured at fair value, valuation techniques


		Quantitative Information about Level Fair Value Measurements
		Fair Value			Fair Value
		September 30,			December 31,
		2024			2023			Valuation Technique		Unobservable Input		Range

		(dollars in thousands)

Loans/leases evaluated individually		$	36,118		$	33,656		Appraisal of collateral		Appraisal adjustments		-10.00	%	to		-30.00	%
Loans receivable held for sale in preparation for securitization			165,941			—		Market prices for similar loans		Market price adjustments				n/a
OREO			399			1,455		Appraisal of collateral		Appraisal adjustments		0.00	%	to		-35.00	%
Other repossessed assets			610			—		Average auction prices		Market price adjustments				n/a

Schedule of assets and liabilities measured at fair value


		Fair Value		As of September 30, 2024						As of December 31, 2023
		Hierarchy		Carrying			Estimated			Carrying			Estimated
		Level		Value			Fair Value			Value			Fair Value

				(dollars in thousands)

Cash and due from banks		Level 1		$	103,840		$	103,840		$	97,123		$	97,123
Federal funds sold		Level 2			13,200			13,200			35,450			35,450
Interest-bearing deposits at financial institutions		Level 2			145,959			145,959			104,919			104,919
Investment securities:
HTM		Level 2			795,496			791,659			683,504			680,279
AFS		Level 2			291,865			291,865			299,655			299,655
Trading		Level 3			58,685			58,685			22,369			22,369
Loans/leases receivable, net		Level 3			33,443			36,118			31,163			33,656
Loans/leases receivable, net		Level 2			6,709,038			6,483,278			6,425,053			6,125,433
Derivatives		Level 2			261,913			261,913			187,341			187,341

Deposits:
Nonmaturity deposits		Level 2			5,749,506			5,749,506			5,504,323			5,504,323
Time deposits		Level 2			1,235,127			1,235,442			1,009,682			996,746
Short-term borrowings		Level 2			2,750			2,750			1,500			1,500
FHLB advances		Level 2			375,383			377,501			435,000			437,178
Subordinated notes		Level 2			233,383			238,978			233,064			240,235
Junior subordinated debentures		Level 2			48,828			41,114			48,731			40,397
Derivatives		Level 2			285,769			285,769			215,735			215,735

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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