Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000712771 | |
Entity Registrant Name | ConnectOne Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | 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 | 000-11486 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 52-1273725 | |
Entity Address, Address Line One | 301 Sylvan Avenue | |
Entity Address, City or Town | Englewood Cliffs | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07632 | |
City Area Code | 201 | |
Local Phone Number | 816-8900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,333,053 | |
Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock) | |
Trading Symbol | CNOBP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | CNOB | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Cond
Consolidated Statements of Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 45,322 | $ 61,421 |
Interest-bearing deposits with banks | 232,261 | 181,293 |
Cash and cash equivalents | 277,583 | 242,714 |
Investment securities | 619,397 | 617,162 |
Equity securities | 19,457 | 18,564 |
Loans receivable | 8,297,957 | 8,345,145 |
Less: Allowance for credit losses - loans | 82,869 | 81,974 |
Net loans receivable | 8,215,088 | 8,263,171 |
Investment in restricted stock, at cost | 48,931 | 51,457 |
Bank premises and equipment, net | 29,827 | 30,779 |
Accrued interest receivable | 49,731 | 49,108 |
Bank owned life insurance | 239,308 | 237,644 |
Right of use operating lease assets | 11,725 | 12,007 |
Goodwill | 208,372 | 208,372 |
Core deposit intangibles | 5,553 | 5,874 |
Other assets | 128,992 | 118,751 |
Total assets | 9,853,964 | 9,855,603 |
Deposits: | ||
Noninterest-bearing | 1,290,523 | 1,259,364 |
Interest-bearing | 6,298,131 | 6,276,838 |
Total deposits | 7,588,654 | 7,536,202 |
Borrowings | 877,568 | 933,579 |
Subordinated debentures, net | 79,566 | 79,439 |
Operating lease liabilities | 12,843 | 13,171 |
Other liabilities | 78,724 | 76,592 |
Total liabilities | 8,637,355 | 8,638,983 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of March 31, 2024 and as of December 31, 2023; outstanding 115,000 shares as of March 31, 2024 and as of December 31, 2023 | 110,927 | 110,927 |
Common stock, no par value: Authorized 100,000,000 shares; issued 42,218,601 shares as of March 31, 2024 and 42,122,948 shares as of December 31, 2023; outstanding 38,333,053 shares as of March 31, 2024 and 38,519,770 as of December 31, 2023 | 586,946 | 586,946 |
Additional paid-in capital | 32,866 | 33,182 |
Retained earnings | 600,118 | 590,970 |
Treasury stock, at cost 3,885,548 common shares as of March 31, 2024 and 3,603,178 as of December 31, 2023 | (76,116) | (70,296) |
Accumulated other comprehensive loss | (38,132) | (35,109) |
Total stockholders’ equity | 1,216,609 | 1,216,620 |
Total liabilities and stockholders’ equity | $ 9,853,964 | $ 9,855,603 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Peferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 115,000 | 115,000 |
Preferred Stock, Shares Outstanding (in shares) | 115,000 | 115,000 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 42,218,601 | 42,122,948 |
Common Stock, Shares, Outstanding (in shares) | 38,333,053 | 38,519,770 |
Treasury Stock, Common, Shares (in shares) | 3,885,548 | 3,603,178 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and fees on loans | $ 120,088 | $ 106,903 |
Interest and dividends on investment securities: | ||
Taxable | 4,334 | 4,229 |
Tax-exempt | 1,154 | 1,092 |
Dividends | 1,125 | 898 |
Interest on federal funds sold and other short-term investments | 2,906 | 2,975 |
Total interest income | 129,607 | 116,097 |
Interest expense | ||
Deposits | 60,407 | 40,087 |
Borrowings | 8,900 | 8,926 |
Total interest expense | 69,307 | 49,013 |
Net interest income | 60,300 | 67,084 |
Provision for credit losses | 4,000 | 1,000 |
Net interest income after provision for credit losses | 56,300 | 66,084 |
Noninterest income | ||
Deposit, loan and other income | 1,592 | 1,403 |
Income on bank owned life insurance | 1,664 | 1,531 |
Net gains on sale of loans held-for-sale | 506 | 49 |
Net gain (losses) on equity securities | 86 | (191) |
Total noninterest income | 3,848 | 2,792 |
Noninterest expenses | ||
Salaries and employee benefits | 22,196 | 22,261 |
Occupancy and equipment | 3,009 | 2,761 |
FDIC insurance | 1,800 | 950 |
Professional and consulting | 1,928 | 2,194 |
Marketing and advertising | 677 | 532 |
Information technology and communications | 4,389 | 3,061 |
Amortization of core deposit intangibles | 321 | 372 |
Other components of net periodic pension expense | (65) | (25) |
Other expenses | 2,810 | 2,764 |
Total noninterest expenses | 37,065 | 34,870 |
Income before income tax expense | 23,083 | 34,006 |
Income tax expense | 5,878 | 9,077 |
Net income | 17,205 | 24,929 |
Preferred dividends | 1,509 | 1,509 |
Net income available to common stockholders | $ 15,696 | $ 23,420 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.41 | $ 0.6 |
Diluted (in dollars per share) | $ 0.41 | $ 0.59 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 17,205 | $ 24,929 |
Other comprehensive income (loss): | ||
Unrealized holding (losses) gains on available-for-sale securities arising during the period | (10,361) | 6,528 |
Tax effect | 1,395 | (2,045) |
Net of tax | (8,966) | 4,483 |
Unrealized gains (losses) on cash flow hedges | 12,880 | (4,361) |
Tax effect | (2,920) | 1,312 |
Net of tax | 9,960 | (3,049) |
Reclassification adjustment for realized gains on cash flow hedges | (5,629) | (4,267) |
Tax effect | 1,582 | 1,284 |
Net of tax | (4,047) | (2,983) |
Reclassification adjustment for realized losses on pension plan included in net income | 43 | 74 |
Tax effect | (13) | (23) |
Net of tax | 30 | 51 |
Total other comprehensive loss | (3,023) | (1,498) |
Total comprehensive income | $ 14,182 | $ 23,431 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Performance Shares [Member] Preferred Stock [Member] | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] Retained Earnings [Member] | Performance Shares [Member] Treasury Stock, Common [Member] | Performance Shares [Member] AOCI Attributable to Parent [Member] | Performance Shares [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2022 | $ 110,927 | $ 586,946 | $ 30,126 | $ 535,915 | $ (52,799) | $ (32,364) | $ 1,178,751 | |||||||
Net income | 0 | 0 | 0 | 24,929 | 0 | 0 | 24,929 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (1,498) | (1,498) | |||||||
Cash dividends paid on preferred stock | (1,509) | (1,509) | ||||||||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (6,074) | 0 | 0 | (6,074) | |||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 1,143 | 0 | 0 | 0 | 1,143 | |||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (4,853) | 0 | (4,853) | |||||||
Exercise of stock options (6,473 shares) | 0 | 0 | 81 | 0 | 0 | 0 | 81 | |||||||
Balance at Mar. 31, 2023 | 110,927 | 586,946 | 31,350 | 553,261 | (57,652) | (33,862) | 1,190,970 | |||||||
Balance at Dec. 31, 2023 | 110,927 | 586,946 | 33,182 | 590,970 | (70,296) | (35,109) | 1,216,620 | |||||||
Net income | 0 | 0 | 0 | 17,205 | 0 | 0 | 17,205 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (3,023) | (3,023) | |||||||
Cash dividends paid on preferred stock | 0 | 0 | 0 | (1,509) | 0 | 0 | (1,509) | |||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (6,548) | 0 | 0 | (6,548) | |||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share redemption for tax withholdings on performance units and deferred stock units earned | 0 | 0 | (1,324) | 0 | 0 | 0 | (1,324) | |||||||
Stock-based compensation expense | 0 | 0 | 1,008 | 0 | 0 | 0 | 1,008 | |||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (5,820) | 0 | (5,820) | |||||||
Balance at Mar. 31, 2024 | $ 110,927 | $ 586,946 | $ 32,866 | $ 600,118 | $ (76,116) | $ (38,132) | $ 1,216,609 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Performance Shares [Member] | ||
Net shares issued in satisfaction of units earned, shares (in shares) | 24,070 | 52,353 |
Cash dividend declared on preferred stock, per share (in dollars per share) | $ 0.328125 | $ 0.328125 |
Cash dividends declared on common stock, per share (in dollars per share) | $ 0.17 | $ 0.17 |
Restricted stock grants, shares (in shares) | 36,446 | 49,202 |
Stock grants, shares (in shares) | 1,533 | 995 |
Net shares issued in satisfaction of units earned, shares (in shares) | 33,604 | 32,068 |
Repurchase of treasury stock, shares (in shares) | 282,370 | 205,163 |
Exercise of options, shares (in shares) | 6,473 |
Consolidated Statements of Cash
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 | $ 17,205 | $ 24,929 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,102 | 1,076 |
Provision for credit losses | 4,000 | 1,000 |
Amortization of intangibles | 321 | 372 |
Net accretion of loans | (247) | (743) |
Accretion on bank premises | (12) | (12) |
Accretion on deposits | (39) | (101) |
Amortization on borrowings, net | 5 | 5 |
Stock-based compensation | 1,008 | 1,143 |
(Gains) losses on equity securities, net | (86) | 191 |
Gains on sale of loans held-for-sale, net | (506) | (49) |
Loans originated for resale | (6,617) | (854) |
Proceeds from sale of loans held-for-sale | 7,123 | 1,202 |
Loss on sale of other real estate owned | 0 | 22 |
Increase in cash surrender value of bank owned life insurance | (1,664) | (1,531) |
Amortization of premium and accretion of discounts on securities available-for-sale | 185 | 268 |
Amortization of subordinated debentures issuance costs | 127 | 805 |
Increase in accrued interest receivable | (623) | (239) |
Net change in operating leases | (46) | (42) |
Increase in other assets | (2,946) | (13,321) |
Increase in other liabilities | 2,232 | 2,253 |
Net cash provided by operating activities | 20,522 | 16,374 |
Cash flows from investing activities | ||
Purchases | (25,947) | (4,763) |
Maturities, calls and principal repayments | 13,166 | 16,906 |
Purchase of equity securities | (807) | (2,405) |
Net redemptions of restricted investment in bank stocks | 2,526 | 225 |
Payments on loans held-for-sale | 0 | 17 |
Net decrease (increase) in loans | 44,273 | (33,911) |
Purchases of premises and equipment | (138) | (2,867) |
Proceeds from sale of OREO | 0 | 242 |
Net cash provided by (used in) investing activities | 33,073 | (26,556) |
Cash flows from financing activities | ||
Net increase in deposits | 52,491 | 396,654 |
Advances of Federal Home Loan Bank (“FHLB”) borrowings | 445,000 | 750,000 |
Repayments of FHLB borrowings | (501,016) | (755,016) |
Repayments of subordinated debt | 0 | (75,000) |
Cash dividends on preferred stock | (1,509) | (1,509) |
Cash dividends paid on common stock | (6,548) | (6,074) |
Repurchase of treasury stock | (5,820) | (4,853) |
Proceeds from exercise of stock options | 0 | 81 |
Share redemption for tax withholdings on performance units and deferred stock units earned | (1,324) | 0 |
Net cash (used in) provided by financing activities | (18,726) | 304,283 |
Net change in cash and cash equivalents | 34,869 | 294,101 |
Cash and cash equivalents at beginning of period | 242,714 | 268,315 |
Cash and cash equivalents at end of period | 277,583 | 562,416 |
Supplemental disclosures of cash flow information | ||
Interest paid on deposits and borrowings | 67,063 | 46,590 |
Income taxes | 10,861 | 1,257 |
Supplemental disclosures of noncash activities | ||
Transfer of loans from held-for-sale to held-for-investment | 0 | 13,456 |
Transfer of loans from held-for-investment to held-for-sale | $ 0 | $ 11,197 |
Note 1a - Nature of Operations,
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 24 Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. Segments FASB ASC 28, one not one Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Note 1b. Adoption of New Accounting Standards in 2024 In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 January 1, 2024 not Newly Issued, But Not In December 2023, 2023 09, 740 1 2 5% 1 2 5% 1 2 2023 09 January 1, 2025. 2023 09 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Earnings per Common Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260 10 45 two Earnings per common share have been computed based on the following: Three Months Ended March 31, (dollars in thousands, except for per share data) 2024 2023 Net income available to common stockholders $ 15,696 $ 23,420 Earnings allocated to participating securities (42 ) (44 ) Income attributable to common stock $ 15,654 $ 23,376 Weighted average common shares outstanding, including participating securities 38,423 39,178 Weighted average participating securities (104 ) (74 ) Weighted average common shares outstanding 38,319 39,104 Incremental shares from assumed conversions of options, performance units and restricted shares 193 197 Weighted average common and equivalent shares outstanding 38,512 39,301 Earnings per common share: Basic $ 0.41 $ 0.60 Diluted 0.41 0.59 There were no three March 31, 2024 March 31, 2023 |
Note 3 - Investment Securities
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] | Note 3. Investment Securities All of the Company’s investment securities are classified as available-for-sale as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 6 The following tables present information related to the Company’s portfolio of securities available-for-sale as of March 31, 2024 December 31, 2023 Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) March 31, 2024 Investment securities available-for-sale: Federal agency obligations $ 76,953 $ 190 $ (11,411 ) $ 65,732 $ - Residential mortgage pass-through securities 454,980 289 (58,848 ) 396,421 - Commercial mortgage pass-through securities 25,178 - (3,740 ) 21,438 - Obligations of U.S. states and political subdivisions 147,553 166 (18,163 ) 129,556 - Corporate bonds and notes 5,000 - (29 ) 4,971 - Asset-backed securities 1,167 - (15 ) 1,152 - Other securities 127 - - 127 - Total investment securities available-for-sale $ 710,958 $ 645 $ (92,206 ) $ 619,397 $ - December 31, 2023 Investment securities available-for-sale: Federal agency obligations $ 55,898 $ 189 $ (10,761 ) $ 45,326 $ - Residential mortgage pass-through securities 462,004 620 (51,433 ) 411,191 - Commercial mortgage pass-through securities 25,240 - (3,676 ) 21,564 - Obligations of U.S. states and political subdivisions 148,795 415 (16,505 ) 132,705 - Corporate bonds and notes 5,000 - (27 ) 4,973 - Asset-backed securities 1,260 - (22 ) 1,238 - Other securities 165 - - 165 - Total investment securities available-for-sale $ 698,362 $ 1,224 $ (82,424 ) $ 617,162 $ - Investment securities having a carrying value of approximately $192.4 million and $358.0 million as of March 31, 2024 December 31, 2023 March 11, 2024. March 31, 2024 December 31, 2023 one 10% The following table presents information for investments in securities available-for-sale as of March 31, 2024 not March 31, 2024 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,284 $ 2,269 Due after one year through five years 6,362 6,338 Due after five years through ten years 2,283 2,241 Due after ten years 219,744 190,563 Residential mortgage pass-through securities 454,980 396,421 Commercial mortgage pass-through securities 25,178 21,438 Other securities 127 127 Total investment securities available-for-sale $ 710,958 $ 619,397 There were no three March 31, 2024 March 31, 2023 Impairment Analysis of Available-for-Sale Debt Securities The following tables indicate securities in an unrealized loss position for which an allowance for credit losses (“ACL”) has not March 31, 2024 December 31, 2023 March 31, 2024 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 49,276 $ (11,411 ) $ 11,597 $ (93 ) $ 37,679 $ (11,318 ) Residential mortgage pass-through securities 368,077 (58,848 ) 3,345 (77 ) 364,732 (58,771 ) Commercial mortgage pass-through securities 21,437 (3,740 ) - - 21,437 (3,740 ) Obligations of U.S. states and political subdivisions 118,304 (18,163 ) 19,806 (389 ) 98,498 (17,774 ) Corporate bonds and notes 4,972 (29 ) 2,987 (14 ) 1,985 (15 ) Asset-backed securities 1,153 (15 ) - - 1,153 (15 ) Total temporarily impaired securities $ 563,219 $ (92,206 ) $ 37,735 $ (573 ) $ 525,484 $ (91,633 ) December 31, 2023 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 40,779 $ (10,761 ) $ 1,689 $ (65 ) $ 39,090 $ (10,696 ) Residential mortgage pass-through securities 382,042 (51,433 ) 4,138 (51 ) 377,904 (51,382 ) Commercial mortgage pass-through securities 21,565 (3,676 ) - - 21,565 (3,676 ) Obligations of U.S. states and political subdivisions 101,189 (16,505 ) 1,340 (7 ) 99,849 (16,498 ) Corporate bonds and notes 4,973 (27 ) 2,993 (7 ) 1,980 (20 ) Asset-backed securities 1,238 (22 ) - - 1,238 (22 ) Total temporarily impaired securities $ 551,786 $ (82,424 ) $ 10,160 $ (130 ) $ 541,626 $ (82,294 ) The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available-for-sale as of March 31, 2024 December 31, 2023 The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first not one not not not not not March 31, 2024. Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not 2008. not not zero |
Note 4 - Derivatives
Note 4 - Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 4. As part of our overall asset liability management strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not not Derivatives Designated as Hedges Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner: 1 2 As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% not no Cash Flow Hedges The Company during 2021, 2022 2024 twelve twelve December 2025 March 2028. no no The Company previously entered into two one October 1, 2022 October 2027 one November 2022 November 2027. $225 No Net interest (income) expense recorded on these swap and interest rate cap transactions totaled approximately ($5.7) million and $(4.3) million during the three March 31, 2024 March 31, 2023, The following table presents the net gains (losses) recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow hedge derivative instruments for the periods indicated: Three Months Ended March 31, 2024 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 12,880 $ (5,629 ) $ - Three Months Ended March 31, 2023 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ (4,361 ) $ (4,267 ) $ - The following table reflects the cash flow hedges included in the consolidated statements of condition as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 1,000,000 $ 50,508 $ 950,000 $ 43,805 |
Note 5 - Loans and the Allowanc
Note 5 - Loans and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Loans Receivable March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (dollars in thousands) Commercial $ 1,572,494 $ 1,578,730 Commercial real estate 5,829,950 5,895,545 Commercial construction 646,593 620,496 Residential real estate 254,214 256,041 Consumer 850 1,029 Gross loans 8,304,101 8,351,841 Net deferred loan fees (6,144 ) (6,696 ) Total loans receivable $ 8,297,957 $ 8,345,145 As of March 31, 2024 December 31, 2023 There were no March 31, 2024 December 31, 2023. Loans Receivable on Nonaccrual Status - March 31, 2024 December 31, 2023 March 31, 2024 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 1,683 $ 10,957 $ 12,640 Commercial real estate 65 33,210 33,275 Residential real estate 691 832 1,523 Total $ 2,439 $ 44,999 $ 47,438 December 31, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 1,763 $ 11,064 $ 12,827 Commercial real estate 8,013 28,179 36,192 Residential real estate 1,033 2,472 3,505 Total $ 10,809 $ 41,715 $ 52,524 Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and individually evaluated. Credit Quality Indicators third no not may not We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. The following table presents loans by origination, risk designation and gross charge-offs as of and during the three March 31, 2024 ( Term loans amortized cost basis by origination year 2024 2023 2022 2021 2020 Prior Revolving Loans Total Gross Loans Commercial Pass $ 8,719 $ 163,629 $ 253,890 $ 257,399 $ 37,512 $ 112,276 $ 706,574 $ 1,539,999 Special mention - - 10,687 - 18 3,945 3,184 17,834 Substandard - 250 124 236 - 12,998 1,053 14,661 Doubtful - - - - - - - - Total commercial $ 8,719 $ 163,879 $ 264,701 $ 257,635 $ 37,530 $ 129,219 $ 710,811 $ 1,572,494 YTD gross charge-offs $ - $ - $ 300 $ - $ - $ - $ - $ 300 Commercial Real Estate Pass $ 55,180 $ 247,846 $ 1,557,645 $ 1,564,163 $ 343,799 $ 1,521,233 $ 478,777 $ 5,768,643 Special mention - - - - - 22,723 - 22,723 Substandard - - - 1,878 - 19,921 16,785 38,584 Doubtful - - - - - - - - Total commercial real estate $ 55,180 $ 247,846 $ 1,557,645 $ 1,566,041 $ 343,799 $ 1,563,877 $ 495,562 $ 5,829,950 YTD gross charge-offs $ - $ - $ - $ - $ - $ 2,885 $ - $ 2,885 Commercial Construction Pass $ 5,250 $ 582 $ 4,201 $ 15,608 $ 6,236 $ - $ 606,016 $ 637,893 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial construction $ 5,250 $ 582 $ 4,201 $ 15,608 $ 6,236 $ - $ 614,716 $ 646,593 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential Pass $ 4,466 $ 15,268 $ 42,558 $ 21,832 $ 21,396 $ 107,917 $ 35,797 $ 249,234 Special mention - - - - - 647 2,810 3,457 Substandard - - - 547 - 735 241 1,523 Doubtful - - - - - - - - Total residential real estate $ 4,466 $ 15,268 $ 42,558 $ 22,379 $ 21,396 $ 109,299 $ 38,848 $ 254,214 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 706 $ 29 $ 36 $ - $ 5 $ - $ 74 $ 850 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer $ 706 $ 29 $ 36 $ - $ 5 $ - $ 74 $ 850 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Pass $ 74,321 $ 427,354 $ 1,858,330 $ 1,859,002 $ 408,948 $ 1,741,426 $ 1,827,238 $ 8,196,619 Special mention - - 10,687 - 18 27,315 14,694 52,714 Substandard - 250 124 2,661 - 33,654 18,079 54,768 Doubtful - - - - - - - - Grand total $ 74,321 $ 427,604 $ 1,869,141 $ 1,861,663 $ 408,966 $ 1,802,395 $ 1,860,011 $ 8,304,101 YTD gross charge-offs $ - $ - $ 300 $ - $ - $ 2,885 $ - $ 3,185 The following table presents loans by origination, risk designation and gross charge-offs as of and for the year ended December 31, 2023 ( Term loans amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Gross Loans Commercial Pass $ 178,582 $ 252,151 $ 265,705 $ 38,909 $ 13,726 $ 112,145 $ 684,779 $ 1,545,997 Special mention - 10,620 - - 562 3,417 3,199 17,798 Substandard 250 439 241 1 612 11,695 1,697 14,935 Doubtful - - - - - - - - Total commercial $ 178,832 $ 263,210 $ 265,946 $ 38,910 $ 14,900 $ 127,257 $ 689,675 $ 1,578,730 YTD gross charge-offs $ 54 $ 3,397 $ - $ - $ 280 $ 11,094 $ 63 $ 14,888 Commercial real estate Pass $ 248,660 $ 1,561,841 $ 1,585,109 $ 352,445 $ 353,391 $ 1,232,240 $ 497,588 $ 5,831,274 Special mention - - - - - 24,202 - 24,202 Substandard - - 1,888 - 1,255 20,141 16,785 40,069 Doubtful - - - - - - - - Total commercial real estate $ 248,660 $ 1,561,841 $ 1,586,997 $ 352,445 $ 354,646 $ 1,276,583 $ 514,373 $ 5,895,545 YTD gross charge-offs $ - $ - $ - $ - $ - $ 2,142 $ - $ 2,142 Commercial construction Pass $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 583,870 $ 611,796 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial construction $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 592,570 $ 620,496 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential real estate Pass $ 15,455 $ 42,830 $ 21,987 $ 21,704 $ 19,896 $ 91,114 $ 36,082 $ 249,068 Special mention - - - - - 651 2,817 3,468 Substandard - - 555 - - 2,144 806 3,505 Doubtful - - - - - - - - Total residential real estate $ 15,455 $ 42,830 $ 22,542 $ 21,704 $ 19,896 $ 93,909 $ 39,705 $ 256,041 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 18 $ 18 Consumer Pass $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 1 $ 1 Total Pass $ 444,128 $ 1,862,368 $ 1,888,446 $ 419,299 $ 387,013 $ 1,435,499 $ 1,802,411 $ 8,239,164 Special mention - 10,620 - - 562 28,270 14,716 54,168 Substandard 250 439 2,684 1 1,867 33,980 19,288 58,509 Doubtful - - - - - - - - Grand total $ 444,378 $ 1,873,427 $ 1,891,130 $ 419,300 $ 389,442 $ 1,497,749 $ 1,836,415 $ 8,351,841 YTD gross charge-offs $ 54 $ 3,397 $ - $ - $ 280 $ 13,236 $ 82 $ 17,049 Collateral Dependent Loans March 31, 2024 December 31, 2023 March 31, 2024 Real Estate Other Total (dollars in thousands) Commercial $ 1,700 $ 10,280 $ 11,980 Commercial real estate 33,210 - 33,210 Commercial construction - - - Residential real estate 832 - 832 Total $ 35,742 $ 10,280 $ 46,022 December 31, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,949 $ 10,387 $ 15,336 Commercial real estate 39,986 - 39,986 Commercial construction 8,700 - 8,700 Residential real estate 5,941 - 5,941 Total $ 59,576 $ 10,387 $ 69,963 Aging Analysis - March 31, 2024 December 31, 2023: March 31, 2024 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 495 $ - $ - $ 12,640 $ 13,135 $ 1,559,359 $ 1,572,494 Commercial real estate 525 - - 33,275 33,800 5,796,150 5,829,950 Commercial construction - - 23,600 - 23,600 622,993 646,593 Residential real estate 1,942 - - 1,523 3,465 250,749 254,214 Consumer 99 - - - 99 751 850 Total $ 3,061 $ - $ 23,600 $ 47,438 $ 74,099 $ 8,230,002 $ 8,304,101 As of March 31, 2024, one loan for $23.6 million was past due more than 90 days and still accruing; the loan is well-secured at a loan-to-value of approximately 60% and is in the process of collection. December 31, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 555 $ - $ - $ 12,827 $ 13,382 $ 1,565,348 $ 1,578,730 Commercial real estate 527 - - 36,192 36,719 5,858,826 5,895,545 Commercial construction - 23,600 - - 23,600 596,896 620,496 Residential real estate 275 226 - 3,505 4,006 252,035 256,041 Consumer - - - - - 1,029 1,029 Total $ 1,357 $ 23,826 $ - $ 52,524 $ 77,707 $ 8,274,134 $ 8,351,841 The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses that are allocated to each loan portfolio segment: March 31, 2024 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ - $ - $ - $ - $ - Collectively evaluated 20,475 52,794 5,011 4,326 3 82,609 Acquired with deteriorated credit quality 260 - - - - 260 Total $ 20,735 $ 52,794 $ 5,011 $ 4,326 $ 3 $ 82,869 Gross loans Individually analyzed $ 11,980 $ 33,210 $ - $ 832 $ - $ 46,022 Collectively evaluated 1,560,040 5,796,740 646,593 253,382 850 8,257,605 Acquired with deteriorated credit quality 474 - - - - 474 Total $ 1,572,494 $ 5,829,950 $ 646,593 $ 254,214 $ 850 $ 8,304,101 December 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ 941 $ - $ - $ - $ 941 Collectively evaluated 20,215 51,337 4,739 4,320 5 80,616 Acquired with deteriorated credit quality 417 - - - - 417 Total $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Gross loans Individually analyzed $ 15,336 $ 39,986 $ 8,700 $ 5,941 $ - $ 69,963 Collectively evaluated 1,562,910 5,855,559 611,796 250,100 1,029 8,281,394 Acquired with deteriorated credit quality 484 - - - - 484 Total $ 1,578,730 $ 5,895,545 $ 620,496 $ 256,041 $ 1,029 $ 8,351,841 Activity in the Company’s ACL for loans for the three March 31, 2024 Three Months Ended March 31, 2024 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2023 $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Charge-offs (300 ) (2,885 ) - - - (3,185 ) Recoveries 23 - - - - 23 Provision for (reversal of) credit losses - loans 380 3,401 272 6 (2 ) 4,057 Balance as of March 31, 2024 $ 20,735 $ 52,794 $ 5,011 $ 4,326 $ 3 $ 82,869 Activity in the Company’s ACL for loans for the three March 31, 2023 Three Months Ended March 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (2,767 ) (1,717 ) - - - (4,484 ) Recoveries - - - 1 - 1 Provision for (reversal of) credit losses - loans 26 975 248 (276 ) (1 ) 972 Balance as of March 31, 2023 $ 26,162 $ 53,000 $ 3,966 $ 3,868 $ 6 $ 87,002 Loan Modifications to Borrowers Experiencing Financial Difficulty: The following tables presents the amortized cost basis at the end of the reporting period of the loan modifications to borrowers experiencing financial difficulty and the percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the gross loans of the relevant loan segment. The total percentage represents the total modified loans as compared to the total gross loans balance. Three Months Ended March 31, 2024 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ - $ 126 $ - $ 126 0.01 % The above table consists of one three Three Months Ended March 31, 2023 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ 63 $ - $ - $ 63 0.01 % The above table consists of one The Company closely monitors the performance of loans that are modified to borrower’s experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans that have been modified during the three March 31, 2024 March 31, 2023: March 31, 2024 Current 30-89 Days Past Due 90 Days or Greater Past Due and Still Accruing (dollars in thousands) Commercial $ 126 $ - $ - March 31, 2023 Current 30-89 Days Past Due 90 Days or Greater Past Due and Still Accruing (dollars in thousands) Commercial $ 63 $ - $ - Loan Modifications to Borrowers Experiencing Financial Difficulty: During the three March 31, 2024 March 31, 2023, no There were no loans to borrowers experiencing financial difficulty that had a payment default during the three March 31, 2024 2023 twelve 90 Allowance for Credit Losses for Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the provision for (reversal of) credit losses on the Company’s income statement. The following table presents a roll forward of the allowance for credit losses for unfunded commitments for the three March 31, 2024 2023 Three Months Ended Three Months Ended March 31, March 31, 2024 2023 (dollars in thousands) Balance at beginning of period $ 2,811 $ 3,036 (Reversal of) provision for credit losses - unfunded commitments (57 ) 28 Balance at end of period $ 2,754 $ 3,064 Components of Provision for Credit Losses The following table summarizes the provision for (reversal of) credit losses for the three March 31, 2024 2023 Three Months Ended Three Months Ended March 31, March 31, 2024 2023 (dollars in thousands) Provision for credit losses – loans $ 4,057 $ 972 (Reversal of) provision for credit losses - unfunded commitments (57 ) 28 Provision for credit losses $ 4,000 $ 1,000 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not may not Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 Investment Securities Available-for-Sale and Equity Securities 1 1 not 2 3. Derivatives 2 not third For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of March 31, 2024 December 31, 2023 March 31, 2024 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 65,732 $ - $ 65,732 $ - Residential mortgage pass-through securities 396,421 - 396,421 - Commercial mortgage pass-through securities 21,438 - 21,438 - Obligations of U.S. states and political subdivision 129,556 - 122,666 6,890 Corporate bonds and notes 4,971 - 4,971 - Asset-backed securities 1,152 - 1,152 - Other securities 127 127 - - Total available-for-sale 619,397 127 612,380 6,890 Equity securities 19,457 9,743 9,714 - Derivatives 50,508 - 50,508 - Total assets $ 689,362 $ 9,870 $ 672,602 $ 6,890 December 31, 2023 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,326 $ - $ 45,326 $ - Residential mortgage pass- through securities 411,191 - 411,191 - Commercial mortgage pass-through securities 21,564 - 21,564 - Obligations of U.S. states and political subdivision 132,705 - 125,583 7,122 Corporate bonds and notes 4,973 - 4,973 - Asset-backed securities 1,238 - 1,238 - Other securities 165 165 - - Total available-for-sale $ 617,162 $ 165 $ 609,875 $ 7,122 Equity securities 18,564 9,867 8,697 - Derivatives 43,805 - 43,805 - Total assets $ 679,531 $ 10,032 $ 662,377 $ 7,122 There were no 1 2 three March 31, 2024 December 31, 2023 Assets Measured at Fair Value on a Nonrecurring Basis The Company may March 31, 2024 December 31, 2023 Loans Held-for-Sale 2 Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value of these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets (Level 3 Collateral Dependent Loans may not 3 not 3 For assets measured at fair value on a nonrecurring basis, the fair value measurements as of March 31, 2024 December 31, 2023 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 763 $ - $ - $ 763 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 657 $ - $ - $ 657 Commercial real estate 7,005 - - 7,005 Collateral dependent loans March 31, 2024 December 31, 2023 Assets Measured with Significant Unobservable Level 3 Recurring basis The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 three March 31, 2024 December 31, 2023: Municipal Securities (dollars in thousands) Beginning balance, January 1, 2024 $ 7,122 Principal paydowns (75 ) Change in unrealized loss (157 ) Ending balance, March 31, 2024 $ 6,890 Municipal Securities (dollars in thousands) Beginning balance, January 1, 2023 $ 7,349 Principal paydowns (272 ) Changes in unrealized gain 45 Ending balance, December 31, 2023 $ 7,122 The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 3 March 31, 2024 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 6,890 Discounted cash flows Discount rate 4.6 % December 31, 2023 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,122 Discounted cash flows Discount rate 4.3 % Nonrecurring basis : 3 March 31, 2024 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 763 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+0.8%) December 31, 2023 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial loans $ 657 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+.1%) Commercial real estate loans 7,005 Appraisals of collateral value Adjustment for comparable sales -15% to +0% (-10.3%) As of March 31, 2024 820, Fair Value Measurement March 31, 2024 December 31, 2023 Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) March 31, 2024 Financial assets: Cash and due from banks $ 277,583 $ 277,583 $ 277,583 $ - $ - Securities available-for-sale 619,397 619,397 127 612,380 6,890 Restricted investments in bank stocks 48,931 n/a n/a n/a n/a Equity securities 19,457 19,457 9,743 9,714 - Net loans 8,215,088 7,946,659 - - 7,946,659 Derivatives - interest rate contracts 50,508 50,508 - 50,508 - Accrued interest receivable 49,731 49,731 - 5,847 43,884 Financial liabilities: Noninterest-bearing deposits 1,290,523 1,290,523 1,290,523 - - Interest-bearing deposits 6,298,131 6,276,751 3,674,740 2,602,011 - Borrowings 877,568 874,778 - 874,778 - Subordinated debentures 79,566 79,748 - 79,748 - Accrued interest payable 12,304 12,304 - 12,304 - December 31, 2023 Financial assets: Cash and due from banks $ 242,714 $ 242,714 $ 242,714 $ - $ - Investment securities available-for-sale 617,162 617,162 165 609,875 7,122 Restricted investment in bank stocks 51,457 n/a n/a n/a n/a Equity securities 18,564 18,564 9,867 8,697 - Net loans 8,263,171 8,001,504 - - 8,001,504 Derivatives - interest rate contracts 43,805 43,805 - 43,805 - Accrued interest receivable 49,108 49,108 - 5,387 43,721 Financial liabilities: Noninterest-bearing deposits 1,259,364 1,259,364 1,259,364 - - Interest-bearing deposits 6,276,838 6,256,444 3,745,467 2,510,977 - Borrowings 933,579 932,081 . 932,081 - Subordinated debentures 79,439 77,952 - 77,952 - Accrued interest payable 10,152 10,152 - 10,152 - The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not Changes in assumptions or estimation methodologies may The Company’s remaining assets and liabilities, which are not not No 825 10. Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not not Management believes that reasonable comparability between financial institutions may not |
Note 7 - Comprehensive (Loss) I
Note 7 - Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Total comprehensive (loss) income includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes. The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands): Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2024 2023 Interest income on cash flow hedges $ 5,629 $ 4,267 Borrowings and deposits expense (1,582 ) (1,284 ) Income tax (expense) benefit $ 4,047 $ 2,983 Amortization of pension plan net actuarial losses $ (43 ) $ (74 ) Other components of net periodic pension expense 13 23 Income tax benefit $ (30 ) $ (51 ) Total reclassification $ 4,017 $ 2,932 Accumulated other comprehensive loss as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (dollars in thousands) Investment securities available-for-sale, net of tax $ (66,743 ) $ (57,835 ) Cash flow hedge, net of tax 30,723 24,810 Defined benefit pension and post-retirement plans, net of tax (2,112 ) (2,084 ) Total $ (38,132 ) $ (35,109 ) |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8. Stock-based Compensation The Company’s stockholders approved the 2017 May 23, 2017. March 31, 2024 May 30, 2023, March 31, 2024 Restricted stock, options and deferred stock units typically have a three one one third ten may three no not. All awards are issued at the fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. Forfeiture rates are not three March 31, 2024 March 31, 2023 Activity under the Company’s restricted stock for the three March 31, 2024 Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2023 115,805 $ 17.85 Granted 39,653 19.16 Vested (32,764 ) 23.63 Forfeited/cancelled/expired (1,674 ) 17.93 Nonvested as of March 31, 2024 121,020 $ 16.71 As of March 31, 2024 A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2023 164,231 $ 23.06 Awarded 91,691 19.01 Change in estimate (10,774 ) 11.93 Vested shares (53,041 ) 25.24 Forfeited/cancelled/expired (10,260 ) 23.10 Unearned as of March 31, 2024 181,847 302,196 $ 21.04 As of March 31, 2024 March 31, 2024 three March 31, 2024 three March 31, 2024 March 31, 2024 not A summary of the status of unearned deferred stock units and the changes in deferred stock units during the period is presented in the table below: Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2023 188,348 $ 22.11 Awarded 81,736 19.01 Vested shares (73,013 ) 22.98 Forfeited/cancelled/expired (7,360 ) 21.53 Unearned as of March 31, 2024 189,711 $ 20.46 Any forfeitures would result in previously recognized expense being reversed. A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the three March 31, 2024 three March 31, 2024 March 31, 2024 not |
Note 9 - Components of Net Peri
Note 9 - Components of Net Periodic Pension Cost | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 9. Components of Net Periodic Pension Cost The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, Three Months Ended Affected Line Item in the Consolidated March 31, Statements of Income 2024 2023 (dollars in thousands) Service cost $ - $ - Interest cost 106 110 Other components of net periodic pension expense Expected return on plan assets (214 ) (209 ) Other components of net periodic pension expense Net amortization 43 74 Other components of net periodic pension expense Total periodic pension income $ (65 ) $ (25 ) Contributions The Company did not three March 31, 2024 not 2024. No may |
Note 10 - Deposits
Note 10 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10. Time Deposits As of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, March 31, 2024, 2024 $ 1,756,289 2025 598,372 2026 226,995 2027 38,946 2028 3,891 thereafter 176 Time deposits (before net discount) $ 2,624,669 Fair value net discount (1,278 ) Total time deposits (after net discount) $ 2,623,391 The amount of time deposits with balances in excess of $250,000 March 31, 2024 December 31, 2023, |
Note 11 - FHLB Borrowings
Note 11 - FHLB Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | Note 11. The Company’s FHLB borrowings and weighted average interest rates are summarized below: March 31, 2024 December 31, 2023 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 725,000 5.48 % $ 881,000 5.57 % 1 year through less than 2 years 75,000 3.30 25,000 1.00 2 years through less than 3 years 52,050 4.15 2,050 2.23 3 years through less than 4 years 285 2.85 293 2.85 4 years through 5 years 25,000 4.18 25,000 4.18 After 5 years 286 2.96 294 2.96 FHLB borrowings - gross 877,621 5.18 % 933,637 5.41 % Fair value discount (53 ) (58 ) Total FHLB borrowings $ 877,568 $ 933,579 The FHLB borrowings are secured by pledges of certain collateral including, but not first Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances bear fixed rates. The advances as of March 31, 2024 March 31, 2024 |
Note 12 - Subordinated Debentur
Note 12 - Subordinated Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 12. During 2003, December 19, 2003, January 23, 2034. June 30, 2023 July 3, 2023 three March 31, 2024 not not 810 10. The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of March 31, 2024 December 31, 2023 As of March 31, 2024 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points 1/23/2034 1/23/2009 As of December 31, 2023 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points+26.161 Basis Points 1/23/2034 1/23/2009 On June 10, 2020, “2020 2020 June 15, 2025 June 15 December 15 December 15, 2020. June 15, 2025 March 15, June 15, September 15 December 15 September 15, 2025. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 24 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. |
Segment Reporting, Policy [Policy Text Block] | Segments FASB ASC 28, one not one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards in 2024 In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 January 1, 2024 not Newly Issued, But Not In December 2023, 2023 09, 740 1 2 5% 1 2 5% 1 2 2023 09 January 1, 2025. 2023 09 |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (dollars in thousands, except for per share data) 2024 2023 Net income available to common stockholders $ 15,696 $ 23,420 Earnings allocated to participating securities (42 ) (44 ) Income attributable to common stock $ 15,654 $ 23,376 Weighted average common shares outstanding, including participating securities 38,423 39,178 Weighted average participating securities (104 ) (74 ) Weighted average common shares outstanding 38,319 39,104 Incremental shares from assumed conversions of options, performance units and restricted shares 193 197 Weighted average common and equivalent shares outstanding 38,512 39,301 Earnings per common share: Basic $ 0.41 $ 0.60 Diluted 0.41 0.59 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) March 31, 2024 Investment securities available-for-sale: Federal agency obligations $ 76,953 $ 190 $ (11,411 ) $ 65,732 $ - Residential mortgage pass-through securities 454,980 289 (58,848 ) 396,421 - Commercial mortgage pass-through securities 25,178 - (3,740 ) 21,438 - Obligations of U.S. states and political subdivisions 147,553 166 (18,163 ) 129,556 - Corporate bonds and notes 5,000 - (29 ) 4,971 - Asset-backed securities 1,167 - (15 ) 1,152 - Other securities 127 - - 127 - Total investment securities available-for-sale $ 710,958 $ 645 $ (92,206 ) $ 619,397 $ - December 31, 2023 Investment securities available-for-sale: Federal agency obligations $ 55,898 $ 189 $ (10,761 ) $ 45,326 $ - Residential mortgage pass-through securities 462,004 620 (51,433 ) 411,191 - Commercial mortgage pass-through securities 25,240 - (3,676 ) 21,564 - Obligations of U.S. states and political subdivisions 148,795 415 (16,505 ) 132,705 - Corporate bonds and notes 5,000 - (27 ) 4,973 - Asset-backed securities 1,260 - (22 ) 1,238 - Other securities 165 - - 165 - Total investment securities available-for-sale $ 698,362 $ 1,224 $ (82,424 ) $ 617,162 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2024 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,284 $ 2,269 Due after one year through five years 6,362 6,338 Due after five years through ten years 2,283 2,241 Due after ten years 219,744 190,563 Residential mortgage pass-through securities 454,980 396,421 Commercial mortgage pass-through securities 25,178 21,438 Other securities 127 127 Total investment securities available-for-sale $ 710,958 $ 619,397 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2024 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 49,276 $ (11,411 ) $ 11,597 $ (93 ) $ 37,679 $ (11,318 ) Residential mortgage pass-through securities 368,077 (58,848 ) 3,345 (77 ) 364,732 (58,771 ) Commercial mortgage pass-through securities 21,437 (3,740 ) - - 21,437 (3,740 ) Obligations of U.S. states and political subdivisions 118,304 (18,163 ) 19,806 (389 ) 98,498 (17,774 ) Corporate bonds and notes 4,972 (29 ) 2,987 (14 ) 1,985 (15 ) Asset-backed securities 1,153 (15 ) - - 1,153 (15 ) Total temporarily impaired securities $ 563,219 $ (92,206 ) $ 37,735 $ (573 ) $ 525,484 $ (91,633 ) December 31, 2023 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 40,779 $ (10,761 ) $ 1,689 $ (65 ) $ 39,090 $ (10,696 ) Residential mortgage pass-through securities 382,042 (51,433 ) 4,138 (51 ) 377,904 (51,382 ) Commercial mortgage pass-through securities 21,565 (3,676 ) - - 21,565 (3,676 ) Obligations of U.S. states and political subdivisions 101,189 (16,505 ) 1,340 (7 ) 99,849 (16,498 ) Corporate bonds and notes 4,973 (27 ) 2,993 (7 ) 1,980 (20 ) Asset-backed securities 1,238 (22 ) - - 1,238 (22 ) Total temporarily impaired securities $ 551,786 $ (82,424 ) $ 10,160 $ (130 ) $ 541,626 $ (82,294 ) |
Note 4 - Derivatives (Tables)
Note 4 - Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2024 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 12,880 $ (5,629 ) $ - Three Months Ended March 31, 2023 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ (4,361 ) $ (4,267 ) $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 1,000,000 $ 50,508 $ 950,000 $ 43,805 |
Note 5 - Loans and the Allowa_2
Note 5 - Loans and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (dollars in thousands) Commercial $ 1,572,494 $ 1,578,730 Commercial real estate 5,829,950 5,895,545 Commercial construction 646,593 620,496 Residential real estate 254,214 256,041 Consumer 850 1,029 Gross loans 8,304,101 8,351,841 Net deferred loan fees (6,144 ) (6,696 ) Total loans receivable $ 8,297,957 $ 8,345,145 |
Schedule of Loans Held-for-sale [Table Text Block] | March 31, 2024 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 1,683 $ 10,957 $ 12,640 Commercial real estate 65 33,210 33,275 Residential real estate 691 832 1,523 Total $ 2,439 $ 44,999 $ 47,438 December 31, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 1,763 $ 11,064 $ 12,827 Commercial real estate 8,013 28,179 36,192 Residential real estate 1,033 2,472 3,505 Total $ 10,809 $ 41,715 $ 52,524 |
Financing Receivable Origination And Risk Designation [Table Text Block] | Term loans amortized cost basis by origination year 2024 2023 2022 2021 2020 Prior Revolving Loans Total Gross Loans Commercial Pass $ 8,719 $ 163,629 $ 253,890 $ 257,399 $ 37,512 $ 112,276 $ 706,574 $ 1,539,999 Special mention - - 10,687 - 18 3,945 3,184 17,834 Substandard - 250 124 236 - 12,998 1,053 14,661 Doubtful - - - - - - - - Total commercial $ 8,719 $ 163,879 $ 264,701 $ 257,635 $ 37,530 $ 129,219 $ 710,811 $ 1,572,494 YTD gross charge-offs $ - $ - $ 300 $ - $ - $ - $ - $ 300 Commercial Real Estate Pass $ 55,180 $ 247,846 $ 1,557,645 $ 1,564,163 $ 343,799 $ 1,521,233 $ 478,777 $ 5,768,643 Special mention - - - - - 22,723 - 22,723 Substandard - - - 1,878 - 19,921 16,785 38,584 Doubtful - - - - - - - - Total commercial real estate $ 55,180 $ 247,846 $ 1,557,645 $ 1,566,041 $ 343,799 $ 1,563,877 $ 495,562 $ 5,829,950 YTD gross charge-offs $ - $ - $ - $ - $ - $ 2,885 $ - $ 2,885 Commercial Construction Pass $ 5,250 $ 582 $ 4,201 $ 15,608 $ 6,236 $ - $ 606,016 $ 637,893 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial construction $ 5,250 $ 582 $ 4,201 $ 15,608 $ 6,236 $ - $ 614,716 $ 646,593 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential Pass $ 4,466 $ 15,268 $ 42,558 $ 21,832 $ 21,396 $ 107,917 $ 35,797 $ 249,234 Special mention - - - - - 647 2,810 3,457 Substandard - - - 547 - 735 241 1,523 Doubtful - - - - - - - - Total residential real estate $ 4,466 $ 15,268 $ 42,558 $ 22,379 $ 21,396 $ 109,299 $ 38,848 $ 254,214 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 706 $ 29 $ 36 $ - $ 5 $ - $ 74 $ 850 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer $ 706 $ 29 $ 36 $ - $ 5 $ - $ 74 $ 850 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Pass $ 74,321 $ 427,354 $ 1,858,330 $ 1,859,002 $ 408,948 $ 1,741,426 $ 1,827,238 $ 8,196,619 Special mention - - 10,687 - 18 27,315 14,694 52,714 Substandard - 250 124 2,661 - 33,654 18,079 54,768 Doubtful - - - - - - - - Grand total $ 74,321 $ 427,604 $ 1,869,141 $ 1,861,663 $ 408,966 $ 1,802,395 $ 1,860,011 $ 8,304,101 YTD gross charge-offs $ - $ - $ 300 $ - $ - $ 2,885 $ - $ 3,185 Term loans amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Gross Loans Commercial Pass $ 178,582 $ 252,151 $ 265,705 $ 38,909 $ 13,726 $ 112,145 $ 684,779 $ 1,545,997 Special mention - 10,620 - - 562 3,417 3,199 17,798 Substandard 250 439 241 1 612 11,695 1,697 14,935 Doubtful - - - - - - - - Total commercial $ 178,832 $ 263,210 $ 265,946 $ 38,910 $ 14,900 $ 127,257 $ 689,675 $ 1,578,730 YTD gross charge-offs $ 54 $ 3,397 $ - $ - $ 280 $ 11,094 $ 63 $ 14,888 Commercial real estate Pass $ 248,660 $ 1,561,841 $ 1,585,109 $ 352,445 $ 353,391 $ 1,232,240 $ 497,588 $ 5,831,274 Special mention - - - - - 24,202 - 24,202 Substandard - - 1,888 - 1,255 20,141 16,785 40,069 Doubtful - - - - - - - - Total commercial real estate $ 248,660 $ 1,561,841 $ 1,586,997 $ 352,445 $ 354,646 $ 1,276,583 $ 514,373 $ 5,895,545 YTD gross charge-offs $ - $ - $ - $ - $ - $ 2,142 $ - $ 2,142 Commercial construction Pass $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 583,870 $ 611,796 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial construction $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 592,570 $ 620,496 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential real estate Pass $ 15,455 $ 42,830 $ 21,987 $ 21,704 $ 19,896 $ 91,114 $ 36,082 $ 249,068 Special mention - - - - - 651 2,817 3,468 Substandard - - 555 - - 2,144 806 3,505 Doubtful - - - - - - - - Total residential real estate $ 15,455 $ 42,830 $ 22,542 $ 21,704 $ 19,896 $ 93,909 $ 39,705 $ 256,041 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 18 $ 18 Consumer Pass $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 1 $ 1 Total Pass $ 444,128 $ 1,862,368 $ 1,888,446 $ 419,299 $ 387,013 $ 1,435,499 $ 1,802,411 $ 8,239,164 Special mention - 10,620 - - 562 28,270 14,716 54,168 Substandard 250 439 2,684 1 1,867 33,980 19,288 58,509 Doubtful - - - - - - - - Grand total $ 444,378 $ 1,873,427 $ 1,891,130 $ 419,300 $ 389,442 $ 1,497,749 $ 1,836,415 $ 8,351,841 YTD gross charge-offs $ 54 $ 3,397 $ - $ - $ 280 $ 13,236 $ 82 $ 17,049 |
Financing Receivable, Collateral Dependent [Table Text Block] | March 31, 2024 Real Estate Other Total (dollars in thousands) Commercial $ 1,700 $ 10,280 $ 11,980 Commercial real estate 33,210 - 33,210 Commercial construction - - - Residential real estate 832 - 832 Total $ 35,742 $ 10,280 $ 46,022 December 31, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,949 $ 10,387 $ 15,336 Commercial real estate 39,986 - 39,986 Commercial construction 8,700 - 8,700 Residential real estate 5,941 - 5,941 Total $ 59,576 $ 10,387 $ 69,963 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 495 $ - $ - $ 12,640 $ 13,135 $ 1,559,359 $ 1,572,494 Commercial real estate 525 - - 33,275 33,800 5,796,150 5,829,950 Commercial construction - - 23,600 - 23,600 622,993 646,593 Residential real estate 1,942 - - 1,523 3,465 250,749 254,214 Consumer 99 - - - 99 751 850 Total $ 3,061 $ - $ 23,600 $ 47,438 $ 74,099 $ 8,230,002 $ 8,304,101 As of March 31, 2024, one loan for $23.6 million was past due more than 90 days and still accruing; the loan is well-secured at a loan-to-value of approximately 60% and is in the process of collection. December 31, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 555 $ - $ - $ 12,827 $ 13,382 $ 1,565,348 $ 1,578,730 Commercial real estate 527 - - 36,192 36,719 5,858,826 5,895,545 Commercial construction - 23,600 - - 23,600 596,896 620,496 Residential real estate 275 226 - 3,505 4,006 252,035 256,041 Consumer - - - - - 1,029 1,029 Total $ 1,357 $ 23,826 $ - $ 52,524 $ 77,707 $ 8,274,134 $ 8,351,841 |
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block] | March 31, 2024 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ - $ - $ - $ - $ - Collectively evaluated 20,475 52,794 5,011 4,326 3 82,609 Acquired with deteriorated credit quality 260 - - - - 260 Total $ 20,735 $ 52,794 $ 5,011 $ 4,326 $ 3 $ 82,869 Gross loans Individually analyzed $ 11,980 $ 33,210 $ - $ 832 $ - $ 46,022 Collectively evaluated 1,560,040 5,796,740 646,593 253,382 850 8,257,605 Acquired with deteriorated credit quality 474 - - - - 474 Total $ 1,572,494 $ 5,829,950 $ 646,593 $ 254,214 $ 850 $ 8,304,101 December 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ 941 $ - $ - $ - $ 941 Collectively evaluated 20,215 51,337 4,739 4,320 5 80,616 Acquired with deteriorated credit quality 417 - - - - 417 Total $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Gross loans Individually analyzed $ 15,336 $ 39,986 $ 8,700 $ 5,941 $ - $ 69,963 Collectively evaluated 1,562,910 5,855,559 611,796 250,100 1,029 8,281,394 Acquired with deteriorated credit quality 484 - - - - 484 Total $ 1,578,730 $ 5,895,545 $ 620,496 $ 256,041 $ 1,029 $ 8,351,841 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2024 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2023 $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Charge-offs (300 ) (2,885 ) - - - (3,185 ) Recoveries 23 - - - - 23 Provision for (reversal of) credit losses - loans 380 3,401 272 6 (2 ) 4,057 Balance as of March 31, 2024 $ 20,735 $ 52,794 $ 5,011 $ 4,326 $ 3 $ 82,869 Three Months Ended March 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (2,767 ) (1,717 ) - - - (4,484 ) Recoveries - - - 1 - 1 Provision for (reversal of) credit losses - loans 26 975 248 (276 ) (1 ) 972 Balance as of March 31, 2023 $ 26,162 $ 53,000 $ 3,966 $ 3,868 $ 6 $ 87,002 |
Financing Receivable, Modified [Table Text Block] | Three Months Ended March 31, 2024 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ - $ 126 $ - $ 126 0.01 % Three Months Ended March 31, 2023 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ 63 $ - $ - $ 63 0.01 % |
Financing Receivable, Modified, Past Due [Table Text Block] | March 31, 2024 Current 30-89 Days Past Due 90 Days or Greater Past Due and Still Accruing (dollars in thousands) Commercial $ 126 $ - $ - March 31, 2023 Current 30-89 Days Past Due 90 Days or Greater Past Due and Still Accruing (dollars in thousands) Commercial $ 63 $ - $ - |
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block] | Three Months Ended Three Months Ended March 31, March 31, 2024 2023 (dollars in thousands) Balance at beginning of period $ 2,811 $ 3,036 (Reversal of) provision for credit losses - unfunded commitments (57 ) 28 Balance at end of period $ 2,754 $ 3,064 |
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block] | Three Months Ended Three Months Ended March 31, March 31, 2024 2023 (dollars in thousands) Provision for credit losses – loans $ 4,057 $ 972 (Reversal of) provision for credit losses - unfunded commitments (57 ) 28 Provision for credit losses $ 4,000 $ 1,000 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2024 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 65,732 $ - $ 65,732 $ - Residential mortgage pass-through securities 396,421 - 396,421 - Commercial mortgage pass-through securities 21,438 - 21,438 - Obligations of U.S. states and political subdivision 129,556 - 122,666 6,890 Corporate bonds and notes 4,971 - 4,971 - Asset-backed securities 1,152 - 1,152 - Other securities 127 127 - - Total available-for-sale 619,397 127 612,380 6,890 Equity securities 19,457 9,743 9,714 - Derivatives 50,508 - 50,508 - Total assets $ 689,362 $ 9,870 $ 672,602 $ 6,890 December 31, 2023 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,326 $ - $ 45,326 $ - Residential mortgage pass- through securities 411,191 - 411,191 - Commercial mortgage pass-through securities 21,564 - 21,564 - Obligations of U.S. states and political subdivision 132,705 - 125,583 7,122 Corporate bonds and notes 4,973 - 4,973 - Asset-backed securities 1,238 - 1,238 - Other securities 165 165 - - Total available-for-sale $ 617,162 $ 165 $ 609,875 $ 7,122 Equity securities 18,564 9,867 8,697 - Derivatives 43,805 - 43,805 - Total assets $ 679,531 $ 10,032 $ 662,377 $ 7,122 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 763 $ - $ - $ 763 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 657 $ - $ - $ 657 Commercial real estate 7,005 - - 7,005 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Municipal Securities (dollars in thousands) Beginning balance, January 1, 2024 $ 7,122 Principal paydowns (75 ) Change in unrealized loss (157 ) Ending balance, March 31, 2024 $ 6,890 Municipal Securities (dollars in thousands) Beginning balance, January 1, 2023 $ 7,349 Principal paydowns (272 ) Changes in unrealized gain 45 Ending balance, December 31, 2023 $ 7,122 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2024 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 6,890 Discounted cash flows Discount rate 4.6 % December 31, 2023 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,122 Discounted cash flows Discount rate 4.3 % |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | March 31, 2024 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 763 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+0.8%) December 31, 2023 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial loans $ 657 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+.1%) Commercial real estate loans 7,005 Appraisals of collateral value Adjustment for comparable sales -15% to +0% (-10.3%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) March 31, 2024 Financial assets: Cash and due from banks $ 277,583 $ 277,583 $ 277,583 $ - $ - Securities available-for-sale 619,397 619,397 127 612,380 6,890 Restricted investments in bank stocks 48,931 n/a n/a n/a n/a Equity securities 19,457 19,457 9,743 9,714 - Net loans 8,215,088 7,946,659 - - 7,946,659 Derivatives - interest rate contracts 50,508 50,508 - 50,508 - Accrued interest receivable 49,731 49,731 - 5,847 43,884 Financial liabilities: Noninterest-bearing deposits 1,290,523 1,290,523 1,290,523 - - Interest-bearing deposits 6,298,131 6,276,751 3,674,740 2,602,011 - Borrowings 877,568 874,778 - 874,778 - Subordinated debentures 79,566 79,748 - 79,748 - Accrued interest payable 12,304 12,304 - 12,304 - December 31, 2023 Financial assets: Cash and due from banks $ 242,714 $ 242,714 $ 242,714 $ - $ - Investment securities available-for-sale 617,162 617,162 165 609,875 7,122 Restricted investment in bank stocks 51,457 n/a n/a n/a n/a Equity securities 18,564 18,564 9,867 8,697 - Net loans 8,263,171 8,001,504 - - 8,001,504 Derivatives - interest rate contracts 43,805 43,805 - 43,805 - Accrued interest receivable 49,108 49,108 - 5,387 43,721 Financial liabilities: Noninterest-bearing deposits 1,259,364 1,259,364 1,259,364 - - Interest-bearing deposits 6,276,838 6,256,444 3,745,467 2,510,977 - Borrowings 933,579 932,081 . 932,081 - Subordinated debentures 79,439 77,952 - 77,952 - Accrued interest payable 10,152 10,152 - 10,152 - |
Note 7 - Comprehensive (Loss)_2
Note 7 - Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2024 2023 Interest income on cash flow hedges $ 5,629 $ 4,267 Borrowings and deposits expense (1,582 ) (1,284 ) Income tax (expense) benefit $ 4,047 $ 2,983 Amortization of pension plan net actuarial losses $ (43 ) $ (74 ) Other components of net periodic pension expense 13 23 Income tax benefit $ (30 ) $ (51 ) Total reclassification $ 4,017 $ 2,932 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, 2024 December 31, 2023 (dollars in thousands) Investment securities available-for-sale, net of tax $ (66,743 ) $ (57,835 ) Cash flow hedge, net of tax 30,723 24,810 Defined benefit pension and post-retirement plans, net of tax (2,112 ) (2,084 ) Total $ (38,132 ) $ (35,109 ) |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2023 115,805 $ 17.85 Granted 39,653 19.16 Vested (32,764 ) 23.63 Forfeited/cancelled/expired (1,674 ) 17.93 Nonvested as of March 31, 2024 121,020 $ 16.71 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2023 164,231 $ 23.06 Awarded 91,691 19.01 Change in estimate (10,774 ) 11.93 Vested shares (53,041 ) 25.24 Forfeited/cancelled/expired (10,260 ) 23.10 Unearned as of March 31, 2024 181,847 302,196 $ 21.04 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2023 188,348 $ 22.11 Awarded 81,736 19.01 Vested shares (73,013 ) 22.98 Forfeited/cancelled/expired (7,360 ) 21.53 Unearned as of March 31, 2024 189,711 $ 20.46 |
Note 9 - Components of Net Pe_2
Note 9 - Components of Net Periodic Pension Cost (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Affected Line Item in the Consolidated March 31, Statements of Income 2024 2023 (dollars in thousands) Service cost $ - $ - Interest cost 106 110 Other components of net periodic pension expense Expected return on plan assets (214 ) (209 ) Other components of net periodic pension expense Net amortization 43 74 Other components of net periodic pension expense Total periodic pension income $ (65 ) $ (25 ) |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule Of Time Deposits [Table Text Block] | 2024 $ 1,756,289 2025 598,372 2026 226,995 2027 38,946 2028 3,891 thereafter 176 Time deposits (before net discount) $ 2,624,669 Fair value net discount (1,278 ) Total time deposits (after net discount) $ 2,623,391 |
Note 11 - FHLB Borrowings (Tabl
Note 11 - FHLB Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Federal Home Loan Bank, Advance, Branch of FHLBank [Table Text Block] | March 31, 2024 December 31, 2023 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 725,000 5.48 % $ 881,000 5.57 % 1 year through less than 2 years 75,000 3.30 25,000 1.00 2 years through less than 3 years 52,050 4.15 2,050 2.23 3 years through less than 4 years 285 2.85 293 2.85 4 years through 5 years 25,000 4.18 25,000 4.18 After 5 years 286 2.96 294 2.96 FHLB borrowings - gross 877,621 5.18 % 933,637 5.41 % Fair value discount (53 ) (58 ) Total FHLB borrowings $ 877,568 $ 933,579 |
Note 12 - Subordinated Debent_2
Note 12 - Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of March 31, 2024 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points 1/23/2034 1/23/2009 As of December 31, 2023 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points+26.161 Basis Points 1/23/2034 1/23/2009 |
Note 2 - Earnings Per Common _3
Note 2 - Earnings Per Common Share - Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income available to common stockholders | $ 15,696 | $ 23,420 |
Earnings allocated to participating securities | (42) | (44) |
Income attributable to common stock | $ 15,654 | $ 23,376 |
Weighted average common shares outstanding, including participating securities (in shares) | 38,423 | 39,178 |
Weighted average participating securities (in shares) | (104) | (74) |
Weighted average common shares outstanding (in shares) | 38,319 | 39,104 |
Incremental shares from assumed conversions of options, performance units and restricted shares (in shares) | 193 | 197 |
Weighted average common and equivalent shares outstanding (in shares) | 38,512 | 39,301 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.41 | $ 0.6 |
Diluted (in dollars per share) | $ 0.41 | $ 0.59 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) Pure in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity | 0 | 0 |
Accrued Investment Income Receivable | $ 2,200 | $ 2,300 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale, Restricted | $ 192,400 | $ 358,000 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | $ 710,958 | $ 698,362 |
Gross unrealized gains | 645 | 1,224 |
Gross unrealized losses | (92,206) | (82,424) |
Securities available-for-sale | 619,397 | 617,162 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 76,953 | 55,898 |
Gross unrealized gains | 190 | 189 |
Gross unrealized losses | (11,411) | (10,761) |
Securities available-for-sale | 65,732 | 45,326 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized cost | 454,980 | 462,004 |
Gross unrealized gains | 289 | 620 |
Gross unrealized losses | (58,848) | (51,433) |
Securities available-for-sale | 396,421 | 411,191 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized cost | 25,178 | 25,240 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3,740) | (3,676) |
Securities available-for-sale | 21,438 | 21,564 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 147,553 | 148,795 |
Gross unrealized gains | 166 | 415 |
Gross unrealized losses | (18,163) | (16,505) |
Securities available-for-sale | 129,556 | 132,705 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Corporate Debt Securities [Member] | ||
Amortized cost | 5,000 | 5,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (29) | (27) |
Securities available-for-sale | 4,971 | 4,973 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Asset-Backed Securities [Member] | ||
Amortized cost | 1,167 | 1,260 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (15) | (22) |
Securities available-for-sale | 1,152 | 1,238 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Other Debt Obligations [Member] | ||
Amortized cost | 127 | 165 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities available-for-sale | 127 | 165 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Scheduled Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Due in one year or less, amortized cost | $ 2,284 | |
Due in one year or less, fair value | 2,269 | |
Due after one year through five years, amortized cost | 6,362 | |
Due after one year through five years, fair value | 6,338 | |
Due after five years through ten years, amortized cost | 2,283 | |
Due after five years through ten years, fair value | 2,241 | |
Due after ten years, amortized cost | 219,744 | |
Due after ten years, fair value | 190,563 | |
Total investment securities available-for-sale, amortized cost | 710,958 | $ 698,362 |
Investment securities | 619,397 | 617,162 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 454,980 | |
Securities available-for-sale, without single maturity date, fair value | 396,421 | |
Total investment securities available-for-sale, amortized cost | 454,980 | 462,004 |
Investment securities | 396,421 | 411,191 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 25,178 | |
Securities available-for-sale, without single maturity date, fair value | 21,438 | |
Total investment securities available-for-sale, amortized cost | 25,178 | 25,240 |
Investment securities | 21,438 | 21,564 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 127 | |
Securities available-for-sale, without single maturity date, fair value | 127 | |
Total investment securities available-for-sale, amortized cost | 127 | 165 |
Investment securities | $ 127 | $ 165 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Temporarily impaired securities, fair value | $ 563,219 | $ 551,786 |
Temporarily impaired securities, unrealized losses | (92,206) | (82,424) |
Temporarily impaired securities, fair value, less than 12 months | 37,735 | 10,160 |
Temporarily impaired securities, unrealized losses, less than 12 months | (573) | (130) |
Temporarily impaired securities, fair value, 12 months or longer | 525,484 | 541,626 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (91,633) | (82,294) |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 49,276 | 40,779 |
Temporarily impaired securities, unrealized losses | (11,411) | (10,761) |
Temporarily impaired securities, fair value, less than 12 months | 11,597 | 1,689 |
Temporarily impaired securities, unrealized losses, less than 12 months | (93) | (65) |
Temporarily impaired securities, fair value, 12 months or longer | 37,679 | 39,090 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (11,318) | (10,696) |
Residential Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 368,077 | 382,042 |
Temporarily impaired securities, unrealized losses | (58,848) | (51,433) |
Temporarily impaired securities, fair value, less than 12 months | 3,345 | 4,138 |
Temporarily impaired securities, unrealized losses, less than 12 months | (77) | (51) |
Temporarily impaired securities, fair value, 12 months or longer | 364,732 | 377,904 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (58,771) | (51,382) |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 21,437 | 21,565 |
Temporarily impaired securities, unrealized losses | (3,740) | (3,676) |
Temporarily impaired securities, fair value, less than 12 months | 0 | 0 |
Temporarily impaired securities, unrealized losses, less than 12 months | 0 | 0 |
Temporarily impaired securities, fair value, 12 months or longer | 21,437 | 21,565 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (3,740) | (3,676) |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 118,304 | 101,189 |
Temporarily impaired securities, unrealized losses | (18,163) | (16,505) |
Temporarily impaired securities, fair value, less than 12 months | 19,806 | 1,340 |
Temporarily impaired securities, unrealized losses, less than 12 months | (389) | (7) |
Temporarily impaired securities, fair value, 12 months or longer | 98,498 | 99,849 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (17,774) | (16,498) |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 4,972 | 4,973 |
Temporarily impaired securities, unrealized losses | (29) | (27) |
Temporarily impaired securities, fair value, less than 12 months | 2,987 | 2,993 |
Temporarily impaired securities, unrealized losses, less than 12 months | (14) | (7) |
Temporarily impaired securities, fair value, 12 months or longer | 1,985 | 1,980 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (15) | (20) |
Asset-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 1,153 | 1,238 |
Temporarily impaired securities, unrealized losses | (15) | (22) |
Temporarily impaired securities, fair value, less than 12 months | 0 | 0 |
Temporarily impaired securities, unrealized losses, less than 12 months | 0 | 0 |
Temporarily impaired securities, fair value, 12 months or longer | 1,153 | 1,238 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ (15) | $ (22) |
Note 4 - Derivatives (Details T
Note 4 - Derivatives (Details Textual) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Oct. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Interest Income (Expense), Operating | $ 60,300 | $ 67,084 | ||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative, Number of Instruments Held | 12 | 12 | 12 | |||
Derivative Liability, Notional Amount | $ 550,000 | $ 550,000 | $ 550,000 | |||
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | ||||||
Derivative, Fixed Interest Rate | 0.63% | |||||
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | ||||||
Derivative, Fixed Interest Rate | 3.72% | |||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative, Number of Instruments Held | 2 | |||||
Derivative Liability, Notional Amount | $ 75,000 | $ 150,000 | ||||
Interest Income (Expense), Operating | $ (5,700) | $ (4,300) | ||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member] | ||||||
Derivative Liability, Notional Amount | $ 225,000 |
Note 4 - Derivatives - Net Loss
Note 4 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative, amount of gain (loss) recognized in OCI | $ 12,880 | $ (4,361) |
Derivative, amount of gain (loss) reclassified from OCI to interest income | (5,629) | (4,267) |
Derivative, Amount of gain recognized in other Noninterest income | $ 0 | $ 0 |
Note 4 - Derivatives - Cash Flo
Note 4 - Derivatives - Cash Flow Hedges Included in Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative, notional amount | $ 1,000,000 | $ 950,000 |
Derivative, fair value | $ 50,508 | $ 43,805 |
Note 5 - Loans and the Allowa_3
Note 5 - Loans and the Allowance for Credit Losses (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | |
Financing Receivable, after Allowance for Credit Loss | $ 8,215,088 | $ 8,263,171 | |
Financing Receivable, Trouble Debt Restructuring, Number of Contracts | 1 | 1 | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification (Year) | 3 years | ||
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 0 | 0 | |
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||
Financing Receivable, after Allowance for Credit Loss | $ 6,100,000 | $ 5,800,000 |
Note 5 - Loans and the Allowa_4
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross loans | $ 8,304,101 | $ 8,351,841 |
Net deferred loan fees | (6,144) | (6,696) |
Total loans receivable | 8,297,957 | 8,345,145 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,572,494 | 1,578,730 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,829,950 | 5,895,545 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 646,593 | 620,496 |
Residential Portfolio Segment [Member] | ||
Gross loans | 254,214 | 256,041 |
Consumer Portfolio Segment [Member] | ||
Gross loans | $ 850 | $ 1,029 |
Note 5 - Loans and the Allowa_5
Note 5 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual loans with ACL | $ 2,439 | $ 10,809 |
Nonaccrual loans without ACL | 44,999 | 41,715 |
Total Nonaccrual loans | 47,438 | 52,524 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 1,683 | 1,763 |
Nonaccrual loans without ACL | 10,957 | 11,064 |
Total Nonaccrual loans | 12,640 | 12,827 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 65 | 8,013 |
Nonaccrual loans without ACL | 33,210 | 28,179 |
Total Nonaccrual loans | 33,275 | 36,192 |
Residential Mortgage [Member] | ||
Nonaccrual loans with ACL | 691 | |
Nonaccrual loans without ACL | 832 | |
Total Nonaccrual loans | 1,523 | |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 1,033 | |
Nonaccrual loans without ACL | 2,472 | |
Total Nonaccrual loans | $ 1,523 | $ 3,505 |
Note 5 - Loans and the Allowa_6
Note 5 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Originated Current Fiscal Year | $ 74,321 | $ 444,378 | |
Originated One Year Prior | 427,604 | 1,873,427 | |
Originated Two Years Prior | 1,869,141 | 1,891,130 | |
Originated Three Years Prior | 1,861,663 | 419,300 | |
Originated Four Years Prior | 408,966 | 389,442 | |
Originated Five or More Years Prior | 1,802,395 | 1,497,749 | |
Revolving Loans | 1,860,011 | 1,836,415 | |
Gross loans | 8,304,101 | 8,351,841 | |
Gross write-off, current year | 0 | 54 | |
Gross write-off, one year prior | 0 | 3,397 | |
Gross write-off, two years prior | 300 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 280 | |
Gross write-off, five years prior | 2,885 | 13,236 | |
Gross write-off, revolving | 0 | 82 | |
Gross write-off | 3,185 | $ 4,484 | 17,049 |
Pass [Member] | |||
Originated Current Fiscal Year | 74,321 | 444,128 | |
Originated One Year Prior | 427,354 | 1,862,368 | |
Originated Two Years Prior | 1,858,330 | 1,888,446 | |
Originated Three Years Prior | 1,859,002 | 419,299 | |
Originated Four Years Prior | 408,948 | 387,013 | |
Originated Five or More Years Prior | 1,741,426 | 1,435,499 | |
Revolving Loans | 1,827,238 | 1,802,411 | |
Gross loans | 8,196,619 | 8,239,164 | |
Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 10,620 | |
Originated Two Years Prior | 10,687 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 18 | 562 | |
Originated Five or More Years Prior | 27,315 | 28,270 | |
Revolving Loans | 14,694 | 14,716 | |
Gross loans | 52,714 | 54,168 | |
Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 250 | |
Originated One Year Prior | 250 | 439 | |
Originated Two Years Prior | 124 | 2,684 | |
Originated Three Years Prior | 2,661 | 1 | |
Originated Four Years Prior | 0 | 1,867 | |
Originated Five or More Years Prior | 33,654 | 33,980 | |
Revolving Loans | 18,079 | 19,288 | |
Gross loans | 54,768 | 58,509 | |
Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 8,719 | 178,832 | |
Originated One Year Prior | 163,879 | 263,210 | |
Originated Two Years Prior | 264,701 | 265,946 | |
Originated Three Years Prior | 257,635 | 38,910 | |
Originated Four Years Prior | 37,530 | 14,900 | |
Originated Five or More Years Prior | 129,219 | 127,257 | |
Revolving Loans | 710,811 | 689,675 | |
Gross loans | 1,572,494 | 1,578,730 | |
Gross write-off, current year | 0 | 54 | |
Gross write-off, one year prior | 0 | 3,397 | |
Gross write-off, two years prior | 300 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 280 | |
Gross write-off, five years prior | 0 | 11,094 | |
Gross write-off, revolving | 0 | 63 | |
Gross write-off | 300 | 2,767 | 14,888 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 8,719 | 178,582 | |
Originated One Year Prior | 163,629 | 252,151 | |
Originated Two Years Prior | 253,890 | 265,705 | |
Originated Three Years Prior | 257,399 | 38,909 | |
Originated Four Years Prior | 37,512 | 13,726 | |
Originated Five or More Years Prior | 112,276 | 112,145 | |
Revolving Loans | 706,574 | 684,779 | |
Gross loans | 1,539,999 | 1,545,997 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 10,620 | |
Originated Two Years Prior | 10,687 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 18 | 562 | |
Originated Five or More Years Prior | 3,945 | 3,417 | |
Revolving Loans | 3,184 | 3,199 | |
Gross loans | 17,834 | 17,798 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 250 | |
Originated One Year Prior | 250 | 439 | |
Originated Two Years Prior | 124 | 241 | |
Originated Three Years Prior | 236 | 1 | |
Originated Four Years Prior | 0 | 612 | |
Originated Five or More Years Prior | 12,998 | 11,695 | |
Revolving Loans | 1,053 | 1,697 | |
Gross loans | 14,661 | 14,935 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 55,180 | 248,660 | |
Originated One Year Prior | 247,846 | 1,561,841 | |
Originated Two Years Prior | 1,557,645 | 1,586,997 | |
Originated Three Years Prior | 1,566,041 | 352,445 | |
Originated Four Years Prior | 343,799 | 354,646 | |
Originated Five or More Years Prior | 1,563,877 | 1,276,583 | |
Revolving Loans | 495,562 | 514,373 | |
Gross loans | 5,829,950 | 5,895,545 | |
Gross write-off, current year | 0 | 0 | |
Gross write-off, one year prior | 0 | 0 | |
Gross write-off, two years prior | 0 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 0 | |
Gross write-off, five years prior | 2,885 | 2,142 | |
Gross write-off, revolving | 0 | 0 | |
Gross write-off | 2,885 | 1,717 | 2,142 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 55,180 | 248,660 | |
Originated One Year Prior | 247,846 | 1,561,841 | |
Originated Two Years Prior | 1,557,645 | 1,585,109 | |
Originated Three Years Prior | 1,564,163 | 352,445 | |
Originated Four Years Prior | 343,799 | 353,391 | |
Originated Five or More Years Prior | 1,521,233 | 1,232,240 | |
Revolving Loans | 478,777 | 497,588 | |
Gross loans | 5,768,643 | 5,831,274 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 22,723 | 24,202 | |
Revolving Loans | 0 | 0 | |
Gross loans | 22,723 | 24,202 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 1,888 | |
Originated Three Years Prior | 1,878 | 0 | |
Originated Four Years Prior | 0 | 1,255 | |
Originated Five or More Years Prior | 19,921 | 20,141 | |
Revolving Loans | 16,785 | 16,785 | |
Gross loans | 38,584 | 40,069 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 5,250 | 582 | |
Originated One Year Prior | 582 | 5,463 | |
Originated Two Years Prior | 4,201 | 15,645 | |
Originated Three Years Prior | 15,608 | 6,236 | |
Originated Four Years Prior | 6,236 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 614,716 | 592,570 | |
Gross loans | 646,593 | 620,496 | |
Gross write-off, current year | 0 | 0 | |
Gross write-off, one year prior | 0 | 0 | |
Gross write-off, two years prior | 0 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 0 | |
Gross write-off, five years prior | 0 | 0 | |
Gross write-off, revolving | 0 | 0 | |
Gross write-off | 0 | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 5,250 | 582 | |
Originated One Year Prior | 582 | 5,463 | |
Originated Two Years Prior | 4,201 | 15,645 | |
Originated Three Years Prior | 15,608 | 6,236 | |
Originated Four Years Prior | 6,236 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 606,016 | 583,870 | |
Gross loans | 637,893 | 611,796 | |
Commercial Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 8,700 | 8,700 | |
Gross loans | 8,700 | 8,700 | |
Commercial Construction Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 4,466 | 15,455 | |
Originated One Year Prior | 15,268 | 42,830 | |
Originated Two Years Prior | 42,558 | 22,542 | |
Originated Three Years Prior | 22,379 | 21,704 | |
Originated Four Years Prior | 21,396 | 19,896 | |
Originated Five or More Years Prior | 109,299 | 93,909 | |
Revolving Loans | 38,848 | 39,705 | |
Gross loans | 254,214 | 256,041 | |
Gross write-off, current year | 0 | 0 | |
Gross write-off, one year prior | 0 | 0 | |
Gross write-off, two years prior | 0 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 0 | |
Gross write-off, five years prior | 0 | 0 | |
Gross write-off, revolving | 0 | 18 | |
Gross write-off | 0 | 0 | 18 |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 4,466 | 15,455 | |
Originated One Year Prior | 15,268 | 42,830 | |
Originated Two Years Prior | 42,558 | 21,987 | |
Originated Three Years Prior | 21,832 | 21,704 | |
Originated Four Years Prior | 21,396 | 19,896 | |
Originated Five or More Years Prior | 107,917 | 91,114 | |
Revolving Loans | 35,797 | 36,082 | |
Gross loans | 249,234 | 249,068 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 647 | 651 | |
Revolving Loans | 2,810 | 2,817 | |
Gross loans | 3,457 | 3,468 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 555 | |
Originated Three Years Prior | 547 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 735 | 2,144 | |
Revolving Loans | 241 | 806 | |
Gross loans | 1,523 | 3,505 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 706 | 849 | |
Originated One Year Prior | 29 | 83 | |
Originated Two Years Prior | 36 | 0 | |
Originated Three Years Prior | 0 | 5 | |
Originated Four Years Prior | 5 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 74 | 92 | |
Gross loans | 850 | 1,029 | |
Gross write-off, current year | 0 | 0 | |
Gross write-off, one year prior | 0 | 0 | |
Gross write-off, two years prior | 0 | 0 | |
Gross write-off, three years prior | 0 | 0 | |
Gross write-off, four years prior | 0 | 0 | |
Gross write-off, five years prior | 0 | 0 | |
Gross write-off, revolving | 0 | 1 | |
Gross write-off | 0 | $ 0 | 1 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 706 | 849 | |
Originated One Year Prior | 29 | 83 | |
Originated Two Years Prior | 36 | 0 | |
Originated Three Years Prior | 0 | 5 | |
Originated Four Years Prior | 5 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 74 | 92 | |
Gross loans | 850 | 1,029 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Gross loans | $ 0 | $ 0 |
Note 5 - Loans and the Allowa_7
Note 5 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross loans | $ 8,304,101 | $ 8,351,841 |
Real Estate [Member] | ||
Gross loans | 35,742 | 59,576 |
Other Collateral Pledged [Member] | ||
Gross loans | 10,280 | 10,387 |
Collateral Pledged [Member] | ||
Gross loans | 46,022 | 69,963 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,572,494 | 1,578,730 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 1,700 | 4,949 |
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 10,280 | 10,387 |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 11,980 | 15,336 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,829,950 | 5,895,545 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 33,210 | 39,986 |
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 33,210 | 39,986 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 646,593 | 620,496 |
Commercial Construction Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 0 | 8,700 |
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 0 | 8,700 |
Residential Portfolio Segment [Member] | ||
Gross loans | 254,214 | 256,041 |
Residential Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 832 | 5,941 |
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | $ 832 | $ 5,941 |
Note 5 - Loans and the Allowa_8
Note 5 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross loans | $ 8,304,101 | $ 8,351,841 |
Nonaccrual | 47,438 | 52,524 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 3,061 | 1,357 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 23,826 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 23,600 | 0 |
Financial Asset, Past Due [Member] | ||
Gross loans | 74,099 | 77,707 |
Financial Asset, Not Past Due [Member] | ||
Gross loans | 8,230,002 | 8,274,134 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,572,494 | 1,578,730 |
Nonaccrual | 12,640 | 12,827 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 495 | 555 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 13,135 | 13,382 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 1,559,359 | 1,565,348 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,829,950 | 5,895,545 |
Nonaccrual | 33,275 | 36,192 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 525 | 527 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 33,800 | 36,719 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 5,796,150 | 5,858,826 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 646,593 | 620,496 |
Nonaccrual | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 23,600 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 23,600 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 23,600 | 23,600 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 622,993 | 596,896 |
Residential Portfolio Segment [Member] | ||
Gross loans | 254,214 | 256,041 |
Nonaccrual | 1,523 | 3,505 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 1,942 | 275 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 226 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 3,465 | 4,006 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 250,749 | 252,035 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 850 | 1,029 |
Nonaccrual | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 99 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 99 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | $ 751 | $ 1,029 |
Note 5 - Loans and the Allowa_9
Note 5 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Individually analyzed | $ 0 | $ 941 | ||
Collectively evaluated | 82,609 | 80,616 | ||
Total | 82,869 | 81,974 | $ 87,002 | $ 90,513 |
Individually analyzed | 46,022 | 69,963 | ||
Collectively evaluated | 8,257,605 | 8,281,394 | ||
Total | 8,304,101 | 8,351,841 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 260 | 417 | ||
Individually analyzed | 474 | 484 | ||
Commercial Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 20,475 | 20,215 | ||
Total | 20,735 | 20,632 | 26,162 | 28,903 |
Individually analyzed | 11,980 | 15,336 | ||
Collectively evaluated | 1,560,040 | 1,562,910 | ||
Total | 1,572,494 | 1,578,730 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 260 | 417 | ||
Individually analyzed | 474 | 484 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 941 | ||
Collectively evaluated | 52,794 | 51,337 | ||
Total | 52,794 | 52,278 | 53,000 | 53,742 |
Individually analyzed | 33,210 | 39,986 | ||
Collectively evaluated | 5,796,740 | 5,855,559 | ||
Total | 5,829,950 | 5,895,545 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Individually analyzed | 0 | 0 | ||
Commercial Construction Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 5,011 | 4,739 | ||
Total | 5,011 | 4,739 | 3,966 | 3,718 |
Individually analyzed | 0 | 8,700 | ||
Collectively evaluated | 646,593 | 611,796 | ||
Total | 646,593 | 620,496 | ||
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Individually analyzed | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 4,326 | 4,320 | ||
Total | 4,326 | 4,320 | 3,868 | 4,143 |
Individually analyzed | 832 | 5,941 | ||
Collectively evaluated | 253,382 | 250,100 | ||
Total | 254,214 | 256,041 | ||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Individually analyzed | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 3 | 5 | ||
Total | 3 | 5 | $ 6 | $ 7 |
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 850 | 1,029 | ||
Total | 850 | 1,029 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Individually analyzed | $ 0 | $ 0 |
Note 5 - Loans and the Allow_10
Note 5 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance | $ 81,974 | $ 90,513 | $ 90,513 |
Charge-offs | (3,185) | (4,484) | (17,049) |
Recoveries | 23 | 1 | |
Provision for (reversal of) credit losses - loans | 4,057 | 972 | |
Balance | 82,869 | 87,002 | 81,974 |
Commercial Portfolio Segment [Member] | |||
Balance | 20,632 | 28,903 | 28,903 |
Charge-offs | (300) | (2,767) | (14,888) |
Recoveries | 23 | 0 | |
Provision for (reversal of) credit losses - loans | 380 | 26 | |
Balance | 20,735 | 26,162 | 20,632 |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance | 52,278 | 53,742 | 53,742 |
Charge-offs | (2,885) | (1,717) | (2,142) |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses - loans | 3,401 | 975 | |
Balance | 52,794 | 53,000 | 52,278 |
Commercial Construction Portfolio Segment [Member] | |||
Balance | 4,739 | 3,718 | 3,718 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses - loans | 272 | 248 | |
Balance | 5,011 | 3,966 | 4,739 |
Residential Portfolio Segment [Member] | |||
Balance | 4,320 | 4,143 | 4,143 |
Charge-offs | 0 | 0 | (18) |
Recoveries | 0 | 1 | |
Provision for (reversal of) credit losses - loans | 6 | (276) | |
Balance | 4,326 | 3,868 | 4,320 |
Consumer Portfolio Segment [Member] | |||
Balance | 5 | 7 | 7 |
Charge-offs | 0 | 0 | (1) |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses - loans | (2) | (1) | |
Balance | $ 3 | $ 6 | $ 5 |
Note 5 - Loans and the Allow_11
Note 5 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details) - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Modified | $ 126 | $ 63 |
Modified, percentage | 0.01% | 0.01% |
Extended Maturity [Member] | ||
Modified | $ 0 | $ 63 |
Payment Deferral [Member] | ||
Modified | 126 | 0 |
Contractual Interest Rate Reduction [Member] | ||
Modified | $ 0 | $ 0 |
Note 5 - Loans and the Allow_12
Note 5 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details) - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Modified | $ 126 | $ 63 |
Financial Asset, Not Past Due [Member] | ||
Modified | 126 | 63 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Modified | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Modified | $ 0 | $ 0 |
Note 5 - Loans and the Allow_13
Note 5 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of period | $ 2,811 | $ 3,036 |
(Reversal of) provision for credit losses - unfunded commitments | (57) | 28 |
Balance at end of period | $ 2,754 | $ 3,064 |
Note 5 - Loans and the Allow_14
Note 5 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Provision for credit losses – loans | $ 4,057 | $ 972 |
Provision for credit losses | 4,000 | 1,000 |
Unfunded Loan Commitment [Member] | ||
(Reversal of) provision for credit losses - unfunded commitments | $ (57) | $ 28 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1 | $ 1 | $ 7.7 |
Impaired Financing Receivable, Related Allowance 1 | $ 0.3 | $ 1.4 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available-for-sale | $ 619,397 | $ 617,162 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 619,397 | 617,162 |
Equity securities | 19,457 | 18,564 |
Derivatives - interest rate contracts | 50,508 | 43,805 |
Total assets | 689,362 | 679,531 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 127 | 165 |
Equity securities | 9,743 | 9,867 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 9,870 | 10,032 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 612,380 | 609,875 |
Equity securities | 9,714 | 8,697 |
Derivatives - interest rate contracts | 50,508 | 43,805 |
Total assets | 672,602 | 662,377 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 6,890 | 7,122 |
Equity securities | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 6,890 | 7,122 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 65,732 | 45,326 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 65,732 | 45,326 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 65,732 | 45,326 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 396,421 | 411,191 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 396,421 | 411,191 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 396,421 | 411,191 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 21,438 | 21,564 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 21,438 | 21,564 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 21,438 | 21,564 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 129,556 | 132,705 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 129,556 | 132,705 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 122,666 | 125,583 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 6,890 | 7,122 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 4,971 | 4,973 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 4,971 | 4,973 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 4,971 | 4,973 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | ||
Securities available-for-sale | 1,152 | 1,238 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,152 | 1,238 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,152 | 1,238 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Other Debt Obligations [Member] | ||
Securities available-for-sale | 127 | 165 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 127 | 165 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 127 | 165 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 763 | $ 657 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans, fair value | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans, fair value | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans, fair value | $ 763 | 657 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 7,005 | |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans, fair value | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans, fair value | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans, fair value | $ 7,005 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - US States and Political Subdivisions Debt Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Beginning | $ 7,122 | $ 7,349 |
Principal paydowns | (75) | (272) |
Change in unrealized loss | (157) | 45 |
Beginning | $ 6,890 | $ 7,122 |
Note 6 - Fair Value Measureme_7
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Securities available-for-sale | $ 619,397 | $ 617,162 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 619,397 | 617,162 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 6,890 | 7,122 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 129,556 | 132,705 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 129,556 | 132,705 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | $ 6,890 | $ 7,122 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Securities available-for-sale, rate | 0.046 | 0.043 |
Note 6 - Fair Value Measureme_8
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 763 | $ 657 |
Collateral dependent loans, fair value | 763 | 657 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 7,005 | |
Collateral dependent loans, fair value | 7,005 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 763 | 657 |
Collateral dependent loans, fair value | $ 763 | 657 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | ||
Collateral dependent loans, fair value | 657 | |
Collateral dependent loans, fair value | $ 657 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 0.001 | |
Collateral dependent loans, rate | 0.001 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | (0.075) | |
Collateral dependent loans, rate | (0.075) | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.25 | |
Collateral dependent loans, rate | 0.25 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | (0.075) | |
Collateral dependent loans, rate | (0.075) | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 0.25 | |
Collateral dependent loans, rate | 0.25 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.008 | |
Collateral dependent loans, rate | 0.008 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 7,005 | |
Collateral dependent loans, fair value | 7,005 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Collateral dependent loans, fair value | 7,005 | |
Collateral dependent loans, fair value | $ 7,005 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 0.103 | |
Collateral dependent loans, rate | 0.103 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | (0.15) | |
Collateral dependent loans, rate | (0.15) | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0 | |
Collateral dependent loans, rate | 0 |
Note 6 - Fair Value Measureme_9
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available-for-sale | $ 619,397 | $ 617,162 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 277,583 | 242,714 |
Securities available-for-sale | 619,397 | 617,162 |
Restricted investments in bank stocks | 48,931 | 51,457 |
Equity securities | 19,457 | 18,564 |
Net loans | 8,215,088 | 8,263,171 |
Derivatives - interest rate contracts | 50,508 | 43,805 |
Accrued interest receivable | 49,731 | 49,108 |
Noninterest-bearing deposits | 1,290,523 | 1,259,364 |
Interest-bearing deposits | 6,298,131 | 6,276,838 |
Borrowings | 877,568 | 933,579 |
Subordinated debentures | 79,566 | 79,439 |
Accrued interest payable | 12,304 | 10,152 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 277,583 | 242,714 |
Securities available-for-sale | 619,397 | 617,162 |
Equity securities | 19,457 | 18,564 |
Net loans | 7,946,659 | 8,001,504 |
Derivatives - interest rate contracts | 50,508 | 43,805 |
Accrued interest receivable | 49,731 | 49,108 |
Noninterest-bearing deposits | 1,290,523 | 1,259,364 |
Interest-bearing deposits | 6,276,751 | 6,256,444 |
Borrowings | 874,778 | 932,081 |
Subordinated debentures | 79,748 | 77,952 |
Accrued interest payable | 12,304 | 10,152 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 277,583 | 242,714 |
Securities available-for-sale | 127 | 165 |
Equity securities | 9,743 | 9,867 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Noninterest-bearing deposits | 1,290,523 | 1,259,364 |
Interest-bearing deposits | 3,674,740 | 3,745,467 |
Borrowings | 0 | |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 612,380 | 609,875 |
Equity securities | 9,714 | 8,697 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 50,508 | 43,805 |
Accrued interest receivable | 5,847 | 5,387 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 2,602,011 | 2,510,977 |
Borrowings | 874,778 | 932,081 |
Subordinated debentures | 79,748 | 77,952 |
Accrued interest payable | 12,304 | 10,152 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 6,890 | 7,122 |
Equity securities | 0 | 0 |
Net loans | 7,946,659 | 8,001,504 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 43,884 | 43,721 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 7 - Comprehensive (Loss)_3
Note 7 - Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income on cash flow hedges | $ 60,300 | $ 67,084 |
Income tax expense | 5,878 | 9,077 |
Net income | 17,205 | 24,929 |
Salaries and employee benefits | 22,196 | 22,261 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net income | 4,017 | 2,932 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Interest income on cash flow hedges | 5,629 | 4,267 |
Income tax expense | (1,582) | (1,284) |
Net income | 4,047 | 2,983 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Salaries and employee benefits | (43) | (74) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Income tax expense | 13 | 23 |
Net income | $ (30) | $ (51) |
Note 7 - Comprehensive (Loss)_4
Note 7 - Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Balance | $ 1,216,609 | $ 1,216,620 | $ 1,190,970 | $ 1,178,751 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (66,743) | (57,835) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 30,723 | 24,810 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (2,112) | (2,084) | ||
AOCI Attributable to Parent [Member] | ||||
Balance | $ (38,132) | $ (35,109) | $ (33,862) | $ (32,364) |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
May 23, 2017 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 1 | $ 1.1 | |
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 33,604 | 32,068 | |
Performance Shares [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares) | 181,847 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares) | 302,196 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 53,041 | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 28,971 | ||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 24,070 | 52,353 | |
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.1 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 32,764 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.4 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 73,013 | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 39,409 | ||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 33,604 | ||
The 2017 Equity Compensation Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 373,848 | ||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | Vesting Each Year [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
The 2017 Equity Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
The 2017 Equity Compensation Plan [Member] | Performance Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested, shares (in shares) | shares | 115,805 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.85 |
Granted, shares (in shares) | shares | 39,653 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.16 |
Vested, shares (in shares) | shares | (32,764) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.63 |
Forfeited/cancelled/expired, shares (in shares) | shares | (1,674) |
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.93 |
Nonvested, shares (in shares) | shares | 121,020 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.71 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested, shares (in shares) | 164,231 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.06 |
Awarded, units (in shares) | 91,691 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.01 |
Change in estimate, units (in shares) | (10,774) |
Change in estimate, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.93 |
Vested shares, units (in shares) | (53,041) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.24 |
Forfeited/cancelled/expired, shares (in shares) | (10,260) |
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.1 |
Nonvested, shares (in shares) | 181,847 |
Unearned, units (maximum) (in shares) | 302,196 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.04 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested, shares (in shares) | shares | 188,348 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.11 |
Awarded, units (in shares) | shares | 81,736 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.01 |
Vested shares, units (in shares) | shares | (73,013) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.98 |
Forfeited/cancelled/expired, shares (in shares) | shares | (7,360) |
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.53 |
Nonvested, shares (in shares) | shares | 189,711 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.46 |
Note 9 - Components of Net Pe_3
Note 9 - Components of Net Periodic Pension Cost - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Service cost | $ 0 | $ 0 |
Interest cost | 106 | 110 |
Expected return on plan assets | (214) | (209) |
Net amortization | 43 | 74 |
Total periodic pension income | $ (65) | $ (25) |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Time Deposits | $ 2,623,391 | $ 2,500,000 |
Deposits Received for Securities Loaned, at Carrying Value | 920,100 | 916,800 |
Time Deposit Liability, above US Insurance Limit | $ 647,900 | $ 643,400 |
Note 10 - Deposits - Schedule o
Note 10 - Deposits - Schedule of Time Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 1,756,289 | |
2025 | 598,372 | |
2026 | 226,995 | |
2027 | 38,946 | |
2028 | 3,891 | |
thereafter | 176 | |
Time deposits (before net discount) | 2,624,669 | |
Fair value net discount | (1,278) | |
Total time deposits (after net discount) | $ 2,623,391 | $ 2,500,000 |
Note 11 - FHLB Borrowings (Deta
Note 11 - FHLB Borrowings (Details Textual) $ in Billions | Mar. 31, 2024 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 2.8 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 1.4 |
Note 11 - FHLB Borrowings - FHL
Note 11 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less than 1 year, amount | $ 725,000 | $ 881,000 |
Less than 1 year, rate | 5.48% | 5.57% |
1 year through less than 2 years, amount | $ 75,000 | $ 25,000 |
1 year through less than 2 years, rate | 3.30% | 1% |
2 years through less than 3 years, amount | $ 52,050 | $ 2,050 |
2 years through less than 3 years | 4.15% | 2.23% |
3 years through less than 4 years, amount | $ 285 | $ 293 |
3 years through less than 4 years | 2.85% | 2.85% |
4 years through 5 years, amount | $ 25,000 | $ 25,000 |
4 years through 5 years, rate | 4.18% | 4.18% |
After 5 years, amount | $ 286 | $ 294 |
After 5 years, rate | 2.96% | 2.96% |
FHLB borrowings - gross | $ 877,621 | $ 933,637 |
FHLB borrowings, rate | 5.18% | 5.41% |
Fair value discount | $ (53) | $ (58) |
Borrowings | $ 877,568 | $ 933,579 |
Note 12 - Subordinated Debent_3
Note 12 - Subordinated Debentures (Details Textual) - Subordinated Debt [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 10, 2020 | Dec. 31, 2003 | Mar. 31, 2024 | Dec. 31, 2023 | May 01, 2023 | Dec. 19, 2003 | |
The 2020 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 75,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | The 2020 Notes [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.605% | |||||
Center Bancorp Statutory Trust II [Member] | ||||||
Debt Instrument, Face Amount | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||
Proceeds from Issuance of Debt | $ 5,200,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.85% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 8.43% | |||||
Center Bancorp Statutory Trust II [Member] | LIBOR - London Interbank Offered Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | |||||
Center Bancorp Statutory Trust II [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.26161% |
Note 12 - Subordinated Debent_4
Note 12 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 19, 2003 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Subordinated Debt [Member] | Center Bancorp Statutory Trust II [Member] | |||
Securities issued | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 | |
Coupon rate | 2.85% | 2.85% | |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 | |
Redeemable by issuer beginning | Jan. 23, 2009 | Jan. 23, 2009 |