CONNECTONE BANCORP, INC., 10-Q filed on 8/2/2024
Quarterly Report
v3.24.2.u1
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Aug. 02, 2024
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 2024  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 000-11486  
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 201  
Local Phone Number 816-8900  
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   38,368,217
Depositary Shares [Member]    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares  
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  
v3.24.2.u1
Consolidated Statements of Condition (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 47,105 $ 61,421
Interest-bearing deposits with banks 246,408 181,293
Cash and cash equivalents 293,513 242,714
Investment securities 620,579 617,162
Equity securities 19,743 18,564
Loans held-for-sale 435 0
Loans receivable 8,157,903 8,345,145
Less: Allowance for credit losses - loans 82,077 81,974
Net loans receivable 8,075,826 8,263,171
Investment in restricted stock, at cost 43,403 51,457
Bank premises and equipment, net 28,881 30,779
Accrued interest receivable 48,262 49,108
Bank owned life insurance 240,985 237,644
Right of use operating lease assets 13,359 12,007
Goodwill 208,372 208,372
Core deposit intangibles 5,232 5,874
Other assets 125,141 118,751
Total assets 9,723,731 9,855,603
Deposits:    
Noninterest-bearing 1,268,882 1,259,364
Interest-bearing 6,307,132 6,276,838
Total deposits 7,576,014 7,536,202
Borrowings 756,144 933,579
Subordinated debentures, net 79,692 79,439
Operating lease liabilities 14,435 13,171
Other liabilities 73,219 76,592
Total liabilities 8,499,504 8,638,983
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, 2024 and as of December 31, 2023; outstanding 115,000 shares as of June 30, 2024 and as of December 31, 2023 110,927 110,927
Common stock, no par value: Authorized 100,000,000 shares; issued 42,250,617 shares as of June 30, 2024 and 42,122,948 shares as of December 31, 2023; outstanding 38,365,069 shares as of June 30, 2024 and 38,519,770 as of December 31, 2023 586,946 586,946
Additional paid-in capital 33,955 33,182
Retained earnings 610,759 590,970
Treasury stock, at cost 3,885,548 common shares as of June 30, 2024 and 3,603,178 as of December 31, 2023 (76,116) (70,296)
Accumulated other comprehensive loss (42,244) (35,109)
Total stockholders’ equity 1,224,227 1,216,620
Total liabilities and stockholders’ equity $ 9,723,731 $ 9,855,603
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Consolidated Statements of Condition (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
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) 42,250,617 42,122,948
Common Stock, Shares, Outstanding (in shares) 38,365,069 38,519,770
Treasury Stock, Common, Shares (in shares) 3,885,548 3,603,178
v3.24.2.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and fees on loans $ 120,145 $ 111,048 $ 240,233 $ 217,951
Interest and dividends on investment securities:        
Taxable 4,683 4,029 9,017 8,258
Tax-exempt 1,121 1,247 2,275 2,339
Dividends 1,217 945 2,342 1,843
Interest on federal funds sold and other short-term investments 2,841 4,056 5,747 7,031
Total interest income 130,007 121,325 259,614 237,422
Interest expense        
Deposits 62,086 50,714 122,493 90,801
Borrowings 6,482 6,768 15,382 15,694
Total interest expense 68,568 57,482 137,875 106,495
Net interest income 61,439 63,843 121,739 130,927
Provision for credit losses 2,500 3,000 6,500 4,000
Net interest income after provision for credit losses 58,939 60,843 115,239 126,927
Noninterest income        
Deposit, loan and other income 1,654 1,545 3,246 2,948
Income on bank owned life insurance 1,677 1,553 3,341 3,084
Net gains on sale of loans held-for-sale 1,277 550 1,783 599
Net losses on equity securities (209) (210) (123) (401)
Total noninterest income 4,399 3,438 8,247 6,230
Noninterest expenses        
Salaries and employee benefits 22,786 21,751 44,982 44,013
Occupancy and equipment 2,899 2,677 5,908 5,438
FDIC insurance 1,800 1,715 3,600 2,665
Professional and consulting 1,923 1,932 3,851 4,126
Marketing and advertising 613 556 1,290 1,088
Information technology and communications 4,198 3,644 8,587 6,705
Amortization of core deposit intangibles 321 371 642 743
Other components of net periodic pension expense (65) (25) (130) (51)
Other expenses 3,119 2,829 5,929 5,593
Total noninterest expenses 37,594 35,450 74,659 70,320
Income before income tax expense 25,744 28,831 48,827 62,837
Income tax expense 6,688 7,437 12,566 16,514
Net income 19,056 21,394 36,261 46,323
Preferred dividends 1,509 1,509 3,018 3,018
Net income available to common stockholders $ 17,547 $ 19,885 $ 33,243 $ 43,305
Earnings per common share:        
Basic (in dollars per share) $ 0.46 $ 0.51 $ 0.87 $ 1.11
Diluted (in dollars per share) $ 0.46 $ 0.51 $ 0.86 $ 1.1
v3.24.2.u1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income $ 19,056 $ 21,394 $ 36,261 $ 46,323
Net losses arising during the period (3,263) (7,348) (12,229) (2,865)
Total (3,263) (7,348) (12,229) (2,865)
Net gains on cash flow hedges arising during the period 3,204 10,085 13,164 7,036
Less reclassification adjustment for net gains included in net income (4,085) (2,764) (8,132) (5,747)
Total (881) 7,321 5,032 1,289
Amortization of actuarial net loss 32 52 62 103
Total other comprehensive (loss) income, net of tax (4,112) 25 (7,135) (1,473)
Total comprehensive income $ 14,944 $ 21,419 $ 29,126 $ 44,850
v3.24.2.u1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
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, 2022               $ 110,927 $ 586,946 $ 30,126 $ 535,915 $ (52,799) $ (32,364) $ 1,178,751
Net income               0 0 0 46,323 0 0 46,323
Other comprehensive income (loss), net of tax               0 0 0 0 0 (1,473) (1,473)
Cash dividends paid on preferred stock               0 0 0 (3,018) 0 0 (3,018)
Cash dividends paid on common stock               0 0 0 (12,722) 0 0 (12,722)
Restricted stock grants, net of forfeitures               0 0 0 0 0 0 0
Stock-based compensation expense               0 0 2,365 0 0 0 2,365
Exercise of stock options               0 0 85 0 0 0 85
Share redemption for tax withholding on performance units and deferred stock units earned               0 0 (1,836) 0 0 0 (1,836)
Repurchase of stock               0 0 0 0 (9,078) 0 (9,078)
Stock grants               0 0 0 0 0 0 0
Net shares issued in satisfaction of units earned $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0
Balance at Jun. 30, 2023               110,927 586,946 30,740 566,498 (61,877) (33,837) 1,199,397
Balance at Mar. 31, 2023               110,927 586,946 31,350 553,261 (57,652) (33,862) 1,190,970
Net income               0 0 0 21,394 0 0 21,394
Other comprehensive income (loss), net of tax               0 0 0 0 0 25 25
Cash dividends paid on preferred stock               0 0 0 (1,509) 0 0 (1,509)
Cash dividends paid on common stock               0 0 0 (6,648) 0 0 (6,648)
Restricted stock grants, net of forfeitures               0 0 0 0 0 0 0
Stock-based compensation expense               0 0 1,222 0 0 0 1,222
Exercise of stock options               0 0 4 0 0 0 4
Share redemption for tax withholding on performance units and deferred stock units earned               0 0 (1,836) 0 0 0 (1,836)
Repurchase of stock               0 0 0 0 (4,225) 0 (4,225)
Balance at Jun. 30, 2023               110,927 586,946 30,740 566,498 (61,877) (33,837) 1,199,397
Balance at Dec. 31, 2023               110,927 586,946 33,182 590,970 (70,296) (35,109) 1,216,620
Net income               0 0 0 36,261 0 0 36,261
Other comprehensive income (loss), net of tax               0 0 0 0 0 (7,135) (7,135)
Cash dividends paid on preferred stock               0 0 0 (3,018) 0 0 (3,018)
Cash dividends paid 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
Stock-based compensation expense               0 0 2,097 0 0 0 2,097
Share redemption for tax withholding on performance units and deferred stock units earned               0 0 (1,324) 0 0 0 (1,324)
Repurchase of stock               0 0 0 0 (5,820) 0 (5,820)
Stock grants               0 0 0 0 0 0 0
Net shares issued in satisfaction of units earned $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0
Balance at Jun. 30, 2024               110,927 586,946 33,955 610,759 (76,116) (42,244) 1,224,227
Balance at Mar. 31, 2024               110,927 586,946 32,866 600,118 (76,116) (38,132) 1,216,609
Net income               0 0 0 19,056 0 0 19,056
Other comprehensive income (loss), net of tax               0 0 0 0 0 (4,112) (4,112)
Cash dividends paid on preferred stock               0 0 0 (1,509) 0 0 (1,509)
Cash dividends paid 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
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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Performance Shares [Member]        
Net shares issued in satisfaction of units earned, shares (in shares)     24,070 48,140
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 $ 0.17 $ 0.35 $ 0.34
Restricted stock grants, shares (in shares) 32,016 37,332 68,462 86,534
Exercise of options, shares (in shares)   269   6,742
Repurchase of treasury stock, shares (in shares)   270,000 282,370 485,163
Stock grants, shares (in shares)     1,533 995
Net shares issued in satisfaction of units earned, shares (in shares)     33,604 32,068
v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 36,261 $ 46,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,185 2,211
Provision for credit losses 6,500 4,000
Amortization of intangibles 642 743
Net accretion of loans (472) (1,248)
Accretion on bank premises (24) (24)
Accretion on deposits (65) (177)
Amortization on borrowings, net 11 11
Stock-based compensation 2,097 2,365
Losses on equity securities, net 123 401
Gains on sale of loans held-for-sale, net (1,783) (599)
Loans originated for resale (12,511) (10,084)
Proceeds from sale of loans held-for-sale 13,859 18,382
Loss on sale of other real estate owned 0 22
Increase in cash surrender value of bank owned life insurance (3,341) (3,084)
Amortization of premium and accretion of discounts on securities available-for-sale 401 565
Amortization of subordinated debentures issuance costs 253 932
Decrease (increase) in accrued interest receivable 846 (175)
Net change in operating leases (88) (85)
Decrease (increase) in other assets 1,176 (5,378)
Decrease in other liabilities (3,251) (17,463)
Net cash provided by operating activities 42,819 37,638
Cash flows from investing activities    
Purchases (48,814) (14,678)
Maturities, calls and principal repayments 30,209 32,403
Purchase of equity securities (1,302) (2,540)
Net redemptions (purchases) of restricted investment in bank stocks 8,054 (84)
Payments on loans held-for-sale 0 25
Net decrease (increase) in loans 181,281 (48,168)
Purchases of premises and equipment (263) (3,480)
Proceeds from sale of OREO 0 242
Net cash provided by (used in) investing activities 169,165 (36,280)
Cash flows from financing activities    
Net increase in deposits 39,877 181,852
Advances of Federal Home Loan Bank (“FHLB”) borrowings 595,587 1,377,000
Repayments of FHLB borrowings (773,033) (1,407,032)
Repayments of subordinated debt 0 (75,000)
Cash dividends on preferred stock (3,018) (3,018)
Cash dividends paid on common stock (13,454) (12,722)
Repurchase of treasury stock (5,820) (9,078)
Proceeds from exercise of stock options 0 85
Share redemption for tax withholdings on performance units and deferred stock units earned (1,324) (1,836)
Net cash (used in) provided by financing activities (161,185) 50,251
Net change in cash and cash equivalents 50,799 51,609
Cash and cash equivalents at beginning of period 242,714 268,315
Cash and cash equivalents at end of period 293,513 319,924
Supplemental disclosures of cash flow information    
Interest paid on deposits and borrowings 137,520 104,752
Income taxes 15,594 18,655
Supplemental disclosures of noncash activities    
Transfer of loans from held-for-sale to held-for-investment 0 16,156
Transfer of loans from held-for-investment to held-for-sale $ 0 $ 11,197
v3.24.2.u1
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties
 6 Months Ended
Jun. 30, 2024
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) 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 24 other banking offices. 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 Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 

Segments

 

FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment: a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment.

 

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.

 

 

Note 1b. Authoritative Accounting Guidance

 

Adoption of New Accounting Standards in 2024

 

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. We adopted ASU 2022-03 on January 1, 2024 and it did not have a material effect on the Company’s financial statements.

 

Newly Issued, But Not Yet Effective Accounting Standards

 

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. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.

 
v3.24.2.u1
Note 2 - Earnings Per Common Share
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 2. 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)

 

2024

  

2023

  

2024

  

2023

 

Net income available to common stockholders

 $17,547  $19,885  $33,243  $43,305 

Earnings allocated to participating securities

  (46)  (53)  (89)  (98)

Income attributable to common stock

 $17,501  $19,832  $33,154  $43,207 
                 

Weighted average common shares outstanding, including participating securities

  38,421   39,078   38,383   39,127 

Weighted average participating securities

  (101)  (104)  (103)  (88)

Weighted average common shares outstanding

  38,320   38,974   38,280   39,039 

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

  129   43   173   135 

Weighted average common and equivalent shares outstanding

  38,449   39,017   38,453   39,174 
                 

Earnings per common share:

                

Basic

 $0.46  $0.51  $0.87  $1.11 

Diluted

  0.46   0.51   0.86   1.10 

 

There were no antidilutive share equivalents during the six months ended June 30, 2024 and  June 30, 2023.

 
v3.24.2.u1
Note 3 - Investment Securities
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3. Investment Securities

 

All of the Company’s investment securities are classified as available-for-sale as of June 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023. 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 6 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, 2024 and December 31, 2023.

 

                  

Allowance

 
                  

for

 
      

Gross

  

Gross

      

Investment

 
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

  

Credit

 
  

Cost

  

Gains

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

June 30, 2024

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $93,088  $205  $(11,918) $81,375  $- 

Residential mortgage pass-through securities

  446,631   148   (60,787)  385,992   - 

Commercial mortgage pass-through securities

  25,115   -   (3,697)  21,418   - 

Obligations of U.S. states and political subdivisions

  145,574   73   (19,977)  125,670   - 

Corporate bonds and notes

  5,000   -   (22)  4,978   - 

Asset-backed securities

  1,012   -   (12)  1,000   - 

Other securities

  146   -   -   146   - 

Total investment securities available-for-sale

 $716,566  $426  $(96,413) $620,579  $- 
                     

December 31, 2023

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $55,898  $189  $(10,761) $45,326  $- 

Residential mortgage pass-through securities

  462,004   620   (51,433)  411,191   - 

Commercial mortgage pass-through securities

  25,240   -   (3,676)  21,564   - 

Obligations of U.S. states and political subdivisions

  148,795   415   (16,505)  132,705   - 

Corporate bonds and notes

  5,000   -   (27)  4,973   - 

Asset-backed securities

  1,260   -   (22)  1,238   - 

Other securities

  165   -   -   165   - 

Total investment securities available-for-sale

 $698,362  $1,224  $(82,424) $617,162  $- 

 

 

Investment securities having a carrying value of approximately $197.0 million and $358.0 million as of June 30, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, access to unutilized Federal Reserve Discount Window, Bank Term Funding Program ("BTFP") borrowings, and access to unutilized Federal Home Loan Bank advances and for other purposes required or permitted by law. The BTFP was a temporary facility of the Federal Reserve and expired on March 11, 2024, contributing to the decrease in pledged securities as noted above. As of June 30, 2024 and December 31, 2023, 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, 2024, 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, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $2,284  $2,279 

Due after one year through five years

  6,300   6,248 

Due after five years through ten years

  2,223   2,161 

Due after ten years

  233,867   202,335 

Residential mortgage pass-through securities

  446,631   385,992 

Commercial mortgage pass-through securities

  25,115   21,418 

Other securities

  146   146 

Total investment securities available-for-sale

 $716,566  $620,579 

 

There were no realized gains or losses on securities during the six months ended June 30, 2024 and June 30, 2023.

 

 

Impairment Analysis of Available-for-Sale Debt Securities

 

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, 2024 and December 31, 2023.

 

  

June 30, 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

 $57,109  $(11,918) $19,579  $(129) $37,530  $(11,789)

Residential mortgage pass-through securities

  373,145   (60,787)  15,527   (92)  357,618   (60,695)

Commercial mortgage pass-through securities

  21,419   (3,697)  -   -   21,419   (3,697)

Obligations of U.S. states and political subdivisions

  114,985   (19,977)  20,002   (558)  94,983   (19,419)

Corporate bonds and notes

  4,978   (22)  2,984   (16)  1,994   (6)

Asset-backed securities

  1,001   (12)  -   -   1,001   (12)

Total temporarily impaired securities

 $572,637  $(96,413) $58,092  $(795) $514,545  $(95,618)

 

  

December 31, 2023

 
  

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

 $40,779  $(10,761) $1,689  $(65) $39,090  $(10,696)

Residential mortgage pass-through securities

  382,042   (51,433)  4,138   (51)  377,904   (51,382)

Commercial mortgage pass-through securities

  21,565   (3,676)  -   -   21,565   (3,676)

Obligations of U.S. states and political subdivisions

  101,189   (16,505)  1,340   (7)  99,849   (16,498)

Corporate bonds and notes

  4,973   (27)  2,993   (7)  1,980   (20)

Asset-backed securities

  1,238   (22)  -   -   1,238   (22)

Total temporarily impaired securities

 $551,786  $(82,424) $10,160  $(130) $541,626  $(82,294)

 

 

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 $2.3 million as of both June 30, 2024 and December 31, 2023.

 

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, 2024.

 

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.
v3.24.2.u1
Note 4 - Derivatives
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 4. 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, 2024, the Bank was not utilizing fair value hedges.

 

 

Cash Flow Hedges

 

The Company during 2021, 2022 and 2024 entered into twelve pay fixed-rate interest rate swaps, with a total notional amount of $550 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 twelve swaps carry expiration dates ranging from December 2025 to March 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 deposits, 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.

 

Net interest income recorded on these swap and interest rate cap transactions totaled approximately $5.7 million and $11.3 million and $5.0 million and $9.3 million during the three and six months ended June 30, 2024 and June 30, 2023, 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 net 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:

 

  

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) $- 

 

  

Six Months Ended June 30, 2023

 
  

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

 $10,064  $(8,221) $- 

 

The following table reflects the cash flow hedges included in the consolidated statements of condition as of June 30, 2024 and December 31, 2023:

 

  

June 30, 2024

  

December 31, 2023

 
  

Notional Amount

  

Fair Value

  

Notional Amount

  

Fair Value

 
      

(dollars in thousands)

     

Interest rate contracts

 $1,000,000  $48,734  $950,000  $43,805 

 
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 5. 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, 2024 and December 31, 2023:

 

  June 30, 2024  December 31, 2023 
  

(dollars in thousands)

 

Commercial

 $1,501,732  $1,578,730 

Commercial real estate

  5,763,869   5,895,545 

Commercial construction

  639,168   620,496 

Residential real estate

  256,786   256,041 

Consumer

  945   1,029 

Gross loans

  8,162,500   8,351,841 

Net deferred loan fees

  (4,597)  (6,696)

Total loans receivable

 $8,157,903  $8,345,145 

 

As of  June 30, 2024 and December 31, 2023, loans totaling approximately $5.7 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 as of June 30, 2024 and December 31, 2023:

 

  

June 30, 2024

  

December 31, 2023

 
  

(dollars in thousands)

 

Residential real estate

 $435  $- 

Total loans held-for-sale

 $435  $- 

 

 

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, 2024 and December 31, 2023:

 

  

June 30, 2024

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,928  $10,850  $12,778 

Commercial real estate

  -   29,585   29,585 

Commercial construction

  409   1,795   2,204 

Residential real estate

  237   1,222   1,459 

Total

 $2,574  $43,452  $46,026 

 

 

  

December 31, 2023

 
  Nonaccrual loans with ACL  Nonaccrual loans without ACL  Total nonaccrual loans 
  

(dollars in thousands)

 

Commercial

 $1,763  $11,064  $12,827 

Commercial real estate

  8,013   28,179   36,192 

Residential real estate

  1,033   2,472   3,505 

Total

 $10,809  $41,715  $52,524 

 

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

 

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, 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

 $16,275  $148,282  $195,059  $283,478  $32,453  $122,418  $652,444  $1,450,409 

Special mention

  -   -   11,090   2,810   1,634   9,920   11,150   36,604 

Substandard

  -   250   739   230   -   12,773   727   14,719 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $16,275  $148,532  $206,888  $286,518  $34,087  $145,111  $664,321  $1,501,732 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $300  $300 
                                 

Commercial Real Estate

                                

Pass

 $100,404  $273,253  $1,534,768  $1,562,051  $357,702  $1,509,393  $371,401  $5,708,972 

Special mention

  -   -   -   -   -   15,072   -   15,072 

Substandard

  -   -   -   1,867   -   37,958   -   39,825 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $100,404  $273,253  $1,534,768  $1,563,918  $357,702  $1,562,423  $371,401  $5,763,869 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $6,481  $-  $6,481 
                                 

Commercial Construction

                                

Pass

 $9,500  $582  $2,124  $9,071  $6,236  $10,500  $590,251  $628,264 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

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

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $9,500  $582  $2,124  $9,071  $6,236  $10,500  $601,155  $639,168 

YTD gross charge-offs

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

Residential

                                

Pass

 $11,222  $15,126  $41,597  $21,675  $21,004  $104,637  $36,626  $251,887 

Special mention

  -   -   -   -   -   643   2,797   3,440 

Substandard

  -   -   -   536   -   686   237   1,459 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $11,222  $15,126  $41,597  $22,211  $21,004  $105,966  $39,660  $256,786 

YTD gross charge-offs

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

Consumer

                                

Pass

 $809  $27  $10  $-  $-  $-  $99  $945 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $809  $27  $10  $-  $-  $-  $99  $945 

YTD gross charge-offs

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

Total

                                

Pass

 $138,210  $437,270  $1,773,558  $1,876,275  $417,395  $1,746,948  $1,650,821  $8,040,477 

Special mention

  -   -   11,090   2,810   1,634   25,635   22,647   63,816 

Substandard

  -   250   739   2,633   -   51,417   3,168   58,207 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $138,210  $437,520  $1,785,387  $1,881,718  $419,029  $1,824,000  $1,676,636  $8,162,500 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $6,481  $300  $6,781 

 

 

The following table presents loans by origination, risk designation and gross charge-offs as of and for the year ended December 31, 2023 (dollars in thousands):

 

  

Term loans amortized cost basis by origination year

       
  

2023

  

2022

  

2021

  

2020

  2019  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $178,582  $252,151  $265,705  $38,909  $13,726  $112,145  $684,779  $1,545,997 

Special mention

  -   10,620   -   -   562   3,417   3,199   17,798 

Substandard

  250   439   241   1   612   11,695   1,697   14,935 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $178,832  $263,210  $265,946  $38,910  $14,900  $127,257  $689,675  $1,578,730 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $11,094  $63  $14,888 
                                 

Commercial real estate

                                

Pass

 $248,660  $1,561,841  $1,585,109  $352,445  $353,391  $1,232,240  $497,588  $5,831,274 

Special mention

  -   -   -   -   -   24,202   -   24,202 

Substandard

  -   -   1,888   -   1,255   20,141   16,785   40,069 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $248,660  $1,561,841  $1,586,997  $352,445  $354,646  $1,276,583  $514,373  $5,895,545 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $2,142  $-  $2,142 
                                 

Commercial construction

                                

Pass

 $582  $5,463  $15,645  $6,236  $-  $-  $583,870  $611,796 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $582  $5,463  $15,645  $6,236  $-  $-  $592,570  $620,496 

YTD gross charge-offs

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

Residential real estate

                                

Pass

 $15,455  $42,830  $21,987  $21,704  $19,896  $91,114  $36,082  $249,068 

Special mention

  -   -   -   -   -   651   2,817   3,468 

Substandard

  -   -   555   -   -   2,144   806   3,505 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $15,455  $42,830  $22,542  $21,704  $19,896  $93,909  $39,705  $256,041 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $18  $18 
                                 

Consumer

                                

Pass

 $849  $83  $-  $5  $-  $-  $92  $1,029 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $849  $83  $-  $5  $-  $-  $92  $1,029 

YTD gross charge-offs

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

Total

                                

Pass

 $444,128  $1,862,368  $1,888,446  $419,299  $387,013  $1,435,499  $1,802,411  $8,239,164 

Special mention

  -   10,620   -   -   562   28,270   14,716   54,168 

Substandard

  250   439   2,684   1   1,867   33,980   19,288   58,509 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $444,378  $1,873,427  $1,891,130  $419,300  $389,442  $1,497,749  $1,836,415  $8,351,841 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $13,236  $82  $17,049 

  

 

Collateral Dependent Loans: Loans which meet certain criteria are individually evaluated as part of the process of calculating the allowance for credit losses. The evaluation is determined on an individual basis using the fair value of the collateral as of the reporting date. The following table presents collateral dependent loans that were individually evaluated for impairment as of June 30, 2024 and December 31, 2023:

 

  

June 30, 2024

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $1,677  $10,174  $11,851 

Commercial real estate

  29,585   -   29,585 

Commercial construction

  2,204   -   2,204 

Residential real estate

  813   -   813 

Total

 $34,279  $10,174  $44,453 

 

  

December 31, 2023

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $4,949  $10,387  $15,336 

Commercial real estate

  39,986   -   39,986 

Commercial construction

  8,700   -   8,700 

Residential real estate

  5,941   -   5,941 

Total

 $59,576  $10,387  $69,963 

 

 

Aging Analysis - The following table provides an analysis of the aging of the loans by class, excluding the effect of net deferred fees, which are past due as of June 30, 2024 and December 31, 2023:

 

  

June 30, 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

 $1,667  $427  $-  $12,778  $14,872  $1,486,860  $1,501,732 

Commercial real estate

  -   4,876   -   29,585   34,461   5,729,408   5,763,869 

Commercial construction

  -   -   -   2,204   2,204   636,964   639,168 

Residential real estate

  -   1,813   -   1,459   3,272   253,514   256,786 

Consumer

  -   -   -   -   -   945   945 

Total

 $1,667  $7,116  $-  $46,026  $54,809  $8,107,691  $8,162,500 

 

 

  

December 31, 2023

 
  

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

 $555  $-  $-  $12,827  $13,382  $1,565,348  $1,578,730 

Commercial real estate

  527   -   -   36,192   36,719   5,858,826   5,895,545 

Commercial construction

  -   23,600   -   -   23,600   596,896   620,496 

Residential real estate

  275   226   -   3,505   4,006   252,035   256,041 

Consumer

  -   -   -   -   -   1,029   1,029 

Total

 $1,357  $23,826  $-  $52,524  $77,707  $8,274,134  $8,351,841 

 

 

The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses that are allocated to each loan portfolio segment:

 

  

June 30, 2024

 
  

Commercial

  Commercial real estate  

Commercial construction

  Residential real estate  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $337  $-  $-  $-  $-  $337 

Collectively evaluated

  19,458   53,098   4,472   4,484   3   81,515 

Acquired with deteriorated credit quality

  225   -   -   -   -   225 

Total

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

Gross loans

                        

Individually analyzed

 $12,188  $29,585  $2,204  $813  $-  $44,790 

Collectively evaluated

  1,489,083   5,734,284   636,964   255,973   945   8,117,249 

Acquired with deteriorated credit quality

  461   -   -   -   -   461 

Total

 $1,501,732  $5,763,869  $639,168  $256,786  $945  $8,162,500 

 

  

December 31, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $-  $941  $-  $-  $-  $941 

Collectively evaluated

  20,215   51,337   4,739   4,320   5   80,616 

Acquired with deteriorated credit quality

  417   -   -   -   -   417 

Total

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

Gross loans

                        

Individually analyzed

 $15,336  $39,986  $8,700  $5,941  $-  $69,963 

Collectively evaluated

  1,562,910   5,855,559   611,796   250,100   1,029   8,281,394 

Acquired with deteriorated credit quality

  484   -   -   -   -   484 

Total

 $1,578,730  $5,895,545  $620,496  $256,041  $1,029  $8,351,841 

 

 

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

 

  

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 

 

 

Activity in the Company’s ACL for loans for the three and six months ended June 30, 2023 is summarized in the table below.

 

  

Three Months Ended June 30, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2023

 $26,162  $53,000  $3,966  $3,868  $6  $87,002 

Charge-offs

  (1,100)  -   -   (18)  -   (1,118)

Recoveries

  9   -   -   67   -   76 

Provision for (reversal of) credit losses - loans

  4,255   (491)  (420)  (98)  (1)  3,245 
                         

Balance as of June 30, 2023

 $29,326  $52,509  $3,546  $3,819  $5  $89,205 

 

  

Six Months Ended June 30, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2022

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 

Charge-offs

  (3,867)  (1,717)  -   (18)  -   (5,602)

Recoveries

  9   -   -   68   -   77 

Provision for (reversal of) credit losses - loans

  4,281   484   (172)  (374)  (2)  4,217 
                         

Balance as of June 30, 2023

 $29,326  $52,509  $3,546  $3,819  $5  $89,205 

 

 

Loan Modifications to Borrowers Experiencing Financial Difficulty:

 

The following tables presents the amortized cost basis at the end of the reporting period of the loan modifications to borrowers experiencing financial difficulty and the percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the gross loans of the relevant loan segment. The total percentage represents the total modified loans as compared to the total gross loans balance.

 

  

Three Months Ended

 
  

June 30, 2024

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $11,150  $-  $-  $11,150   0.75%

Residential real estate

  1,417   -   -   1,417   0.01 

 

  

Six Months Ended

 
  

June 30, 2024

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $11,150  $126  $-  $11,276   0.75%

Residential real estate

  1,417   -   -   1,417   0.01 

 

The above table consists of two commercial loans and one residential real estate loan that were modified during the six months ended June 30, 2024 where the borrower was experiencing financial difficulty. An $11.1 million commercial loan was a six-month term extension, while a $0.1 million commercial loan was a three-month payment deferral. The $1.4 million residential real estate loan involved the freezing of a loan commitment, combined with a 10-year term extension.

 

 

  

Three Months Ended

 
  

June 30, 2023

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $-  $-  $-  $-   0.00%

Commercial real estate

  213         213   0.00%

 

  

Six Months Ended

 
  

June 30, 2023

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $53  $-  $-  $53   0.00%

Commercial real estate

  213         213   0.00%

 

The above table consists of one commercial loan and one commercial real estate loan that were modified during the six months ended June 30, 2023 where the borrower was experiencing financial difficulty. The $50 thousand commercial loan was a 3-year term extension, while the $213 thousand commercial real estate loan was a 15-year term extension.

 

The Company closely monitors the performance of loans that are modified to borrower’s experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the payment status of loans that have been modified in the last twelve months.

 

  

June 30, 2024

 
  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

 
  

(dollars in thousands)

 

Commercial

 $21,559  $-  $- 

Commercial real estate

  7,272   -   - 

Residential real estate

  1,417   -   - 

 

  Loan Modifications to Borrowers Experiencing Financial Difficulty:

 

During the six months ended June 30, 2024 and June 30, 2023, 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 six months ended June 30, 2024 and 2023 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 (reversal of) credit losses on the Company’s income statement. The following table presents a roll forward of the allowance for credit losses for unfunded commitments for the three and six months ended June 30, 2024 and 2023:

 

  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,754  $3,064 

Provision for (reversal of) credit losses - unfunded commitments

  21   (245)

Balance at end of period

 $2,775  $2,819 

 

  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,811  $3,036 

Reversal of credit losses - unfunded commitments

  (36)  (217)

Balance at end of period

 $2,775  $2,819 

 

 

Components of Provision for Credit Losses

 

The following table summarizes the provision for (reversal of) credit losses for the three and six months ended June 30, 2024 and 2023:

 

  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $2,479  $3,245 

Provision for (reversal of) credit losses - unfunded commitments

  21   (245)

Provision for credit losses

 $2,500  $3,000 

 

  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $6,536  $4,217 

Reversal of credit losses - unfunded commitments

  (36)  (217)

Provision for credit losses

 $6,500  $4,000 

 
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 6. 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, 2024 and December 31, 2023:

 

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, 2024 and December 31, 2023 are as follows:

 

      

June 30, 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

 $81,375  $-  $81,375  $- 

Residential mortgage pass-through securities

  385,992   -   385,992   - 

Commercial mortgage pass-through securities

  21,418   -   21,418   - 

Obligations of U.S. states and political subdivision

  125,670   -   118,919   6,751 

Corporate bonds and notes

  4,978   -   4,978   - 

Asset-backed securities

  1,000   -   1,000   - 

Other securities

  146   146   -   - 

Total available-for-sale

  620,579   146   613,682   6,751 
                 

Equity securities

  19,743   9,693   10,050   - 

Derivatives

  48,734   -   48,734   - 

Total assets

 $689,056  $9,839  $672,466  $6,751 

 

 

      

December 31, 2023

 
      

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

 $45,326  $-  $45,326  $- 

Residential mortgage pass- through securities

  411,191   -   411,191   - 

Commercial mortgage pass-through securities

  21,564   -   21,564   - 

Obligations of U.S. states and political subdivision

  132,705   -   125,583   7,122 

Corporate bonds and notes

  4,973   -   4,973   - 

Asset-backed securities

  1,238   -   1,238   - 

Other securities

  165   165   -   - 

Total available-for-sale

 $617,162  $165  $609,875  $7,122 
                 

Equity securities

  18,564   9,867   8,697   - 

Derivatives

  43,805   -   43,805   - 

Total assets

 $679,531  $10,032  $662,377  $7,122 

 

There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2024 and during the year ended December 31, 2023.

 

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, 2024 and December 31, 2023.

 

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).

 

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).

 

 

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, 2024 and December 31, 2023 are as follows:

 

      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 June 30, 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

 $775  $-  $-  $775 

 

      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2023  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

 $657  $-  $-  $657 

Commercial real estate

  7,005   -   -   7,005 

 

Collateral dependent loans – Collateral dependent loans as of June 30, 2024 that required a valuation allowance were $1.0 million with a related valuation allowance of $0.2 million compared to $7.7 million with a related valuation allowance of $1.4 million as of December 31, 2023.

 

 

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, 2024 and for the year ended December 31, 2023:

 

  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (150)

Change in unrealized loss

  (221)

Ending balance, June 30, 2024

 $6,751 

 

  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2023

 $7,349 

Principal paydowns

  (272)

Changes in unrealized gain

  45 

Ending balance, December 31, 2023

 $7,122 

 

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, 2024 and December 31, 2023. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

 

June 30, 2024

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $6,751 

Discounted cash flows

 

Discount rate

  4.8%

 

December 31, 2023

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $7,122 

Discounted cash flows

 

Discount rate

  4.3%

 

 

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, 2024

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial

 $775  

Appraisals of collateral value

Adjustment for comparable sales

 -7.5% to +25% (+0.8%) 

 

December 31, 2023

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $657  

Appraisals of collateral value

Adjustment for comparable sales

  -7.5% to +25% (+.1%) 

Commercial real estate loans

  7,005  

Appraisals of collateral value

Adjustment for comparable sales

 

-15% to +0% (-10.3%)

 

 

 

As of June 30, 2024 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, 2024 and December 31, 2023: 

 

          

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, 2024

                    

Financial assets:

                    

Cash and due from banks

 $293,513  $293,513  $293,513  $-  $- 

Securities available-for-sale

  620,579   620,579   146   613,682   6,751 

Restricted investments in bank stocks

  43,403   n/a   n/a   n/a   n/a 

Equity securities

  19,743   19,743   9,693   10,050   - 

Net loans

  8,075,826   7,832,816   -   -   7,832,816 

Derivatives - interest rate contracts

  48,734   48,734   -   48,734   - 

Accrued interest receivable

  48,262   48,262   -   5,891   42,371 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,268,882   1,268,882   1,268,882   -   - 

Interest-bearing deposits

  6,307,132   6,287,889   3,713,967   2,573,922   - 

Borrowings

  756,144   753,394   -   753,394   - 

Subordinated debentures

  79,692   79,680   -   79,680   - 

Accrued interest payable

  10,309   10,309   -   10,309   - 
                     

December 31, 2023

                    

Financial assets:

                    

Cash and due from banks

 $242,714  $242,714  $242,714  $-  $- 

Investment securities available-for-sale

  617,162   617,162   165   609,875   7,122 

Restricted investment in bank stocks

  51,457   n/a   n/a   n/a   n/a 

Equity securities

  18,564   18,564   9,867   8,697   - 

Net loans

  8,263,171   8,001,504   -   -   8,001,504 

Derivatives - interest rate contracts

  43,805   43,805   -   43,805   - 

Accrued interest receivable

  49,108   49,108   -   5,387   43,721 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,259,364   1,259,364   1,259,364   -   - 

Interest-bearing deposits

  6,276,838   6,256,444   3,745,467   2,510,977   - 

Borrowings

  933,579   932,081   .   932,081   - 

Subordinated debentures

  79,439   77,952   -   77,952   - 

Accrued interest payable

  10,152   10,152   -   10,152   - 

 

 

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.
v3.24.2.u1
Note 7 - Comprehensive (Loss) Income
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

Note 7. 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,

  
  

2024

  

2023

  

2024

  

2023

  

Interest income on cash flow hedges

 $5,683  $3,953  $11,312  $8,220 

Borrowings and deposits expense

   (1,598)  (1,189)  (3,180)  (2,473)

Income tax expense

  $4,085  $2,764  $8,132  $5,747  
                  

Amortization of pension plan net actuarial losses

 $(43) $(74) $(86) $(148)

Other components of net periodic pension expense

   11   22   24   45 

Income tax benefit

  $(32) $(52) $(62) $(103) 

Total reclassification

 $4,053  $2,712  $8,070  $5,644  

 

 

 

Accumulated other comprehensive loss as of June 30, 2024 and December 31, 2023 consisted of the following:

 

  

June 30, 2024

  

December 31, 2023

 
  

(dollars in thousands)

 

Investment securities available-for-sale, net of tax

 $(70,064) $(57,835)

Cash flow hedge, net of tax

  29,842   24,810 

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

  (2,022)  (2,084)

Total

 $(42,244) $(35,109)

 
v3.24.2.u1
Note 8 - Stock-based Compensation
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 8. 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, 2024. 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, 2024 were approximately 338,684. The Company intends to issue all shares under the Plan in the form of newly issued shares.

 

Restricted stock, options 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. 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 at 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 period. Forfeiture rates are not estimated but are recorded as incurred. Stock-based compensation expense for the three and six months ended June 30, 2024 was $1.1 and $2.1 respectively. Stock-based compensation expense for the three and six months ended June 30, 2023 was $1.2 million and $2.4 million, respectively. 

 

Activity under the Company’s restricted stock for the six months ended June 30, 2024 was as follows:

 

  Nonvested Shares  Weighted Average Grant Date Fair Value 

Nonvested as of December 31, 2023

  115,805  $17.85 

Granted

  71,843   18.93 

Vested

  (76,643)  18.41 

Forfeited/cancelled/expired

  (1,848)  18.95 

Nonvested as of June 30, 2024

  109,157  $18.15 

 

 

 

As of June 30, 2024, there was approximately $1.4 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, 2023

  164,231      $23.06 

Awarded

  91,691       19.01 

Change in estimate

  (10,774)      11.93 

Vested shares

  (53,041)      25.24 

Forfeited/cancelled/expired

  (10,260)      23.10 

Unearned as of June 30, 2024

  181,847   302,196  $21.04 

 

As of June 30, 2024, the specific number of shares related to performance units that were expected to vest was 181,847, 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, 2024, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 302,196. During the six months ended June 30, 2024, 53,041 shares vested. A total of 28,971 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, 2024 were 24,070 shares. As of June 30, 2024, compensation cost of approximately $2.7 million related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 2.0 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, 2023

  188,348  $22.11 

Awarded

  81,736   19.01 

Vested shares

  (73,013)  22.98 

Forfeited/cancelled/expired

  (7,360)  21.53 

Unearned as of June 30, 2024

  189,711  $20.46 

 

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, 2024, 73,013 shares vested. A total of 39,409 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, 2024 were 33,604 shares. As of June 30, 2024, compensation cost of approximately $2.0 million related to non-vested deferred stock units, not yet recognized, is expected to be recognized over a weighted-average period of 1.6 years.

 
v3.24.2.u1
Note 9 - Components of Net Periodic Pension Cost
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 9. 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

  

2024

  

2023

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  106   110 

Other components of net periodic pension expense

Expected return on plan assets

  (214)  (209)

Other components of net periodic pension expense

Net amortization

  43   74 

Other components of net periodic pension expense

Total periodic pension income

 $(65) $(25) 

 

  

Six Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2024

  

2023

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  212   220 

Other components of net periodic pension expense

Expected return on plan assets

  (428)  (419)

Other components of net periodic pension expense

Net amortization

  86   148 

Other components of net periodic pension expense

Total periodic pension income

 $(130) $(51) 

 

               Contributions

  

The Company did not contribute to the Pension Trust during the six months ended June 30, 2024. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2024. 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.
v3.24.2.u1
Note 10 - Deposits
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Deposit Liabilities Disclosures [Text Block]

Note 10. Deposits

             

              Time Deposits

 

As of June 30, 2024 and December 31, 2023, the Company's total time deposits were $2.6 billion and $2.5 billion, respectively. Included in time deposits were gross nonreciprocal brokered time deposits of $889.6 million and $916.8 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the contractual maturities of these time deposits were as follows (dollars in thousands):

 

2024

 $1,411,458 

2025

  903,364 

2026

  234,734 

2027

  39,007 

2028

  5,246 

thereafter

  471 

Time deposits (before net discount)

 $2,594,280 

Fair value net discount

  (1,115)

Total time deposits (after net discount)

 $2,593,165 

 

The amount of time deposits with balances in excess of $250,000 were $729.5 million and $643.4 million as of June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Note 11 - FHLB Borrowings
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Federal Home Loan Bank, Advances [Text Block]

Note 11. FHLB Borrowings

 

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

 

  

June 30, 2024

  

December 31, 2023

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $603,587   5.50% $881,000   5.57%

1 year through less than 2 years

  75,000   3.30   25,000   1.00 

2 years through less than 3 years

  52,050   4.19   2,050   2.23 

3 years through less than 4 years

  25,276   4.17   293   2.85 

4 years through 5 years

  -   0.00   25,000   4.18 

After 5 years

  278   2.96   294   2.96 

FHLB borrowings - gross

  756,191   5.15%  933,637   5.41%

Fair value discount

  (47)      (58)    

Total FHLB borrowings

 $756,144      $933,579     

 

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, 2024 were primarily collateralized by approximately $2.8 billion of commercial mortgage loans and securities, net of required over collateralization amounts, under a blanket lien arrangement. As of June 30, 2024 the Company had remaining borrowing capacity of approximately $1.5 billion at FHLB. 
v3.24.2.u1
Note 12 - Subordinated Debentures
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Subordinated Borrowings Disclosure [Text Block]

Note 12. 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, 2024 was 8.44%. 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, 2024 and December 31, 2023.

 

As of June 30, 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

           

As of December 31, 2023

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

 

On June 10, 2020, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “2020 Notes”). The 2020 Notes bear interest at 5.75% annually from, and including, the date of initial issuance up to, but excluding, June 15, 2025 or the date of earlier redemption, payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2020. From and including June 15, 2025 through maturity or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR: (as defined in the Second Supplemental Indenture), plus 560.5 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2025. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.

 
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Insider Trading Arr Line Items    
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  
v3.24.2.u1
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
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) 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 24 other banking offices. 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 Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 
Segment Reporting, Policy [Policy Text Block]

Segments

 

FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment: a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment.

 
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.

 

 
New Accounting Pronouncements, Policy [Policy Text Block]

Note 1b. Authoritative Accounting Guidance

 

Adoption of New Accounting Standards in 2024

 

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. We adopted ASU 2022-03 on January 1, 2024 and it did not have a material effect on the Company’s financial statements.

 

Newly Issued, But Not Yet Effective Accounting Standards

 

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. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.
v3.24.2.u1
Note 2 - Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
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)

 

2024

  

2023

  

2024

  

2023

 

Net income available to common stockholders

 $17,547  $19,885  $33,243  $43,305 

Earnings allocated to participating securities

  (46)  (53)  (89)  (98)

Income attributable to common stock

 $17,501  $19,832  $33,154  $43,207 
                 

Weighted average common shares outstanding, including participating securities

  38,421   39,078   38,383   39,127 

Weighted average participating securities

  (101)  (104)  (103)  (88)

Weighted average common shares outstanding

  38,320   38,974   38,280   39,039 

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

  129   43   173   135 

Weighted average common and equivalent shares outstanding

  38,449   39,017   38,453   39,174 
                 

Earnings per common share:

                

Basic

 $0.46  $0.51  $0.87  $1.11 

Diluted

  0.46   0.51   0.86   1.10 
v3.24.2.u1
Note 3 - Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $93,088  $205  $(11,918) $81,375  $- 

Residential mortgage pass-through securities

  446,631   148   (60,787)  385,992   - 

Commercial mortgage pass-through securities

  25,115   -   (3,697)  21,418   - 

Obligations of U.S. states and political subdivisions

  145,574   73   (19,977)  125,670   - 

Corporate bonds and notes

  5,000   -   (22)  4,978   - 

Asset-backed securities

  1,012   -   (12)  1,000   - 

Other securities

  146   -   -   146   - 

Total investment securities available-for-sale

 $716,566  $426  $(96,413) $620,579  $- 
                     

December 31, 2023

                    

Investment securities available-for-sale:

                    

Federal agency obligations

 $55,898  $189  $(10,761) $45,326  $- 

Residential mortgage pass-through securities

  462,004   620   (51,433)  411,191   - 

Commercial mortgage pass-through securities

  25,240   -   (3,676)  21,564   - 

Obligations of U.S. states and political subdivisions

  148,795   415   (16,505)  132,705   - 

Corporate bonds and notes

  5,000   -   (27)  4,973   - 

Asset-backed securities

  1,260   -   (22)  1,238   - 

Other securities

  165   -   -   165   - 

Total investment securities available-for-sale

 $698,362  $1,224  $(82,424) $617,162  $- 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

June 30, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $2,284  $2,279 

Due after one year through five years

  6,300   6,248 

Due after five years through ten years

  2,223   2,161 

Due after ten years

  233,867   202,335 

Residential mortgage pass-through securities

  446,631   385,992 

Commercial mortgage pass-through securities

  25,115   21,418 

Other securities

  146   146 

Total investment securities available-for-sale

 $716,566  $620,579 
Unrealized Gain (Loss) on Investments [Table Text Block]
  

June 30, 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

 $57,109  $(11,918) $19,579  $(129) $37,530  $(11,789)

Residential mortgage pass-through securities

  373,145   (60,787)  15,527   (92)  357,618   (60,695)

Commercial mortgage pass-through securities

  21,419   (3,697)  -   -   21,419   (3,697)

Obligations of U.S. states and political subdivisions

  114,985   (19,977)  20,002   (558)  94,983   (19,419)

Corporate bonds and notes

  4,978   (22)  2,984   (16)  1,994   (6)

Asset-backed securities

  1,001   (12)  -   -   1,001   (12)

Total temporarily impaired securities

 $572,637  $(96,413) $58,092  $(795) $514,545  $(95,618)
  

December 31, 2023

 
  

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

 $40,779  $(10,761) $1,689  $(65) $39,090  $(10,696)

Residential mortgage pass-through securities

  382,042   (51,433)  4,138   (51)  377,904   (51,382)

Commercial mortgage pass-through securities

  21,565   (3,676)  -   -   21,565   (3,676)

Obligations of U.S. states and political subdivisions

  101,189   (16,505)  1,340   (7)  99,849   (16,498)

Corporate bonds and notes

  4,973   (27)  2,993   (7)  1,980   (20)

Asset-backed securities

  1,238   (22)  -   -   1,238   (22)

Total temporarily impaired securities

 $551,786  $(82,424) $10,160  $(130) $541,626  $(82,294)
v3.24.2.u1
Note 4 - Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

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) $- 
  

Six Months Ended June 30, 2023

 
  

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

 $10,064  $(8,221) $- 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
  

June 30, 2024

  

December 31, 2023

 
  

Notional Amount

  

Fair Value

  

Notional Amount

  

Fair Value

 
      

(dollars in thousands)

     

Interest rate contracts

 $1,000,000  $48,734  $950,000  $43,805 
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  June 30, 2024  December 31, 2023 
  

(dollars in thousands)

 

Commercial

 $1,501,732  $1,578,730 

Commercial real estate

  5,763,869   5,895,545 

Commercial construction

  639,168   620,496 

Residential real estate

  256,786   256,041 

Consumer

  945   1,029 

Gross loans

  8,162,500   8,351,841 

Net deferred loan fees

  (4,597)  (6,696)

Total loans receivable

 $8,157,903  $8,345,145 
Schedule of Loans Held-for-sale [Table Text Block]
  

June 30, 2024

  

December 31, 2023

 
  

(dollars in thousands)

 

Residential real estate

 $435  $- 

Total loans held-for-sale

 $435  $- 

 
Financing Receivable, Nonaccrual [Table Text Block]
  

June 30, 2024

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,928  $10,850  $12,778 

Commercial real estate

  -   29,585   29,585 

Commercial construction

  409   1,795   2,204 

Residential real estate

  237   1,222   1,459 

Total

 $2,574  $43,452  $46,026 
  

December 31, 2023

 
  Nonaccrual loans with ACL  Nonaccrual loans without ACL  Total nonaccrual loans 
  

(dollars in thousands)

 

Commercial

 $1,763  $11,064  $12,827 

Commercial real estate

  8,013   28,179   36,192 

Residential real estate

  1,033   2,472   3,505 

Total

 $10,809  $41,715  $52,524 
Financing Receivable Origination And Risk Designation [Table Text Block]
  

Term loans amortized cost basis by origination year

       
  

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $16,275  $148,282  $195,059  $283,478  $32,453  $122,418  $652,444  $1,450,409 

Special mention

  -   -   11,090   2,810   1,634   9,920   11,150   36,604 

Substandard

  -   250   739   230   -   12,773   727   14,719 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $16,275  $148,532  $206,888  $286,518  $34,087  $145,111  $664,321  $1,501,732 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $300  $300 
                                 

Commercial Real Estate

                                

Pass

 $100,404  $273,253  $1,534,768  $1,562,051  $357,702  $1,509,393  $371,401  $5,708,972 

Special mention

  -   -   -   -   -   15,072   -   15,072 

Substandard

  -   -   -   1,867   -   37,958   -   39,825 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $100,404  $273,253  $1,534,768  $1,563,918  $357,702  $1,562,423  $371,401  $5,763,869 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $6,481  $-  $6,481 
                                 

Commercial Construction

                                

Pass

 $9,500  $582  $2,124  $9,071  $6,236  $10,500  $590,251  $628,264 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

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

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $9,500  $582  $2,124  $9,071  $6,236  $10,500  $601,155  $639,168 

YTD gross charge-offs

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

Residential

                                

Pass

 $11,222  $15,126  $41,597  $21,675  $21,004  $104,637  $36,626  $251,887 

Special mention

  -   -   -   -   -   643   2,797   3,440 

Substandard

  -   -   -   536   -   686   237   1,459 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $11,222  $15,126  $41,597  $22,211  $21,004  $105,966  $39,660  $256,786 

YTD gross charge-offs

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

Consumer

                                

Pass

 $809  $27  $10  $-  $-  $-  $99  $945 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $809  $27  $10  $-  $-  $-  $99  $945 

YTD gross charge-offs

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

Total

                                

Pass

 $138,210  $437,270  $1,773,558  $1,876,275  $417,395  $1,746,948  $1,650,821  $8,040,477 

Special mention

  -   -   11,090   2,810   1,634   25,635   22,647   63,816 

Substandard

  -   250   739   2,633   -   51,417   3,168   58,207 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $138,210  $437,520  $1,785,387  $1,881,718  $419,029  $1,824,000  $1,676,636  $8,162,500 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $6,481  $300  $6,781 
  

Term loans amortized cost basis by origination year

       
  

2023

  

2022

  

2021

  

2020

  2019  

Prior

  

Revolving Loans

  

Total Gross Loans

 

Commercial

                                

Pass

 $178,582  $252,151  $265,705  $38,909  $13,726  $112,145  $684,779  $1,545,997 

Special mention

  -   10,620   -   -   562   3,417   3,199   17,798 

Substandard

  250   439   241   1   612   11,695   1,697   14,935 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial

 $178,832  $263,210  $265,946  $38,910  $14,900  $127,257  $689,675  $1,578,730 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $11,094  $63  $14,888 
                                 

Commercial real estate

                                

Pass

 $248,660  $1,561,841  $1,585,109  $352,445  $353,391  $1,232,240  $497,588  $5,831,274 

Special mention

  -   -   -   -   -   24,202   -   24,202 

Substandard

  -   -   1,888   -   1,255   20,141   16,785   40,069 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial real estate

 $248,660  $1,561,841  $1,586,997  $352,445  $354,646  $1,276,583  $514,373  $5,895,545 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $2,142  $-  $2,142 
                                 

Commercial construction

                                

Pass

 $582  $5,463  $15,645  $6,236  $-  $-  $583,870  $611,796 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total commercial construction

 $582  $5,463  $15,645  $6,236  $-  $-  $592,570  $620,496 

YTD gross charge-offs

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

Residential real estate

                                

Pass

 $15,455  $42,830  $21,987  $21,704  $19,896  $91,114  $36,082  $249,068 

Special mention

  -   -   -   -   -   651   2,817   3,468 

Substandard

  -   -   555   -   -   2,144   806   3,505 

Doubtful

  -   -   -   -   -   -   -   - 

Total residential real estate

 $15,455  $42,830  $22,542  $21,704  $19,896  $93,909  $39,705  $256,041 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $18  $18 
                                 

Consumer

                                

Pass

 $849  $83  $-  $5  $-  $-  $92  $1,029 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total consumer

 $849  $83  $-  $5  $-  $-  $92  $1,029 

YTD gross charge-offs

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

Total

                                

Pass

 $444,128  $1,862,368  $1,888,446  $419,299  $387,013  $1,435,499  $1,802,411  $8,239,164 

Special mention

  -   10,620   -   -   562   28,270   14,716   54,168 

Substandard

  250   439   2,684   1   1,867   33,980   19,288   58,509 

Doubtful

  -   -   -   -   -   -   -   - 

Grand total

 $444,378  $1,873,427  $1,891,130  $419,300  $389,442  $1,497,749  $1,836,415  $8,351,841 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $13,236  $82  $17,049 
Financing Receivable, Collateral Dependent [Table Text Block]
  

June 30, 2024

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $1,677  $10,174  $11,851 

Commercial real estate

  29,585   -   29,585 

Commercial construction

  2,204   -   2,204 

Residential real estate

  813   -   813 

Total

 $34,279  $10,174  $44,453 
  

December 31, 2023

 
  Real Estate  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $4,949  $10,387  $15,336 

Commercial real estate

  39,986   -   39,986 

Commercial construction

  8,700   -   8,700 

Residential real estate

  5,941   -   5,941 

Total

 $59,576  $10,387  $69,963 
Financing Receivable, Past Due [Table Text Block]
  

June 30, 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

 $1,667  $427  $-  $12,778  $14,872  $1,486,860  $1,501,732 

Commercial real estate

  -   4,876   -   29,585   34,461   5,729,408   5,763,869 

Commercial construction

  -   -   -   2,204   2,204   636,964   639,168 

Residential real estate

  -   1,813   -   1,459   3,272   253,514   256,786 

Consumer

  -   -   -   -   -   945   945 

Total

 $1,667  $7,116  $-  $46,026  $54,809  $8,107,691  $8,162,500 
  

December 31, 2023

 
  

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

 $555  $-  $-  $12,827  $13,382  $1,565,348  $1,578,730 

Commercial real estate

  527   -   -   36,192   36,719   5,858,826   5,895,545 

Commercial construction

  -   23,600   -   -   23,600   596,896   620,496 

Residential real estate

  275   226   -   3,505   4,006   252,035   256,041 

Consumer

  -   -   -   -   -   1,029   1,029 

Total

 $1,357  $23,826  $-  $52,524  $77,707  $8,274,134  $8,351,841 
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block]
  

June 30, 2024

 
  

Commercial

  Commercial real estate  

Commercial construction

  Residential real estate  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $337  $-  $-  $-  $-  $337 

Collectively evaluated

  19,458   53,098   4,472   4,484   3   81,515 

Acquired with deteriorated credit quality

  225   -   -   -   -   225 

Total

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

Gross loans

                        

Individually analyzed

 $12,188  $29,585  $2,204  $813  $-  $44,790 

Collectively evaluated

  1,489,083   5,734,284   636,964   255,973   945   8,117,249 

Acquired with deteriorated credit quality

  461   -   -   -   -   461 

Total

 $1,501,732  $5,763,869  $639,168  $256,786  $945  $8,162,500 
  

December 31, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $-  $941  $-  $-  $-  $941 

Collectively evaluated

  20,215   51,337   4,739   4,320   5   80,616 

Acquired with deteriorated credit quality

  417   -   -   -   -   417 

Total

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

Gross loans

                        

Individually analyzed

 $15,336  $39,986  $8,700  $5,941  $-  $69,963 

Collectively evaluated

  1,562,910   5,855,559   611,796   250,100   1,029   8,281,394 

Acquired with deteriorated credit quality

  484   -   -   -   -   484 

Total

 $1,578,730  $5,895,545  $620,496  $256,041  $1,029  $8,351,841 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

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 
  

Three Months Ended June 30, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of March 31, 2023

 $26,162  $53,000  $3,966  $3,868  $6  $87,002 

Charge-offs

  (1,100)  -   -   (18)  -   (1,118)

Recoveries

  9   -   -   67   -   76 

Provision for (reversal of) credit losses - loans

  4,255   (491)  (420)  (98)  (1)  3,245 
                         

Balance as of June 30, 2023

 $29,326  $52,509  $3,546  $3,819  $5  $89,205 
  

Six Months Ended June 30, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of December 31, 2022

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 

Charge-offs

  (3,867)  (1,717)  -   (18)  -   (5,602)

Recoveries

  9   -   -   68   -   77 

Provision for (reversal of) credit losses - loans

  4,281   484   (172)  (374)  (2)  4,217 
                         

Balance as of June 30, 2023

 $29,326  $52,509  $3,546  $3,819  $5  $89,205 
Financing Receivable, Modified [Table Text Block]
  

Three Months Ended

 
  

June 30, 2024

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $11,150  $-  $-  $11,150   0.75%

Residential real estate

  1,417   -   -   1,417   0.01 
  

Six Months Ended

 
  

June 30, 2024

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $11,150  $126  $-  $11,276   0.75%

Residential real estate

  1,417   -   -   1,417   0.01 
  

Three Months Ended

 
  

June 30, 2023

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $-  $-  $-  $-   0.00%

Commercial real estate

  213         213   0.00%
  

Six Months Ended

 
  

June 30, 2023

 
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Total

  

% of Portfolio Loan Segment

 
  

(dollars in thousands)

     

Commercial

 $53  $-  $-  $53   0.00%

Commercial real estate

  213         213   0.00%
Financing Receivable, Modified, Past Due [Table Text Block]
  

June 30, 2024

 
  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

 
  

(dollars in thousands)

 

Commercial

 $21,559  $-  $- 

Commercial real estate

  7,272   -   - 

Residential real estate

  1,417   -   - 
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block]
  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,754  $3,064 

Provision for (reversal of) credit losses - unfunded commitments

  21   (245)

Balance at end of period

 $2,775  $2,819 
  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance at beginning of period

 $2,811  $3,036 

Reversal of credit losses - unfunded commitments

  (36)  (217)

Balance at end of period

 $2,775  $2,819 
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block]
  

Three Months Ended

  

Three Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $2,479  $3,245 

Provision for (reversal of) credit losses - unfunded commitments

  21   (245)

Provision for credit losses

 $2,500  $3,000 
  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Provision for credit losses – loans

 $6,536  $4,217 

Reversal of credit losses - unfunded commitments

  (36)  (217)

Provision for credit losses

 $6,500  $4,000 
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

June 30, 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

 $81,375  $-  $81,375  $- 

Residential mortgage pass-through securities

  385,992   -   385,992   - 

Commercial mortgage pass-through securities

  21,418   -   21,418   - 

Obligations of U.S. states and political subdivision

  125,670   -   118,919   6,751 

Corporate bonds and notes

  4,978   -   4,978   - 

Asset-backed securities

  1,000   -   1,000   - 

Other securities

  146   146   -   - 

Total available-for-sale

  620,579   146   613,682   6,751 
                 

Equity securities

  19,743   9,693   10,050   - 

Derivatives

  48,734   -   48,734   - 

Total assets

 $689,056  $9,839  $672,466  $6,751 
      

December 31, 2023

 
      

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

 $45,326  $-  $45,326  $- 

Residential mortgage pass- through securities

  411,191   -   411,191   - 

Commercial mortgage pass-through securities

  21,564   -   21,564   - 

Obligations of U.S. states and political subdivision

  132,705   -   125,583   7,122 

Corporate bonds and notes

  4,973   -   4,973   - 

Asset-backed securities

  1,238   -   1,238   - 

Other securities

  165   165   -   - 

Total available-for-sale

 $617,162  $165  $609,875  $7,122 
                 

Equity securities

  18,564   9,867   8,697   - 

Derivatives

  43,805   -   43,805   - 

Total assets

 $679,531  $10,032  $662,377  $7,122 
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, 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

 $775  $-  $-  $775 
      

Fair Value Measurements at Reporting Date Using

 

Assets measured at fair value on a nonrecurring basis:

 December 31, 2023  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

 $657  $-  $-  $657 

Commercial real estate

  7,005   -   -   7,005 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (150)

Change in unrealized loss

  (221)

Ending balance, June 30, 2024

 $6,751 
  Municipal Securities 
  

(dollars in thousands)

 

Beginning balance, January 1, 2023

 $7,349 

Principal paydowns

  (272)

Changes in unrealized gain

  45 

Ending balance, December 31, 2023

 $7,122 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

June 30, 2024

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $6,751 

Discounted cash flows

 

Discount rate

  4.8%

December 31, 2023

           
  

Fair Value

 

Valuation Techniques

 

Unobservable Input

 

Rate

 

Securities available-for-sale:

    

(dollars in thousands)

      

Municipal securities

 $7,122 

Discounted cash flows

 

Discount rate

  4.3%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

June 30, 2024

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial

 $775  

Appraisals of collateral value

Adjustment for comparable sales

 -7.5% to +25% (+0.8%) 

December 31, 2023

           

(dollars in thousands)

 

Fair Value

  

Valuation Techniques

Unobservable Input

 

Range (weighted average)

 

Commercial loans

 $657  

Appraisals of collateral value

Adjustment for comparable sales

  -7.5% to +25% (+.1%) 

Commercial real estate loans

  7,005  

Appraisals of collateral value

Adjustment for comparable sales

 

-15% to +0% (-10.3%)

 
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, 2024

                    

Financial assets:

                    

Cash and due from banks

 $293,513  $293,513  $293,513  $-  $- 

Securities available-for-sale

  620,579   620,579   146   613,682   6,751 

Restricted investments in bank stocks

  43,403   n/a   n/a   n/a   n/a 

Equity securities

  19,743   19,743   9,693   10,050   - 

Net loans

  8,075,826   7,832,816   -   -   7,832,816 

Derivatives - interest rate contracts

  48,734   48,734   -   48,734   - 

Accrued interest receivable

  48,262   48,262   -   5,891   42,371 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,268,882   1,268,882   1,268,882   -   - 

Interest-bearing deposits

  6,307,132   6,287,889   3,713,967   2,573,922   - 

Borrowings

  756,144   753,394   -   753,394   - 

Subordinated debentures

  79,692   79,680   -   79,680   - 

Accrued interest payable

  10,309   10,309   -   10,309   - 
                     

December 31, 2023

                    

Financial assets:

                    

Cash and due from banks

 $242,714  $242,714  $242,714  $-  $- 

Investment securities available-for-sale

  617,162   617,162   165   609,875   7,122 

Restricted investment in bank stocks

  51,457   n/a   n/a   n/a   n/a 

Equity securities

  18,564   18,564   9,867   8,697   - 

Net loans

  8,263,171   8,001,504   -   -   8,001,504 

Derivatives - interest rate contracts

  43,805   43,805   -   43,805   - 

Accrued interest receivable

  49,108   49,108   -   5,387   43,721 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,259,364   1,259,364   1,259,364   -   - 

Interest-bearing deposits

  6,276,838   6,256,444   3,745,467   2,510,977   - 

Borrowings

  933,579   932,081   .   932,081   - 

Subordinated debentures

  79,439   77,952   -   77,952   - 

Accrued interest payable

  10,152   10,152   -   10,152   - 
v3.24.2.u1
Note 7 - Comprehensive (Loss) Income (Tables)
 6 Months Ended
Jun. 30, 2024
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,

  
  

2024

  

2023

  

2024

  

2023

  

Interest income on cash flow hedges

 $5,683  $3,953  $11,312  $8,220 

Borrowings and deposits expense

   (1,598)  (1,189)  (3,180)  (2,473)

Income tax expense

  $4,085  $2,764  $8,132  $5,747  
                  

Amortization of pension plan net actuarial losses

 $(43) $(74) $(86) $(148)

Other components of net periodic pension expense

   11   22   24   45 

Income tax benefit

  $(32) $(52) $(62) $(103) 

Total reclassification

 $4,053  $2,712  $8,070  $5,644  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

June 30, 2024

  

December 31, 2023

 
  

(dollars in thousands)

 

Investment securities available-for-sale, net of tax

 $(70,064) $(57,835)

Cash flow hedge, net of tax

  29,842   24,810 

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

  (2,022)  (2,084)

Total

 $(42,244) $(35,109)
v3.24.2.u1
Note 8 - Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Nonvested Restricted Stock Shares Activity [Table Text Block]
  Nonvested Shares  Weighted Average Grant Date Fair Value 

Nonvested as of December 31, 2023

  115,805  $17.85 

Granted

  71,843   18.93 

Vested

  (76,643)  18.41 

Forfeited/cancelled/expired

  (1,848)  18.95 

Nonvested as of June 30, 2024

  109,157  $18.15 
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, 2023

  164,231      $23.06 

Awarded

  91,691       19.01 

Change in estimate

  (10,774)      11.93 

Vested shares

  (53,041)      25.24 

Forfeited/cancelled/expired

  (10,260)      23.10 

Unearned as of June 30, 2024

  181,847   302,196  $21.04 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
  Units (expected)  Weighted Average Grant Date Fair Value 

Unearned as of December 31, 2023

  188,348  $22.11 

Awarded

  81,736   19.01 

Vested shares

  (73,013)  22.98 

Forfeited/cancelled/expired

  (7,360)  21.53 

Unearned as of June 30, 2024

  189,711  $20.46 
v3.24.2.u1
Note 9 - Components of Net Periodic Pension Cost (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Net Benefit Costs [Table Text Block]
  

Three Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2024

  

2023

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  106   110 

Other components of net periodic pension expense

Expected return on plan assets

  (214)  (209)

Other components of net periodic pension expense

Net amortization

  43   74 

Other components of net periodic pension expense

Total periodic pension income

 $(65) $(25) 
  

Six Months Ended

 

Affected Line Item in the Consolidated

  

June 30,

 

Statements of Income

  

2024

  

2023

  
  

(dollars in thousands)

  

Service cost

 $-  $-  

Interest cost

  212   220 

Other components of net periodic pension expense

Expected return on plan assets

  (428)  (419)

Other components of net periodic pension expense

Net amortization

  86   148 

Other components of net periodic pension expense

Total periodic pension income

 $(130) $(51) 
v3.24.2.u1
Note 10 - Deposits (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule Of Time Deposits [Table Text Block]

2024

 $1,411,458 

2025

  903,364 

2026

  234,734 

2027

  39,007 

2028

  5,246 

thereafter

  471 

Time deposits (before net discount)

 $2,594,280 

Fair value net discount

  (1,115)

Total time deposits (after net discount)

 $2,593,165 
v3.24.2.u1
Note 11 - FHLB Borrowings (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Federal Home Loan Bank, Advance, Branch of FHLBank [Table Text Block]
  

June 30, 2024

  

December 31, 2023

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $603,587   5.50% $881,000   5.57%

1 year through less than 2 years

  75,000   3.30   25,000   1.00 

2 years through less than 3 years

  52,050   4.19   2,050   2.23 

3 years through less than 4 years

  25,276   4.17   293   2.85 

4 years through 5 years

  -   0.00   25,000   4.18 

After 5 years

  278   2.96   294   2.96 

FHLB borrowings - gross

  756,191   5.15%  933,637   5.41%

Fair value discount

  (47)      (58)    

Total FHLB borrowings

 $756,144      $933,579     
v3.24.2.u1
Note 12 - Subordinated Debentures (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]

As of June 30, 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

           

As of December 31, 2023

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
v3.24.2.u1
Note 2 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income available to common stockholders $ 17,547 $ 19,885 $ 33,243 $ 43,305
Earnings allocated to participating securities (46) (53) (89) (98)
Income attributable to common stock $ 17,501 $ 19,832 $ 33,154 $ 43,207
Weighted average common shares outstanding, including participating securities (in shares) 38,421 39,078 38,383 39,127
Weighted average participating securities (in shares) (101) (104) (103) (88)
Weighted average common shares outstanding (in shares) 38,320 38,974 38,280 39,039
Incremental shares from assumed conversions of options, performance units and restricted shares (in shares) 129 43 173 135
Weighted average common and equivalent shares outstanding (in shares) 38,449 39,017 38,453 39,174
Earnings per common share:        
Basic (in dollars per share) $ 0.46 $ 0.51 $ 0.87 $ 1.11
Diluted (in dollars per share) $ 0.46 $ 0.51 $ 0.86 $ 1.1
v3.24.2.u1
Note 3 - Investment Securities (Details Textual)
Pure in Thousands, $ in Thousands
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity 0 0
Accrued Investment Income Receivable $ 2,300 $ 2,300
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Asset Pledged as Collateral [Member]    
Debt Securities, Available-for-Sale, Restricted $ 197,000 $ 358,000
v3.24.2.u1
Note 3 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Amortized cost $ 716,566 $ 698,362
Gross unrealized gains 426 1,224
Gross unrealized losses (96,413) (82,424)
Securities available-for-sale 620,579 617,162
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
US Government Agencies Debt Securities [Member]    
Amortized cost 93,088 55,898
Gross unrealized gains 205 189
Gross unrealized losses (11,918) (10,761)
Securities available-for-sale 81,375 45,326
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Residential Mortgage-Backed Securities [Member]    
Amortized cost 446,631 462,004
Gross unrealized gains 148 620
Gross unrealized losses (60,787) (51,433)
Securities available-for-sale 385,992 411,191
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Commercial Mortgage-Backed Securities [Member]    
Amortized cost 25,115 25,240
Gross unrealized gains 0 0
Gross unrealized losses (3,697) (3,676)
Securities available-for-sale 21,418 21,564
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
US States and Political Subdivisions Debt Securities [Member]    
Amortized cost 145,574 148,795
Gross unrealized gains 73 415
Gross unrealized losses (19,977) (16,505)
Securities available-for-sale 125,670 132,705
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Corporate Debt Securities [Member]    
Amortized cost 5,000 5,000
Gross unrealized gains 0 0
Gross unrealized losses (22) (27)
Securities available-for-sale 4,978 4,973
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Asset-Backed Securities [Member]    
Amortized cost 1,012 1,260
Gross unrealized gains 0 0
Gross unrealized losses (12) (22)
Securities available-for-sale 1,000 1,238
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0 0
Other Debt Obligations [Member]    
Amortized cost 146 165
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Securities available-for-sale 146 165
Debt Securities, Available-for-Sale, Allowance for Credit Loss $ 0 $ 0
v3.24.2.u1
Note 3 - Investment Securities - Scheduled Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Due in one year or less, amortized cost $ 2,284  
Due in one year or less, fair value 2,279  
Due after one year through five years, amortized cost 6,300  
Due after one year through five years, fair value 6,248  
Due after five years through ten years, amortized cost 2,223  
Due after five years through ten years, fair value 2,161  
Due after ten years, amortized cost 233,867  
Due after ten years, fair value 202,335  
Total investment securities available-for-sale, amortized cost 716,566 $ 698,362
Investment securities 620,579 617,162
Residential Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 446,631  
Securities available-for-sale, without single maturity date, fair value 385,992  
Total investment securities available-for-sale, amortized cost 446,631 462,004
Investment securities 385,992 411,191
Commercial Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 25,115  
Securities available-for-sale, without single maturity date, fair value 21,418  
Total investment securities available-for-sale, amortized cost 25,115 25,240
Investment securities 21,418 21,564
Other Debt Obligations [Member]    
Securities available-for-sale, without single maturity date, amortized cost 146  
Securities available-for-sale, without single maturity date, fair value 146  
Total investment securities available-for-sale, amortized cost 146 165
Investment securities $ 146 $ 165
v3.24.2.u1
Note 3 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Temporarily impaired securities, fair value $ 572,637 $ 551,786
Temporarily impaired securities, unrealized losses (96,413) (82,424)
Temporarily impaired securities, fair value, less than 12 months 58,092 10,160
Temporarily impaired securities, unrealized losses, less than 12 months (795) (130)
Temporarily impaired securities, fair value, 12 months or longer 514,545 541,626
Temporarily impaired securities, unrealized losses, 12 months or longer (95,618) (82,294)
US Government Agencies Debt Securities [Member]    
Temporarily impaired securities, fair value 57,109 40,779
Temporarily impaired securities, unrealized losses (11,918) (10,761)
Temporarily impaired securities, fair value, less than 12 months 19,579 1,689
Temporarily impaired securities, unrealized losses, less than 12 months (129) (65)
Temporarily impaired securities, fair value, 12 months or longer 37,530 39,090
Temporarily impaired securities, unrealized losses, 12 months or longer (11,789) (10,696)
Residential Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 373,145 382,042
Temporarily impaired securities, unrealized losses (60,787) (51,433)
Temporarily impaired securities, fair value, less than 12 months 15,527 4,138
Temporarily impaired securities, unrealized losses, less than 12 months (92) (51)
Temporarily impaired securities, fair value, 12 months or longer 357,618 377,904
Temporarily impaired securities, unrealized losses, 12 months or longer (60,695) (51,382)
Commercial Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 21,419 21,565
Temporarily impaired securities, unrealized losses (3,697) (3,676)
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 21,419 21,565
Temporarily impaired securities, unrealized losses, 12 months or longer (3,697) (3,676)
US States and Political Subdivisions Debt Securities [Member]    
Temporarily impaired securities, fair value 114,985 101,189
Temporarily impaired securities, unrealized losses (19,977) (16,505)
Temporarily impaired securities, fair value, less than 12 months 20,002 1,340
Temporarily impaired securities, unrealized losses, less than 12 months (558) (7)
Temporarily impaired securities, fair value, 12 months or longer 94,983 99,849
Temporarily impaired securities, unrealized losses, 12 months or longer (19,419) (16,498)
Corporate Debt Securities [Member]    
Temporarily impaired securities, fair value 4,978 4,973
Temporarily impaired securities, unrealized losses (22) (27)
Temporarily impaired securities, fair value, less than 12 months 2,984 2,993
Temporarily impaired securities, unrealized losses, less than 12 months (16) (7)
Temporarily impaired securities, fair value, 12 months or longer 1,994 1,980
Temporarily impaired securities, unrealized losses, 12 months or longer (6) (20)
Asset-Backed Securities [Member]    
Temporarily impaired securities, fair value 1,001 1,238
Temporarily impaired securities, unrealized losses (12) (22)
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 1,001 1,238
Temporarily impaired securities, unrealized losses, 12 months or longer $ (12) $ (22)
v3.24.2.u1
Note 4 - Derivatives (Details Textual)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 30, 2022
USD ($)
Oct. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Interest Income (Expense), Operating $ 61,439 $ 63,843 $ 121,739 $ 130,927        
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]                
Derivative, Number of Instruments Held 12   12   12     12
Derivative Liability, Notional Amount $ 550,000   $ 550,000   $ 550,000     $ 550,000
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 $ 5,700 $ 5,000 $ 11,300 $ 9,300        
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member]                
Derivative Liability, Notional Amount         $ 225,000      
v3.24.2.u1
Note 4 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Derivative, amount of gain (loss) recognized in OCI $ 17,337 $ 10,064
Derivative, amount of gain (loss) reclassified from OCI to interest income (11,312) (8,221)
Derivative, Amount of gain recognized in other Noninterest income $ 0 $ 0
v3.24.2.u1
Note 4 - 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, 2024
Dec. 31, 2023
Derivative, notional amount $ 1,000,000 $ 950,000
Derivative, fair value $ 48,734 $ 43,805
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses (Details Textual)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, after Allowance for Credit Loss $ 8,075,826   $ 8,075,826   $ 8,263,171
Financing Receivable, Modified, Subsequent Default, Number of Contracts     0 0  
Commercial Portfolio Segment [Member]          
Financing Receivable, Trouble Debt Restructuring, Number of Contracts     2 1  
Financing Receivable, Modified in Period, Amount 11,150 $ 0 $ 11,276 $ 53  
Commercial Portfolio Segment [Member] | Six-month Term Extension [Member]          
Financing Receivable, Modified in Period, Amount     11,100    
Commercial Portfolio Segment [Member] | Three-month Payment Deferral [Member]          
Financing Receivable, Modified in Period, Amount     $ 100    
Commercial Portfolio Segment [Member] | Three Year Term Extension [Member]          
Financing Receivable, Modified in Period, Amount       50  
Commercial Portfolio Segment [Member] | Fifteen Year Term Extension [Member]          
Financing Receivable, Modified in Period, Amount       $ 213  
Residential Portfolio Segment [Member]          
Financing Receivable, Trouble Debt Restructuring, Number of Contracts     1    
Financing Receivable, Modified in Period, Amount 1,417   $ 1,417    
Residential Portfolio Segment [Member] | Freezing of a Loan Commitment, Combined With a Ten-year Term Extension [Member]          
Financing Receivable, Modified in Period, Amount     1,400    
Commercial Real Estate Portfolio Segment [Member]          
Financing Receivable, Trouble Debt Restructuring, Number of Contracts       1  
Financing Receivable, Modified in Period, Amount   $ 213   $ 213  
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member]          
Financing Receivable, after Allowance for Credit Loss $ 5,700,000   $ 5,700,000   $ 5,800,000
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Gross loans $ 8,162,500 $ 8,351,841
Net deferred loan fees (4,597) (6,696)
Total loans receivable 8,157,903 8,345,145
Commercial Portfolio Segment [Member]    
Gross loans 1,501,732 1,578,730
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,763,869 5,895,545
Commercial Construction Portfolio Segment [Member]    
Gross loans 639,168 620,496
Residential Portfolio Segment [Member]    
Gross loans 256,786 256,041
Consumer Portfolio Segment [Member]    
Gross loans $ 945 $ 1,029
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Loans Held-for-sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Loans held-for-sale $ 435 $ 0
Residential Portfolio Segment [Member]    
Loans held-for-sale $ 435 $ 0
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Nonaccrual loans with ACL $ 2,574 $ 10,809
Commercial 43,452 41,715
Total Nonaccrual loans 46,026 52,524
Commercial Portfolio Segment [Member]    
Nonaccrual loans with ACL 1,928 1,763
Commercial 10,850 11,064
Total Nonaccrual loans 12,778 12,827
Commercial Real Estate Portfolio Segment [Member]    
Nonaccrual loans with ACL 0 8,013
Commercial 29,585 28,179
Total Nonaccrual loans 29,585 36,192
Commercial Construction Portfolio Segment [Member]    
Nonaccrual loans with ACL 409  
Commercial 1,795  
Total Nonaccrual loans 2,204 0
Residential Portfolio Segment [Member]    
Nonaccrual loans with ACL 237 1,033
Commercial 1,222 2,472
Total Nonaccrual loans $ 1,459 $ 3,505
v3.24.2.u1
Note 5 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Originated Current Fiscal Year $ 138,210   $ 138,210   $ 444,378
Originated One Year Prior 437,520   437,520   1,873,427
Originated Two Years Prior 1,785,387   1,785,387   1,891,130
Originated Three Years Prior 1,881,718   1,881,718   419,300
Originated Four Years Prior 419,029   419,029   389,442
Originated Five or More Years Prior 1,824,000   1,824,000   1,497,749
Revolving Loans 1,676,636   1,676,636   1,836,415
Gross loans 8,162,500   8,162,500   8,351,841
Gross write-off, current year     0   54
Gross write-off, one year prior     0   3,397
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   280
Gross write-off, five years prior     6,481   13,236
Gross write-off, revolving     300   82
Gross write-off 3,595 $ 1,118 6,781 $ 5,602 17,049
Pass [Member]          
Originated Current Fiscal Year 138,210   138,210   444,128
Originated One Year Prior 437,270   437,270   1,862,368
Originated Two Years Prior 1,773,558   1,773,558   1,888,446
Originated Three Years Prior 1,876,275   1,876,275   419,299
Originated Four Years Prior 417,395   417,395   387,013
Originated Five or More Years Prior 1,746,948   1,746,948   1,435,499
Revolving Loans 1,650,821   1,650,821   1,802,411
Gross loans 8,040,477   8,040,477   8,239,164
Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   10,620
Originated Two Years Prior 11,090   11,090   0
Originated Three Years Prior 2,810   2,810   0
Originated Four Years Prior 1,634   1,634   562
Originated Five or More Years Prior 25,635   25,635   28,270
Revolving Loans 22,647   22,647   14,716
Gross loans 63,816   63,816   54,168
Substandard [Member]          
Originated Current Fiscal Year 0   0   250
Originated One Year Prior 250   250   439
Originated Two Years Prior 739   739   2,684
Originated Three Years Prior 2,633   2,633   1
Originated Four Years Prior 0   0   1,867
Originated Five or More Years Prior 51,417   51,417   33,980
Revolving Loans 3,168   3,168   19,288
Gross loans 58,207   58,207   58,509
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 16,275   16,275   178,832
Originated One Year Prior 148,532   148,532   263,210
Originated Two Years Prior 206,888   206,888   265,946
Originated Three Years Prior 286,518   286,518   38,910
Originated Four Years Prior 34,087   34,087   14,900
Originated Five or More Years Prior 145,111   145,111   127,257
Revolving Loans 664,321   664,321   689,675
Gross loans 1,501,732   1,501,732   1,578,730
Gross write-off, current year     0   54
Gross write-off, one year prior     0   3,397
Gross write-off, two years prior     0   0
Gross write-off, three years prior     0   0
Gross write-off, four years prior     0   280
Gross write-off, five years prior     0   11,094
Gross write-off, revolving     300   63
Gross write-off (0) 1,100 300 3,867 14,888
Commercial Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 16,275   16,275   178,582
Originated One Year Prior 148,282   148,282   252,151
Originated Two Years Prior 195,059   195,059   265,705
Originated Three Years Prior 283,478   283,478   38,909
Originated Four Years Prior 32,453   32,453   13,726
Originated Five or More Years Prior 122,418   122,418   112,145
Revolving Loans 652,444   652,444   684,779
Gross loans 1,450,409   1,450,409   1,545,997
Commercial Portfolio Segment [Member] | Special Mention [Member]          
Originated Current Fiscal Year 0   0   0
Originated One Year Prior 0   0   10,620
Originated Two Years Prior 11,090   11,090   0
Originated Three Years Prior 2,810   2,810   0
Originated Four Years Prior 1,634   1,634   562
Originated Five or More Years Prior 9,920   9,920   3,417
Revolving Loans 11,150   11,150   3,199
Gross loans 36,604   36,604   17,798
Commercial Portfolio Segment [Member] | Substandard [Member]          
Originated Current Fiscal Year 0   0   250
Originated One Year Prior 250   250   439
Originated Two Years Prior 739   739   241
Originated Three Years Prior 230   230   1
Originated Four Years Prior 0   0   612
Originated Five or More Years Prior 12,773   12,773   11,695
Revolving Loans 727   727   1,697
Gross loans 14,719   14,719   14,935
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 100,404   100,404   248,660
Originated One Year Prior 273,253   273,253   1,561,841
Originated Two Years Prior 1,534,768   1,534,768   1,586,997
Originated Three Years Prior 1,563,918   1,563,918   352,445
Originated Four Years Prior 357,702   357,702   354,646
Originated Five or More Years Prior 1,562,423   1,562,423   1,276,583
Revolving Loans 371,401   371,401   514,373
Gross loans 5,763,869   5,763,869   5,895,545
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     6,481   2,142
Gross write-off, revolving     0   0
Gross write-off 3,595 (0) 6,481 1,717 2,142
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 100,404   100,404   248,660
Originated One Year Prior 273,253   273,253   1,561,841
Originated Two Years Prior 1,534,768   1,534,768   1,585,109
Originated Three Years Prior 1,562,051   1,562,051   352,445
Originated Four Years Prior 357,702   357,702   353,391
Originated Five or More Years Prior 1,509,393   1,509,393   1,232,240
Revolving Loans 371,401   371,401   497,588
Gross loans 5,708,972   5,708,972   5,831,274
Commercial Real Estate 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 15,072   15,072   24,202
Revolving Loans 0   0   0
Gross loans 15,072   15,072   24,202
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   1,888
Originated Three Years Prior 1,867   1,867   0
Originated Four Years Prior 0   0   1,255
Originated Five or More Years Prior 37,958   37,958   20,141
Revolving Loans 0   0   16,785
Gross loans 39,825   39,825   40,069
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 9,500   9,500   582
Originated One Year Prior 582   582   5,463
Originated Two Years Prior 2,124   2,124   15,645
Originated Three Years Prior 9,071   9,071   6,236
Originated Four Years Prior 6,236   6,236   0
Originated Five or More Years Prior 10,500   10,500   0
Revolving Loans 601,155   601,155   592,570
Gross loans 639,168   639,168   620,496
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 9,500   9,500   582
Originated One Year Prior 582   582   5,463
Originated Two Years Prior 2,124   2,124   15,645
Originated Three Years Prior 9,071   9,071   6,236
Originated Four Years Prior 6,236   6,236   0
Originated Five or More Years Prior 10,500   10,500   0
Revolving Loans 590,251   590,251   583,870
Gross loans 628,264   628,264   611,796
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 8,700   8,700   8,700
Gross loans 8,700   8,700   8,700
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   0
Gross loans 2,204   2,204   0
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 11,222   11,222   15,455
Originated One Year Prior 15,126   15,126   42,830
Originated Two Years Prior 41,597   41,597   22,542
Originated Three Years Prior 22,211   22,211   21,704
Originated Four Years Prior 21,004   21,004   19,896
Originated Five or More Years Prior 105,966   105,966   93,909
Revolving Loans 39,660   39,660   39,705
Gross loans 256,786   256,786   256,041
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   18
Gross write-off (0) 18 0 18 18
Residential Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 11,222   11,222   15,455
Originated One Year Prior 15,126   15,126   42,830
Originated Two Years Prior 41,597   41,597   21,987
Originated Three Years Prior 21,675   21,675   21,704
Originated Four Years Prior 21,004   21,004   19,896
Originated Five or More Years Prior 104,637   104,637   91,114
Revolving Loans 36,626   36,626   36,082
Gross loans 251,887   251,887   249,068
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 643   643   651
Revolving Loans 2,797   2,797   2,817
Gross loans 3,440   3,440   3,468
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   555
Originated Three Years Prior 536   536   0
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 686   686   2,144
Revolving Loans 237   237   806
Gross loans 1,459   1,459   3,505
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 809   809   849
Originated One Year Prior 27   27   83
Originated Two Years Prior 10   10   0
Originated Three Years Prior 0   0   5
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 99   99   92
Gross loans 945   945   1,029
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   1
Gross write-off (0) $ (0) 0 $ (0) 1
Consumer Portfolio Segment [Member] | Pass [Member]          
Originated Current Fiscal Year 809   809   849
Originated One Year Prior 27   27   83
Originated Two Years Prior 10   10   0
Originated Three Years Prior 0   0   5
Originated Four Years Prior 0   0   0
Originated Five or More Years Prior 0   0   0
Revolving Loans 99   99   92
Gross loans 945   945   1,029
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
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Gross loans $ 8,162,500 $ 8,351,841
Real Estate [Member]    
Gross loans 34,279 59,576
Other Collateral Pledged [Member]    
Gross loans 10,174 10,387
Collateral Pledged [Member]    
Gross loans 44,453 69,963
Commercial Portfolio Segment [Member]    
Gross loans 1,501,732 1,578,730
Commercial Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 1,677 4,949
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 10,174 10,387
Commercial Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 11,851 15,336
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,763,869 5,895,545
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 29,585 39,986
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 29,585 39,986
Commercial Construction Portfolio Segment [Member]    
Gross loans 639,168 620,496
Commercial Construction Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 2,204 8,700
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 8,700
Residential Portfolio Segment [Member]    
Gross loans 256,786 256,041
Residential Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 813 5,941
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Residential Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans $ 813 $ 5,941
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Gross loans $ 8,162,500 $ 8,351,841
Nonaccrual 46,026 52,524
Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 1,667 1,357
Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 7,116 23,826
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Financial Asset, Past Due [Member]    
Gross loans 54,809 77,707
Financial Asset, Not Past Due [Member]    
Gross loans 8,107,691 8,274,134
Commercial Portfolio Segment [Member]    
Gross loans 1,501,732 1,578,730
Nonaccrual 12,778 12,827
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 1,667 555
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 427 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 14,872 13,382
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 1,486,860 1,565,348
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,763,869 5,895,545
Nonaccrual 29,585 36,192
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 527
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 4,876 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 34,461 36,719
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 5,729,408 5,858,826
Commercial Construction Portfolio Segment [Member]    
Gross loans 639,168 620,496
Nonaccrual 2,204 0
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 23,600
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 23,600
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 636,964 596,896
Residential Portfolio Segment [Member]    
Gross loans 256,786 256,041
Nonaccrual 1,459 3,505
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 275
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 1,813 226
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 3,272 4,006
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 253,514 252,035
Consumer Portfolio Segment [Member]    
Gross loans 945 1,029
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 $ 945 $ 1,029
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Individually analyzed, allowance for credit losses $ 337   $ 941      
Collectively evaluated 81,515   80,616      
Total 82,077 $ 82,869 81,974 $ 89,205 $ 87,002 $ 90,513
Individually analyzed, gross loans 44,790   69,963      
Collectively evaluated 8,117,249   8,281,394      
Total 8,162,500   8,351,841      
Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 225   417      
Individually analyzed, gross loans 461   484      
Commercial Portfolio Segment [Member]            
Individually analyzed, allowance for credit losses 337   0      
Collectively evaluated 19,458   20,215      
Total 20,020 20,735 20,632 29,326 26,162 28,903
Individually analyzed, gross loans 12,188   15,336      
Collectively evaluated 1,489,083   1,562,910      
Total 1,501,732   1,578,730      
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 225   417      
Individually analyzed, gross loans 461   484      
Commercial Real Estate Portfolio Segment [Member]            
Individually analyzed, allowance for credit losses 0   941      
Collectively evaluated 53,098   51,337      
Total 53,098 52,794 52,278 52,509 53,000 53,742
Individually analyzed, gross loans 29,585   39,986      
Collectively evaluated 5,734,284   5,855,559      
Total 5,763,869   5,895,545      
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 0   0      
Individually analyzed, gross loans 0   0      
Commercial Construction Portfolio Segment [Member]            
Individually analyzed, allowance for credit losses 0   0      
Collectively evaluated 4,472   4,739      
Total 4,472 5,011 4,739 3,546 3,966 3,718
Individually analyzed, gross loans 2,204   8,700      
Collectively evaluated 636,964   611,796      
Total 639,168   620,496      
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 0   0      
Individually analyzed, gross loans 0   0      
Residential Portfolio Segment [Member]            
Individually analyzed, allowance for credit losses 0   0      
Collectively evaluated 4,484   4,320      
Total 4,484 4,326 4,320 3,819 3,868 4,143
Individually analyzed, gross loans 813   5,941      
Collectively evaluated 255,973   250,100      
Total 256,786   256,041      
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 0   0      
Individually analyzed, gross loans 0   0      
Consumer Portfolio Segment [Member]            
Individually analyzed, allowance for credit losses 0   0      
Collectively evaluated 3   5      
Total 3 $ 3 5 $ 5 $ 6 $ 7
Individually analyzed, gross loans 0   0      
Collectively evaluated 945   1,029      
Total 945   1,029      
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]            
Individually analyzed, allowance for credit losses 0   0      
Individually analyzed, gross loans $ 0   $ 0      
v3.24.2.u1
Note 5 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Balance $ 82,869 $ 87,002 $ 81,974 $ 90,513 $ 90,513
Charge-offs (3,595) (1,118) (6,781) (5,602) (17,049)
Recoveries 324 76 347 77  
(Reversal of) provision for credit losses - loans 2,479 3,245 6,536 4,217  
Balance 82,077 89,205 82,077 89,205 81,974
Commercial Portfolio Segment [Member]          
Balance 20,735 26,162 20,632 28,903 28,903
Charge-offs 0 (1,100) (300) (3,867) (14,888)
Recoveries 324 9 347 9  
(Reversal of) provision for credit losses - loans (1,039) 4,255 (659) 4,281  
Balance 20,020 29,326 20,020 29,326 20,632
Commercial Real Estate Portfolio Segment [Member]          
Balance 52,794 53,000 52,278 53,742 53,742
Charge-offs (3,595) 0 (6,481) (1,717) (2,142)
Recoveries 0 0 0 0  
(Reversal of) provision for credit losses - loans 3,899 (491) 7,300 484  
Balance 53,098 52,509 53,098 52,509 52,278
Commercial Construction Portfolio Segment [Member]          
Balance 5,011 3,966 4,739 3,718 3,718
Charge-offs 0 0 0 0 0
Recoveries 0 0 0 0  
(Reversal of) provision for credit losses - loans (539) (420) (267) (172)  
Balance 4,472 3,546 4,472 3,546 4,739
Residential Portfolio Segment [Member]          
Balance 4,326 3,868 4,320 4,143 4,143
Charge-offs 0 (18) 0 (18) (18)
Recoveries 0 67 0 68  
(Reversal of) provision for credit losses - loans 158 (98) 164 (374)  
Balance 4,484 3,819 4,484 3,819 4,320
Consumer Portfolio Segment [Member]          
Balance 3 6 5 7 7
Charge-offs 0 0 0 0 (1)
Recoveries 0 0 0 0  
(Reversal of) provision for credit losses - loans 0 (1) (2) (2)  
Balance $ 3 $ 5 $ 3 $ 5 $ 5
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Commercial Portfolio Segment [Member]        
Modified $ 11,150 $ 0 $ 11,276 $ 53
Modified, percentage 0.75% 0.00% 0.75% 0.00%
Commercial Portfolio Segment [Member] | Extended Maturity [Member]        
Modified $ 11,150 $ 0 $ 11,150 $ 53
Commercial Portfolio Segment [Member] | Payment Deferral [Member]        
Modified 0 0 126 0
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]        
Modified 0 0 0 0
Commercial Real Estate Portfolio Segment [Member]        
Modified   $ 213   $ 213
Modified, percentage   0.00%   0.00%
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member]        
Modified   $ 213   $ 213
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member]        
Modified    
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]        
Modified    
Residential Portfolio Segment [Member]        
Modified $ 1,417   $ 1,417  
Modified, percentage 0.01%   0.01%  
Residential Portfolio Segment [Member] | Extended Maturity [Member]        
Modified $ 1,417   $ 1,417  
Residential Portfolio Segment [Member] | Payment Deferral [Member]        
Modified 0   0  
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]        
Modified $ 0   $ 0  
v3.24.2.u1
Note 5 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Commercial Portfolio Segment [Member]        
Modified $ 11,150 $ 0 $ 11,276 $ 53
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]        
Modified     21,559  
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   $ 213   $ 213
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]        
Modified     7,272  
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  
Residential Portfolio Segment [Member]        
Modified $ 1,417   1,417  
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]        
Modified     1,417  
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  
v3.24.2.u1
Note 5 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Balance at beginning of period $ 2,754 $ 3,064 $ 2,811 $ 3,036
Provision for (reversal of) credit losses - unfunded commitments 21 (245) (36) (217)
Balance at end of period $ 2,775 $ 2,819 $ 2,775 $ 2,819
v3.24.2.u1
Note 5 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Provision for credit losses – loans $ 2,479 $ 3,245 $ 6,536 $ 4,217
Provision for credit losses 2,500 3,000 6,500 4,000
Unfunded Loan Commitment [Member]        
Provision for (reversal of) credit losses - unfunded commitments $ 21 $ (245) $ (36) $ (217)
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1 $ 1.0 $ 7.7
Impaired Financing Receivable, Related Allowance 1 $ 0.2 $ 1.4
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Securities available-for-sale $ 620,579 $ 617,162
Fair Value, Recurring [Member]    
Securities available-for-sale 620,579 617,162
Equity securities 19,743 18,564
Derivatives - interest rate contracts 48,734 43,805
Total assets 689,056 679,531
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 146 165
Equity securities 9,693 9,867
Derivatives - interest rate contracts 0 0
Total assets 9,839 10,032
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 613,682 609,875
Equity securities 10,050 8,697
Derivatives - interest rate contracts 48,734 43,805
Total assets 672,466 662,377
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 6,751 7,122
Equity securities 0 0
Derivatives - interest rate contracts 0 0
Total assets 6,751 7,122
US Government Agencies Debt Securities [Member]    
Securities available-for-sale 81,375 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 81,375 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 81,375 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Residential Mortgage-Backed Securities [Member]    
Securities available-for-sale 385,992 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 385,992 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 385,992 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Commercial Mortgage-Backed Securities [Member]    
Securities available-for-sale 21,418 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 21,418 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 21,418 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
US States and Political Subdivisions Debt Securities [Member]    
Securities available-for-sale 125,670 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 125,670 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 118,919 125,583
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 6,751 7,122
Corporate Debt Securities [Member]    
Securities available-for-sale 4,978 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 4,978 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 4,978 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Asset-Backed Securities [Member]    
Securities available-for-sale 1,000 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 1,000 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 1,000 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Other Debt Obligations [Member]    
Securities available-for-sale 146 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 146 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 146 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 0 0
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale $ 0 $ 0
v3.24.2.u1
Note 6 - 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, 2024
Dec. 31, 2023
Commercial Portfolio Segment [Member]    
Collateral dependent loans, fair value $ 775 $ 657
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans, fair value 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans, fair value 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans, fair value $ 775 657
Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans, fair value   7,005
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans, fair value   0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans, fair value   0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans, fair value   $ 7,005
v3.24.2.u1
Note 6 - 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, 2024
Dec. 31, 2023
Balance $ 7,122 $ 7,349
Principal paydowns (150) (272)
Change in unrealized loss (221) 45
Balance $ 6,751 $ 7,122
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Securities available-for-sale $ 620,579 $ 617,162
Fair Value, Recurring [Member]    
Securities available-for-sale 620,579 617,162
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 6,751 7,122
US States and Political Subdivisions Debt Securities [Member]    
Securities available-for-sale 125,670 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 125,670 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale $ 6,751 $ 7,122
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]    
Securities available-for-sale, rate 0.048 0.043
v3.24.2.u1
Note 6 - 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, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commercial Portfolio Segment [Member]    
Collateral dependent loans, fair value $ 775 $ 657
Collateral dependent loans, fair value 775 657
Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans, fair value   7,005
Collateral dependent loans, fair value   7,005
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member]    
Collateral dependent loans, fair value 775 657
Collateral dependent loans, fair value $ 775 657
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   657
Collateral dependent loans, fair value   $ 657
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   0.001
Collateral dependent loans, rate   0.001
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   (0.075)
Collateral dependent loans, rate   (0.075)
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   0.25
Collateral dependent loans, rate   0.25
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member]    
Collateral dependent loans, rate (0.075)  
Collateral dependent loans, rate (0.075)  
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member]    
Collateral dependent loans, rate 0.25  
Collateral dependent loans, rate 0.25  
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member]    
Collateral dependent loans, rate 0.008  
Collateral dependent loans, rate 0.008  
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans, fair value   $ 7,005
Collateral dependent loans, fair value   7,005
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   7,005
Collateral dependent loans, fair value   $ 7,005
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   (0.103)
Collateral dependent loans, rate   (0.103)
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   (0.15)
Collateral dependent loans, rate   (0.15)
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
Collateral dependent loans, rate   0
v3.24.2.u1
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Securities available-for-sale $ 620,579 $ 617,162
Reported Value Measurement [Member]    
Cash and due from banks 293,513 242,714
Securities available-for-sale 620,579 617,162
Restricted investments in bank stocks 43,403 51,457
Equity securities 19,743 18,564
Net loans 8,075,826 8,263,171
Derivatives - interest rate contracts 48,734 43,805
Accrued interest receivable 48,262 49,108
Noninterest-bearing deposits 1,268,882 1,259,364
Interest-bearing deposits 6,307,132 6,276,838
Borrowings 756,144 933,579
Subordinated debentures 79,692 79,439
Accrued interest payable 10,309 10,152
Estimate of Fair Value Measurement [Member]    
Cash and due from banks 293,513 242,714
Securities available-for-sale 620,579 617,162
Equity securities 19,743 18,564
Net loans 7,832,816 8,001,504
Derivatives - interest rate contracts 48,734 43,805
Accrued interest receivable 48,262 49,108
Noninterest-bearing deposits 1,268,882 1,259,364
Interest-bearing deposits 6,287,889 6,256,444
Borrowings 753,394 932,081
Subordinated debentures 79,680 77,952
Accrued interest payable 10,309 10,152
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and due from banks 293,513 242,714
Securities available-for-sale 146 165
Equity securities 9,693 9,867
Net loans 0 0
Derivatives - interest rate contracts 0 0
Accrued interest receivable 0 0
Noninterest-bearing deposits 1,268,882 1,259,364
Interest-bearing deposits 3,713,967 3,745,467
Borrowings 0  
Subordinated debentures 0 0
Accrued interest payable 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash and due from banks 0 0
Securities available-for-sale 613,682 609,875
Equity securities 10,050 8,697
Net loans 0 0
Derivatives - interest rate contracts 48,734 43,805
Accrued interest receivable 5,891 5,387
Noninterest-bearing deposits 0 0
Interest-bearing deposits 2,573,922 2,510,977
Borrowings 753,394 932,081
Subordinated debentures 79,680 77,952
Accrued interest payable 10,309 10,152
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash and due from banks 0 0
Securities available-for-sale 6,751 7,122
Equity securities 0 0
Net loans 7,832,816 8,001,504
Derivatives - interest rate contracts 0 0
Accrued interest receivable 42,371 43,721
Noninterest-bearing deposits 0 0
Interest-bearing deposits 0 0
Borrowings 0 0
Subordinated debentures 0 0
Accrued interest payable $ 0 $ 0
v3.24.2.u1
Note 7 - Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income on cash flow hedges $ 61,439 $ 63,843 $ 121,739 $ 130,927
Income tax expense 6,688 7,437 12,566 16,514
Net income 19,056 21,394 36,261 46,323
Salaries and employee benefits 22,786 21,751 44,982 44,013
Reclassification out of Accumulated Other Comprehensive Income [Member]        
Net income 4,053 2,712 8,070 5,644
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]        
Interest income on cash flow hedges 5,683 3,953 11,312 8,220
Income tax expense (1,598) (1,189) (3,180) (2,473)
Net income 4,085 2,764 8,132 5,747
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Salaries and employee benefits (43) (74) (86) (148)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]        
Income tax expense 11 22 24 45
Net income $ (32) $ (52) $ (62) $ (103)
v3.24.2.u1
Note 7 - Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Balance $ 1,224,227 $ 1,216,609 $ 1,216,620 $ 1,199,397 $ 1,190,970 $ 1,178,751
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]            
Balance (70,064)   (57,835)      
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]            
Balance 29,842   24,810      
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]            
Balance (2,022)   (2,084)      
AOCI Attributable to Parent [Member]            
Balance $ (42,244) $ (38,132) $ (35,109) $ (33,837) $ (33,862) $ (32,364)
v3.24.2.u1
Note 8 - Stock-based Compensation (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 23, 2017
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement, Expense   $ 1.1 $ 1.2 $ 2.1 $ 2.4
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       33,604 32,068
Performance Shares [Member]          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 2.7   $ 2.7  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       2 years  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares)   181,847   181,847  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares)   302,196   302,196  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)       53,041  
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)       28,971  
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       24,070 48,140
Restricted Stock [Member]          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 1.4   $ 1.4  
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)       76,643  
Restricted Stock Units (RSUs) [Member]          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 2.0   $ 2.0  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       1 year 7 months 6 days  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)       73,013  
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)       39,409  
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       33,604  
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)   338,684   338,684  
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        
v3.24.2.u1
Note 8 - Stock Based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member]
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Nonvested, shares (in shares) | shares 115,805
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 17.85
Granted, shares (in shares) | shares 71,843
Granted, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.93
Vested, shares (in shares) | shares (76,643)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.41
Forfeited/cancelled/expired, shares (in shares) | shares (1,848)
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.95
Nonvested, shares (in shares) | shares 109,157
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.15
v3.24.2.u1
Note 8 - Stock-based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member]
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Nonvested, shares (in shares) 164,231
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.06
Awarded, units (in shares) 91,691
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Change in estimate, units (in shares) (10,774)
Change in estimate, weighted average grant date fair value (in dollars per share) | $ / shares $ 11.93
Vested shares, units (in shares) (53,041)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 25.24
Forfeited/cancelled/expired, shares (in shares) (10,260)
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.1
Nonvested, shares (in shares) 181,847
Unearned, units (maximum) (in shares) 302,196
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 21.04
v3.24.2.u1
Note 8 - Stock-based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Nonvested, shares (in shares) | shares 188,348
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 22.11
Awarded, units (in shares) | shares 81,736
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Vested shares, units (in shares) | shares (73,013)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 22.98
Forfeited/cancelled/expired, shares (in shares) | shares (7,360)
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares $ 21.53
Nonvested, shares (in shares) | shares 189,711
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 20.46
v3.24.2.u1
Note 9 - 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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 106 110 212 220
Expected return on plan assets (214) (209) (428) (419)
Net amortization 43 74 86 148
Total periodic pension income $ (65) $ (25) $ (130) $ (51)
v3.24.2.u1
Note 10 - Deposits (Details Textual) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Time Deposits $ 2,593,165 $ 2,500,000
Deposits Received for Securities Loaned, at Carrying Value 889,600 916,800
Time Deposit Liability, above US Insurance Limit $ 729,500 $ 643,400
v3.24.2.u1
Note 10 - Deposits - Schedule of Time Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
2024 $ 1,411,458  
2025 903,364  
2026 234,734  
2027 39,007  
2028 5,246  
thereafter 471  
Time deposits (before net discount) 2,594,280  
Fair value net discount (1,115)  
Total time deposits (after net discount) $ 2,593,165 $ 2,500,000
v3.24.2.u1
Note 11 - FHLB Borrowings (Details Textual)
$ in Billions
Jun. 30, 2024
USD ($)
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged $ 2.8
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds $ 1.5
v3.24.2.u1
Note 11 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Less than 1 year, amount $ 603,587 $ 881,000
Less than 1 year, rate 5.50% 5.57%
1 year through less than 2 years, amount $ 75,000 $ 25,000
1 year through less than 2 years, rate 3.30% 1.00%
2 years through less than 3 years, amount $ 52,050 $ 2,050
2 years through less than 3 years 4.19% 2.23%
3 years through less than 4 years, amount $ 25,276 $ 293
3 years through less than 4 years 4.17% 2.85%
4 years through 5 years, amount $ 0 $ 25,000
4 years through 5 years, rate 0.00% 4.18%
After 5 years, amount $ 278 $ 294
After 5 years, rate 2.96% 2.96%
FHLB borrowings - gross $ 756,191 $ 933,637
FHLB borrowings, rate 5.15% 5.41%
Fair value discount $ (47) $ (58)
Borrowings $ 756,144 $ 933,579
v3.24.2.u1
Note 12 - Subordinated Debentures (Details Textual) - Subordinated Debt [Member] - USD ($)
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 10, 2020
Dec. 31, 2003
Jun. 30, 2024
Dec. 31, 2023
May 01, 2023
Dec. 19, 2003
The 2020 Notes [Member]            
Debt Instrument, Face Amount $ 75,000,000          
Debt Instrument, Interest Rate, Stated Percentage 5.75%          
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | The 2020 Notes [Member]            
Debt Instrument, Basis Spread on Variable Rate 5.605%          
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, Basis Spread on Variable Rate     2.85% 2.85%    
Debt Instrument, Interest Rate, Effective Percentage     8.44%      
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] | Secured Overnight Financing Rate (SOFR) [Member]            
Debt Instrument, Interest Rate, Effective Percentage         0.26161%  
v3.24.2.u1
Note 12 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
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  
Coupon rate 2.85% 2.85%  
Maturity Jan. 23, 2034 Jan. 23, 2034  
Redeemable by issuer beginning Jan. 23, 2009 Jan. 23, 2009