Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Fair Value Measurement (Tables)

v3.22.1
Note 11 - Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2022
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
   

Fair Value Measurements at March 31, 2022 Using

         
   

Quoted Prices in

                         
   

Active Markets

   

Significant Other

   

Significant

         
   

for Identical

   

Observable Inputs

   

Unobservable

         
   

Assets (Level 1)

   

(Level 2)

   

Inputs (Level 3)

   

Total

 

Assets Measured on a Recurring Basis:

 

(In Thousands)

 

Available for sale debt securities:

                               

U.S. Treasury securities

  $ 6,010     $ -     $ -     $ 6,010  

Government agency securities

    -       14       -       14  

Mortgage-backed securities

    -       339,134       -       339,134  

State and municipal securities

    -       19,666       -       19,666  

Corporate debt

    -       408,349       11,500       419,849  

Total available-for-sale debt securities

    6,010       767,163       11,500       784,673  

Interest rate cap derivative

    -       4,518       -       4,518  

Total assets at fair value

  $ 6,010     $ 771,681     $ 11,500     $ 789,191  
                                 
   

Fair Value Measurements at December 31, 2021 Using

         
   

Quoted Prices in

                         
   

Active Markets

   

Significant Other

   

Significant

         
   

for Identical

   

Observable Inputs

   

Unobservable

         
   

Assets (Level 1)

   

(Level 2)

   

Inputs (Level 3)

   

Total

 

Assets Measured on a Recurring Basis:

 

(In Thousands)

 

Available for sale debt securities:

                               

U.S. Treasury securities

  $ 9,104     $ -     $ -     $ 9,104  

Government agency securities

    -       6,041       -       6,041  

Mortgage-backed securities

    -       425,161       -       425,161  

State and municipal securities

    -       21,634       -       21,634  

Corporate debt

    -       363,638       16,992       380,630  

Total available-for-sale debt securities

    9,104       816,474       16,992       842,570  

Interest rate cap derivative

    -       1,152       -       1,152  

Total assets at fair value

  $ 9,104     $ 817,626     $ 16,992     $ 843,722  
Fair Value Measurements, Nonrecurring [Table Text Block]
   

Fair Value Measurements at March 31, 2022 Using

         
   

Quoted Prices in

                         
   

Active Markets

   

Significant Other

   

Significant

         
   

for Identical

   

Observable

   

Unobservable

         
   

Assets (Level 1)

   

Inputs (Level 2)

   

Inputs (Level 3)

   

Total

 

Assets Measured on a Nonrecurring Basis:

 

(In Thousands)

 

Loans individually evaluated

  $ -     $ -     $ 73,365     $ 73,365  

Other real estate owned and repossessed assets

    -       -       1,989       1,989  

Total assets at fair value

  $ -     $ -     $ 75,354     $ 75,354  
                                 
   

Fair Value Measurements at December 31, 2021 Using

         
   

Quoted Prices in

                         
   

Active Markets

   

Significant Other

   

Significant

         
   

for Identical

   

Observable

   

Unobservable

         
   

Assets (Level 1)

   

Inputs (Level 2)

   

Inputs (Level 3)

   

Total

 

Assets Measured on a Nonrecurring Basis:

 

(In Thousands)

 

Loans individually evaluated

  $ -     $ -     $ 73,173     $ 73,173  

Other real estate owned

    -       -       1,208       1,208  

Total assets at fair value

  $ -     $ -     $ 74,381     $ 74,381  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
   

For the period ended March 31,

 
   

2022

   

2021

 
   

Available-for-sale Securities

   

Available-for-sale Securities

 
   

(In Thousands)

 

Fair value, beginning of period

  $ 16,992     $ -  

Transfers into Level 3

    -       10,000  

Total realized gains included in income

    -       -  

Changes in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at period-end

    (343 )     301  

Purchases

    -       -  

Transfers out of Level 3

    (5,149 )     -  

Fair value, end of period

  $ 11,500     $ 10,301  
Fair Value, by Balance Sheet Grouping [Table Text Block]
   

March 31, 2022

   

December 31, 2021

 
   

Carrying

           

Carrying

         
   

Amount

   

Fair Value

   

Amount

   

Fair Value

 
   

(In Thousands)

 

Financial Assets:

                               

Level 1 inputs:

                               

Cash and cash equivalents

  $ 3,418,751     $ 3,418,751     $ 4,163,724     $ 4,163,724  
                                 

Level 2 inputs:

                               

Federal funds sold

    24,638       24,638       58,372       58,372  

Held to maturity debt securities

    833,304       799,347       462,707       466,036  

Mortgage loans held for sale

    403       120       1,114       1,111  
                                 

Level 3 Inputs:

                               

Held to maturity debt securities

    250       250       250       250  

Loans, net

    9,779,494       9,798,389       9,416,274       9,403,012  
                                 

Financial Liabilities:

                               

Level 2 inputs:

                               

Deposits

  $ 12,408,755     $ 12,418,183     $ 12,452,836     $ 12,454,140  

Federal funds purchased

    1,639,238       1,639,238       1,711,777       1,711,777  

Other borrowings

    64,711       65,548       64,706       65,476