CONNECTONE BANCORP, INC., 10-Q filed on 8/11/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Aug. 11, 2025
Document Information [Line Items]    
Entity Central Index Key 0000712771  
Entity Registrant Name ConnectOne Bancorp, Inc.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-40751  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 52-1273725  
Entity Address, Address Line One 301 Sylvan Avenue  
Entity Address, City or Town Englewood Cliffs  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07632  
City Area Code 844  
Local Phone Number 266-2548  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   50,270,162
Depositary Shares [Member]    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock)  
Trading Symbol CNOBP  
Security Exchange Name NASDAQ  
Common Stock [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common stock  
Trading Symbol CNOB  
Security Exchange Name NASDAQ  
v3.25.2
Consolidated Statements of Condition (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and due from banks $ 97,792 $ 57,816
Interest-bearing deposits with banks 498,741 298,672
Cash and cash equivalents 596,533 356,488
Investment securities 1,227,200 612,847
Equity securities 19,707 20,092
Loans held-for-sale 1,027 743
Loans receivable 11,164,477 8,274,810
Less: Allowance for credit losses - loans 156,190 82,685
Net loans receivable 11,008,287 8,192,125
Investment in restricted stock, at cost 49,248 40,449
Bank premises and equipment, net 54,297 28,447
Accrued interest receivable 60,950 45,498
Bank owned life insurance 364,836 243,672
Right of use operating lease assets 31,282 14,489
Goodwill 215,611 208,372
Other assets 220,445 111,739
Total assets 13,915,738 9,879,600
Deposits:    
Noninterest-bearing 2,424,529 1,422,044
Interest-bearing 8,853,958 6,398,070
Total deposits 11,278,487 7,820,114
Borrowings 783,859 688,064
Subordinated debentures, net 276,500 79,944
Operating lease liabilities 35,334 15,498
Other liabilities 45,127 34,276
Total liabilities 12,419,307 8,637,896
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Preferred Stock, no par value: 1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of June 30, 2025 and as of December 31, 2024; outstanding 115,000 shares as of June 30, 2025 and as of December 31, 2024 110,927 110,927
Common stock, no par value: Authorized 100,000,000 shares; issued 54,155,710 shares as of June 30, 2025 and 42,255,865 shares as of December 31, 2024; outstanding 50,270,162 shares as of June 30, 2025 and 38,370,317 as of December 31, 2024 857,765 586,946
Additional paid-in capital 36,728 36,347
Retained earnings 614,532 631,446
Treasury stock, at cost: 3,885,548 common shares as of June 30, 2025 and December 31, 2024 (76,116) (76,116)
Accumulated other comprehensive loss (47,405) (47,846)
Total stockholders’ equity 1,496,431 1,241,704
Total liabilities and stockholders’ equity 13,915,738 9,879,600
Core Deposits [Member]    
ASSETS    
Core deposit intangibles $ 66,315 $ 4,639
v3.25.2
Consolidated Statements of Condition (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Preferred Stock, No Par Value (in dollars per share) $ 0 $ 0
Peferred Stock, Liquidation Preference Per Share (in dollars per share) $ 1,000 $ 1,000
Preferred Stock, Shares Authorized (in shares) 5,000,000 5,000,000
Preferred Stock, Shares Issued (in shares) 115,000 115,000
Preferred Stock, Shares Outstanding (in shares) 115,000 115,000
Common Stock, No Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 54,155,710 42,255,865
Common Stock, Shares, Outstanding (in shares) 50,270,162 38,370,317
Treasury Stock, Common, Shares (in shares) 3,885,548 3,885,548
v3.25.2
Consolidated Statements of (Loss) Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest and fees on loans $ 132,316 $ 120,145 $ 247,667 $ 240,233
Interest and dividends on investment securities:        
Taxable 7,437 4,683 12,424 9,017
Tax-exempt 1,419 1,121 2,516 2,275
Dividends 788 1,217 1,677 2,342
Interest on federal funds sold and other short-term investments 4,070 2,841 6,535 5,747
Total interest income 146,030 130,007 270,819 259,614
Interest expense        
Deposits 60,239 62,086 114,231 122,493
Borrowings 6,908 6,482 11,949 15,382
Total interest expense 67,147 68,568 126,180 137,875
Net interest income 78,883 61,439 144,639 121,739
Provision for credit losses 35,700 2,500 39,200 6,500
Net interest income after provision for credit losses 43,183 58,939 105,439 115,239
Noninterest income        
Deposit, loan and other income 2,570 1,654 4,576 3,246
Income on bank owned life insurance 2,087 1,677 3,671 3,341
Net gains on sale of loans held-for-sale 181 1,277 513 1,783
Net gains (losses) on equity securities 347 (209) 876 (123)
Total noninterest income 5,185 4,399 9,636 8,247
Noninterest expenses        
Salaries and employee benefits 25,233 22,721 47,811 44,852
Occupancy and equipment 3,478 2,899 6,158 5,908
FDIC insurance 2,000 1,800 3,800 3,600
Professional and consulting 2,598 1,923 4,964 3,851
Marketing and advertising 840 613 1,435 1,290
Information technology and communications 4,792 4,198 9,396 8,587
Merger expenses 30,745 0 32,065 0
Loss on bank owned life insurance policy exchange 0 0 327 0
Amortization of core deposit intangibles 1,251 321 1,530 642
Other expenses 2,712 3,119 5,468 5,929
Total noninterest expenses 73,649 37,594 112,954 74,659
(Loss) income before income tax expense (25,281) 25,744 2,121 48,827
Income tax (benefit) expense (4,988) 6,688 2,172 12,566
Net (loss) income (20,293) 19,056 (51) 36,261
Preferred dividends 1,509 1,509 3,018 3,018
Net (loss) income available to common stockholders $ (21,802) $ 17,547 $ (3,069) $ 33,243
Earnings per common share:        
Basic (in dollars per share) $ (0.52) $ 0.46 $ (0.08) $ 0.87
Diluted (in dollars per share) $ (0.52) $ 0.46 $ (0.08) $ 0.86
v3.25.2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net (loss) income $ (20,293) $ 19,056 $ (51) $ 36,261
Other comprehensive (loss) income, net of tax:        
Net unrealized holding gains (losses) on available-for-sale securities arising during the period 3,896 (3,263) 9,358 (12,229)
Net unrealized (losses) gains on cash flow hedges (3,211) (881) (8,917) 5,032
Pension plan adjustments 0 32 0 62
Total other comprehensive income (loss), net of tax 685 (4,112) 441 (7,135)
Total comprehensive (loss) income $ (19,608) $ 14,944 $ 390 $ 29,126
v3.25.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Preferred Stock [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Common Stock [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Additional Paid-in Capital [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Retained Earnings [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Treasury Stock, Common [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
AOCI Attributable to Parent [Member]
Restricted Stock Units (RSUs) [Member]
First of Long Island Corporation [Member]
Restricted Stock Units (RSUs) [Member]
Preferred Stock [Member]
Restricted Stock Units (RSUs) [Member]
Common Stock [Member]
Restricted Stock Units (RSUs) [Member]
Additional Paid-in Capital [Member]
Restricted Stock Units (RSUs) [Member]
Retained Earnings [Member]
Restricted Stock Units (RSUs) [Member]
Treasury Stock, Common [Member]
Restricted Stock Units (RSUs) [Member]
AOCI Attributable to Parent [Member]
Restricted Stock Units (RSUs) [Member]
Performance Shares [Member]
Preferred Stock [Member]
Performance Shares [Member]
Common Stock [Member]
Performance Shares [Member]
Additional Paid-in Capital [Member]
Performance Shares [Member]
Retained Earnings [Member]
Performance Shares [Member]
Treasury Stock, Common [Member]
Performance Shares [Member]
AOCI Attributable to Parent [Member]
Performance Shares [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock, Common [Member]
AOCI Attributable to Parent [Member]
Total
Balance at Dec. 31, 2023                                           $ 110,927 $ 586,946 $ 33,182 $ 590,970 $ (70,296) $ (35,109) $ 1,216,620
Net (loss) income                                           0 0 0 36,261 0 0 36,261
Other comprehensive income, net of tax                                           0 0 0 0 0 (7,135) (7,135)
Cash dividends declared on preferred stock                                           0 0 0 (3,018) 0 0 (3,018)
Cash dividends declared on common stock                                           0 0 0 (13,454) 0 0 (13,454)
Restricted stock grants, net of forfeitures                                           0 0 0 0 0 0 0
Share redemption for tax withholdings                             $ 0 $ 0 $ (1,324) $ 0 $ 0 $ 0 $ (1,324)              
Stock-based compensation expense                                           0 0 2,097 0 0 0 2,097
Balance at Jun. 30, 2024                                           110,927 586,946 33,955 610,759 (76,116) (42,244) 1,224,227
Stock grants                                           0 0 0 0 0 0 0
Net shares issued in satisfaction of deferred stock units earned (38,683 shares)                             0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase of treasury stock                                           0 0 0 0 (5,820) 0 (5,820)
Balance at Mar. 31, 2024                                           110,927 586,946 32,866 600,118 (76,116) (38,132) 1,216,609
Net (loss) income                                           0 0 0 19,056 0 0 19,056
Other comprehensive income, net of tax                                           0 0 0 0 0 (4,112) (4,112)
Cash dividends declared on preferred stock                                           0 0 0 (1,509) 0 0 (1,509)
Cash dividends declared on common stock                                           0 0 0 (6,906) 0 0 (6,906)
Restricted stock grants, net of forfeitures                                           0 0 0 0 0 0 0
Stock-based compensation expense                                           0 0 1,089 0 0 0 1,089
Balance at Jun. 30, 2024                                           110,927 586,946 33,955 610,759 (76,116) (42,244) 1,224,227
Balance at Dec. 31, 2024                                           110,927 586,946 36,347 631,446 (76,116) (47,846) 1,241,704
Net (loss) income                                           0 0 0 (51) 0 0 (51)
Other comprehensive income, net of tax                                           0 0 0 0 0 441 441
Cash dividends declared on preferred stock                                           0 0 0 (3,018) 0 0 (3,018)
Cash dividends declared on common stock                                           0 0 0 (13,845) 0 0 (13,845)
Restricted stock grants, net of forfeitures                                           0 0 0 0 0 0 0
Share redemption for tax withholdings $ 0 $ 0 $ (507) $ 0 $ 0 $ 0 $ (507)               0 0 (1,627) 0 0 0 (1,627)              
Stock-based compensation expense                                           0 0 2,515 0 0 0 2,515
Stock issued in connection with FLIC merger                                           0 270,819 0 0 0 0 270,819
Balance at Jun. 30, 2025                                           110,927 857,765 36,728 614,532 (76,116) (47,405) 1,496,431
Stock grants                                           0 0 0 0 0 0 0
Net shares issued in satisfaction of deferred stock units earned (38,683 shares)               $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0              
Balance at Mar. 31, 2025                                           110,927 586,946 36,007 643,265 (76,116) (48,090) 1,252,939
Net (loss) income                                           0 0 0 (20,293) 0 0 (20,293)
Other comprehensive income, net of tax                                           0 0 0 0 0 685 685
Cash dividends declared on preferred stock                                           0 0 0 (1,509) 0 0 (1,509)
Cash dividends declared on common stock                                           0 0 0 (6,931) 0 0 (6,931)
Restricted stock grants, net of forfeitures                                           0 0 0 0 0 0 0
Share redemption for tax withholdings $ 0 $ 0 $ (507) $ 0 $ 0 $ 0 $ (507)                                          
Stock-based compensation expense                                           0 0 1,228 0 0 0 1,228
Stock issued in connection with FLIC merger                                           0 270,819 0 0 0 0 270,819
Balance at Jun. 30, 2025                                           $ 110,927 $ 857,765 $ 36,728 $ 614,532 $ (76,116) $ (47,405) $ 1,496,431
v3.25.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restricted Stock Units (RSUs) [Member] | First of Long Island Corporation [Member]        
Shares withheld for tax (in shares) 22,638   22,638  
Restricted Stock Units (RSUs) [Member]        
Shares withheld for tax (in shares)     44,806  
Net shares issued in satisfaction of units earned, shares (in shares)     38,683  
Performance Shares [Member]        
Shares withheld for tax (in shares)     23,754  
Net shares issued in satisfaction of units earned, shares (in shares)     19,577 24,070
Cash dividend declared on preferred stock, per share (in dollars per share) $ 0.328125 $ 0.328125 $ 0.65625 $ 0.65625
Cash dividends declared on common stock, per share (in dollars per share) $ 0.18 $ 0.18 $ 0.36 $ 0.35
Restricted stock grants, shares (in shares) 32,709 32,016 72,779 68,462
Stock issued in connection with FLIC merger (in shares) 11,790,116   11,790,116  
Stock grants, shares (in shares)     1,328 1,533
Net shares issued in satisfaction of units earned, shares (in shares)       33,604
Repurchase of treasury stock, shares (in shares)       282,370
v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net (loss) income $ (51) $ 36,261
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,423 2,185
Provision for credit losses 39,200 6,500
Loss on bank owned life insurance policy exchange 327 0
Amortization of intangibles 1,530 642
Net accretion of loans (3,745) (472)
Accretion on bank premises (24) (24)
Amortization (accretion) on deposits 233 (65)
Amortization on borrowings, net 11 11
Stock-based compensation 2,515 2,097
(Gains) losses on equity securities, net (876) 123
Gains on sale of loans held-for-sale, net (513) (1,783)
Loans originated for resale (10,798) (12,511)
Proceeds from sale of loans held-for-sale 11,027 13,859
Increase in cash surrender value of bank owned life insurance (3,671) (3,341)
Amortization of premium and accretion of discounts on securities available-for-sale (56) 401
Amortization of subordinated debentures issuance costs 282 253
(Increase) decrease in accrued interest receivable (1,736) 846
Net change in operating leases 1,060 (88)
(Increase) decrease in other assets (15,950) 1,176
Increase (decrease) in other liabilities 160 (3,251)
Net cash provided by operating activities 21,348 42,819
Cash flows from investing activities    
Purchases (330,264) (48,814)
Sales 277,477 0
Maturities, calls and principal repayments 48,258 30,209
Purchase of equity securities (1,113) (1,302)
Proceeds from equity securities sold 2,374 0
Net redemptions of restricted investment in bank stocks 15,477 8,054
Net decrease in loans 32,031 181,281
Proceeds from bank owned life insurance 278 0
Purchases of premises and equipment (331) (263)
Cash acquired, net of cash consideration paid in acquisition 54,861 0
Net cash provided by investing activities 99,048 169,165
Cash flows from financing activities    
Net increase in deposits 206,993 39,877
Proceeds from issuance of subordinated debt 200,000 0
Payment of subordinated debt issuance costs (3,726) 0
Advances of FHLB borrowings 740,000 595,587
Repayments of FHLB borrowings (1,004,621) (773,033)
Cash dividends on preferred stock (3,018) (3,018)
Cash dividends paid on common stock (13,845) (13,454)
Repurchase of treasury stock 0 (5,820)
Share redemption for tax withholdings on performance units and deferred stock units earned (2,134) (1,324)
Net cash provided by (used in) financing activities 119,649 (161,185)
Net change in cash and cash equivalents 240,045 50,799
Cash and cash equivalents at beginning of period 356,488 242,714
Cash and cash equivalents at end of period 596,533 293,513
Supplemental disclosures of cash flow information    
Interest paid on deposits and borrowings 119,053 137,520
Income taxes 36,173 15,594
First of Long Island Corporation [Member]    
Supplemental disclosures of cash flow information    
Fair value of assets acquired 3,905,094 0
Fair value of liabilities assumed 3,641,505 0
Stock issued in connection with FLIC merger $ 270,819 $ 0
v3.25.2
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties

 

Nature of Operations

 

ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”) and making certain limited investments. The Bank’s direct and indirect subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company). The First of Long Island REIT (a New York real estate investment trust), FNY Service Corp (a New York investment company) and BoeFly, Inc. (a New Jersey financial technology company).

 

The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its 59 other banking offices. On June 1, 2025, the Company completed its acquisition of The First of Long Island Corporation (“FLIC”), and The First National Bank of Long Island, FLIC’s wholly owned subsidiary depository institution, was merged into the Bank. See Note 2.

 

Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages.

 

Basis of Presentation and Principles of Consolidation

 

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Bank. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 

 

Segment Reporting

 

The Company’s operations are solely in the financial services industry. The Company provides a range of regional community banking services to commercial and retail clients. 

 

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the Chief Operating Decision Maker ("CODM"), based upon information about the Company's products and services offered, primarily it's banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches and the subsidiary bank), which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment of performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic. See Note 14 for disclosures related to the reportable segment.

 

Employee Benefit Plans

        

The Company has a noncontributory pension plan that covered all eligible employees up until  September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of  September 30, 2007 were preserved.

 

In the FLIC merger, the company acquired a defined benefit pension plan that covered all eligible employees. The Bank makes contributions to the plan, which when taken together with participant contributions equal to 2% of their compensation, will be sufficient to fund these benefits. Effective for June 30, 2025, the Board of Directors approved that no new participants will be permitted in the pension plan, and existing participants could no longer contribute.  In addition, the Board of Directors approved to freeze the plan effective September 30, 2025. Once frozen, participants will no longer accrue benefits. 

 

The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The costs associated with the plans are accrued based on actuarial assumptions and included in salaries and employee benefits expense.

 

The Company accounts for its defined benefit pension plans in accordance with FASB ASC 715-30. This standard requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. This standard also requires companies to measure the funded status of the plans as of the date of its fiscal year-end.

 

Use of Estimates

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates.

 

Reclassifications

 

Certain reclassifications have been made to amounts reported in prior periods to conform to the current period presentation. The reclassifications had no material effect on net income or total stockholders' equity.

  

 

Note 1b. Authoritative Accounting Guidance

 

Adoption of New Accounting Standards in 2025

 

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The Company adopted ASU 2023-09 on January 1, 2025.

 

Newly Issued, But Not Yet Effective Accounting Standards

 

In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company on January 1, 2027. The Company is currently not expecting the ASU to have a material effect on the consolidated financial statements and footnotes.

 
v3.25.2
Note 2 - Business Combination
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Business Combination [Text Block]

Note 2. Business Combination 

 

On June 1, 2025 (the “Acquisition Date”), the Company completed the acquisition of The First of Long Island Corporation (“FLIC"), the parent company for the First National Bank of Long Island (“FNBLI”), in accordance with the definitive Agreement and Plan of Merger dated as of September 4, 2024 (the “Merger Agreement”). Pursuant to the Merger Agreement, on the Acquisition Date, FLIC merged with and into the Company, with the Company continuing as the surviving corporation, and FNBLI merged with and into the Bank, with the Bank as the surviving bank (collectively, the “merger”). As part of this merger, the Company acquired 36 branch offices located in Nassau and Suffolk Counties of Long Island, and the boroughs of New York City.

 

In connection with the completion of the merger, former FLIC shareholders received 0.5175 shares of the Company’s common stock for each share of FLIC common stock they held. The value of the total transaction consideration was approximately $270.8 million. The consideration included the issuance of 11,790,116 shares of the Company’s common stock, valued at $22.97 per share, which was the closing price of the Company’s common stock on May 30, 2025, the last trading day prior to the consummation of the merger. Also included in the total consideration was cash in lieu of any fractional shares, which was effectively settled upon closing.

 

The acquisition of FLIC was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at estimated fair values on the Acquisition Date. The excess consideration paid over the estimated fair value of the net assets acquired has been reported as goodwill in the Company’s consolidated statements of financial condition. The $7.2 million of goodwill created from the merger is not amortizable or deductible for tax purposes. The amount of goodwill represents an asset attributed to the future economic benefits arising from other assets acquired in a business combination. Future economic benefits consist largely of the synergies and economies of scale expected from combining the operations of FLIC and the Company.

 

The Company considers its valuations of acquired loans and other assets to be preliminary, as management continues to identify and assess information regarding the nature of these assets acquired and liabilities assumed, including extended information gathering, management review procedures, and any new information that may arise as a result of integration activities. Accordingly, the amounts recorded for current and deferred taxes are also considered preliminary, as the Company continues to evaluate the Federal, state and local combined statutory tax rate for the merged entity and the nature and extent of permanent and temporary differences between the book and tax bases of these other assets acquired and other liabilities assumed.

 

In connection with the acquisition, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed as of the Acquisition Date are summarized in the following tables:

 

  

As of

 
  

June 1, 2025

 

Purchase Price Consideration

    

FLIC common shares settled for stock

  22,783,572 

Exchange Ratio

  0.5175 

ConnectOne shares entitlement

  11,790,499 

Fractional shares subject to cash in lieu

  (383)

ConnectOne whole shares issued

  11,790,116 

Price per share of ConnectOne common stock on June 1, 2025

 $22.97 

Total fair value of stock consideration issued

 $270,818,953 

Cash consideration paid

  8,727 

Total purchase price consideration

 $270,827,680 

 

  

As of

 
  

June 1, 2025

 
  

(in thousands)

 
     

Total purchase price consideration

 $270,828 
     

Fair Value of Assets Acquired:

    

Cash and cash equivalents

  54,869 

Securities available-for-sale

  596,702 

Loans receivables, net

  2,882,951 

Restricted stock, at cost

  24,276 

Premises and equipment, net

  45,895 

Bank-owned life insurance

  118,098 

Pension plan assets

  11,617 

Core deposit intangible

  63,206 

Other assets

  107,480 

Total assets acquired

 $3,905,094 
     

Fair Value of Liabilities Assumed:

    

Deposits

  3,251,147 

Borrowings

  360,405 

Other liabilities

  29,953 

Total liabilities assumed

 $3,641,505 
     

Net assets acquired

 $263,589 
     

Goodwill recorded in acquisition

 $7,239 

 

 

The following is a description of the valuation methodologies used to estimate the fair values of significant assets and liabilities presented above.

 

Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value based on the short-term nature of these assets.

 

Investment securities – Fair values for investment securities available-for-sale were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates are based on observable inputs, including quoted market prices for similar instruments. Fair value estimates also reflect an adjustment related to certain securities that were sold shortly after closing and were determined by the current market price. Additional information is included in Note 4 - Investments. 

 

Loans – The fair value of the loan portfolio was calculated on a pooled loan basis using discounted cash flow analysis for accruing loans and on an individual basis for nonaccrual loans. This analysis took into consideration the contractual terms of the loans and assumptions related to the credit risk, expected lifetime losses, qualitative factors, collateral values, discount rates, and other liquidity considerations to estimate projected cash flows. The assumptions used in determining the fair value of the loan portfolio were considered reasonable from a market-participant viewpoint.

 

Acquired loans are classified into three categories: purchased credit deteriorated (“PCD”) accruing loans (“PCD Accruing loans”), purchased credit deteriorated nonaccrual loans (“PCD Nonaccrual loans”) and non-PCD loans. PCD loans are defined as a loan or group of loans that have experienced more-than-insignificant credit deterioration since origination. The Company considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, and other qualitative factors that indicate deterioration in credit quality since origination. Non-PCD loans will have an allowance established subsequent to the Acquisition Date, which is recognized as an expense through the provision for credit losses. For PCD loans, the loans were recorded at their amortized cost, less an allowance for credit losses of $43.3 million on the Acquisition Date. There is no provision for credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loans. The remaining difference between the net of the amortized cost basis and the allowance for credit losses and the fair value allocated to the loans on the date of acquisition is recognized as a non-credit-related discount that will be accreted into interest income over the life of the loans.

 

 

The following table provides details related to the fair value of acquired PCD loans.

 

          

Gross-up for PCD

     
  

Unpaid Principal

  

Total Discount at

  

Allowance for Credit

  

Fair Value of PCD

 

(dollars in thousands)

 

Balance

  

Acquisition

  

Losses at Acquisition

  

Loans at Acquisition

 

PCD Accruing

 $255,152  $(32,570) $(38,231) $184,351 

PCD Nonaccrual

  16,752   (1,824)  (5,105)  9,823 

Total PCD Loans

 $271,904  $(34,394) $(43,336) $194,174 

 

 

Premises and equipment – The estimated fair value of premises were measured based upon appraisals from independent third parties. The estimated fair value of equipment was determined to approximate the carrying amount of these assets.

 

Deferred Tax Benefit – The Company recorded a net deferred income tax benefit of $51.1 million related to tax attributes of FLIC, along with the effects of fair value adjustments resulting from applying the purchase method of accounting.

 

Deposits – The fair values used for the demand and savings deposits equal the amount payable on demand at the Acquisition Date. The fair value of time deposits is estimated by discounting the estimated future cash flows using current rates offered for deposits with similar remaining maturities.

 

Borrowings – The fair value of Federal Home Loan Bank ("FHLB") advances were estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities.

 

As a result of the integration of operations of FLIC, the Company recognized net interest income and net income of $8.5 million and $3.9 million, respectively, from the Acquisition Date through and including June 30, 2025 and is included in the Company’s Consolidated Statements of Income.

 

Costs related to the acquisition totaled $32.1 million for the six months ended June 30, 2025. These amounts were expensed as incurred and are recorded as merger expenses in the Company’s Consolidated Statements of Income.

 

The following table presents unaudited supplemental pro forma information as if the merger had occurred on January 1, 2024. The unaudited pro forma information includes adjustments for (i) accreting and amortizing the discounts and premiums associated with the estimated fair value adjustments to acquired loans, investment securities, deposits, and borrowings, (ii) the amortization of recognized intangible assets arising from the merger, (iii) depreciation expense on premises and equipment, and (iv) the related estimated income tax effects. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the merger. As a result, actual amounts differed from the unaudited pro forma information presented.

 

  

Six Months Ended June 30,

 

(in thousands)

 

2025

  

2024

 

Net interest income

 $191,544  $175,060 

Net income

 $60,686  $33,666 

 

  
v3.25.2
Note 3 - Earnings Per Common Share
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3. Earnings per Common Share

 

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

 

Earnings per common share have been computed based on the following:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(dollars in thousands, except for per share data)

 

2025

  

2024

  

2025

  

2024

 

Net loss income available to common stockholders

 $(21,802) $17,547  $(3,069) $33,243 

Earnings allocated to participating securities

  53   (46)  8   (89)

(Loss) income attributable to common stock

 $(21,749) $17,501  $(3,061) $33,154 
                 

Weighted average common shares outstanding, including participating securities

  42,100   38,421   40,252   38,383 

Weighted average participating securities

  (102)  (101)  (102)  (103)

Weighted average common shares outstanding

  41,998   38,320   40,150   38,280 

Incremental shares from assumed conversions of options, performance units and restricted shares

  175   129   220   173 

Weighted average common and equivalent shares outstanding

  42,173   38,449   40,370   38,453 
                 

Earnings per common share:

                

Basic

 $(0.52) $0.46  $(0.08) $0.87 

Diluted

  (0.52)  0.46   (0.08)  0.86 

 

There were no antidilutive share equivalents during the six months ended June 30, 2025 and  June 30, 2024.

 
v3.25.2
Note 4 - Investment Securities
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 4. Investment Securities

 

Immediately after the merger, the Company sold a significant portion of the available-for-sale investments acquired from FLIC with proceeds of $277.5 million, with no gross gains or losses realized upon sale.

 

All of the Company’s investment securities are classified as available-for-sale as of June 30, 2025 and December 31, 2024. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in stockholders’ equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of June 30, 2025 and December 31, 2024. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 7 of the Notes to Consolidated Financial Statements for further discussion. 

 

The following tables present information related to the Company’s portfolio of securities available-for-sale as of June 30, 2025 and December 31, 2024.

 

                  

Allowance

 
                  

for

 
      

Gross

  

Gross

      

Investment

 
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

  

Credit

 
  

Cost

  

Gains

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

June 30, 2025

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $368,785  $1,281  $(10,649) $359,417  $- 

Residential mortgage pass-through securities

  677,879   2,612   (52,352)  628,139   - 

Commercial mortgage pass-through securities

  30,266   36   (3,730)  26,572   - 

Obligations of U.S. states and political subdivisions

  226,834   1,044   (20,752)  207,126   - 

Corporate bonds and notes

  5,000   1   (6)  4,995   - 

Asset-backed securities

  832   1   (10)  823   - 

Other securities

  128   -   -   128   - 

Total investment securities available-for-sale

 $1,309,724  $4,975  $(87,499) $1,227,200  $- 
                     

December 31, 2024

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $96,165  $179  $(11,674) $84,670  $- 

Residential mortgage pass-through securities

  439,445   211   (60,818)  378,838   - 

Commercial mortgage pass-through securities

  24,989   -   (4,097)  20,892   - 

Obligations of U.S. states and political subdivisions

  141,775   89   (19,460)  122,404   - 

Corporate bonds and notes

  5,000   5   (18)  4,987   - 

Asset-backed securities

  892   -   (7)  885   - 

Other securities

  171   -   -   171   - 

Total investment securities available-for-sale

 $708,437  $484  $(96,074) $612,847  $- 

 

 

Investment securities having a carrying value of approximately $792.7 million and $184.0 million as of June 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, access to unutilized Federal Reserve Discount Window borrowings and Federal Home Loan Bank advances and for other purposes required or permitted by law. As of June 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

 

The following table presents information for investments in securities available-for-sale as of June 30, 2025, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately.

 

  

June 30, 2025

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $5,034  $5,036 

Due after one year through five years

  24,943   25,155 

Due after five years through ten years

  61,846   61,209 

Due after ten years

  509,628   480,961 

Residential mortgage pass-through securities

  677,879   628,139 

Commercial mortgage pass-through securities

  30,266   26,572 

Other securities

  128   128 

Total investment securities available-for-sale

 $1,309,724  $1,227,200 

 

There were no realized gains or losses on investment securities available for sale during the six months ended June 30, 2025 and June 30, 2024.

 

 

The following tables indicate securities in an unrealized loss position for which an allowance for credit losses (“ACL”) has not been recorded, aggregated by investment category and by the length of continuous time individual securities have been in an unrealized loss position as of June 30, 2025 and December 31, 2024.

 

  

June 30, 2025

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligations

 $84,641  $(10,649) $50,658  $(255) $33,983  $(10,394)

Residential mortgage pass-through securities

  350,770   (52,352)  21,050   (377)  329,720   (51,975)

Commercial mortgage pass-through securities

  21,131   (3,730)  -   -   21,131   (3,730)

Obligations of U.S. states and political subdivisions

  115,530   (20,752)  20,316   (925)  95,214   (19,827)

Corporate bonds and notes

  1,994   (6)  1,994   (6)  -   - 

Asset-backed securities

  562   (10)  -   -   562   (10)

Total investment securities available for sale

 $574,628  $(87,499) $94,018  $(1,563) $480,610  $(85,936)

 

  

December 31, 2024

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligations

 $53,467  $(11,674) $18,471  $(60) $34,996  $(11,614)

Residential mortgage pass-through securities

  364,971   (60,818)  26,809   (604)  338,162   (60,214)

Commercial mortgage pass-through securities

  20,892   (4,097)  -   -   20,892   (4,097)

Obligations of U.S. states and political subdivisions

  112,523   (19,460)  13,281   (322)  99,242   (19,138)

Corporate bonds and notes

  1,982   (18)  1,982   (18)  -   - 

Asset-backed securities

  885   (7)  -   -   885   (7)

Total investment securities available for sale

 $554,720  $(96,074) $60,543  $(1,004) $494,177  $(95,070)

 

 

The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available-for-sale totaled $5.5 million and $2.3 million as of June 30, 2025 and December 31, 2024.

 

The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset backed securities and state and municipal securities have not been recognized into income because the issuers are of high credit quality and we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded as of June 30, 2025.

 

Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government, and the current support they receive is subject to a cap as part of the agreement entered into in 2008. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. Therefore, we concluded that a zero-allowance approach for these investment securities is appropriate.
v3.25.2
Note 5 - Derivatives
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

 

 

 

Note 5. Derivatives 

 

As part of our overall asset liability management strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis.

 

Derivatives Designated as Hedges

 

Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner:

 

1) Cash flow hedges: changes in fair value are recognized as a component in other comprehensive income

2) Fair value hedges: changes in fair value are recognized concurrently in earnings

 

As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item. As of June 30, 2025, the Bank was not utilizing fair value hedges.

 

Cash Flow Hedges

 

The Company during 2021, 2022, 2024 and 2025 entered into fourteen pay fixed-rate interest rate swaps, with a total notional amount of $750 million. These are designated as cash flow hedges of outstanding Federal Home Loan Bank advances. We are required to pay fixed rates of interest ranging from 0.63% to 3.72% and receive variable rates of interest that reset quarterly based on the daily compounding secured overnight financing rate (“SOFR”). The fourteen swaps carry expiration dates ranging from December 2025 to May 2028. The swaps are determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swap is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps. 

  

The Company previously entered into two forward starting interest rate cap spread transactions, one with a total notional amount of $150 million, which became effective on October 1, 2022 and which matures in October of 2027 and one interest rate cap spread transaction, with a total notional amount of $75 million, which became effective in November 2022 and which matures in November of 2027. These are designated as cash flow hedges of brokered certificates of deposit, and the interest rate cap spread is indexed to a benchmark of fed funds with payment required on a monthly basis. The structure of these instruments is such that the Company entered into a total of $225 million in notional amount of sold interest rate cap agreements, in which we are required to pay the counterparty an incremental amount if the index rate exceeds a set cap rate. Simultaneously, the Company purchased a total of $225 million notional amount of interest rate cap agreements in which we receive an incremental amount if the index rate is above a set cap rate. No payments are required if the index rate is at, or below, the cap rate on the sold or purchased interest rate cap agreements.

 

Interest income recorded on these swap and interest rate cap transactions totaled approximately $4.5 million and $8.6 million and $5.7 million and $11.3 million during the three and six months ended June 30, 2025 and June 30, 2024, respectively, and is recorded as a component of either interest expense on FHLB Advances or on brokered certificates of deposit.

 

 

The following table presents the gross gains (losses) recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow hedge derivative instruments for the periods indicated:

 

  

Three Months Ended June 30, 2025

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $-  $(4,468) $- 

 

  

Three Months Ended June 30, 2024

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $4,457  $(5,683) $- 

 

  

Six Months Ended June 30, 2025

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $(3,792) $(8,610) $- 

 

  

Six Months Ended June 30, 2024

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $17,337  $(11,312) $- 

 

         

The following table reflects the cash flow hedges included in the consolidated statements of condition as of June 30, 2025 and December 31, 2024:

 

  

June 30, 2025

  

December 31, 2024

 
  

Notional Amount

  

Fair Value

  

Notional Amount

  

Fair Value

 
      

(dollars in thousands)

     

Interest rate contracts

 $1,200,000  $23,900  $1,000,000  $37,398 

 

Derivatives Not Designated as Hedges

 

As part of the merger with FLIC, the Bank acquired interest rate swap agreements (“back-to-back swap”) that are not designated as hedging instruments. A back-to-back swap allows a borrower to effectively convert a variable rate loan to a fixed rate. The Bank originates a variable rate loan with a borrower and simultaneously enters into offsetting back-to-back swaps with the borrower and an unaffiliated dealer counterparty to minimize interest rate risk. In connection with each swap transaction, the Bank agrees to pay interest to the borrower on a notional amount at a variable interest rate and receives interest from the borrower on a similar notional amount at a fixed interest rate. Concurrently, the Bank agrees to pay the dealer counterparty the same fixed interest rate on the same notional amount and receives the same variable interest rate on the same notional amount. Because the Bank acts as an intermediary for its borrower, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Bank’s results of operations.

 

  

June 30, 2025

 
      

Notional

  

Fair Value

  

Fair Value

 

(in thousands)

 

Positions

  

Amount

  

Asset

  

Liabilities

 

Derivatives not designated as hedging instruments included in other assets / other liabilities:

                

Interest rate swap with borrower

  3  $36,222  $290  $- 

Interest rate swap with offsetting counterparty

  3   36,222   -   290 

         

 
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 6. Loans and the Allowance for Credit Losses

 

Loans Receivable – The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred loan fees, as of June 30, 2025 and December 31, 2024:

 

  June 30, 2025  December 31, 2024 
  

(dollars in thousands)

 

Commercial

 $1,607,528  $1,532,730 

Commercial real estate

  7,624,033   5,880,679 

Commercial construction

  681,222   616,246 

Residential real estate

  1,254,646   249,691 

Consumer

  1,709   1,136 

Gross loans

  11,169,138   8,280,482 

Net deferred loan fees

  (4,661)  (5,672)

Total loans receivable

 $11,164,477  $8,274,810 

 

As of  June 30, 2025 and December 31, 2024, loans totaling approximately $7.8 billion and $5.8 billion, respectively, were pledged to secure borrowings from the FHLB of New York and the Federal Reserve Bank of New York.

 

Loans held-for-sale – The following table sets forth the composition of the Company's loans held-for-sale portfolio as of June 30, 2025 and December 31, 2024.

 

  

June 30, 2025

  

December 31, 2024

 
  

(dollars in thousands)

 

Residential real estate

 $1,027  $743 

 

Loans Receivable on Nonaccrual Status - The following tables present the carrying value of nonaccrual loans with an ACL and the carrying value of nonaccrual loans without an ACL as of June 30, 2025 and December 31, 2024:

 

  

June 30, 2025

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $2,175  $11,295  $13,470 

Commercial real estate

  666   20,653   21,319 

Commercial construction

  -   2,204   2,204 

Residential real estate

  440   1,795   2,235 

Total

 $3,281  $35,947  $39,228 

 

 

  

December 31, 2024

 
  Nonaccrual loans with ACL  Nonaccrual loans without ACL  Total nonaccrual loans 
  

(dollars in thousands)

 

Commercial

 $1,744  $14,487  $16,231 

Commercial real estate

  3,822   32,664   36,486 

Commercial construction

  -   2,204   2,204 

Residential real estate

  333   2,056   2,389 

Total

 $5,899  $51,411  $57,310 

 

Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and loans that are individually evaluated.

 

Purchased Credit-Deteriorated Loans ("PCD") - PCD loans are defined as a loan or group of loans that have experienced more-than-insignificant credit deterioration since origination. The following table presents the recorded investment of those loans as of June 30, 2025.

 

(dollars in thousands)

 

June 30, 2025

 

Commercial

 $7,443 

Commercial real estate

  228,576 

Commercial construction

  — 

Residential real estate

  1,822 

Consumer

  — 

Total purchased credit-deteriorated loans

  237,841 

 

Within the PCD loan portfolio as of June 30, 2025, there is a pool of rent-regulated loans amounting to $208.2 million. These loans are associated with multifamily properties located in the five boroughs of New York City, most of which are entirely or predominantly rent-regulated. This specific pool is subject to unique stressors, primarily due to the 2019 New York rent laws, which restricted rent increases while operating in an environment of escalating expenses.

 

Credit Quality Indicators - The Company continuously monitors the credit quality of its loans receivable. In addition to its internal monitoring, the Company utilizes the services of a third-party loan review firm to periodically validate the credit quality of its loans receivable on a sample basis. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified “Pass” are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as “Special Mention” have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the credit quality or inadequately protect the Company’s credit position at some future date. Assets are classified “Substandard” if the asset has a well-defined weakness that requires management’s attention to a greater degree than for loans classified special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as “Doubtful” if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a “distinct possibility” that a degree of loss will occur if the inadequacies are not corrected.

    

 

We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purposes of the table below. The following table presents loans by origination, risk designation and gross charge-offs as of and during the six months ended June 30, 2025 (dollars in thousands):

 

  

Term loans amortized cost basis by origination year

       
  

2025

  

2024

  

2023

  

2022

  

2021

  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $61,680  $87,123  $142,634  $196,011  $228,357  $123,836  $712,620  $1,552,261 

Special mention

  -   1,896   -   314   -   4,999   596   7,805 

Substandard

  -   -   3,857   4,576   2,603   18,771   17,655   47,462 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $61,680  $89,019  $146,491  $200,901  $230,960  $147,606  $730,871  $1,607,528 

YTD gross charge-offs

 $-  $-  $-  $1,669  $-  $467  $875  $3,011 
                                 

Commercial real estate

                                

Pass

 $291,020  $471,351  $376,511  $1,779,950  $1,864,697  $2,210,694  $422,045  $7,416,268 

Special mention

  -   4,051   -   47,290   841   77,477   -   129,659 

Substandard

  -   -   -   15,069   8,265   54,772   -   78,106 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $291,020  $475,402  $376,511  $1,842,309  $1,873,803  $2,342,943  $422,045  $7,624,033 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $5,582  $-  $5,582 
                                 

Commercial construction

                                

Pass

 $487  $25,440  $-  $3,663  $-  $4,362  $645,066  $679,018 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $487  $25,440  $-  $3,663  $-  $4,362  $647,270  $681,222 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $28,589  $26,696  $39,426  $261,820  $167,204  $663,073  $60,522  $1,247,330 

Special mention

  -   -   -   -   -   627   2,750   3,377 

Substandard

  -   -   -   632   -   3,174   133   3,939 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $28,589  $26,696  $39,426  $262,452  $167,204  $666,874  $63,405  $1,254,646 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,554  $19  $21  $-  $-  $-  $115  $1,709 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $1,554  $19  $21  $-  $-  $-  $115  $1,709 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $1  $1 
                                 

Total

                                

Pass

 $383,330  $610,629  $558,592  $2,241,444  $2,260,258  $3,001,965  $1,840,368  $10,896,586 

Special mention

  -   5,947   -   47,604   841   83,103   3,346   140,841 

Substandard

  -   -   3,857   20,277   10,868   76,717   19,992   131,711 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $383,330  $616,576  $562,449  $2,309,325  $2,271,967  $3,161,785  $1,863,706  $11,169,138 

YTD gross charge-offs

 $-  $-  $-  $1,669  $-  $6,049  $876  $8,594 

 

 

The following table presents loans by origination, risk designation and gross charge-offs as of and for the year ended December 31, 2024 (dollars in thousands):

 

  

Term loans amortized cost basis by origination year

       
  

2024

  

2023

  

2022

  

2021

  2020  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $67,298  $157,067  $194,602  $237,065  $29,717  $111,841  $678,206  $1,475,796 

Special mention

  1,908   -   2,817   2,538   1,643   6,209   17,491   32,606 

Substandard

  -   3,019   3,705   217   -   15,844   1,543   24,328 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $69,206  $160,086  $201,124  $239,820  $31,360  $133,894  $697,240  $1,532,730 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $316  $1,918  $3,286 
                                 

Commercial real estate

                                

Pass

 $408,314  $268,533  $1,424,209  $1,510,087  $339,553  $1,357,858  $415,286  $5,723,840 

Special mention

  -   -   53,642   -   -   59,719   -   113,361 

Substandard

  -   -   3,822   1,846   1,752   36,058   -   43,478 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $408,314  $268,533  $1,481,673  $1,511,933  $341,305  $1,453,635  $415,286  $5,880,679 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $10,416  $-  $10,416 
                                 

Commercial construction

                                

Pass

 $15,390  $-  $2,137  $8,995  $6,518  $-  $581,002  $614,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $15,390  $-  $2,137  $8,995  $6,518  $-  $583,206  $616,246 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $17,763  $14,542  $39,197  $21,925  $17,339  $96,657  $36,471  $243,894 

Special mention

  -   -   -   -   -   635   2,773   3,408 

Substandard

  -   -   633   -   1,157   364   235   2,389 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $17,763  $14,542  $39,830  $21,925  $18,496  $97,656  $39,479  $249,691 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Total

                                

Pass

 $509,780  $440,166  $1,660,146  $1,778,072  $393,127  $1,566,356  $1,711,061  $8,058,708 

Special mention

  1,908   -   56,459   2,538   1,643   66,563   20,264   149,375 

Substandard

  -   3,019   8,160   2,063   2,909   52,266   3,982   72,399 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $511,688  $443,185  $1,724,765  $1,782,673  $397,679  $1,685,185  $1,735,307  $8,280,482 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $10,732  $1,918  $13,702 

  

 

Collateral Dependent Loans: The following tables present the amortized cost basis of collateral-dependent loans by loan segment as of June 30, 2025 and December 31, 2024:

 

  

June 30, 2025

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $9,023  $9,246  $18,269 

Commercial real estate

  249,896   -   249,896 

Commercial construction

  2,204   -   2,204 

Residential real estate

  3,858   -   3,858 

Total

 $264,981  $9,246  $274,227 

 

  

December 31, 2024

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $2,308  $9,222  $11,530 

Commercial real estate

  36,486   -   36,486 

Commercial construction

  2,204   -   2,204 

Residential real estate

  2,056   -   2,056 

Total

 $43,054  $9,222  $52,276 

 

 

Aging Analysis - The following tables present the aging of the amortized cost in past-due loans as of June 30, 2025 and December 31, 2024:

 

  

June 30, 2025

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 
  

(dollars in thousands)

 

Commercial

 $151  $409  $-  $13,470  $14,030  $1,593,498  $1,607,528 

Commercial real estate

  -   12,800   -   21,319   34,119   7,589,914   7,624,033 

Commercial construction

  -   -   -   2,204   2,204   679,018   681,222 

Residential real estate

  227   930   -   2,235   3,392   1,251,254   1,254,646 

Consumer

  -   -   -   -   -   1,709   1,709 

Total

 $378  $14,139  $-  $39,228  $53,745  $11,115,393  $11,169,138 

 

  

December 31, 2024

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 
  

(dollars in thousands)

 

Commercial

 $1,340  $-  $-  $16,231  $17,571  $1,515,159  $1,532,730 

Commercial real estate

  -   -   -   36,486   36,486   5,844,193   5,880,679 

Commercial construction

  -   -   -   2,204   2,204   614,042   616,246 

Residential real estate

  1,991   -   -   2,389   4,380   245,311   249,691 

Consumer

  -   -   -   -   -   1,136   1,136 

Total

 $3,331  $-  $-  $57,310  $60,641  $8,219,841  $8,280,482 

 

 

The following tables detail the amount of gross loans that are individually analyzed, collectively evaluated, and loans acquired with deteriorated quality, and the related portion of the allowance for credit losses for loans that are allocated to each loan portfolio segment.

 

  

June 30, 2025

 
  

Commercial

  Commercial real estate  

Commercial construction

  Residential real estate  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses – loans

                        

Individually analyzed

 $641  $33  $-  $-  $-  $674 

Collectively evaluated

  19,358   72,914   5,422   14,461   29   112,184 

Acquired with deteriorated credit quality

  962   42,256   -   114   -   43,332 

Total

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 
                         

Gross loans

                        

Individually analyzed

 $12,908  $21,320  $2,204  $2,036  $-  $38,468 

Collectively evaluated

  1,587,178   7,374,137   679,018   1,250,788   1,709   10,892,830 

Acquired with deteriorated credit quality

  7,442   228,576   -   1,822   -   237,840 

Total

 $1,607,528  $7,624,033  $681,222  $1,254,646  $1,709  $11,169,138 

 

  

December 31, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses – loans

                        

Individually analyzed

 $326  $909  $-  $-  $-  $1,235 

Collectively evaluated

  17,740   53,868   5,064   4,561   5   81,238 

Acquired with deteriorated credit quality

  212   -   -   -   -   212 

Total

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 
                         

Gross loans

                        

Individually analyzed

 $15,751  $36,486  $2,204  $2,056  $-  $56,497 

Collectively evaluated

  1,516,557   5,844,193   614,042   247,635   1,136   8,223,563 

Acquired with deteriorated credit quality

  422   -   -   -   -   422 

Total

 $1,532,730  $5,880,679  $616,246  $249,691  $1,136  $8,280,482 

 

 

Activity in the Company’s ACL for loans for the three and six months ended June 30, 2025 and 2024 are summarized in the tables below.

 

  

Three Months Ended June 30, 2025

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2025

 $18,031  $54,586  $5,030  $4,752  $4  $82,403 

Charge-offs

  (3,011)  (2,027)  -   -   (1)  (5,039)

Recoveries

  23   90   -   5   -   118 

Provision for credit losses - loans:

                        

Initial provision related to acquisition

  985   16,017   78   10,217   10   27,307 

Operating provision for credit losses

  3,968   4,281   314   (514)  16   8,065 

Nonaccretable credit marks on PCD loans

  965   42,256   -   115   -   43,336 

Balance as of June 30, 2025

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 

        

  

Six Months Ended June 30, 2025

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2024

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 

Charge-offs

  (3,011)  (5,582)  -   -   (1)  (8,594)

Recoveries

  178   90   -   5   -   273 

Provision for credit losses - loans:

                        

Initial provision related to acquisition - loans

  985   16,017   78   10,217   10   27,307 

Operating provision for credit losses

  3,566   7,645   280   (323)  15   11,183 

Nonaccretable credit marks on PCD loans

  965   42,256   -   115   -   43,336 

Balance as of June 30, 2025

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 
  

 

  

Three Months Ended June 30, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2024

 $20,735  $52,794  $5,011  $4,326  $3  $82,869 

Charge-offs

  -   (3,595)  -   -   -   (3,595)

Recoveries

  324   -   -   -   -   324 

(Reversal of) provision for credit losses – loans

  (1,039)  3,899   (539)  158   -   2,479 

Balance as of June 30, 2024

 $20,020  $53,098  $4,472  $4,484  $3  $82,077 

 

  

Six Months Ended June 30, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2023

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Charge-offs

  (300)  (6,480)  -   -   -   (6,780)

Recoveries

  347   -   -   -   -   347 

(Reversal of) provision for credit losses – loans

  (659)  7,300   (267)  164   (2)  6,536 

Balance as of June 30, 2024

 $20,020  $53,098  $4,472  $4,484  $3  $82,077 

 

 

Loan Modifications to Borrowers Experiencing Financial Difficulty:

 

The following table presents the amortized cost basis of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2025. The modification percentage represents the total loans modified during the three and six months ended as a percentage of the total gross loan balances as of  June 30, 2025.

 

  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Total

  

Gross Loans at June 30, 2025

  

Modification % (Modified Loans/

Gross Loans)

 

June 30, 2025

                    

(dollars in thousands)

                    

Commercial

 $6,491  $19,461  $25,952  $1,607,528   1.61%

Commercial real estate

  -   -   -   7,624,033   - 

Commercial construction

  8,419   -   8,419   681,222   1.24 

Residential real estate

  -   -   -   1,254,646   - 

Consumer

  -   -   -   1,709   - 

Total

 $14,910  $19,461  $34,371  $11,169,138   0.31%

 

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three and six months ended  June 30, 2025.

 

  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

 

June 30, 2025

        

Commercial

  3   3 

Commercial real estate

  -   - 

Commercial construction

  6   - 

Residential real estate

  -   - 

Consumer

  -   - 

 

 

 

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months through  June 30, 2025.

 

  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

June 30, 2025

            

(dollars in thousands)

            

Commercial

 $26,285  $-  $- 

Commercial real estate

  63,804   -   - 

Commercial construction

  8,419   -   - 

Residential real estate

  -   -   - 

Consumer

  -   -   - 

Total

 $98,508  $-  $- 

 

There were no modification to borrowers experiencing financial difficulty during the three months ended March 31, 2025.

 

During the three and six months ended June 30, 2025 and June 30, 2024, the Company had no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension during the current period.

 

There were no loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2025 and 2024 and were modified in the twelve months prior to that default. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. Modified loans in default are individually evaluated for the allowance for credit losses or if the modified loan is deemed uncollectible, the loan, or a portion of the loan, is written off and the allowance for credit losses is adjusted accordingly.

 

 

Allowance for Credit Losses for Unfunded Commitments

 

The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the provision for credit losses on the Company’s income statement. The following tables presents a roll forward of the allowance for credit losses for unfunded commitments for the three and six months ended June 30, 2025 and 2024:

 

  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Balance at beginning of period

 $3,009  $2,754 

Provision for credit losses – unfunded commitments

  328   21 

Balance at end of period

 $3,337  $2,775 

  

  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,627  $2,811 

Provision for (reversal of) allowance for credit losses – unfunded commitments

  710   (36)

Balance at end of period

 $3,337  $2,775 

   

Components of Provision for Credit Losses

 

The following tables summarizes the provision for (reversal of) credit losses for the three and six months ended June 30, 2025 and 2024:

 

  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $8,065  $2,479 

Initial provision related to acquisition - loans

  27,307   - 

Provision for credit losses - unfunded commitments

  328   21 

Provision for credit losses

 $35,700  $2,500 

 

  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $11,183  $6,536 

Initial provision related to acquisition - loans

  27,307   - 

Provision for (reversal of) credit losses - unfunded commitments

  710   (36)

Provision for credit losses

 $39,200  $6,500 

 
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 7. Fair Value Measurements and Fair Value of Financial Instruments

 

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 

 Level 1:

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

 Level 2:

Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

 

 Level 3:

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity).

 

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful.

 

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

 

Investment Securities Available-for-Sale and Equity Securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Examples of instruments which would generally be classified within Level 2 of the valuation hierarchy include municipal bonds and certain agency collateralized mortgage obligations. In certain cases where there is limited activity in the market for a particular instrument, assumptions must be made to determine the fair value of the instruments and these are classified as Level 3. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class.

 

Derivatives: The fair value of derivatives is based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.

 

For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of June 30, 2025 and December 31, 2024 are as follows:

 

      

June 30, 2025

 
      

Fair Value Measurements at Reporting Date Using

 
  

Total Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements: Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $359,417  $-  $359,417  $- 

Residential mortgage pass-through securities

  628,139   -   628,139   - 

Commercial mortgage pass-through securities

  26,572   -   26,572   - 

Obligations of U.S. states and political subdivisions

  207,126   -   200,547   6,579 

Corporate bonds and notes

  4,995   -   4,995   - 

Asset-backed securities

  823   -   823   - 

Other securities

  128   128   -   - 

Total available-for-sale

  1,227,200   128   1,220,493   6,579 
                 

Equity securities

  19,707   9,920   9,787   - 

Derivatives

  23,900   -   23,900   - 

Total assets

 $1,270,807  $10,048  $1,254,180  $6,579 

 

 

      

December 31, 2024

 
      

Fair Value Measurements at Reporting Date Using

 
  

Total Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements: Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $84,670  $-  $84,670  $- 

Residential mortgage pass- through securities

  378,838   -   378,838   - 

Commercial mortgage pass-through securities

  20,892   -   20,892   - 

Obligations of U.S. states and political subdivisions

  122,404   -   115,878   6,526 

Corporate bonds and notes

  4,987   -   4,987   - 

Asset-backed securities

  885   -   885   - 

Other securities

  171   171   -   - 

Total available-for-sale

 $612,847  $171  $606,150  $6,526 
                 

Equity securities

  20,092   9,739   10,353   - 

Derivatives

  37,398   -   37,398   - 

Total assets

 $670,337  $9,910  $653,901  $6,526 

 

There were no transfers between Level 1, Level 2 and Level 3 during the six months ended June 30, 2025 and for the year ended December 31, 2024.

 

Assets Measured at Fair Value on a Nonrecurring Basis

 

The Company may be required periodically to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or impairment write-downs of individual assets. The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024.

 

Loans Held-for-Sale: Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Management obtains quotes or bids on all or parts of these loans directly from the purchasing financial institutions (Level 2). As of June 30, 2025 and December 31, 2024, residential mortgage loans held-for sale were $1.0 million and $0.7 million, respectively

 

Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value of these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets (Level 3). There were no such loans as of June 30, 2025 and December 31, 2024.

 

 

Collateral Dependent Loans: The Company may record adjustments to the carrying value of loans based on fair value measurements, generally as partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with GAAP. Impairment amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated impairment amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and are also based on Level 3 inputs.

 

For assets measured at fair value on a nonrecurring basis, the fair value measurements as of June 30, 2025 and December 31, 2024 are as follows:

 

      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 June 30, 2025  Quoted Prices in Active Markets for Identical Assets (Level 1)  Significant Other Observable Inputs (Level 2)  Significant Unobservable Inputs (Level 3) 

Collateral dependent loans:

 

(dollars in thousands)

 

Commercial

 $549  $-  $-  $549 

Commercial real estate

  633   -   -   633 

 

      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2024  Quoted Prices in Active Markets for Identical Assets (Level 1)  Significant Other Observable Inputs (Level 2)  Significant Unobservable Inputs (Level 3) 

Collateral dependent loans:

 

(dollars in thousands)

 

Commercial

 $726  $-  $-  $726 

Commercial real estate

  2,913   -   -   2,913 

 

Collateral dependent loans – Collateral dependent loans as of June 30, 2025 that required a valuation allowance were $1.2 million with a related valuation allowance of $0.3 million compared to $4.7 million with a related valuation allowance of $1.1 million as of December 31, 2024.

 

 

Assets Measured with Significant Unobservable Level 3 Inputs

 

Recurring basis

 

The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and for the year ended December 31, 2024:

 

  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2025

 $6,526 

Principal paydowns

  (156)

Change in unrealized gain (loss)

  209 

Ending balance, June 30, 2025

 $6,579 

 

  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (304)

Changes in unrealized loss

  (292)

Ending balance, December 31, 2024

 $6,526 

 

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

 

June 30, 2025

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,579 

Discounted cash flows

 

Discount rate

  4.7%

 

December 31, 2024

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,526 

Discounted cash flows

 

Discount rate

  5.0%

 

 

Nonrecurring basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a nonrecurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy of collateral dependent loans.

 

June 30, 2025

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $549  

Appraisals of collateral value

Adjustment for comparable sales

 -10% to +5% (-4.3%) 

Commercial real estate loans

  633  

Appraisals of collateral value

Adjustment for comparable sales

 -10% to +5% (-2.17%) 

 

December 31, 2024

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $726  

Appraisals of collateral value

Adjustment for comparable sales

  -10% to +5% (-4.3%) 

Commercial real estate loans

  2,913  

Appraisals of collateral value

Adjustment for comparable sales

 

-40% to +0% (-14.3%)

 

 

 

As of June 30, 2025 the fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2025 and December 31, 2024: 

 

          

Fair Value Measurements

 
  

Carrying Amount

  

Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 
  

(dollars in thousands)

 
                     

June 30, 2025

                    

Financial assets:

                    

Cash and due from banks

 $596,533  $596,533  $596,533  $-  $- 

Securities available-for-sale

  1,227,200   1,227,200   128   1,220,493   6,579 

Restricted investments in bank stocks

  49,248   n/a   n/a   n/a   n/a 

Equity securities

  19,707   19,707   9,920   9,787   - 

Net loans

  11,008,287   10,834,868   -   -   10,834,868 

Derivatives - interest rate contracts

  23,900   23,900   -   23,900   - 

Accrued interest receivable

  60,405   60,405   -   5,454   54,951 
   .                 

Financial liabilities:

                    

Noninterest-bearing deposits

  2,424,529   2,424,529   2,424,529   -   - 

Interest-bearing deposits

  8,853,958   8,840,224   5,788,943   3,051,281   - 

Borrowings

  783,859   783,562   -   783,562   - 

Subordinated debentures

  276,500   276,327   -   276,327   - 

Accrued interest payable

  15,936   15,936   -   15,936   - 
                     

December 31, 2024

                    

Financial assets:

                    

Cash and due from banks

 $356,488  $356,488  $356,488  $-  $- 

Investment securities available-for-sale

  612,847   612,847   171   606,150   6,526 

Restricted investment in bank stocks

  40,449   n/a   n/a   n/a   n/a 

Equity securities

  20,092   20,092   9,739   10,353   - 

Net loans

  8,192,125   7,980,038   -   -   7,980,038 

Derivatives - interest rate contracts

  37,398   37,398   -   37,398   - 

Accrued interest receivable

  45,498   45,498   -   5,444   40,054 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,422,044   1,422,044   1,422,044   -   - 

Interest-bearing deposits

  6,398,070   6,387,896   3,840,870   2,547,026   - 

Borrowings

  688,064   687,273   -   687,273   - 

Subordinated debentures

  79,944   77,968   -   77,968   - 

Accrued interest payable

  9,320   9,320   -   9,320   - 

 

 

The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not included in the tables above.

 

Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values.

 

The Company’s remaining assets and liabilities, which are not considered financial instruments, have not been valued differently than has been customary with historical cost accounting. No disclosure of the relationship value of the Company’s core deposit base is required by FASB ASC 825-10.

 

Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, there are certain significant assets and liabilities that are not considered financial assets or liabilities, such as deferred taxes, premises and equipment, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

 

Management believes that reasonable comparability between financial institutions may not be likely, due to the wide range of permitted valuation techniques and numerous estimates which must be made, given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values.
v3.25.2
Note 8 - Comprehensive (Loss) Income
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

Note 8. Comprehensive (Loss) Income

 

Total comprehensive income (loss) includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes.

 

The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands):

 

Details about Accumulated Other Comprehensive Income Components

 

Amounts Reclassified from Accumulated Other Comprehensive Income

  

Amounts Reclassified from Accumulated Other Comprehensive Income

 

Affected Line item in the Consolidated Statements of Income

  

Three Months Ended June 30,

  

Six Months Ended June 30,

  
  

2025

  

2024

  

2025

  

2024

  

Interest income on cash flow hedges

 $4,468  $5,683  $8,610  $11,312 

Borrowings and deposits expense

   (1,256)  (1,598)  (2,420)  (3,180)

Income tax expense

  $3,212  $4,085  $6,190  $8,132  
                  

Amortization of pension plan net actuarial losses

 $-  $(43) $-  $(86)

Salaries and employee benefits

   -   11   -   24 

Income tax benefit

  $-  $(32) $-  $(62) 

Total reclassification

 $3,212  $4,053  $6,190  $8,070  

  

 

 

Accumulated other comprehensive loss as of June 30, 2025 and December 31, 2024 consisted of the following:

 

  

June 30, 2025

  

December 31, 2024

 
  

(dollars in thousands)

 

Investment securities available-for-sale, net of tax

 $(60,274) $(69,632)

Cash flow hedge, net of tax

  13,564   22,481 

Defined benefit pension and post-retirement plans, net of tax

  (695)  (695)

Total

 $(47,405) $(47,846)

 
v3.25.2
Note 9 - Stock-based Compensation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 9. Stock-based Compensation 

 

The Company’s stockholders approved the 2017 Equity Compensation Plan (“the Plan”) on May 23, 2017. The Plan eliminates all remaining issuable shares under previous plans and is the only outstanding plan as of June 30, 2025. On May 30, 2023, the Company's stockholders approved an amendment to the Plan that increased the maximum number of shares issuable to 1,200,000. Grants under the Plan can be in the form of stock options (qualified or non-qualified), restricted shares, deferred stock units or performance units. Shares available for grant and issuance under the Plan as of June 30, 2025 were approximately 168,971. The Company intends to issue all shares under the Plan in the form of newly issued shares.

 

As of both June 30, 2025 and December 31, 2024, the Company did not have any outstanding stock options. Restricted stock and deferred stock units typically have a three-year vesting period starting one year after the date of grant with one-third vesting each year, with accelerated vesting upon a change in control. Restricted stock and deferred stock units granted to new employees and board members may be granted with shorter vesting periods. Grants of performance units typically have a cliff vesting after three years or upon a change of control. All issuances are subject to forfeiture if the recipient is no longer employed prior to the award's vesting. Any forfeitures would result in previously recognized expense being reversed. Restricted stock grants have the same dividend and voting rights as common stock, while options, performance units and deferred stock units do not.

 

All awards are issued at the fair value of the underlying shares on the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably, over the vesting or measurement period. Forfeiture rates are not estimated but are recorded as incurred. Stock-based compensation expense for the three and six months ended June 30, 2025 and June 30, 2024 was $1.2 million and $2.5 and $1.1 million and $2.1 million, respectively. 

 

Activity in the Company’s restricted stock for the six months ended June 30, 2025 was as follows:

 

  

Nonvested Shares

  

Weighted Average Grant Date Fair Value

 

Nonvested as of December 31, 2024

  110,340  $18.26 

Granted

  75,525   23.93 

Vested

  (70,942)  22.18 

Forfeited/cancelled/expired

  (1,418)  19.01 

Nonvested as of June 30, 2025

  113,505  $19.57 

 

 

 

As of June 30, 2025, there was approximately $1.7 million of total unrecognized compensation cost related to nonvested restricted stock granted. The cost is expected to be recognized over a weighted average period of 1.3 years.

 

A summary of the status of unearned performance unit awards and the change during the period is presented in the table below:

 

  Units (expected)  Units (maximum)  Weighted Average Grant Date Fair Value 

Unearned as of December 31, 2024

  189,672      $21.52 

Awarded

  88,681       19.01 

Change in estimate

  4,197       32.80 

Vested shares

  (43,331)      32.80 

Forfeited/cancelled/expired

  (3,452)      19.01 

Unearned as of June 30, 2025

  235,767   383,079  $18.74 

 

As of June 30, 2025, the specific number of shares related to performance units that were expected to vest was 235,767, determined by actual performance in consideration of the established range of the performance targets, which is consistent with the level of expense currently being recognized over the vesting period. Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. As of June 30, 2025, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 383,079. During the six months ended June 30, 2025, 43,331 shares vested. A total of 23,754 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of performance units during the six months ended June 30, 2025 were 19,577 shares. As of June 30, 2025, compensation cost of approximately $2.9 million related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 2.1 years.

 

A summary of the status of unearned deferred stock units and the changes in deferred stock units during the period is presented in the table below:

 

  

Units (expected)

  

Weighted Average Grant Date Fair Value

 

Unearned as of December 31, 2024

  181,836  $20.32 

Awarded

  80,010   19.01 

Vested shares

  (83,489)  23.05 

Unearned as of June 30, 2025

  178,357  $18.45 

 

Any forfeitures would result in previously recognized expense being reversed. A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the six months ended June 30, 2025, 83,489 shares vested. A total of 44,806 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of deferred stock units during the six months ended June 30, 2025 were 38,683 shares. As of June 30, 2025, compensation cost of approximately $2.1 million related to non-vested deferred stock units, not yet recognized, is expected to be recognized over a weighted-average period of 1.7 years.

 
v3.25.2
Note 10 - Components of Net Periodic Pension Cost
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 10. Components of Net Periodic Pension Cost

 

The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated.

 

  

Three Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2025

  

2024

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  105   106 

Salaries and employee benefits

Expected return on plan assets

  (230)  (214)

Salaries and employee benefits

Net amortization

  -   43 

Salaries and employee benefits

Total periodic pension income

 $(125) $(65) 

 

  

Six Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2025

  

2024

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  211   212 

Salaries and employee benefits

Expected return on plan assets

  (460)  (428)

Salaries and employee benefits

Net amortization

  -   86 

Salaries and employee benefits

Total periodic pension income

 $(249) $(130) 

 

                Contributions

  

The Company did not contribute to the Pension Trust during the six months ended June 30, 2025. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2025. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust.

 

                 FLIC Merger

 

In the FLIC merger, the company acquired a defined benefit pension plan with a net funded status of $11.2 million as of the acquisition date. Employees were eligible to participate in the Pension Plan after attaining 21 years of age and completing 12 full months of service. Pension benefits are generally based on a percentage of average annual compensation during the period of creditable service. The Bank makes contributions to the Pension Plan which, when taken together with participant contributions equal to 2% of their compensation, will be sufficient to fund these benefits. The Bank’s funding method, the unit credit actuarial cost method, is consistent with the funding requirements of applicable federal laws and regulations which set forth both minimum required and maximum tax deductible contributions. Employees become fully vested after four years of participation in the Pension Plan (no vesting occurs during the four year period). An internal management committee oversees the affairs of the pension plan and acts as named fiduciary.

 

Effective for June 30, 2025, the Board of Directors approved that no new participants will be permitted in the pension plan, and existing participants could no longer contribute. In addition, the Board of Directors approved to freeze the plan effective September 30, 2025. Once frozen, participants will no longer accrue benefits. 

 

 

                 Significant Actuarial Assumptions. The following table sets forth the significant actuarial assumptions used to determine the benefit obligation at acquisition date:

 

Weighted average assumptions used to determine the benefit obligation:

   

Discount rate

  5.80%

Rate of increase in compensation levels

  4.00%

 

Weighted average assumptions used to determine net pension cost:

   

Discount rate

  5.68%

Rate of increase in compensation levels

  4.00%

Expected long-term rate of return on plan assets

  6.00%

 

Plan Assets. The objective for the Plan’s assets is to generate long-term investment returns from both income and capital appreciation which outpaces the rate of inflation, while maintaining sufficient liquidity to ensure the Plan’s ability to pay all anticipated benefit and expense obligations when due. The Plan may maintain a de minimis amount of cash equivalents, with the remaining assets allocated across two broadly-defined financial asset categories: (1) equity, both domestic and international; and (2) fixed income of various durations and issuer type. The goal of the equity allocation is to supplement the Bank’s contributions to the Plan when the Plan is underfunded and increase surplus when the Plan is overfunded. The fixed income component will include longer-duration bonds designed to match and hedge the characteristics of the Plan’s liabilities. Cash equivalents, under normal circumstances, will be temporary holdings for the purpose of paying expenses and monthly benefits.

 

For fixed income investments: (1) the minimum average credit quality shall be investment grade (Standard & Poor’s BBB or Moody’s Baa) or higher; and (2) no more than 5% of the portfolio may be invested in securities with ratings below investment grade, and none may be rated below investment grade at the time of purchase.

 

Reasonable precautions are taken to avoid excessive concentrations to protect the portfolio against unfavorable outcomes within an asset class. Specifically, the following guidelines are in place:

 

 

●

With the exception of fixed income investments explicitly guaranteed by the U.S. government, no single investment security shall represent more than 5% of total Plan assets; and

 

●

With the exception of passively managed investment vehicles seeking to match the returns of broadly diversified market indices or diversified investment vehicles chosen specifically to hedge the interest rate risk embedded in Plan liabilities, no single investment pool or investment company (mutual fund) shall comprise more than 10% of total plan assets.

 

The portfolio will be rebalanced to the target asset allocation, if needed, no less often than quarterly. Unless expressly authorized in writing by the Committee, the following investing activities are prohibited:

 

 

●

Purchasing securities on margin;

 

●

Pledging or hypothecating securities, except for loans of securities that are fully collateralized;

 

●

Purchasing or selling derivative securities for speculation or leverage; and

 

●

Engaging in investment strategies that have the potential to amplify or distort the risk of loss beyond a level that is reasonably expected given the objectives of the portfolio.

 

 

 

 

The Plan’s actual asset allocations, target allocations and expected long-term rates of return by asset category at acquisition date are set forth in the following tables.

 

          

Weighted

 
          

Average

 
          

Expected

 
          

Long-Term

 
  

Target

  

% of Plan

  

Rate of

 
  

Allocation

  

Assets

  

Return

 

Cash equivalents

  0% - 1%   —%  N/A 

Equity mutual funds

  20% - 30%   25.0%  3.9% to 10.7% 

Fixed income mutual funds

  70% - 80%   75.0%  2.5% - 6.8% 
       100%  2.8% - 7.8% 

 

The ranges for the weighted average expected long-term rates of return for equity funds, bond funds and total plan assets set forth in the preceding table represent an average of all expected allocation percentile returns. For these purposes the trustee utilizes a third party capital markets model (the “model”), which forecasts distributions of future returns for a wide array of broad asset classes. The theoretical and empirical foundation of the model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk. At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available historical monthly financial and economic data.

 

Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service as appropriate, are expected to be made by the Plan.

 

Year (dollars in thousands)

  

Amount

 

2026

  $3,156 

2027

   3,293 

2028

   3,442 

2029

   3,537 

2030

   3,627 
2031 - 2035   19,505 

 

 

 

 
v3.25.2
Note 11 - Deposits
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Deposit Liabilities Disclosures [Text Block]

Note 11. Deposits

             

              Time Deposits

 

As of June 30, 2025 and December 31, 2024, the Company's total time deposits were $3.1 billion and $2.6 billion, respectively. Included in time deposits were nonreciprocal brokered time deposits of $1.0 billion and $907.2 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, the contractual maturities of these time deposits were as follows (dollars in thousands):

 

2025

 $1,749,473 

2026

  1,149,831 

2027

  76,951 

2028

  85,375 

2029

  3,761 

thereafter

  1,983 

Time deposits (before net discount)

 $3,067,374 

 

The amount of time deposits with balances greater than or equal to $250,000 was $944.5 million and $731.0 million as of June 30, 2025 and December 31, 2024, respectively.

 
v3.25.2
Note 12 - FHLB Borrowings
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Federal Home Loan Bank, Advances [Text Block]

Note 12. FHLB Borrowings

 

The Company’s FHLB borrowings and weighted average interest rates are summarized below:

 

  

June 30, 2025

  

December 31, 2024

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $757,992   4.44% $660,529   4.51%

1 year through less than 2 years

  -   -   2,050   2.23 

2 years through less than 3 years

  25,243   4.17%  260   2.85 

3 years through less than 4 years

  -   -   25,000   4.18 

4 years through 5 years

  -   -   -   - 

After 5 years

  244   2.96%  261   2.96 

FHLB borrowings – gross

  783,479   4.43%  688,100   4.49%

Fair value discount

  380       (36)    

Total FHLB borrowings

 $783,859      $688,064     

 

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

 

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances bear fixed rates. The advances as of June 30, 2025 were primarily collateralized by approximately $3.9 billion of commercial mortgage loans and securities, net of required over collateralization amounts, under a blanket lien arrangement. As of June 30, 2025 the Company had a remaining borrowing capacity of approximately $2.2 billion at FHLB. 

 
v3.25.2
Note 13 - Subordinated Debentures
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Subordinated Borrowings Disclosure [Text Block]

Note 13. Subordinated Debentures

 

During 2003, the Company formed a statutory business trust, which exists for the exclusive purpose of (i) issuing Trust Securities representing undivided beneficial interests in the assets of the Trust; (ii) investing the gross proceeds of the Trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Company; and (iii) engaging in only those activities necessary or incidental thereto. On December 19, 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly-owned subsidiary of the Parent Corporation issued $5.0 million of MMCapS capital securities to investors due on January 23, 2034. The capital securities presently qualify as Tier I capital. The trust loaned the proceeds of this offering to the Company and received in exchange $5.2 million of the Parent Corporation’s subordinated debentures. The subordinated debentures are redeemable in whole or in part prior to maturity. Upon the cessation of publication of LIBOR rates and pursuant to the Federal LIBOR Act and Federal Reserve regulations implementing the Act, the MMCapS capital securities converted effective June 30, 2023 to a new index based on CME Term SOFR, as defined in the LIBOR Act, plus a tenor spread adjustment, which is referred to as the Benchmark Replacement. Therefore, effective for quarterly interest rate resets after  July 3, 2023 the subordinated debentures’ floating rate will be three-month CME Term SOFR plus 2.85% plus a tenor spread adjustment of 0.26161%. The rate as of June 30, 2025 was 7.39%. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements, as the statutory business trust is not consolidated in accordance with FASB ASC 810-10. Distributions on the subordinated debentures owned by the subsidiary trust have been classified as interest expense in the Consolidated Statements of Income.

 

The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of June 30, 2025 and December 31, 2024.

 

As of June 30, 2025

Issuance Date

 

Securities Issued

 

Liquidation Value

 

Coupon Rate

 

Maturity

 

Redeemable by Issuer Beginning

12/19/2003

 

$5,000,000

 

$1,000 per Capital Security

 

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

 

1/23/2034

 

1/23/2009

           

As of December 31, 2024

Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning

12/19/2003

 

$5,000,000

 

$1,000 per Capital Security

 

Floating 3-month CME Term SOFR + 285 Basis Points+26.161 Basis Points

 

1/23/2034

 

1/23/2009

 

During June 2020, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “2020 Notes”). The 2020 Notes may now be redeemed by the Company and have a stated maturity of July 1, 2030, and bear interest until the maturity date or early redemption date at a variable rate equal to the then benchmark rate, which is Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 560.5 basis points. As of June 30, 2025, the variable interest rate was 9.92% and all costs related to the 2020 issuance have been amortized.

 

On May 15, 2025, the Parent Corporation issued $200 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the "2025 Notes"). The 2025 Notes bear interest at 8.125% annually from, and including, the date of initial issuance up to but excluding June 1, 2030 or the date of earlier redemption, payable semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2025. From and including June 1, 2030 through maturity or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to a benchmark rate, which is Three-Month Term SOFR: (as defined in the Prospectus Supplement), plus 441.5 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2030. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.

 
v3.25.2
Note 14 - Segment Reporting
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 14. Segment Reporting

 

Accounting policies for segments are the same as those described in Note 1a. Segment performance is evaluated using Consolidated Bank net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the financial statements:

 

 

  

Consolidated Bank

  

Consolidated Bank

 
  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(dollars in thousands)

                
                 

Interest income

 $146,030  $130,007  $270,819  $259,614 

Noninterest income

  4,865   4,563   8,614   8,162 

Total segment income

 $150,895  $134,570  $279,433  $267,776 
                 

Less:

                

Interest expense

  63,786   67,256   121,521   135,252 

Segment net interest income and noninterest income

  87,109   67,314   157,912   132,524 

Less:

                

Provision for credit losses

  35,700   2,500   39,200   6,500 

Salaries and employee benefits

  25,233   22,721   47,811   44,852 

Other segment items*

  48,042   14,823   64,374   29,742 

Income tax (benefit) expense

  (4,988)  6,688   2,172   12,566 

Segment consolidated net (loss) income

 $(16,878) $20,582  $4,355  $38,864 
                 

Other segment disclosures

                

Interest income

 $146,030  $130,007  $270,819  $259,614 

Interest expense

  63,786   67,256   121,521   135,252 

Depreciation

  1,325   1,083   2,423   2,185 

Amortization of core deposit intangibles

  1,251   321   1,530   642 

Other significant noncash items:

                

Provision for credit losses

  35,700   2,500   39,200   6,500 

Segment assets

  13,906,221   9,715,227   13,906,221   9,715,227 

Total expenses for segment assets

  167,773   113,988   275,078   228,912 
                 

Reconciliation of assets

                

Total assets for segment

 $13,906,221  $9,715,227  $13,906,221  $9,715,227 

Others assets

  9,517   8,504   9,517   8,504 

Total consolidated assets

 $13,915,738  $9,723,731  $13,915,738  $9,723,731 

 

*Occupancy and equipment, professional fees, advertising and promotion, data processing, FDIC insurance premium, merger expenses, amortization of core deposit intangible, insurance expense and stationery and supplies.

 
v3.25.2
Insider Trading Arrangements
 6 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

Item 5 Other Information

 

Not applicable

 
Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Nature of Operations [Policy Text Block]

Nature of Operations

 

ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”) and making certain limited investments. The Bank’s direct and indirect subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company). The First of Long Island REIT (a New York real estate investment trust), FNY Service Corp (a New York investment company) and BoeFly, Inc. (a New Jersey financial technology company).

 

The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its 59 other banking offices. On June 1, 2025, the Company completed its acquisition of The First of Long Island Corporation (“FLIC”), and The First National Bank of Long Island, FLIC’s wholly owned subsidiary depository institution, was merged into the Bank. See Note 2.

 

Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages.

 
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

 

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Bank. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 

 
Segment Reporting, Policy [Policy Text Block]

Segment Reporting

 

The Company’s operations are solely in the financial services industry. The Company provides a range of regional community banking services to commercial and retail clients. 

 

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the Chief Operating Decision Maker ("CODM"), based upon information about the Company's products and services offered, primarily it's banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches and the subsidiary bank), which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment of performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic. See Note 14 for disclosures related to the reportable segment.

 
Postemployment Benefit Plans, Policy [Policy Text Block]

Employee Benefit Plans

        

The Company has a noncontributory pension plan that covered all eligible employees up until  September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of  September 30, 2007 were preserved.

 

In the FLIC merger, the company acquired a defined benefit pension plan that covered all eligible employees. The Bank makes contributions to the plan, which when taken together with participant contributions equal to 2% of their compensation, will be sufficient to fund these benefits. Effective for June 30, 2025, the Board of Directors approved that no new participants will be permitted in the pension plan, and existing participants could no longer contribute.  In addition, the Board of Directors approved to freeze the plan effective September 30, 2025. Once frozen, participants will no longer accrue benefits. 

 

The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The costs associated with the plans are accrued based on actuarial assumptions and included in salaries and employee benefits expense.

 

The Company accounts for its defined benefit pension plans in accordance with FASB ASC 715-30. This standard requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. This standard also requires companies to measure the funded status of the plans as of the date of its fiscal year-end.

 
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates.

 
Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

 

Certain reclassifications have been made to amounts reported in prior periods to conform to the current period presentation. The reclassifications had no material effect on net income or total stockholders' equity.

  

 
New Accounting Pronouncements, Policy [Policy Text Block]

Note 1b. Authoritative Accounting Guidance

 

Adoption of New Accounting Standards in 2025

 

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The Company adopted ASU 2023-09 on January 1, 2025.

 

Newly Issued, But Not Yet Effective Accounting Standards

 

In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company on January 1, 2027. The Company is currently not expecting the ASU to have a material effect on the consolidated financial statements and footnotes.
v3.25.2
Note 2 - Business Combination (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Business Combination [Table Text Block]
  

As of

 
  

June 1, 2025

 

Purchase Price Consideration

    

FLIC common shares settled for stock

  22,783,572 

Exchange Ratio

  0.5175 

ConnectOne shares entitlement

  11,790,499 

Fractional shares subject to cash in lieu

  (383)

ConnectOne whole shares issued

  11,790,116 

Price per share of ConnectOne common stock on June 1, 2025

 $22.97 

Total fair value of stock consideration issued

 $270,818,953 

Cash consideration paid

  8,727 

Total purchase price consideration

 $270,827,680 
  

As of

 
  

June 1, 2025

 
  

(in thousands)

 
     

Total purchase price consideration

 $270,828 
     

Fair Value of Assets Acquired:

    

Cash and cash equivalents

  54,869 

Securities available-for-sale

  596,702 

Loans receivables, net

  2,882,951 

Restricted stock, at cost

  24,276 

Premises and equipment, net

  45,895 

Bank-owned life insurance

  118,098 

Pension plan assets

  11,617 

Core deposit intangible

  63,206 

Other assets

  107,480 

Total assets acquired

 $3,905,094 
     

Fair Value of Liabilities Assumed:

    

Deposits

  3,251,147 

Borrowings

  360,405 

Other liabilities

  29,953 

Total liabilities assumed

 $3,641,505 
     

Net assets acquired

 $263,589 
     

Goodwill recorded in acquisition

 $7,239 
Schedule of Receivables Acquired [Table Text Block]
          

Gross-up for PCD

     
  

Unpaid Principal

  

Total Discount at

  

Allowance for Credit

  

Fair Value of PCD

 

(dollars in thousands)

 

Balance

  

Acquisition

  

Losses at Acquisition

  

Loans at Acquisition

 

PCD Accruing

 $255,152  $(32,570) $(38,231) $184,351 

PCD Nonaccrual

  16,752   (1,824)  (5,105)  9,823 

Total PCD Loans

 $271,904  $(34,394) $(43,336) $194,174 
Business Combination, Pro Forma Information [Table Text Block]
  

Six Months Ended June 30,

 

(in thousands)

 

2025

  

2024

 

Net interest income

 $191,544  $175,060 

Net income

 $60,686  $33,666 
v3.25.2
Note 3 - Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(dollars in thousands, except for per share data)

 

2025

  

2024

  

2025

  

2024

 

Net loss income available to common stockholders

 $(21,802) $17,547  $(3,069) $33,243 

Earnings allocated to participating securities

  53   (46)  8   (89)

(Loss) income attributable to common stock

 $(21,749) $17,501  $(3,061) $33,154 
                 

Weighted average common shares outstanding, including participating securities

  42,100   38,421   40,252   38,383 

Weighted average participating securities

  (102)  (101)  (102)  (103)

Weighted average common shares outstanding

  41,998   38,320   40,150   38,280 

Incremental shares from assumed conversions of options, performance units and restricted shares

  175   129   220   173 

Weighted average common and equivalent shares outstanding

  42,173   38,449   40,370   38,453 
                 

Earnings per common share:

                

Basic

 $(0.52) $0.46  $(0.08) $0.87 

Diluted

  (0.52)  0.46   (0.08)  0.86 
v3.25.2
Note 4 - Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Debt Securities, Available-for-Sale [Table Text Block]
                  

Allowance

 
                  

for

 
      

Gross

  

Gross

      

Investment

 
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

  

Credit

 
  

Cost

  

Gains

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

June 30, 2025

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $368,785  $1,281  $(10,649) $359,417  $- 

Residential mortgage pass-through securities

  677,879   2,612   (52,352)  628,139   - 

Commercial mortgage pass-through securities

  30,266   36   (3,730)  26,572   - 

Obligations of U.S. states and political subdivisions

  226,834   1,044   (20,752)  207,126   - 

Corporate bonds and notes

  5,000   1   (6)  4,995   - 

Asset-backed securities

  832   1   (10)  823   - 

Other securities

  128   -   -   128   - 

Total investment securities available-for-sale

 $1,309,724  $4,975  $(87,499) $1,227,200  $- 
                     

December 31, 2024

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $96,165  $179  $(11,674) $84,670  $- 

Residential mortgage pass-through securities

  439,445   211   (60,818)  378,838   - 

Commercial mortgage pass-through securities

  24,989   -   (4,097)  20,892   - 

Obligations of U.S. states and political subdivisions

  141,775   89   (19,460)  122,404   - 

Corporate bonds and notes

  5,000   5   (18)  4,987   - 

Asset-backed securities

  892   -   (7)  885   - 

Other securities

  171   -   -   171   - 

Total investment securities available-for-sale

 $708,437  $484  $(96,074) $612,847  $- 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

June 30, 2025

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $5,034  $5,036 

Due after one year through five years

  24,943   25,155 

Due after five years through ten years

  61,846   61,209 

Due after ten years

  509,628   480,961 

Residential mortgage pass-through securities

  677,879   628,139 

Commercial mortgage pass-through securities

  30,266   26,572 

Other securities

  128   128 

Total investment securities available-for-sale

 $1,309,724  $1,227,200 
Unrealized Gain (Loss) on Investments [Table Text Block]
  

June 30, 2025

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligations

 $84,641  $(10,649) $50,658  $(255) $33,983  $(10,394)

Residential mortgage pass-through securities

  350,770   (52,352)  21,050   (377)  329,720   (51,975)

Commercial mortgage pass-through securities

  21,131   (3,730)  -   -   21,131   (3,730)

Obligations of U.S. states and political subdivisions

  115,530   (20,752)  20,316   (925)  95,214   (19,827)

Corporate bonds and notes

  1,994   (6)  1,994   (6)  -   - 

Asset-backed securities

  562   (10)  -   -   562   (10)

Total investment securities available for sale

 $574,628  $(87,499) $94,018  $(1,563) $480,610  $(85,936)
  

December 31, 2024

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligations

 $53,467  $(11,674) $18,471  $(60) $34,996  $(11,614)

Residential mortgage pass-through securities

  364,971   (60,818)  26,809   (604)  338,162   (60,214)

Commercial mortgage pass-through securities

  20,892   (4,097)  -   -   20,892   (4,097)

Obligations of U.S. states and political subdivisions

  112,523   (19,460)  13,281   (322)  99,242   (19,138)

Corporate bonds and notes

  1,982   (18)  1,982   (18)  -   - 

Asset-backed securities

  885   (7)  -   -   885   (7)

Total investment securities available for sale

 $554,720  $(96,074) $60,543  $(1,004) $494,177  $(95,070)
v3.25.2
Note 5 - Derivatives (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Three Months Ended June 30, 2025

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $-  $(4,468) $- 
  

Three Months Ended June 30, 2024

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $4,457  $(5,683) $- 
  

Six Months Ended June 30, 2025

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $(3,792) $(8,610) $- 
  

Six Months Ended June 30, 2024

 
  

Amount of gain (loss) recognized in OCI (Effective Portion)

  

Amount of (gain) loss reclassified from OCI to interest expense

  

Amount of gain recognized in other Noninterest income (Ineffective Portion)

 
  

(dollars in thousands)

 

Interest rate contracts

 $17,337  $(11,312) $- 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
  

June 30, 2025

  

December 31, 2024

 
  

Notional Amount

  

Fair Value

  

Notional Amount

  

Fair Value

 
      

(dollars in thousands)

     

Interest rate contracts

 $1,200,000  $23,900  $1,000,000  $37,398 
Derivatives Not Designated as Hedging Instruments [Table Text Block]
  

June 30, 2025

 
      

Notional

  

Fair Value

  

Fair Value

 

(in thousands)

 

Positions

  

Amount

  

Asset

  

Liabilities

 

Derivatives not designated as hedging instruments included in other assets / other liabilities:

                

Interest rate swap with borrower

  3  $36,222  $290  $- 

Interest rate swap with offsetting counterparty

  3   36,222   -   290 
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  June 30, 2025  December 31, 2024 
  

(dollars in thousands)

 

Commercial

 $1,607,528  $1,532,730 

Commercial real estate

  7,624,033   5,880,679 

Commercial construction

  681,222   616,246 

Residential real estate

  1,254,646   249,691 

Consumer

  1,709   1,136 

Gross loans

  11,169,138   8,280,482 

Net deferred loan fees

  (4,661)  (5,672)

Total loans receivable

 $11,164,477  $8,274,810 
Schedule of Loans Held-for-sale [Table Text Block]
  

June 30, 2025

  

December 31, 2024

 
  

(dollars in thousands)

 

Residential real estate

 $1,027  $743 
Financing Receivable, Nonaccrual [Table Text Block]
  

June 30, 2025

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $2,175  $11,295  $13,470 

Commercial real estate

  666   20,653   21,319 

Commercial construction

  -   2,204   2,204 

Residential real estate

  440   1,795   2,235 

Total

 $3,281  $35,947  $39,228 
  

December 31, 2024

 
  Nonaccrual loans with ACL  Nonaccrual loans without ACL  Total nonaccrual loans 
  

(dollars in thousands)

 

Commercial

 $1,744  $14,487  $16,231 

Commercial real estate

  3,822   32,664   36,486 

Commercial construction

  -   2,204   2,204 

Residential real estate

  333   2,056   2,389 

Total

 $5,899  $51,411  $57,310 
Schedule of Loans Purchase With Credit Deterioration [Table Text Block]

(dollars in thousands)

 

June 30, 2025

 

Commercial

 $7,443 

Commercial real estate

  228,576 

Commercial construction

  — 

Residential real estate

  1,822 

Consumer

  — 

Total purchased credit-deteriorated loans

  237,841 
Financing Receivable Origination And Risk Designation [Table Text Block]
  

Term loans amortized cost basis by origination year

       
  

2025

  

2024

  

2023

  

2022

  

2021

  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $61,680  $87,123  $142,634  $196,011  $228,357  $123,836  $712,620  $1,552,261 

Special mention

  -   1,896   -   314   -   4,999   596   7,805 

Substandard

  -   -   3,857   4,576   2,603   18,771   17,655   47,462 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $61,680  $89,019  $146,491  $200,901  $230,960  $147,606  $730,871  $1,607,528 

YTD gross charge-offs

 $-  $-  $-  $1,669  $-  $467  $875  $3,011 
                                 

Commercial real estate

                                

Pass

 $291,020  $471,351  $376,511  $1,779,950  $1,864,697  $2,210,694  $422,045  $7,416,268 

Special mention

  -   4,051   -   47,290   841   77,477   -   129,659 

Substandard

  -   -   -   15,069   8,265   54,772   -   78,106 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $291,020  $475,402  $376,511  $1,842,309  $1,873,803  $2,342,943  $422,045  $7,624,033 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $5,582  $-  $5,582 
                                 

Commercial construction

                                

Pass

 $487  $25,440  $-  $3,663  $-  $4,362  $645,066  $679,018 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $487  $25,440  $-  $3,663  $-  $4,362  $647,270  $681,222 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $28,589  $26,696  $39,426  $261,820  $167,204  $663,073  $60,522  $1,247,330 

Special mention

  -   -   -   -   -   627   2,750   3,377 

Substandard

  -   -   -   632   -   3,174   133   3,939 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $28,589  $26,696  $39,426  $262,452  $167,204  $666,874  $63,405  $1,254,646 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,554  $19  $21  $-  $-  $-  $115  $1,709 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $1,554  $19  $21  $-  $-  $-  $115  $1,709 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $1  $1 
                                 

Total

                                

Pass

 $383,330  $610,629  $558,592  $2,241,444  $2,260,258  $3,001,965  $1,840,368  $10,896,586 

Special mention

  -   5,947   -   47,604   841   83,103   3,346   140,841 

Substandard

  -   -   3,857   20,277   10,868   76,717   19,992   131,711 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $383,330  $616,576  $562,449  $2,309,325  $2,271,967  $3,161,785  $1,863,706  $11,169,138 

YTD gross charge-offs

 $-  $-  $-  $1,669  $-  $6,049  $876  $8,594 
  

Term loans amortized cost basis by origination year

       
  

2024

  

2023

  

2022

  

2021

  2020  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $67,298  $157,067  $194,602  $237,065  $29,717  $111,841  $678,206  $1,475,796 

Special mention

  1,908   -   2,817   2,538   1,643   6,209   17,491   32,606 

Substandard

  -   3,019   3,705   217   -   15,844   1,543   24,328 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $69,206  $160,086  $201,124  $239,820  $31,360  $133,894  $697,240  $1,532,730 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $316  $1,918  $3,286 
                                 

Commercial real estate

                                

Pass

 $408,314  $268,533  $1,424,209  $1,510,087  $339,553  $1,357,858  $415,286  $5,723,840 

Special mention

  -   -   53,642   -   -   59,719   -   113,361 

Substandard

  -   -   3,822   1,846   1,752   36,058   -   43,478 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $408,314  $268,533  $1,481,673  $1,511,933  $341,305  $1,453,635  $415,286  $5,880,679 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $10,416  $-  $10,416 
                                 

Commercial construction

                                

Pass

 $15,390  $-  $2,137  $8,995  $6,518  $-  $581,002  $614,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $15,390  $-  $2,137  $8,995  $6,518  $-  $583,206  $616,246 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $17,763  $14,542  $39,197  $21,925  $17,339  $96,657  $36,471  $243,894 

Special mention

  -   -   -   -   -   635   2,773   3,408 

Substandard

  -   -   633   -   1,157   364   235   2,389 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $17,763  $14,542  $39,830  $21,925  $18,496  $97,656  $39,479  $249,691 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Total

                                

Pass

 $509,780  $440,166  $1,660,146  $1,778,072  $393,127  $1,566,356  $1,711,061  $8,058,708 

Special mention

  1,908   -   56,459   2,538   1,643   66,563   20,264   149,375 

Substandard

  -   3,019   8,160   2,063   2,909   52,266   3,982   72,399 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $511,688  $443,185  $1,724,765  $1,782,673  $397,679  $1,685,185  $1,735,307  $8,280,482 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $10,732  $1,918  $13,702 
Financing Receivable, Collateral Dependent [Table Text Block]
  

June 30, 2025

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $9,023  $9,246  $18,269 

Commercial real estate

  249,896   -   249,896 

Commercial construction

  2,204   -   2,204 

Residential real estate

  3,858   -   3,858 

Total

 $264,981  $9,246  $274,227 
  

December 31, 2024

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $2,308  $9,222  $11,530 

Commercial real estate

  36,486   -   36,486 

Commercial construction

  2,204   -   2,204 

Residential real estate

  2,056   -   2,056 

Total

 $43,054  $9,222  $52,276 
Financing Receivable, Past Due [Table Text Block]
  

June 30, 2025

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 
  

(dollars in thousands)

 

Commercial

 $151  $409  $-  $13,470  $14,030  $1,593,498  $1,607,528 

Commercial real estate

  -   12,800   -   21,319   34,119   7,589,914   7,624,033 

Commercial construction

  -   -   -   2,204   2,204   679,018   681,222 

Residential real estate

  227   930   -   2,235   3,392   1,251,254   1,254,646 

Consumer

  -   -   -   -   -   1,709   1,709 

Total

 $378  $14,139  $-  $39,228  $53,745  $11,115,393  $11,169,138 
  

December 31, 2024

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 
  

(dollars in thousands)

 

Commercial

 $1,340  $-  $-  $16,231  $17,571  $1,515,159  $1,532,730 

Commercial real estate

  -   -   -   36,486   36,486   5,844,193   5,880,679 

Commercial construction

  -   -   -   2,204   2,204   614,042   616,246 

Residential real estate

  1,991   -   -   2,389   4,380   245,311   249,691 

Consumer

  -   -   -   -   -   1,136   1,136 

Total

 $3,331  $-  $-  $57,310  $60,641  $8,219,841  $8,280,482 
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block]
  

June 30, 2025

 
  

Commercial

  Commercial real estate  

Commercial construction

  Residential real estate  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses – loans

                        

Individually analyzed

 $641  $33  $-  $-  $-  $674 

Collectively evaluated

  19,358   72,914   5,422   14,461   29   112,184 

Acquired with deteriorated credit quality

  962   42,256   -   114   -   43,332 

Total

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 
                         

Gross loans

                        

Individually analyzed

 $12,908  $21,320  $2,204  $2,036  $-  $38,468 

Collectively evaluated

  1,587,178   7,374,137   679,018   1,250,788   1,709   10,892,830 

Acquired with deteriorated credit quality

  7,442   228,576   -   1,822   -   237,840 

Total

 $1,607,528  $7,624,033  $681,222  $1,254,646  $1,709  $11,169,138 
  

December 31, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses – loans

                        

Individually analyzed

 $326  $909  $-  $-  $-  $1,235 

Collectively evaluated

  17,740   53,868   5,064   4,561   5   81,238 

Acquired with deteriorated credit quality

  212   -   -   -   -   212 

Total

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 
                         

Gross loans

                        

Individually analyzed

 $15,751  $36,486  $2,204  $2,056  $-  $56,497 

Collectively evaluated

  1,516,557   5,844,193   614,042   247,635   1,136   8,223,563 

Acquired with deteriorated credit quality

  422   -   -   -   -   422 

Total

 $1,532,730  $5,880,679  $616,246  $249,691  $1,136  $8,280,482 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Three Months Ended June 30, 2025

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2025

 $18,031  $54,586  $5,030  $4,752  $4  $82,403 

Charge-offs

  (3,011)  (2,027)  -   -   (1)  (5,039)

Recoveries

  23   90   -   5   -   118 

Provision for credit losses - loans:

                        

Initial provision related to acquisition

  985   16,017   78   10,217   10   27,307 

Operating provision for credit losses

  3,968   4,281   314   (514)  16   8,065 

Nonaccretable credit marks on PCD loans

  965   42,256   -   115   -   43,336 

Balance as of June 30, 2025

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 
  

Six Months Ended June 30, 2025

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2024

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 

Charge-offs

  (3,011)  (5,582)  -   -   (1)  (8,594)

Recoveries

  178   90   -   5   -   273 

Provision for credit losses - loans:

                        

Initial provision related to acquisition - loans

  985   16,017   78   10,217   10   27,307 

Operating provision for credit losses

  3,566   7,645   280   (323)  15   11,183 

Nonaccretable credit marks on PCD loans

  965   42,256   -   115   -   43,336 

Balance as of June 30, 2025

 $20,961  $115,203  $5,422  $14,575  $29  $156,190 
  

Three Months Ended June 30, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2024

 $20,735  $52,794  $5,011  $4,326  $3  $82,869 

Charge-offs

  -   (3,595)  -   -   -   (3,595)

Recoveries

  324   -   -   -   -   324 

(Reversal of) provision for credit losses – loans

  (1,039)  3,899   (539)  158   -   2,479 

Balance as of June 30, 2024

 $20,020  $53,098  $4,472  $4,484  $3  $82,077 
  

Six Months Ended June 30, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2023

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Charge-offs

  (300)  (6,480)  -   -   -   (6,780)

Recoveries

  347   -   -   -   -   347 

(Reversal of) provision for credit losses – loans

  (659)  7,300   (267)  164   (2)  6,536 

Balance as of June 30, 2024

 $20,020  $53,098  $4,472  $4,484  $3  $82,077 
Financing Receivable, Modified [Table Text Block]
  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Total

  

Gross Loans at June 30, 2025

  

Modification % (Modified Loans/

Gross Loans)

 

June 30, 2025

                    

(dollars in thousands)

                    

Commercial

 $6,491  $19,461  $25,952  $1,607,528   1.61%

Commercial real estate

  -   -   -   7,624,033   - 

Commercial construction

  8,419   -   8,419   681,222   1.24 

Residential real estate

  -   -   -   1,254,646   - 

Consumer

  -   -   -   1,709   - 

Total

 $14,910  $19,461  $34,371  $11,169,138   0.31%
  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

 

June 30, 2025

        

Commercial

  3   3 

Commercial real estate

  -   - 

Commercial construction

  6   - 

Residential real estate

  -   - 

Consumer

  -   - 

 
Financing Receivable, Modified, Past Due [Table Text Block]
  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

June 30, 2025

            

(dollars in thousands)

            

Commercial

 $26,285  $-  $- 

Commercial real estate

  63,804   -   - 

Commercial construction

  8,419   -   - 

Residential real estate

  -   -   - 

Consumer

  -   -   - 

Total

 $98,508  $-  $- 
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block]
  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Balance at beginning of period

 $3,009  $2,754 

Provision for credit losses – unfunded commitments

  328   21 

Balance at end of period

 $3,337  $2,775 
  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,627  $2,811 

Provision for (reversal of) allowance for credit losses – unfunded commitments

  710   (36)

Balance at end of period

 $3,337  $2,775 
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block]
  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $8,065  $2,479 

Initial provision related to acquisition - loans

  27,307   - 

Provision for credit losses - unfunded commitments

  328   21 

Provision for credit losses

 $35,700  $2,500 
  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $11,183  $6,536 

Initial provision related to acquisition - loans

  27,307   - 

Provision for (reversal of) credit losses - unfunded commitments

  710   (36)

Provision for credit losses

 $39,200  $6,500 
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

June 30, 2025

 
      

Fair Value Measurements at Reporting Date Using

 
  

Total Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements: Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $359,417  $-  $359,417  $- 

Residential mortgage pass-through securities

  628,139   -   628,139   - 

Commercial mortgage pass-through securities

  26,572   -   26,572   - 

Obligations of U.S. states and political subdivisions

  207,126   -   200,547   6,579 

Corporate bonds and notes

  4,995   -   4,995   - 

Asset-backed securities

  823   -   823   - 

Other securities

  128   128   -   - 

Total available-for-sale

  1,227,200   128   1,220,493   6,579 
                 

Equity securities

  19,707   9,920   9,787   - 

Derivatives

  23,900   -   23,900   - 

Total assets

 $1,270,807  $10,048  $1,254,180  $6,579 
      

December 31, 2024

 
      

Fair Value Measurements at Reporting Date Using

 
  

Total Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements: Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $84,670  $-  $84,670  $- 

Residential mortgage pass- through securities

  378,838   -   378,838   - 

Commercial mortgage pass-through securities

  20,892   -   20,892   - 

Obligations of U.S. states and political subdivisions

  122,404   -   115,878   6,526 

Corporate bonds and notes

  4,987   -   4,987   - 

Asset-backed securities

  885   -   885   - 

Other securities

  171   171   -   - 

Total available-for-sale

 $612,847  $171  $606,150  $6,526 
                 

Equity securities

  20,092   9,739   10,353   - 

Derivatives

  37,398   -   37,398   - 

Total assets

 $670,337  $9,910  $653,901  $6,526 
Fair Value Measurements, Nonrecurring [Table Text Block]
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 June 30, 2025  Quoted Prices in Active Markets for Identical Assets (Level 1)  Significant Other Observable Inputs (Level 2)  Significant Unobservable Inputs (Level 3) 

Collateral dependent loans:

 

(dollars in thousands)

 

Commercial

 $549  $-  $-  $549 

Commercial real estate

  633   -   -   633 
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2024  Quoted Prices in Active Markets for Identical Assets (Level 1)  Significant Other Observable Inputs (Level 2)  Significant Unobservable Inputs (Level 3) 

Collateral dependent loans:

 

(dollars in thousands)

 

Commercial

 $726  $-  $-  $726 

Commercial real estate

  2,913   -   -   2,913 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2025

 $6,526 

Principal paydowns

  (156)

Change in unrealized gain (loss)

  209 

Ending balance, June 30, 2025

 $6,579 
  Obligations of U.S. states and political subdivisions 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (304)

Changes in unrealized loss

  (292)

Ending balance, December 31, 2024

 $6,526 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

June 30, 2025

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,579 

Discounted cash flows

 

Discount rate

  4.7%

December 31, 2024

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Obligations of U.S. states and political subdivisions

 $6,526 

Discounted cash flows

 

Discount rate

  5.0%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

June 30, 2025

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $549  

Appraisals of collateral value

Adjustment for comparable sales

 -10% to +5% (-4.3%) 

Commercial real estate loans

  633  

Appraisals of collateral value

Adjustment for comparable sales

 -10% to +5% (-2.17%) 

December 31, 2024

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $726  

Appraisals of collateral value

Adjustment for comparable sales

  -10% to +5% (-4.3%) 

Commercial real estate loans

  2,913  

Appraisals of collateral value

Adjustment for comparable sales

 

-40% to +0% (-14.3%)

 
Fair Value, by Balance Sheet Grouping [Table Text Block]
          

Fair Value Measurements

 
  

Carrying Amount

  

Fair Value

  

Quoted Prices in Active Markets for Identical Assets (Level 1)

  

Significant Other Observable Inputs (Level 2)

  

Significant Unobservable Inputs (Level 3)

 
  

(dollars in thousands)

 
                     

June 30, 2025

                    

Financial assets:

                    

Cash and due from banks

 $596,533  $596,533  $596,533  $-  $- 

Securities available-for-sale

  1,227,200   1,227,200   128   1,220,493   6,579 

Restricted investments in bank stocks

  49,248   n/a   n/a   n/a   n/a 

Equity securities

  19,707   19,707   9,920   9,787   - 

Net loans

  11,008,287   10,834,868   -   -   10,834,868 

Derivatives - interest rate contracts

  23,900   23,900   -   23,900   - 

Accrued interest receivable

  60,405   60,405   -   5,454   54,951 
   .                 

Financial liabilities:

                    

Noninterest-bearing deposits

  2,424,529   2,424,529   2,424,529   -   - 

Interest-bearing deposits

  8,853,958   8,840,224   5,788,943   3,051,281   - 

Borrowings

  783,859   783,562   -   783,562   - 

Subordinated debentures

  276,500   276,327   -   276,327   - 

Accrued interest payable

  15,936   15,936   -   15,936   - 
                     

December 31, 2024

                    

Financial assets:

                    

Cash and due from banks

 $356,488  $356,488  $356,488  $-  $- 

Investment securities available-for-sale

  612,847   612,847   171   606,150   6,526 

Restricted investment in bank stocks

  40,449   n/a   n/a   n/a   n/a 

Equity securities

  20,092   20,092   9,739   10,353   - 

Net loans

  8,192,125   7,980,038   -   -   7,980,038 

Derivatives - interest rate contracts

  37,398   37,398   -   37,398   - 

Accrued interest receivable

  45,498   45,498   -   5,444   40,054 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,422,044   1,422,044   1,422,044   -   - 

Interest-bearing deposits

  6,398,070   6,387,896   3,840,870   2,547,026   - 

Borrowings

  688,064   687,273   -   687,273   - 

Subordinated debentures

  79,944   77,968   -   77,968   - 

Accrued interest payable

  9,320   9,320   -   9,320   - 
v3.25.2
Note 8 - Comprehensive (Loss) Income (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

Details about Accumulated Other Comprehensive Income Components

 

Amounts Reclassified from Accumulated Other Comprehensive Income

  

Amounts Reclassified from Accumulated Other Comprehensive Income

 

Affected Line item in the Consolidated Statements of Income

  

Three Months Ended June 30,

  

Six Months Ended June 30,

  
  

2025

  

2024

  

2025

  

2024

  

Interest income on cash flow hedges

 $4,468  $5,683  $8,610  $11,312 

Borrowings and deposits expense

   (1,256)  (1,598)  (2,420)  (3,180)

Income tax expense

  $3,212  $4,085  $6,190  $8,132  
                  

Amortization of pension plan net actuarial losses

 $-  $(43) $-  $(86)

Salaries and employee benefits

   -   11   -   24 

Income tax benefit

  $-  $(32) $-  $(62) 

Total reclassification

 $3,212  $4,053  $6,190  $8,070  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

June 30, 2025

  

December 31, 2024

 
  

(dollars in thousands)

 

Investment securities available-for-sale, net of tax

 $(60,274) $(69,632)

Cash flow hedge, net of tax

  13,564   22,481 

Defined benefit pension and post-retirement plans, net of tax

  (695)  (695)

Total

 $(47,405) $(47,846)
v3.25.2
Note 9 - Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Nonvested Restricted Stock Shares Activity [Table Text Block]
  

Nonvested Shares

  

Weighted Average Grant Date Fair Value

 

Nonvested as of December 31, 2024

  110,340  $18.26 

Granted

  75,525   23.93 

Vested

  (70,942)  22.18 

Forfeited/cancelled/expired

  (1,418)  19.01 

Nonvested as of June 30, 2025

  113,505  $19.57 
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]
  Units (expected)  Units (maximum)  Weighted Average Grant Date Fair Value 

Unearned as of December 31, 2024

  189,672      $21.52 

Awarded

  88,681       19.01 

Change in estimate

  4,197       32.80 

Vested shares

  (43,331)      32.80 

Forfeited/cancelled/expired

  (3,452)      19.01 

Unearned as of June 30, 2025

  235,767   383,079  $18.74 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
  

Units (expected)

  

Weighted Average Grant Date Fair Value

 

Unearned as of December 31, 2024

  181,836  $20.32 

Awarded

  80,010   19.01 

Vested shares

  (83,489)  23.05 

Unearned as of June 30, 2025

  178,357  $18.45 
v3.25.2
Note 10 - Components of Net Periodic Pension Cost (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Net Benefit Costs [Table Text Block]
  

Three Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2025

  

2024

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  105   106 

Salaries and employee benefits

Expected return on plan assets

  (230)  (214)

Salaries and employee benefits

Net amortization

  -   43 

Salaries and employee benefits

Total periodic pension income

 $(125) $(65) 
  

Six Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2025

  

2024

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  211   212 

Salaries and employee benefits

Expected return on plan assets

  (460)  (428)

Salaries and employee benefits

Net amortization

  -   86 

Salaries and employee benefits

Total periodic pension income

 $(249) $(130) 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

Weighted average assumptions used to determine the benefit obligation:

   

Discount rate

  5.80%

Rate of increase in compensation levels

  4.00%

Weighted average assumptions used to determine net pension cost:

   

Discount rate

  5.68%

Rate of increase in compensation levels

  4.00%

Expected long-term rate of return on plan assets

  6.00%
Schedule of Allocation of Plan Assets [Table Text Block]
          

Weighted

 
          

Average

 
          

Expected

 
          

Long-Term

 
  

Target

  

% of Plan

  

Rate of

 
  

Allocation

  

Assets

  

Return

 

Cash equivalents

  0% - 1%   —%  N/A 

Equity mutual funds

  20% - 30%   25.0%  3.9% to 10.7% 

Fixed income mutual funds

  70% - 80%   75.0%  2.5% - 6.8% 
       100%  2.8% - 7.8% 
Schedule of Defined Benefit Plans Disclosures [Table Text Block]

Year (dollars in thousands)

  

Amount

 

2026

  $3,156 

2027

   3,293 

2028

   3,442 

2029

   3,537 

2030

   3,627 
2031 - 2035   19,505 
v3.25.2
Note 11 - Deposits (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule Of Time Deposits [Table Text Block]

2025

 $1,749,473 

2026

  1,149,831 

2027

  76,951 

2028

  85,375 

2029

  3,761 

thereafter

  1,983 

Time deposits (before net discount)

 $3,067,374 
v3.25.2
Note 12 - FHLB Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Federal Home Loan Bank, Advance, Branch of FHLBank [Table Text Block]
  

June 30, 2025

  

December 31, 2024

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $757,992   4.44% $660,529   4.51%

1 year through less than 2 years

  -   -   2,050   2.23 

2 years through less than 3 years

  25,243   4.17%  260   2.85 

3 years through less than 4 years

  -   -   25,000   4.18 

4 years through 5 years

  -   -   -   - 

After 5 years

  244   2.96%  261   2.96 

FHLB borrowings – gross

  783,479   4.43%  688,100   4.49%

Fair value discount

  380       (36)    

Total FHLB borrowings

 $783,859      $688,064     
v3.25.2
Note 13 - Subordinated Debentures (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]

As of June 30, 2025

Issuance Date

 

Securities Issued

 

Liquidation Value

 

Coupon Rate

 

Maturity

 

Redeemable by Issuer Beginning

12/19/2003

 

$5,000,000

 

$1,000 per Capital Security

 

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

 

1/23/2034

 

1/23/2009

           

As of December 31, 2024

Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning

12/19/2003

 

$5,000,000

 

$1,000 per Capital Security

 

Floating 3-month CME Term SOFR + 285 Basis Points+26.161 Basis Points

 

1/23/2034

 

1/23/2009
v3.25.2
Note 14 - Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Consolidated Bank

  

Consolidated Bank

 
  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

(dollars in thousands)

                
                 

Interest income

 $146,030  $130,007  $270,819  $259,614 

Noninterest income

  4,865   4,563   8,614   8,162 

Total segment income

 $150,895  $134,570  $279,433  $267,776 
                 

Less:

                

Interest expense

  63,786   67,256   121,521   135,252 

Segment net interest income and noninterest income

  87,109   67,314   157,912   132,524 

Less:

                

Provision for credit losses

  35,700   2,500   39,200   6,500 

Salaries and employee benefits

  25,233   22,721   47,811   44,852 

Other segment items*

  48,042   14,823   64,374   29,742 

Income tax (benefit) expense

  (4,988)  6,688   2,172   12,566 

Segment consolidated net (loss) income

 $(16,878) $20,582  $4,355  $38,864 
                 

Other segment disclosures

                

Interest income

 $146,030  $130,007  $270,819  $259,614 

Interest expense

  63,786   67,256   121,521   135,252 

Depreciation

  1,325   1,083   2,423   2,185 

Amortization of core deposit intangibles

  1,251   321   1,530   642 

Other significant noncash items:

                

Provision for credit losses

  35,700   2,500   39,200   6,500 

Segment assets

  13,906,221   9,715,227   13,906,221   9,715,227 

Total expenses for segment assets

  167,773   113,988   275,078   228,912 
                 

Reconciliation of assets

                

Total assets for segment

 $13,906,221  $9,715,227  $13,906,221  $9,715,227 

Others assets

  9,517   8,504   9,517   8,504 

Total consolidated assets

 $13,915,738  $9,723,731  $13,915,738  $9,723,731 
v3.25.2
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties (Details Textual)
Jun. 01, 2025
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 2.00%
v3.25.2
Note 2 - Business Combination (Details Textual)
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 01, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
May 30, 2025
$ / shares
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Share Price (in dollars per share) | $ / shares             $ 22.97        
Goodwill   $ 215,611,000 $ 215,611,000   $ 215,611,000       $ 208,372,000    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest   156,190,000 156,190,000 $ 82,077,000 156,190,000 $ 82,077,000   $ 82,403,000 82,685,000 $ 82,869,000 $ 81,974,000
Business Combination, Acquisition-Related Cost, Expense     30,745,000 $ 0 32,065,000 $ 0          
Financial Asset Acquired with Credit Deterioration [Member]                      
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest   43,332,000 $ 43,332,000   43,332,000       $ 212,000    
First of Long Island Corporation [Member]                      
Business Acquisition, Equity Interest Issued or Issuable, Share Exchange Ratio 0.5175                    
Business Combination, Consideration Transferred $ 270,827,680                    
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares (in shares) | shares 11,790,116                    
Goodwill $ 7,239,000                    
Deferred Income Tax Expense (Benefit) (51,100,000)                    
Business Combination, Pro Forma Information, Net Interest Income of Acquiree since Acquisition Date, Actual   8,500,000                  
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual   $ 3,900,000                  
Business Combination, Acquisition-Related Cost, Expense         $ 32,100,000            
First of Long Island Corporation [Member] | Financial Asset Acquired with Credit Deterioration [Member]                      
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest $ 43,300,000                    
v3.25.2
Note 2 - Business Combination - Schedule of Purchase Price Consideration (Details)
Jun. 01, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Goodwill   $ 215,611,000 $ 208,372,000
First of Long Island Corporation [Member]      
Exchange Ratio 0.5175    
ConnectOne shares entitlement (in shares) | shares 11,790,116    
Fractional shares subject to cash in lieu $ (383)    
Price per share of ConnectOne common stock on June 1, 2025 (in dollars per share) | $ / shares $ 22.97    
Total fair value of stock consideration issued $ 270,818,953    
Cash consideration paid 8,727    
Total purchase price consideration 270,827,680    
Cash and cash equivalents 54,869,000    
Securities available-for-sale 596,702,000    
Premises and equipment, net 45,895,000    
Pension plan assets 11,617,000    
Core deposit intangible 63,206,000    
Other assets 107,480,000    
Total assets acquired 3,905,094,000    
Deposits 3,251,147,000    
Borrowings 360,405,000    
Other liabilities 29,953,000    
Total liabilities assumed 3,641,505,000    
Net assets acquired 263,589,000    
Goodwill 7,239,000    
First of Long Island Corporation [Member] | Loans Receivable [Member]      
Financial assets 2,882,951,000    
First of Long Island Corporation [Member] | Investment in Restricted Stock [Member]      
Financial assets 24,276,000    
First of Long Island Corporation [Member] | Bank-owned Life Insurance [Member]      
Financial assets $ 118,098,000    
First of Long Island Corporation [Member] | FLIC Common Stock [Member]      
FLIC common shares settled for stock (in shares) | shares 22,783,572    
First of Long Island Corporation [Member] | ConnectOne Share Entitlement [Member]      
ConnectOne shares entitlement (in shares) | shares 11,790,499    
v3.25.2
Note 2 - Business Combination - Schedule of PCD Loans Acquired (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 01, 2025
Jun. 30, 2025
Unpaid principal balance   $ 237,841
First of Long Island Corporation [Member]    
Unpaid principal balance $ 271,904  
Discount at acquisition (34,394)  
Allowance for credit losses at acquisition (43,336)  
Fair value of PCD loans 194,174  
First of Long Island Corporation [Member] | Accruing [Member]    
Unpaid principal balance 255,152  
Discount at acquisition (32,570)  
Allowance for credit losses at acquisition (38,231)  
Fair value of PCD loans 184,351  
First of Long Island Corporation [Member] | Nonaccrual Loans [Member]    
Unpaid principal balance 16,752  
Discount at acquisition (1,824)  
Allowance for credit losses at acquisition (5,105)  
Fair value of PCD loans $ 9,823  
v3.25.2
Note 2 - Business Combination - Pro Forma Information (Details) - First of Long Island Corporation [Member] - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Net interest income $ 191,544 $ 175,060
Net income $ 60,686 $ 33,666
v3.25.2
Note 3 - Earnings Per Common Share - Computation of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net loss income available to common stockholders $ (21,802) $ 17,547 $ (3,069) $ 33,243
Earnings allocated to participating securities 53 (46) 8 (89)
(Loss) income attributable to common stock $ (21,749) $ 17,501 $ (3,061) $ 33,154
Weighted average common shares outstanding, including participating securities (in shares) 42,100 38,421 40,252 38,383
Weighted average participating securities (in shares) (102) (101) (102) (103)
Weighted average common shares outstanding (in shares) 41,998 38,320 40,150 38,280
Incremental shares from assumed conversions of options, performance units and restricted shares (in shares) 175 129 220 173
Weighted average common and equivalent shares outstanding (in shares) 42,173 38,449 40,370 38,453
Earnings per common share:        
Basic (in dollars per share) $ (0.52) $ 0.46 $ (0.08) $ 0.87
Diluted (in dollars per share) $ (0.52) $ 0.46 $ (0.08) $ 0.86
v3.25.2
Note 4 - Investment Securities (Details Textual)
Pure in Thousands, $ in Thousands
 1 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Proceeds from Sale of Debt Securities, Available-for-Sale   $ 277,477 $ 0    
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity 0 0     0
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss $ 5,500 $ 5,500     $ 2,300
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0 0   $ 0 0
Asset Pledged as Collateral [Member]          
Debt Securities, Available-for-Sale, Restricted 792,700 $ 792,700     $ 184,000
First of Long Island Corporation [Member]          
Proceeds from Sale of Debt Securities, Available-for-Sale 277,500        
Debt Securities, Available-for-Sale, Realized Gain (Loss) $ 0        
v3.25.2
Note 4 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Amortized cost $ 1,309,724   $ 708,437
Gross unrealized gains 4,975   484
Gross unrealized losses (87,499)   (96,074)
Obligations of U.S. states and political subdivisions 1,227,200   612,847
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0 $ 0 0
US Government Agencies Debt Securities [Member]      
Amortized cost 368,785   96,165
Gross unrealized gains 1,281   179
Gross unrealized losses (10,649)   (11,674)
Obligations of U.S. states and political subdivisions 359,417   84,670
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
Residential Mortgage-Backed Securities [Member]      
Amortized cost 677,879   439,445
Gross unrealized gains 2,612   211
Gross unrealized losses (52,352)   (60,818)
Obligations of U.S. states and political subdivisions 628,139   378,838
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
Commercial Mortgage-Backed Securities [Member]      
Amortized cost 30,266   24,989
Gross unrealized gains 36   0
Gross unrealized losses (3,730)   (4,097)
Obligations of U.S. states and political subdivisions 26,572   20,892
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
US States and Political Subdivisions Debt Securities [Member]      
Amortized cost 226,834   141,775
Gross unrealized gains 1,044   89
Gross unrealized losses (20,752)   (19,460)
Obligations of U.S. states and political subdivisions 207,126   122,404
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
Corporate Debt Securities [Member]      
Amortized cost 5,000   5,000
Gross unrealized gains 1   5
Gross unrealized losses (6)   (18)
Obligations of U.S. states and political subdivisions 4,995   4,987
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
Asset-Backed Securities [Member]      
Amortized cost 832   892
Gross unrealized gains 1   0
Gross unrealized losses (10)   (7)
Obligations of U.S. states and political subdivisions 823   885
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest 0   0
Other Debt Obligations [Member]      
Amortized cost 128   171
Gross unrealized gains 0   0
Gross unrealized losses 0   0
Obligations of U.S. states and political subdivisions 128   171
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest $ 0   $ 0
v3.25.2
Note 4 - Investment Securities - Scheduled Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Due in one year or less, amortized cost $ 5,034  
Due in one year or less, fair value 5,036  
Due after one year through five years, amortized cost 24,943  
Due after one year through five years, fair value 25,155  
Due after five years through ten years, amortized cost 61,846  
Due after five years through ten years, fair value 61,209  
Due after ten years, amortized cost 509,628  
Due after ten years, fair value 480,961  
Total investment securities available-for-sale, amortized cost 1,309,724 $ 708,437
Total investment securities available-for-sale, fair value 1,227,200 612,847
Residential Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 677,879  
Securities available-for-sale, without single maturity date, fair value 628,139  
Total investment securities available-for-sale, amortized cost 677,879 439,445
Total investment securities available-for-sale, fair value 628,139 378,838
Commercial Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 30,266  
Securities available-for-sale, without single maturity date, fair value 26,572  
Total investment securities available-for-sale, amortized cost 30,266 24,989
Total investment securities available-for-sale, fair value 26,572 20,892
Other Debt Obligations [Member]    
Securities available-for-sale, without single maturity date, amortized cost 128  
Securities available-for-sale, without single maturity date, fair value 128  
Total investment securities available-for-sale, amortized cost 128 171
Total investment securities available-for-sale, fair value $ 128 $ 171
v3.25.2
Note 4 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Temporarily impaired securities, fair value $ 574,628 $ 554,720
Temporarily impaired securities, unrealized losses (87,499) (96,074)
Temporarily impaired securities, fair value, less than 12 months 94,018 60,543
Temporarily impaired securities, unrealized losses, less than 12 months (1,563) (1,004)
Temporarily impaired securities, fair value, 12 months or longer 480,610 494,177
Temporarily impaired securities, unrealized losses, 12 months or longer (85,936) (95,070)
US Government Agencies Debt Securities [Member]    
Temporarily impaired securities, fair value 84,641 53,467
Temporarily impaired securities, unrealized losses (10,649) (11,674)
Temporarily impaired securities, fair value, less than 12 months 50,658 18,471
Temporarily impaired securities, unrealized losses, less than 12 months (255) (60)
Temporarily impaired securities, fair value, 12 months or longer 33,983 34,996
Temporarily impaired securities, unrealized losses, 12 months or longer (10,394) (11,614)
Residential Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 350,770 364,971
Temporarily impaired securities, unrealized losses (52,352) (60,818)
Temporarily impaired securities, fair value, less than 12 months 21,050 26,809
Temporarily impaired securities, unrealized losses, less than 12 months (377) (604)
Temporarily impaired securities, fair value, 12 months or longer 329,720 338,162
Temporarily impaired securities, unrealized losses, 12 months or longer (51,975) (60,214)
Commercial Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 21,131 20,892
Temporarily impaired securities, unrealized losses (3,730) (4,097)
Temporarily impaired securities, fair value, less than 12 months 0 0
Temporarily impaired securities, unrealized losses, less than 12 months 0 0
Temporarily impaired securities, fair value, 12 months or longer 21,131 20,892
Temporarily impaired securities, unrealized losses, 12 months or longer (3,730) (4,097)
US States and Political Subdivisions Debt Securities [Member]    
Temporarily impaired securities, fair value 115,530 112,523
Temporarily impaired securities, unrealized losses (20,752) (19,460)
Temporarily impaired securities, fair value, less than 12 months 20,316 13,281
Temporarily impaired securities, unrealized losses, less than 12 months (925) (322)
Temporarily impaired securities, fair value, 12 months or longer 95,214 99,242
Temporarily impaired securities, unrealized losses, 12 months or longer (19,827) (19,138)
Corporate Debt Securities [Member]    
Temporarily impaired securities, fair value 1,994 1,982
Temporarily impaired securities, unrealized losses (6) (18)
Temporarily impaired securities, fair value, less than 12 months 1,994 1,982
Temporarily impaired securities, unrealized losses, less than 12 months (6) (18)
Temporarily impaired securities, fair value, 12 months or longer 0 0
Temporarily impaired securities, unrealized losses, 12 months or longer 0 0
Asset-Backed Securities [Member]    
Temporarily impaired securities, fair value 562 885
Temporarily impaired securities, unrealized losses (10) (7)
Temporarily impaired securities, fair value, less than 12 months 0 0
Temporarily impaired securities, unrealized losses, less than 12 months 0 0
Temporarily impaired securities, fair value, 12 months or longer 562 885
Temporarily impaired securities, unrealized losses, 12 months or longer $ (10) $ (7)
v3.25.2
Note 5 - Derivatives (Details Textual)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2022
USD ($)
Nov. 30, 2022
USD ($)
Oct. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Interest Income (Expense), Operating $ 78,883 $ 61,439 $ 144,639 $ 121,739          
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]                  
Derivative, Number of Instruments Held 14   14   14 14     14
Derivative Liability, Notional Amount         $ 750,000 $ 750,000     $ 750,000
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]                  
Derivative, Fixed Interest Rate 0.63%   0.63%            
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]                  
Derivative, Fixed Interest Rate 3.72%   3.72%            
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]                  
Derivative, Number of Instruments Held               2  
Derivative Liability, Notional Amount             $ 75,000 $ 150,000  
Interest Income (Expense), Operating $ 4,500 $ 8,600 $ 5,700 $ 11,300          
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member]                  
Derivative Liability, Notional Amount           $ 225,000      
v3.25.2
Note 5 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Amount of gain (loss) recognized in OCI $ 0 $ 4,457 $ (3,792) $ 17,337
Derivative, amount of gain (loss) reclassified from OCI to interest income (4,468) (5,683) (8,610) (11,312)
Amount of gain recognized in other noninterest income $ 0 $ 0 $ 0 $ 0
v3.25.2
Note 5 - Derivatives - Cash Flow Hedges Included in Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative, notional amount $ 1,200,000 $ 1,000,000
Derivative, fair value $ 23,900 $ 37,398
v3.25.2
Note 5 - Derivatives - Schedule of Non Hedging Derivatives (Details) - Not Designated as Hedging Instrument [Member]
$ in Thousands
Jun. 30, 2025
USD ($)
Interest Rate Swap with Borrower [Member]  
Positions 3
Derivative, notional amount $ 36,222
Fair value asset 290
Fair value liability $ 0
Interest Rate Swap With Offsetting Company [Member]  
Positions 3
Derivative, notional amount $ 36,222
Fair value asset 0
Fair value liability $ 290
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses (Details Textual)
Pure in Thousands, $ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss $ 11,008,287   $ 8,192,125
Financing Receivable, Modified, Commitment to Lend $ 0 $ 0  
Financing Receivable, Modified, Subsequent Default, Number of Contracts 0 0  
Rent Regulated Loans [Member]      
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price $ 208,200    
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member]      
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss $ 7,800,000   $ 5,800,000
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Gross loans $ 11,169,138 $ 8,280,482
Net deferred loan fees (4,661) (5,672)
Total loans receivable 11,164,477 8,274,810
Commercial Portfolio Segment [Member]    
Gross loans 1,607,528 1,532,730
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 7,624,033 5,880,679
Commercial Construction Portfolio Segment [Member]    
Gross loans 681,222 616,246
Residential Portfolio Segment [Member]    
Gross loans 1,254,646 249,691
Consumer Portfolio Segment [Member]    
Gross loans $ 1,709 $ 1,136
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Composition of Loans Held-for-sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans held-for-sale $ 1,027 $ 743
Residential Mortgage [Member]    
Loans held-for-sale $ 1,027 $ 743
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Nonaccrual loans with ACL $ 3,281 $ 5,899
Nonaccrual loans without ACL 35,947 51,411
Total Nonaccrual loans 39,228 57,310
Commercial Portfolio Segment [Member]    
Nonaccrual loans with ACL 2,175 1,744
Nonaccrual loans without ACL 11,295 14,487
Total Nonaccrual loans 13,470 16,231
Commercial Real Estate Portfolio Segment [Member]    
Nonaccrual loans with ACL 666 3,822
Nonaccrual loans without ACL 20,653 32,664
Total Nonaccrual loans 21,319 36,486
Commercial Construction Portfolio Segment [Member]    
Nonaccrual loans with ACL 0 0
Nonaccrual loans without ACL 2,204 2,204
Total Nonaccrual loans 2,204 2,204
Residential Portfolio Segment [Member]    
Nonaccrual loans with ACL 440 333
Nonaccrual loans without ACL 1,795 2,056
Total Nonaccrual loans $ 2,235 $ 2,389
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Loans Purchased with Credit Deterioration (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Total purchased credit-deteriorated loans $ 237,841
Commercial Portfolio Segment [Member]  
Total purchased credit-deteriorated loans 7,443
Commercial Real Estate Portfolio Segment [Member]  
Total purchased credit-deteriorated loans 228,576
Commercial Construction Portfolio Segment [Member]  
Total purchased credit-deteriorated loans 0
Residential Portfolio Segment [Member]  
Total purchased credit-deteriorated loans 1,822
Consumer Portfolio Segment [Member]  
Total purchased credit-deteriorated loans $ 0
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Originated Current Fiscal Year $ 383,330   $ 383,330   $ 511,688
Originated One Year Prior 616,576   616,576   443,185
Originated Two Years Prior 562,449   562,449   1,724,765
Originated Three Years Prior 2,309,325   2,309,325   1,782,673
Originated Four Years Prior 2,271,967   2,271,967   397,679
Originated Five or More Years Prior 3,161,785   3,161,785   1,685,185
Revolving Loans 1,863,706   1,863,706   1,735,307
Gross loans 11,169,138   11,169,138   8,280,482
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   1,003
Gross write-off, three years prior     1,669   49
Gross write-off, four years prior     0   0
Gross write-off, five years prior     6,049   10,732
Gross write-off, revolving     876   1,918
Gross write-off 5,039 $ 3,595 8,594 $ 6,780 13,702
Pass [Member]          
Originated Current Fiscal Year 383,330   383,330   509,780
Originated One Year Prior 610,629   610,629   440,166
Originated Two Years Prior 558,592   558,592   1,660,146
Originated Three Years Prior 2,241,444   2,241,444   1,778,072
Originated Four Years Prior 2,260,258   2,260,258   393,127
Originated Five or More Years Prior 3,001,965   3,001,965   1,566,356
Revolving Loans 1,840,368   1,840,368   1,711,061
Gross loans 10,896,586   10,896,586   8,058,708
Special Mention [Member]          
Originated Current Fiscal Year 0   0   1,908
Originated One Year Prior 5,947   5,947   0
Originated Two Years Prior 0   0   56,459
Originated Three Years Prior 47,604   47,604   2,538
Originated Four Years Prior 841   841   1,643
Originated Five or More Years Prior 83,103   83,103   66,563
Revolving Loans 3,346   3,346   20,264
Gross loans 140,841   140,841   149,375
Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   3,019
Originated Two Years Prior 3,857   3,857   8,160
Originated Three Years Prior 20,277   20,277   2,063
Originated Four Years Prior 10,868   10,868   2,909
Originated Five or More Years Prior 76,717   76,717   52,266
Revolving Loans 19,992   19,992   3,982
Gross loans 131,711   131,711   72,399
Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Commercial Portfolio Segment [Member]          
Originated Current Fiscal Year 61,680   61,680   69,206
Originated One Year Prior 89,019   89,019   160,086
Originated Two Years Prior 146,491   146,491   201,124
Originated Three Years Prior 200,901   200,901   239,820
Originated Four Years Prior 230,960   230,960   31,360
Originated Five or More Years Prior 147,606   147,606   133,894
Revolving Loans 730,871   730,871   697,240
Gross loans 1,607,528   1,607,528   1,532,730
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   1,003
Gross write-off, three years prior     1,669   49
Gross write-off, four years prior     0   0
Gross write-off, five years prior     467   316
Gross write-off, revolving     875   1,918
Gross write-off 3,011 (0) 3,011 300 3,286
Commercial Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 61,680   61,680   67,298
Originated One Year Prior 87,123   87,123   157,067
Originated Two Years Prior 142,634   142,634   194,602
Originated Three Years Prior 196,011   196,011   237,065
Originated Four Years Prior 228,357   228,357   29,717
Originated Five or More Years Prior 123,836   123,836   111,841
Revolving Loans 712,620   712,620   678,206
Gross loans 1,552,261   1,552,261   1,475,796
Commercial Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   1,908
Originated One Year Prior 1,896   1,896   0
Originated Two Years Prior 0   0   2,817
Originated Three Years Prior 314   314   2,538
Originated Four Years Prior 0   0   1,643
Originated Five or More Years Prior 4,999   4,999   6,209
Revolving Loans 596   596   17,491
Gross loans 7,805   7,805   32,606
Commercial Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   3,019
Originated Two Years Prior 3,857   3,857   3,705
Originated Three Years Prior 4,576   4,576   217
Originated Four Years Prior 2,603   2,603   0
Originated Five or More Years Prior 18,771   18,771   15,844
Revolving Loans 17,655   17,655   1,543
Gross loans 47,462   47,462   24,328
Commercial Portfolio Segment [Member] | Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Commercial Real Estate Portfolio Segment [Member]          
Originated Current Fiscal Year 291,020   291,020   408,314
Originated One Year Prior 475,402   475,402   268,533
Originated Two Years Prior 376,511   376,511   1,481,673
Originated Three Years Prior 1,842,309   1,842,309   1,511,933
Originated Four Years Prior 1,873,803   1,873,803   341,305
Originated Five or More Years Prior 2,342,943   2,342,943   1,453,635
Revolving Loans 422,045   422,045   415,286
Gross loans 7,624,033   7,624,033   5,880,679
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   0
Gross write-off, five years prior     5,582   10,416
Gross write-off, revolving     0   0
Gross write-off 2,027 3,595 5,582 6,480 10,416
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 291,020   291,020   408,314
Originated One Year Prior 471,351   471,351   268,533
Originated Two Years Prior 376,511   376,511   1,424,209
Originated Three Years Prior 1,779,950   1,779,950   1,510,087
Originated Four Years Prior 1,864,697   1,864,697   339,553
Originated Five or More Years Prior 2,210,694   2,210,694   1,357,858
Revolving Loans 422,045   422,045   415,286
Gross loans 7,416,268   7,416,268   5,723,840
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 4,051   4,051   0
Originated Two Years Prior 0   0   53,642
Originated Three Years Prior 47,290   47,290   0
Originated Four Years Prior 841   841   0
Originated Five or More Years Prior 77,477   77,477   59,719
Revolving Loans 0   0   0
Gross loans 129,659   129,659   113,361
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   3,822
Originated Three Years Prior 15,069   15,069   1,846
Originated Four Years Prior 8,265   8,265   1,752
Originated Five or More Years Prior 54,772   54,772   36,058
Revolving Loans 0   0   0
Gross loans 78,106   78,106   43,478
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Commercial Construction Portfolio Segment [Member]          
Originated Current Fiscal Year 487   487   15,390
Originated One Year Prior 25,440   25,440   0
Originated Two Years Prior 0   0   2,137
Originated Three Years Prior 3,663   3,663   8,995
Originated Four Years Prior 0   0   6,518
Originated Five or More Years Prior 4,362   4,362   0
Revolving Loans 647,270   647,270   583,206
Gross loans 681,222   681,222   616,246
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   0
Gross write-off, five years prior     0   0
Gross write-off, revolving     0   0
Gross write-off (0) (0) 0 (0) 0
Commercial Construction Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 487   487   15,390
Originated One Year Prior 25,440   25,440   0
Originated Two Years Prior 0   0   2,137
Originated Three Years Prior 3,663   3,663   8,995
Originated Four Years Prior 0   0   6,518
Originated Five or More Years Prior 4,362   4,362   0
Revolving Loans 645,066   645,066   581,002
Gross loans 679,018   679,018   614,042
Commercial Construction Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Commercial Construction Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 2,204   2,204   2,204
Gross loans 2,204   2,204   2,204
Commercial Construction Portfolio Segment [Member] | Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Residential Portfolio Segment [Member]          
Originated Current Fiscal Year 28,589   28,589   17,763
Originated One Year Prior 26,696   26,696   14,542
Originated Two Years Prior 39,426   39,426   39,830
Originated Three Years Prior 262,452   262,452   21,925
Originated Four Years Prior 167,204   167,204   18,496
Originated Five or More Years Prior 666,874   666,874   97,656
Revolving Loans 63,405   63,405   39,479
Gross loans 1,254,646   1,254,646   249,691
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   0
Gross write-off, five years prior     0   0
Gross write-off, revolving     0   0
Gross write-off (0) (0) 0 (0) 0
Residential Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 28,589   28,589   17,763
Originated One Year Prior 26,696   26,696   14,542
Originated Two Years Prior 39,426   39,426   39,197
Originated Three Years Prior 261,820   261,820   21,925
Originated Four Years Prior 167,204   167,204   17,339
Originated Five or More Years Prior 663,073   663,073   96,657
Revolving Loans 60,522   60,522   36,471
Gross loans 1,247,330   1,247,330   243,894
Residential Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 627   627   635
Revolving Loans 2,750   2,750   2,773
Gross loans 3,377   3,377   3,408
Residential Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   633
Originated Three Years Prior 632   632   0
Originated Four Years Prior 0   0   1,157
Originated Five or More Years Prior 3,174   3,174   364
Revolving Loans 133   133   235
Gross loans 3,939   3,939   2,389
Residential Portfolio Segment [Member] | Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Consumer Portfolio Segment [Member]          
Originated Current Fiscal Year 1,554   1,554   1,015
Originated One Year Prior 19   19   24
Originated Two Years Prior 21   21   1
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 115   115   96
Gross loans 1,709   1,709   1,136
Gross write-off, current year     0   0
Gross write-off, one year prior     0   0
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   0
Gross write-off, five years prior     0   0
Gross write-off, revolving     1   0
Gross write-off 1 $ (0) 1 $ (0) 0
Consumer Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 1,554   1,554   1,015
Originated One Year Prior 19   19   24
Originated Two Years Prior 21   21   1
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 115   115   96
Gross loans 1,709   1,709   1,136
Consumer Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Consumer Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans 0   0   0
Consumer Portfolio Segment [Member] | Doubtful [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   0
Originated Two Years Prior 0   0   0
Originated Three Years Prior 0   0   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 0   0   0
Gross loans $ 0   $ 0   $ 0
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Gross loans $ 11,169,138 $ 8,280,482
Real Estate [Member]    
Gross loans 264,981 43,054
Other Collateral Pledged [Member]    
Gross loans 9,246 9,222
Collateral Pledged [Member]    
Gross loans 274,227 52,276
Commercial Portfolio Segment [Member]    
Gross loans 1,607,528 1,532,730
Commercial Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 9,023 2,308
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 9,246 9,222
Commercial Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 18,269 11,530
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 7,624,033 5,880,679
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 249,896 36,486
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 249,896 36,486
Commercial Construction Portfolio Segment [Member]    
Gross loans 681,222 616,246
Commercial Construction Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 2,204 2,204
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 2,204 2,204
Residential Portfolio Segment [Member]    
Gross loans 1,254,646 249,691
Residential Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 3,858 2,056
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Residential Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans $ 3,858 $ 2,056
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Gross loans $ 11,169,138 $ 8,280,482
Nonaccrual 39,228 57,310
Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 378 3,331
Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 14,139 0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Financial Asset, Past Due [Member]    
Gross loans 53,745 60,641
Financial Asset, Not Past Due [Member]    
Gross loans 11,115,393 8,219,841
Commercial Portfolio Segment [Member]    
Gross loans 1,607,528 1,532,730
Nonaccrual 13,470 16,231
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 151 1,340
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 409 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 14,030 17,571
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 1,593,498 1,515,159
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 7,624,033 5,880,679
Nonaccrual 21,319 36,486
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 12,800 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 34,119 36,486
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 7,589,914 5,844,193
Commercial Construction Portfolio Segment [Member]    
Gross loans 681,222 616,246
Nonaccrual 2,204 2,204
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 2,204 2,204
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 679,018 614,042
Residential Portfolio Segment [Member]    
Gross loans 1,254,646 249,691
Nonaccrual 2,235 2,389
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 227 1,991
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 930 0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 3,392 4,380
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 1,251,254 245,311
Consumer Portfolio Segment [Member]    
Gross loans 1,709 1,136
Nonaccrual 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans $ 1,709 $ 1,136
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Individually analyzed, allowance for credit loss $ 674   $ 1,235      
Collectively evaluated, allowance for credit loss 112,184   81,238      
Less: Allowance for credit losses - loans 156,190 $ 82,403 82,685 $ 82,077 $ 82,869 $ 81,974
Individually analyzed, gross loans 38,468   56,497      
Collectively evaluated, gross loans 10,892,830   8,223,563      
Gross loans 11,169,138   8,280,482      
Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 43,332   212      
Gross loans 237,840   422      
Commercial Portfolio Segment [Member]            
Individually analyzed, allowance for credit loss 641   326      
Collectively evaluated, allowance for credit loss 19,358   17,740      
Less: Allowance for credit losses - loans 20,961 18,031 18,278 20,020 20,735 20,632
Individually analyzed, gross loans 12,908   15,751      
Collectively evaluated, gross loans 1,587,178   1,516,557      
Gross loans 1,607,528   1,532,730      
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 962   212      
Gross loans 7,442   422      
Commercial Real Estate Portfolio Segment [Member]            
Individually analyzed, allowance for credit loss 33   909      
Collectively evaluated, allowance for credit loss 72,914   53,868      
Less: Allowance for credit losses - loans 115,203 54,586 54,777 53,098 52,794 52,278
Individually analyzed, gross loans 21,320   36,486      
Collectively evaluated, gross loans 7,374,137   5,844,193      
Gross loans 7,624,033   5,880,679      
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 42,256   0      
Gross loans 228,576   0      
Commercial Construction Portfolio Segment [Member]            
Individually analyzed, allowance for credit loss 0   0      
Collectively evaluated, allowance for credit loss 5,422   5,064      
Less: Allowance for credit losses - loans 5,422 5,030 5,064 4,472 5,011 4,739
Individually analyzed, gross loans 2,204   2,204      
Collectively evaluated, gross loans 679,018   614,042      
Gross loans 681,222   616,246      
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 0   0      
Gross loans 0   0      
Residential Portfolio Segment [Member]            
Individually analyzed, allowance for credit loss 0   0      
Collectively evaluated, allowance for credit loss 14,461   4,561      
Less: Allowance for credit losses - loans 14,575 4,752 4,561 4,484 4,326 4,320
Individually analyzed, gross loans 2,036   2,056      
Collectively evaluated, gross loans 1,250,788   247,635      
Gross loans 1,254,646   249,691      
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 114   0      
Gross loans 1,822   0      
Consumer Portfolio Segment [Member]            
Individually analyzed, allowance for credit loss 0   0      
Collectively evaluated, allowance for credit loss 29   5      
Less: Allowance for credit losses - loans 29 $ 4 5 $ 3 $ 3 $ 5
Individually analyzed, gross loans 0   0      
Collectively evaluated, gross loans 1,709   1,136      
Gross loans 1,709   1,136      
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Less: Allowance for credit losses - loans 0   0      
Gross loans $ 0   $ 0      
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Balance $ 82,403 $ 82,869 $ 82,685 $ 81,974 $ 81,974
Charge-offs (5,039) (3,595) (8,594) (6,780) (13,702)
Recoveries 118 324 273 347  
Initial provision related to acquisition 27,307 0 27,307 0  
Operating provision for credit losses 8,065 2,479 11,183 6,536  
Nonaccretable credit marks on PCD loans 43,336   43,336    
Balance 156,190 82,077 156,190 82,077 82,685
Commercial Portfolio Segment [Member]          
Balance 18,031 20,735 18,278 20,632 20,632
Charge-offs (3,011) 0 (3,011) (300) (3,286)
Recoveries 23 324 178 347  
Initial provision related to acquisition 985   985    
Operating provision for credit losses 3,968 (1,039) 3,566 (659)  
Nonaccretable credit marks on PCD loans 965   965    
Balance 20,961 20,020 20,961 20,020 18,278
Commercial Real Estate Portfolio Segment [Member]          
Balance 54,586 52,794 54,777 52,278 52,278
Charge-offs (2,027) (3,595) (5,582) (6,480) (10,416)
Recoveries 90 0 90 0  
Initial provision related to acquisition 16,017   16,017    
Operating provision for credit losses 4,281 3,899 7,645 7,300  
Nonaccretable credit marks on PCD loans 42,256   42,256    
Balance 115,203 53,098 115,203 53,098 54,777
Commercial Construction Portfolio Segment [Member]          
Balance 5,030 5,011 5,064 4,739 4,739
Charge-offs 0 0 0 0 0
Recoveries 0 0 0 0  
Initial provision related to acquisition 78   78    
Operating provision for credit losses 314 (539) 280 (267)  
Nonaccretable credit marks on PCD loans 0   0    
Balance 5,422 4,472 5,422 4,472 5,064
Residential Portfolio Segment [Member]          
Balance 4,752 4,326 4,561 4,320 4,320
Charge-offs 0 0 0 0 0
Recoveries 5 0 5 0  
Initial provision related to acquisition 10,217   10,217    
Operating provision for credit losses (514) 158 (323) 164  
Nonaccretable credit marks on PCD loans 115   115    
Balance 14,575 4,484 14,575 4,484 4,561
Consumer Portfolio Segment [Member]          
Balance 4 3 5 5 5
Charge-offs (1) 0 (1) 0 0
Recoveries 0 0 0 0  
Initial provision related to acquisition 10   10    
Operating provision for credit losses 16 0 15 (2)  
Nonaccretable credit marks on PCD loans 0   0    
Balance $ 29 $ 3 $ 29 $ 3 $ 5
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Modified $ 34,371
Loans Modified, Gross $ 11,169,138
Modified, percentage 0.31%
Extended Maturity [Member]  
Modified $ 14,910
Payment Deferral [Member]  
Modified 19,461
Commercial Portfolio Segment [Member]  
Modified 25,952
Loans Modified, Gross $ 1,607,528
Modified, percentage 1.61%
Weighted Average Term Extension (Month) 3 months
Commercial Portfolio Segment [Member] | Weighted Average [Member]  
Payment Deferral (Month) 3 months
Commercial Portfolio Segment [Member] | Extended Maturity [Member]  
Modified $ 6,491
Commercial Portfolio Segment [Member] | Payment Deferral [Member]  
Modified 19,461
Commercial Real Estate Portfolio Segment [Member]  
Modified 0
Loans Modified, Gross $ 7,624,033
Modified, percentage 0.00%
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member]  
Modified $ 0
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member]  
Modified 0
Commercial Construction Portfolio Segment [Member]  
Modified 8,419
Loans Modified, Gross $ 681,222
Modified, percentage 1.24%
Weighted Average Term Extension (Month) 6 months
Commercial Construction Portfolio Segment [Member] | Extended Maturity [Member]  
Modified $ 8,419
Commercial Construction Portfolio Segment [Member] | Payment Deferral [Member]  
Modified 0
Residential Portfolio Segment [Member]  
Modified 0
Loans Modified, Gross $ 1,254,646
Modified, percentage 0.00%
Residential Portfolio Segment [Member] | Extended Maturity [Member]  
Modified $ 0
Residential Portfolio Segment [Member] | Payment Deferral [Member]  
Modified 0
Consumer Portfolio Segment [Member]  
Modified 0
Loans Modified, Gross $ 1,709
Modified, percentage 0.00%
Consumer Portfolio Segment [Member] | Extended Maturity [Member]  
Modified $ 0
Consumer Portfolio Segment [Member] | Payment Deferral [Member]  
Modified $ 0
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Modified $ 34,371
Financial Asset, Not Past Due [Member]  
Modified 98,508
Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified 0
Commercial Portfolio Segment [Member]  
Modified 25,952
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]  
Modified 26,285
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified 0
Commercial Real Estate Portfolio Segment [Member]  
Modified 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]  
Modified 63,804
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified 0
Commercial Construction Portfolio Segment [Member]  
Modified 8,419
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]  
Modified 8,419
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified 0
Residential Portfolio Segment [Member]  
Modified 0
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]  
Modified 0
Residential Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified 0
Consumer Portfolio Segment [Member]  
Modified 0
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]  
Modified 0
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]  
Modified 0
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]  
Modified $ 0
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Balance at beginning of period $ 3,009 $ 2,754 $ 2,627 $ 2,811
Provision for credit losses – unfunded commitments 328 21 710 (36)
Balance at end of period $ 3,337 $ 2,775 $ 3,337 $ 2,775
v3.25.2
Note 6 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Provision for credit losses – loans $ 8,065 $ 2,479 $ 11,183 $ 6,536
Initial provision related to acquisition - loans 27,307 0 27,307 0
Provision for credit losses 35,700 2,500 39,200 6,500
Unfunded Loan Commitment [Member]        
Provision for credit losses - unfunded commitments $ 328 $ 21 $ 710 $ (36)
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Held-for-Sale $ 1,027 $ 743
Collateral Pledged [Member]    
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1 1,200 4,700
Impaired Financing Receivable, Related Allowance 1 300 1,100
Residential Portfolio Segment [Member]    
Financing Receivable, Held-for-Sale $ 1,000 $ 700
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Obligations of U.S. states and political subdivisions $ 1,227,200 $ 612,847
Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 1,227,200 612,847
Equity securities 19,707 20,092
Derivatives - interest rate contracts 23,900 37,398
Total assets 1,270,807 670,337
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 128 171
Equity securities 9,920 9,739
Derivatives - interest rate contracts 0 0
Total assets 10,048 9,910
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 1,220,493 606,150
Equity securities 9,787 10,353
Derivatives - interest rate contracts 23,900 37,398
Total assets 1,254,180 653,901
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 6,579 6,526
Equity securities 0 0
Derivatives - interest rate contracts 0 0
Total assets 6,579 6,526
US Government Agencies Debt Securities [Member]    
Obligations of U.S. states and political subdivisions 359,417 84,670
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 359,417 84,670
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 359,417 84,670
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Residential Mortgage-Backed Securities [Member]    
Obligations of U.S. states and political subdivisions 628,139 378,838
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 628,139 378,838
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 628,139 378,838
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Commercial Mortgage-Backed Securities [Member]    
Obligations of U.S. states and political subdivisions 26,572 20,892
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 26,572 20,892
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 26,572 20,892
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 0 0
US States and Political Subdivisions Debt Securities [Member]    
Obligations of U.S. states and political subdivisions 207,126 122,404
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 207,126 122,404
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 200,547 115,878
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 6,579 6,526
Corporate Debt Securities [Member]    
Obligations of U.S. states and political subdivisions 4,995 4,987
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 4,995 4,987
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 4,995 4,987
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Asset-Backed Securities [Member]    
Obligations of U.S. states and political subdivisions 823 885
Asset-Backed Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 823 885
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 823 885
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Other Debt Obligations [Member]    
Obligations of U.S. states and political subdivisions 128 171
Other Debt Obligations [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 128 171
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Obligations of U.S. states and political subdivisions 128 171
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Obligations of U.S. states and political subdivisions 0 0
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Obligations of U.S. states and political subdivisions $ 0 $ 0
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Commercial Portfolio Segment [Member]    
Collateral dependent loans $ 549 $ 726
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans 549 726
Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans 633 2,913
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans $ 633 $ 2,913
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - US States and Political Subdivisions Debt Securities [Member] - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Balance $ 6,526 $ 7,122
Principal paydowns (156) (304)
Change in unrealized gain (loss) 209 (292)
Balance $ 6,579 $ 6,526
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Obligations of U.S. states and political subdivisions $ 1,227,200 $ 612,847
Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 1,227,200 612,847
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 6,579 6,526
US States and Political Subdivisions Debt Securities [Member]    
Obligations of U.S. states and political subdivisions 207,126 122,404
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions 207,126 122,404
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Obligations of U.S. states and political subdivisions $ 6,579 $ 6,526
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]    
Obligations of U.S. states and political subdivisions 0.047 0.05
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member]
$ in Thousands
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commercial Portfolio Segment [Member]      
Collateral dependent loans, fair value $ 549   $ 726
Commercial Real Estate Portfolio Segment [Member]      
Collateral dependent loans, fair value 633   2,913
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member]      
Collateral dependent loans, fair value 549   726
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member]      
Collateral dependent loans, fair value   $ 549 $ 726
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Minimum [Member]      
Collateral dependent loans, rate   (0.10) (0.043)
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Maximum [Member]      
Collateral dependent loans, rate   0.05 (0.10)
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Weighted Average [Member]      
Collateral dependent loans, rate   (0.043) 0.05
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member]      
Collateral dependent loans, fair value $ 633   $ 2,913
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member]      
Collateral dependent loans, fair value   $ 633 $ 2,913
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member]      
Collateral dependent loans, rate   (0.10) (0.143)
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member]      
Collateral dependent loans, rate   0.05 (0.40)
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member]      
Collateral dependent loans, rate   (0.0217) 0
v3.25.2
Note 7 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investment securities $ 1,227,200 $ 612,847
Obligations of U.S. states and political subdivisions 1,227,200 612,847
Reported Value Measurement [Member]    
Cash and due from banks 596,533 356,488
Investment securities 1,227,200 612,847
Restricted investments in bank stocks 49,248 40,449
Equity securities 19,707 20,092
Net loans 11,008,287 8,192,125
Derivatives - interest rate contracts 23,900 37,398
Accrued interest receivable 60,405 45,498
Noninterest-bearing deposits 2,424,529 1,422,044
Interest-bearing deposits 8,853,958 6,398,070
Borrowings 783,859 688,064
Subordinated debentures 276,500 79,944
Accrued interest payable 15,936 9,320
Obligations of U.S. states and political subdivisions 1,227,200 612,847
Restricted investment in bank stocks 49,248 40,449
Estimate of Fair Value Measurement [Member]    
Cash and due from banks 596,533 356,488
Investment securities 1,227,200 612,847
Equity securities 19,707 20,092
Net loans 10,834,868 7,980,038
Derivatives - interest rate contracts 23,900 37,398
Accrued interest receivable 60,405 45,498
Noninterest-bearing deposits 2,424,529 1,422,044
Interest-bearing deposits 8,840,224 6,387,896
Borrowings 783,562 687,273
Subordinated debentures 276,327 77,968
Accrued interest payable 15,936 9,320
Obligations of U.S. states and political subdivisions 1,227,200 612,847
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and due from banks 596,533 356,488
Investment securities 128 171
Equity securities 9,920 9,739
Net loans 0 0
Derivatives - interest rate contracts 0 0
Accrued interest receivable 0 0
Noninterest-bearing deposits 2,424,529 1,422,044
Interest-bearing deposits   3,840,870
Borrowings 0 0
Subordinated debentures 0 0
Accrued interest payable 0 0
Obligations of U.S. states and political subdivisions 128 171
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash and due from banks 0 0
Investment securities 1,220,493 606,150
Equity securities 9,787 10,353
Net loans 0 0
Derivatives - interest rate contracts 23,900 37,398
Accrued interest receivable 5,454 5,444
Noninterest-bearing deposits 0 0
Interest-bearing deposits   2,547,026
Borrowings   687,273
Subordinated debentures   77,968
Accrued interest payable 15,936 9,320
Obligations of U.S. states and political subdivisions 1,220,493 606,150
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash and due from banks 0 0
Investment securities 6,579 6,526
Equity securities 0 0
Net loans   7,980,038
Derivatives - interest rate contracts 0 0
Accrued interest receivable 54,951 40,054
Noninterest-bearing deposits 0 0
Interest-bearing deposits 0 0
Borrowings 0 0
Subordinated debentures 0 0
Accrued interest payable 0 0
Obligations of U.S. states and political subdivisions $ 6,579 $ 6,526
v3.25.2
Note 8 - Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income (expense) $ 78,883 $ 61,439 $ 144,639 $ 121,739
Income tax expense (4,988) 6,688 2,172 12,566
Net income (20,293) 19,056 (51) 36,261
Salaries and employee benefits 25,233 22,721 47,811 44,852
Reclassification out of Accumulated Other Comprehensive Income [Member]        
Net income 3,212 4,053 6,190 8,070
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]        
Interest income (expense) 4,468 5,683 8,610 11,312
Income tax expense (1,256) (1,598) (2,420) (3,180)
Net income 3,212 4,085 6,190 8,132
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Salaries and employee benefits 0 (43) 0 (86)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]        
Income tax expense 0 11 0 24
Net income $ 0 $ (32) $ 0 $ (62)
v3.25.2
Note 8 - Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Balance $ 1,496,431 $ 1,252,939 $ 1,241,704 $ 1,224,227 $ 1,216,609 $ 1,216,620
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]            
Balance (60,274)   (69,632)      
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]            
Balance 13,564   22,481      
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]            
Balance (695)   (695)      
AOCI Attributable to Parent [Member]            
Balance $ (47,405) $ (48,090) $ (47,846) $ (42,244) $ (38,132) $ (35,109)
v3.25.2
Note 9 - Stock-based Compensation (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 23, 2017
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)   0   0   0
Share-Based Payment Arrangement, Expense   $ 1.2 $ 1.1 $ 2.5 $ 2.1  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   2.1   $ 2.1    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       1 year 8 months 12 days    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)         33,604  
Performance Shares [Member]            
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 2.9   $ 2.9    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       2 years 1 month 6 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares)   235,767   235,767    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares)   383,079   383,079    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)       43,331    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)       23,754    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       19,577 24,070  
Restricted Stock [Member]            
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 1.7   $ 1.7    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       1 year 3 months 18 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)       70,942    
Restricted Stock Units (RSUs) [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)       83,489    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)       44,806    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       38,683    
The 2017 Equity Compensation Plan [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 1,200,000          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   168,971   168,971    
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years          
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | Vesting Each Year [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 33.33%          
The 2017 Equity Compensation Plan [Member] | Performance Shares [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years          
v3.25.2
Note 9 - Stock-based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member]
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Nonvested, shares (in shares) | shares 110,340
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.26
Granted, shares (in shares) | shares 75,525
Granted, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.93
Vested, shares (in shares) | shares (70,942)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares $ 22.18
Forfeited/cancelled/expired, shares (in shares) | shares (1,418)
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Nonvested, shares (in shares) | shares 113,505
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.57
v3.25.2
Note 9 - Stock-based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member]
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Nonvested, shares (in shares) 189,672
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 21.52
Awarded, units (in shares) 88,681
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Change in estimate, units (in shares) 4,197
Change in estimate, weighted average grant date fair value (in dollars per share) | $ / shares $ 32.8
Vested shares, units (in shares) (43,331)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 32.8
Forfeited/cancelled/expired, units (in shares) (3,452)
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Nonvested, shares (in shares) 235,767
Unearned, units (maximum) (in shares) 383,079
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.74
v3.25.2
Note 9 - Stock-based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Nonvested, shares (in shares) | shares 181,836
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 20.32
Awarded, units (in shares) | shares 80,010
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Vested shares, units (in shares) | shares (83,489)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.05
Nonvested, shares (in shares) | shares 178,357
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.45
v3.25.2
Note 10 - Components of Net Periodic Pension Cost (Details Textual) - Pension Plan [Member]
$ in Millions
Jun. 01, 2025
USD ($)
Jun. 30, 2025
Fixed Income Funds [Member] | Maximum [Member] | Standard & Poor's, BBB Rating [Member]    
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   5.00%
Fixed Income Funds [Member] | Moody's, Baa1 Rating [Member] | Maximum [Member]    
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   5.00%
Single Investment Security, Excluding Fixed Income Investments [Member] | Maximum [Member]    
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   5.00%
Mutual Fund [Member] | Maximum [Member]    
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   10.00%
First of Long Island Corporation [Member]    
Defined Benefit Plan, Funded (Unfunded) Status of Plan $ 11.2  
Defined Benefit Plan, Minimum Age of Employee 21  
Defined Benefit Plan, Minimum Service (Month) 12 months  
Defined Benefit Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 2.00%  
Defined Benefit Plan, Employers Matching Contribution, Vesting Period (Year) 4 years  
v3.25.2
Note 10 - Components of Net Periodic Pension Cost - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 105 106 211 212
Expected return on plan assets (230) (214) (460) (428)
Net amortization 0 43 0 86
Total periodic pension income $ (125) $ (65) $ (249) $ (130)
v3.25.2
Note 10 - Components of Net Periodic Pension Cost - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Plan [Member]
Jun. 01, 2025
Discount rate 5.80%
Rate of increase in compensation levels 4.00%
Discount rate 5.68%
Rate of increase in compensation levels 4.00%
Expected long-term rate of return on plan assets 6.00%
v3.25.2
Note 10 - Components of Net Periodic Pension Cost - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member]
Jun. 01, 2025
Actual Allocation 100.00%
Expected Long-Term Rate of Return on Plan Assets 6.00%
Mutual Fund [Member]  
Actual Allocation 25.00%
Fixed Income Funds [Member]  
Actual Allocation 75.00%
Minimum [Member]  
Expected Long-Term Rate of Return on Plan Assets 2.80%
Minimum [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member]  
Target Allocation 0.00%
Minimum [Member] | Mutual Fund [Member]  
Target Allocation 20.00%
Expected Long-Term Rate of Return on Plan Assets 3.90%
Minimum [Member] | Fixed Income Funds [Member]  
Target Allocation 70.00%
Expected Long-Term Rate of Return on Plan Assets 2.50%
Maximum [Member]  
Expected Long-Term Rate of Return on Plan Assets 7.80%
Maximum [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member]  
Target Allocation 1.00%
Maximum [Member] | Mutual Fund [Member]  
Target Allocation 30.00%
Expected Long-Term Rate of Return on Plan Assets 10.70%
Maximum [Member] | Fixed Income Funds [Member]  
Target Allocation 80.00%
Expected Long-Term Rate of Return on Plan Assets 6.80%
v3.25.2
Note 10 - Components of Net Periodic Pension Cost - Schedule of Defined Benefit Plans Disclosures (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
2026 $ 3,156
2027 3,293
2028 3,442
2029 3,537
2030 3,627
2031-2035 $ 19,505
v3.25.2
Note 11 - Deposits (Details Textual) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Time Deposits $ 3,100.0 $ 2,600.0
Deposits Received for Securities Loaned, at Carrying Value 1,000.0 907.2
Time Deposit Liability, above US Insurance Limit $ 944.5 $ 731.0
v3.25.2
Note 11 - Deposits - Schedule of Time Deposits (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
2025 $ 1,749,473
2026 1,149,831
2027 76,951
2028 85,375
2029 3,761
thereafter 1,983
Time deposits (before net discount) $ 3,067,374
v3.25.2
Note 12 - FHLB Borrowings (Details Textual)
$ in Billions
Jun. 30, 2025
USD ($)
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged $ 3.9
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds $ 2.2
v3.25.2
Note 12 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Less than 1 year, amount $ 757,992 $ 660,529
Less than 1 year, rate 4.44% 4.51%
1 year through less than 2 years, amount $ 0 $ 2,050
1 year through less than 2 years, rate 0.00% 2.23%
2 years through less than 3 years, amount $ 25,243 $ 260
2 years through less than 3 years 4.17% 2.85%
3 years through less than 4 years, amount $ 0 $ 25,000
3 years through less than 4 years 0.00% 4.18%
4 years through 5 years, amount $ 0 $ 0
4 years through 5 years, rate 0.00% 0.00%
After 5 years, amount $ 244 $ 261
After 5 years, rate 2.96% 2.96%
FHLB borrowings – gross, amount $ 783,479 $ 688,100
FHLB borrowings – gross, rate 4.43% 4.49%
Fair value discount, amount $ 380 $ (36)
Total FHLB borrowings $ 783,859 $ 688,064
v3.25.2
Note 13 - Subordinated Debentures (Details Textual) - Subordinated Debt [Member] - USD ($)
 1 Months Ended 6 Months Ended 12 Months Ended
May 15, 2025
Jul. 03, 2023
Jun. 10, 2020
Dec. 31, 2003
Jun. 30, 2025
Dec. 31, 2024
Dec. 19, 2003
The 2020 Notes [Member]              
Debt Instrument, Face Amount     $ 75,000,000        
Debt Instrument, Interest Rate, Effective Percentage         9.92%    
The 2025 Notes [Member]              
Debt Instrument, Face Amount $ 200,000,000            
Debt Instrument, Interest Rate, Stated Percentage 8.125%            
Secured Overnight Financing Rate (SOFR) [Member] | The 2020 Notes [Member]              
Debt Instrument, Basis Spread on Variable Rate     5.605%        
Secured Overnight Financing Rate (SOFR) [Member] | The 2025 Notes [Member]              
Debt Instrument, Basis Spread on Variable Rate 4.415%            
Center Bancorp Statutory Trust II [Member]              
Debt Instrument, Face Amount         $ 5,000,000 $ 5,000,000 $ 5,000,000
Proceeds from Issuance of Debt       $ 5,200,000      
Debt Instrument, Interest Rate, Effective Percentage         7.39%    
Center Bancorp Statutory Trust II [Member] | LIBOR - London Interbank Offered Rate [Member]              
Debt Instrument, Basis Spread on Variable Rate       2.85%      
Center Bancorp Statutory Trust II [Member] | Tenor Spread Adjustment [Member]              
Debt Instrument, Basis Spread on Variable Rate   0.26161%     0.26161% 0.26161%  
Center Bancorp Statutory Trust II [Member] | Secured Overnight Financing Rate (SOFR) [Member]              
Debt Instrument, Basis Spread on Variable Rate         2.85% 2.85%  
v3.25.2
Note 13 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jul. 03, 2023
Jun. 30, 2025
Dec. 31, 2024
Dec. 19, 2003
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]  
Subordinated Debt [Member] | Center Bancorp Statutory Trust II [Member]        
Securities issued   $ 5,000,000 $ 5,000,000 $ 5,000,000
Liquidation value (in dollars per share)   $ 1,000 $ 1,000  
Maturity   Jan. 23, 2034 Jan. 23, 2034  
Redeemable by issuer beginning   Jan. 23, 2009 Jan. 23, 2009  
Subordinated Debt [Member] | Center Bancorp Statutory Trust II [Member] | Tenor Spread Adjustment [Member]        
Coupon rate 0.26161% 0.26161% 0.26161%  
Subordinated Debt [Member] | Center Bancorp Statutory Trust II [Member] | Secured Overnight Financing Rate (SOFR) [Member]        
Coupon rate   2.85% 2.85%  
v3.25.2
Note 14 - Segment Reporting - Schedule of Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Interest income $ 146,030 $ 130,007 $ 270,819 $ 259,614  
Noninterest income 5,185 4,399 9,636 8,247  
Interest expense 67,147 68,568 126,180 137,875  
Provision for credit losses 35,700 2,500 39,200 6,500  
Salaries and employee benefits 25,233 22,721 47,811 44,852  
Income tax expense (4,988) 6,688 2,172 12,566  
Net (loss) income (20,293) 19,056 (51) 36,261  
Depreciation and amortization of premises and equipment     2,423 2,185  
Amortization of core deposit intangibles 1,251 321 1,530 642  
Assets 13,915,738 9,723,731 13,915,738 9,723,731 $ 9,879,600
Operating Segments [Member]          
Interest income 146,030 130,007 270,819 259,614  
Noninterest income 4,865 4,563 8,614 8,162  
Total segment income 150,895 134,570 279,433 267,776  
Interest expense 63,786 67,256 121,521 135,252  
Segment net interest income and noninterest income 87,109 67,314 157,912 132,524  
Provision for credit losses 35,700 2,500 39,200 6,500  
Salaries and employee benefits 25,233 22,721 47,811 44,852  
Other segment items* [1] 48,042 14,823 64,374 29,742  
Income tax expense (4,988) 6,688 2,172 12,566  
Net (loss) income (16,878) 20,582 4,355 38,864  
Depreciation and amortization of premises and equipment 1,325 1,083 2,423 2,185  
Amortization of core deposit intangibles 1,251 321 1,530 642  
Assets 13,906,221 9,715,227 13,906,221 9,715,227  
Total expenses for segment assets 167,773 113,988 275,078 228,912  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]          
Assets $ 9,517 $ 8,504 $ 9,517 $ 8,504  
[1] Other segment items for consolidated bank include expenses for occupancy and equipment, FDIC insurance, professional and consulting, marketing and advertising, merger expenses and other expenses.