FIRST OF LONG ISLAND CORP, 10-Q filed on 5/9/2024
Quarterly Report
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Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2024
May 07, 2024
Document Information [Line Items]    
Entity Central Index Key 0000740663  
Entity Registrant Name FIRST OF LONG ISLAND CORP  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-32964  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 11-2672906  
Entity Address, Address Line One 275 Broadhollow Road  
Entity Address, City or Town Melville  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11747  
City Area Code 516  
Local Phone Number 671-4900  
Title of 12(b) Security Common stock, $0.10 par value per share  
Trading Symbol FLIC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   22,516,143
v3.24.1.u1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 106,878 $ 60,887
Investment securities available-for-sale, at fair value 677,112 695,877
Loans:    
Loans receivable 3,236,574 3,248,064
Allowance for credit losses (28,335) (28,992)
Financing Receivable, after Allowance for Credit Loss 3,208,239 3,219,072
Restricted stock, at cost 31,344 32,659
Bank premises and equipment, net 30,957 31,414
Right-of-use asset - operating leases 21,932 22,588
Bank-owned life insurance 114,460 114,045
Pension plan assets, net 10,634 10,740
Deferred income tax benefit 30,137 28,996
Other assets 24,006 19,622
Assets 4,255,699 4,235,900
Deposits:    
Checking 1,102,284 1,133,184
Savings, NOW and money market 1,564,153 1,546,369
Time 660,070 591,433
Deposits 3,326,507 3,270,986
Overnight advances 0 70,000
Other borrowings 515,000 472,500
Operating lease liability 24,269 24,940
Accrued expenses and other liabilities 12,800 17,328
Liabilities 3,878,576 3,855,754
Stockholders' Equity:    
Issued and outstanding, 22,477,928 and 22,590,942 shares 2,248 2,259
Surplus 78,190 79,728
Retained earnings 355,605 355,887
Stockholders Equity Before Accumulated Other Comprehensive Income Net Of Taxes 436,043 437,874
Accumulated other comprehensive loss, net of tax (58,920) (57,728)
Equity, Attributable to Parent 377,123 380,146
Liabilities and Equity 4,255,699 4,235,900
Commercial and Industrial Including SBA Payroll Protection Program [Member]    
Loans:    
Loans receivable 123,333 116,163
Commercial Real Estate Portfolio Segment [Member]    
Loans:    
Loans receivable 1,922,275 1,919,714
Residential Portfolio Segment [Member] | Home Equity Loan [Member]    
Loans:    
Loans receivable 1,148,719 1,166,887
Allowance for credit losses (7,981) (8,838)
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member]    
Loans:    
Loans receivable 41,085 44,070
Allowance for credit losses (309) (339)
Consumer And Other Portfolio Segment [Member]    
Loans:    
Loans receivable 1,162 1,230
Allowance for credit losses $ (15) $ (14)
v3.24.1.u1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Common stock, par value (in dollars per share) $ 0.1 $ 0.1
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 22,477,928 22,590,942
Common stock, shares outstanding (in shares) 22,477,928 22,590,942
v3.24.1.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and dividend income:    
Loans $ 33,543 $ 30,405
Investment securities:    
Taxable 6,993 3,669
Nontaxable 960 1,945
Interest and Dividend Income, Operating 41,496 36,019
Interest expense:    
Savings, NOW and money market deposits 10,083 5,775
Time deposits 6,977 3,069
Overnight advances 263 108
Other borrowings 6,012 3,433
Interest Expense, Operating and Nonoperating 23,335 12,385
Net interest income 18,161 23,634
Credit provision for credit losses 0 (1,056)
Net interest income after credit provision for credit losses 18,161 24,690
Noninterest income:    
Bank-owned life insurance 840 780
Service charges on deposit accounts 880 787
Net loss on sales of securities 0 (3,489)
Other 1,054 935
Noninterest Income 2,774 (987)
Noninterest expense:    
Salaries and employee benefits 9,974 9,765
Occupancy and equipment 3,214 3,325
Other 3,018 3,481
Noninterest Expense 16,206 16,571
Income before income taxes 4,729 7,132
Income tax expense 294 651
Net income $ 4,435 $ 6,481
Weighted average:    
Common shares (in shares) 22,520,568 22,493,437
Dilutive restricted stock units (in shares) 73,827 86,807
Weighted Average Number of Shares Outstanding, Diluted 22,594,395 22,580,244
Earnings per share:    
Basic (in dollars per share) $ 0.2 $ 0.29
Diluted (in dollars per share) 0.2 0.29
Cash dividends declared per share (in dollars per share) $ 0.21 $ 0.21
v3.24.1.u1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net income $ 4,435 $ 6,481
Other comprehensive income (loss):    
Change in net unrealized holding gains (losses) on available-for-sale securities (1,789) 5,420
Change in funded status of pension plan 200 254
Other comprehensive income (loss) before income taxes (1,589) 5,674
Income tax expense (benefit) (397) 1,825
Other comprehensive income (loss) (1,192) 3,849
Comprehensive income $ 3,243 $ 10,330
v3.24.1.u1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2022 22,443,380        
Unrealized holding loss on available-for-sale securities at Dec. 31, 2022 $ 2,244 $ 78,462 $ 348,597 $ (64,767) $ 364,536
Net income 6,481 6,481
Other comprehensive income (loss) 3,849 3,849
Shares withheld upon the vesting and conversion of RSUs (in shares) (47,275)        
Shares withheld upon the vesting and conversion of RSUs $ (5) (846) (851)
Common stock issued under stock compensation plans (in shares) 103,015        
Common stock issued under stock compensation plans $ 11 6   17
Common stock issued under dividend reinvestment and stock purchase plan (in shares) 32,665        
Common stock issued under dividend reinvestment and stock purchase plan $ 3 500 503
Stock-based compensation 499 499
Cash dividends declared (4,727) (4,727)
Balance (in shares) at Mar. 31, 2023 22,531,785        
Unrealized holding loss on available-for-sale securities at Mar. 31, 2023 $ 2,253 78,621 350,351 (60,918) 370,307
Balance (in shares) at Dec. 31, 2023 22,590,942        
Unrealized holding loss on available-for-sale securities at Dec. 31, 2023 $ 2,259 79,728 355,887 (57,728) 380,146
Net income 4,435 4,435
Other comprehensive income (loss) (1,192) (1,192)
Repurchase of common stock (in shares) (167,526)        
Repurchase of common stock $ (17) (2,003) (2,020)
Shares withheld upon the vesting and conversion of RSUs (in shares) (19,530)        
Shares withheld upon the vesting and conversion of RSUs $ (2) (250) (252)
Common stock issued under stock compensation plans (in shares) 46,926        
Common stock issued under stock compensation plans $ 5 9   14
Common stock issued under dividend reinvestment and stock purchase plan (in shares) 27,116        
Common stock issued under dividend reinvestment and stock purchase plan $ 3 305 308
Stock-based compensation 401 401
Cash dividends declared (4,717) (4,717)
Balance (in shares) at Mar. 31, 2024 22,477,928        
Unrealized holding loss on available-for-sale securities at Mar. 31, 2024 $ 2,248 $ 78,190 $ 355,605 $ (58,920) $ 377,123
v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net income $ 4,435 $ 6,481
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit provision for credit losses 0 (1,056)
Credit provision for deferred income taxes (744) (264)
Depreciation and amortization of premises and equipment 769 745
Amortization of right-of-use asset - operating leases 656 689
Premium amortization on investment securities, net 494 336
Net loss on sales of securities 0 3,489
Stock-based compensation expense 401 499
Accretion of cash surrender value on bank-owned life insurance (840) (780)
Pension expense 306 372
Decrease in other liabilities (455) (699)
Other increases in assets (3,945) (1,593)
Net cash provided by operating activities 1,077 8,219
Cash Flows From Investing Activities:    
Proceeds from sales 0 145,451
Proceeds from maturities and redemptions 16,542 9,809
Purchases (60) (134,871)
Net decrease in loans 10,833 52,747
Net decrease in restricted stock 1,315 1,328
Purchases of premises and equipment, net (312) (920)
Net cash provided by investing activities 28,318 73,544
Cash Flows From Financing Activities:    
Net increase (decrease) in deposits 55,521 (65,884)
Net decrease in overnight advances (70,000) 0
Proceeds from other borrowings 100,000 75,000
Repayment of other borrowings (57,500) (103,500)
Proceeds from issuance of common stock, net of shares withheld 56 (348)
Repurchase of common stock (2,020) 0
Cash dividends paid (9,461) (9,441)
Net cash provided by (used in) financing activities 16,596 (104,173)
Net increase (decrease) in cash and cash equivalents 45,991 (22,410)
Cash and cash equivalents, beginning of year 60,887 74,178
Cash and cash equivalents, end of period 106,878 51,768
Supplemental Cash Flow Disclosures:    
Interest 22,263 11,152
Income taxes 414 425
Operating cash flows from operating leases 871 528
Noncash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities $ 0 $ 295
v3.24.1.u1
Note 1 - Basis of Presentation
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

1 - BASIS OF PRESENTATION 

 

The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States.

 

The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has one wholly-owned subsidiary: FNY Service Corp., an investment company. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.

 

The consolidated financial information included herein as of and for the periods ended March 31, 2024 and 2023 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2023 consolidated balance sheet was derived from the Corporation's  December 31, 2023 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation.

 

Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.
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Note 2 - Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

2 - COMPREHENSIVE INCOME

 

Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of unrealized holding gains or losses on available-for-sale (“AFS”) securities, derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity.

 

The following table sets forth the components of accumulated OCI, net of tax.

 

      

Current

     
  

Balance

  

Period

  

Balance

 

(in thousands)

 

12/31/2023

  

Change

  

3/31/2024

 

Unrealized holding loss on available-for-sale securities

 $(49,809) $(1,330) $(51,139)

Unrealized actuarial loss on pension plan

  (7,919)  138   (7,781)

Accumulated other comprehensive loss, net of tax

 $(57,728) $(1,192) $(58,920)

 

The components of OCI and the related tax effects are as follows:

 

  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

Change in net unrealized holding gains or losses on available-for-sale securities:

        

Change arising during the period

 $(1,789) $1,931 

Reclassification adjustment for losses included in net income (1)

  —   3,489 
   (1,789)  5,420 

Tax effect

  (459)  1,747 
   (1,330)  3,673 

Change in funded status of pension plan:

        

Amortization of net actuarial loss included in pension expense (2)

  200   254 

Tax effect

  62   78 
   138   176 

Other comprehensive income (loss)

 $(1,192) $3,849 

 

(1)

Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax expense.”

(2)

Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.”

 
v3.24.1.u1
Note 3 - Investment Securities
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3 - INVESTMENT SECURITIES

 

The following tables set forth the amortized cost and estimated fair values of the Bank’s AFS investment securities at the dates indicated.

 

  

March 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(in thousands)

 

Cost

  

Gains

  

Losses

  

Value

 

State and municipals

 $152,646  $92  $(14,137) $138,601 

Pass-through mortgage securities

  162,557   —   (28,869)  133,688 

Collateralized mortgage obligations

  194,500   826   (22,000)  173,326 

SBA agency obligations

  122,077   290   (1,183)  121,184 

Corporate bonds

  119,000   —   (8,687)  110,313 
  $750,780  $1,208  $(74,876) $677,112 

 

  

December 31, 2023

 

State and municipals

 $155,294  $317  $(11,990) $143,621 

Pass-through mortgage securities

  165,734   —   (27,131)  138,603 

Collateralized mortgage obligations

  201,500   1,836   (21,074)  182,262 

SBA agency obligations

  126,228   331   (1,083)  125,476 

Corporate bonds

  119,000   —   (13,085)  105,915 
  $767,756  $2,484  $(74,363) $695,877 

 

Small Business Administration (“SBA”) agency obligations are floating rate, government guaranteed securities backed by $89.5 million of commercial mortgages and $31.7 million of equipment finance loans at March 31, 2024.

 

At March 31, 2024 and December 31, 2023, investment securities with a carrying value of $273.7 million and $203.9 million, respectively, were pledged as collateral to secure public deposits and borrowed funds.

 

There were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2024 and December 31, 2023.

 

There was no allowance for credit losses associated with the investment securities portfolio at March 31, 2024 or December 31, 2023.

 

Securities With Unrealized Losses. The following tables set forth securities with unrealized losses at the dates indicated presented by the length of time the securities have been in a continuous unrealized loss position.

 

  

March 31, 2024

 
  

Less than

  

12 Months

         
  

12 Months

  

or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 

(in thousands)

 

Value

  

Loss

  

Value

  

Loss

  

Value

  

Loss

 

State and municipals

 $6,199  $(65) $118,520  $(14,072) $124,719  $(14,137)

Pass-through mortgage securities

  3,967   (63)  129,721   (28,806)  133,688   (28,869)

Collateralized mortgage obligations

  11,383   (88)  99,643   (21,912)  111,026   (22,000)

SBA agency obligations

  34,745   (455)  61,171   (728)  95,916   (1,183)

Corporate bonds

  —   —   110,313   (8,687)  110,313   (8,687)

Total temporarily impaired

 $56,294  $(671) $519,368  $(74,205) $575,662  $(74,876)

 

  

December 31, 2023

 

State and municipals

 $29,522  $(719) $95,725  $(11,271) $125,247  $(11,990)

Pass-through mortgage securities

  2,361   (1)  134,558   (27,130)  136,919   (27,131)

Collateralized mortgage obligations

  —   —   102,528   (21,074)  102,528   (21,074)

SBA agency obligations

  98,879   (1,083)  —   —   98,879   (1,083)

Corporate bonds

  —   —   105,915   (13,085)  105,915   (13,085)

Total temporarily impaired

 $130,762  $(1,803) $438,726  $(72,560) $569,488  $(74,363)

 

State and Municipals

 

At March 31, 2024, approximately $124.7 million of state and municipal bonds had an unrealized loss of $14.1 million. Substantially all the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The unrealized loss is attributable to changes in interest rates and illiquidity and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Pass-through Mortgage Securities

 

At March 31, 2024, pass-through mortgage securities of approximately $133.7 million had an unrealized loss of $28.9 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Collateralized Mortgage Obligations

 

At March 31, 2024, collateralized mortgage obligations of approximately $111.0 million had an unrealized loss of $22.0 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

SBA Agency Obligations

 

At March 31, 2024, SBA agency obligations of approximately $95.9 million had an unrealized loss of $1.2 million. These securities were issued by the SBA, a U.S. government agency and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuer continues to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Corporate Bonds

 

At March 31, 2024, approximately $110.3 million of corporate bonds had an unrealized loss of $8.7 million. The corporate bonds represent senior unsecured debt obligations of six of the largest U.S. based financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. Each of the corporate bonds has a stated maturity of ten years and matures in 2028. The bonds reprice quarterly based on the ten year constant maturity swap rate.

 

Each of the financial institutions is considered upper medium investment grade and rated A3 or higher. The unrealized loss is attributable to changes in credit spreads and interest rates and the illiquid nature of the securities. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. Each of these financial institutions has diversified revenue streams, is well capitalized and continues to make timely interest payments. Management evaluates the quarterly financial statements of each company to determine if full payment of principal and interest is in doubt and does not believe there is any impairment at March 31, 2024.

 

Sales of AFS Securities. Sales of AFS securities were as follows:

 

  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

Proceeds

 $—  $145,451 
         

Gains

 $—  $— 

Losses

  —   (3,489)

Net loss

 $—  $(3,489)

 

Income tax benefit related to the net realized losses for the three months ended March 31, 2023 was $1.1 million and is included in the consolidated statements of income in the line item “Income tax expense.” 

 

Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities and corporate bonds at March 31, 2024 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage and asset-backed securities, consisting of pass-through mortgage securities, collateralized mortgage obligations and SBA agency obligations. Although these securities are expected to have substantial periodic repayments, they are reflected in the table below in aggregate amounts.

 

(in thousands)

 

Amortized Cost

  

Fair Value

 

Within one year

 $1,203  $1,201 

After 1 through 5 years

  135,198   125,640 

After 5 through 10 years

  34,505   32,145 

After 10 years

  100,740   89,928 

Mortgage and asset-backed securities

  479,134   428,198 
  $750,780  $677,112 

 
v3.24.1.u1
Note 4 - Loans
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4 - LOANS

 

The following table sets forth the loans outstanding by class of loans at the dates indicated.

 

(in thousands)

 

March 31, 2024

  

December 31, 2023

 

Commercial and industrial

 $123,333  $116,163 

Commercial mortgages:

        

Multifamily

  859,271   857,163 

Other

  823,784   829,090 

Owner-occupied

  239,220   233,461 

Residential mortgages:

        

Closed end

  1,148,719   1,166,887 

Revolving home equity

  41,085   44,070 

Consumer and other

  1,162   1,230 
  $3,236,574  $3,248,064 

 

Allowance for Credit Losses. Loans that do not share similar risk characteristics are evaluated on an individual basis. Such disparate risk characteristics may include internal or external credit ratings, risk ratings, collateral type, size of loan, effective interest rate, term, geographic location, industry or historical or expected loss pattern. For loans individually evaluated, an allowance for credit losses (“ACL” or “allowance”) is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio.

 

For loans collectively evaluated for credit loss, management segregates its loan portfolio into distinct pools, certain of which are combined in reporting loans outstanding by class of loans: (1) commercial and industrial; (2) small business; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; and (10) municipal loans. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final ACL. Due to the extensive loss data available, management selected the vintage approach to measure the historical loss component of credit losses for most of its loan pools. For the revolving home equity and small business pools, the lifetime PD/LGD (probability of default/loss given default) method is used to measure historical losses.

 

Modifications to borrowers experiencing financial difficulty are initially included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not recorded upon modification.

 

Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, gross domestic product (“GDP”), vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio.

 

The Bank did not record a provision for credit losses in the first quarter of 2024. Changes in the ACL were driven largely by net chargeoffs of $657,000. Increases in Q-factors assessed to multifamily loans were offset by reductions in loan balances, specific reserves and other Q-factors pertaining to home prices and concentrations of credit. 

 

The following tables present the activity in the ACL for the periods indicated.

 

  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2024

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2024

 

Commercial and industrial

 $2,030  $664  $7  $2  $1,375 

Commercial mortgages:

                    

Multifamily

  6,817   —   —   1,297   8,114 

Other

  7,850   —   —   (311)  7,539 

Owner-occupied

  3,104   —   —   (102)  3,002 

Residential mortgages:

                    

Closed end

  8,838   —   —   (857)  7,981 

Revolving home equity

  339   —   —   (30)  309 

Consumer and other

  14   —   —   1   15 
  $28,992  $664  $7  $—  $28,335

 

 

 

  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2023

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2023

 

Commercial and industrial

 $1,543  $182  $15  $14  $1,390 

Commercial mortgages:

                    

Multifamily

  8,430   —   —   (958)  7,472 

Other

  7,425   —   —   188   7,613 

Owner-occupied

  3,024   —   —   93   3,117 

Residential mortgages:

                    

Closed end

  10,633   —   —   (407)  10,226 

Revolving home equity

  362   —   —   15   377 

Consumer and other

  15   —   —   (1)  14 
  $31,432  $182  $15  $(1,056) $30,209 

 

 

Aging of Loans. The following tables present the aging of loans past due and loans on nonaccrual status by class of loans.

 

  

March 31, 2024

 
  

Past Due

  

Nonaccrual

             

(in thousands)

 

30-59 Days

  

60-89 Days

  

90 Days or More and Still Accruing

  

With an Allowance for Credit Loss

  

With No Allowance for Credit Loss

  

Total Past Due Loans & Nonaccrual Loans

  

Current

  

Total Loans

 

Commercial and industrial

 $292  $—  $—  $—  $—  $292  $123,041  $123,333 

Commercial mortgages:

                                

Multifamily

  —   —   —   —   —   —   859,271   859,271 

Other

  —   —   —   —   —   —   823,784   823,784 

Owner-occupied

  —   —   —   —   —   —   239,220   239,220 

Residential mortgages:

                                

Closed end

  —   —   —   —   1,172   1,172   1,147,547   1,148,719 

Revolving home equity

  —   —   —   —   —   —   41,085   41,085 

Consumer and other

  —   —   —   —   —   —   1,162   1,162 
  $292  $—  $—  $—  $1,172  $1,464  $3,235,110  $3,236,574 

 

  

December 31, 2023

 

Commercial and industrial

 $73  $—  $—  $722  $—  $795  $115,368  $116,163 

Commercial mortgages:

              —                 

Multifamily

  —   —   —   —   —   —   857,163   857,163 

Other

  1,624   —   —   —   —   1,624   827,466   829,090 

Owner-occupied

  —   —   —   —   —   —   233,461   233,461 

Residential mortgages:

                                

Closed end

  1,389   —   —   —   331   1,720   1,165,167   1,166,887 

Revolving home equity

  —   —   —   —   —   —   44,070   44,070 

Consumer and other

  —   —   —   —   —   —   1,230   1,230 
  $3,086  $—  $—  $722  $331  $4,139  $3,243,925  $3,248,064 

 

There were no loans in the process of foreclosure nor did the Bank hold any foreclosed residential real estate property at March 31, 2024 or December 31, 2023.

 

Accrued interest receivable from loans totaled $10.7 million and $10.4 million at  March 31, 2024 and December 31, 2023, respectively, and is included in the line item “Other assets” on the consolidated balance sheets.

 

Loan Modifications. The Bank did not modify the terms of any loans for borrowers experiencing financial difficulty in the form of principal forgiveness, an interest reduction, an other-than-insignificant payment delay or a term extension during the previous twelve months.

 

Risk Characteristics. Credit risk within the Bank’s loan portfolio primarily stems from factors such as changes in the borrower’s financial condition, credit concentrations, changes in collateral values, economic conditions, rent regulation and environmental contamination of properties securing mortgage loans. The Bank’s commercial loans, including those secured by real estate mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree of risk than those to larger companies because such businesses may have shorter operating histories, higher debt-to-equity ratios and may lack sophistication in internal record keeping and financial and operational controls. In addition, most of the Bank’s loans are made to businesses and consumers on Long Island and in the boroughs of New York City (“NYC”), and a large percentage of these loans are mortgage loans secured by properties located in those areas. The primary sources of repayment for residential and commercial mortgage loans include employment and other income of the borrowers, the businesses of the borrowers and cash flows from the underlying properties. In the case of multifamily mortgage loans, a substantial portion of the underlying properties are rent stabilized or rent controlled. These sources of repayment are dependent on the strength of the local economy.

 

Credit Quality Indicators. The Bank categorizes loans into risk categories based on relevant information about the borrower’s ability to service their debt including, but not limited to, current financial information for the borrower and any guarantors, payment experience, credit underwriting documentation, public records, due diligence checks and current economic trends. Management analyzes loans individually and classifies them using risk rating matrices consistent with regulatory guidance as follows.

 

Watch: The borrower’s cash flow has a high degree of variability and subject to economic downturns. Liquidity is strained and the ability of the borrower to access traditional sources of credit is diminished.

 

Special Mention: The borrower has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to risk sufficient to warrant adverse classification.

 

Substandard: Loans are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

 

Doubtful: Loans have all the inherent weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on existing facts, conditions and values, highly questionable and improbable.

 

Risk ratings on commercial and industrial loans and commercial mortgages are initially assigned during the underwriting process and affirmed as part of the approval process. The ratings are periodically reviewed and evaluated based on borrower contact, credit department review or independent loan review.

 

The Bank's loan risk rating and review policy establishes requirements for the annual review of commercial real estate and commercial and industrial loans. The requirements include details of the scope of coverage and selection process based on loan-type and risk rating. The Bank reviews at least 80% of its commercial real estate loan portfolio on an annual basis and uses a third-party review firm as part of its credit quality monitoring program. Lines of credit are also reviewed annually at each proposed reaffirmation. The frequency of the review of other loans is determined by minimum principal balance thresholds and the Bank’s ongoing assessments of the borrower’s condition.

 

Residential mortgage loans, revolving home equity lines and other consumer loans are initially evaluated utilizing the borrower’s credit score. A credit score is a tool used in the Bank’s loan approval process, and a minimum score of 680 is generally required for new loans. Credit scores for each borrower are updated at least annually. However, regardless of credit score, loans may be classified, criticized or placed on management’s watch list if relevant information comes to light.

 

The following tables present the amortized cost basis of loans by class of loans, vintage and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. Also presented are gross chargeoffs and recoveries recorded in the current year-to-date period by year of origination.

 

  

March 31, 2024

 
  

Term Loans by Origination Year

  

Revolving

     

(in thousands)

 

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans (1)

  

Total

 

Commercial and industrial:

                                

Risk rating:

                                

Pass

 $29,669  $26,644  $19,708  $22,505  $6,466  $5,236  $10,596  $120,824 

Watch

  —   —   —   2,509   —   —   —   2,509 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $29,669  $26,644  $19,708  $25,014  $6,466  $5,236  $10,596  $123,333 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $(664) $(664)

Current-period recoveries

  —   —   —   —   —   —   7   7 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $(657) $(657)
                                 

Commercial mortgages – multifamily:

                             

Risk rating:

                                

Pass

 $11,371  $41,911  $190,637  $175,890  $37,107  $400,448  $125  $857,489 

Watch

  —   —   —   —   —   1,782   —   1,782 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $11,371  $41,911  $190,637  $175,890  $37,107  $402,230  $125  $859,271 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Commercial mortgages – other:

                             

Risk rating:

                                

Pass

 $6,489  $71,982  $195,100  $217,435  $96,498  $214,930  $22  $802,456 

Watch

  —   —   —   —   —   14,664   —   14,664 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   6,664   —   6,664 

Doubtful

  —   —   —   —   —   —   —   — 
  $6,489  $71,982  $195,100  $217,435  $96,498  $236,258  $22  $823,784 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Commercial mortgages – owner-occupied:

                             

Risk rating:

                                

Pass

 $8,180  $22,351  $53,222  $52,580  $23,490  $71,887  $2,214  $233,924 

Watch

  —   269   —   5,027   —   —   —   5,296 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $8,180  $22,620  $53,222  $57,607  $23,490  $71,887  $2,214  $239,220 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

 

  

March 31, 2024

 
  

Term Loans by Origination Year

  

Revolving

     

(in thousands)

 

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans (1)

  

Total

 

Residential mortgages (2):

                                

Risk rating:

                                

Pass

 $—  $27,539  $193,665  $161,312  $33,736  $734,874  $41,085  $1,192,211 

Watch

  —   —   —   —   —   —   —   — 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   1,172   —   1,172 

Doubtful

  —   —   —   —   —   —   —   — 
  $—  $27,539  $193,665  $161,312  $33,736  $736,046  $41,085  $1,193,383 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Consumer and other:

                                

Risk rating:

                                

Pass

 $—  $43  $205  $—  $—  $100  $780  $1,128 

Watch

  —   —   —   —   —   —   —   — 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 

Not Rated

  —   —   —   —   —   —   34   34 
  $—  $43  $205  $—  $—  $100  $814  $1,162 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Total Loans

 $55,709  $190,739  $652,537  $637,258  $197,297  $1,451,757  $54,856  $3,240,153 

Total net chargeoffs

 $—  $—  $—  $—  $—  $—  $(657) $(657)

 

(1)

Includes revolving lines converted to term of $3.1 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage and $6.2 million of residential home equity.

(2)

Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $3.6 million related to basis adjustments for loans in the closed portfolio under the portfolio layer method at March 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See "Note 7 - Derivatives" for more information on the fair value hedge.

 
v3.24.1.u1
Note 5 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

5 - STOCK-BASED COMPENSATION 

 

The following table presents a summary of restricted stock units (“RSUs”) outstanding at March 31, 2024 and changes during the three month period then ended.

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
  

Number of

  

Grant-Date

  

Contractual

  

Value

 
  

RSUs

  

Fair Value

  

Term (yrs.)

  

(in thousands)

 

Outstanding at January 1, 2024

  213,879  $16.04         

Granted

  185,911   10.86         

Converted

  (45,720)  15.78         

Forfeited

  (3,144)  11.77         

Outstanding at March 31, 2024

  350,926  $13.37   1.45  $3,892 

 

As of March 31, 2024, there was $3.2 million of unrecognized compensation cost related to non-vested RSUs. The total cost is expected to be recognized over a weighted-average period of 1.8 years.
v3.24.1.u1
Note 6 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

 

6 - FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Financial Instruments Recorded at Fair Value. When measuring fair value, the Corporation uses a fair value hierarchy, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy involves three levels of inputs that may be used to measure fair value:

 

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation can access at the measurement date.

 

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable or can be corroborated by observable market data.

 

Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

 

The fair values of the Corporation’s financial assets and liabilities measured at fair value on a recurring basis are set forth in the table that follows. The fair values of AFS securities are determined on a recurring basis using matrix pricing (Level 2 inputs). Matrix pricing, which is a mathematical technique widely used in the industry to value debt securities, does not rely exclusively on quoted prices for the specific securities but rather on the relationship of such securities to other benchmark quoted securities. Where no significant other observable inputs were available, Level 3 inputs were used. The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification.

 

  

Fair Value Measurements Using:

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

(in thousands)

 

Total

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

March 31, 2024:

                

Financial Assets:

                

Available-for-Sale Securities:

                

State and municipals

 $138,601  $—  $138,429  $172 

Pass-through mortgage securities

  133,688   —   133,688   — 

Collateralized mortgage obligations

  173,326   —   173,326   — 

SBA agency obligations

  121,184   —   121,184   — 

Corporate bonds

  110,313   —   110,313   — 
   677,112   —   676,940   172 

Derivative - interest rate swaps

  3,591   —   3,591   — 
  $680,703  $—  $680,531  $172 

December 31, 2023:

                

Financial Assets:

                

Available-for-Sale Securities:

                

State and municipals

 $143,621  $—  $143,429  $192 

Pass-through mortgage securities

  138,603   —   138,603   — 

Collateralized mortgage obligations

  182,262   —   182,262   — 

SBA agency obligations

  125,476   —   125,476   — 

Corporate bonds

  105,915   —   105,915   — 
   695,877   —   695,685   192 

Derivative - interest rate swaps

  582   —   582   — 
  $696,459  $—  $696,267  $192 

 

State and municipal AFS securities measured using Level 3 inputs. The Bank held three non-rated bond anticipation notes with a book value of $172,000 at March 31, 2024. These bonds have a one year maturity and are issued by local municipalities that are customers of the Bank. Due to the short duration of the bonds, book value approximates fair value at March 31, 2024.

 

Land and Buildings. Premises and facilities held-for-sale of $383,000 at March 31, 2024 and December 31, 2023 are reported in the line item “Other assets” in the consolidated balance sheets and are measured at lower of cost or fair value on a nonrecurring basis.

 

Financial Instruments Not Recorded at Fair Value. Fair value estimates are made at a specific point in time. Such estimates are generally subjective in nature and dependent upon a number of significant assumptions associated with each financial instrument or group of similar financial instruments, including estimates of discount rates, liquidity, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Corporation’s entire holdings of a particular financial instrument, or the income tax consequences of realizing gains or losses on the sale of financial instruments.

 

The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not recorded at fair value in the Corporation’s financial statements.

 

  

Level of

  

March 31, 2024

  

December 31, 2023

 
  

Fair Value

  

Carrying

      

Carrying

     

(in thousands)

 

Hierarchy

  

Amount

  

Fair Value

  

Amount

  

Fair Value

 

Financial Assets:

                    

Cash and cash equivalents

 

Level 1

  $106,878  $106,878  $60,887  $60,887 

Loans, net (1)

 

Level 3

   3,208,239   2,917,912   3,219,072   2,945,864 

Restricted stock

 n/a   31,344   n/a   32,659   n/a 
                     

Financial Liabilities:

                    

Checking deposits

 

Level 1

   1,102,284   1,102,284   1,133,184   1,133,184 

Savings, NOW and money market deposits

 

Level 1

   1,564,153   1,564,153   1,546,369   1,546,369 

Time deposits

 

Level 2

   660,070   655,207   591,433   586,856 

Overnight advances

 

Level 1

   —   —   70,000   70,000 

Other borrowings

 

Level 2

   515,000   513,285   472,500   471,276 

 

(1)

The decrease in fair value of net loans is mainly due to an increase in interest rates.
v3.24.1.u1
Note 7 - Derivatives
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

7 – DERIVATIVES

 

As part of its asset liability management activities, the Corporation may utilize interest rate swaps to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreements.

 

Fair Value Hedge. On March 16, 2023, the Bank entered into a three year interest rate swap with a notional amount totaling $300 million which was designated as a fair value hedge of certain fixed rate residential mortgages. The Bank pays a fixed rate of 3.82% and receives a floating rate based on the secured overnight financing rate (“SOFR”) for the life of the agreement without an exchange of the underlying notional amount. The hedge was determined to be effective during the quarter ended  March 31, 2024 and the Corporation expects the hedge to remain effective during the remaining term of the swap. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in interest income.

 

The following table summarizes information about the interest rate swap designated as a fair value hedge.

 

  

March 31, 2024

 

Notional amount

 

$300 million

 

Fixed pay rate

 

3.82%

 

Overnight SOFR receive rate

 

5.34%

 

Maturity

 1.96 years 

 

The following table presents the amount recorded on the balance sheet related to cumulative basis adjustments for the fair value hedge as of the periods indicated.

 

    
  March 31,  December 31, 

(in thousands)

 

2024

  

2023

 

Loans - Residential Mortgages:

        

Carrying amount of the hedged asset (1)

 $459,008  $465,495 

Fair value hedging adjustment included in the carrying amount of the hedged asset

  (3,579)  (506)

 

(1)

This amount represents the amortized cost basis of the closed loan portfolio used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At March 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $462.6 million. The cumulative basis adjustment associated with this hedging relationship was $3.6 million and the amount of the designated hedged item was $3.6 million.

 

During the first quarter of 2024, the Bank recorded a $1.0 million credit from the swap transaction as a component of interest income in the consolidated statements of income.
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

ITEM 5. OTHER INFORMATION

 

(c) Securities Trading Plan of Directors and Executive Officers

 

During the three months ended March 31, 2024, none of the directors or executive officers of the Corporation adopted or terminated any contract, instruction or written plan for the purchase or sale of the Corporation's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement," as that term is used in SEC regulations. 
Rule 10b5-1 Arrangement Terminated [Flag] false
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
v3.24.1.u1
Note 2 - Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
      

Current

     
  

Balance

  

Period

  

Balance

 

(in thousands)

 

12/31/2023

  

Change

  

3/31/2024

 

Unrealized holding loss on available-for-sale securities

 $(49,809) $(1,330) $(51,139)

Unrealized actuarial loss on pension plan

  (7,919)  138   (7,781)

Accumulated other comprehensive loss, net of tax

 $(57,728) $(1,192) $(58,920)
Comprehensive Income (Loss) [Table Text Block]
  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

Change in net unrealized holding gains or losses on available-for-sale securities:

        

Change arising during the period

 $(1,789) $1,931 

Reclassification adjustment for losses included in net income (1)

  —   3,489 
   (1,789)  5,420 

Tax effect

  (459)  1,747 
   (1,330)  3,673 

Change in funded status of pension plan:

        

Amortization of net actuarial loss included in pension expense (2)

  200   254 

Tax effect

  62   78 
   138   176 

Other comprehensive income (loss)

 $(1,192) $3,849 
v3.24.1.u1
Note 3 - Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]
  

March 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(in thousands)

 

Cost

  

Gains

  

Losses

  

Value

 

State and municipals

 $152,646  $92  $(14,137) $138,601 

Pass-through mortgage securities

  162,557   —   (28,869)  133,688 

Collateralized mortgage obligations

  194,500   826   (22,000)  173,326 

SBA agency obligations

  122,077   290   (1,183)  121,184 

Corporate bonds

  119,000   —   (8,687)  110,313 
  $750,780  $1,208  $(74,876) $677,112 
  

December 31, 2023

 

State and municipals

 $155,294  $317  $(11,990) $143,621 

Pass-through mortgage securities

  165,734   —   (27,131)  138,603 

Collateralized mortgage obligations

  201,500   1,836   (21,074)  182,262 

SBA agency obligations

  126,228   331   (1,083)  125,476 

Corporate bonds

  119,000   —   (13,085)  105,915 
  $767,756  $2,484  $(74,363) $695,877 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]
  

March 31, 2024

 
  

Less than

  

12 Months

         
  

12 Months

  

or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 

(in thousands)

 

Value

  

Loss

  

Value

  

Loss

  

Value

  

Loss

 

State and municipals

 $6,199  $(65) $118,520  $(14,072) $124,719  $(14,137)

Pass-through mortgage securities

  3,967   (63)  129,721   (28,806)  133,688   (28,869)

Collateralized mortgage obligations

  11,383   (88)  99,643   (21,912)  111,026   (22,000)

SBA agency obligations

  34,745   (455)  61,171   (728)  95,916   (1,183)

Corporate bonds

  —   —   110,313   (8,687)  110,313   (8,687)

Total temporarily impaired

 $56,294  $(671) $519,368  $(74,205) $575,662  $(74,876)
  

December 31, 2023

 

State and municipals

 $29,522  $(719) $95,725  $(11,271) $125,247  $(11,990)

Pass-through mortgage securities

  2,361   (1)  134,558   (27,130)  136,919   (27,131)

Collateralized mortgage obligations

  —   —   102,528   (21,074)  102,528   (21,074)

SBA agency obligations

  98,879   (1,083)  —   —   98,879   (1,083)

Corporate bonds

  —   —   105,915   (13,085)  105,915   (13,085)

Total temporarily impaired

 $130,762  $(1,803) $438,726  $(72,560) $569,488  $(74,363)
Realized Gain (Loss) on Investments [Table Text Block]
  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

Proceeds

 $—  $145,451 
         

Gains

 $—  $— 

Losses

  —   (3,489)

Net loss

 $—  $(3,489)
Investments Classified by Contractual Maturity Date [Table Text Block]

(in thousands)

 

Amortized Cost

  

Fair Value

 

Within one year

 $1,203  $1,201 

After 1 through 5 years

  135,198   125,640 

After 5 through 10 years

  34,505   32,145 

After 10 years

  100,740   89,928 

Mortgage and asset-backed securities

  479,134   428,198 
  $750,780  $677,112 
v3.24.1.u1
Note 4 - Loans (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Financing Receivable, Loans Outstanding By Class Of Loans [Table Text Block]

(in thousands)

 

March 31, 2024

  

December 31, 2023

 

Commercial and industrial

 $123,333  $116,163 

Commercial mortgages:

        

Multifamily

  859,271   857,163 

Other

  823,784   829,090 

Owner-occupied

  239,220   233,461 

Residential mortgages:

        

Closed end

  1,148,719   1,166,887 

Revolving home equity

  41,085   44,070 

Consumer and other

  1,162   1,230 
  $3,236,574  $3,248,064 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2024

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2024

 

Commercial and industrial

 $2,030  $664  $7  $2  $1,375 

Commercial mortgages:

                    

Multifamily

  6,817   —   —   1,297   8,114 

Other

  7,850   —   —   (311)  7,539 

Owner-occupied

  3,104   —   —   (102)  3,002 

Residential mortgages:

                    

Closed end

  8,838   —   —   (857)  7,981 

Revolving home equity

  339   —   —   (30)  309 

Consumer and other

  14   —   —   1   15 
  $28,992  $664  $7  $—  $28,335

 

  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2023

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2023

 

Commercial and industrial

 $1,543  $182  $15  $14  $1,390 

Commercial mortgages:

                    

Multifamily

  8,430   —   —   (958)  7,472 

Other

  7,425   —   —   188   7,613 

Owner-occupied

  3,024   —   —   93   3,117 

Residential mortgages:

                    

Closed end

  10,633   —   —   (407)  10,226 

Revolving home equity

  362   —   —   15   377 

Consumer and other

  15   —   —   (1)  14 
  $31,432  $182  $15  $(1,056) $30,209 
Financing Receivable, Past Due [Table Text Block]
  

March 31, 2024

 
  

Past Due

  

Nonaccrual

             

(in thousands)

 

30-59 Days

  

60-89 Days

  

90 Days or More and Still Accruing

  

With an Allowance for Credit Loss

  

With No Allowance for Credit Loss

  

Total Past Due Loans & Nonaccrual Loans

  

Current

  

Total Loans

 

Commercial and industrial

 $292  $—  $—  $—  $—  $292  $123,041  $123,333 

Commercial mortgages:

                                

Multifamily

  —   —   —   —   —   —   859,271   859,271 

Other

  —   —   —   —   —   —   823,784   823,784 

Owner-occupied

  —   —   —   —   —   —   239,220   239,220 

Residential mortgages:

                                

Closed end

  —   —   —   —   1,172   1,172   1,147,547   1,148,719 

Revolving home equity

  —   —   —   —   —   —   41,085   41,085 

Consumer and other

  —   —   —   —   —   —   1,162   1,162 
  $292  $—  $—  $—  $1,172  $1,464  $3,235,110  $3,236,574 
  

December 31, 2023

 

Commercial and industrial

 $73  $—  $—  $722  $—  $795  $115,368  $116,163 

Commercial mortgages:

              —                 

Multifamily

  —   —   —   —   —   —   857,163   857,163 

Other

  1,624   —   —   —   —   1,624   827,466   829,090 

Owner-occupied

  —   —   —   —   —   —   233,461   233,461 

Residential mortgages:

                                

Closed end

  1,389   —   —   —   331   1,720   1,165,167   1,166,887 

Revolving home equity

  —   —   —   —   —   —   44,070   44,070 

Consumer and other

  —   —   —   —   —   —   1,230   1,230 
  $3,086  $—  $—  $722  $331  $4,139  $3,243,925  $3,248,064 
Financing Receivable Credit Quality Indicators [Table Text Block]
  

March 31, 2024

 
  

Term Loans by Origination Year

  

Revolving

     

(in thousands)

 

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans (1)

  

Total

 

Commercial and industrial:

                                

Risk rating:

                                

Pass

 $29,669  $26,644  $19,708  $22,505  $6,466  $5,236  $10,596  $120,824 

Watch

  —   —   —   2,509   —   —   —   2,509 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $29,669  $26,644  $19,708  $25,014  $6,466  $5,236  $10,596  $123,333 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $(664) $(664)

Current-period recoveries

  —   —   —   —   —   —   7   7 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $(657) $(657)
                                 

Commercial mortgages – multifamily:

                             

Risk rating:

                                

Pass

 $11,371  $41,911  $190,637  $175,890  $37,107  $400,448  $125  $857,489 

Watch

  —   —   —   —   —   1,782   —   1,782 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $11,371  $41,911  $190,637  $175,890  $37,107  $402,230  $125  $859,271 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Commercial mortgages – other:

                             

Risk rating:

                                

Pass

 $6,489  $71,982  $195,100  $217,435  $96,498  $214,930  $22  $802,456 

Watch

  —   —   —   —   —   14,664   —   14,664 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   6,664   —   6,664 

Doubtful

  —   —   —   —   —   —   —   — 
  $6,489  $71,982  $195,100  $217,435  $96,498  $236,258  $22  $823,784 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Commercial mortgages – owner-occupied:

                             

Risk rating:

                                

Pass

 $8,180  $22,351  $53,222  $52,580  $23,490  $71,887  $2,214  $233,924 

Watch

  —   269   —   5,027   —   —   —   5,296 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 
  $8,180  $22,620  $53,222  $57,607  $23,490  $71,887  $2,214  $239,220 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
  

March 31, 2024

 
  

Term Loans by Origination Year

  

Revolving

     

(in thousands)

 

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans (1)

  

Total

 

Residential mortgages (2):

                                

Risk rating:

                                

Pass

 $—  $27,539  $193,665  $161,312  $33,736  $734,874  $41,085  $1,192,211 

Watch

  —   —   —   —   —   —   —   — 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   1,172   —   1,172 

Doubtful

  —   —   —   —   —   —   —   — 
  $—  $27,539  $193,665  $161,312  $33,736  $736,046  $41,085  $1,193,383 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Consumer and other:

                                

Risk rating:

                                

Pass

 $—  $43  $205  $—  $—  $100  $780  $1,128 

Watch

  —   —   —   —   —   —   —   — 

Special Mention

  —   —   —   —   —   —   —   — 

Substandard

  —   —   —   —   —   —   —   — 

Doubtful

  —   —   —   —   —   —   —   — 

Not Rated

  —   —   —   —   —   —   34   34 
  $—  $43  $205  $—  $—  $100  $814  $1,162 
                                 

Current-period gross chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 

Current-period recoveries

  —   —   —   —   —   —   —   — 

Current-period net chargeoffs

 $—  $—  $—  $—  $—  $—  $—  $— 
                                 

Total Loans

 $55,709  $190,739  $652,537  $637,258  $197,297  $1,451,757  $54,856  $3,240,153 

Total net chargeoffs

 $—  $—  $—  $—  $—  $—  $(657) $(657)
v3.24.1.u1
Note 5 - Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
  

Number of

  

Grant-Date

  

Contractual

  

Value

 
  

RSUs

  

Fair Value

  

Term (yrs.)

  

(in thousands)

 

Outstanding at January 1, 2024

  213,879  $16.04         

Granted

  185,911   10.86         

Converted

  (45,720)  15.78         

Forfeited

  (3,144)  11.77         

Outstanding at March 31, 2024

  350,926  $13.37   1.45  $3,892 
v3.24.1.u1
Note 6 - Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
  

Fair Value Measurements Using:

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

(in thousands)

 

Total

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

March 31, 2024:

                

Financial Assets:

                

Available-for-Sale Securities:

                

State and municipals

 $138,601  $—  $138,429  $172 

Pass-through mortgage securities

  133,688   —   133,688   — 

Collateralized mortgage obligations

  173,326   —   173,326   — 

SBA agency obligations

  121,184   —   121,184   — 

Corporate bonds

  110,313   —   110,313   — 
   677,112   —   676,940   172 

Derivative - interest rate swaps

  3,591   —   3,591   — 
  $680,703  $—  $680,531  $172 

December 31, 2023:

                

Financial Assets:

                

Available-for-Sale Securities:

                

State and municipals

 $143,621  $—  $143,429  $192 

Pass-through mortgage securities

  138,603   —   138,603   — 

Collateralized mortgage obligations

  182,262   —   182,262   — 

SBA agency obligations

  125,476   —   125,476   — 

Corporate bonds

  105,915   —   105,915   — 
   695,877   —   695,685   192 

Derivative - interest rate swaps

  582   —   582   — 
  $696,459  $—  $696,267  $192 
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

Level of

  

March 31, 2024

  

December 31, 2023

 
  

Fair Value

  

Carrying

      

Carrying

     

(in thousands)

 

Hierarchy

  

Amount

  

Fair Value

  

Amount

  

Fair Value

 

Financial Assets:

                    

Cash and cash equivalents

 

Level 1

  $106,878  $106,878  $60,887  $60,887 

Loans, net (1)

 

Level 3

   3,208,239   2,917,912   3,219,072   2,945,864 

Restricted stock

 n/a   31,344   n/a   32,659   n/a 
                     

Financial Liabilities:

                    

Checking deposits

 

Level 1

   1,102,284   1,102,284   1,133,184   1,133,184 

Savings, NOW and money market deposits

 

Level 1

   1,564,153   1,564,153   1,546,369   1,546,369 

Time deposits

 

Level 2

   660,070   655,207   591,433   586,856 

Overnight advances

 

Level 1

   —   —   70,000   70,000 

Other borrowings

 

Level 2

   515,000   513,285   472,500   471,276 
v3.24.1.u1
Note 7 - Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Interest Rate Derivatives [Table Text Block]
  

March 31, 2024

 

Notional amount

 

$300 million

 

Fixed pay rate

 

3.82%

 

Overnight SOFR receive rate

 

5.34%

 

Maturity

 1.96 years 
Schedule of Derivative Assets at Fair Value [Table Text Block]
    
  March 31,  December 31, 

(in thousands)

 

2024

  

2023

 

Loans - Residential Mortgages:

        

Carrying amount of the hedged asset (1)

 $459,008  $465,495 

Fair value hedging adjustment included in the carrying amount of the hedged asset

  (3,579)  (506)
v3.24.1.u1
Note 2 - Comprehensive Income (Loss) - Accumulated OCI, Net of Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Unrealized holding loss on available-for-sale securities $ 380,146 $ 364,536
Unrealized holding loss on available-for-sale securities (1,192) 3,849
Unrealized holding loss on available-for-sale securities 377,123 370,307
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]    
Unrealized holding loss on available-for-sale securities (49,809)  
Unrealized holding loss on available-for-sale securities (1,330)  
Unrealized holding loss on available-for-sale securities (51,139)  
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]    
Unrealized holding loss on available-for-sale securities (7,919)  
Unrealized holding loss on available-for-sale securities 138  
Unrealized holding loss on available-for-sale securities (7,781)  
AOCI Attributable to Parent [Member]    
Unrealized holding loss on available-for-sale securities (57,728) (64,767)
Unrealized holding loss on available-for-sale securities (1,192) 3,849
Unrealized holding loss on available-for-sale securities $ (58,920) $ (60,918)
v3.24.1.u1
Note 2 - Comprehensive Income (Loss) - Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Change arising during the period $ (1,789) $ 1,931
Reclassification adjustment for losses included in net income (1) [1] 0 3,489
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent (1,789) 5,420
Tax effect (459) 1,747
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent (1,330) 3,673
Amortization of net actuarial loss included in pension expense (2) [2] 200 254
Tax effect 62 78
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent 138 176
Other comprehensive income (loss) $ (1,192) $ 3,849
[1] Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax expense.”
[2] Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.”
v3.24.1.u1
Note 3 - Investment Securities (Details Textual)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-Sale, Restricted   $ 273,700 $ 203,900
Number Of Holdings Greater Than 10 Percent Of Stockholders Equity   0 0
Debt Securities, Available-for-Sale, Allowance for Credit Loss   $ 0 $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position   575,662 569,488
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   74,876 74,363
Tax Expense Related To The Net Realized Gain On The Sale Of Available-For-sale Securities $ 1,100    
Commercial Mortgage-Backed Securities [Member]      
Financial Instruments, Owned, at Fair Value   89,500  
Equipment Finance Loans Backed Securities [Member]      
Financial Instruments, Owned, at Fair Value   31,700  
US States and Political Subdivisions Debt Securities [Member]      
Debt Securities, Available-for-Sale, Unrealized Loss Position   124,719 125,247
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   14,137 11,990
Passthrough Mortgage Securities [Member]      
Debt Securities, Available-for-Sale, Unrealized Loss Position   133,688 136,919
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   28,869 27,131
Collateralized Debt Obligations [Member]      
Debt Securities, Available-for-Sale, Unrealized Loss Position   111,026 102,528
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   22,000 21,074
Company Agency Obligations [Member]      
Debt Securities, Available-for-Sale, Unrealized Loss Position   95,916 98,879
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   1,183 1,083
Corporate Bond Securities [Member]      
Debt Securities, Available-for-Sale, Unrealized Loss Position   110,313 105,915
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss   $ 8,687 $ 13,085
Number Of Financial Institutions   6  
Debt Securities, Available-for-Sale, Term (Year)   10 years  
v3.24.1.u1
Note 3 - Investment Securities - Schedule of Available for Sale Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Amortized Cost $ 750,780 $ 767,756
Gross Unrealized Gains 1,208 2,484
Gross Unrealized Losses (74,876) (74,363)
Debt Securities, Available-for-Sale 677,112 695,877
US States and Political Subdivisions Debt Securities [Member]    
Amortized Cost 152,646 155,294
Gross Unrealized Gains 92 317
Gross Unrealized Losses (14,137) (11,990)
Debt Securities, Available-for-Sale 138,601 143,621
Passthrough Mortgage Securities [Member]    
Amortized Cost 162,557 165,734
Gross Unrealized Gains 0 0
Gross Unrealized Losses (28,869) (27,131)
Debt Securities, Available-for-Sale 133,688 138,603
Collateralized Debt Obligations [Member]    
Amortized Cost 194,500 201,500
Gross Unrealized Gains 826 1,836
Gross Unrealized Losses (22,000) (21,074)
Debt Securities, Available-for-Sale 173,326 182,262
Company Agency Obligations [Member]    
Amortized Cost 122,077 126,228
Gross Unrealized Gains 290 331
Gross Unrealized Losses (1,183) (1,083)
Debt Securities, Available-for-Sale 121,184 125,476
Corporate Bond Securities [Member]    
Amortized Cost 119,000 119,000
Gross Unrealized Gains 0 0
Gross Unrealized Losses (8,687) (13,085)
Debt Securities, Available-for-Sale $ 110,313 $ 105,915
v3.24.1.u1
Note 3 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Temporarily impaired securities, less than 12 months $ 56,294 $ 130,762
Temporarily impaired securities, total unrealized losses (671) (1,803)
Temporarily impaired securities, 12 months or longer, fair value 519,368 438,726
Temporarily impaired securities, 12 months or longer, unrealized losses (74,205) (72,560)
Debt Securities, Available-for-Sale, Unrealized Loss Position 575,662 569,488
Temporarily impaired securities, total unrealized losses (74,876) (74,363)
US States and Political Subdivisions Debt Securities [Member]    
Temporarily impaired securities, less than 12 months 6,199 29,522
Temporarily impaired securities, total unrealized losses (65) (719)
Temporarily impaired securities, 12 months or longer, fair value 118,520 95,725
Temporarily impaired securities, 12 months or longer, unrealized losses (14,072) (11,271)
Debt Securities, Available-for-Sale, Unrealized Loss Position 124,719 125,247
Temporarily impaired securities, total unrealized losses (14,137) (11,990)
Passthrough Mortgage Securities [Member]    
Temporarily impaired securities, less than 12 months 3,967 2,361
Temporarily impaired securities, total unrealized losses (63) (1)
Temporarily impaired securities, 12 months or longer, fair value 129,721 134,558
Temporarily impaired securities, 12 months or longer, unrealized losses (28,806) (27,130)
Debt Securities, Available-for-Sale, Unrealized Loss Position 133,688 136,919
Temporarily impaired securities, total unrealized losses (28,869) (27,131)
Collateralized Debt Obligations [Member]    
Temporarily impaired securities, less than 12 months 11,383 0
Temporarily impaired securities, total unrealized losses (88) 0
Temporarily impaired securities, 12 months or longer, fair value 99,643 102,528
Temporarily impaired securities, 12 months or longer, unrealized losses (21,912) (21,074)
Debt Securities, Available-for-Sale, Unrealized Loss Position 111,026 102,528
Temporarily impaired securities, total unrealized losses (22,000) (21,074)
Company Agency Obligations [Member]    
Temporarily impaired securities, less than 12 months 34,745 98,879
Temporarily impaired securities, total unrealized losses (455) (1,083)
Temporarily impaired securities, 12 months or longer, fair value 61,171 0
Temporarily impaired securities, 12 months or longer, unrealized losses (728) 0
Debt Securities, Available-for-Sale, Unrealized Loss Position 95,916 98,879
Temporarily impaired securities, total unrealized losses (1,183) (1,083)
Corporate Bond Securities [Member]    
Temporarily impaired securities, less than 12 months 0 0
Temporarily impaired securities, total unrealized losses 0 0
Temporarily impaired securities, 12 months or longer, fair value 110,313 105,915
Temporarily impaired securities, 12 months or longer, unrealized losses (8,687) (13,085)
Debt Securities, Available-for-Sale, Unrealized Loss Position 110,313 105,915
Temporarily impaired securities, total unrealized losses $ (8,687) $ (13,085)
v3.24.1.u1
Note 3 - Investment Securities - Sales of AFS Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Proceeds $ 0 $ 145,451
Gains 0 0
Losses 0 (3,489)
Net loss $ 0 $ (3,489)
v3.24.1.u1
Note 3 - Investment Securities - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Within one year, amortized cost $ 1,203  
Within one year, fair value 1,201  
After 1 through 5 years, amortized cost 135,198  
After 1 through 5 years, fair value 125,640  
After 5 through 10 years, amortized cost 34,505  
After 5 through 10 years, fair value 32,145  
After 10 years, amortized cost 100,740  
After 10 years, fair value 89,928  
Mortgage and asset-backed securities, amortized cost 479,134  
Mortgage and asset-backed securities, fair value 428,198  
Debt Securities, Available-for-Sale, Amortized Cost 750,780 $ 767,756
Debt Securities, Available-for-Sale $ 677,112 $ 695,877
v3.24.1.u1
Note 4 - Loans (Details Textual)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery $ 657,000  
Number of Loans In Process Of Foreclosure 0 0
Interest Receivable $ 10,700,000 $ 10,400,000
Minimum Prior Year Principal Balance Of Commercial Real Estate Loans Required To Be Reviewed Annually 80.00%  
Company's Minimum Credit Score Required For New Loans 680  
Financial Asset, Closed Portfolio and Beneficial Interest, Portfolio Layer Method, Amortized Cost $ 3,600,000  
Commercial Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery 657,000  
Financing Receivable, Revolving, Converted to Term Loan 3,100,000  
Commercial Portfolio Segment [Member] | Owner Occupied Loan 1 [Member]    
Financing Receivable, Revolving, Converted to Term Loan 1,000,000  
Residential Portfolio Segment [Member]    
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery (0)  
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member]    
Financing Receivable, Revolving, Converted to Term Loan $ 6,200,000  
Minimum [Member]    
Adjustments to Historical Loss Information, Forecasting Horizon, Period (Year) 1 year  
Maximum [Member]    
Adjustments to Historical Loss Information, Forecasting Horizon, Period (Year) 2 years  
v3.24.1.u1
Note 4 - Loans - Classification of Loans Outstanding (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Loans receivable $ 3,236,574 $ 3,248,064
Commercial Portfolio Segment [Member]    
Loans receivable 123,333 116,163
Commercial Real Estate Portfolio Segment [Member]    
Loans receivable 1,922,275 1,919,714
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member]    
Loans receivable 859,271 857,163
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member]    
Loans receivable 823,784 829,090
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member]    
Loans receivable 239,220 233,461
Residential Portfolio Segment [Member] | Home Equity Loan [Member]    
Loans receivable 1,148,719 1,166,887
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member]    
Loans receivable 41,085 44,070
Consumer And Other Portfolio Segment [Member]    
Loans receivable $ 1,162 $ 1,230
v3.24.1.u1
Note 4 - Loans - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Balance $ 28,992 $ 31,432
Chargeoffs 664 182
Recoveries 7 15
Provision for Credit Losses 0 (1,056)
Balance 28,335 30,209
Commercial Portfolio Segment [Member]    
Balance 2,030 1,543
Chargeoffs 664 182
Recoveries 7 15
Provision for Credit Losses 2 14
Balance 1,375 1,390
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member]    
Balance 6,817 8,430
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses 1,297 (958)
Balance 8,114 7,472
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member]    
Balance 7,850 7,425
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses (311) 188
Balance 7,539 7,613
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member]    
Balance 3,104 3,024
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses (102) 93
Balance 3,002 3,117
Residential Portfolio Segment [Member]    
Chargeoffs (0)  
Recoveries 0  
Residential Portfolio Segment [Member] | Home Equity Loan [Member]    
Balance 8,838 10,633
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses (857) (407)
Balance 7,981 10,226
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member]    
Balance 339 362
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses (30) 15
Balance 309 377
Consumer And Other Portfolio Segment [Member]    
Balance 14 15
Chargeoffs 0 0
Recoveries 0 0
Provision for Credit Losses 1 (1)
Balance $ 15 $ 14
v3.24.1.u1
Note 4 - Loan - Aging of Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Loans $ 3,236,574 $ 3,248,064
Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 292 3,086
Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Financial Asset, Past Due [Member]    
Loans, nonaccrual, with allowance 0 722
Loans, nonaccrual, with no allowance 1,172 331
Loans, nonaccrual 1,464 4,139
Financial Asset, Not Past Due [Member]    
Loans 3,235,110 3,243,925
Commercial Portfolio Segment [Member]    
Loans 123,333 116,163
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 292 73
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans, nonaccrual, with allowance 0 722
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 292 795
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans 123,041 115,368
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Multifamily Loan [Member]    
Loans 0 0
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Multifamily Loan [Member]    
Loans 0 0
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multifamily Loan [Member]    
Loans 0 0
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Past Due [Member] | Multifamily Loan [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 0 0
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Not Past Due [Member] | Multifamily Loan [Member]    
Loans 859,271 857,163
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member]    
Loans 859,271 857,163
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member]    
Loans 823,784 829,090
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member]    
Loans 239,220 233,461
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Loan [Member]    
Loans 0 1,624
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Loan 1 [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Loan [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Loan 1 [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Loan [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Loan 1 [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Other Loan [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 0 1,624
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Owner Occupied Loan 1 [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Other Loan [Member]    
Loans 823,784 827,466
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Owner Occupied Loan 1 [Member]    
Loans 239,220 233,461
Residential Portfolio Segment [Member] | Home Equity Loan [Member]    
Loans 1,148,719 1,166,887
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member]    
Loans 41,085 44,070
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member]    
Loans 0 1,389
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Revolving Home Equity Line [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Revolving Home Equity Line [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Revolving Home Equity Line [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Loan [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 1,172 331
Loans, nonaccrual 1,172 1,720
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Revolving Home Equity Line [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 0 0
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Loan [Member]    
Loans 1,147,547 1,165,167
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Revolving Home Equity Line [Member]    
Loans 41,085 44,070
Consumer And Other Portfolio Segment [Member]    
Loans 1,162 1,230
Consumer And Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 0 0
Consumer And Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Consumer And Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Consumer And Other Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans, nonaccrual, with allowance 0 0
Loans, nonaccrual, with no allowance 0 0
Loans, nonaccrual 0 0
Consumer And Other Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans $ 1,162 $ 1,230
v3.24.1.u1
Note 4 - Loans - Loans by Origination (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Originated Current Fiscal Year $ 55,709,000    
Gross Loans 3,236,574,000   $ 3,248,064,000
Current-period gross chargeoffs (664,000) $ (182,000)  
Current-period recoveries 7,000 15,000  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, revolving [1] (657,000)    
Current-period net chargeoffs (657,000)    
Total net chargeoffs 0    
Loans Net of Derivative Basis Adjustment [Member]      
Originated One Year Prior 190,739,000    
Originated Two Years Prior 652,537,000    
Originated Three Years Prior 637,258,000    
Originated Four Years Prior 197,297,000    
Originated Five or More Years Prior 1,451,757,000    
Revolving Loans [1] 54,856,000    
Gross Loans 3,240,153,000    
Commercial Portfolio Segment [Member]      
Originated Current Fiscal Year 29,669,000    
Originated One Year Prior 26,644,000    
Originated Two Years Prior 19,708,000    
Originated Three Years Prior 25,014,000    
Originated Four Years Prior 6,466,000    
Originated Five or More Years Prior 5,236,000    
Revolving Loans [1],[2] 10,596,000    
Gross Loans 123,333,000   116,163,000
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1],[2] (664,000)    
Current-period gross chargeoffs (664,000) (182,000)  
Current-period recoveries, current fiscal year 0    
Current-period recoveries, one year prior 0    
Current-period recoveries, two years prior 0    
Current-period recoveries, three years prior 0    
Current-period recoveries, four years prior 0    
Current-period recoveries, five years prior 0    
Current-period recoveries, revolving [1],[2] 7,000    
Current-period recoveries 7,000 15,000  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs, revolving [1],[2] (657,000)    
Current-period net chargeoffs (657,000)    
Commercial Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 29,669,000    
Originated One Year Prior 26,644,000    
Originated Two Years Prior 19,708,000    
Originated Three Years Prior 22,505,000    
Originated Four Years Prior 6,466,000    
Originated Five or More Years Prior 5,236,000    
Revolving Loans [1],[2] 10,596,000    
Gross Loans 120,824,000    
Commercial Portfolio Segment [Member] | Watch [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 2,509,000    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 2,509,000    
Commercial Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Portfolio Segment [Member] | Substandard [Member] | Multifamily Loan [Member]      
Originated Five or More Years Prior 0    
Commercial Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Residential Portfolio Segment [Member]      
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1] 0    
Current-period gross chargeoffs 0    
Current-period recoveries, revolving [1] 0    
Current-period recoveries 0    
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs 0    
Current-period net chargeoffs [1] 0    
Residential Portfolio Segment [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 27,539,000    
Originated Two Years Prior [2] 193,665,000    
Originated Three Years Prior [2] 161,312,000    
Originated Four Years Prior [2] 33,736,000    
Originated Five or More Years Prior [2] 736,046,000    
Revolving Loans [1],[2] 41,085,000    
Gross Loans [2] 1,193,383,000    
Residential Portfolio Segment [Member] | Pass [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 27,539,000    
Originated Two Years Prior [2] 193,665,000    
Originated Three Years Prior [2] 161,312,000    
Originated Four Years Prior [2] 33,736,000    
Originated Five or More Years Prior [2] 734,874,000    
Revolving Loans [1],[2] 41,085,000    
Gross Loans [2] 1,192,211,000    
Residential Portfolio Segment [Member] | Watch [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 0    
Originated Two Years Prior [2] 0    
Originated Three Years Prior [2] 0    
Originated Four Years Prior [2] 0    
Originated Five or More Years Prior [2] 0    
Revolving Loans [1],[2] 0    
Gross Loans [2] 0    
Residential Portfolio Segment [Member] | Special Mention [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 0    
Originated Two Years Prior [2] 0    
Originated Three Years Prior [2] 0    
Originated Four Years Prior [2] 0    
Originated Five or More Years Prior [2] 0    
Revolving Loans [1],[2] 0    
Gross Loans [2] 0    
Residential Portfolio Segment [Member] | Substandard [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 0    
Originated Two Years Prior [2] 0    
Originated Three Years Prior [2] 0    
Originated Four Years Prior [2] 0    
Originated Five or More Years Prior [2] 1,172,000    
Revolving Loans [1],[2] 0    
Gross Loans [2] 1,172,000    
Residential Portfolio Segment [Member] | Doubtful [Member] | Loans Net of Derivative Basis Adjustment [Member]      
Originated Current Fiscal Year [2] 0    
Originated One Year Prior [2] 0    
Originated Two Years Prior [2] 0    
Originated Three Years Prior [2] 0    
Originated Four Years Prior [2] 0    
Originated Five or More Years Prior [2] 0    
Revolving Loans [1],[2] 0    
Gross Loans [2] 0    
Consumer And Other Portfolio Segment [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 43,000    
Originated Two Years Prior 205,000    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 100,000    
Revolving Loans [1] 814,000    
Gross Loans 1,162,000   1,230,000
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1] 0    
Current-period gross chargeoffs 0 0  
Current-period recoveries, revolving [1] 0    
Current-period recoveries 0 0  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs 0    
Current-period net chargeoffs [1] 0    
Consumer And Other Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 43,000    
Originated Two Years Prior 205,000    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 100,000    
Revolving Loans [1] 780,000    
Gross Loans 1,128,000    
Consumer And Other Portfolio Segment [Member] | Watch [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1] 0    
Gross Loans 0    
Consumer And Other Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1] 0    
Gross Loans 0    
Consumer And Other Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Revolving Loans [1] 0    
Gross Loans 0    
Consumer And Other Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1] 0    
Gross Loans 0    
Consumer And Other Portfolio Segment [Member] | Not Rated [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1] 34,000    
Gross Loans 34,000    
Commercial Real Estate Portfolio Segment [Member]      
Gross Loans 1,922,275,000   1,919,714,000
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 11,371,000    
Originated One Year Prior 41,911,000    
Originated Two Years Prior 190,637,000    
Originated Three Years Prior 175,890,000    
Originated Four Years Prior 37,107,000    
Originated Five or More Years Prior 402,230,000    
Revolving Loans [1],[2] 125,000    
Gross Loans 859,271,000    
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1],[2] 0    
Current-period gross chargeoffs 0 0  
Current-period recoveries, current fiscal year 0    
Current-period recoveries, one year prior 0    
Current-period recoveries, two years prior 0    
Current-period recoveries, three years prior 0    
Current-period recoveries, four years prior 0    
Current-period recoveries, five years prior 0    
Current-period recoveries, revolving [1],[2] 0    
Current-period recoveries 0 0  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs, revolving [1],[2] 0    
Current-period net chargeoffs 0    
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member]      
Originated Current Fiscal Year 6,489,000    
Originated One Year Prior 71,982,000    
Originated Two Years Prior 195,100,000    
Originated Three Years Prior 217,435,000    
Originated Four Years Prior 96,498,000    
Originated Five or More Years Prior 236,258,000    
Revolving Loans [1],[2] 22,000    
Gross Loans 823,784,000   829,090,000
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1],[2] 0    
Current-period gross chargeoffs 0 0  
Current-period recoveries, current fiscal year 0    
Current-period recoveries, one year prior 0    
Current-period recoveries, two years prior 0    
Current-period recoveries, three years prior 0    
Current-period recoveries, four years prior 0    
Current-period recoveries, five years prior 0    
Current-period recoveries, revolving [1],[2] 0    
Current-period recoveries 0 0  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs, revolving [1],[2] 0    
Current-period net chargeoffs 0    
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 8,180,000    
Originated One Year Prior 22,620,000    
Originated Two Years Prior 53,222,000    
Originated Three Years Prior 57,607,000    
Originated Four Years Prior 23,490,000    
Originated Five or More Years Prior 71,887,000    
Revolving Loans [1],[2] 2,214,000    
Gross Loans 239,220,000   $ 233,461,000
Current-period gross chargeoffs, current fiscal year 0    
Current-period gross chargeoffs, one year prior 0    
Current-period gross chargeoffs, two years prior 0    
Current-period gross chargeoffs, three years prior 0    
Current-period gross chargeoffs, four years prior 0    
Current-period gross chargeoffs, five years prior 0    
Current-period gross chargeoffs, revolving [1],[2] 0    
Current-period gross chargeoffs 0 0  
Current-period recoveries, current fiscal year 0    
Current-period recoveries, one year prior 0    
Current-period recoveries, two years prior 0    
Current-period recoveries, three years prior 0    
Current-period recoveries, four years prior 0    
Current-period recoveries, five years prior 0    
Current-period recoveries, revolving [1],[2] 0    
Current-period recoveries 0 $ 0  
Current-period net chargeoffs, current fiscal year 0    
Current-period net chargeoffs, one year prior 0    
Current-period net chargeoffs, two years prior 0    
Current-period net chargeoffs, three years prior 0    
Current-period net chargeoffs, four years prior 0    
Current-period net chargeoffs, five years prior 0    
Current-period net chargeoffs, revolving [1],[2] 0    
Current-period net chargeoffs 0    
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 11,371,000    
Originated One Year Prior 41,911,000    
Originated Two Years Prior 190,637,000    
Originated Three Years Prior 175,890,000    
Originated Four Years Prior 37,107,000    
Originated Five or More Years Prior [1] 400,448,000    
Revolving Loans [1],[2] 125,000    
Gross Loans 857,489,000    
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Loan [Member]      
Originated Current Fiscal Year 6,489,000    
Originated One Year Prior 71,982,000    
Originated Two Years Prior 195,100,000    
Originated Three Years Prior 217,435,000    
Originated Four Years Prior 96,498,000    
Originated Five or More Years Prior 214,930,000    
Revolving Loans [1],[2] 22,000    
Gross Loans 802,456,000    
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 8,180,000    
Originated One Year Prior 22,351,000    
Originated Two Years Prior 53,222,000    
Originated Three Years Prior 52,580,000    
Originated Four Years Prior 23,490,000    
Originated Five or More Years Prior 71,887,000    
Revolving Loans [1],[2] 2,214,000    
Gross Loans 233,924,000    
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 1,782,000    
Revolving Loans [1],[2] 0    
Gross Loans 1,782,000    
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Other Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 14,664,000    
Revolving Loans [1],[2] 0    
Gross Loans 14,664,000    
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 269,000    
Originated Two Years Prior 0    
Originated Three Years Prior 5,027,000    
Originated Four Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 5,296,000    
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Other Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 6,664,000    
Revolving Loans [1],[2] 0    
Gross Loans 6,664,000    
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Multifamily Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Other Loan [Member]      
Originated Current Fiscal Year 0    
Originated One Year Prior 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans 0    
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Loan 1 [Member]      
Originated Current Fiscal Year 0    
Originated Two Years Prior 0    
Originated Three Years Prior 0    
Originated Four Years Prior 0    
Originated Five or More Years Prior 0    
Revolving Loans [1],[2] 0    
Gross Loans $ 0    
[1] Includes revolving lines converted to term of $3.1 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage and $6.2 million of residential home equity.
[2] Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $3.6 million related to basis adjustments for loans in the closed portfolio under the portfolio layer method at March 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See "Note 7 - Derivatives" for more information on the fair value hedge.
v3.24.1.u1
Note 5 - Stock-based Compensation (Details Textual)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 3.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) 1 year 9 months 18 days
v3.24.1.u1
Note 5 - Stock-based Compensation - Summary of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member]
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / shares
shares
Outstanding, number of RSUs (in shares) | shares 213,879
Outstanding, weighted average grant-date fair value (in dollars per share) | $ / shares $ 16.04
Granted, number of RSUs (in shares) | shares 185,911
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares $ 10.86
Converted, number of RSUs (in shares) | shares (45,720)
Converted, weighted average grant-date fair value (in dollars per share) | $ / shares $ 15.78
Forfeited, number of RSUs (in shares) | shares (3,144)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares $ 11.77
Outstanding, number of RSUs (in shares) | shares 350,926
Outstanding, weighted average grant-date fair value (in dollars per share) | $ / shares $ 13.37
Outstanding, weighted average remaining contractual term (Year) 1 year 5 months 12 days
Outstanding, aggregate intrinsic value | $ $ 3,892
v3.24.1.u1
Note 6 - Fair Value of Financial Instruments (Details Textual)
 3 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-Sale $ 677,112,000 $ 695,877,000
Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 677,112,000 695,877,000
Assets, Fair Value Disclosure 680,703,000 696,459,000
Fair Value, Recurring [Member] | Premises And Facilities [Member]    
Assets, Fair Value Disclosure 383,000  
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 172,000 192,000
Assets, Fair Value Disclosure $ 172,000 $ 192,000
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Number Of Non-Rated Bond Anticipation Notes 3  
Debt Securities, Available-for-Sale $ 172,000  
Debt Securities, Maturity Period (Year) 1 year  
v3.24.1.u1
Note 6 - Fair Value of Financial Instruments - Financial Instruments Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale $ 677,112 $ 695,877
Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 677,112 695,877
Assets, Fair Value Disclosure 680,703 696,459
Fair Value, Recurring [Member] | Interest Rate Swap [Member]    
Derivative - interest rate swaps 3,591 582
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
Assets, Fair Value Disclosure 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]    
Derivative - interest rate swaps 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 676,940 695,685
Assets, Fair Value Disclosure 680,531 696,267
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]    
Derivative - interest rate swaps 3,591 582
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale 172 192
Assets, Fair Value Disclosure 172 192
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]    
Derivative - interest rate swaps 0 0
US States and Political Subdivisions Debt Securities [Member]    
Debt Securities, Available-for-Sale 138,601 143,621
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 138,601 143,621
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 138,429 143,429
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale 172 192
Passthrough Mortgage Securities [Member]    
Debt Securities, Available-for-Sale 133,688 138,603
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 133,688 138,603
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 133,688 138,603
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale 0 0
Collateralized Debt Obligations [Member]    
Debt Securities, Available-for-Sale 173,326 182,262
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 173,326 182,262
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 173,326 182,262
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale 0 0
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 121,184 125,476
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 121,184 125,476
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale 0 0
Corporate Bond Securities [Member]    
Debt Securities, Available-for-Sale 110,313 105,915
Corporate Bond Securities [Member] | Fair Value, Recurring [Member]    
Debt Securities, Available-for-Sale 110,313 105,915
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt Securities, Available-for-Sale 0 0
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt Securities, Available-for-Sale 110,313 105,915
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt Securities, Available-for-Sale $ 0 $ 0
v3.24.1.u1
Note 6 - Fair Value of Financial Instruments - Financial Instruments Not Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Restricted stock $ 31,344 $ 32,659
Checking deposits 1,102,284 1,133,184
Savings, NOW and money market deposits 1,564,153 1,546,369
Time deposits 660,070 591,433
Reported Value Measurement [Member]    
Restricted stock 31,344 32,659
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member]    
Cash and cash equivalents 106,878 60,887
Checking deposits 1,102,284 1,133,184
Savings, NOW and money market deposits 1,564,153 1,546,369
Overnight advances 0 70,000
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]    
Cash and cash equivalents 106,878 60,887
Checking deposits 1,102,284 1,133,184
Savings, NOW and money market deposits 1,564,153 1,546,369
Time deposits 655,207 586,856
Overnight advances 0 70,000
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member]    
Loans, net (1) [1] 3,208,239 3,219,072
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]    
Loans, net (1) [1] 2,917,912 2,945,864
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member]    
Time deposits 660,070 591,433
Other borrowings 515,000 472,500
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]    
Other borrowings $ 513,285 $ 471,276
[1] The decrease in fair value of net loans is mainly due to an increase in interest rates.
v3.24.1.u1
Note 7 - Derivatives (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 16, 2023
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Interest Income (Expense), Operating   $ 18,161 $ 23,634  
Residential Portfolio Segment [Member]        
Derivative, Notional Amount   3,600    
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease), Excluded from Amortized Cost   462,600    
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease)   (3,579)   $ (506)
Fair Value Hedging [Member]        
Derivative, Term of Contract (Year) 3 years      
Derivative, Notional Amount $ 300,000      
Derivative, Fixed Interest Rate 3.82%      
Interest Income (Expense), Operating   $ 1,000    
v3.24.1.u1
Note 7 - Derivatives - Fair Value Hedge (Details) - Fair Value Hedging [Member] - USD ($)
$ in Billions
Mar. 31, 2024
Mar. 16, 2023
Notional amount   $ 0.3
Fixed pay rate   3.82%
Interest Rate Swap [Member]    
Notional amount $ 0.3  
Fixed pay rate 3.82%  
Overnight SOFR receive rate 5.34%  
Maturity (Year) 1 year 11 months 15 days  
v3.24.1.u1
Note 7 - Derivatives - Fair Value Hedge (Details) (Parentheticals)
 3 Months Ended
Mar. 31, 2024
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]
v3.24.1.u1
Note 7 - Derivative - Hedged Asset Amounts (Details) - Residential Portfolio Segment [Member] - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Carrying amount of the hedged asset (1) [1] $ 459,008 $ 465,495
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease) $ (3,579) $ (506)
[1] This amount represents the amortized cost basis of the closed loan portfolio used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At March 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $462.6 million. The cumulative basis adjustment associated with this hedging relationship was $3.6 million and the amount of the designated hedged item was $3.6 million.